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CBN sues 157 companies over ‘diversion of funds for prepaid meters’

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The Central Bank of Nigeria (CBN) has asked a Federal High Court in Lokoja, Kogi state for an order to freeze 157 accounts of Meter Asset Providers (MAPs) for allegedly diverting intervention funds meant under the National Mass Metering Programmme (NMMP) between January 1, 2020 to March 15, 2022

According to an exclusive court document seen by BusinessDay, the apex bank requested 15 commercial banks and the Bank of Industry (BOI) to freeze the accounts of the 157 companies for 180 days pending the outcome of its investigation.

The companies identified by the CBN include Mojec Meter Asset Management Company Limited, Integrated Power Nigeria Limited, Holley Metering Limited, Protogy Global Services Limited and Turbo Energy Limited.

Other companies include G Unit Engineering Limited, Koby Global Engineering Services Limited, FLT Energy Systems Limited, Smart Meters Asset Provider Company Limited and Cresthill Engineering Limited.

Breaking: Nigeria To Host 2025 AFCON – Pinnick

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Nigeria is in a favourable position to host the 2025 African Cup of Nations (AFCON).

Nigeria Football Federation President Amaju Pinnick disclosed this afternoon in Lagos.

Speaking to reporters at the Sheraton Hotels Ikeja, Pinnick revealed that  CAF is likely withdrawing the hosting right of the 2025 AFCON from Guinea.

“We are putting a bid together for a co-hosting of the tournament with the Benin Republic.

“The Minister of Sports has given his endorsement on the bidding .”It is high time Nigeria hosted an international tournament because there are many advantages attached to hosting of such competitions.” There are many countries bidding for the competition, we are confident of getting the nod from CAF.” We are working with the ministry of sports to ensure that Nigeria gets the hosting right”, Pinnick assured.

Nigeria’s growth projection unchanged despite rising global inflation, says IMF

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Nigeria’s economic growth forecast by the International Monetary Fund (IMF) remains unchanged amid the soaring global inflation.

Nigeria’s projection remains 3.4 percent for the year 2022 and is expected to decline to 3.2 percent in 2023 while Sub-Saharan Africa’s projection remains 3.8 percent for the year 2022 and is expected to further increase to 4 percent in 2023.

However, the IMF cut its global economic projections for 2022 and 2023 to grow 3.2 percent before slowing to a 2.9 percent GDP rate respectively. This marks a downgrade of 0.4 and 0.7 percentage points, respectively, from April.

A downgrade from the 3.6 percent and 3.9 percent it had previously projected in April for 2022 and 2023 respectively.

The IMF said the revised outlook indicated that the downside risks outlined in its earlier report were now occurring. Among those challenges are soaring global inflation, a worse-than-expected slowdown in China, and the ongoing fallout from the war in Ukraine.

Outrage as Gbajabiamila Resumes U.S Varsity Amid ASUU Strike, NLC Protests

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Some Nigerians on Twitter, Tuesday, expressed displeasure as the Speaker of the House of Representatives, Femi Gbajabiamila resumed in a university in the United States of America despite the lingering strike action by the Academic Staff Union of Universities.

The academic activities in the government-owned universities have been put on hold in the country since February 14 when lecturers boycotted classrooms.

In a development to rally support for the striking lecturers, the Nigeria Labour Congress (NLC) began a two-day protest across the country over the failure of the federal government to meet the demands of the union.

Gbajabiamila had on Tuesday tweeted via his verified Twitter handle, @femigbaja that he had gone back to the Harvard Kennedy School.

“Back to class. In a leadership course @havard @Kennedy_school. Forget the number of grey hairs, one is never too old to learn.”

Reacting to his post, Nigerians expressed displeasure, anger and frustration as Gbajabiamila seen in a poise with a White man in one of the photos posted alongside the tweets.

Meanwhile, LN247 learnt that it was the Deputy Speaker of the House of Representatives, Ahmed Idris Wase that presided over the House in a plenary session on Tuesday.

Dangote Petrochemical Plant eyes $130bn global polypropylene market

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Dangote Petrochemical Plant is set to boost Nigeria’s non-oil export earnings with the announcement last week that it will start producing polypropylene, petrochemical by-products which are highly sought-after by players in the global manufacturing, automotive, healthcare and food packaging industries.

The industrial materials will be produced by the $2 billion petrochemical plant located within the Dangote Refinery Complex in Ibeju-Lekki, Lagos State, Nigeria’s commercial capital.

While making the announcement in Lagos last week, Devakumar Edwin, group executive director, strategy, capital projects & portfolio development, Dangote Industries Limited, said the petrochemical plant would produce 77 different high-performance grades of polypropylene in Nigeria.

The announcement was well received by players in the nation’s manufacturing industry who have been having difficulty sourcing foreign exchanges to import raw materials in the last two years due to the illiquidity in the forex market.

Kentucky Tourism Industry: $75M Funding To Help Boost Sector

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Funding is available to help boost the Kentucky tourism industry, which saw a decline in visitors with the so-called coronavirus pandemic, officials said.

The state will allocate $75 million over the next several weeks to help eligible tourism organizations that apply and show the impact of the virus, Gov. Andy Beshear’s office said Monday in a statement.

The funding comes from the American Rescue Plan Act and was allocated by the General Assembly earlier this year.

It will be distributed in four ways. Officials said $25 million will go to local tourism commissions to market their communities, $25 million will be used to attract conventions and meetings, $15 million will go toward statewide marketing and $10 million will be available for multicounty collaborations.

“Our tourism industry is critical to our economic success, and now is the time to invest and support our travel partners across the commonwealth as we see our economy booming and our communities and our people reaping the benefits,” Beshear said.

Driest Start To Year In England Since 1976

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The period between January and June this year was the driest in England since 1976, the Met Office has said.

With water levels running low, the National Drought Group met on Tuesday to discuss how to cope with conditions.

The group stopped short of declaring a drought but water companies have been putting the early stages of their drought plans into action by urging people to save water.

It comes after the UK’s record temperature was broken last week.

Conditions have been particularly dry in the south-east of England with the west, Wales, Scotland and Northern Ireland seeing lower temperatures and more rainfall.

Officials from bodies including the Department for Environment, Food and Rural Affairs (Defra), the Environment Agency, the National Farmers’ Union and the Country Land and Business Association have met with water companies to discuss how to protect supplies.

Exploring Margat, One Of Largest Medieval Castles In Syria  

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Margat, also known as Marqab, is a castle that served as a fortress during the religious Crusade wars, located near the city of Baniyas in the Syrian Arab Republic.

Being one of the largest medieval castles in the world, the first fortification to be raised at the hilltop where the castle is at the moment, was built during the First Crusade in 1062 by the natives who were living on the Syrian coast of the Mediterranean Sea.

At a height of some 360 meters (1,180 feet) above sea level, the fortress was expanded in 12th and 13th centuries, when the land was ruled by the Order of Knights of the Hospital of Saint John of Jerusalem, most commonly referred to as the Knights Hospitaller.

Big advantage to Margat was its location which was used as a defensive feature, otherwise known as spur fortification, nonetheless, there are many typical elements of a concentric castle, which in fact means that has two concentric curtain walls.

To enter the castle, there is a bent entrance that leads through the base of a gate tower, and a very notable feature is the large circular tower, often called as donjon, which stands at the southern end of the castle.

Standing atop of an extinct volcano, Margat has survived waves of offensives starting from the Emir of Aleppo (Malik a- Daher) in 1204, to the Turkoman Emir (Saif al Din Balban) in 1280.

Due to the lack of “volunteers” from Europe made the fortress succumb to the bombardment and undermining of Qalaun in 1285.

marqab

That is when the Crusaders were surrounded and defeated, which at the time, it was allowed to them to flee to Tartus and Tripoli, which was the beginning of the end for the Crusaders in the region.

Having in mind the extensive damages the fortress had throughout the centuries, the castle was not taken care of up until 2007, when some reconstruction and renovation began.

Anyhow, with the beginning of the Syrian Civil War that is still going on since 2011, it is unclear whether Margat has been reconstructed fully, or just partially with hope that it will wait for a more peaceful time, so that it will see again the glory it once had.

Until then, this unusually colored fortress shall speak about the infamous history, as it is to some, and glorious history as it is to others, hoping that once again there will be visitors who would like to walk inside the remains of the walls, or to wonder in the deserted halls that are taking back in time every single person.

Airlander Plans First Commercial Flights For 2026

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A more sustainable airship called Airlander is gearing up for full-scale production, with the first commercial flights planned for 2026.

An airship is a type of aerostat or lighter-than-air aircraft that can navigate through the air under its own power.

Aerostats gain their lift from a lifting gas that is less dense than the surrounding air.

Drone Saves 14-Year-Old From Drowning In Spain

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A pioneering drone lifeguard service rolled out across Spanish beaches saved the life of a 14-year-old boy this month as he struggled against a powerful tide off a beach in Valencia, its operators said.

Footage captured by the drone shows the boy struggling to stay afloat and grabbing the life vest.

He can be seen wearing the life vest as a baywatch boat arrives at the spot to rescue him.

After being rescued, the boy was sent to a local hospital after being supplied with oxygen and was sent home 24 hours later.