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It’s 11 AM! We’re late on purpose. We’re trying different times to see what’s most convenient for our readers. I’ll let you know when we find the one ❤️
Latest on COVID: The UK just approved a pill to treat COVID. Reports say the medicine reduces the chances of hospitalisation exponentially. Pfizer is working on approval for something similar.
In this week's issue:
Ikoyi building collapse
Mobile Banking in progress
Buhari's many promises
2022 Budget irregularities
This week in terrorism in Africa
Nigeria's fatal negligence
On Monday, a 21-storey apartment complex in Ikoyi, Lagos, collapsed with over 50 people in the building.
At least 39 people have been confirmed dead from the incident — including people with offices in the building, construction workers and the Managing Director of Fourscore Homes—the building owners—Femi Osibona.
Reports indicate that Mr Femi Osibona was warned in 2020 of the precarious structural integrity of the building.
In a letter dated February 2020, the structural engineers hired for the project withdrew their services because they could not vouch for the ambitious height — the original plan was 15 floors.
Lagos Governor Sanwo-Olu has suspended Gbolahan Oki- the general manager of the Lagos State Building Control Agency (LASBCA) while the state investigates what went wrong.
The state has also sealed 67 other buildings under construction for violating their building regulation.
Lagos Deputy Governor confirmed that the building was sealed off earlier this year. And Sahara reporters alleged that an intervention from the Sanwo-Olu and Nigeria's Vice President—Yemi Osinbajo, got it reopened.
But Osibanjo denied the allegations and intends to sue Sahara Reporters for defamation.
In Bayelsa, an offshore oil rig under construction by Shelf Oil and Gas Drilling Company Nigeria Limited has exploded in the Atlantic Ocean close to Sangana, Brass Local Government Area.
The residents report that the area was saturated with gas so intense that it forced them to relocate
The Nation reports that the oil company evacuated all their workers, abandoning the leakage to continue and leaving the people to their fate.
The community's legal representation confirmed that the gas leak had spread beyond Sangana, enveloping other Southern Ijaw Local Government Area communities.
This week in money
Mobile banking?
MTN and Airtel have received approval from the Central Bank of Nigeria to launch payment services in Nigeria.
Airtel Africa recently announced that it is exploring potential mobile money services in Nigeria.
Mobile banking is highly successful in other African countries with low traditional banking adoption rates. If successful, the two significant telcos could foster more inclusive banking in Nigeria.
Nigeria's profit and loss
President Muhammadu Buhari says Nigeria needs (to borrow/be gifted) $1.5 trillion within 10 years to achieve an appreciable level of infrastructural development.
Buhari said this at a side event on improving global infrastructure, held during the Glasgow climate change conference (COP26)
The president said his administration is taking infrastructure expansion in Nigeria seriously, as investments in critical sectors of the economy would help lift 100 million Nigerians out of poverty by 2030.
According to the National Bureau of Statistics, in 2019, 40.1% of the total population earned below 137,430 Naira per year. This translates to over 82.9 million Nigerians who are considered poor by national standards.
World Bank says: “Food prices accounted for over 60% of the total increase in inflation. Rising prices have pushed an estimated 7 million Nigerians below the poverty line in 2020 alone.”
The governor of Delta state also thinks that the way the country is going, the middle class may be affected by the food crisis.
Buhari also promised Nigeria will reach zero emissions by 2060.
2022 Budget irregularities
Ministry of Power: Minister of Power, Abubakar Aliyu, appeared before the Senate committee on power to defend the ministry's 2022 budget proposal.
When the panel asked Aliyu why the existing Zungeru plant project was tagged an existing project as new and why it would cost N42 billion when the same project cost N25 billion in the 2021 budget, he had no answer. He instead apologised for using the word.
Last week, the National Assembly rejected 2 loan requests: importing mosquito nets in 13 states and a new request for an already existing project.
Terrorists terrorising
There's nothing more Nigerian than police brutality over bribery.
In Ile-Iwe, Lagos, a traffic warden fatally stabbed a Keke rider for refusing to give him a N100 bribe.
Punch reports that the other Keke drivers in the area were protesting the murder and attempted to set the police station (Meiran Police Division) on fire. Residents who spoke to Punch said another driver was stabbed by a policeman in the area recently.
The police tried to fend them off with tear gas and shooting and killed a roadside vulcaniser in the process.
In response to the entire incident, the state Police Public Relations Officer, CSP Adekunle Ajisebutu, said, “The Commissioner of Police, Hakeem Odumosu, has dispatched adequate police patrol teams to maintain law and order there. No cause for alarm”.
While the Nigerian government still negotiates what terms to call terrorists, the terrorists are terrorising.
Ethiopia has declared a 6-month state of Emergency after the TPeople'sople’s Liberation Front (TPLF), a rebel group, said they were gaining territory and considering marching into Addis Ababa, the capital.
The development comes two days after Prime Minister Abiy Ahmed asked residents of the country to arm themselves against the TPLF.
Ethiopian citizens, foreigners and diplomats are said to be fleeing the capital
Other news this week
NBET on why Nigeria sells electricity to other countries: to keep the dams open— NBET says if we don't provide electricity, our neighbours will build their own dams, which will shrink our supply (The Cable)
The Bank of England has announced the withdrawal of paper £20 and £50 notes after September 30, 2022, so Nigerian banks will stop accepting old 20 and 50 pound notes from Dec 31, 2021 (Punch)
MTN Nigeria Communications Plc will open a public offering for its shares and a bid from institutional investors in a transaction totalling 575 million units, the telecom heavyweight said Thursday (Premium Times)
6 people kidnapped from Abuja University rescued (Guardian NG)
CBN estimates that they spend N58.2 billion to print N2.52 billion notes (Vanguard)
how Illegal mining fuels violent crimes in Zamfara (Premium Times)
Video: How bandit attacks affect schools in the North (Special report by Arise)