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FEATURES

FEATURES

The live band of Rivers State Governor, Sim Fubara, has sparked reactions online amidst the escalation of political tension in the state.

 

Naija News reports that several members of the State House of Assembly and Commissioners have resigned in the last two days, a development linked to Fubara’s face-off with his predecessor and Federal Capital Territory (FCT) Minister, Nyesom Wike.

The Rivers State Government also ordered the demolition of the Assembly Complex, citing the need to build a suitable structure after an arson attack that occurred at the Assembly Complex on October 29.

While many political elites have condemned Wike’s interference in state politics, the Minister has remained silent.

However, a video making the rounds online shows Fubara’s live band singing a controversial song at the flag-off construction of the 20,000 Housing unit, which some netizens considered a shade.

 

@crownby wrote: “Fubara really learnt from Wike: the good, the bad and the ugly. Entertaining days are up ahead.”

@uggbyy wrote: “No be small fight Fubara and wike dey fight????????, even their bands follow join the fight”

@prettygift wrote: “Wike don meet his match”

@officialbecks: “Wike oya catch your sub, you thought the guy well”

@ebido wrote: “But this Wike sef. When he became governor it was him and Amechi. He vacated now dragging with current governor.”

@bryzam wrote: “sometimes my Nigerian experience feels like I’m in a skit. What kind of country is this?”

@iam_pintch wrote: “His band group is doing everything possible to restore peace”

 

@kacey wrote: “Like father like son trying to confuse us. Lol ???????????????? I love strategical people”

[NaijaNews]

Media

Last modified on Saturday, 16 December 2023 07:28
Former Big Brother Naija housemate Chichi has mocked her colleague, Phyna, over her wig-renting accusation.
 
A vendor, DBeauty Mogul, had earlier called out Phyna, for refusing to return a “rented” wig after the rental period.
 
Reacting to the allegation in a post on her official page, Phyna categorically denied knowing the vendor, tagging her clout chasers.
 
In light of this, Chichi took to X and posted a shady message.
 
She wrote: “Hi loves, wigsbyella sells luxury hair at affordable rates, and we are still on sale. Patronise my hair brand and stop doing borrow pose. I love you all.”
 
Taking to the comments section, a user, @mhiz_bonita, wrote, “Now I believe you are so obsessed with Phyna.”
 
Chichi replied: “How will I be obsessed with someone that rents hair? Make it make sense, hun. She even price the rent rate.”
 
[NaijaTimes]

MTN Nigeria Communications Plc has completed its series 10 commercial paper issuance under its upsized N250 billion commercial paper issuance programme. 

This was contained in the company’s notice to the Nigerian Exchange Limited and the investing public seen by Nairametrics. 

According to the statement signed by Uto Ukpanah, the Company Secretary, the telecom giant said it sought to raise N72.1 billion and the offer recorded 149% subscription with N721.1 billion issued. The 266-day commercial paper was issued on 29 November 2023 at a yield of 16%. 

Short-term working: capital The CP issuance aligns with MTN Nigeria’s strategy to continue diversifying its funding sources and reducing its average cost of debt. The proceeds will be applied towards short-term working capital requirements. 

MTN Nigeria’s Chief Executive Officer, Karl Toriola said: 

  • “We are pleased with the support received from the investor community, having recorded a 149% subscription from a broad range of investors. This reflects NTN Nigeria’s robust financial capacity, brand strength, and market leadership amidst the upward pressure on interest rates” 

Arranger and dealers: Stanbic IBTC Capital Limited played the role of Arranger and Dealer with ARM Securities Limited. Chapel Hill Denham Advisory Limited, Coronations Marchant Bank Limited, FCMB Capital Markets Limited, Quantum Zenith Capital &Investments Limited, Rand Marchant Bank Limited, and Vetiva Capital Management Limited played the role of Joint Dealers on the transaction. 

The communication firm had recently proposed the issuance of up to N72.1 billion series 10 commercial paper notes under its N250 billion commercial paper issuance programme. 

According to the statement signed by Uto Ukpanah, Company Secretary, the issuance is part of the company’s strategy to diversify its funding sources with the funds being deployed towards short-term working capital requirements. 

What you should know 

MTN Nigeria Communications Plc recorded a year-on-year decline of 75.7% in its profit before tax to N32.08 billion in Q3 2023, as compared to N132.04 billion in Q3 2022. 

According to the group’s financial statement for the period ending September 30, 2023, the group recorded a revenue of N614.2 billion in Q3 2023, a 21.4% year-on-year increase from the corresponding period in 2022. 

The figure modified the group’s nine-month revenue to N1.78 trillion, an increase of 21.76% year-on-year from the corresponding quarter in 2022. 

[Nairametrics]

Toyin Lawani, a renowned fashion entrepreneur from Nigeria, shared a distressing encounter she had while undergoing surgery. Lawani recounted a chilling incident where her lungs collapsed, leading to a terrifying 10-minute brush with death.

In a recent social media update, Lawani bravely opened up about her personal struggles. Taking to her Instagram page last Friday, the renowned personality disclosed a distressing medical diagnosis.

According to Lawani, she has been diagnosed with a degenerative spine and a cyst, shedding light on the challenges she is currently facing.

In a compelling video clip chronicling her transformative journey, she provides a firsthand account of the various stages leading up to the surgery and the obstacles encountered along the way. With remarkable clarity, she elucidates the intricacies of the procedure, which entailed the insertion of a spinal implant specifically targeting the C5 and C6 vertebrae.

She shared a chilling account of her near-death experience, stating, "I was clinically dead for a duration of 10 minutes." During her pregnancy, @kingtinukeleora experienced a series of significant discomforts, including neck, back, and leg pains.

In a harrowing turn of events, the individual in question found themselves in a distressing situation where their body became immobilised on the left side. This sudden paralysis rendered them completely unable to move.

During the interview, the Lawani revealed that they had been administered painkiller injections consistently.

She opened up about the true extent of her medical condition. With unwavering honesty, she disclosed that she has been diagnosed with a degenerative spine and a cyst in her brain. These revelations shed light on the seriousness of her health challenges.

In a remarkable turn of events, she experienced a death-defying ordeal, enduring a complete cessation of vital signs for an astonishing duration of 10 minutes.

However, thanks to the swift and skillful intervention of medical professionals, she was successfully resuscitated and brought back to life.

In a startling turn of events, it has been reported that her lungs have collapsed. This distressing medical condition, known for its severe impact on respiratory function, has left the affected a recent development, she in question has reported experiencing oedema, a condition characterised by the accumulation of fluid in the body.

This unfortunate circumstance arose subsequent to their pursuit of a medical intervention involving the installation of artificial implants in their spinal region, with the aim of restoring their ability to walk with ease.

However, it appears that this course of action has led to unforeseen complications, necessitating the utilisation of a tracheostomy tube for a duration of three months.

Senate President Godswill Akpabio, yesterday, explained how he was diagnosed of malaria and stress by his doctor after the colloquium to celebrate his birthday in Abuja.

Akpabio who spoke to the Senate Press Corps in his office said his doctor told him that he had malaria mingled with stress after he got home from the colloquium.

In his reaction to reports of his being rushed to the hospital, Akpabio said: “I have been reading through the social media but I’m happy the Press Corps did not join the show of propaganda.

“What eventually happened after the event was a show of humanity.

“I went home and I called my doctors and I was assured that I have malaria, mingled with stress, which could also be described in another way as exhaustion.

 

“In fact, anybody could be exhausted. Please, drink water daily so that you don’t get exhausted.

 

“This is to say that the work goes on. I want to assure Nigerians that the National Assembly is intact and we are still going on with our duty, our appropriation.

“We will resume on 20th December. But before then, the various committees must have finished their work to enable us meet the target to pass the budget before the end of the year for the President to append his signature.”

[TheNation]

The General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, has said that Jesus Christ may return to the world on October 1st, a year that has yet to be known.

Adeboye disclosed this in a video played on Thursday during the homecoming reception ceremony organised for the immediate past Nigeria High Commissioner to the United Kingdom, Sharafa Tunji-Ishola, in Abeokuta, capital of Ogun state.

The video was said to have been recorded when the General Overseer visited Tunji-Ishola during his tenure as the Nigerian High Commissioner to the United Kingdom.

Ishola, who was a former Nigeria minister of Mines and Steel, was made an ambassador by President Muhammadu Buhari in January 2021 and was recalled on 31st August 2023 by President Bola Tinubu.

Speaking during the visit, Adeboye in the recorded video eulogised the ambassador for being the first ambassador to invite him to the Nigeria house in the UK.

While explaining God’s special love for Nigeria and Nigerians, the cleric said, God was behind the scene when 1st October was chosen as Independence Day by Nigeria’s fathers of democracy.

Pastor Adeboye said, “Nigeria is a very special country. It will amaze you to know that the most amazing date in the Biblical calendar is 1st October. That is the day that is called – the feast of trumpets – and many Bible scholars believe that the most likely date that Jesus will come back again to earth will be October 1, but the year we don’t know.

“The Bible says when Jesus will come back, it will be with the sound of the trumpet and the day for the feast of trumpet is to start on October 1st.

“Now when you consider that, you will know that God was behind the scene when our fathers (some of whom are now gone) were choosing 1st October as the day for our independence and this could explain why Nigeria has gone through so much turbulence.

“Sometimes when you think by tomorrow, there will be no more Nigeria, you will wake up the next day and still find out that Nigeria is still standing.

“No matter what is happening in Nigeria today, I firmly believe that we have a glorious future. God has a very special interest in our nation Nigeria and I want you to be encouraged.”

[Punch]

Comic actor John Okafor popularly known as Mr. Ibu is not leaving his sickbed any time soon after one of his legs was amputated a month ago.

 

The actor’s condition is said to have degenerated to a point that he hardly talks again. He’s also said to have undergone another surgery, cutting off part of the same leg that was initially amputated last month.

This is even as fear also has heightened following the deteriorating health of another veteran actor, Amaechi Muonagor, who’s currently hospitalized at Nnamdi Azikwe University Teaching Hospital Nnewi, Anambra State, for over two months.

Amputated

The National President of the Actors Guild of Nigeria,AGN, Dr. Emeka Rollas, who gave an update on the health of the ailing actors in a telephone chat with our reporter, said “we are resigning to fate concerning the two actors.

“As I speak with you, Mr Ibu hardly talks again and he has undergone another leg amputation,” Rollas added.

The conditions of the ailing actors are said to have continued to deteriorate with each passing day.

According to Rollas, who recently visited Muonagor alongside some of his colleagues at the Intensive Care Unit of Nnamdi Azikwe University Teaching Hospital, Nnewi, the actor’s state of health is pitiable, as he’s currently a shadow of his old self.

“You will shed tears if you see Amaechi Muonagor now, his legs are completely paralyzed. I’m calling on all fans and well wishers of the actor to join hands with other philanthropic Nigerians to support him in this dire time,” Rollas said.

 

He revealed that he has approved the sum of N250,000 to be sent to the ailing actor’s account from the AGN Trust Fund, which, according to him, may not be enough, following Muonagor’s records with the Guild HMO and Insurance policy.

Rollas, however, urged young actors to endeavour to sign up for the AGN HMO and Insurance programmes.

Recall that weeks back, Amaechi Monagor’s cousin, Tony shared the actor’s health update on Facebook, when he revealed he was battling for his life after he was diagnosed with kidney disease, diabetes, and stroke during his three-week hospital admission.

In his post, Tony wrote, “This picture was taken two weeks ago when I visited my cousin Amaechi Monagor (Aguiyi) at the Nnewi Teaching Hospital. I initially had wanted to quietly assist as much as I could but later decided to make this post to clarify some things so that my friends, fans, and Amaechi’s fans, and indeed the online community can be better informed.

“Amaechi is currently down with kidney disease, diabetes, and stroke. He had been managing his diabetes over the years and living his life. He is at present undergoing weekly dialysis and other treatments at the Nnamdi Azikiwe University Teaching Hospital Nnewi,” Tony wrote.

[Vanguard]

Nigeria, despite being the largest economy in Africa — with over 200 million population, is lately facing a mass exodus of multinational companies.

From January 2023 till date, no fewer than seven multinationals have either left or announced their decision to exit the country by December. 

Many of these companies have spent decades doing business in Nigeria while others are folding up operations barely 3 years after announcing their arrivals. 

 
 

Before 2023, some of the challenges faced by local and multinational manufacturers in Nigeria have been power crisis, constant devaluation of Naira, Forex availability coupled with other stringent policies of the government.

But following President Bola Ahmed Tinubu’s inauguration on May 29, 2023, many things changed, including inflation on all fronts. The President, in his inaugural speech, had announced fuel subsidy removal — which has now affected Nigerians of all social strata — and directed the Central Bank of Nigeria (CBN) to begin monetary policy reforms. 

Subsequently, the CBN’s director in charge of financial markets, Angela Sere-Ejembi, in a press statement, said the apex bank announced immediate changes to operations in the Nigerian Foreign Exchange (FX) market.

 

The central bank abolished its hitherto multiple exchange rate windows and collapsed them into the business-based Investors and Exporters (I&E) window. But with the CBN’s devaluation and Foreign exchange unification, the paucity of Forex still persists.

 

This, arguably, affected multinationals whose business largely depended on Forex availability and purchasing power of Nigerians greatly eroded by rising inflation. 

However, one of the companies to be mentioned in this article had announced their exit before May.

While the President, on many occasions, continued to urge investors to consider the many economic potentials of the country, the exodus or divestment of multinational companies in Nigeria keep sending contrasting signals to prospective investors.

Multinational companies leaving Nigeria in 2023:

 

Unilever

In March, Unilever announced the exit of its home care and skin cleansing from Nigeria. 

According to the manufacturer of the famous brands such as Omo, Sunlight and Lux; the changes in its business led to the decision to fold up operations in the country.

GSK Plc

Barely four months after — precisely July 2023, Nigeria’s second-biggest drug producer and British pharmaceutical giant, GlaxoSmithKline Consumer Nigeria Plc, announced an end to manufacturing operations in Nigeria.

While no reason was given for the company’s exit from Nigeria, GSK Plc — with headquarters in the UK — said its prescription medicines and vaccines will be sold in the country through third-party distributors.

Sanofi-Aventi Nigeria

Like GSK Plc, this French pharmaceutical multinational, Sanofi, announced its decision to quit Nigeria. 

This company, in his November announcement, disclosed its resolve to appoint a third-party distributor for its commercial portfolio of medicines from February, 2024.

Bolt Food

Bolt Food, the online food-ordering arm of ride-hailing company Bolt, offers food delivery in 16 countries and 33 cities globally. But two years after launching Bolt Food in Nigeria, the company declared a difficult decision to discontinue food delivery operations in the country’s market. 

The company, in a statement, blamed the decision on the need to “streamline its resources and maximise overall efficiency.”

Aside from the company’s excuse, Bolt Food exiting may not be unconnected to its operating losses recorded lately, owing to a series of factors which are not strange to the Nigerian market. 

In 2022, about 80 percent of Bolt’s sales revenue came from driving services, followed by 10 per cent from rentals, with just nine per cent coming from food delivery.

Jumia Food

Like Bolt Food, another food-ordering platform has announced shutting down its food delivery operations, leaving other competitors in the Nigerian market. 

According to TechPoint, the company — Jumia Food — will now focus on its core physical goods business and the Jumia Pay platform across its 11 countries of operations.

“The more we focus on our physical goods business, the more we realise that there is huge potential for Jumia to grow, with a path to profitability. We must take the right decision and fully focus our management, our teams and our capital resources to go after this opportunity. In the current context, it means leaving a business line, which we believe does not offer the same upside potential – food delivery,” said Francis Dufay, Chief Executive Officer of Jumia.

Equinor

In November, Equinor Nigeria Energy Company (ENEC), a Norwegian energy corporation, —  which holds a 53.85 percent ownership in oil mining lease (OML) 128, including a 20.21 percent stake in the Agbami field, operated by Chevron — has announced the sale of its Nigerian operations

This includes the company’s stake in Agbami oil field and were all sold to a Nigerian-owned firm, Chappal Energies.

With this transaction, Equinor’s three-decade presence in the Nigerian energy market comes to an end.

Procter & Gamble (P&G)

The US consumer goods powerhouse Procter & Gamble (P&G), last Tuesday, announced its decision to shut down manufacturing in Nigeria. 

The maker of iconic brands including Pampers, Gillette, Ariel, Always and Oral-B, which has been operating in the country for 30 years and ran two manufacturing plants in Ibadan, Oyo State and Agbara, Ogun State, disclosed readiness to pivot to import-only activity, describing Nigeria and Argentina markets as problematic for the corporation. 

“So when you think about places like Nigeria, when you think about places like Argentina, it’s very difficult for us as a U.S. dollar-denominated company to create value,” Andre Schulten, the chief financial officer, said at Morgan Stanley Global Consumer & Retail Conference in New York.

However, Segun Ajayi-Kadir, the director-general of the Manufacturers Association of Nigeria (MAN), in his reaction to P&G’s and the mass exodus of multinational companies, said more may leave because the manufacturers operate in a challenging environment. 

“Obviously, we received it (P&G exit) with sadness but it is not totally unexpected and more may happen because there is no doubt that we operate in an environment that is challenged,” Ajayi-Kadir said this while appearing on Channels Television’s Sunrise Daily.

According to him, the exit of multinationals should teach the government a lesson on giving priority to local manufacturers, saying “So, what this means is that if you have a challenged local manufacturer, he is not likely to go anywhere.”

Last modified on Saturday, 16 December 2023 06:22

Veteran Nigerian entertainer Charles Chukwuemeka Oputa, popularly known as Charly Boy, has narrated how he cheated death in 2023.

Charly Boy stated this in a post on his official Instagram page.

Recounting the near-death experience to his fans on Friday, the entertainer stated that he survived prostate cancer.


While appreciating God for being alive after battling the deadly illness, he noted that many have lost their lives to it.

Sharing the video of him after surgery, Charly Boy wrote: “Many things bin happen this year 2023. The good, the bad, and the ugly. But most importantly, I cheated death for something wey no suppose kill us but has killed many.

“I’m a prostate cancer survivor. God, I’m grateful. I know this year remains small but still, by His Grace, me and everybody reading dis, shall see 2024. Iseee!!”

Video link

 
 
 
View this post on Instagram

A post shared by CharlyBoy ???????? (@areafada1)

The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has said the country needs legislation to tackle the menace of unexplained wealth in the country.

Speaking on Thursday, at a two-day International Law Conference titled: Unexplained Wealth in the Global South: Examining the Asset Recovery and Return Trajectory organised by Christopher University, Mowe Ogun State, the EFCC Chairman who was represented by the Abuja Zonal Command, Assistant Commander of the EFCC, ACE1 Adebayo Adeniyi, said Nigeria has not legislated in the penance to criminalise and tackle it like some countries.

He stated that treasury looters would have little cover if the issue of unexplained wealth is given cognisance globally.

Olukoyede said several countries, including the United Kingdom, Australia, Mauritius, Kenya, Zimbabwe, Trinidad and Tobago, had embraced the Unexplained Wealth Orders (UWOs) since 2018.

He said the Commission which is Nigeria’s leading anti-graft agency, is relying on the provisions of Section 7 of its Establishment Act to check the menace.

The EFCC Boss said: “The issue of unexplained wealth is not a local issue. There are jurisdictional legislations across the world to tackle it.

“Till date, countries of the world are faced with criminalities emanating from money laundering practices and illicit funds.”

This circumstance he noted, led to the promulgation of Unexplained Wealth Orders, UWOs that came into force in 2018 adding that Nigeria is yet to come up with a national legislation on it.

According to him: “In Nigeria today, unexplained wealth has become practical means of tracing, identifying, investigating and prosecuting corruption cases.

“As an anti-graft agency, suspects of any economic and financial crimes are usually required to declare their assets in the course of investigation.

“The basis for this is to properly establish their true asset base and their linkage or otherwise to any act of corruption.”

He emphasised that treasury looters would have little cover if the issue of unexplained wealth was tackled more seriously across the world.