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Zimbabwe has officially announced the launch of its new currency, the ZiG, effectively retiring the Zimbabwean Dollar, which has suffered from severe depreciation and hyperinflation over the years. The Central Bank of Zimbabwe, under the leadership of Governor John Mushayavanhu, declared the introduction of the ZiG, set to commence on April 8, 2024, with an initial exchange rate pegged at 13.56 to the US dollar. This move marks a pivotal effort by the Zimbabwean government to stabilize its economy and restore confidence in its national currency. New Interest Rates and Currency Backing Accompanying the launch of the ZiG is the…

Former Vice President Atiku Abubakar has expressed significant concerns over the recent hike in electricity tariffs, emphasizing that the increment will impose additional burdens on Nigerians already grappling with economic difficulties. Atiku’s remarks come in the wake of the Nigerian Government’s decision to completely remove subsidies from electricity tariffs for Band A consumers, who represent approximately 15% of power users nationwide. This move saw the tariff rate soar to N225 per kilowatt-hour from N68/kWh, marking a staggering 240% increase. The Context of Economic Reforms Atiku highlighted that the tariff hike arrives at a particularly challenging time for Nigerians, who are…

The Federal Government of Nigeria, in a collaborative effort spearheaded by the National Identity Management Commission (NIMC), Central Bank of Nigeria (CBN), and the Nigeria Inter-bank Settlement System (NIBSS), has unveiled a new National ID card. This groundbreaking identity solution, powered by the national domestic card scheme AfriGO, integrates payment functionality alongside various social and financial services, marking a significant leap in Nigeria’s push for digital inclusion and financial empowerment. A Multipurpose National ID Kayode Adegoke, the Head of Corporate Communications at NIMC, in a recent statement, outlined that this National ID card comes with verifiable National Identity features. As…

In a significant move aimed at bolstering financial inclusion and economic prosperity in Nigeria, President Bola Tinubu has appointed Uzoma Nwagba as the Managing Director and Chief Executive Officer of the Nigerian Consumer Credit Corporation (CREDICORP). The announcement was made public through a statement released on Friday by Ajuri Ngelale, the President’s special adviser. Background and Qualifications of Uzoma Nwagba Uzoma Nwagba, at the young age of 36, brings a robust academic and professional portfolio to his new role at CREDICORP. He is an alumnus of Harvard Business School, holding a Master’s of Business Administration degree, and he graduated with…

In a remarkable endorsement of local talent utilization within Nigeria’s burgeoning mining sector, Dr. Dele Alake, the Minister of Solid Minerals Development, has publicly commended Segilola Resources Operating Limited (SROL) for its significant contribution to the national workforce. The company’s strategic focus on employing an overwhelmingly Nigerian staff has set a commendable benchmark in the industry, particularly noted during Alake’s insightful visit to the SROL site in Ilesha, Osun State. A Vision for Economic Diversification and Sectoral Growth Embedded in a broader agenda to revitalise Nigeria’s solid minerals sector, Alake’s commendation aligns with the federal government’s ambition to diversify the…

In a noteworthy gathering that underscores the burgeoning partnership between Nigeria’s government and its business sector, Tony Elumelu, a towering figure in African entrepreneurship and the chairman of Heirs Holdings, voiced the collective endorsement of the Organized Private Sector (OPS) for President Bola Tinubu’s leadership and economic policies. The affirmation came during a significant Iftar meeting in Abuja, which saw key members of the Nigerian business community engage in earnest discussions with the president about the nation’s economic trajectory. This pivotal interaction, detailed in a communiqué by Ajuri Ngelale, the President’s special adviser, marked a moment of solidarity and shared…

Minister of the Federal Capital Territory (FCT), Nyesom Wike, has revealed the near completion of the Abuja Rail Mass Transit (ART) project. With a completion rate of 97%, the project stands as a testament to the government’s commitment to transforming the urban transportation landscape in Nigeria’s capital. Minister Wike, expressing his satisfaction following an inspection tour of the Metro Station in Central Area to the Nnamdi Azikiwe International Airport, Abuja, indicated that the project is on track to be inaugurated in May. This landmark event will coincide with the celebration of President Bola Tinubu’s first year in office, showcasing a…

President Bola Tinubu has announced the appointment of a dedicated management team for the Nigerian Education Loan Fund (NELFUND), aimed at providing Nigerian students with enhanced access to quality education. Akintunde Sawyerr has been named as the Managing Director and Chief Executive Officer (CEO), signaling the administration’s commitment to ensuring the fund’s effective deployment. The announcement, made on Friday by Ajuri Ngelale, the Presidential Spokesperson, further detailed the appointment of Frederick Oluwafemi Akinfala as the Executive Director of Finance and Administration, alongside Mustapha Iyal, who will take on the role of Executive Director of Operations. These appointments come on the…

The Economic and Financial Crimes Commission (EFCC) and esteemed human rights lawyer, Chidi Odinkalu, have locked horns over the contentious arrest of Idris Okuneye, famously known as Bobrisky. The incident not only sheds light on the EFCC’s enforcement strategies but also ignites a fiery debate on the balance of power, selective justice, and the role of public institutions in safeguarding human rights. Bobrisky, a renowned cross-dresser and social media personality, found himself in the crosshairs of the EFCC last Wednesday when operatives detained him at his Pinnock Estate residence. By Friday, the celebrity was charged with the desecration of the…

In the heart of Nigeria, the pulse of passionate football fans beats with anticipation and hope as the Super Falcons, the nation’s pride in women’s football, stand on the brink of a defining moment. The journey to the Paris 2024 Olympic Games is fraught with challenges, yet it embodies the dreams and aspirations of a team eager to reclaim its glory on the international stage. This narrative unfolds as the Super Falcons prepare to face the South African team, Banyana Banyana, in what promises to be a riveting Olympic qualifier at the MKO Abiola Stadium in Abuja. Prelude to the…