Favour's blog

  Abuja, Nigeria — Former Vice President and 2023 presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, has responded to a recent comment by the Secretary to the Government of the Federation (SGF), Senator George Akume, who suggested that Northern politicians should wait until 2031 before aspiring to the presidency. Atiku, in a statement issued by his media adviser, Paul Ibe, called attention to the significant leadership disparity between the North and South, stressing the need for equity in Nigerian politics. Atiku's response came after Akume's remarks during a TVC program, where the SGF urged Northern leaders eyeing the 2027 presidential race to put their ambitions on hold until 2031, after President Bola Tinubu completes his second term in office. Akume, emphasizing his position, stated that if it is God's will for Atiku to become president, he could still achieve that goal, even at the age of 90. However, he suggested that the North should lo...

China's factory-gate prices edged up in November for the first time in six months, signaling a potential recovery in industrial demand due to recent stimulus measures. According to the National Bureau of Statistics (NBS), the Producer Price Index (PPI) rose by 0.1% month-on-month, reversing a 0.1% decline in October. This marks the first positive reading since May, when the PPI increased by 0.2%. The year-on-year PPI decline also narrowed to 2.5% in November, improving from October's 2.9% drop, signaling a modest recovery in industrial sectors. The rise in PPI was driven by a boost in prices for industrial products like cement, nonferrous metals , and steel , which saw increases due to accelerating real estate and infrastructure projects. Dong Lijuan, a statistician at the NBS, attributed the price hikes to the impact of these policies. However, despite the industrial gains, consumer inflation remains sluggish. The Consumer Price Index (CPI) dropped 0.6% month-on-mon...

  Abuja, Nigeria – Nigeria's Vice President, Senator Kashim Shettima , revealed that Nigerian startups established by migrants raised more than $800 million in investments in 2022. This significant achievement was disclosed during the 10th Annual National Migration Dialogue , held at the Presidential Villa in Abuja, on Monday. The event, themed "Beyond Borders: Celebrating Migrants’ Legacy, Protecting Their Rights," underscored the essential role of Nigerian migrants in both national and global development. Shettima highlighted that Nigerian migrants contribute substantially to the country's economy, not only through diaspora remittances but also through entrepreneurial ventures abroad. "In 2022 alone, Nigerian startups founded by migrants attracted over $800 million in investments," Shettima said, stressing the immense potential that these individuals bring to the global stage. The Vice President also emphasized Nigeria's leadership in diaspora ...

Artificial intelligence (AI) is on track to revolutionize the global advertising industry, with AI-driven content expected to influence a staggering 94.1% of ad revenue by 2029 . This milestone, which is forecasted to be achieved three years earlier than initially predicted, underscores the accelerating role of AI in shaping the future of advertising. According to the 2024 Global Midyear Advertising Forecast , AI is poised to become an indispensable tool for advertisers, driving targeted and highly personalized ad content at scale. This shift marks a significant transformation, as AI technologies continue to reshape how advertisements are created, optimized, and delivered. Digital Advertising Dominates, But AI is the Game Changer As of 2024, digital advertising continues to lead the industry, commanding 70.6% of global ad revenue, or approximately $699 billion . Within this growing digital space, retail media is emerging as one of the fastest-growing segments. Retail media refers t...

  MTN Nigeria’s recent financial performance reveals a complex picture, marked by strong revenue growth but significant profitability challenges, raising questions about the future of its stock. As the telecom giant grapples with rising costs, currency fluctuations, and liquidity pressures, investors are left wondering whether to buy, sell, or hold its shares. Strong Revenue Growth Amid Operational Struggles In the first nine months of 2024, MTN Nigeria posted an impressive 33.6% growth in service revenue, driven by strong performances in data, voice, fintech, and digital services. Despite this growth, the company’s profitability has been severely impacted by external macroeconomic factors. MTN reported a 5.3% decline in EBITDA to N860.153 billion, with the EBITDA margin contracting to 36.3%. Rising energy costs, inflationary pressures, and the depreciation of the naira have contributed to these challenges. The company’s loss before tax also ballooned to N713.63 billion, a sign...

  The value of a cryptocurrency often hinges on one crucial factor: its utility. Unlike assets that exist primarily for speculative or community-driven purposes, utility tokens provide tangible benefits both within and beyond their ecosystems, making them highly valued by holders. While popular "memecoins" frequently dominate headlines for their astronomical gains, these tokens usually lack inherent utility, which has sparked heated debate within the crypto community. Critics argue that memecoins, often driven by community hype, divert attention from more meaningful crypto projects with real-world use cases. Changpeng Zhao (CZ), the former CEO of Binance, recently joined the conversation, voicing concerns over the rising popularity of memecoins. In a tweet, he expressed his opinion: “I am not against memes, but meme coins are getting ‘a little’ weird now. Let’s build real applications using blockchain.” For CZ, the emphasis should be on developing blockchain applications ...

  FCT High Court Rejects Bail Application by Ex-Kogi Governor Yahaya Bello in N110 Billion Fraud Case Abuja, Nigeria – December 2024 – The Federal Capital Territory (FCT) High Court has dismissed the bail application filed by Yahaya Bello, the immediate past governor of Kogi State, in connection with an alleged fraud case involving N110 billion. The application, which was submitted prior to Bello’s detention by the Economic and Financial Crimes Commission (EFCC), was ruled as premature and incompetent. In her ruling, Justice Maryann Anenih explained that the bail request, filed on November 22, was made before Bello was taken into EFCC custody on November 26. The judge emphasized that bail applications are typically used to challenge the detention of a defendant, and since Bello had not yet been detained at the time, his motion was invalid. Justice Anenih also noted that the defendant’s filing indicated an attempt to invoke the court’s jurisdiction prematurely. She highlighted t...