DYAG News and Views - 16th December 2023
We bring you the daily roundup of the hottest news from Nigeria and around the world.
Local News
Agbakoba Bold Speech at Akpabio Birthday Colloquium
Olisa Agbakoba, a former president of the Nigerian Bar Association, admonished the Nigeria’s Supreme Court on Thursday, calling it “the worst I have seen in my 45 years of practice” and behaving like a “mafia” that blocks qualified individuals from becoming justices. Agbakoba made these remarks in Abuja at the colloquium to celebrate the 61st birthday of Senate President, Godswill Akpabio, an event that saw President Bola Tinubu and other high-ranking government officials in attendance.
Click for the full video of the speech.
Gas Prices Set to Plummet as FG Exempts LPG Imports from Duties and VAT
The Nigerian government has announced a substantial reduction in cooking gas prices by exempting Liquefied Petroleum Gas (LPG) imports from customs duty and value-added tax (VAT). Effective immediately, a 0% duty rate and 0% VAT rate will apply to LPG importation. This decision extends to various associated LPG equipment as well. The move aims to curb the recent surge in LPG prices, easing financial strain on consumers. The directive, in line with President Tinubu's commitment, targets to boost local supply, reduce market prices, and promote clean cooking practices.
Fresh COVID-19 Outbreak in Benue State, Nigeria: WHO Announces 25 Cases
The World Health Organization (WHO) reports a fresh outbreak of COVID-19 in Benue State, Nigeria, with 25 confirmed cases. The WHO emphasizes the importance of vaccination to combat the virus and dispels negative rumors about the COVID-19 vaccine. Health officials express concerns about the prevalent misinformation and urge individuals to take advantage of available vaccines. The WHO is integrating COVID-19 vaccination into routine immunization exercises to encourage widespread participation.
Nigeria Customs Service Probes Bribery Incident at Lagos Airport Involving Female Officer
The Nigeria Customs Service (NCS) initiates an investigation into an alleged bribery incident at Lagos Airport involving a female Customs officer demanding ₦5,000 from a passenger. The NCS condemns the inappropriate and unprofessional behavior, assuring a comprehensive investigation and appropriate actions. Preliminary findings reveal the incident at the New Terminal of Murtala Mohammed International Airport and were captured on video by the passenger. The NCS emphasizes its commitment to transparency, accountability, and maintaining high ethical standards.
International
West African Bloc Threatens Sanctions or Force Over Niger Coup
West African leaders, part of the Economic Community of West African States (Ecowas), have issued a threat to impose additional sanctions or use force to reinstate civilian rule in Niger following a coup earlier in the year. The bloc appointed leaders from Togo, Benin, and Sierra Leone to engage in talks with Niger's military leadership. Ecowas emphasizes that easing sanctions is contingent upon Niger's cooperation with the organization. If the military junta fails to comply, Ecowas will uphold sanctions and encourage other partners, including the African Union, to impose targeted sanctions on the junta members.
US House Launches Republican Impeachment Inquiry Against Biden
The US House of Representatives voted along strict party lines (221 to 212) to formalize an impeachment inquiry into President Joe Biden. Republicans are focusing on allegations regarding Biden's son Hunter's international dealings, accusing him of influence-peddling. Despite lacking evidence of corruption by the president, Republicans aim to utilize the inquiry as a platform for attacking Biden during the 2024 election campaign. Democrats argue that there is zero evidence of wrongdoing by President Biden, and the move is viewed by them as a baseless political stunt.
Israel Vows to Continue Gaza War Despite International Pressure
Israel's foreign minister, Eli Cohen, has declared that Israel will persist in the war in Gaza, with or without international support. The statement comes amid growing international pressure over the civilian casualties in Gaza and the deteriorating humanitarian situation. The UN General Assembly recently adopted a resolution urging an immediate ceasefire. US President Joe Biden criticized Israel for its "indiscriminate bombing" of Gaza, and experts warn of a looming public health disaster in the territory due to a collapsed medical system and overcrowded shelters.
Kathleen Folbigg's Convictions Quashed in Australia's Landmark Case
Kathleen Folbigg, once labeled "Australia's worst mother," has had her convictions for killing her four children quashed by the New South Wales Supreme Court. The court ruled that the evidence used against her was "not reliable." Folbigg, who spent 20 years in prison, was pardoned and freed in June. Her case, described as one of Australia's greatest miscarriages of justice, relied on circumstantial evidence from her diaries. A landmark inquiry earlier this year concluded there was reasonable doubt, citing scientific findings suggesting natural causes for her children's deaths due to rare gene mutations.
Business
Central Bank of Nigeria Suspends New Loan Applications for Key Sectors
The Central Bank of Nigeria (CBN) has halted new loan applications in sectors like agriculture and manufacturing, effectively ending programs like the Anchor Borrower Programmes (ABP). This suspension comes after significant financial initiatives under Governor Godwin Emefiele's leadership, where around N1.01 trillion was allocated to farmers. However, as of March 2023, repayment ratios stood at 53.39%, marking a shift in the CBN's focus from development finance interventions to its core central banking responsibilities. This move aligns with IMF recommendations to tighten monetary policy and phase out CBN's credit intervention programs.
Tesla Recalls Over 2 Million Cars in the US Due to Autopilot Defect
Tesla is recalling more than two million cars in the US after a two-year investigation by the US regulator found defects in its Autopilot driver assistance system. The recall affects nearly every Tesla sold in the US since the launch of the Autopilot feature in 2015. The US National Highway Traffic Safety Administration (NHTSA) identified issues in preventing driver misuse, prompting the recall. Tesla, owned by Elon Musk, plans to address the problem through an "over-the-air" software update, automatically fixing the issue without requiring a visit to a dealership.
Elon Musk Plans to Establish a University in Austin
Elon Musk is reportedly planning to start a university in Austin, Texas, according to tax filings for his charity, The Foundation. Seeded with a $100 million gift from Musk, the institution will begin with a STEM-focused primary and secondary school before expanding to create a university dedicated to high-level education. The university aims to employ experienced faculty and provide a traditional curriculum alongside hands-on learning experiences. Elon Musk previously created Ad Astra, a school on SpaceX's California campus, and The Foundation's university plans to seek accreditation from the Southern Association of Colleges and Schools Commission on Colleges.
Jumia Technologies to Cease Food Delivery Services
E-commerce platform Jumia Technologies is discontinuing its food delivery service, Jumia Food, by the end of December. The decision spans multiple operating countries including Nigeria, Kenya, Morocco, Ivory Coast, Tunisia, Uganda, and Algeria. The company aims to refocus on its core physical goods business and payment platform, emphasizing growth potential and profitability. This move follows Bolt Food's withdrawal, indicating the challenges within the African food delivery landscape.
Flutterwave Appoints New Executives Amid IPO Speculation and Recovering Reputation
Flutterwave, Africa's fintech giant, named five new executives across risk, compliance, and expansion roles, a month after the abrupt exit of its CFO, potentially signaling confidence for its speculated IPO plans on NASDAQ. These new appointments include experienced leaders from companies like GoTo Group, Stripe, and American Express, aiming to bolster its risk, compliance, and global expansion strategies. This move follows recent legal challenges and workplace allegations that tarnished Flutterwave's reputation but marks a step toward reinforcing confidence in its IPO aspirations.
LagRide Under Scrutiny for Asset Financing Model
Lagos-based ride-hailing company, LagRide, faces renewed criticism from a transport union over its asset financing model, which involves drivers making a downpayment and daily installments for vehicle ownership. The model, criticized for imposing unrealistic financial burdens on drivers, has led to partners holding vehicles without leasing them, causing losses for LagRide that secured loans for these cars. This scrutiny echoes previous debates in Nigeria's mobility sector over the steep repayment structure of such models, highlighting challenges faced by drivers and the company.
MTN Nigeria Leases 2,500 Towers to American Tower Corporation: Ensures No Network Disruption
MTN Nigeria assures that the lease of its 2,500 towers to American Tower Corporation (ATC) will not cause network disruption. IHS Holding had expressed concerns that the tower lease loss could impact network stability but MTN refutes these claims. The Chief Corporate Services and Sustainability Officer at MTN Nigeria states that the agreement with ATC is final, following a fair and transparent procurement process. The company emphasizes its commitment to a new era of connectivity, expense efficiencies, sustainability, and environmental responsibility.
Israel's Strategy to Destroy Hamas Tunnels: Pumping Seawater to Clear Underground Network
Israel initiates a military plan to destroy Hamas' underground network in Gaza by pumping seawater into the tunnels. The Israel Defense Forces (IDF) deploy measures, including seawater flooding from the Mediterranean, to clear and decimate the extensive tunnel system. The flooding aims to flush out tunnels where Israeli hostages are believed to be held by Hamas. Israeli officials remain tight-lipped about specific operations, and the IDF is conducting tests to assess the effectiveness of this strategy.
Entertainment
Jada Pinkett Smith Credits Oscars Slap Incident for Saving Marriage
Jada Pinkett Smith revealed in an interview that the controversial Oscars incident involving Will Smith's slap on Chris Rock unexpectedly strengthened her marriage. Termed as the "holy slap," she expressed how this pivotal moment made her realize her enduring commitment to her husband, stating that she would never leave Will. Reflecting on the aftermath positively, Jada emphasized the incident's role in solidifying their relationship, highlighting the subsequent positive developments and expressing gratitude for the outcomes.
Naira Marley Pursues Legal Action Against Iyabo Ojo Over Defamation Allegations
Nigerian artist Naira Marley has taken legal action against actress Iyabo Ojo, alleging defamation through false accusations made on her Instagram account. His lawyer outlined claims of false spiritual and physical dealings with the late singer Mohbad, causing mental harm and portraying Marley as a contributor to destructive behavior. Seeking redress of N500 million and a public apology, the legal team warned of a potential lawsuit if the conditions were not met, emphasizing the serious repercussions of the allegations made against the artist.
"Afamefuna" Emerges as December's Highest-Grossing Film in Nigeria
The Kayode Kasum-directed movie "Afamefuna" featuring stars like Kanayo O. Kanayo, Segun Arinze, Stan Nze, and Alexx Ekubo, claims the top spot as the highest-grossing movie in Nigeria for December. According to data from the Cinema Exhibition Association of Nigeria, "Afamefuna" has grossed ₦21,714,750, with ₦14,068,750 earned over the weekend. The film explores the apprenticeship institution in the South-Eastern part of Nigeria and is presented in the Igbo language, reflecting a growing interest among Nigerians for content that resonates with their experiences regardless of language. Despite being in cinemas for only two weeks, "Afamefuna" has outperformed other titles like "Renaissance," "The Hunger Games," and "The Marvels" in terms of audience preference.
Opportunities
USADF Off-Grid Energy Challenge Grant 2023/2024
The USADF is seeking proposals from eligible African off-grid energy companies for its Off-Grid Energy Challenge. Applicants must be majority African-owned private companies or organizations operating in specific African countries. Selected enterprises have the opportunity to receive grant capital of up to $250,000. Apply here by January 31, 2024.
Misk Accelerator Program 2024
Tech startups eyeing Saudi Arabia, the Misk Accelerator Program is open for applications. The 12-week hybrid program offers mentorship, resources, and tools for startups aiming to accelerate growth in the Kingdom. Eligible startups should be tech-focused, early-stage with traction, and operating or looking to scale in Saudi Arabia. Application deadline: January 31, 2024.
EIT Food Competition 2024 for Innovators
Revolutionize the global food system! The EIT Food Competition 2024 invites individuals aged 18 or older to submit ideas related to healthier lives through food, a net-zero food system, and reducing risk for a fair and resilient food system. Winners can receive prizes ranging from €500 to €1,000. Submission deadline: December 31, 2024.
Shell Nigeria LiveWIRE 2023 Program
The Shell Nigeria LiveWIRE 2023 Program is open for youths from Niger Delta states. Aimed at empowering young individuals to create and grow businesses, eligible applicants must be indigenes of specific states, possess a degree or HND, have an innovative business idea, and desire to own and manage a business. Apply here.
Elevate your startup in the WAICF AI Startup Challenge!
Calling all AI innovators—whether you're a budding creator or an industry leader, seize the chance to make a splash in the world of Artificial Intelligence. Win a 4 m² booth, a 15-minute pitch to a diverse audience, Two Full Passes, exposure to Venture Capitalists, and online visibility. Explore categories like Sport & AI, Beauty/Wellness & AI, Robotics & AI, and Gaming/AR-VR & AI. Deadline: January 10, 2024. Don't miss the opportunity to refine, scale, and shine in the dynamic AI landscape! Apply now.