Skip to main content

Posts

Showing posts from December, 2024

Davido Faces Backlash Over Comments on Nigerian Economy

Nigerian music superstar, David Adeleke, popularly known as Davido, has sparked widespread reactions following his controversial remarks about Nigeria's economic state during an appearance on The Big Homies House podcast in the U.S. The Afrobeats icon described the Nigerian economy as being in "shambles" and advised Black Americans against relocating to the country due to economic difficulties. For latest news and updates  Follow us on Facebook @ Favour's blog On Instagram @ Favour's blog On X@ Favour's blog Join our Whatsapp channel @ Favour's blog The comments, which quickly went viral, drew both backlash and support from various quarters. Media personalities and public figures criticized Davido's remarks, with some labeling them as insensitive. However, celebrities like Paul Okoye, Tiwa Savage, and Ruggedman came to his defense, praising him for speaking candidly about the nation's struggles. Davido, who is preparing to headline a music festival...

Arsenal Urged to Pursue West Ham’s Mohammed Kudus as Saka Replacement

Arsenal has been advised to consider West Ham’s Mohammed Kudus as a short-term replacement for Bukayo Saka, who could be sidelined until March following surgery for a hamstring injury sustained during the Premier League victory over Crystal Palace on December 21. Saka, 23, has been a pivotal figure in Arsenal's title challenges in recent years, with five goals and ten assists in just 16 league games this season before his injury. However, manager Mikel Arteta hinted that the club might not seek a direct replacement in the January transfer window, opting instead to rely on internal options. Former Arsenal midfielder Adrian Clarke, however, has suggested that Kudus could fill the void left by Saka. Speaking on talkSPORT, Clarke said, “Mohammed Kudus is a perfect Bukayo Saka replacement who can also do a job up front. Arsenal has shown long-term interest in him, and he is a wonderful traveler with the ball at his feet.” Follow us on Facebook @ Favour's blog Since joining West Ham ...

Kwankwaso Denies Power-Sharing Deal with Atiku and Obi

Former Kano State governor and New Nigeria People’s Party (NNPP) presidential candidate, Senator Rabiu Musa Kwankwaso, has dismissed claims of a power-sharing agreement with opposition leaders Atiku Abubakar of the Peoples Democratic Party (PDP) and Peter Obi of the Labour Party (LP). Speaking in an interview with the BBC, Kwankwaso refuted reports suggesting an arrangement where the three leaders would alternate presidential terms. He expressed dismay over the rumors, calling them baseless and misleading. "This issue deeply angers me—to hear that respected elders are spreading lies about something that never happened," Kwankwaso stated. "They claimed I agreed that Atiku would serve for four years, followed by myself, and then Peter Obi for eight years. This is completely false." Kwankwaso further revealed that the narrative had been propagated by some clerics and regional leaders reportedly aligned with Atiku’s camp. He criticized what he described as deceitful tac...

Nigerians Light Up Calabar with Africa's Biggest Street Party

Calabar, the bustling port city in southern Nigeria, came alive this weekend as locals and visitors joined in the famed Calabar Carnival, dubbed "Africa's biggest street party." The annual celebration, now marking two decades, drew an estimated two million attendees, showcasing Nigeria's rich culture and diversity through dazzling floats, colorful costumes, and vibrant music. Participants from various ethnic groups across Nigeria adorned the streets with a kaleidoscope of designs and performances. From glittering sequin outfits to traditional symbols referencing the city’s history in the Atlantic slave trade, the costumes were as meaningful as they were stunning. Afrobeats tunes filled the air as carnival-goers danced alongside at least 14 bands competing in high-energy performances. The event also featured star-studded concerts, with Nigerian artists Runtown and Iyanya delivering electric shows on Friday night. Grace Job, an attendee, described the atmosphere as elec...

Celebrating a Remarkable Man: Albert Chukwuebuka’s Birthday

Today marks a significant milestone as Engr. Albert Chukwuebuka, a beloved elder brother and an exceptional individual, celebrates his birthday. Known for his remarkable character, unwavering support, and inspiring personality. Described as a pillar of strength within his family, Engr. Albert Chukwuebuka has been a guiding light and a source of encouragement to his siblings and loved ones. His dedication to his family and friends, coupled with his resilience and generosity, make him a man truly worth celebrating. Professionally, he has achieved tremendous success, showcasing determination and a commitment to excellence. Beyond his career accomplishments, it is his humility and kindheartedness that truly define him. He has a unique ability to inspire those around him, always leading with wisdom and compassion. As he marks another year today, family, friends, and well-wishers across the globe come together to honor this extraordinary man. Messages of love, gratitude, and admiration are p...

Shettima Apologizes Over Sokoto Airstrike, Commiserates with Victims

Abuja, Nigeria – Vice President Kashim Shettima has issued a formal apology on behalf of the Federal Government over a recent airstrike that mistakenly claimed the lives of about ten villagers in Sokoto State. The incident, which occurred during a military operation targeting the Lakurawa insurgent group in Silame Local Government Area, left several others injured. Shettima, speaking in a statement released by his Media Assistant, Stanley Nkwocha, expressed deep regret over the civilian casualties, describing the occurrence as one of those unfortunate moments when innocent lives are caught in the crossfire of military efforts to combat terrorism. "I would like to extend my deep sympathies and condolences to the government and people of Sokoto State, particularly the families of those who lost their lives in this operation. It is disheartening and painful to witness such tragic outcomes as our Armed Forces continue to make sacrifices to protect the nation," the Vice President ...

Peseiro Congratulates Lookman on CAF Player of the Year Award

Super Eagles head coach, José Peseiro, has congratulated Nigerian forward Ademola Lookman on winning the prestigious CAF Player of the Year 2024 award. Peseiro, in a statement, described the recognition as well-deserved, applauding Lookman’s exceptional talent and his contributions to both Nigerian football and the African football scene. follow favour's blog on Facebook @ Favour's blog Instagram @ Favour's blog X @ Favour's blog The coach also highlighted the Nigerian national team’s role, acknowledging their collective efforts that supported Lookman’s success. He noted the significance of a Super Eagles player winning the award for the second consecutive year, following Victor Osimhen’s triumph in 2023. Peseiro wrote: "It is important to highlight the role of the Nigerian national team, whose collective efforts contributed to this individual award, as well as the remarkable achievement of a Super Eagle winning the award for the second consecutive year, following ...

Tinubu Congratulates Lookman, Nnadozie, Super Falcons on CAF Awards By Johnbosco Agbakwuru, Abuja

President Bola Tinubu has extended his congratulations to Ademola Lookman, Super Falcons goalkeeper Chiamaka Nnadozie, and the Super Falcons team for their achievements at the 2024 CAF Awards held at the Palais des Congrès in Marrakech, Morocco. Ademola Lookman was honored as the 2024 CAF Men’s African Footballer of the Year, while Chiamaka Nnadozie secured the Women’s Goalkeeper of the Year award. The Super Falcons were recognized as the Women’s National Team of the Year, further cementing Nigeria’s football dominance on the continental stage. In a statement released late Monday night by presidential spokesman Bayo Onanuga, President Tinubu described the athletes as “worthy ambassadors” who have showcased Nigerian talent and brought immense honor to the country. The president commended their determination, discipline, and resilience, highlighting their achievements as a source of inspiration for future generations. He noted that these accolades reflect the essential Nigerian spirit, u...

Ademola Lookman Wins 2024 CAF African Player of the Year

Nigerian football star Ademola Lookman has been crowned the 2024 CAF African Player of the Year during a glittering ceremony held in Marrakech, Morocco. The prestigious award celebrates Lookman’s outstanding year on the pitch and his contributions to both club and country. The Atalanta forward played a pivotal role in his team’s success, showcasing exceptional skill, speed, and goal-scoring ability. Lookman’s stellar performances in Serie A and his influence in Nigeria’s qualification for the 2025 Africa Cup of Nations earned him widespread recognition. In May, Lookman made history by becoming the first player to score a hat-trick in a UEFA Europa League final, leading Atalanta to a remarkable 3-0 victory over Bayer Leverkusen and ending their unbeaten streak. The Nigerian edged out stiff competition from players like Morocco’s Achraf Hakimi, Ivory Coast’s Simon Adingra, Guinea’s Serhou Guirassy, and South Africa’s goalkeeper Ronwen Williams to clinch the award. Other Notable Winners: ...

Burna Boy Ranked as Nigeria’s Number 1 successful Musician

TOP 1 Nigerian music icon Burna Boy has claimed the top spot as the most successful musician in Nigeria, solidifying his position as the "African Giant" and a global ambassador for Afrobeat. With an unmatched combination of talent, consistency, and cultural pride, Burna Boy has set a standard for African music on the world stage. Burna Boy’s critically acclaimed albums, including African Giant, Twice as Tall, and Love, Damini, have redefined Afrobeat and garnered international acclaim. His Grammy win for Twice as Tall made him one of the few Nigerian artists to achieve this milestone, showcasing African excellence to a global audience. His hit songs, such as Ye, Last Last, and Anybody, have dominated charts worldwide, while his record-breaking performances at iconic venues like Madison Square Garden and the London Stadium further cement his influence. With countless awards, including BET, MOBO, and MTV honors, Burna Boy’s legacy is unrivaled. Burna Boy’s ranking as Nigeria’s ...

Davido Ranks 2nd Among Nigeria’s Most Successful Musicians

TOP 2 Nigerian Afrobeat superstar Davido has secured the second spot on the list of Nigeria's most successful musicians, solidifying his legacy as a global icon and one of the most influential artists in African music. Known for his captivating hits and vibrant personality, Davido’s career has been a masterclass in consistency and innovation. From early hits like Dami Duro to global anthems such as Fall, If, and Fem, Davido has delivered countless chart-topping songs that have shaped the sound of modern Afrobeat. His 2020 album A Better Time featured collaborations with global stars like Nicki Minaj and Chris Brown, further expanding his international reach. In addition to his music, Davido’s philanthropic efforts and his ability to unite fans worldwide through his artistry have made him a beloved figure in and beyond Nigeria. He is one of the most awarded African artists, boasting accolades from MTV, BET, and the All Africa Music Awards (AFRIMA), among others. Davido’s position as...

Wizkid Secures 3rd Spot Among Nigeria’s Most Successful Musicians

TOP 3 Global Afrobeat superstar Wizkid has claimed the fourth position among Nigeria’s most successful musicians, reaffirming his legacy as a trailblazer in the music industry. With a career spanning over a decade, Wizkid has become a household name and a driving force behind the global rise of Afrobeat. From his early hits like Holla at Your Boy and Ojuelegba to global chart-toppers like Come Closer and Essence, Wizkid has consistently delivered music that transcends borders. His album Made in Lagos, particularly the single Essence, became a cultural phenomenon, earning him a Grammy nomination and widespread critical acclaim. Wizkid’s collaborations with international stars like Drake, Beyoncé, and Justin Bieber have further cemented his position as one of the most influential African artists of all time. His numerous awards, including a Grammy, BET, and MOBO honors, highlight his contribution to the global Afrobeat movement. Securing the fourth spot in this prestigious ranking unders...

Olamide Ranks 4th Among Nigeria’s Most Successful Musicians

TOP 4 Nigerian rap legend Olamide has been named the fourth most successful musician in Nigeria, celebrating his extraordinary career and immense contributions to the country’s music industry. Known for his groundbreaking influence on indigenous rap and street music, Olamide has remained a dominant force for over a decade. With iconic hits like Durosoke, Bobo, Science Student, and Wo!, Olamide has consistently delivered chart-topping songs that resonate with fans across all demographics. His ability to rap and sing in Yoruba while seamlessly blending it with modern Afrobeat and hip-hop sounds has made him a pioneer in the industry. Beyond his personal success, Olamide has been instrumental in nurturing new talent through his record label, YBNL Nation. Under his guidance, stars like Fireboy DML, Asake, and Adekunle Gold have risen to prominence, further showcasing his impact as a leader in Nigerian music. Olamide’s numerous awards, sold-out shows, and timeless discography have earned hi...

Tiwa Savage Earns 5th Spot Among Nigeria’s Most Successful Musicians

TOP 5 Nigerian music icon Tiwa Savage has been ranked fifth among the country’s most successful musicians, reaffirming her status as the "Queen of Afrobeat." With her powerful vocals, timeless hits, and global appeal, Tiwa has remained a dominant force in the music industry for over a decade. Her extensive catalog includes chart-topping songs such as Kele Kele Love, All Over, and Somebody’s Son, which have resonated with audiences across Africa and beyond. Known for her versatility, Tiwa Savage has collaborated with international stars like Beyoncé, Brandy, and Coldplay, further solidifying her place on the global music stage. Tiwa’s influence goes beyond music, as she has become a role model for many aspiring female artists in Africa. Her achievements include numerous awards, including MTV and BET honors, as well as being the first African female artist signed to Universal Music Group. Landing the fifth spot in this prestigious ranking highlights her enduring impact, trailbl...

Jarvis Accepts Pellers' Proposal in a Heartwarming Moment

In a touching moment that has captured hearts, Pellers and Jarvis took a major step in their journey together as Pellers proposed in a heartfelt gesture. The emotional proposal, which came after years of friendship and partnership, marked a new chapter for the duo. The proposal reportedly took place in an intimate setting, with Pellers expressing deep admiration and love for Jarvis. Witnesses describe the scene as emotional and memorable, with Jarvis visibly moved before saying an enthusiastic "yes." Close friends and family have shared their excitement for the couple, celebrating the engagement as a testament to their enduring connection. Social media is already buzzing with congratulatory messages and well-wishes for the pair. As Pellers and Jarvis look ahead to their future together, their story serves as a reminder of the power of love and commitment. Fans are eagerly awaiting more details, including wedding plans, as the couple begins this exciting new chapter. What vide...

Chelsea Edge Brentford to Continue Stunning Premier League Run

Chelsea secured a hard-fought 2-1 victory over Brentford at Stamford Bridge on Sunday, extending their winning streak to five consecutive Premier League matches — the longest in the league this season. Marc Cucurella opened the scoring in the 43rd minute, nodding in a cross from Noni Madueke, before Nicolas Jackson added a second with just 10 minutes left on the clock. Brentford’s Bryan Mbeumo pulled one back in stoppage time, but Chelsea held firm to claim all three points. The victory brings Chelsea within two points of league leaders Liverpool, who have a game in hand. If Chelsea win their next match against Everton, they could top the table, at least temporarily, until Liverpool’s fixture against Tottenham. Cucurella Shines Despite Rollercoaster Week Marc Cucurella bounced back after a turbulent week, which included a performance criticized for defensive errors and a PR mishap involving his boots. The Spaniard was instrumental in breaking Brentford’s resistance, scoring his first P...

Manchester Derby: Man Utd Stun Man City with Late Comeback

In a dramatic turn of events, Manchester United secured a 2-1 victory over Manchester City in the December Manchester Derby, marking one of the latest comebacks against a reigning Premier League champion. City led the game until the 88th minute, only to concede two quick goals in a remarkable finale. This loss adds to a peculiar trend in the 2024 Premier League season, where the team leading at halftime in both Manchester derbies has gone on to lose. Back in March, City overturned a halftime deficit to defeat United 3-1. Tonight, the reverse occurred, with United flipping the script in the dying moments. The defeat also highlights a rare vulnerability for Pep Guardiola's side at home. Since Guardiola's tenure began, City have lost only four of the 105 Premier League home games in which they were leading at halftime. Interestingly, half of those defeats have come at the hands of their city rivals, including a 3-2 loss in April 2018 and tonight’s 2-1 thriller. Another point of in...

Verydarkman Warns Lil Smart Over Allegations Against Naira Marley and Zinoleesky

Social media activist Martins Vincent Otse, popularly known as Verydarkman (VDM), has issued a stern ultimatum to dancer and singer Idowu Smart Emmanuel, alias Lil Smart. This follows allegations Lil Smart leveled against Naira Marley and Zinoleesky, which he has yet to substantiate with evidence. The controversy began when Lil Smart failed to attend a meeting in Abuja after receiving ₦1 million from VDM to cover his flight expenses. Lil Smart claimed his decision stemmed from mistrust of VDM, citing the activist’s handling of late singer Mohbad's case as a reason for his apprehension. VDM, however, has demanded that Lil Smart provide evidence to back his allegations against the Marlian Music CEO, Naira Marley, and signee Zinoleesky. In a statement, VDM vowed to ensure justice is served if proof is presented. Conversely, he warned that Lil Smart would face repercussions for raising baseless accusations. “We cannot allow a digital space where anyone can make unfounded allegations to...

IPMAN Advocates for Petrol Price Reduction as Naira-for-Crude Deal Progresse

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called for a reduction in petrol prices nationwide, urging the Dangote Refinery to adjust its ex-depot price from ₦970 per litre following a drop in the estimated cost of landing petrol to ₦900.28 per litre. This appeal comes as Nigeria continues its naira-for-crude initiative, which began in October 2024, enabling the Nigerian National Petroleum Company Limited (NNPCL) to supply crude to local refineries in exchange for naira. The program, piloted with the Dangote Refinery, aims to reduce reliance on imported petroleum products and stabilize fuel prices. Reports indicate that 23 million barrels of crude oil have been supplied to the Dangote Refinery over the past two months. However, the refinery has struggled to meet its production capacity of 650,000 barrels per day due to insufficient crude supply from the NNPCL. Vice President of Dangote Industries Limited, Devakumar Edwin, disclosed that NNPCL had only deliver...

Man City Reportedly Considering a Shock Move for Paul Pogba

In a surprising turn of events, Manchester City is reportedly exploring the possibility of signing free-agent midfielder Paul Pogba. According to The Independent, discussions are underway regarding a move for the former Manchester United and Juventus star. Pogba, who recently had his four-year doping suspension reduced to 18 months on appeal, will be eligible to play again in March 2025. This development follows the mutual termination of his contract with Juventus last month, leaving the French international open to offers. Despite Manchester City's interest, Pogba is said to be hesitant about the move due to his deep ties to Manchester United, where he spent six seasons after a record-breaking transfer from Juventus in 2016. The potential transfer has sparked mixed reactions among fans, given Pogba's tumultuous tenure at Old Trafford and his past criticism of the club's structure. However, Pep Guardiola’s Manchester City, known for their strategic player acquisitions, migh...

Eldee The Don Reveals How He Shaped Wizkid's Early Career

Veteran Nigerian singer, Eldee The Don, has opened up about his role in shaping the early career of Grammy-winning artist Wizkid. In a recent appearance on the Adesope Live show, Eldee shared how he influenced Wizkid’s decision to pursue afrobeats. According to Eldee, when Wizkid was signed to the EME record label by Banky W, the young artist was initially inclined toward reggae and dancehall music. However, Eldee advised him to embrace Nigerian musical influences, leading to the creation of afropop tracks. "Wizkid was leaning towards Reggae and Dancehall when Banky W signed him before he dropped his first single, but I told him he has to find a middle ground and do something Nigerian with a lot of flavors in it," Eldee explained. Following this advice, Wizkid transitioned to making afropop songs, with hits like "Don’t Dull" marking his breakthrough in the music industry. Eldee’s guidance played a key role in Wizkid’s evolution into one of the biggest names in ...

Davido Reflects on His Impact in Afrobeats, Emphasizes Afro-Fusion Identity

Nigerian singer, David Adeleke, widely known as Davido, has discussed his significant contributions to the growth of the afrobeats genre, asserting that his name is inseparable from the genre’s rise to global prominence. In a recent interview with TheBeatJuice magazine, the "Skelewu" hitmaker confidently stated, “Afrobeats can’t be brought up without my name. Impossible.” Davido’s statement reinforces his standing as one of the genre's key pioneers alongside fellow artists Wizkid and Burna Boy. Despite his central role in the afrobeats movement, Davido has often expressed his discomfort with being boxed into a single musical category. In a previous appearance on the Business Untitled Podcast , the artist shared his thoughts on the tendency to categorize all African music under the afrobeats label, regardless of its specific style. “I prefer to be referred to as an 'afro-fusion' artist,” Davido said, noting that while he doesn't mind the afrobeats label, h...

IPOB Assures Peace in South-East, Urges Ndigbo to Return Home for Christmas

The Indigenous People of Biafra (IPOB) has reiterated its commitment to ending insecurity in the South-East region, encouraging Ndigbo, both at home and in the diaspora, to return to their homeland for the Christmas season. In a statement issued on Thursday, IPOB spokesperson Emma Powerful assured that the group's operatives from the Eastern Security Network (ESN) would ensure a peaceful atmosphere throughout the festive period. "The Directorate of State of the global family and movement of IPOB under the command of Mazi Nnamdi Kanu wishes to reiterate once again our commitment to end insecurity in the South-East region," the statement read. "We also encourage our people who wish to return home to enjoy the Christmas season as usual, with the assurance that ESN operatives will provide a peaceful atmosphere during the festive period." IPOB emphasized that Igbo land is inherently peaceful and urged the community to contribute to maintaining this peace. The gro...

President Tinubu to Present 2025 Appropriation Bill to National Assembly on December 17

President Bola Tinubu is set to present the 2025 Appropriation Bill to the National Assembly on Tuesday, December 17, 2024, as disclosed by Senate President Godswill Akpabio during Thursday's plenary session. Akpabio informed the Senate that the president had expressed his intention to present the bill to a joint session of the National Assembly in the House of Representatives Chamber. The budget presentation follows the submission of the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025–2027 by President Tinubu last Tuesday. The Senate President also directed the Senate Committee on Finance, National Planning, and Economic Affairs to review the MTEF/FSP documents and report within a week. Key parameters in the MTEF/FSP include a $75 oil price benchmark per barrel, a daily oil production target of 2.06 million barrels, an exchange rate of N1,400 to $1, and a projected GDP growth rate of 6.4%. These figures will form the basis for the consideratio...

Comedian Mark Angel Resigns as Manager of Emmanuella and Success, Cites Busy Schedule

Mark Angel, a popular Nigerian comedian, has announced that he is no longer managing young comedians Emmanuella and Success. This change comes after recent controversy involving Denilson Igwe, a former crew member, who accused Mark of financial exploitation. However, Mark clarified that his decision was not influenced by these allegations, but rather by his increasingly demanding schedule. In a viral TikTok live session on Wednesday, Mark explained that Emmanuella and Success are now managed by a professional agency. This move will allow him to focus on other projects while still collaborating with them on creative ventures. He stated, “I no longer manage Emmanuella and Success. They are now being managed by a professional agency because I’m too busy to manage them. But I still work with them.” This change follows Mark's recent involvement in other business ventures, such as deals with Shalina Healthcare, and reflects the growing demands on his time. Despite stepping back from th...

National Grid Collapse Marks 12th Incident in 2024

Nigeria's national power grid suffered yet another collapse on Wednesday, December 11, 2024, leaving the country in darkness. This marks the 12th time the grid has failed this year, a record-setting number of collapses for a single year. The incident occurred at 2:09 pm, as confirmed by a tweet from the official handle of Nigeria’s National Grid. “The major grid setback has occurred, and the restoration is to commence,” the tweet stated. Between January and November 2024, the grid collapsed 11 times. In October alone, it failed three times within a single week, leading to widespread blackouts and public outcry. This persistent issue has sparked debates about the nation’s power infrastructure, with many Nigerians calling for urgent reform and investment in sustainable energy solutions. More details about the latest collapse and efforts toward restoration are expected to follow. Follow us on Facebook @ Favour's blog , on Instagram @ Favour's blog , on X @ Favour's blog

LG Chem to Expand Battery Material Production in China and Strengthen Local Collaborations

LG Chem, a leading South Korean chemical company, has announced plans to further expand its battery material production capacity in China, aiming to capitalize on the country’s emphasis on sustainable development and its growing focus on new, high-quality production forces. The company sees significant growth potential in the Chinese market, which plays a central role in driving global economic growth. Shane YS Hwang, president of LG Chem Greater China, highlighted the company's longstanding presence in China, noting that it was the first South Korean chemical company to invest in the country over 30 years ago. Currently, LG Chem operates more than 10 factories in cities such as Tianjin, Ningbo, and Guangzhou, as well as two technical centers. With over 3,600 employees in China, the company continues to see the market as a key driver of its global sales. As part of its expansion strategy, LG Chem has collaborated with Chinese battery material producer Zhejiang Huayou Cobalt Co. ...

Global Antitrust Enforcement Under Scrutiny as China Investigates Nvidia's Practices

Antitrust enforcement has become an essential global practice to ensure fair competition and foster innovation, and companies should not use geopolitical tensions as excuses for breaching their legal commitments, said top industry experts on Tuesday. Their comments followed an investigation launched by China's State Administration for Market Regulation (SAMR) into US chipmaker Nvidia over suspected violations of anti-monopoly laws and its commitments during the 2020 acquisition of Israeli chip designer Mellanox Technologies Ltd. While the specific details of the investigation remain undisclosed, Deng Feng, a law professor at Peking University, pointed out that Nvidia has stopped supplying several GPU products to China due to US export controls. This, he said, breached Nvidia's previous commitments and harmed Chinese companies, resulting in widespread dissatisfaction in the industry. In 2019, when Nvidia made its $6.9 billion bid to acquire Mellanox, concerns arose about Chin...

Naira Experiences Volatility Despite CBN's Enhanced Forex Platform

The naira has continued its volatile journey in Nigeria's foreign exchange market, with significant fluctuations observed in the parallel market. On Tuesday, December 10, 2024, the naira depreciated further, closing at N1,685/$1, marking a N45 or 2.7% decline compared to the previous day's rate of N1,640/$1. This marks the second decline since the Central Bank of Nigeria (CBN) transitioned to the Enhanced Foreign Exchange Market System (EFEMS) on December 2, 2024. Recovery in the Official Market While the parallel market witnessed the naira's depreciation, the official market showed a different trend. The naira gained in the EFEM market, closing at N1,525/$1 on Tuesday, up from N1,538.5/$1 on Monday, reflecting a N13.50 or 0.88% appreciation. The intra-day high for the official market was N1,560, with the low at N1,500. Despite this recovery in the official market, the gap between the official and parallel rates has widened, now standing at N160, up from the previous N101...

Naira's Sudden Strength: Speculators and Panic Selling Drive Exchange Rate Fluctuations

The naira has experienced a dramatic recovery against the dollar, gaining 8.9% in just one week, from N1,672/$1 to N1,535/$1 by Friday, December 6, 2024. This rapid fluctuation has left some traders and Bureau de Change (BDC) operators uneasy, as they fear the sudden gain may be unsustainable. The surge in the naira's value has been more pronounced in the official market, but the parallel market, where forex is traded unofficially, has seen even more volatility. By the end of the week, the exchange rate had dropped to N1,570/$1 from N1,700/$1 earlier, leaving some speculators scrambling to sell before the currency lost more value. Key Drivers of Naira's Gain The recent strength of the naira can be attributed to the Central Bank of Nigeria's (CBN) launch of a new trading system called the Enhanced Foreign Exchange Market System (EFEMS). EFEMS consolidates various previous exchange windows into one unified system, which is intended to streamline operations and ensure grea...

Police Arrest Three with Counterfeit Notes Worth ₦129 Billion in Kano

Kano State Police Command has apprehended three individuals in possession of counterfeit currencies valued at a staggering ₦129.54 billion. Speaking during a press briefing on Tuesday, the Command’s Public Relations Officer, SP Abdullahi Haruna Kiyawa, disclosed the recovery of fake currencies, including $3,366,000, CFA51,970,000, and ₦1,443,000. "The counterfeit currencies recovered amount to a total of ₦129,542,826,000," Kiyawa revealed. According to the spokesperson, the suspects are currently in police custody and assisting with investigations to uncover the origin of the counterfeit notes and the individuals behind their production. The arrest underscores the police's commitment to combating financial crimes and protecting the nation’s economy. Further updates on the case are expected as investigations progress. Follow us on Facebook @ Favour's blog , on Instagram @ Favour's blog , on X@ Favour's blog