Author: Yusuf Lawal

India’s microblogging platform, Koo, has announced its plans to shut down services, leaving millions of users in limbo. The platform, which positioned itself as an alternative to Elon Musk’s X, was launched in 2020 and gained popularity in 2021 after several Indian ministers endorsed it. According to the founders, Aprameya Radhakrishna and Mayank Bidawatka, the decision to shut down was due to a shortage of funding and high technology costs. Despite efforts to secure funding through partnerships with larger internet companies, conglomerates, and media houses, talks failed to yield the desired outcome. “We explored partnerships with multiple larger internet companies,…

The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) and authorized forex dealers to accept old and small denominations of US Dollar bills or face sanctions. In a circular issued on Tuesday, the apex bank expressed dismay over the continued rejection of these notes, despite a previous directive in 2021. According to the circular, signed by the Acting Director of Currency Operations Department, the CBN’s market intelligence revealed that some banks and forex dealers still refuse to accept these notes, which is “unacceptable”. The circular reminded banks of the earlier directive, which explicitly forbade selective acceptance of…

The President of the ECOWAS Court of Justice (CCJ), Edward Asante, has appealed to the ECOWAS Parliament to continue engaging Mali, Burkina Faso, and Niger to reconsider their decision to exit the bloc. Asante made the plea in a goodwill message at the opening of the 6th ECOWAS Parliament’s first ordinary session in Abuja on Monday. The three Sahel countries announced their exit from ECOWAS in January after facing sanctions following military takeovers. Asante commended the parliament’s efforts to engage with the countries and urged sustained dialogue to ensure their return to the bloc. He warned that the region’s democratic…

Former Ekiti State Governor Ayo Fayose’s brother, Issac Fayose, has proposed a solution to the lingering insecurity in the Southeast region. In a video posted on X (formerly Twitter) on Monday, July 1, 2024, Fayose suggested that releasing Nnamdi Kanu, the leader of the Indigenous People of Biafra (IPOB), could restore peace in the region. Fayose urged President Bola Tinubu to release Kanu, arrested during the administration of former President Muhammadu Buhari, as a gesture of goodwill. He drew parallels with former President Goodluck Jonathan’s approach to resolving the Niger Delta crisis by awarding contracts to former militant leader Government…

A tragic incident occurred in Kaduna State on Monday morning when a Nigerian Air Force helicopter crashed in the Tami community, Igabi Local Government Area. The crash occurred at approximately 5 a.m., causing alarm among local residents. The NAF helicopter was on a routine operational flight when it experienced technical difficulties, leading to the crash. Fortunately, the pilot executed emergency protocols effectively, ensuring his survival. Locals who witnessed the crash reported hearing a loud sound and rushing to the scene, where they saw the pilot emerge from the wreckage. “We heard a loud noise and rushed to the scene. We…

The Central Bank of Nigeria (CBN) has reported that the country’s external reserves have continued to rise, reaching $34.14 billion on Friday, June 30, 2024. This represents a 4.06% increase from the $32.74 billion recorded on June 3, 2024. World Bank Loans Boost Reserves The recent loans secured from the World Bank have contributed significantly to the growth of Nigeria’s reserves. In May, the Federal Government received a $500 million loan to improve the country’s electricity distribution sector. Additionally, the World Bank announced that Nigeria would receive $2.25 billion in support to stabilize the economy. Economic Impact The World Bank…