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Author

Nelson Ugwuagbo

Nelson Ugwuagbo

Iran and USA
Africa & World

Oil Prices Drop as Hopes Rise for USA-Iran Nuclear Deal

by Nelson Ugwuagbo May 15, 2025
written by Nelson Ugwuagbo

Oil prices fell sharply on Thursday amid growing optimism over a potential breakthrough in nuclear talks between the United States and Iran.

The decline followed comments by U.S. President Donald Trump, who said a deal with Tehran was “getting close.” U.S. media also reported that Iran may be willing to accept significant limitations on its nuclear programme in exchange for sanctions relief.

Trump made the remarks in Qatar during a tour of the Gulf region, expressing optimism about avoiding a military confrontation with Iran.

“We’re not going to be making any nuclear dust in Iran,” he said. “I think we’re getting close to maybe doing a deal without having to do this.”

The two countries recently concluded their fourth round of negotiations—the highest-level talks since Trump withdrew from the 2015 nuclear agreement in 2018.

Both major crude benchmarks fell by more than three percent following the developments. Prices had already been under pressure earlier in the day amid signs that Tehran could be open to U.S. demands.

Citing U.S. broadcaster NBC News, reports said an adviser to Iran’s Supreme Leader Ayatollah Ali Khamenei indicated that Tehran might accept broad restrictions on its nuclear activities if it leads to the lifting of economic sanctions.

May 15, 2025 0 comments
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South East PDP
Headlines

South-East PDP Threatens to Exit Party Over National Secretary Appointment

by Nelson Ugwuagbo May 15, 2025
written by Nelson Ugwuagbo

The South-East Zonal Executive Committee (ZEC) of the Peoples Democratic Party (PDP) has warned it may review its relationship with the party if its recommendation of Sunday Udeh-Okoye as National Secretary is not honoured.

The threat was issued in a communique released on Wednesday at the end of the committee’s meeting held at the Government House in Enugu, the Enugu State capital.

Reading the communique, ZEC Chairman, Ali Odefa, emphasized the South-East’s unwavering loyalty to the PDP since its formation, noting that the zone has remained steadfast even as members in other regions continue to defect from the party.

The zonal leadership called on the National Working Committee (NWC) to respect its earlier decision, urging that the Deputy National Secretary immediately assume the role of Acting National Secretary pending the formal ratification of a substantive secretary by the National Executive Committee (NEC), in line with recommendations from the PDP Governors’ Forum as adopted by the NWC.

“The South East ZEC exhaustively deliberated on the directive of the NWC and came to the conclusion that it offered a sure pathway to peace, unity, stability, and progress of our party,” the statement read. “Consequently, the ZEC unanimously recommended Hon. Sunday Udeh-Okoye as the candidate to complete the term of office of the National Secretary.”

The South-East PDP warned that further delay in honouring its position could force it to reconsider its place within the party.

“The South East has consistently served as a stronghold of the PDP from inception. In PDP’s near three-decade existence, we have given our loyalty and all to the party,” the caucus stated.

It noted that, while the PDP continues to lose members following the 2023 general elections, the South-East has remained proactive in strengthening the party, citing recent high-profile defections into the PDP from the Labour Party in Enugu.

The zonal leadership appealed to the national leadership to act swiftly on the matter, saying that prompt resolution would put an end to the “needless lingering dispute.”

May 15, 2025 0 comments
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Microsoft
Africa & World

Tech Community in Shock As Microsoft Layoff 7000 Employees, Adjusts for AI

by Nelson Ugwuagbo May 14, 2025
written by Nelson Ugwuagbo

Microsoft has laid off more than 7,000 employees, representing about 3% of its global workforce, in a move aimed at reinforcing its long-term strategy centered on artificial intelligence.

The company described the decision as a calculated effort to streamline operations and reallocate resources to its expanding AI initiatives, rather than a consequence of job displacement by AI technologies.

“This adjustment is a calculated step to optimize resources and ensure continued robust investment in Microsoft’s burgeoning AI platform,” the company said.

While job cuts in the tech sector often raise concerns about automation, Reuters reported that the layoffs were driven by financial restructuring to support new AI ventures—not by AI replacing human roles.

Microsoft has previously stated: “We have made huge investments in AI because we are optimistic about what it can do to help people, industry and society, and because we’re committed to bringing technology and people together to realize the promises of AI responsibly.”

Speaking at a recent event in Silicon Valley, Microsoft CEO Satya Nadella revealed that AI is already playing a significant role in the company’s development processes. “Maybe 20 to 30% of the code that is inside of our repos today, and some of our projects, are probably all written by software,” Nadella said.

He also described Microsoft as a “distillation factory,” focused on refining large, general-purpose AI models into smaller, task-specific tools.

The layoffs reflect Microsoft’s broader strategy to consolidate resources and accelerate its position in the rapidly evolving AI landscape.

May 14, 2025 0 comments
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Bola Tinubu
Headlines

Tinubu Seeks Senate Approval for N1.7 Trillion 2025 FCT Budget

by Nelson Ugwuagbo May 14, 2025
written by Nelson Ugwuagbo

President Bola Tinubu has submitted the Federal Capital Territory Administration’s (FCTA) 2025 Appropriation Bill to the Senate for consideration and approval.

The request was conveyed in a letter addressed to Senate President Godswill Akpabio and read during plenary on Wednesday.

Citing Section 299 of the Constitution, which vests legislative authority over the FCT in the National Assembly, Tinubu presented the N1.7 trillion budget proposal for the 2025 fiscal year.

According to the letter, the proposed budget focuses on key sectors including healthcare services, job creation, youth empowerment, social welfare, educational infrastructure, and agricultural productivity.

The President stated that the budget is designed to alleviate poverty and improve living standards in the FCT. He noted that 85 percent of the capital expenditure is allocated to the completion of ongoing projects, while the remaining 15 percent is set aside for new initiatives.

“This is to sustain the ongoing efforts at providing basic infrastructure and social amenities in the FCT,” Tinubu said.

He expressed confidence that the Senate would give the proposal prompt consideration and ensure its timely passage.

May 14, 2025 0 comments
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Communal Clash
Headlines

Tension in Benue as Communal Violence Displaces Residents

by Nelson Ugwuagbo May 14, 2025
written by Nelson Ugwuagbo

Several houses have been destroyed and residents displaced following a renewed communal clash between communities in Gwer East and Konshisha Local Government Areas of Benue State.

The incident, which occurred over the weekend, is the latest in a series of recurring conflicts between the two communities over longstanding disputes that have persisted for the past three months.

According to sources, the violence erupted when members of the Mbaiase community in Masev, Gwer East LGA, launched a surprise attack on the Gbinde community in Mbagusa, Mbatser, Shangev-Tiev of Konshisha LGA. The attack was described as a reprisal.

The media aide to the Executive Chairman of Konshisha LGA, Terhide Fave, confirmed the incident, stating that the attack took place on Saturday evening and led to the destruction of several houses and properties. However, he noted that there were no reported casualties.

“Residents have fled the area. Many houses were burnt but I can’t ascertain the numbers now,” Fave said, adding that many families have been forced to seek refuge in neighbouring communities.

Authorities are yet to release an official statement on the full extent of the damage or measures being taken to prevent further escalation.

May 14, 2025 0 comments
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Stock Exchange
Business

Nigerians Investors Gain N315bn as NGX Stocks Rebounds

by Nelson Ugwuagbo May 14, 2025
written by Nelson Ugwuagbo

Investors at the Nigerian Exchange Limited (NGX) recorded a N315 billion gain on Tuesday as the market rebounded, reversing losses from the previous two trading sessions.

The NGX market capitalization rose to N68.357 trillion from N68.042 trillion on Monday, reflecting a 0.46 percent increase. Similarly, the All-Share Index (ASI) gained 501.14 points to close at 108,762.61, up from 108,261.47 in the previous session.

The positive performance was driven by bargain-hunting in select equities, pushing the market breadth into positive territory with 41 gainers against 24 losers.

Leading the gainers’ chart, Chellaram and Oando Plc both appreciated by 10 percent, closing at N11.44 and N49.50 per share, respectively. Transcorp followed with a 9.99 percent gain to close at N46.25, while Beta Glass rose by 9.96 percent to end at N194.30. Caverton Offshore Support Group also climbed 9.85 percent to finish at N3.68 per share.

On the losers’ table, Haldane McCall Plc declined by 9.85 percent to close at N4.21 per share, while Academy Press fell 7.33 percent to N4.30. UPDC Real Estate Investment Trust shed 6.25 percent to close at N3.00, ABC Transport dropped 6.13 percent to N2.91, and NPF Microfinance Bank lost 5.14 percent to settle at N2.03 per share.

Trading volume rose as 498.48 million shares worth N10.78 billion were exchanged in 14,916 deals, compared to 414.57 million shares valued at N10.72 billion traded in 16,664 deals in the previous session.

Tantalizer led the activity chart with 57.80 million shares valued at N131.32 million. Access Corporation followed with 36.79 million shares worth N784.43 million, while Guaranty Trust Holding Company traded 31.84 million shares valued at N2.19 billion. Fidelity Bank exchanged 23.39 million shares valued at N470.49 million, and Nigerian Breweries recorded 26.03 million shares worth N1.08 billion.

May 14, 2025 0 comments
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Central Bank of Nigeria
Headlines

CBN Launches BVN for Nigerians in Diaspora

by Nelson Ugwuagbo May 14, 2025
written by Nelson Ugwuagbo

The Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), has launched the Non-Resident Bank Verification Number (NRBVN) platform, allowing Nigerians in the diaspora to obtain a BVN remotely without being physically present in the country.

The digital platform, introduced on Tuesday in Abuja, is designed to support the CBN’s goal of achieving $1 billion in monthly diaspora remittances—amounting to about $12 billion annually.

Speaking at the launch event, which drew stakeholders from the financial sector including chief executives of commercial banks, CBN Governor Olayemi Cardoso described the initiative as a significant step in Nigeria’s financial inclusion efforts and a vital link connecting the country to its global citizens.

Cardoso said the NRBVN would help reduce the high cost of remittances in Sub-Saharan Africa, which currently averages over seven percent. He added that lowering these costs would encourage the use of formal channels, improve security, and boost the impact of remittances on households and the broader Nigerian economy.

“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements,” he said. “The NRBVN changes that. Through secure digital verification and robust Know Your Customer (KYC) processes, Nigerians worldwide should now be able to access financial services more easily and affordably.”

The CBN said it will continue to engage stakeholders to ensure the platform’s optimization and long-term success.

May 14, 2025 0 comments
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Boko Haram
Headlines

Senate Task Military Redeployment to Borno, Yobe Over Renewed Boko Haram Attacks

by Nelson Ugwuagbo May 14, 2025
written by Nelson Ugwuagbo

The Nigerian Senate on Tuesday called on the military to urgently redeploy personnel and advanced equipment to Borno and Yobe states in response to a resurgence of Boko Haram attacks in the North-East.

The resolution followed fresh insurgent assaults in the region, including the killing of more than a dozen soldiers in Marte, Monguno Local Government Area, on Monday, May 12, and another attack on Gajiram, headquarters of Nganzai Local Government Area, early Tuesday.

Raising a motion on the matter, Senate Chief Whip Tahir Munguno noted that although two-thirds of Borno’s local government areas were previously under Boko Haram control, a joint effort by the military and the civilian joint task force had reclaimed the territories.

He explained that the relative peace restored in the area had led to a shift in tactical military focus to the North-West, where security forces are currently battling banditry and kidnapping.

Munguno expressed concern over the evolving strategies of the insurgents, citing their use of modern technologies such as drones and an increase in improvised explosive devices, which have resulted in heavy civilian and military casualties, as well as the disruption of transportation routes.

The Senate, in its resolution, urged the military high command to promptly redeploy sufficient troops to the affected areas and ensure they are equipped with modern technology to counter the renewed threat. It also mandated its Committees on Army and Air Force to monitor the implementation of the directive.

May 14, 2025 0 comments
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Construction
Headlines

Federal Government to Close Ijora-Marine Bridge for 21-Day Repair

by Nelson Ugwuagbo May 13, 2025
written by Nelson Ugwuagbo

The Federal Government has announced the temporary closure of the Ijora-Marine Bridge in Lagos State for urgent repair works, scheduled to begin on Sunday, May 18.

According to a statement issued on Tuesday by the Federal Controller of Works in Lagos, Mrs Olukorede Kesha, the repairs will last for 21 days, starting from 7:00 a.m. on the commencement day.

Kesha stated that while some sections of the bridge will be fully closed to traffic, others will experience partial closures throughout the repair period.

The scope of work includes lifting the bridge deck to replace worn-out bearings and executing other critical maintenance tasks aimed at improving the safety and comfort of the bridge for motorists and pedestrians.

“We understand the inconvenience this may cause, but this is a necessary step to keep the bridge in good condition and ensure the safety of all road users,” Kesha said.

She added that traffic diversion measures have been put in place, and traffic officials will be deployed to manage the flow of vehicles and provide necessary guidance to motorists.

May 13, 2025 0 comments
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House of Reps
Headlines

House of Reps Rejects Bill to Rotate Presidency Among Six Geopolitical Zones

by Nelson Ugwuagbo May 13, 2025
written by Nelson Ugwuagbo

The House of Representatives on Tuesday rejected a constitutional amendment bill seeking to mandate the rotation of the offices of the President and Vice President among the six geopolitical zones of the country.

The proposed legislation was one of seven constitutional alteration bills listed on the order paper for consideration. All seven were rejected.

However, the House resolved to revisit the bills individually on Wednesday and consider each on its own merit.

At the start of the session, the House had suspended its rules to allow concurrent debate on all seven bills, permitting members to choose any for discussion.

The bill on rotational presidency received the most attention, with a majority of lawmakers speaking against it. Many warned that mandating such rotation in the constitution could set a dangerous precedent.

Deputy Minority Leader Aliyu Madaki led the opposition, arguing that the Federal Character Commission already addresses issues of representation. He said the idea of rotation should not be constitutionalised but left to political parties, which have mechanisms to ensure equitable distribution of offices during elections.

May 13, 2025 0 comments
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