Nigerian universities fuel division as quality slips

The recent protest by some Ile-Ife indigenes for the appointment of Rufus Adedoyin, a professor of physiotherapy, as the 12th vice-chancellor of the Obafemi Awolowo University (OAU), Ife, was the culmination of the ethnic and religious hegemonic pattern that pattern that started four decades ago, even as the quality of education in the country slipped, BusinessDay investigations have shown.

 

Nigeria’s polarised education begets a divided future

For most of the 30,000 children born in Nigeria today, depending on which part of the country the child is born in, who their parents are, and the religion of the parents, their paths may never cross until perhaps their working lives. And when those paths cross, it may even be at different cadres.

Netflix faces tougher test in Nigeria as Showmax, Amazon up investments

Netflix’s plan to rejig its strategy to stop subscribers from leaving its platform through a cheaper subscription option and a clampdown on password sharing face tougher tests in markets like Nigeria, where Amazon has since April stepped up its recruitment efforts to boost its business plans for the country.

France: Macron beats Le Pen to win 2nd term

French President Emmanuel Macron defeated his far-right rival Marine Le Pen on Sunday by a comfortable margin, securing a second term and heading off what would have been a political earthquake.

Nigeria’s biggest consumer goods firms walk tight rope on rising operation cost

In Africa’s biggest oil producing country, consumers are feeling the strain on their wallets as they pay more on their weekly grocery shopping trips. Prices for staples like milk, coffee and drinks are on the rise, and the multinational conglomerates that produce them, like Nestle, Floor Mill, Dangote Sugar and and Cadbury are blaming the increases on higher operating cost exacerbated by rising energy cost.

For the year ended December 2021, BusinessDay analysis ranks ten quoted FMCGs (Dangote Sugar, Presco, Flour Mill, Nestle, Guinness, NASCON, UAC, UNILEVER, Cadbury and International Breweries) by their cost to income ratio..

Over 90m Nigerians lack access to electricity – report

The number of Nigerians without access to grid electricity has risen by 5.8 percent to 90 million at the end of 2021, according to a new report by intergovernmental group, the International Renewable Energy Agency (IRENA). IRENA, in its report: Renewable Energy Market Analysis – Africa and its Regions.

Twitter share price surges as board reconsiders Elon Musk takeover bid

Following Twitter’s reconsideration of Elon Musk’s offer to acquire the micro-blogging platform, Twitter’s share price has increased by 5.3 percent. The Spectacular Index, a popular website that disseminates information and data about companies and markets, confirmed this on its official Twitter account.

Russia warns US against sending more arms to Ukraine

Russia on Monday warned the US against sending more arms to Ukraine. The country’s ambassador to Washington warned that large Western deliveries of weapons were inflaming the conflict and would lead to more losses. Russia’s Feb. 24 invasion of Ukraine has killed thousands of people, displaced millions more

Inflation is biggest risk to overall political stability in Nigeria says EIU

Inflation has become arguably the biggest risk to overall political stability in Nigeria, according to the Economist Intelligence Unit, EIU. It said “spiralling consumer prices for food and fuel exacerbated protests against police brutality in October 2020, and the movement quickly evolved into a wider expression of discontent that included mass looting.”

Inflation came in at 15.9% year on year in March, continuing a trend of rising annual inflation since December 2021. Core inflation (which excludes agricultural prices) was slightly lower in March, at an annual rate of 13.9%, compared with 14% in February. The Russia-Ukraine war is the primary driver, as global prices for food and fuel continue to surge.

Investors Gain N45.13bn as NGXASI Inches up by 0.17% to Open the Week Positive

Equities market closed on a positive note, as NGXASI appreciated by +0.17% to close at 48,543.36 basis points as against +0.49% appreciation recorded previously. Its Year-to-Date (YTD) return currently stands at +13.64%.

Market breadth closed Positive as UPDCREIT led 40 Gainers as against 13 Losers topped by UNITYBNK at the end of today’s session an improved performance when compared with previous outlook.

Market turnover closed negative as volume moved down by 4.02% as against 39.82% uptick recorded in the previous session. ZENITHBANK, OANDO, and MANSARD were the most active to boost market turnover. ZENITHBANK and PRESCO topped market value list.

LEARNAFRCA leads the list of active stocks that recorded impressive volume spike at the end of today’s session.

FTN Cocoa Processors Plc 1.7bn Units Rights Issue Opens; Closes May 4th, 2022

This is to inform of the ongoing FTN Cocoa Processors Plc RC: 172292 Rights Issue of 1,700,000,000 Ordinary Shares OF 50 Kobo Each at 50 Kobo per Share on the basis of 17 New Ordinary Shares for every 22 Ordinary Shares.

The Offer opened on Monday the 28th of March, 2022, and would come to an end on Wednesday the 4th of May, 2022.

Rights being offered are tradeable on the floor of the Nigerian Exchange Limited for the duration of the rights of issue.

FG Records N2.23tn Fiscal Deficit in Three Months – CBN Report

 The Federal Government recorded N2.23tn fiscal deficit in the fourth quarter of 2021. This was revealed by figures obtained from the Central Bank of Nigeria’s economic report for the fourth quarter of 2021. Source Punch Read More

Debt servicing: Nigeria paid $598.59m to World Bank, China in 2021 – Report

 Nigeria spent $598.59m on servicing the debts owed to the World Bank and the Exim Bank of China in 2021, according to an analysis of data on actual external debt service payments from the Debt Management Office. Source Punch Read More 

Stocks, Futures Drop with Yields in Risk-Off Tilt: Markets Wrap

Stocks, U.S. futures and commodities sank with Treasury yields Monday as China’s worsening Covid situation amplified concerns about a slowdown in demand in the world’s second-largest economy. Source Bloomberg Read More

Clearing agents to embark on strike over 15% levy on imported vehicles

 The Nigeria Customs Service (NCS) had recently introduced a 15 percent National Automobile Commission (NAC) levy on used imported vehicles, but this did not go down well with clearing agents in the country’s maritime sector. Source TheCable Read More

Don’t Fix Transformers, Others, FCCPC Tells Consumers

 The Federal Competition and Consumer Protection Commission (FCCPC) has said electricity consumers are not responsible “to purchase, replace or repair transformers, poles or other associated equipment used in the distribution of electricity.” Source Daily Trust Read More

Palm Oil Soars on Indonesia Ban in Risk to Global Food Inflation

Palm oil rallied after top producer Indonesia said it will ban all exports of cooking oil, a move that threatens to worsen global food inflation. Source Bloomberg Read More 

Google Equiano Cable: FG Providing Enabling Environment for Investments, Says Pantami

Isa Pantami, minister of communications and digital economy, says the federal government remains committed to providing an enabling environment that encourages foreign and local investments in the country. Source TheCable Read More

Interswitch Partners Cisco to Equip Tertiary Institutions in Nigeria 

In line with its efforts to support Science, Technology, Engineering and Mathematics (STEM) education in Nigeria, Africa’s integrated payments and digital commerce company, Interswitch, has announced plans to donate Information Technology (IT) equipment to students in 10 tertiary institutions across Nigeria. Sourcd THISDAYLIVE Read More

EU Sets New Online Rules for Google, Meta to Curb Illegal Content

Alphabet (GOOGL.O) unit Google, Meta (FB.O) and other large online platforms will have to do more to tackle illegal content or risk hefty fines under new internet rules agreed between European Union countries and EU lawmakers on Saturday. Source Reuters Read More

House Republicans Ask Twitter Board to Retain Records Tied To Musk Offer

 A group of 18 U.S. House Republicans sent Twitter (TWTR.N) board members a letter on Friday asking them to preserve all records and materials relating to Tesla Chief Executive Elon Musk’s offer to purchase Twitter, laying the groundwork for a potential investigation. Source Reuters Read More