• Sunday, February 25, 2024
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Five things to know to start your Wednesday


Nigeria, Angola refuse OPEC’s proposal to reduce oil output

Nigeria and Angola opposed OPEC’s suggested oil production cuts, leading to a deadlock delaying a critical meeting.

The disagreement, focused on quota reductions for 2024, risks further delays in resolving the issue, possibly affecting OPEC’s November 30 meeting.

With crude prices dropping towards $80 per barrel and Saudi Arabia urging quota reductions, Nigeria seeks a higher 2024 quota while Angola proposes a figure below June’s agreement, impacting the 23-nation coalition’s crucial oil revenue.

Presidency supports CBN’s bank recapitalization, says aide

The Presidency supports the Central Bank of Nigeria’s banking sector consolidation to boost the economy toward a projected $1trillion growth in eight years.

Bayo Onanuga, speaking for President Tinubu, highlighted the need to reassess banks’ capital adequacy levels.

He highlighted how crucial it is to bring in investments in different areas and stressed the need for strong banks to achieve the economic goal, addressing worries mentioned by CBN Governor Olayemi Cardoso during the Bankers’ Dinner.

Aviation still struggling to fully recover from pandemic losses says IATA

The International Air Transport Association (IATA) highlighted the aviation industry’s ongoing struggle post-pandemic.

Africa suffered a $7.7billion loss in 2020 due to COVID-19 restrictions, with Nigeria losing about N21billion monthly. Recovery to pre-pandemic levels isn’t expected before 2024.

To aid recovery, Kamil Alawadhi urged governments to avoid burdensome fees and taxes on air transport, warning that higher costs would hinder growth, reduce demand, and limit connectivity, advocating for fair policies in consultation with airlines for a more connected continent.

FG to prioritizes metering, power distribution says Minister

Adebayo Adelabu, Minister of Power revealed on Tuesday the Federal Government’s short-term power sector agenda: prioritising metering, distribution, and transmission for improved nationwide electricity supply.

This was announced during the 3rd Roundtable on Technical Standards by the Nigerian Electricity Management Services Agency.

Adelabu stressed a new strategy, emphasising customer impact over past approaches.

He stressed the need at directing efforts toward consumers, enhancing distribution, and ensuring a larger portion of generated power effectively reaches them.

British-Nigerian man pleads guilty in New York to bank hacking crimes

British-Nigerian Idris Dayo Mustapha admitted guilt in New York for a seven-year cyber scheme targeting banks and brokerages, causing over $6 million in losses.

Pleading guilty to various charges, he faces a potential 20-year sentence at his April 3, 2024, hearing.

Mustapha and partners used phishing to access accounts, transferring funds, and conducting fraudulent stock trades. Arrested in the UK in 2021, he was extradited to the US, awaiting sentencing.