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Niger's junta has announced the revocation of military cooperation agreements with France, a decision that could have significant implications for the fight against Islamist insurgents in the Sahel region. The move follows last week's military coup in Niger and is part of a growing wave of anti-French sentiment in the region. France has been providing support in the fight against al Qaeda and Islamic State-linked groups in West Africa. This decision comes amid widespread condemnation from regional and Western partners, as well as the imposition of sanctions against the coup leaders to restore constitutional order.
The Nigeria Governors' Forum (NGF) has demanded that the Central Bank of Nigeria (CBN) revisit its naira redesign policy and abide by the rule of law. The NGF expressed concerns that the policy could plunge the country into a recession and insisted on the government's respect for civil liberties and rights. The Forum also highlighted the economic consequences of the current approach, such as a booming black market, food inflation, and prolonged queues at ATMs. The NGF pledged to consolidate legal efforts by various states against the policy.
The Rivers State chapter of the APC has criticized former Governor Wike for claiming credit for the party's success in the last presidential polls. They argue that Wike's affiliation with the party was solely to salvage his political career. The party leaders highlight the efforts of loyal members in building the party structure in the state and question Wike's minimal contribution. They assert that Wike joined the APC as a comfort zone to rob the party in Rivers State.
The Nigerian Safety Investigation Bureau (NSIB) has begun an investigation into an aircraft accident that occurred in Lagos. The aircraft, a Jabiru J430 operated by Air First Hospitality & Tours, was on a test flight with two passengers on board when it crashed. There were no fatalities, and the fire from the impact was contained. The NSIB is now seeking information from the public to aid in the investigation.
The newly introduced Stears Approval Rating (SAR) has shown that there is strong pessimism among Nigerians regarding the policy direction of the President Tinubu-led administration. Despite multiple policy changes, President Tinubu's policies have received more approvals compared to the previous administration. A survey conducted by Stears captured the concerns and sentiment of Nigerians, highlighting the need for urgent action to ease the cost burdens on citizens. The removal of petrol subsidy was met with disapproval, indicating policy missteps.
Futures for American stock indices dropped after credit rating agency Fitch downgraded the long-term U.S. credit rating. The downgrade reflects Fitch's pessimistic outlook on the expected financial deterioration over the next three years. However, the American stock market has shown resilience and strong earnings results in recent weeks, suggesting a likelihood of continued rise in stock indices. Investors are eagerly awaiting the second-quarter results of Apple (AAPL) and Amazon (AMZN) and key data releases, including the U.S. jobs report.
A Federal High Court in Lagos has overturned an ex parte order obtained by Duport Energy Limited in its lawsuit against Duport Midstream Company Limited and others. The court ruled that Duport Energy Limited had misrepresented facts in an attempt to take control of the company through its minority shareholding. This article discusses the details of the case and the implications of the court's decision on the ongoing dispute.
The Nigeria Data Protection Commission (NDPC) recently held a sensitisation workshop on data privacy and protection for data processors and controllers. The workshop aimed to raise awareness about the NDPC Act and highlight the importance of safeguarding data. The NDPC believes that implementing the act will build confidence and trust in the Nigerian system, attract foreign investments, and create employment opportunities in the digital sector.
The Nigeria Data Protection Commission (NDPC) organized a sensitization workshop on data privacy and protection for data processors and controllers. The workshop aimed to create awareness of the NDPC Act and emphasize the need for data protection and security. The workshop also aimed to build confidence and trust in the Nigerian system, attracting foreign investments to the country.
The Nigeria Customs Service (NCS) has seized over N3.02 billion worth of smuggled rice within a 13-month period, according to data obtained from the service. The seizures, which amounted to 206,835 bags of rice, highlight the urgent need for increased efforts in curbing smuggling activities. Rice farmers have expressed their concerns over the continuous smuggling of the commodity and have called on the NCS and the Federal Government to intensify the fight against smugglers.
The Federal Airports Authority of Nigeria (FAAN) has announced plans to adopt a Public Private Partnership (PPP) model for the construction of a cargo village at the Murtala Muhammad Airport in Lagos. The cargo village, spanning 27,000 square meters, aims to enhance cargo processing, packaging, documentation, and laboratory services. FAAN intends to partner with private investors to develop the project and increase Nigeria's contribution to cargo exports in Africa.
The Nigerian Exchange Limited (NGX) believes that democratizing data access and prioritizing environmental, social, and governance (ESG) compliance can fuel liquidity and attract investments in the Nigerian capital market. By emphasizing the importance of technology and ESG compliance, NGX aims to provide seamless access to capital market products for retail investors. This article delves into the significance of data democratization and ESG compliance in enhancing the Nigerian capital market.
The Nigerian Exchange Limited (NGX) has highlighted the importance of data democratisation and environmental, social, and governance (ESG) compliance in attracting investments and enhancing stock liquidity in the Nigerian capital market. The divisional head of Capital Markets at NGX, Jude Chiemeka, emphasized the exchange's focus on technology to provide seamless access to data and products for investors. The use of market data for making financial decisions is increasing, making ESG disclosures and corporate performance vital considerations for investors.
The Nigerian Securities and Exchange Commission (SEC) has reiterated its warning that Binance's operations in the country are illegal. Binance, one of the leading cryptocurrency platforms in Nigeria, has yet to respond to the regulatory body's notice. Despite the warning, Binance remains popular in the country, with its trading pair reaching high volumes. The company recently obtained regulatory approval in Dubai after exiting several European markets. The Nigerian SEC had previously declared Binance Nigeria Limited's operations illegal and cautioned investors against using the platform.
Bauchi-Turkey-based Nigerian data scientist, Leonardo Iheme, has won the SAS Hackathon 2023 award for his Artificial Intelligence solution to the devastating Turkey earthquake in February. His solution utilized natural language processing to gather tweets, convert them into geolocations, and analyze satellite images for confirmation of damage. This innovative technology helped aid workers prioritize distressed areas and provide assistance more efficiently.
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