Author: Ogochukwu Ndubuisi

Shettima in South Africa for G20 Summit Vice-President Kashim Shettima has arrived in Johannesburg, South Africa, for the G20 Leaders’ Summit. The Vice-President who will represent President Bola Tinubu at the summit, is scheduled to engage foreign leaders and development partners on issues relating to the economy, security, climate change, among others. On arrival at the Waterkloof Air Force Base in Johannesburg, Shettima was received by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; and Chargé d’Affaires, Amb. Alexander Ajayi. Others are Consul General, Amb. Umar Bashir; the Defence Adviser, Commodore Ibrahim Ari-Gwaska; and the Chief…

Cardano Drops by 6.5% as Sentiment Fuels Selloffs Investors across grades are exiting positions, and the sentiment is shared across top cryptocurrency names. Cardano (ADAUSD) fell by 6.5% as crypto market conditions worsened on Friday. The altcoin price declined to $0.4060 with a total trading volume that printed at $1.77 billion in the last 24 hours. The selloffs heat up ahead of the plan to launch a spot ADA exchange-traded fund (ETF) to enhance accessibility and bridge traditional finance with blockchain. Based on data from CoinMarketCap.com, ADAUSD trading volume has increased by 72% on the day, driven by investors exiting…

Naira Sold Off Amidst Liquidity Shortfall in FX Market The naira swung negatively against the US dollar at the official currency market in Nigeria, and the parallel market rate also beamed with similar FX pressures. Uncertainties around capital gains tax triggered significant selloffs in the equities market, and there were offshore position liquidations that increased demand for dollars. Foreign portfolio investors sold the naira assets in an effort to optimise portfolio return, as the market now expected the monetary authority to significantly axe interest rate next week. In the absence of sufficient FX liquidity, the official exchange rate pulled back…

Nigeria to Open N460bn in Local Bonds for Subscription Nigeria’s Debt Management Office (DMO) will hold its monthly auction for Federal Government Bonds, aiming to reopen 5-year and 7-year securities valued at N460 billion for subscriptions. The offer size for the November auction is twice the previous offer as the authority moves to ramp up local borrowing after its successful eurobond market visit in Q4. According to the auction circular, the office is anticipating raising N230 billion from the reopening of 5-year bonds and another N230 billion from the reopening of its 7-year local borrowing note. The upward review in…

Suspected Terrorists Raid Niger School, Abduct Students, Staffers Suspected terrorists have abducted some students of and members of staff of St. Mary’s School, school in Papiri community in Agwara Local Government Area of Niger. The incidents comes three days after Kebbi State Government confirmed abduction of 25 female students of Maga Comprehensive Girls Secondary School during which the school’s vice principal was killed by the invaders. Confirming the incident on Friday in Minna the Niger State Government said the number of victims was yet to be ascertained, adding that security agencies were still assessing the situation. However, a resident of…

Why I’m no Longer in Active Politics– Former President Jonathan Former President Goodluck Jonathan says his membership of the West African Elders Forum (WAEF) is one of the reasons for his continued absence in active and partisan politics in recent times. Jonathan gave this explanation in Abuja, while speaking at an event marking the 10th anniversary of the Goodluck Jonathan Foundation (GJF), with the theme “Legacy of Impact, Celebrating Our Journey.’’ The event was also with a gala dinner held to mark the 68th birthday anniversary of the Jonathan. Jonathan, who apparently was explaining to his associates on why he…

Schoolgirls’ Abduction: Tinubu Orders Defence Minister’s Relocation to Kebbi President Bola Tinubu has directed the Minister of State for Defence, Bello Matawalle, to relocate to Kebbi State over the abduction of 24 schoolgirls in the state.‎ ‎This is contained in a statement issued by Presidential Spokesperson, Mr Bayo Onanuga, on Thursday in Abuja.‎ ‎Matawalle, who was formerly governor of Zamfara State, was asked to remain in the state to monitor security efforts to secure the release of the abducted students.‎ ‎It will be recalled that gunmen abducted 24 students of Government Girls Comprehensive Secondary School in Maga town, Kebbi State,…

World Bank to Boost Irrigation, Agriculture Projects in Gombe The World Bank says it will invest in Gombe State’s irrigation system to strengthen food security, water management, and climate resilience. Chakib Jenane, Regional Director for Sustainable Development for Western and Central Africa, confirmed the plan on Thursday during a visit to Deputy Governor Manassah Jatau. Jenane said the Bank’s renewed commitment reflected Gombe’s progress. “We are impressed by what we have seen here. Your achievements encourage us to do more,” he said. He led a World Bank team assessing ongoing projects and confirmed that new support would focus on agriculture…

20% of World’s Children Trapped in Extreme Poverty -UNICEF United Nations Children’s Fund (UNICEF) says 20 per cent children worldwide live-in extreme poverty, surviving on under $3 a day, UNICEF, in a report, on Thursday stated that nearly 90 per cent of those children are in Sub-Saharan Africa and South Asia, but even in high-income countries, 23 per cent live with far less income than their peers. “It doesn’t have to be this way,” UNICEF executive director Catherine Russell said. “When governments commit to ending child poverty by implementing effective policies, they can unlock a world of possibilities for children.”…

Nigeria Partners China to Advance Intelligent Rail Control System The China Railway Signal and Communication (CRSC) Group, has launched an international seminar on Rail Transit Intelligence Control Systems for Nigerian engineers, scholars, and transport practitioners. This is contained in a statement issued by Mr Umar Usman, the spokesperson of the Federal Transportation University Daura (FUTD). According to him, the seminar going on in Beijing, China, is a major step toward deepening the Nigerian cooperation in modern railway technology, “The two-week programme, running from Nov. 20, to Dec. 4, brings together representatives from the Federal Ministry of Transportation, the Nigerian Railway…