Day: January 30, 2025

Federal Government Announces Imminent Resumption of ALSCON Production

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The Federal Government has announced that the Aluminum Smelter Company of Nigeria (ALSCON) in Ikot Abasi, Akwa Ibom State, is poised to resume production soon. This announcement came after a visit to the plant by the Minister of Steel Development, Prince Shuaibu Abubakar Audu. The Minister expressed satisfaction with the condition of the equipment and facilities, despite the plant’s decade-long shutdown, signaling a renewed commitment to revitalizing this key industrial asset. Minister Audu outlined several key steps being taken to facilitate ALSCON’s reopening. He emphasized that ongoing consultations and stakeholder…

Meta to Pay $25 Million to Settle 2021 Trump Lawsuit

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Settlement seen as a big victory for the US president as Meta’s Zuckerberg bows to the new administration on a number of fronts. Meta has agreed to pay United States President Donald Trump $25m to settle a lawsuit he filed against the company for suspending his accounts after the US Capitol attack in January 2021.   A Meta spokesman confirmed the settlement, with reports stating that $22m would fund Trump’s presidential library and the remainder going to legal fees and other litigants. The battle dates back to 2021 when Meta’s…

Senator Calls for Immediate MFB Integration to Address Agric Credit Gap

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BREAKING: Senate Approves President Tinubu’s $2.2 Billion Loan Request

Senator Okechukwu Ezea, representing Enugu North Senatorial District, has advocated for the integration of microfinance banks (MFBs) into agricultural and rural credit programs. Speaking at a recent constituency meeting in Nsukka, Enugu State, Senator Ezea emphasized the importance of improved access to rural finance and believes MFBs can play a crucial role in achieving this goal. He highlighted data from the Central Bank of Nigeria showing that MFBs account for the vast majority of bank loans, demonstrating their significant reach and involvement in providing credit. Senator Ezea argued that incorporating…

Borno: Military Pounds Boko Haram Stronghold, Kills Scores

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The Nigerian Air Force, operating under Operation Hadin Kai, conducted a successful airstrike in Borno State, neutralizing an unknown number of Boko Haram terrorists. The precision strikes, which took place around 8 pm on Tuesday, targeted a large gathering of insurgents in Degbewa and Chikide, located within the Gwoza Local Government Area. Intelligence reports indicated the presence of high-profile terrorist leaders, including Ali Ngulde, prompting the air raid on their camps. Military sources suggest the attack resulted in significant casualties for the terrorists, with many killed and others injured. While…

CBN Clears $7bn FX Backlog, Boosting Market Confidence  

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Central Bank of Nigeria Governor, Olayemi Cardoso, announced Wednesday that the government has resolved the long-standing $7 billion foreign exchange backlog. Following a forensic audit, verified claims have been settled, paving the way for businesses, multinational corporations, and foreign investors to repatriate funds without hindrance. Cardoso made the announcement at the launch of Nigeria’s Regulatory Policy Framework, hosted by the Presidential Enabling Business Environment Council (PEBEC) in Abuja. He acknowledged the delays in resolving the backlog, attributing them to past irregularities, and emphasized the government’s commitment to strengthening the market…