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Once Upon A Time – August 6 – 1964 – Prometheus, World’s Oldest Tree Aged At Least 4,862 Years Old, Accidentally Cut Down

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Photo By Lance Oditt

1661 The Treaty of The Hague is signed whereby the Dutch Republic sells New Holland (Brazil) for 63 tonnes of gold to Portugal

1890 At Auburn Prison in New York, murderer William Kemmler becomes the 1st person to be executed by electric chair

1945 Atomic bomb dropped on the Japanese city of Hiroshima by the US B-29 Superfortress “Enola Gay”

1965 US President Lyndon B. Johnson signs the Voting Rights Act prohibiting voting discrimination against minorities

1991 Tim Berners-Lee releases files describing his idea for the World Wide Web. WWW debuts as a publicly available service on the Internet.

Historical Events Today Events in 2023

Today in Film & TV

1926 “Don Juan” starring John Barrymore is released by Warner Bros, the 1st feature-length film to utilize the Vitaphone sound-on-disc sound system with a synchronized musical score and sound effects

Today in Music

1996 American punk rock band “The Ramones” perform for the last time, at the Palace in Hollywood, California

Today in Sport

1948 Dutch super athlete Fanny Blankers-Koen wins London Olympics 200m in 24.4s to become the first women to claim 3 individual track & field gold at a Games, having already won the 100m and 80m hurdles

MORE FACTS…

1996 NASA announces that life may have existed on Mars after examining meteorite ALH84001, thought to be from Mars

Today in History in

1964 Prometheus, the world’s oldest tree aged at least 4,862 years old, is accidentally cut down in Nevada, USA

Famous Weddings

1953 NHL goaltender Terry Sawchuk (23) weds Patricia Ann Morey

1968 Children’s author Theodor Geisel [Dr. Seuss] (64) weds second wife Audrey Stone Dimond

1983 Film director Philippe de Broca (50) weds actress Margot Kidder (34) in France

CBN Undergoing Forensic Audit – President Tinubu

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President Bola Tinubu says a comprehensive forensic audit of the Central Bank of Nigeria is underway, while a thorough overhaul of the Civil Service payroll is imminent.

The President disclosed this during an audience with the President of the World Bank, Ajay Banga on Friday at the Presidential Villa, Abuja.

”A comprehensive forensic audit is ongoing at the Central Bank. We are going to do a very serious structural review of the Civil Service payroll. I can’t believe in the numbers I’m seeing and I’ve had that experience before at the state level.

”The reforms are in tandem with Nigeria’s Ease of Doing Business programme. We’ll block all financial loopholes.

“The reforms will be targeted at the way we work, change of attitude and equally on educating our people. It’s costly but we will do it,” he said.

Highlighting Nigeria’s resilience and intellectual prowess, the President implored the Bretton Woods institution to view the country as a significant player within the global community, not solely as a struggling economy.

“We stand as a vibrant and educated society, seeking to avert chaos through strategic interventions. Your proactive engagement aligns with our quest for partnership, and together, we shall pursue mutual benefits that enrich us all,’’ he said.

On poverty alleviation, the President called for more increased support from the World Bank, expressing optimism for a productive collaboration between Nigeria and the World Bank that will lead to mutual benefits and sustainable progress.

He also discussed the ongoing efforts to address issues such as subsidy removal, foreign exchange mismanagement, exchange rates, inflation, liquidity and debt management.

President Tinubu also shared insights into his administration’s substantial reforms, including those aimed at consolidating improvements in Nigeria’s oil industry, enhancing the Ease of Doing Business, and prioritizing security to boost the country’s revenue generation.

The President pointed out the importance of electricity generation for economic development, highlighting the groundbreaking earlier today for the first phase (350MW) of the 1,350MW power generation project in Gwagwalada, Abuja.

The President explained that the project signifies the administration’s commitment to a comprehensive approach, which encompasses power generation, distribution, energy transition, and tariff adjustments.

While calling for a positive partnership with the World Bank, President Tinubu emphasized key areas of focus, including job creation, digitization, and National Identity Management.

He also requested the World Bank’s support in addressing the challenges posed by the removal of cross-sectoral subsidies, particularly in lessening the impact on less privileged Nigerians.

In his remarks, Banga commended President Tinubu for his efforts in addressing the economic challenges of the country.

”Yes, we give money and our dollars are very important but where we are really helpful is our expertise and knowledge and our experience from many markets. In that way, we will always be your friend and partner, not just with the money, but with our minds and our hearts and you should be rest assured about that,” he said.

Electricity: Federal Govt. Licenses Firm To Generate 723MW

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Federal Government has approved the issuance of two power generation licences with a combined capacity of 723 megawatts.

It said this would raise the country’s electricity output by over 700MW when the power projects were completed.

Power sector operators, in conjunction with the Federal Government, had been making efforts to increase Nigeria’s power generation and its supply, after the successor electricity generation and distribution arms of the sector were unbundled and privatised in November 2013.

Since then, Nigeria’s power generation had been hovering between 3,500MW and 5,000MW, a figure which operators and experts described as too low for a population of over 200 million people.

Figures obtained from Federal Ministry of Power, recently showed that power generation on the national grid as of 6.00 am was 3,992.4MW, which was lower than the peak of 4,017.6MW recorded on Thursday.

To boost power supply in Nigeria, the government and investors had been constructing power plants, while the NERC has been issuing licences to investors to generate electricity.

Recall that President Bola Tinubu, recently carried out the Presidential groundbreaking for the construction of a 350MW power plant in Abuja, being the first phase of the Gwagwalada Integrated Power Project.

Also, as part of measures to boost power generation, the NERC in its latest first quarter report for 2023, obtained in Abuja on Friday, stated it had approved the issuance of two power generation licences with a combined capacity of 723MW.

Under the licensing and permits section in the report, the NERC said, “The commission approved the issuance of two new generation licences with a combined capacity of 723MW in 2023/Q1.

“It also authorised the issuance of two new Independent Electricity Distribution Network licences and amendment of an existing Independent electricity distribution licence.

“Five captive power generation permits were issued alongside five permits and four registrations for mini-grid. The commission also certified six Meter Service Providers within the quarter under review.”

Recently, reports said that the commission issued power generation licences to 21 investors in 2022, while114 registration/permits were issued for the development of mini-grids to boost power supply across the country.

“In 2022/Q4, the commission approved the issuance of two new generation licences with a combined capacity of 56.50MW and authorised the amendment of two on-grid embedded generation licences.”

Nigeria, Botswana Open Talks On Investments

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The Nigerian government and Botswana have opened talks to deepen investment Opportunities between both countries.

The former Governor of Ekiti State and President, Forum of Regions of Africa, Kayode Fayemi made this known via his official Twitter handle.

In a meeting with Botswana’s President, Mokgweetsi Masisi, which also had in attendance the Chairman of Axxess and Cavista Holdings, John Olajide, the former Governor tweeted that they discussed areas of investments in different sectors.

“We discussed investments in Technology, Agriculture, Infrastructure and Human Capital Development. Very much looking forward to my next visit. Thank you, Mr President.”

It would be recalled President Masisi had in a statement in May 2023 expressed enthusiasm to strengthen bilateral relations with Nigeria, following the peaceful transfer of power to President Bola Ahmed Tinubu.

The statement was delivered during a breakfast seminar organized by the Corporate Council on Africa (CCA), Axxess, and the Government of Botswana.

President Masisi emphasized the importance of enhancing socio-economic ties between both countries recognizing Nigeria as one of Africa’s leading economies.

Wildfire Near Iran’s Capital Triggers Explosion Of Mines

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A wildfire on the outskirts of Iran’s capital triggered Friday an explosion of mines that had been planted around a high-security prison that houses political prisoners, but there were no injuries, state media reported.

The official IRNA news agency said the incident happened around noon at the Evin prison on the northern outskirts of Tehran, but that it caused no damage or casualties and that firefighters extinguished the blaze.

The report blamed the fire on the country’s current heatwave. Temperatures in Tehran around noon Friday were about 38 C (100 F).

Iranian media in the past have mentioned the mines, which apparently are anti-personnel mines planted to deter escape attempts.

Refineries: Reps to Revisit Alleged N11.3 trn Spent on Maintenance

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The House of Representatives, says it will revisit the case of the N11.3 trillion allegedly spent by the Federal Government on the turn-around maintenance of Nigeria’s refineries between 2010 and 2020.

Chairman, House Committee on Public Accounts, Rep. Bamidele Salam said this while speaking with newsmen in Abuja on Thursday.

According to him, the house intends to tackle the rising cost of petroleum products occasioned by the removal of fuel subsidy.

Salam said the house was bothered by the moribund state of Nigeria’s refineries in spite of the huge sum of money expended in trying to put them in shape in the last decade.

He said the era of wasting public funds on white elephant projects without consequences would soon be over.

Salam also said the committee would thoroughly examine the accounts of the federal government and those of the MDAs in order to expose wastage, inefficiency and corruption in the public sector.

He, however, expressed the optimism that President Bola Tinubu’s administration would reposition the Nigerian economy by fixing critical infrastructure like power, roads and rail transportation.

According to him, this can only succeed if there is value for money on all public contracts as well as adherence of government agencies to the provisions of extant laws and regulations on budgeting, procurement and jobs certification.

Salam said many roads, bridges, and other public infrastructure for which humongous sums of money were budgeted and spent in previous years had become dilapidated.

The chairman added that many other projects were abandoned by contractors after receiving full payments.

He said the increased in public revenue occasioned by removal of subsidy and a merger of foreign exchange trading windows, would only make the desired impact, if government blocked wastages and strengthened its audit institutions.

He appealed to Tinubu to urgently appoint a substantive Auditor General for the Federation in accordance with the provisions of Section 86 of the Constitution.

He explained that the non-appointmemt of a substantive auditor – general for close to a year, had impacted negatively on Nigeria’s public finance and accountability ratings by global organisations.

Pres. Tinubu Vows Steady Power Supply

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President Bola Ahmed Tinubu has declared that despite the nation’s current rate of energy supply, his administration is poised to address all the obstacles militating against stable electricity supply in the country.

He said his administration will bring solutions to the multifarious challenges across the electric power sector value chain which will significantly relieve longstanding problems of suppressed demand and improve the steadiness of peak supply for Nigerians, affirming that improved energy generation and distribution is an imperative for accelerated national growth.

President Tinubu spoke at the groundbreaking ceremony of the new 350 MegaWatts Gwagwalada Independent Thermal Power Plant (Phase 1) where he urged the NNPC and its partners to deliver the landmark project within the promised three years completion timeline, insisting that, three years must be three years.

President Tinubu noted that a swift improvement in the stability and quantum of energy supply will enhance national economic development, which remains a cardinal priority of his administration.

President Tinubu pledged his administration’s commitment to addressing the power challenges and gas utilisation with a clear focus on advancing the diversification of its energy mix.

Similarly, the Group Chief Executive Officer of the NNPC Ltd, Mele Kyari, stated that the NNPC Ltd will leverage on the nation’s endowment of gas resources to power the nation’s industrial growth and stimulate ubiquitous job creation, adding that, through the project, the NNPC Ltd would be providing a huge boost to the national grid.

Kyari assured the President that NNPC Ltd will continue to execute power projects to enhance energy security, noting that several of such have already been completed. These, according to the NNPCL Group CEO, include the 50MW Maiduguri Power Plant, and the 900MW and 1,300MW power plants in Kaduna and Kano, respectively.

The colourful event was witnessed by many dignitaries and senior government officials, including the Borno State Governor, Prof. Babagana Zulum, Governor of Nasarawa State, represented by his Deputy, Royal Fathers, the Chinese Ambassador to Nigeria, among others.

Vandalism: Nigerian Government Threatens To Block 2nd Niger Bridge

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The Federal Government has lamented that the 2nd Niger Bridge may be blocked if miscreants continue to vandalise its metal components.

Permanent Secretary of the Federal Ministry of Works and Housing, Mr. Mahmuda Mamman, stated this when he visited the bridge to ascertain the level of vandalisation.

He called on security agencies to intensity surveillance on the Bridge to curtail the activities of the miscreants, who he said were after the mental components.

He said: “We are here to see the level of vandalisation of the 2nd Niger Bridge. It was an unfortunate situation that all of us woke up to the trending news of vandalisation of some metal components on the bridge.

“This is a massive investment put up by the Federal Government to ease movement of goods and services to Nigeria. To me, free movement is a basic human right and all of us must take collective responsibility to safeguard it.

“We have interfaced with the contractor handling the project, Julius Berger, and it is really unfortunate. The Federal Government has actually done what it is supposed to do.

“We have written to security agencies concerned, asking them to intensify surveillance activities along the road so that such things will not happen.

“At the same time, host communities have a responsibility to play because safeguarding national asserts is not a responsibility of one man; it is a collective responsibility.

“What the miscreants are actually after are the metal components on the bridge; anything metal, the miscreants are after it.

“And at the end of the day, if care is not taken, the entire bridge will become unmotorable.

“That is why it is good for us as stakeholders to make sure we safeguard this infrastructure in the interest of public good and the nation.”

On the delay in the completion of the project, he said: “We have interfaced with the contractor and he said the major challenge is security concerns.

“With the recent development, we are hoping that all things being equal, that is the commitment he gave us, in the next three weeks everything about the 2nd Niger Bridge will be completed.

“The bridge is still under maintenance by the construction company that built it and before the handing over, l am sure that most of the things that were vandalised are going to be replaced.

Stock Market up by 0.22% in Week Ended August 4

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In the trading week ended Friday August 4, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation increased by 0.22percent to 65,198.08 points and N35.480 trillion respectively.

All other indices finished higher with the exception of NGX Main Board, NGX CG,
NGX Banking, NGX AFR Bank Value, NGX MERI Growth, NGX MERI Value and NGX Oil
and Gas indices which depreciated by 0.07percent, 0.06percent, 2.13percent, 1.85percent, 2.43percent, 0.78percent, and
0.68percent respectively while the NGX ASeM index closed flat.

Forty-two equities appreciated in price during the review week higher than 39
equities in the preceding week. Fifty-two equities depreciated in price lower than 54 in the preceding week, while 61 equities remained unchanged, lower than 62 recorded in the preceeding trading week.

The market recorded total turnover of 2.575 billion shares worth N29.615 billion exchanged in 37,713 deals by investors on the floor of the Exchange, in contrast to a total of 2.854 billion shares valued at N37.645 billion that exchanged hands the preceding trading week in 41,547 deals.

The Financial Services Industry (measured by volume) led the activity chart with 1.921 billion shares valued at N16.514 billion traded in 17,689 deals; thus contributing 74.60percent and 55.76percent to the total equity turnover volume and value respectively.

The Conglomerates Industry followed with 160.206 million shares worth N625.021 million traded in 1,811 deals, and the Oil and Gas Industry, with a turnover of 152.046 million shares worth N1.332 billion traded in 2,403 deals.

Trading in the top three equities namely AIICO Insurance Plc, FCMB Group Plc and
Transnational Corporation Plc (measured by volume) accounted for 636.217 million shares worth N1.737 billion in 2,751 deals, contributing 24.71percent and 5.86percent to the total equity turnover volume and value respectively.

Blood Harvesting: Horseshoe Crab Risk Extinction As Multi-million Dollar Industry Thrives – Feature

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Five companies along the East Coast — with operations in South Carolina, New Jersey, Massachusetts, Virginia and Maryland — drained over 700,000 crabs in 2021. That’s more than any other year since officials started keeping track in 2004.

The U.N. Food and Agriculture Organization estimates that more than 30 percent of ocean fish stocks are being overfished and that many of the world’s fish stocks are at risk of being depleted.

The WTO agreement on fisheries subsidies, adopted at the 12th ministerial conference on June 17, 2022,was touted to be a major step forward for ocean sustainability by prohibiting harmful fisheries subsidies, a key factor in the widespread depletion of the world’s fish stocks.

India and other countries had raised concerns during the negotiations that the proposed deal would harm small-scale fishers.

An estimated 50,000 horseshoe crabs in the United States die every year as a result of being captured and bled to serve the pharmaceutical companies. Their populations along the Atlantic coast cascading negative effects throughout the ecosystem.

Horseshoe crab blood is an essential element in testing the safety of new drugs and vaccines.

The conflict now is…horseshoe crab blood has helped humans fight disease since the 1970s, but if over-harvesting continues, there may be none of these crabs left. The contention will be what becomes of this multi-million-dollar industry?

The pharmaceutical companies are raking millions of dollars from this sea creature.

The price of horseshoe crab blood is also unbelievably high, at $15,000 per quart, making it an expensive resource.

But the over-harvesting of horseshoe crabs has made the species increasingly vulnerable to extinction; as Conservationists Lament.

The extraordinary benefits of horseshoe crab blood

Frederik bang, a pathologist who was keen to understand how the ancient sea animal’s immune system worked, did a series of experiments to test horseshoe crab blood and its properties.

He injected bacteria from seawater directly into a horseshoe crab to see how its blood would react to the infected injection. What bang found would ultimately become one of the most important elements of modern medicine safety testing.

Bang suspected that this blood clotting was a natural defense mechanism to protect the rest of the horseshoe crab’s body from an invading pathogen. He published a study in a 1956 paper titled “a bacterial disease of limulus Polyphemus.” he ultimately identified the molecule responsible for this highly-effective immune system as Limulus Amebocyte Lysate (LAL).

Before LAL was identified in horseshoe crab blood, the only way to test the toxicity of new vaccines was to inject lab rabbits and monitor their symptoms. With the discovery of LAL, however, medical scientists were able to simply put a drop of it into an experimental drug and immediately know whether it would be toxic to humans.

By the late 1970s, the U.S food and drug administration began allowing pharmaceutical companies to replace their testing rabbits with LAL kits. The LAL quickly gained popularity as the go-to method for testing toxins in new medicine. Soon, harvesting this blood became a major part of the pharmaceutical industry.

Every year, fishermen catch hundreds of thousands of horseshoe crabs to ship to their clients like Switzerland-based chemicals company Lonza, which sells LAL.

Horseshoe crab blood is now a sought-after commodity among medical scientists and drug companies. According to a report by the Atlantic, the price of horseshoe crab blood is as much as $15,000 per quart, while LAL kits can cost up to $1,000 per package.

However, the use of horseshoe crab blood in the pharmaceutical industry has also played a role in the decline. During blood harvesting, 30 percent of the crab’s blood is drawn. Although the animals are released back into the wild afterward, up to 30 percent of them don’t even make it through the blood-draining. a research study found that this was because the bleeding process made the animals more vulnerable.

So, even if bleeding a female horseshoe crab didn’t kill it, it may make them less likely to mate, which ultimately leads to dwindling population numbers.