• Wednesday, December 06, 2023
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Five things to know to start your Wednesday


Meeting with Niger Coup leaders fruitful, nobody wants war – Abdulsalami

Former Nigerian Head of State, Abdulsalami Abubakar, has reported as fruitful, his meeting with Niger Republic coup leaders.

As a special envoy of ECOWAS, Abubakar expressed confidence in diplomatic efforts to restore the democratically elected government of ousted President Mohamed Bazoum.

He conveyed this optimism to ECOWAS Chairperson and Nigerian President, Bola Tinubu. Abubakar emphasized that diplomacy should prevail over war and discussed fruitful talks with the coup leaders.

While the coup leader suggested a return to civilian rule within three years, ECOWAS rejected it.

The African Union suspended Niger Republic, and ECOWAS is ready to use force if diplomatic efforts fail.

Read also: Niger coup: Tinubu in meeting with Touray, Abubakar, Ribadu

Industry experts advise Keyamo to abandon Nigeria Air project

Aviation experts are advising Nigeria’s new Minister of Aviation and Aerospace Development, Festus Keyamo, to abandon the controversial Nigeria Air project.

They suggest focusing on successfully executing airport concessions and shaping policies for flag carriers instead.

Capt. John Ojikutu (retired) of Centurion Security Limited emphasizes the importance of collaborating with the Ministries of Foreign Affairs, Trade, and Justice to review bilateral air services agreements.

He said that the effectiveness of the aviation ministry depends less on the minister and more on the Director-General of the NCAA, citing previous political interference and operational disruptions during the eight-year tenure of the former minister, Hadi Sirika.

July lending, savings rates expands by 22.14%

In July, the gap between the maximum lending rate and savings deposit rate in the banking sector increased by 22.14 percent.

Savings deposit rates in banks saw a slight rise to 5.24 percent, up from 5.18 percent in June.

Meanwhile, the maximum lending rate decreased slightly to 27.38 percent from June’s 28.94 percent. The Central Bank of Nigeria also reported a rise in the prime lending rate to 13.98 percent in July.

Other deposit rates for various durations were mentioned, with treasury bills rates increasing to 4.45 percent in July from 3.87 percent in June.

NIMC boss retires, calls for acting DG to address NIN bottlenecks

President Bola Tinubu has instructed the Director-General of the National Identity Management Commission (NIMC), Aliyu Aziz, to take a 90-day pre-retirement leave, with retirement set for November 24, 2023. Bisoye Coker-Adesote has been appointed as the new DG.

The National Association of Telecoms Subscribers hopes this change will improve the NIMC’s performance, as it has faced numerous challenges under the outgoing DG. Additionally, President Tinubu has appointed Hon. Yusuf Buba Yakub as the Director/CEO of the Directorate of Technical Aid Corps (DTAC) following the previous CEO’s tenure expiration.

These appointments aim to bring fresh perspectives to key roles.

Huawei is building secret network for chips, trade group warns – Bloomberg News

Huawei is reportedly building secret semiconductor-fabrication facilities in China to bypass U.S. sanctions, says a Washington-based Semiconductor Industry Association has warned, Bloomberg News reported on Tuesday.

These facilities, allegedly constructed under different company names, may enable Huawei to indirectly acquire American chip-making equipment.

The Chinese tech giant entered chip production last year with an estimated $30 billion in state funding.

The U.S. Commerce Department added Huawei to its export control list in 2019 due to security concerns, severely limiting its access to American technology.

This move highlights Huawei’s efforts to secure a stable supply chain as it faces restrictions and trade blacklisting in the United States.