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The Niger State Governor, Rt. Hon. Mohammed Umaru Bago has established a committee to compensate individuals affected by the construction of the 82km ISDB Assisted Minna-Bida Road. The committee will verify and gather information from claimants to ensure a smooth and transparent compensation process. The construction project, co-financed by the Islamic Development Bank, Abu Dhabi Fund for Development, and the State Government, is set to commence civil works in November 2023.
A shocking act of violence in the form of a beheading has left the Iperu community in Nigeria in fear and unease. A 32-year-old man, David Shodola, beheaded an 84-year-old resident before violently resisting arrest and attacking police officers. In another unsettling incident, the website of the Ogun State Government was hacked, raising concerns about the state's digital security infrastructure.
Latest news summary in Nigeria
Nigerian Exchange Limited (NGX) has reclassified Fidelity Bank Plc from Small price stock to Medium price stock. Following Rule 15.29 of the Rulebook of The Exchange, Fidelity Bank's shares have consistently traded above N5 per share for at least four months in the last six months. This reclassification highlights Fidelity Bank's growth and stability in the Nigerian stock market.
NAFDAC is set to crackdown on fruit sellers who use carbide to ripen fruits due to the health hazards associated with it. The agency is organizing a media sensitization workshop to raise awareness about the risks of fruit ripening using carbide. This move comes as the World Health Organization reports millions of cases of foodborne illnesses annually, with children under five being most affected. NAFDAC warns that consumption of fruits preserved with carbide can lead to serious health problems such as cancer, kidney failure, liver failure, and weakened immune system.
Nigeria's Consumer Price Index for June shows a worrying upward trend in inflation, driven by food and urban inflation. The sudden removal of subsidy on Premium Motor Spirit (Petrol) by President Bola Tinubu is cited as a major cause. Analysts warn that the inflation rate could reach 30 percent by November, posing a serious threat to food security in the country.
eHealth Africa is organizing the Insight Learning Forum, a multi-stakeholder event that focuses on digital innovations in public health practice. The forum aims to bring together professionals and practitioners to discuss the use of digital health innovations in healthcare delivery. The event will showcase emerging digital health tools and technologies, and also highlight the need for accessibility and equity in digital health solutions.
The Oodua People's Congress (OPC) has expressed concern over the plans of the Distribution Companies (DISCOs) to further increase electricity tariffs in Nigeria. OPC President, Otunba Wasiu Afolabi, stated that this move is unjustifiable, oppressive, and against the interests of the people. The organization called on President Bola Tinubu to intervene and prevent this increase, as it would add to the burden already faced by Nigerians. The OPC also highlighted the need for DISCOs to improve service delivery and stop frequent power cuts.
Inconclusive investigations into separate oil spills in Aleto and Eteo communities in Rivers State, Nigeria, have raised concerns. The statutory joint investigation visits (JIV) carried out by officials from NOSDRA, the Rivers State Ministry of Environment, Shell, and community representatives have not been able to reach conclusive findings on the cause and volume of the spills. The delay in releasing the investigation reports has led to frustration among stakeholders, who highlight the need for transparency and swift action to address the environmental crisis.
A trainer aircraft belonging to the Nigerian Air Force crashes in Makurdi, Benue State during a routine training exercise. The two pilots on board successfully ejected from the aircraft and are currently under observation at NAF Base Hospital. An investigation has been initiated to determine the cause of the crash.
The Nigeria Customs Service (NCS) has made significant progress in curbing rice smuggling activities across the country. Between May 2022 and May 2023, the NCS seized a total of N3.02bn worth of smuggled rice, consisting of 206,835 bags. This news comes as rice farmers express their concerns about the rampant smuggling of the commodity and call for increased efforts by the NCS and the Federal Government to tackle the issue.
Deputy Speaker of the House of Representatives, Honourable Benjamin Kalu, has revealed that the ongoing sit-at-home order in the South East region has resulted in a loss of about N4 trillion over the last two years. The weekly stay-at-home protest, observed every Monday in the region, has crippled businesses and deterred potential investors. Kalu called for collective efforts to end the sit-at-home order, emphasizing the negative impact it has on Igbo entrepreneurship and the economy.
Doma Holdings Inc. (NYSE:DOMA) recently experienced a 34% bounce in share price, providing some relief for shareholders. However, the company's share price has plunged by 60% over the past year, leaving investors disappointed. With stagnant revenue and no profits, caution should prevail for potential buyers or sellers of Doma Holdings stock.
Nigeria's Excess Crude Account (ECA) has drastically decreased from its peak of USD 20 billion to a mere USD 473 thousand in May 2023. This article delves into the reasons behind this decline and highlights the missed opportunities for Nigeria to build a robust Sovereign Wealth Fund like Norway's. It explores the consequences of financial mismanagement and presents key suggestions to rectify the situation and pave the way for a prosperous future.
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