Telecommunication company, Airtel Nigeria, has called for urgent actions to protect telecom infrastructure as vandalism continues to surge leading to a record of an average of 43 fibre cuts daily on the Airtel network alone.The company’s Director of Corporate Communications and CSR, Femi Adeniran, who made the call, said the telco had suffered a total of 7,742 fibre cuts in the last six months.According to him, fibre cuts—primarily caused by construction activities, vandalism, and a lack of coordination between stakeholders—have become an epidemic in the Nigerian telecom industry.“These interruptions not only inconvenience consumers but also hinder businesses, delay government operations,…
Author: Oladi Samuel
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The Lagos State Government has sealed the facilities of three major companies – Nigerian Bottling Company (producers of Coca-Cola), FrieslandCampina (makers of Peak Milk), and Guinness Nigeria Plc – for extracting large quantities of groundwater without proper authorisation.The Lagos State Water Regulatory Commission (LASWARCO) carried out the enforcement operation, as disclosed by Mr. Olowu Babatunde, Director of Technical Services at LASWARCO, on Tuesday in Lagos, as reported by the News Agency of Nigeria.Babatunde revealed that LASWARCO had been engaging with these companies for over seven years to ensure compliance with water abstraction regulations, but these efforts had largely been unsuccessful.“We…
The exchange rate between the naira and dollar closed N1,537/$1 on Christmas eve gaining one naira from the prior day close of N1,538/$1.This ensures the official exchange rate will go into Christmas at its lowest level in history surpassing the N885.88/$1 exchange rate recorded on the 22nd of December 2023 (the previous worst in history).The currency has thus weakened by a whopping 42% in one year amid several macro-economic headwinds experienced during the year.What the data is sayingData from the central bank exchange rate portal shows the naira closed at N1,537/$1 on Tuesday as businesses closed earlier ahead of the…
The Association of Telecommunications Companies of Nigeria (ATCON) has said that tariff adjustment in the telecommunications industry has become expedient for the operators to improve the quality of their voice and internet services.The President of ATCON, Mr Tony Emoekpere, stated this during an interview with the News Agency of Nigeria (NAN) on Tuesday.Aside from tariff adjustments, Emoekpere said the operators would also need economic incentives to mitigate the impacts of the rising operational and capital costs.“MNOs should be permitted to implement controlled tariff increases to account for rising operational and capital costs. “In parallel, the government can provide tax breaks or…
The National Agency for Food and Drug Administration and Control (NAFDAC) has seized unregistered food products worth over N3.8 billion during a raid on a warehouse in Apongbon Oke Arin Market, Lagos.The operation, conducted by NAFDAC’s Investigation and Enforcement Directorate, followed a tip-off about the sale of unregistered items at the facility.Various products worth N3,818,802,720 were confiscated, and the warehouse has been placed on hold pending further investigation.Warehouse under investigation In a statement on its official X handle on Tuesday, NAFDAC announced “The warehouse management has been summoned for questioning, and appropriate sanctions will follow after investigations. “We reaffirm our commitment…
Nollywood star and producer Toyin Abraham Ajeyemi’s latest installment in the popular “Alakada” franchise, “Alakada: Bad and Boujee”, has achieved remarkable success, grossing N58.6 million during its opening weekend (December 20–22, 2024).Premiering on December 15, the comedy-drama has quickly become a holiday sensation, drawing audiences nationwide to cinemas.Abraham, who plays the franchise’s lead character Yetunde, took to Instagram on December 23 to thank fans for their unwavering support:What she said “With an overwhelming outpouring of love, kindness, and compassion from fans all across the country, we were able to achieve this amazing opening weekend figure. Thank you for watching and supporting…
The Nigerian currency gained value against the haven currency in the first trading session of the week at both the official and parallel foreign exchange markets, ahead of the Christmas holiday.The local currency mildly increased from N1,541.7/$1 last Friday to N1,539.55/$1, according to data from FMDQ.The naira also closed at N1,650/$1 on the black market, compared to N1,660/$1 on Sunday, amid a choppy trading session.President Bola Tinubu’s administration hopes to stabilize Nigeria’s exchange rate at N1,500 to the US dollar in 2025.This would represent a slight improvement over the current exchange rate, which the president believes is essential for the…
The Blum team announced it is set to launch season 2 of its airdrop soon alerting its community to be on the lookout for it.Blum took to its X page followed by 5.4 million people to announce the new development sharing a screenshot of a Ton-funded wallet covertly promoting the partnership between Blum and the Ton ecosystem“ Season 2 is about to drop, and it’s gonna change everything #BlumSeason2” Blum season 1 dominated the crypto scene in Nigeria Mid-year alongside Tapswap and Hamster Kombat.The Tap to Earn airdrop project contributed to the Tap to Earn frenzy that enveloped the country mid…
The Global Gas and Refining Limited has alleged that the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) reported approval of the sale of $2.4 billion in onshore assets of the Shell Petroleum Development Company (SPDC) to Renaissance Africa Energy Company Limited, a local oil and gas consortium, “undermines the rule of law but also sets a dangerous precedent for corporate governance in Nigeria.” Mr. Kenneth Yellowe, Chairman, Global Gas, disclosed this in a statement.He maintained that his company expresses disappointment that the development allegedly “undermines a court injunction restraining the Nigerian government, through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), from granting…
Global oil prices edged higher on Tuesday, recovering from the previous session’s losses, as a slightly optimistic market outlook provided a lift despite light trading ahead of the Christmas holiday.Brent crude futures gained 42 cents, from $72.63 or 0.6%, to settle at $73.05 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose by 38 cents, or 0.6%, reaching $69.62 a barrel as of 0742 GMT, Reuters reported.Analysts at FGE noted that benchmark prices are likely to remain stable around current levels in the short term due to reduced trading activity during the holiday season.“As activity in the paper…