The new Nigeria men’s football team jerseys for the 2024–2025 football season have been unveiled by US kit manufacturer, Nike. The official Instagram page of the kit manufacturer published a post on Monday, March 18, with a launch video of the new jerseys. “The 2024 National Team kits disrupt convention with bold twists on icons. “Featuring Dri-FIT ADV innovation, each kit is engineered for the needs of the modern footballer, from kick-off to the final whistle,” the post read. Green hoops at the ends of the sleeves and shorts adorn the white home jersey. In a striking combination of colours,…
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The Nigerian Electricity Regulatory Commission, NERC, on Wednesday, January 17, released the 2024 electricity tariffs which revealed that the Federal Government is to bear the responsibility of about N1.6 trillion subsidy for the year to prevent electricity tariff hikes. NERC, in the tariff review applications of the 11 power distribution companies, DisCos, in Nigeria, revealed what it approved as their different cost-reflective tariffs and what was allowed as tariffs by the commission following the Federal Government’s subsidy. The commission disclosed this in the regulatory instruments on the Multi-Year Tariff Order 2024 for the different power distribution companies. According to NERC,…
The Federal Government through the Bureau of Public Enterprises, BPE, is now carrying out transactions for the sale of five power plants under the National Integrated Power Projects at a cost of about $1.15 billion. Sources familiar with the development, however, explained that the cost of the plants should exceed $5 billion based on international benchmarks. They revealed that the BPE was planning to sell the facilities at a price that is a little above $1.1 billion. The acting Director-General, BPE, Ignatius Ayewoh, confirmed that the transaction is ongoing adding that it is not yet concluded. Ayewoh, however, did not…
The naira on Thursday, January 25, hit an all-time low at the parallel market as the local currency traded at N1,415 in what was a 3.66 percent decline from N1,365 it traded a day earlier. Bureau de Change, BDC, operators, put the buying rate of the dollar at N1,400 and the selling price at N1,415 — leaving a profit margin of N15. “The issue we are facing is as a result of supply/demand imbalance,” a trader said. Meanwhile, at the official section of the foreign exchange market, the naira depreciated by 0.41 percent to N882.24 on Wednesday, January 24, from N878.61 a day before.…
The Nigeria Data Protection Commission, NDPC, has said it generated over N400 million from data protection actions. The national commissioner for the commission, Vincent Olatunji disclosed this on Sunday, January 28, to mark the 2024 Global Data Privacy Day in Abuja. Data privacy is currently observed in the US, Canada, Israel, Nigeria, Qatar, and 47 European countries. It is commemorated in Nigeria from January 28 to February 4. The Nigeria Data Protection Bill was signed into law by President Bola Tinubu in June 2023. According to the bill, the commission is mandated to enforce data protection compliance. Olatunji said Nigeria…
At least 1,500 members of staff of the Central Bank of Nigeria, CBN, will on Friday, February 2, resume at the apex bank’s Lagos office following their redeployment from the headquarters in Abuja. A source at the CBN stated that the plan, though heavily criticized, was still in motion, and affected staffers would be resuming that Friday. “Yes, the plan is still on and they will resume work by February 2, which is the first week of next month,” an official said. This is coming on the backdrop of the decision of the new management to relocate some of CBN’s…
The Naira on Tuesday, January 30, plunged further at the official window as it closed at an all-time low of N1,482 against the US dollar. It had earlier closed at N1,348 against the dollar a day before after the FMDQ Security Exchange reviewed the methodology used for the calculation of its rates. This is coming as the Central Bank of Nigeria, CBN, released a circular to authorized dealers on financial market price transparency, warning them against engaging in sharp practices. CBN, stated that its attention had been drawn to the practice of some dealers and their customers in reporting inaccurate…
The Minister of Aviation, Honorable Festus Keyamo, has revealed that the Economic and Financial Crimes Commission (EFCC) is currently investigating the Nigeria Air deal. This comes after the minister expressed concerns over certain aspects of the agreement signed with private investors. After the weekly Federal Executive Council (FEC) meeting, Keyamo refrained from preempting the president’s final decision on the future of the airliner. Nigeria Air, established in 2018 with ownership stakes divided among Ethiopian Airlines (49 percent), Nigeria Sovereign Investment Authority (NSIA) (46 percent), and the Nigerian Federal Government (5 percent), received its first aircraft in May 2023 but has remained inactive since.…
A prominent French TV channel, Canal+ Group has put forth a proposal to acquire all outstanding shares of MultiChoice for the sum of $1,690,000. It was gathered that Canal+ officially announced this move on Thursday, February 1, revealing that it had already submitted the proposal. As a top shareholder in MultiChoice, holding a notable 31.67 percent stake, the French firm outlined its intention to pay 105 rand per share in cash, representing 40 percent compared to MultiChoice’s closing share price on Wednesday, January 31. Meanwhile, the French media company, operating under the umbrella of Vivendi SE, valued its non-binding and indicative offer…
The Nigerian Senate is considering an upward review of the N5.079 billion revenue target of the Nigeria Customs Service, NCS, from the second half of 2024 to save the country from further borrowings. Chairman of the Senate Committee on Customs, Isah Jibrin said this during a meeting with the Comptroller General of the Service, Adewale Adeniyi and top management of the agency. Jibrin is emphatic on why revenue-generating agencies must up their game to improve the economy. On the high unemployment rate, Senator Jibrin states that “Customs is not the only employer of labour. They can only employ the number…