Here’s a quick recap of the top stories from 9am news Nigeria with Ogasabi on 9am trending news: Economic, Business, and Financial Headlines for August 19th, 2024.
1. Fuel Shortages Return to Lagos
Ogasabi on 9am News Nigeria reported the reemergence of fuel shortages in Lagos, causing severe traffic congestion and skyrocketing fuel prices, with some stations selling petrol between N800 and N1,000 per litre. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) threatened to revoke licenses of hoarding stations, while LASTMA deployed personnel to manage the traffic. Read More
2. Kogi and Bayelsa Governorship Election Appeals
Ogasabi on 9am News Nigeria covered the Supreme Court’s decision to defer judgment on the appeals filed by Timipre Sylva (APC) and Muritala Ajaka (SDP) challenging the 2023 governorship election results in Kogi and Bayelsa states. Both politicians questioned the Independent National Electoral Commission’s (INEC) results, with Ajaka and Sylva seeking to overturn the victories of their rivals. Read More
3. BBNaija No Loose Guard Week 3 Evictions
Ogasabi on 9am News Nigeria detailed the Week 3 evictions in the BBNaija No Loose Guard show, where two pairs, Streeze (Toby Forge and Mayor Frosh) and Floruish (DJ Flo and Rhuthee), were evicted. This marked the first double eviction of the season, and new rule changes were announced, including the end of the Custodian Challenge and a new nomination procedure. Read More
4. CAF Inter-club Competition: Mixed Results for Nigerian Teams
Ogasabi on 9am News Nigeria reported mixed outcomes for Nigerian teams in the 2024–25 CAF Inter-club competition. Elkanemi Warriors secured a 1-1 draw against FC Dadje of Benin Republic, while Rangers won narrowly against US Zilimadjou of Comoros. Remo Stars emerged victorious with a 2-1 win over AS FAR of Morocco, setting up tense return legs for all teams. Read More
5. Supreme Court Ruling on Sylva and Ajaka Election Petitions
Ogasabi on 9am News Nigeria covered the Supreme Court’s decision to delay judgments on the election petitions by Timipre Sylva and Muritala Ajaka. The appeals stemmed from their dissatisfaction with the 2023 governorship elections in Kogi and Bayelsa. Both politicians challenged the electoral process, hoping to overturn the victories of their opponents. Read More
6. Nigeria’s Inflation Rate Moderates in July 2024
Ogasabi on 9am News Nigeria reported that Nigeria’s inflation rate moderated to 33.40% in July 2024, down from 34.19% in June. Food inflation also saw a decrease. The report highlighted that while this suggests a potential peak in inflation, challenges like FX depreciation and insecurity could affect future trends. Read More
7. Ukrainian Air Force Destroys Strategic Bridge in Russia
Ogasabi on 9am News Nigeria reported that the Ukrainian Air Force destroyed a strategically important bridge in Russia’s Kursk region. The destruction of the bridge, a key supply route for Russian troops, marked a significant achievement in Ukraine’s ongoing military offensive. The operation underscores the increasing intensity of the conflict in the region. Read More
8. Nigerian Equity Market Experiences Downturn
Ogasabi on 9am News highlighted the Nigerian equities market’s downturn, with the All-Share Index dipping by 1.51% and major losses in companies like BUA Cement, Oando, and Cadbury. Despite some gains in other sectors, the overall market sentiment remained bearish, reflecting the broader economic challenges facing Nigeria. Read More
9. PMI Report Shows Nigeria’s Economic Strain
Ogasabi on 9am News reported that Nigeria’s Purchasing Managers Index (PMI) remained below the 50-point mark for over a year, indicating stress on businesses and manufacturing activities. The report, reintroduced by the CBN, suggests that tight macroeconomic constraints continue to challenge the Nigerian business environment. Read More
10. Nigeria’s Plan to Raise $500 Million Through Dollar-Denominated Bonds
Ogasabi on 9am News Nigeria covered the Federal Government’s plan to raise $500 million through a dollar-denominated bond. The bond is structured as a 5-year offering and is expected to attract both local and international investors. However, the success of this initiative could be impacted by ongoing macroeconomic uncertainties in Nigeria. Read More
