Thursday, May 23, 2019

Oluseyi Awojulugbe

    Nigeria’s internet traffic affected as MainOne cable suffers 14-day outage

Nigeria’s internet traffic affected as MainOne cable suffers 14-day outage

MainOne, West African connectivity and data solutions company, says that it has experienced a fault on its submarine cable system.According to a statement by the company, the fault, which is the first of its kind in seven years of its existence, caused disruptions in services to their international connectivity customers."Early in the morning of Sunday, June 18th, 2017, we experienced a [...]

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    Despite oil cuts, IEA predicts output will outpace demand

Despite oil cuts, IEA predicts output will outpace demand

Despite the oil production cuts agreed on by members and non-members of the Organisation of Petroleum Exporting Countries (OPEC), the International Energy Agency (IEA) predicts that the output of non-OPEC members will outpace demand in 2018."For total non-OPEC production, we expect production to grow by 700,000 barrels per day (bbl/d) this year, but our first outlook for 2018 makes sobering [...]

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    Estimated billing will soon end, DisCos assure customers

Estimated billing will soon end, DisCos assure customers

Electricity distribution companies (DisCos) say they are working to fulfil their metering obligations to consumers with minimal power consumption in a bid to phase out estimated billing.The DisCos made this assurance in a statement signed by Azu Obiaya, chief executive officer of the Association of Nigerian Electricity Distributors (ANED).They said that their metering targets, which was captured in the performance [...]

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    Laolu Akande: New distribution method will curb diversion of IDP relief materials

Laolu Akande: New distribution method will curb diversion of IDP relief materials

Laolu Akande, spokesperson of Acting President Yemi Osinbajo, says that the new distribution method will curb diversion of relief materials meant for Internally Displaced Persons (IDPs).The aide said that the acting president launched a programme on June 8 to distribute grains to 1.8 million people still displaced by the insurgency, many of whom reside in internally displaced persons camp.According to [...]

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    EXCLUSIVE: Some 2017 budget provisions violate the constitution, says Fashola

EXCLUSIVE: Some 2017 budget provisions violate the constitution, says Fashola

Babatunde Fashola, minster of power, works and housing, says there are aspects of the 2017 appropriation act that violate the constitution, suggesting that the judiciary may have to explain how far lawmakers can go in altering the budget.Acting President Yemi Osinbajo had questioned the extent of changes made to the 2017 appropriation bill by the federal lawmakers, who replied that [...]

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    NNPC reduces diesel price to N175

NNPC reduces diesel price to N175

The Nigerian National Petroleum Corporation (NNPC) says it has successfully reduced the price of Automotive Gas Oil (AGO), also known as Diesel, by 42% nationwide.NNPC made this known in a statement released on Sunday signed by Ndu Ughamadu, group general manager, group public affairs division of the corporation.NNPC said the reduction prices, which is the aftermath of key strategic [...]

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    Fashola: FG will soon supply 3 million prepaid meters to Nigerians

Fashola: FG will soon supply 3 million prepaid meters to Nigerians

Babatunde Fashola, minister of power, says the federal government has plans to supply more than three million prepaid meters.NAN reports that the federal government intervention programme aims to combat the incapacity of electricity distribution companies (DisCos) to meter all the houses of consumers across the country.Fashola, who also heads the ministries of works and housing, said the contract for the [...]

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    11 Nigerians become fellows of African Leadership Initiative

11 Nigerians become fellows of African Leadership Initiative

Eleven Nigerians have become fellows of the Africa Leadership Initiative – West Africa (ALIWA).The initiative, which is in partnership with the Aspen Global Leadership Network (AGLN), recently announced the graduation of her 5th class in ten years.The programme is one aimed at raising a new breed of community spirited leaders who have achieved notable success in their fields – to [...]

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    Poverty affects emotional development of children, says expert

Poverty affects emotional development of children, says expert

Olayinka Omigbodun, director, Centre for Child and Adolescent Mental Health, University of Ibadan (UI), says poverty adversely affects the emotional development of children, to whom it poses a great threat.Omigbodun, who is also the head of psychiatry department at the university, made the statement in an interview with NAN."It affects their education, health, nutrition and security. It negatively affects the emotional [...]

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    Osinbajo: Our refineries don’t work because they are owned by government

Osinbajo: Our refineries don’t work because they are owned by government

Acting president, Yemi Osinbajo, says refineries in the country have not lived up to expectations because they are government-owned. Osinbajo made this statement in Abuja on Thursday while speaking at the 2017 African Modular Refinery Discussion organised by the Modular Refiners Association of Nigeria (MRAN).The acting president said the government should be creating an enabling environment for business not setting up refineries.[...]

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    Forcados pushes Nigeria’s crude production to one-year high

Forcados pushes Nigeria’s crude production to one-year high

Nigeria's crude oil production has hit one-year high, according to a report released by the Organisation of Petroleum Exporting Countries (OPEC).The report attributed the increased production output to the resumption of loadings at Forcados terminal in Delta state.After militants attacked the pipeline terminal in February 2016, Shell declared force majeure, a legal clause that allows it to stop shipments at [...]

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    Inflation drops again — 1.25% away from economic recovery plan

Inflation drops again — 1.25% away from economic recovery plan

Data released by the National Bureau of Statistics (NBS) on Thursday show that inflation dropped to 16.25%, making it 1.25 points away from the 15% goal of the Economic Recovery and Growth Plan (ERGP).According to the NBS report, inflation dropped from 17.24% in April to 16.25% in May.In May, the highest increases were recorded in food, solid and liquid fuels, [...]

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    Israeli PM to visit West Africa for the first time in 50 years

Israeli PM to visit West Africa for the first time in 50 years

Benjamin Netanyahu, prime minister of Israel, is scheduled to attend the 51st summit of heads of state of ECOWAS in Liberia on Sunday.This is the first time in more than 50 years that an Israeli prime minister will visit West Africa.Golda Meir, a former prime minister of the country, visited Nigeria in the 1960s.Tony Obiechina, senior media and political officer of [...]

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    Cocoa export: Africa has been doing a stupid thing since 1863, says Akin Adesina

Cocoa export: Africa has been doing a stupid thing since 1863, says Akin Adesina

Akin Adesina, president of Africa Development Bank (AFDB), says Africa has been doing a stupid thing by exporting raw materials and importing finished goods.Adesina made this remark while speaking at the closing press conference of the annual meeting of the bank in Ahmedabad, India."Ghana and Cote D'Ivoire produce about 65% of world's cocoa yet when CNN took chocolate to cocoa [...]

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    Computer problems delay British Airways flights worldwide

Computer problems delay British Airways flights worldwide

Computer problems are delaying British Airways flights worldwide, but the the airline says it is working to resolve the problem as soon as possible.Heathrow airport in London disclosed that it is working closely with the airline to solve the issue.The number of affected flights could not be ascertained as of the time of filing this report, but passengers across different airports [...]

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    US envoy unveils first state-of-the art American space in Nigeria

US envoy unveils first state-of-the art American space in Nigeria

Stuart Symington, United States ambassador to Nigeria, on Friday opened Nigeria’s first priority American space hosted at Co-Creation Hub (CC-Hub) in Yaba.   According to Symington, the space is equipped with technology to help users develop innovative ideas and interact with the various people across the world."At the Priority American Space in Lagos, we are investing in technology and programs to unleash [...]

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Exchange Rates

May 23, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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