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Nigeria's President Bola Tinubu is traveling to India for the annual G20 summit, as Nigeria considers whether to join the group of the world's strongest economies. Indian Prime Minister Narendra Modi extended a special invitation to Tinubu, who has drawn popular criticism for his recent reforms and their impact on the naira, Nigeria's currency. This article explores the implications of Nigeria's potential membership in the G20 and the challenges it faces.
The National Industrial Court of Nigeria has issued an interim order restraining Osun State Governor, Ademola Adeleke, and 14 other respondents from appointing a new Rector for Osun State Polytechnic, Iree. The order comes in response to an ex parte motion filed by the suspended Rector, Dr. Tajudeen Odetayo, who contests his "illegal suspension" from the institution.
Anchor, a Nigerian banking-as-a-service (BaaS) provider, has secured $2.4 million in seed investment. Led by Goat Capital, the funding round saw participation from FoundersX, Rebel Fund, Y Combinator, and Byld Ventures. Anchor offers APIs, dashboards, and tools for developers to embed and build banking solutions, and it aims to provide personalised services and flexibility at a lower cost.
Nigerian fintech, Anchor, has secured $2.4 million in seed funding from investors including Goat Capital, FoundersX, and Rebel Fund. The banking-as-a-service provider offers APIs, dashboards, and tools to facilitate the development of banking solutions for businesses. With over 270 clients and $550 million in annualized total transaction volume (TTV), Anchor aims to enhance its compliance system, invest in value-added products, and expand its customer base. The startup is serving a $7 billion addressable market in Nigeria and is looking to explore pan-African expansion.
The Department of State Services (DSS) has revealed plans by certain politicians to orchestrate violent protests aimed at discrediting the federal government and security agencies. The DSS emphasized the need for university Vice-Chancellors, parents, and guardians to discourage students from engaging in acts that may disrupt public peace. The agency warned that it would take legal action against those involved in the plot.
Niger State Government has announced plans to revive bursary allowances for indigent students in tertiary institutions. The move aims to alleviate the financial burden on parents caused by the fuel subsidy removal. Governor Mohammed Umaru Bago also revealed the intentions of the state government to provide free transportation for pupils, students, and civil servants using a fleet of newly acquired buses. These measures reflect the government's commitment to supporting its citizens during these challenging times.
Nigerian Exchange Limited (NGX) has emphasized the importance of financial literacy and awareness in reducing the growing number of unclaimed dividends in the capital market. With efforts to tackle this issue facing obstacles, the NGX highlighted the need for retail investors to be informed about the unclaimed dividends they may have, especially those with legacy investments. In a recent webinar, the Divisional Head, Capital Markets, NGX, shared the procedures for processing outstanding dividends and retrieving unclaimed dividends, stressing the role of financial literacy in addressing this issue.
Gunmen attacked a mosque in the remote village of Saya in Kaduna, Northwest Nigeria, during evening prayers, leaving at least 7 people dead and 2 others injured. The incident has once again highlighted the ongoing security challenges faced by the region, as insurgents and religious extremists continue to pose a threat to local communities. Authorities are investigating the attack and working to ensure the safety of the affected area.
Delta State Government has started the payment of N10,000 palliative and promotion arrears to civil servants in the state as part of measures to ease the burden caused by the removal of petrol subsidy. The state government is also planning to produce fuel and CNG-compatible tricycles (Keke) to reduce transportation costs. Employment of primary school teachers and non-teaching staff is ongoing across the local government areas in the state.
ActionAid Nigeria (AAN) has called on President Bola Ahmed Tinubu to incorporate clear and measurable indicators of achievement for each of his 8-point agenda. The organization commends Tinubu for his visionary leadership and emphasizes the need for transparent milestones to enhance accountability and public trust.
Nigeria's foremost human rights lawyer, Femi Falana, has called on the Economic Community of West African States (ECOWAS) to approve two-term tenure for member states in an effort to prevent coup plots in the sub-region. Falana also urged ECOWAS to take advantage of the current political crisis to launch the ECO currency, which has been delayed due to the influence of colonial powers. The call was made during the West Africa Civil Society Week conference in Lagos.
Nigeria is taking steps to diversify its economy and reduce its dependency on oil by setting up a state-backed corporation in the mining sector. The Nigerian Solid Minerals Corporation aims to attract foreign direct investment and leverage the country's attractive investment climate. This move comes as part of President Bola Tinubu's efforts to improve Nigeria's investment climate and draw global capital to develop infrastructure.
Nigeria is set to establish the Nigerian Solid Minerals Corporation, a state-backed company aimed at attracting investments into the country's mining sector. As part of efforts to diversify from overreliance on oil, the corporation will seek partnership agreements with multinational companies to secure massive foreign direct investments. President Bola Tinubu is determined to improve Nigeria's investment climate, promote investments, and mobilize global capital to develop infrastructure. The corporation also plans to engage local financial institutions to promote investment in the mining sector, which has been largely overlooked in the past. This move signals Nigeria's commitment to bolstering its mining industry and driving economic growth.
Yaba College of Technology (YABATECH) has issued a stern warning to students to steer clear of social vices such as rape, cultism, gangsterism, and other forms of misconduct. The Rector emphasized the importance of maintaining a positive image for the institution and urged female students to prioritize their safety.
President Bola Tinubu has ordered the recall of all Nigerian ambassadors worldwide. This decision comes after a thorough review of the country's diplomatic missions. However, ambassadors at the United Nations in New York and Geneva are exempt from the recall in preparation for the upcoming General Assembly.
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