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☆ From a homeless shelter to saving six figures and buying her first home: A 34-year-old opens up about her struggles with money and the 5 adjustments that changed her finances
▼ + stars: | 2023-11-18 | by ( Laila Maidan | ) www.businessinsider.com time to read: +10 min

Ojekunle's debit card, which was linked to her parents' bank account, was declined after she attempted to pay for a few items at the grocery store. "That's like life-changing money," Ojekunle said. Becoming a big saverA big part of financial stability is psychological, and financial trauma is real, she noted. As she got into the habit of saving, she began transferring money directly to the account. According to a screenshot of her bank account viewed by Insider, she was also able to save over six figures before purchasing her home.

Persons: Niké Ojekunle, Ojekunle, I'm, Barnes, Noble, Rich Dad Poor Dad, spender, TikTok, lockdowns, I've Organizations: Business, Nissan, Apparel, Hyundai, Adidas, Food, Costco Locations: Los Angeles, Florida

☆ Mass visa cancellations at Saudi airport puts relations with Nigeria in spotlight
▼ + stars: | 2023-11-16 | by ( Nimi Princewill | ) edition.cnn.com time to read: +5 min

Abuja, Nigeria CNN —Diplomatic relations between Saudi Arabia and Nigeria have come under scrutiny after 177 Nigerians were refused entry to the country on Monday. The mass cancellation of visas occurred as Nigera’s President Bola Tinubu was still in Saudi Arabia after holding bilateral talks with the Saudi government. “There was a total lack of sensitivity (by Saudi officials) because the president (of Nigeria) was visiting that country,” Okhai said. Saudi Arabia is a popular pilgrimage destination for thousands of Nigerian Muslims. However, Monday’s deportation of Nigerian nationals is not the first time travelers have been refused entry to Saudi Arabia.

Persons: Bola Tinubu, It’s, ”, ” Victor Okhai, ” Okhai, Reno Omokiri, ” Omokri, Mohamed bin Zayed Al Nahyan Organizations: Nigeria CNN —, Air, country’s Ministry, Hajj, Saudi, Jeddah …, Africa Summit, Guinea Bissau, African Diaspora Foundation, CNN, United Arab Emirates, UAE, reoccurrence Locations: Abuja, Nigeria, Saudi Arabia, Jeddah, Mecca, Saudi, Guinea, Independence, Kingdom of Saudi Arabia

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsSummary Denmark could block Russian tankers in its waters -FTUS oil supply could be keeping prices down -analystInflation cools in US, UKLONDON, Nov 15 (Reuters) - Oil prices dipped on Wednesday amid signs the United States, the world's biggest oil producer, is at peak production, offsetting positive crude demand signals from top consumer China. The International Energy Agency joined the Organization of the Petroleum Exporting Countries and its allies (OPEC+) in raising oil demand growth forecasts for this year, despite projections of slower economic growth in many major countries. Downward pressure on oil prices may come from the supply side, with the United States "likely at peak production for crude," while the delayed release of oil data from the world's biggest producer makes the investment situation more opaque, Evans said. A weaker dollar can boost oil demand by making crude cheaper for buyers using other currencies.

Persons: Agustin Marcarian, Brent, John Evans, Evans, Paul Carsten, Sudarshan Varadhan, Laura Sanicola, Raju Gopalakrishnan, Mark Potter, Jane Merriman Organizations: REUTERS, LONDON, U.S, West Texas, International Energy Agency, Organization of, Petroleum, U.S . Energy Information Administration, Financial Times, European Union, Federal Reserve, U.S ., Bank of, European Central Bank, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Denmark, United States, China, London

☆ Barcelona Femení: Reigning champion defeats Benfica 5-0 to kick off Women’s Champions League campaign
▼ + stars: | 2023-11-15 | by ( Samuel Joseph | Sam Joseph | ) edition.cnn.com time to read: +3 min

CNN —Barcelona Femení kicked off its defense of its Women’s Champions League crown in style, defeating Benfica 5-0 at the Johan Cruyff Stadium. Barcelona dominated throughout and rarely looked troubled: it had 60% possession and attempted 20 shots, compared to Benfica’s five, according to UEFA. Not everything was positive on the night for Barça as two-time Ballon d'Or winner Alexia Putellas appeared to suffer a knee injury. Oshoala's incredible effort capped off a comfortable night for the two-time Women's Champions League winners. David Ramos/Getty Images“It’s good to start the season of the Champions League like this with our people here and scoring five goals,” Bonmatí told DAZN after the final whistle.

Persons: CNN — Barcelona Femení, Johan Cruyff, Alexia Putellas, Aitana, Asisat Oshoala, – Barça, Cata Coll, Caroline Graham Hansen, Putellas, Bonmatí, Lena Pauels, Ballon, David Ramos, “, ”, Jonatan Giráldez, Oshoala, Pauels, ” Bonmatí, DAZN, Rosengård Organizations: CNN — Barcelona, Champions League, Benfica, –, Barcelona, UEFA, Getty, Putellas, ”, Eintracht Frankfurt Locations: Europe, Barcelona, DAZN, Nigerian, ” Barcelona, Sweden

☆ On tour with Burna Boy to Wizkid: How Afrobeats conquered the world
▼ + stars: | 2023-11-14 | by ( Thomas Page | ) edition.cnn.com time to read: +6 min

The following week the two crossed paths again and the photographer let Burna Boy know the photos were his. There was something fresh; it was something that they hadn’t seen before.”Photographer Oliver D. Akinfeleye, aka DrDrummerD, has documented Afrobeats artists in the US and Europe since 2017. Of all the artists Akinfeleye has worked with, he says his bond with Wizkid is the tightest. “Nigerian music – African music – is there to make people feel good no matter what,” he added. The world needs to feel good,” Akinfeleye argues, and that need isn’t disappearing any time soon.

Persons: CNN — Oliver Akinfeleye, Burna Boy’s, Burna, Akinfeleye, Wizkid, Rema, Selena Gomez, Oliver D, Aubrey, Drake, Graham, Mr Eazi, Brandon Boyd, Wiz’s DJ, DJ Tunez, ” Akinfeleye, “, ”, he’s, Afrobeats, it’s Organizations: CNN, Palladium Times, Madison, Citi Field, Tottenham Hotspur, O2, MTV, Washington DC, O2 Arena Locations: New York, American Nigerian, Queens , New York, Nigerian, Citi Field , New York, Glastonbury, London, African, Europe, Runtown, Washington, Akinfeleye, Puerto Rico

☆ Lagos positions itself as global financial center after historic appearance at London’s Lord Mayor’s Show
▼ + stars: | 2023-11-13 | by ( Stephanie Busari | Nimi Princewill | ) edition.cnn.com time to read: +4 min

Lagos, Nigeria CNN —Nigeria’s Lagos state marked a historic moment by making Africa’s inaugural appearance at the renowned Lord Mayor’s Show in London – an annual procession, steeped in 800 years of tradition, that celebrates the history and commerce of the city. Among the Lagos contingent were the traditional Eyo masquerades who take part in the famed Yoruba Eyo festival in the state. However, many backers believe that Lagos has the potential to evolve into a global financial hub capable of drawing substantial foreign investments into Nigeria. Aigboje Aig-Imoukhuede, co-chair of the newly inaugurated Lagos International Financial Centre Council (LIFC) told CNN Lagos was now ready to position itself with global players. “A low stable inflation rate automatically signals a stable currency … and that’s the job half done,” he told CNN.

Persons: Mayor’s, Lord Mayor’s Show, Lagos, ”, Babajide Sanwo, ” “ Organizations: Nigeria CNN —, CNN, Lagos State, ” “ Lagos isn’t, Aig, Lagos International Financial Centre Council, CNN Lagos, ”, of, US Department of Commerce, United Arab, Dubai’s Emirates, GSK, Imoukhuede, Nigerian Central Bank Locations: Lagos, Nigeria, London, ” Lagos, ” “ Lagos, West, ” Nigeria, of London, United Arab Emirates, British

☆ Nigeria restores 275,000 bpd production at TotalEnergies JV
▼ + stars: | 2023-11-12 | by ( Camillus Eboh | ) www.reuters.com time to read: +2 min

A logo of TotalEnergies is seen at an electric vehicle fuelling station in the La Defense business district in Courbevoie near Paris, France, February 8, 2023. "The unions have agreed to suspend ongoing industrial action leading to immediate restoration of 275,000 barrels of oil per day production," NNPC said. NNPC did not disclose the nature of the dispute or the workers' demands, which had not been previously announced. Nigeria's oil production stood at 1.49 million barrels per day in October, according to data from the petroleum regulator, still below the 2023 budget target of 1.69 million bpd. That has led to fears that NNPC may struggle to supply crude to the 650,000 bpd Dangote Refinery, which has missed several targets to start production.

Persons: Sarah Meyssonnier, NNPC, Camillus, Giles Elgood Organizations: La Defense, REUTERS, Rights, NNPC, Petroleum, Natural Gas Senior Staff Association, Nigerian Union of Petroleum, Natural Gas Workers, Dangote, Reuters, Thomson Locations: Courbevoie, Paris, France, Rights ABUJA, TotalEnergies

☆ We watched 1,000 TikToks in one sitting. The algorithm served up a shocking number of ads, rivaling network TV.
▼ + stars: | 2023-11-11 | by ( Sebastian Cahill | Hannah Getahun | ) www.businessinsider.com time to read: +15 min

On TikTok, about a third of the content we watched were ads — but it didn't always feel that way. Other users have complained on the site that they are receiving ads "all over their FYP" or ads "every 6 videos." We focused solely on TikTok videos and slideshows and excluded TikTok stories and TikTok livestreams — even streams that were explicitly there to sell products, like QVC. The key difference is that you scroll past a TikTok ad. Kristen Schiele, a USC Marshall School of Business professor, told Insider we could see an increased ad volume since advertisers push more ad content around the holiday season.

Persons: TikTok, didn't, —, Hannah, Sebastian, TikTok livestreams, I'm, Trevor, I've, Kristen Schiele, Schiele, Soo Slick, Elizabeth Adeoye, Adeoye, she's, They've Organizations: Service, Intelligence, QVC, TikTok, Disney, USC Marshall School of Business, Amazon Locations: Southern California, Northern California, Bay, Nigerian

☆ How Afrilabs is powering Africa’s tech revolution through community
▼ + stars: | 2023-11-10 | by ( Stephanie Busari | ) edition.cnn.com time to read: +6 min

Kigali, Rwanda CNN —For over a decade, AfriLabs has been at the forefront of cultivating a vibrant tech ecosystem across the African continent. The annual AfriLabs Gathering, held in Kigali, Rwanda, is a testament to its commitment to uniting the African tech community. AfriLabs has been at the forefront of cultivating a vibrant tech ecosystem across the African continent. With a trailblazing woman at its helm, Afrilabs addresses the gender gap in the tech industry, recognizing that the African tech landscape remains predominantly male-dominated. Its participation in the Nigeria Startup Act and the ongoing Nigeria Startup Act State Adoption program showcases commitment to driving conversations and effecting change, says Guobadia.

Persons: AfriLabs, Anna Ekeledo, Ekeledo, ”, “ We’ve, Afrilabs, ” Ekeledo, Oswald Osaretin Guobadia, … Organizations: Rwanda CNN, Consultancy, McKinsey, Company, Algeria Venture, Builder.ai, AfriLabs, Visa Foundation, Business Angel Network, CNN, Nigeria Startup Locations: Kigali, Rwanda, Africa, North Africa, Afrilabs, DigitA, Abuja, Nigeria, “

☆ COVID-19 fraudsters bought fancy cars, a Pokemon card - even a private island
▼ + stars: | 2023-11-10 | by ( ) www.cnbc.com time to read: +9 min

Patrick Parker Walsh is serving five and half years in federal prison for stealing nearly $8 million in federal COVID-19 relief funds that he used, in part, to buy the island. Instead, he's serving five and half years in federal prison for stealing nearly $8 million in federal COVID-19 relief funds that he used, in part, to buy Sweetheart Island. They potentially plundered more than $280 billion in federal COVID-19 aid; another $123 billion was wasted or misspent. They've created special "strike forces " to hunt down COVID-19 aid thieves and vowed not to give up the chase. A few weeks after Oudomsine applied for the pandemic aid, the government rushed him $85,000 to keep his non-existent business afloat.

Persons: Richard Lardner, Patrick Parker Walsh, Julio Aguilar, he's, fraudsters, Donald Trump, Ivanka Trump, James Brady, Trump, Alex Wong, Bob Westbrooks, Westbrooks, They've, Lisa Monaco, General Merrick Garland, Garland, David Weiss, Hunter Biden, Joe Biden, Drew Angerer, Konstantinos Zarkadas, Cartier, Zarkadas, Lee E, Price III, Price, Vinath Oudomsine, Oudomsine, Mickey Mantle, Dudley H, Bowen, Patrick Walsh's, Walsh, Jamie Lovemark, Kevin Lamarque Organizations: Press, AP YANKEETOWN, Associated Press ., James, Getty, YouTube, U.S . Justice, Top Justice Department, U.S, U.S . Department of Justice, Rolex, Houston, Associated Press, National Transportation Safety Board, Bethany Locations: Yankeetown, Fla, Sweetheart, Coast, Florida's, Florida, Associated Press . WASHINGTON, DC, U.S, Washington ,, Las Vegas, Tennessee, Vermont, COVID, Washington , DC, New York, Houston, Georgia, America, Bethany Beach , Delaware

☆ Nigeria gets refineries investment, forex pledge from Saudi Arabia
▼ + stars: | 2023-11-10 | by ( Felix Onuah | ) www.reuters.com time to read: +3 min

REUTERS/Temilade Adelaja/File Photo Acquire Licensing RightsABUJA, Nov 10 (Reuters) - Nigeria and Saudi Arabia on Friday agreed to a series of investment and cooperation deals, including a pledge by the Saudi government to invest in the revamp of Nigeria's oil refineries and provide financial support to sustain the government's foreign-exchange reforms. Under Tinubu, Nigeria has embarked on the boldest reforms in decades, scrapping a popular petrol subsidy and unifying the country's multiple exchange rates as part of measures "aimed at improving the ease of doing business." Information Minister Mohammed Idris said the Saudi government pledged to make "a substantial deposit of foreign exchange to boost Nigeria's forex liquidity". "Nigeria and Saudi Arabia have always enjoyed a special relationship at both the bilateral and multilateral levels. The two leaders agreed to work together over the next six months to "develop a comprehensive road map and blueprint" to deliver on the investments, Idris said.

Persons: Bola Tinubu, Temilade, Saudi Crown Prince Mohammed bin Salman, Mohammed Idris, Idris, Tinubu, Ajuri Ngelale, Boko, Felix Onuah, Elisha Bala, Emelia Sithole, Matthew Lewis, David Evans Organizations: REUTERS, Rights, Saudi Crown, Saudi Aramco, Thomson Locations: Abuja, Nigeria, Rights ABUJA, Saudi Arabia, Saudi, Africa, Riyadh, Tinubu, Africa's

☆ Nigeria's naira firms on black market, central bank settles FX forwards
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

The naira has hit successive record lows on the black market, where it trades freely, as excess demand on the official market gets funnelled to the unofficial market. The naira crossed the 1,000 naira mark on the black market on Sept. 26, the day newly-appointed central bank governor Olayemi Cardoso appeared before the Nigerian senate for his confirmation hearing. The central bank has not intervened on the official market since October, helping accelerate the naira's slide on the black market. The currency hit a record low of 1,300 naira per dollar on the black market, a month after it crossed the 1,000 naira mark, amid thin trading volumes on the parallel market and dollar shortages on the official market. On the official market, the naira was trading at 884.53 to the dollar at 1200 GMT.

Persons: Afolabi, firmed, Olayemi Cardoso, Cardoso, Wale Edun, Chijioke, Mark Potter Organizations: REUTERS, Rights, Finance, Thomson Locations: Rights ABUJA, Nigeria

☆ Nigeria Opposition's Obi Slams Court Ruling Confirming Tinubu Election Win
▼ + stars: | 2023-11-06 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +2 min

The Supreme Court judgment followed a pattern seen in previous presidential elections that have been challenged in court. Speaking for the first time since the ruling, Obi, a former two-term governor who campaigned as an outsider, told reporters the judgment was a disappointment and contradicted overwhelming evidence of election rigging, false claims of technical glitches, and other irregularities. Obi's supporters, known as the "Obidients", have been vocal in their criticism of the Supreme Court ruling. They have accused the court of being biased and of protecting the interests of the ruling party. Obi's rejection of the Supreme Court ruling is likely to resonate with his supporters, mostly young Nigerians who were attracted by his message of hope and change and see him as a break from the old guard.

Persons: Camillus, Peter Obi, Bola Tinubu's, Atiku Abubakar, Obi, Tinubu, Obi's, Camillus Eboh, Elisha Bala, Emelia Sithole Organizations: Reuters, Labour Party Locations: Camillus Eboh ABUJA, Nigeria

☆ Canada investigates fatal embassy explosion in Nigeria, issues travel alert
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

"We can confirm there was an explosion at our High Commission in Nigeria. Nigerian President Bola Tinubu's spokesperson said that there were deaths and injuries in a fire on Monday at the High Commission of Canada but did not give any figures. Canada's High Commission in Nigeria, without commenting on the explosion, said on social media that it had "temporarily suspended operations until further notice." The embassy issued a travel advisory, warning against non-essential travel to Nigeria, including capital Abuja, "due to the unpredictable security situation throughout the country and the significant risk of terrorism, crime, inter-communal clashes, armed attacks and kidnappings." Western countries routinely issue warning about travelling to Nigeria, which the Abuja government often dismisses as lacking merit.

Persons: Melanie Joly, " Joly, Bola Tinubu's, Tinubu, MacDonald Dzirutwe, Ismail Shakil, Cynthia Osterman, Sandra Maler Organizations: Ottawa, Washington, Commission, High Commission of, Thomson Locations: LAGOS, Canada, Nigeria, London, West African, High Commission of Canada, Canada's, Abuja, United States, Britain, Nigeria's, Lagos, Ottawa

☆ Nigerian radio host brings her native language to sports commentary
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +1 min

IBADAN, Nigeria, Nov 3 (Reuters) - Sports commentator Aderonke Adesola is not the voice most Nigerians expect to hear on the radio. She is 25 years old, a woman and hosts her show in the local language Yoruba instead of English, which dominates most programming in Nigeria. "There is a high level of illiteracy in Nigeria, where some people don't understand what the commentator is saying in English," Adesola told Reuters. "As a Yoruba commentator, my show comes to fill the gap." "Before, when the commentary was in English, only a few listened, but now everyone is interested because it is in a language we understand," said Suru Olayande, a welder.

Persons: Aderonke Adesola, Adesola, Suru Olayande, Seun Sanni, Nellie Peyton, William Mallard Organizations: Reuters, Thomson Locations: IBADAN, Nigeria, Ibadan

☆ Nigerians outraged over government spending plans as millions face hardship
▼ + stars: | 2023-11-03 | by ( Nimi Princewill | ) edition.cnn.com time to read: +7 min

Lawmakers rejected the plans for a presidential yacht before approving the N2.1 trillion ($2.7 billion) supplementary budget on Thursday, following a public outcry. Local media reported Thursday that the Nigerian House of Representatives reallocated the amount for the presidential yacht to the student loan scheme before passing the spending bill. Onanuga, who is Tinubu’s Special Adviser on Information and Strategy, did not comment on the government’s plan to acquire luxury vehicles for the presidency. Last month, Nigeria’s Senate unveiled plans to acquire luxury vehicles for its 469 members despite the country’s struggling economy. Anti-corruption activist Ogunsanya told CNN that Nigerians were yet to reap the benefit of monies saved from the removal of the fuel subsidy.

Persons: Nigeria CNN —, ”, Reno Omokri, Yomi Ogunsanya, Ken Eluma Asogwa, Bayo Onanuga, ” Onanuga, It’s, Tinubu, Karimi, Ogunsanya Organizations: Nigeria CNN, Lawmakers, Twitter, CNN, World Bank, Nigerian, Nigeria’s Senate Locations: Abuja, Nigeria, India, “, Nigerian

☆ How the Nigerian military fatally shot a young captive
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +19 min

The Nigerian government and military – including the presidency, Ministry of Defence, defence headquarters and army leaders – did not respond to detailed questions for this story. Various entities have accused Nigerian security forces of other abuses in connection with killings of civilians and captives. Two security force members told Reuters they saw multiple prisoners brought out of the barracks and shot after the fighting ceased. Tweets from Nigerian defence headquarters in Abuja show the military declared the hostilities over shortly after 11 a.m. Nine shots fired A uniformed security force member shot nine rounds at the young captive, pulling the trigger at least seven times, according to forensic audio experts who listened to the recording at Reuters’ request.

Persons: Melanie O’Brien, –, Ocampo, Christopher Musa, Musa, ” Musa, “, extrajudicially, Michael Oluoha Agi, ’ ”, ”, Boko, ‘ Allahu akbar ’, Yahaya, Haram, Biu, Bellingcat, Belllingcat, Chris Olukolade, Emmanuel Emeka, Emeka, Reade Levinson, David Lewis, Tim Cocks, Carlos Gonzales, Paul Carsten, Daphne Psaledakis, Stephanie van den Berg, Youri van, Adolfo Arranz, Sam Hart, Feilding, Julie Marquis, Alexandra Zavis Organizations: Reuters, International Association of, Nigerian, Ministry of Defence, ICC, Islamic, Human Rights Commission, United Nations, Twitter, Nigerian Army, Nigerian Air Force, Human Rights Watch, Amnesty International, U.S . State Department, U.S, Boko, Civilian, Task Force, Defence, Facebook, 231, Battalion, 331 Artillery Regiment Locations: Geneva, Nigeria, Haram, Islamic State West Africa Province, Nigerian, United States, Britain, U.S, Biu, Boko Haram, Abuja, Largema

☆ Germany's Scholz says his country willing to invest in Nigerian gas, minerals
▼ + stars: | 2023-10-29 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Johanna Geron Acquire Licensing RightsABUJA, Oct 29 (Reuters) - German Chancellor Olaf Scholz said on Sunday his country was willing to invest in gas and critical minerals in Nigeria, Africa's largest oil producer, as he started a two-nation visit to sub-Saharan Africa. "There is a willingness to invest, especially in critical minerals," Scholz told reporters at a joint briefing with Nigerian President Bola Tinubu in the capital Abuja. "If we are successful, if there is a better chance of exporting the produced gas ... it is then the question for German companies to do their private business," said Scholz. Tinubu said he had "a very deep discussion" on the issue of gas and encouraged German businesses to invest in pipelines in Nigeria. Without giving details, Scholz said there was also a willingness from German companies to build railways in Nigeria.

Persons: Olaf Scholz, Johanna Geron, Scholz, Bola Tinubu, Tinubu, Felix Onuah, Andreas Rinke, MacDonald Dzirutwe Organizations: European Union, REUTERS, Rights, West African, ECOWAS, Thomson Locations: Brussels, Belgium, Rights ABUJA, Nigeria, Saharan Africa, Berlin, Abuja, Niger, Gabon

☆ The World Is Becoming More African
▼ + stars: | 2023-10-28 | by ( Declan Walsh | Hannah Reyes Morales | ) www.nytimes.com time to read: +37 min

Old World Young Africa As the world grays, Africa blooms with youth. The World Is Becoming More African Part one of a series on how the youth boom is changing the continent, and beyond. But while a handful of African countries are poised to ride the demographic wave, others risk being swamped by it. In the West, racists and right-wing nationalists stoke fears of African population growth to justify hatred, or even violence. The age gap between geriatric leaders and restless youth is “a major source of tension” in many African countries, said Simon Mulongo, a former African Union diplomat from Uganda.

Persons: Lauren Leatherby, ”, Jean, Patrick Niambé, Hilton, Edward Paice, “, Keziah Keya, Keya, Paul R, Ehrlich, stoke, Lauren Leatherby “, Carlos Lopes, Burna, Weeks, “ It’s, Laolu Senbanjo, Tems, Toulaye Sy, Pritzker, Abdulrazak Gurnah, “ Africa’s, ” Long, exotica, Mulendema, Hannah O’Leary, “ We’re, Sipho Dlamini, Dlamini, Moawad, Optimists, Mo Ibrahim, Aubrey Hruby, birthrates, India’s, China’s, Akinwumi Adesina, States —, William Ruto, Paul Biya of, Biya, Wole Soyinka, Paul Kagame of, Nourdine, Nigeriens, Awade, Ali Bongo Ondimba, Simon Mulongo, Nuha Abdelgadir, Abdelgadir, gesturing, “ We’ve, ” Weeks, Abdelgadir’s, Modu Ali, Young, Saidu, Habiba Mohammed, Ms, Ha, Joon Chang, Nobody, Chang, Ibrahim, Touré Organizations: Young, United Nations, Southern, Northern, Western Asia Northern, United, Ivory Coast, African Union, Group, European Union ., Suisse, Africa Research Institute, Nigeria Mozambique Kenya “, Russia Canada Germany United, Russia Canada Germany United States Japan China Iran Egypt India Mexico Nigeria Ethiopia Ethiopia Dem, Russia Germany, China Egypt India Nigeria D.R.C, Russia Canada Germany United States Japan China Iran Egypt India Mexico Nigeria Ethiopia Dem, Bank, Nations, International, Bryn Mawr College, Angola, Angola Ivory Coast, Angola Ivory Coast Cameroon Dem, Africa Middle Africa Southern, Economic Commission, New, Citi, Spotify, Cannes Film, Burkina Faso, UNESCO, Disney, Amazon Prime, Netflix, “, Apple, Cape Town, Microsoft, Google, Infrastructure, McKinsey & Company, Pew Research Center, African Development Bank, Greek Coast Guard, Saudi, Africa Climate, Young Voters, Freedom House, University of Denver, United Arab, Japan Cuba Vatican City, Netherlands South Korea Belgium U.A.E, Islamic, Global, Center for Girls Education, School of Oriental, Studies Locations: grays, Africa, India, China, United States, Southern Asia, Asia, America, Caribbean, Northern America, Western Asia, Western Asia Northern America, Europe, London, New York, West Africa, Ivory, Abidjan, Russia, Turkey, Gulf, Nairobi, Nigeria Mozambique Kenya, Italy, Japan, Russia Canada Germany United States Japan China Iran Egypt India Mexico Nigeria Ethiopia Ethiopia, Congo Indonesia Brazil Australia South Africa Argentina, Russia Germany U.S, China Egypt India Nigeria, Brazil South Africa Australia, Russia Canada Germany United States Japan China Iran Egypt India Mexico Nigeria, Nigeria, Africa’s, Young, South Africa, Somalia, Mozambique, Mali, Gabon, Niger, Mozambique Nigeria Kenya, Kenya, Pennsylvania, Angola Ivory, Angola Ivory Coast Cameroon, Congo Algeria Egypt, Ghana Kenya Madagascar Mozambique Niger Nigeria, Tanzania Uganda South Africa, Northern Africa Eastern Africa, Africa Middle Africa, Africa Middle Africa Southern Africa, Guinea, Bissau, African, Qatar, Nigerian, Brooklyn, Target, French, Senegalese, Paris, Milan, Venice, Burkina, Tanzania, Saharan Africa, Nigeria Kenya Senegal In Lagos, Dakar, Zambia, South Korea, Sotheby’s, Lagos, Zimbabwe, Watford, Cape, Mombasa, Zanzibar, Cairo, Morocco, East Africa, Nigeria Mozambique Morocco, Sudanese, North Africa, East Asia, Thailand, Rwanda, Ivory Coast, States, Namibia, Kenyan, Paul Biya of Cameroon, Paul Kagame of Rwanda, United Arab Emirates, United States France Turkey, Germany, Russia India, Brazil, Japan Cuba, Japan Cuba Vatican City Spain Italy Saudi Arabia Qatar, Netherlands South Korea Belgium, Iran Canada, Niger’s, Niamey, Senegal Kenya Kenya, X’s, Tunisia, Egypt, Libya, Senegal, Uganda, Khartoum, Sudan, Ethiopia, Al Qaeda, Islamic State, Chad, Burkina Faso, Nigeria Nigeria Morocco, hijabs, Zaria, American, Korea, South, England

☆ Explainer: What is pushing the Nigerian naira to record lows?
▼ + stars: | 2023-10-27 | by ( Chijioke Ohuocha | ) www.reuters.com time to read: +4 min

Investors cheered when Tinubu lifted the currency controls, hoping a unified exchange rate would make it easier to access foreign currency, but that is yet to happen. Banks then repaid foreign credit lines with their own funds when the central bank did not pay out. New central bank governor Yemi Cardoso said clearing the backlog was a priority but he gave no timeline for how long it would take. The country's forex reserves fell to $33.5 billion in September from $37 billion in January, central bank data shows. Banks use their open net positions on foreign currency to finance short-term trade lines without resorting to the central bank for bidding.

Persons: Bola Tinubu, Tinubu, corporates, Banks, Yemi Cardoso, Chijioke Ohuocha, MacDonald Dzirutwe, Hugh Lawson Organizations: JPMorgan, FX, National Economic Council, BANK, Thomson Locations: ABUJA, Nigeria

☆ Nigerian naira hits record black market low -abokiFx
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

ABUJA, Oct 26 (Reuters) - Nigeria's naira hit a record low of 1,300 per dollar on the black market on Thursday, online platform abokiFX showed, driven by thin trading volumes on the parallel market and dollar shortages on the official market. The naira has been in free fall on the unofficial market, where it trades freely, after currency restrictions were lifted on the official market. Last month, the currency slid past 1,000 naira per dollar on the black market and has continued to weaken. On the official market, the naira recovered to 775 to the dollar from a record low of 999 it touched last week. It kept losing ground, however, on the black market due to thin trading.

Persons: naira, Yemi Cardoso, Wale Edun, Chijioke, Tomasz Janowski Organizations: Finance, Thomson Locations: ABUJA, Nigeria

☆ Nigerian Supreme Court upholds President Tinubu's election win
▼ + stars: | 2023-10-26 | by ( Camillus Eboh | ) www.reuters.com time to read: +2 min

Nigeria's President Bola Tinubu looks on after his swearing-in ceremony in Abuja, Nigeria May 29, 2023. REUTERS/Temilade Adelaja/File Photo Acquire Licensing RightsABUJA, Oct 26 (Reuters) - Nigeria's Supreme Court on Thursday upheld President Bola Tinubu's election win, bringing to an end a legal challenge brought by his two main rivals, who argued that his victory was marred by irregularities. The judgment by seven Supreme Court judges, which is final, follows a pattern seen in previous presidential elections that have been challenged in court. "There is no merit in this appeal, and it is hereby dismissed," said Supreme Court judge John Okoro. The court also rejected Atiku's bid to introduce new evidence that alleged Tinubu had submitted a forged university certificate to the electoral agency.

Persons: Bola Tinubu, Temilade, Bola Tinubu's, Atiku Abubakar, Peter Obi of, Tinubu's, Tinubu, John Okoro, Camillus Eboh, MacDonald Dzirutwe, Estelle Shirbon, Sharon Singleton Organizations: REUTERS, Rights, People's Democratic Party, Labour Party, Thomson Locations: Abuja, Nigeria, Rights ABUJA, Africa's

ABUJA, Nigeria (AP) — Africa’s fashion industry is growing rapidly to meet local and international demand but inadequate investment limits its potential, UNESCO said Thursday in a report released during Lagos Fashion Week. The demand for African fashion brands is also spurred by the growth in e-commerce, the UNESCO report noted. It’s really beautiful to see because it hasn’t always been like this,” said Omoyemi Akerele, who founded the Lagos Fashion Week in 2011 to encourage the patronage of Nigerian and African fashion. In Nigeria and other parts of Africa, young fashion designers are hungry for success and are taking over the global scene, said the UNESCO director-general. “So Africa is really the next frontier (for the fashion industry).”___Associated Press journalist Dan Ikpoyi in Lagos, Nigeria contributed.

Persons: Audrey Azoulay, ”, Omoyemi Akerele, “, Ejiro Amos, Tafiri, Dan Ikpoyi Organizations: UNESCO, Lagos Fashion, U.S . International Trade Administration, Associated Press Locations: ABUJA, Nigeria, Lagos, Africa, Nigerian

☆ Nigeria escapes $11 billion bill after UK court rules over failed gas project
▼ + stars: | 2023-10-24 | by ( Nimi Princewill | ) edition.cnn.com time to read: +2 min

CNN —Nigeria’s government is celebrating a “landmark victory” after a UK court ruled it was not liable for a multibillion-dollar payout earlier awarded to a private firm over a failed gas project. The company had sued for compensation over lost profits following the collapse of a 20-year deal with Nigerian authorities in 2010 to build a gas processing facility. The awarded sum and accumulated interest had now exceeded $11 billion, nearly half of Nigeria’s federal budget for this year. Disagreements after both parties blamed each other for defaulting on obligations led to the failed deal and sparked a lengthy legal battle. Lawyers for the Nigerian government had argued that P&ID induced the country’s officials with bribes for the contract to be awarded to the firm.

Persons: CNN —, Robin Knowles, “, …, ” Knowles, ”, General Lateef Fagbemi, Bola Tinubu, Knowles ’ Organizations: CNN, Developments Locations: British Virgin Islands, London, Nigeria

☆ CAB Payments: One of London's biggest IPOs this year has crashed 82%
▼ + stars: | 2023-10-24 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Three months ago, CAB Payments stumbled when it went public on the London Stock Exchange, its shares falling nearly 10% on their first day of trading on a market that has been starved recently of new listings. The mood went from bad to worse Tuesday, however, when the fintech firm’s shares crashed nearly 74% after it issued a stark warning on revenues. The stock has now lost 82% of its value since listing. In a statement on Tuesday, CAB Payments said that it expects revenue this year would likely come in 17% below its previous guidance but still 20% up on 2022. CAB Payments’ stock was trading at almost 59 pence (72 cents) by 09.01 a.m.

Persons: Merlin Midco Organizations: London CNN —, London Stock Exchange, Payments, Central, West African, Reuters, CAB, Helios Investment Partners, BlackRock Locations: Nigerian, Nigeria, Africa

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