Author: Adejuyigbe Francis

Jumia, Africa’s leading online retailer, announced that it will close Jumia Food, its food delivery service, by the end of December 2023, in a move that sent shockwaves through the African e-commerce scene. This sudden departure leaves a gaping hole in the burgeoning African food delivery market, raising questions about its future and the challenges facing major players. Francis Dufay, CEO, Jumia cited a clear focus on the company’s core physical goods business and Jumia Pay platform as the reason for the exit. Despite Jumia Food accounting for 11% of the company’s Gross Merchandise Value, its persistent struggle for profitability…

A World Bank report has indicated that Nigeria’s poverty level has taken a notch higher, at the backdrop of the recent economic and fiscal reforms. The key reforms include the removal of petrol subsidy and the foreign exchange market rate restructuring. The bank, however, commended the Federal Government for what it considered ‘bold reforms’ necessary to rescue Nigeria from fiscal cliff, describing the current pains as temporary. But it also said the policies have created intense pressures on cost of living, which have pushed more Nigerians into hardship, with 104 million now living below the poverty line. The World Bank…

President Bola Ahmed Tinubu is expected to declare open the Nigeria Customs Service CG Conference scheduled to hold in Lagos on Thursday, December 14. In the programme of event released by the Service President Bola Tinubu is expected to declare the event open by 10 am prompt at the Grand Africa Ballroom of the prestigious Lagos Intercontinental Hotel. Speaking in Lagos, the Customs Comptroller General, Bashir Adewale Adeniyi, said that the theme of this year’s conference is “Leveraging Data Analytics for Secure and Efficient Trade Facilitation in Customs Operations.” The service, he said, “is embracing innovation, utilising the power of…

The Presidency on Wednesday said the suspended Director-General of the Nigeria Civil Aviation Authority (NCAA), Capt. Musa Shuaibu Nuhu, will be probed by the Economic and Financial Crimes Commission (EFCC). Earlier, President Bola Tinubu suspended Nuhu as the head of the NCAA, replacing him with Capt. Chris Najomo. Presidential spokesman, Ajuri Ngelale, who disclosed this in a statement, said Nuhu’s suspension will enable anti-graft agency beam its anti-corruption searchlight on the NCAA. “Director-General of the Nigeria Civil Aviation Authority (NCAA), Capt. Musa Shuaibu Nuhu has been suspended from office to enable the Economic and Financial Crimes Commission (EFCC) to conduct…

Chukwueze scored a screamer which ended Newcastle United’s dream of reaching the UEFA Champions League last 16 after AC Milan came from behind to win 2-1 at St James’ Park. The Magpies went into the Matchday 6 showdown needing a victory and a slip from Paris Saint-Germain to progress from ‘The Group of Death,’ but they came up short despite a strong start. Only some inspired defending from England international Fikayo Tomori denied Miguel Almiron the opener but the Milan defence could do nothing to stop Joelinton’s 18-yard rocket on 33 minutes. Milan improved following the interval and stunned the…

The Nigerian National Petroleum Company Limited (NNPCL) on Wednesday, December 13, said it remitted N4.5trillion revenue into the Federation Account as at October 2023. The Group Chief Executive Officer (GCEO) of NNPCL, Mele Kyari, disclosed this during an interactive session with the Senate Committee on Finance. Kyari said the present hardship in the country would soon dissipate and give way to prosperity. The GCEO of NNPCL in his presentation told the lawmakers that better days are ahead for the company and Nigeria as reforms contained in the Petroleum Industry Act (PIA) for the oil sector have made NNPCL to be…

Warren Zaire Emery scored a crucial equaliser as Paris Saint-Germain earned a 1-1 draw at Borussia Dortmund to seal their place in the last 16 of the UEFA Champions League. PSG looked to be heading out in the first half with Newcastle ahead and their fortunes seemed perilous when Karim Adeyemi was set up by Niclas Fullkrug to slot home six minutes after the break. Five minutes later the visitors drew level when Kylian Mbappe’s pull-back found its way to Zaire Emery and the 17-year-old drilled home, with the aid of a slight deflection off Adeyemi. The match was goal-less…

Winger Micah Hamilton scored on a dream Manchester City debut as he helped his side beat Red Star Belgrade and reach the Champions League last 16 with a 100% record. Hamilton, 20, has been with the club since the age of nine and put City ahead after 19 minutes in a hostile atmosphere in Serbia. Matheus Nunes found him down the right wing and Hamilton, who has represented England at under-16 level, got into the penalty area and shifted the ball to create space before powerfully firing into the roof of the net. On a great night for City’s academy,…

Former president Olusegun Obasanjo has declared his readiness to testify for Nigeria concerning former Minister of Power and Steel, Olu Agunloye, in the $2.3 billion disputed Mambilla power contract. Sunrise Power and Nigeria are at loggerheads at the International Chamber of Commerce, ICC, Paris, France, as the company alleges a breach of contract. Sunrise Power said it was awarded a $6 billion contract to build, operate, and transfer in May 2003 by the government of former President Olusegun Obasanjo. The company is alleging that the Federal Government of Nigeria repudiated the agreement and is asking for compensation of $2.3 billion.…

The Nigerian National Petroleum Company Ltd. (NNPCL) has assured that the projections on crude oil production and price benchmark for the 2024 Budget were realistic and realisable. The Group Chief Executive Officer (GCEO) of the Company, Mr. Mele Kyari, gave the assurance during an interactive session with the Senate Committee on Finance at the National Assembly, Abuja, on Wednesday. Speaking on the dynamics of the market in relation to the projected budget benchmark price of $77.96 per barrel, Kyari said: “With what we see in the market today and potentially in the year 2024 and even beyond the next two…

President Bola Tinubu has approved the suspension, removal, and replacement of the following Chief Executive Officers under the Federal Ministry of Aviation and Aerospace Development: (1) Managing Director of the Federal Airports Authority of Nigeria (FAAN), Mr. Kabir Yusuf Mohammed has been removed from office and replaced with Mrs. Olubunmi Oluwaseun Kuku as the substantive Managing Director of the Federal Airports Authority of Nigeria. (2) Managing Director of the Nigerian Airspace Management Agency (NAMA), Mr. Tayib Adetunji Odunowo has been removed from office and replaced with Engr. Umar Ahmed Farouk as the substantive Managing Director of the Nigerian Airspace Management…

The Economic and Financial Crimes Commission (EFCC) on Wednesday declared a former Minister of Power and Steel, Olu Agunloye, wanted over alleged fraud to the tune of $6bn. Agunloye, who served under the administration of President Olusegun Obasanjo as a minister between 1999 and 2003, had earlier been invited and quizzed by the anti-graft agency. Before Agunloye’s invitation by the commission in September, former President Obasanjo had accused him of mismanaging the power project during his tenure specifically on his failure to brief him on the state of the project. Before his invitation, the former minister had in 2016 run…