Business

By Anwar Usman

The National Emergency Management Agency on Monday said a total of 49 persons have been rescued and three dead bodies were found from the boat accident that occurred along River Benue in Agatu Local Government Area of Benue State.

A statement by NEMA indicated that the accident involved 76 passengers in the boat, as the driver, unaware of a submerged tree in the river accidentally navigated into it, causing the boat to tip off and capsize.

“The unfortunate incident took place on Saturday, December 15th, around 7:00 PM. The passengers were said to be returning home from the Ocholonya Market, a major economic hub that draws traders from several communities in Agatu and neighbouring states, including Nasarawa State.

“Aoart from the rescued passengers, one of the victims managed to swim to safety while 23 persons are still missing. Most of the boat passengers were from Odenyi Magaji and other communities of Nasarawa State,” it stated.

The agency emphasised that it is working with the Benue State Emergency Management Agency and other stakeholders including the local authorities and divers to expedite the ongoing search and rescue operations to trace the remaining missing passengers.

“NEMA has also established contacts with the Nigerian Navy to provide more support for the search and rescue,” it added.

By Anwar Usman

The Central Bank of Nigeria (CBN) has announced that it will slam a fine of N150m per branch on Deposit Money Banks found guilty of facilitating the illegal flow of mint naira notes to currency hawkers and unscrupulous agents.

The apex bank disclosed this in a circular issued on Friday, December 13, 2024, signed by the Acting Director of the Currency Operations Department, Mohammed Olayemi.

The circular revealed the CBN’s concern about the increasing prevalence of mint naira notes being traded by hawkers, a practice the bank described as impeding efficient and effective cash distribution to customers and the general public.

The circular, which referred to an earlier directive dated November 13, 2024, highlighted the apex bank’s determination to address the commodification of the naira.

Under the directive, any financial institution found guilty of this act will face a penalty of N150m for the first violation.

Subsequent infractions, the CBN warned, would attract stricter sanctions under the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020.

To ensure compliance, the apex bank stated that it would increase periodic spot checks in banking halls and ATMs while deploying mystery shoppers to uncover illicit cash hawking spots across the country.

The CBN further called on the DMBs to strengthen controls, processes, and procedures around their Cash Management Centres, branches, and teller operations to prevent their systems from being exploited for illegal transactions.

Reports has it that the CBN issued a serious warning to Deposit Money Banks over cash hoarding and diversion, stating that such actions will attract stiff penalties.

The CBN also warned against cash hoarding, diversion, and other practices that hinder cash flow, stressing that such actions violate the Clean Note Policy.

By Anas Abbas

The Naira has declined in value within the parallel market, trading at N1,585 per dollar compared to N1,550 per dollar on Monday. In contrast, the official foreign exchange market reported an appreciation of the Naira, with rates improving to N1,525 per dollar, up from N1,538 per dollar earlier this week.

According to the latest data from the Central Bank of Nigeria (CBN) published in the Daily Nigerian Foreign Exchange Market (NFEM), the indicative exchange rate for the Naira has strengthened by N13, reflecting a notable shift in the official market.

Figures from FMDQ reveal a significant increase in dollar transactions on the Nigerian Autonomous Foreign Exchange Market (NAFEM). Trading volume surged by 129 per cent to $401.17 million, up from $175.15 million on Monday.

The surge has resulted in a widening gap between the parallel market and the NFEM rate, which has expanded to N60 per dollar from just N12 per dollar at the start of the week.

By Sumayyah Auwal Ishaq

Some restaurant and relaxation centre owners in Kaduna complained on Sunday of low patronage, blaming the country’s economic situation for their misfortune. Other food and drink sellers told The Daily Reality in Kaduna that they have been experiencing low patronage since January 2024.

“Business has been very dull since the beginning of the year. We are operating virtually at a loss. Our customers now prefer to stay home because of the economic situation,’’ said Alhaji Umar Sani, an eatery owner at Alkali Road, Kaduna.

Another operator, Mrs Aisha Ibrahim, also blamed the dullness in business activities on the economic situation in the country. “It appears that this government is doing everything possible to make sure that our businesses collapse”. She urged Nigerians to continue to pray for the quick recovery of the economy.

Mrs Hadiza Abubakar, another food seller at the Kasuwan Bacci Market, said she was optimistic that things would be better, but she’s running into so much debt.

“We have some customers who don’t have money to pay for their food and have been coming for years. It is not good to deny food to these customers, so we must them on credit. And the problem is that it takes longer now due to the economic condition.”

A customer who simply identified himself as Alhaji Ibrahim Mai Sauki urged Nigerians to pray for the government so that the nation would overcome its challenges.

When The Daily Reality correspondent visited some popular restaurants in the Kaduna metropolis, such as Barnawa, Unguwar Rimi, and Doka, at 2 p.m., peak business activity time in the afternoon, only a few vehicles were parked, while a good number of chairs were empty. Only a handful of people were seen eating and drinking.

By Abbas Aliyu Libata 

Every individual possesses a unique talent, a natural gift that often takes time to uncover. For some, it is an early realisation, while for others, like myself, it takes a period of self-reflection and careful observation. 

My journey of discovering my unique talent has been a process of exploration filled with curiosity, self-doubt, and clarity. In the world of tailoring and fashion design, I found my calling, a profession that brings me joy andfuels my creativity.

I remember watching people around me, often amazed by how effortlessly they executed imaginative and creative tasks. Their work, whether art, music, or other forms of expression, seemed to flow naturally as if it were second nature to them. I couldn’t help but wonder: What was my talent? Was I overlooking something? This uncertainty drove me to study myself and observe how I interacted with different activities, hoping to pinpoint what made me feel most alive.

The journey was challenging. I explored various activities, searching for one that resonated with me. Gradually, I realised my attraction to tailoring and fashion design through my appreciation of fabrics and patterns and my vision of new designs. It took time to recognise this as my true talent.

The turning point came when I decided to immerse myself in design fully. While tailoring was my primary profession, designing offered something more—a unique joy. I felt an overwhelming sense of fulfilment whenever I created new designs, sketched ideas, or experimented with fabrics. The joy I experienced wasn’t just about the monetary rewards that came with the profession but also about the creative satisfaction that designing brought. I had found my talent.

According to career coach Laura Garnett, talent discovery often involves a combination of self-awareness and persistence. She explains, “Your talent lies at the intersection of what you enjoy doing and what you do well. Often, it takes time and patience to uncover it because you need to experiment with different activities to see what resonates.” My experience perfectly reflects this. The more I designed, the more I realised that this was something I was good at, bringing me immense happiness.

Research from psychologists like Dr Angela Duckworth suggests that perseverance and passion, what she calls “grit”, are vital to uncovering and developing talent. I can relate to this concept because I had to persist in my search for my unique talent, even when I doubted myself.

Looking back, I see how important it was for me to go through self-discovery. Finding my talent in tailoring and fashion design has been one of the most rewarding experiences of my life. It has given me a sense of purpose and fulfilment that I might not have found had I not taken the time to explore, reflect, and experiment. Now, every design I create reflects my joy and passion for my profession, a profession that has allowed me to express my unique talent in ways I never imagined.

I came across a friend who disclosed that he believes unique talent exists in people but has yet to discover his. 

Through this journey, I have realised that discovering one’s unique talent requires patience, observation, and a willingness to embrace the things that bring us joy, even if they aren’t immediately apparent. It was fashion design, a craft that connects my passion and creativity to something I can share with the world.

Self-observation and reflection are among the most important steps in uncovering your talent. Take time to observe how you react to different activities. Notice what excites you, where you lose track of time, or what makes you feel fulfilled. Keeping a journal to record these moments can help reveal patterns and reveal your natural abilities.

Experimenting with different fields is another critical part of the process. Your talent might be in an area you haven’t yet explored. Trying out new hobbies, engaging in unfamiliar projects, or learning a new skill can help you discover interests and strengths you didn’t know you had. Don’t limit yourself to what seems comfortable or traditional; sometimes, talent lies in unexpected places.

Additionally, don’t underestimate the power of seeking feedback from others. Often, those around you can provide insight into your strengths and talents that you might overlook. Ask friends, family, or colleagues for their perspectives on what you do well, where you shine, or what they think makes you unique. Their observations can offer valuable clues in your self-discovery journey.

It’s also important to follow your passion rather than just chasing money. While financial rewards are essential, true talent often lies in what brings you personal satisfaction. You may not immediately see financial gain from pursuing your passion, but the joy it brings is a crucial indicator of where your unique abilities might be found.

Be prepared to exercise patience and persistence in the process of talent discovery. It is not always an immediate realisation and can take time, especially if you are exploring new fields or refining your skills. Even when you feel stuck, continue pursuing different avenues and allow yourself the time to grow and evolve.

Learning from others is also a valuable strategy. Studying experts in areas that interest you, attending workshops, or reading books by individuals who have mastered their craft can offer insights into how to cultivate your talent. Their experiences and advice can serve as a guide for your journey.

Lastly, once you have an idea of your talent, align it with a career path. When your professional life reflects your passion, you are more likely to feel fulfilled and motivated. Combining your talent with a career can lead to personal and professional success, allowing you to channel your unique abilities into something that brings value to yourself and others.

Abbas Aliyu Libata wrote from the Mass Communication Department at Bayero University, Kano, via elabbas434@gmail.com.

By Uzair Adam

Kano State Governor Abba Kabir Yusuf has issued an executive order, effective October 24, 2024, prohibiting the unauthorized allocation of land under the guise of “corner shops” or “curve-outs” across the state.

The order restricts all state and local agencies, including the Kano Urban Planning and Development Authority (KNUPDA), the Housing Corporation, the Ministry of Environment, REMASAB, and the Ministry of Agriculture, from approving any structures or land use permits in this context.

Governor Yusuf, invoking his authority under the Nigerian Constitution and the Land Use Act, specified that only the Ministry of Land and Physical Planning is authorized to process and approve land occupancy permits.

This executive directive extends to market stalls, shops, and other business interests within designated urban areas, ensuring that any changes comply with the existing land use regulations in the state.

The order further restricts the conversion, sale, or transfer of any state-vested properties without explicit prior approval from the governor.

The ancient Kano City walls, grazing reserves, and cattle routes are also protected under this mandate, prohibiting any land allocations or occupancy permits on these historical and essential sites.

To ensure enforcement, the governor has tasked the Kano State Public Complaints and Anti-Corruption Commission, led by Barrister Muhuyi Magaji Rmingado, with monitoring compliance and curbing violations.

The governor emphasized that the order addresses growing public concerns over unauthorized land allocations within school and hospital premises, as well as other public utilities.

Governor Yusuf highlighted the state’s commitment to safeguarding public infrastructure from encroachment, particularly where public buildings are used for private business under questionable approvals.

Key officials, including the deputy governor, Speaker of the State House of Assembly, Chief of Staff, and the Anti-Corruption Commission chairman, attended the signing of the executive order.

The new measures are aimed at preserving public land for its intended use and ensuring that public institutions uphold their responsibilities in managing state assets.

By Thomas Akoji Amodu 

A crypto airdrop is typically performed by blockchain-based startups to help bootstrap a virtual currency project. Its primary aim is to create awareness about the cryptocurrency project and encourage more people to participate when it becomes available. 

Airdrops are generally communicated through the company’s official channels and cryptocurrency communities. Coins or tokens are sent only to specific wallets based on the blockchain network or coins held in existing wallets. Airdrop coins are generated by continuously tapping the phone screen.

Today, the trending event in Nigeria is crypto airdrops, which have attracted millions of Nigerian youths. This became popular following the successful listing of Notcoin in 2023, which paid miners significantly. Since then, Crypto has been introducing several airdrop projects such as MemeFi, X-Empire, Tapswap, Hamster, Tomarket, cats, Dogs and many more to engage miners. Many Nigerian youths spend more than half a day on these mining platforms daily. When it eventually lists on exchanges, they get nothing compared to the time, energy and subscriptions invested in the airdrop.

This engagement with crypto airdrops by Nigerian youths has caused great concern, as many solely rely on it as a full-time job, while some regard it as an escape route from poverty. Youths are becoming lazier than ever before because of these projects. Students tap their phone screens during lecture time, thereby dividing their attention. Even graduates have embraced airdrop mining over creative thinking and productive undertakings. 

This trend has further questioned the state of the country’s economic and political atmosphere because where there is a stable economy, good living conditions and basic provisions for healthy living, the citizens will shun any form of distraction and focus on more beneficial activities. It is pathetic that most Nigerian youths who resort to airdrop mining are graduates who could not secure a job because of bad governance and corruption in the country. 

On September 26th, 2024, one of the most anticipated airdrops, “Hamster,” was listed, and many Nigerian youths were disappointed by the poor payment. Before the listing of Hamster, some people had priced what to buy, such as vehicles, lands, gadgets, and so on. Unfortunately, Hamster paid below expectations, and many became depressed. The time, energy, and sleepless nights spent just to complete tasks were in vain. 

Despite the poor rewards of these crypto airdrops, Nigerian youths do not seem discouraged from engaging in the projects. This clearly indicates the government’s failure to fulfil social, economic, and political responsibilities. The government should establish more industries, provide loans for small business owners, encourage agriculture, and invest in tech education to refocus youths’ attention on a better future.

Thomas Akoji Amodu writes from the Mass Communication Department at Bayero University, Kano, via amoduthomas@gmail.com.

By Uzair Adam

A prosecution witness, Mr. Stephen Gana, testified on Monday before an Abuja High Court, stating that two companies linked to the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, received preferential treatment in vehicle procurement contract bids.

Gana, the tenth prosecution witness, explained that the contracts were awarded to Emefiele’s companies through selective processes, which bypassed regular competitive bidding.

Gana, who served as the Head of the Procurement Department at the CBN, disclosed this while being led in evidence by the prosecution counsel, Rotimi Oyedepo, SAN.

He confirmed that he was in office when contracts for vehicles, as highlighted in exhibits presented to the court, were approved.

The witness testified that Toyota vehicles valued at N99,900,000 were procured from April 1616 Company Ltd through direct procurement.

Referring to another exhibit, Gana stated that two Toyota Hilux vehicles, costing N23,100,000 each, were obtained through selective bidding.

The April 1616 Company was awarded the contract after offering the lowest bid and meeting the CBN’s in-house estimate.

Gana explained that at the CBN, contracts could be awarded through direct procurement or selective bidding, depending on the recommendations of the Director of Procurement, who worked alongside him and other officials in the department.

Following Gana’s testimony, the prosecution counsel requested an adjournment, citing his involvement in a Supreme Court case.

The defense counsel, Matthew Burkaa, did not oppose the request but raised concerns about the cost of transportation. Justice Hamza Muazu adjourned the case until November 13 for further hearings.

Earlier, Burkaa had challenged the prosecution’s move to introduce new witnesses, arguing that the defense was not informed about these additions during the initial charge.

Emefiele faces allegations of forgery, conspiracy, and breach of trust during his tenure as CBN Governor.

He is accused of using his position to favor two companies—April 1616 Nigeria Ltd and Architekon Nigeria Ltd—in a case filed by the Economic and Financial Crimes Commission (EFCC).

The hearing will continue next month.

By Sabiu Abdullahi

Dr. Kabiru Ibrahim from Sokoto State, Nigeria, has founded a nursing services company in Hamm, a city in North Rhine-Westphalia, Germany, Dr. Muhsin Ibrahim, a German resident, announced in a Facebook post on Sunday. 

According to Dr. Muhsin, the company, staffed by healthcare professionals from Nigeria, Kenya, Turkey, and Germany, offers critical care services.

Dr. Ibrahim’s achievement demonstrates the potential of African professionals making a meaningful impact globally. 

After studying medicine and surgery in Bulgaria and specialising in anaesthesia, Dr. Ibrahim moved to Germany in 2009.

His success has sparked praise from friends and colleagues, including Dr. Muhsin Ibrahim, a lecturer at the University of Cologne. 

“This is a massive achievement, and we are very proud of Dr. Kabiru,” Mr. Muhsin said.

Dr. Kabiru’s venture serves as a shining example of Nigerian excellence in the diaspora, which fosters economic growth and cultural exchange between Nigeria and Germany.

By Anas Abbas

The Nigerian National Petroleum Company Limited (NNPCL) Buys Petrol from Dangote Refinery at N898 per Litre, Commences Loading of 300 Trucks on Sunday.

The Daily Reality, reported that, NNPCL’s Chief Spokesperson, Olufemi Soneye, clarified that the initial loading price was N898 per litre, debunking claims of N760 per litre.

As of press time, over 70 trucks had been loaded.This milestone follows the announcement by Finance Minister Wale Edun that NNPCL will be the sole off-taker of refined petrol from Dangote Refinery.

The minister revealed that diesel from the refinery would be sold in Naira to interested buyers, while PMS would be sold exclusively to NNPCL for distribution to marketers.

The Federal Executive Council (FEC), led by President Tinubu, had approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira.

This initiative aims to reduce pressure on the naira, eliminate transaction costs, and improve petroleum product availability.

Implementation committees have worked tirelessly to finalize modalities, with NNPCL set to supply 385kbpd of crude oil to Dangote Refinery from October 1.

In return, the refinery will supply PMS and diesel of equivalent value to the domestic market, paid for in Naira.

The government is also establishing a one-stop shop in Lagos to streamline service provision from regulatory agencies, security agencies, and stakeholders, ensuring a seamless implementation of this initiative.