• Tuesday, March 05, 2024
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Five things to know to start your Friday

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Weather update: Dust haze across Nigeria with varying intensity

According to the Nigerian Meteorological Agency, Nigerians should expect a weather shift across the country, as there is likely to be a slight dust haze over the northern and north-central regions.

Meanwhile, inland cities in the south and the coastal region can expect a more pronounced moderate dust haze, limiting horizontal visibility to 2–5 km throughout the forecast period.

You are advised to stay weather-aware and plan accordingly.

FG halts NIN registration by third-party agents

The National Identity Management Commission (NIMC) has temporarily halted Front-End Partners (FEPs) from conducting National Identification Number (NIN) enrolments as part of a revalidation exercise.

NIMC’s Director General, Abisoye Coker-Odusote, cited multiple infractions and unwholesome practices during the enrolment processes.

The revalidation aims to enhance the process and address outstanding debts owed to FEPs. Coker-Odusote emphasised the initiative’s transparency, highlighting a commitment to combating corruption and ensuring data integrity in Nigeria’s identity database.

Nasarawa State obtains three mining licences, says gov

The Nasarawa State government has secured three mining licences for gold, tin, and lithium extraction. Governor Abdullahi Sule revealed this during a visit to the Minister of Solid Minerals Development, Dele Alake.

Sule lauded the minister for facilitating the acquisition of licences and emphasised public-private partnerships to efficiently manage the ventures.

Alake commended Nasarawa as a valuable partner in mineral resource development.

The governor’s visit aimed to update the minister on a lithium factory’s construction and discuss strategies for sustainable mining site development.

Access Bank set to take over Uganda’s Finance Trust Bank

Access Bank, a subsidiary of Access Holdings, is set to acquire a majority stake in Uganda-based Finance Trust Bank (FTB).

The transaction involves purchasing a majority stake from existing shareholders and a capital injection to boost FTB’s capital base, subject to regulatory approvals.

Following the anticipated closing in H1 2024, Access Bank is expected to hold around 80 percent of FTB.

The move supports Access Bank’s strategic expansion plan and aids FTB amid challenges in meeting new minimum capital requirements in Uganda.

China’s demand concerns pull down oil prices

Oil prices retreated on Friday following a previous day’s surge, balancing geopolitical tensions and U.S. production disruptions against concerns of sluggish demand growth in China.

Brent crude dipped 0.2 percent to $78.93 a barrel, and U.S. West Texas Intermediate crude slid to $74.05.

While the International Energy Agency and OPEC predicted robust global oil demand, traders remained cautious amid Middle East tensions and China’s slow economic recovery, impacting market sentiments, according to Hiroyuki Kikukawa, President of NS Trading.