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Brother Kills Nephews, Mutilates Bodies Over Financial Envy

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David Abi
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Man arrested for k!lling his younger brother's children and c%tting off their manh00d 'because their father makes more money than him

Brother Kills Nephews, Mutilates Bodies Over Financial Envy.

In Ogun State, Nigeria, Taiwo Agbaje has been arrested by the police for a horrific crime involving his younger brother’s children. Agbaje, who is also an Okada rider like his brother, confessed to abducting the two boys, aged nine and seven, from their home in Abeokuta.

In a disturbing video circulating on social media, Agbaje describes how he took the children to a nearby bush, where he brutally attacked them with a weapon until they died. He then mutilated their bodies by severing their genitals. Agbaje claimed that his motive for this heinous act was jealousy over his brother’s financial success, asserting that he was angry that his brother was making more money than he was.

He firmly denied any intent to use the children for ritual purposes and clarified that he had no personal grudge against the children’s parents. The suspect’s confession and actions have shocked the local community and drawn significant attention on social media.

This tragic event highlights a deep-seated issue of economic disparity and personal grievances escalating into violence. The investigation is ongoing as authorities work to understand the full scope of the situation and ensure justice for the victims.

Rema and Tems Featured on Obama’s Summer Playlist

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David Abi
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Nigerian singers, Rema and Tems make Barack Obama's annual summer playlist

Rema and Tems Featured on Obama’s Summer Playlist.

Former U.S. President Barack Obama has unveiled his 2024 Summer playlist, featuring an eclectic mix of 40 songs. Among the selected tracks are Nigerian artists Rema and Tems.

Rema’s hit song “Yayo” from his 2024 album and Tems’ track “Love Me Jeje” both made it onto the list. Obama’s playlist, shared on Twitter, reflects his diverse musical taste and includes a range of genres and artists. In his tweet, Obama expressed his hope that listeners would discover new music through his recommendations.

Middle Belt Youth Forum Disavows Arewa Republic Push

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David Abi
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Middle Belt Youth Forum denounces peddlers of Arewa Republic

Middle Belt Youth Forum Disavows Arewa Republic Push.

The Middle Belt Youth Forum (MBYF), a key faction of the Middle Belt Forum (MBF), has sharply rejected and distanced itself from the so-called “Arewa Republic” movement. The MBYF, led by Capt. Brent Kane, issued a statement condemning the movement as both “laughable” and “irrational.”

Key Points from the Statement:

  1. Rejection of Secessionist Ideals: The MBYF criticizes the secessionist “Arewa Republic” idea, which has surfaced on social media and includes elements like a flag, logo, and anthem. The group describes this notion as a misguided attempt to create a monolithic entity from northern Nigeria’s 19 states, dismissing it as an unrealistic fantasy.
  2. Commitment to Nigerian Unity: The MBYF emphasizes its commitment to Nigeria’s unity and rejects any efforts to involve the Middle Belt in what it considers an “ungodly and unholy” alliance. The forum affirms that the Middle Belt region has a distinct identity and aspirations separate from the proposed Arewa Republic.
  3. Clarification of Regional Identity: The statement outlines the geographical and political boundaries of the Middle Belt, including specific states and regions that define its identity. The MBYF asserts that its members do not identify with or support the Arewa Republic’s ideological framework.
  4. Call for Inclusive Dialogue: The MBYF advocates for the implementation of recommendations from the 2014 National Conference Report. This report is seen as a potential framework for addressing Nigeria’s regional and ethnic conflicts through a democratic and inclusive process.
  5. Unity and Advocacy: The forum urges Middle Belt residents to remain united in rejecting the Arewa Republic movement and to push for a fair and just system within Nigeria. It stresses the importance of continued advocacy for the rights and identity of the Middle Belt within a unified Nigeria.

Context:

The Arewa Republic movement has gained some attention on social media, with proponents proposing it as an alternative political and administrative structure. The Middle Belt, known for its diverse ethnic and cultural landscape, is firmly opposing this idea, maintaining its focus on a united Nigeria and addressing national issues through established democratic channels

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Catholic Bishops Demand Action Against Poverty

By
David Abi
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Easter
Catholic Bishops to FG: Save Nigerians from multi dimensional poverty

Catholic Bishops Demand Action Against Poverty.

The Catholic Bishops Conference of Nigeria (CBCN) has issued a strong appeal to the federal government to reassess its economic policies to combat the severe multi-dimensional poverty affecting Nigerians. This call was made by CBCN President, Most Rev. Lucius Iwejuru Ugorji, during a homily at the ordination of 11 priests in Owerri.

Key Points from the Appeal:

  1. Economic Policy Review: Archbishop Ugorji urged the federal government to listen to the people’s grievances and conduct a thorough review of its economic policies. He attributed the worsening poverty levels to recent economic changes, including the removal of fuel subsidies and the devaluation of the naira.
  2. Impact of Policy Changes: Ugorji highlighted that the removal of the fuel subsidy and the floatation of the naira have led to hyperinflation and a sharp increase in the cost of living. He emphasized that these changes have significantly impacted workers’ wages and overall affordability of essential goods and services.
  3. Consequences of Inaction: The Archbishop pointed out that the government’s failure to address these issues has resulted in widespread protests, some of which have turned violent, causing loss of lives and property. He stressed the need for the government to respond effectively to the rising public dissatisfaction.
  4. Calls for Immediate Action: The CBCN President called for immediate action from the government to address the economic challenges faced by citizens. He criticized the current palliative measures, questioning their effectiveness and reach.
  5. Poverty and Inflation: Ugorji described the current situation as multi-dimensional poverty, where even if food is available, it is no longer affordable. He noted that the standard of living has drastically declined, with people unable to meet their daily needs.
  6. Government Responsiveness: He stressed that the government should be more responsive to the needs of its citizens and address their demands for a better standard of living and economic stability.

The appeal underscores the critical need for the federal government to reassess its economic strategies to mitigate the adverse effects on the population and improve living conditions.

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PDP Criticizes APC’s Stance on Debt Management in Delta

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David Abi
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You lack credibility to discuss debt mgt, Delta PDP tells APC

PDP Criticizes APC’s Stance on Debt Management in Delta.

The Delta State chapter of the Peoples Democratic Party (PDP) has strongly criticized the All Progressives Congress (APC) for its commentary on the state’s debt management, asserting that the APC lacks the credibility to discuss such matters. According to the PDP, the APC-led Federal Government has overseen a period of heavy and reckless borrowing, escalating Nigeria’s national debt from approximately N7 trillion during the PDP’s 16-year tenure to over N90 trillion under the APC’s eight years in power. This dramatic increase has resulted in a situation where 97% of Nigeria’s national revenue is devoted to debt servicing, which has significantly reduced the revenue allocations to states and local governments.

The PDP’s response came after what it described as “misguided propaganda” by the Delta State Chapter of the APC, which aimed to misinform the public about the debt management measures being implemented by Governor Sheriff Oborevwori’s administration. The PDP’s state secretary, Mr. Dan Ossai, accused the APC of trying to downplay the governor’s responsible efforts in reducing the state’s debt profile to ensure greater financial stability and economic health.

Ossai emphasized that Governor Oborevwori is committed to managing Delta State towards a debt-free future, noting that the governor has saved over N205 billion through financial efficiency and has reduced the state’s debt by N180 billion. He argued that it is precisely these achievements that the APC is challenging, highlighting the irony of their criticism given the APC’s poor management of the national economy.

The PDP also pointed out that the APC’s poor handling of the national economy, particularly in the oil sector, is another reason why their opinions on Delta State’s debt management should not be taken seriously. Under the APC, Nigeria’s crude oil production capacity dropped from over two million barrels per day to about one million barrels per day, further exacerbating the country’s economic challenges.

In summary, the Delta State PDP dismissed the APC’s criticisms as unfounded and reflective of the party’s own failures at the national level, particularly in the management of the economy and debt. The PDP reiterated its commitment to prudent financial management and ensuring that Delta State does not follow the same path as the APC-led federal government.

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World Bank: Nigeria to Receive More Diaspora Remittances in 2024

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David Abi
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0
World Bank predicts bigger diaspora remittance for Nigeria in 2024

World Bank: Nigeria to Receive More Diaspora Remittances in 2024.

Nigeria has consistently been one of the top recipients of diaspora remittances, averaging about $20 billion annually over the last decade. These remittances have been a crucial source of foreign exchange, surpassing other foreign earnings for several countries. However, the growth in remittances has slowed recently, with a 3% drop recorded in 2023, bringing the total to $19.5 billion, according to the World Bank.

This decline is part of a broader trend affecting Low and Middle-Income Countries (LMICs), where remittance flows grew by just 0.77% between 2022 and 2023, compared to an 8.3% increase in the previous year. Despite this slowdown, the World Bank predicts a recovery, with remittance flows to LMICs expected to grow by 2.3% in 2024 and 2.8% in 2025.

In Nigeria, remittances play a vital role in supporting education, healthcare, infrastructure, and foreign exchange liquidity. To enhance this, the Central Bank of Nigeria (CBN) has allowed international money transfer operators (IMTOs) access to the official foreign exchange market, a move aimed at increasing local currency liquidity. The CBN governor also revealed plans to double diaspora remittances, which currently contribute 6% of Nigeria’s GDP, in 2024.

The outlook for remittances in Nigeria is promising, with the potential for growth supported by strong labor markets in advanced economies, particularly the UK and the US, which are key sources of remittances. However, challenges such as high remittance costs, lack of competition, and potential global economic slowdowns remain. Additionally, external factors like geopolitical conflicts and climate risks could impact remittance flows in the coming years.

Nigeria’s Fiscal Deficit Shrinks by 29% to N2.82 Trillion

By
David Abi
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0

Nigeria’s Fiscal Deficit Shrinks by 29% to N2.82 Trillion.

Nigeria’s budget deficit has decreased by 29% from N3.96 trillion in the first quarter of 2023 to N2.83 trillion in the first quarter of 2024, as the federal government looks to banks’ realized foreign exchange gains to boost revenue. This reduction comes at a time when the country is grappling with the economic impact of a significant depreciation of the naira and the removal of petrol subsidies.

The decline in the deficit is seen as a positive sign for Nigeria’s economic health, allowing the government to potentially increase spending on capital projects and human capital development, both of which are essential for driving economic growth, creating jobs, and reducing poverty.

The Central Bank of Nigeria (CBN) reported that the country’s revenue in Q1 2024 increased to N1.76 trillion from N1.32 trillion in the same period in 2023, while expenditures stood at N1.53 trillion. This improvement in revenue has been partly attributed to the introduction of a one-off 50% windfall tax on Nigerian banks’ foreign-currency revaluation profits, which was announced in July 2024 and later increased by the Senate to 70%. The tax is aimed at raising funds for infrastructure and other critical government spending.

Despite the reduced deficit, experts caution that the government’s rising expenditure plans, driven by increased workers’ wages and elevated debt servicing costs, may outpace revenue gains. As a result, the Federal Government of Nigeria (FGN) is expected to continue operating at a deficit in subsequent quarters.

Analysts from FBN Quest note that while the windfall tax on banks’ forex revaluation gains and improved crude oil production could potentially boost government revenues, the long-term sustainability of these gains remains uncertain. The oil sector, which has been plagued by insecurity, low investment, and the exit of international oil companies (IOCs), continues to struggle, which poses challenges for the government’s revenue projections.

The economic environment in Nigeria remains volatile, with the naira’s value continuing to decline following the CBN’s decision to merge all segments of the FX market into the Investors and Exporters window. This depreciation has had a significant impact on both the cost of living and the government’s fiscal operations.

In response to these challenges, the government has introduced various fiscal measures, including the Accelerated Stabilisation and Advancement Plan, which outlines spending up to N5.4 trillion on petrol subsidies in 2024. However, the plan has been met with skepticism, with officials noting that it is still under review and has not been officially adopted.

Overall, while the reduction in Nigeria’s fiscal deficit is a positive development, the country faces significant challenges in maintaining fiscal stability and driving economic growth in the face of ongoing economic pressures.

OPEC data challenges Tinubu’s claim of 1.6 million barrels per day oil output

By
David Abi
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0

OPEC data challenges Tinubu’s claim of 1.6 million barrels per day oil output.

OPEC data casts doubt on President Bola Tinubu’s recent claim that Nigeria’s oil production had surged to 1.6 million barrels per day (bpd). While Tinubu announced this as a significant recovery for the country’s oil sector, OPEC’s latest reports show lower figures. In June 2024, Nigeria’s production was recorded at 1.276 million bpd, only slightly increasing to 1.3 million bpd in July 2024.

This discrepancy raises concerns about the accuracy of the government’s claims, with experts like oil and gas analyst Bala Zakka pointing out the difference between political statements and actual data. Despite these challenges, Nigeria remains Africa’s largest oil producer, although the sector continues to face issues like insecurity, low investment, and the exit of international oil companies.

The Tinubu administration aims to boost daily production to two million barrels next year, but how this target will be achieved remains uncertain. The government has introduced fiscal incentives to improve the investment climate, but the outlook remains challenging as Nigeria’s oil output struggles to meet its budgetary targets.

MTN and Airtel are finding ways to recover after reporting a combined $1.56 billion loss due to the naira’s devaluation.

By
David Abi
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0

MTN and Airtel are finding ways to recover after reporting a combined $1.56 billion loss due to the naira’s devaluation.

Telecom giants MTN and Airtel are pivoting to a naira-focused strategy after suffering $1.56 billion in FX losses due to the naira’s steep depreciation. Both companies have reduced their foreign loans, renegotiated contracts to minimize dollar liabilities, and implemented cost-saving measures. Despite these efforts, the telecom industry is advocating for a tariff increase to align with economic realities and ensure sustainability.

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Bournemouth is exploring a potential deal for Arsenal’s unwanted forward

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David Abi
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Bournemouth is exploring a potential deal for Arsenal’s unwanted forward.

Bournemouth is reportedly interested in signing Arsenal striker Eddie Nketiah as a replacement for Dominic Solanke, who recently joined Tottenham for £65 million. While Nketiah has struggled for regular playing time at Arsenal, Bournemouth sees him as a potential addition to their squad. Arsenal is seeking around £50 million for the striker. Previously, Marseille showed interest in Nketiah, but talks fell through, opening the door for Bournemouth.

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Conor Gallagher could remain at Chelsea amid recent transfer developments

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David Abi
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Could Conor Gallagher stay at Chelsea after latest transfer update?

Conor Gallagher could remain at Chelsea amid recent transfer developments.

Conor Gallagher’s proposed transfer from Chelsea to Atletico Madrid, valued at £33.7 million, has hit a snag. Despite undergoing a medical in Madrid and expressing eagerness to join the Spanish club, the deal is now uncertain due to Atletico needing to offload a player to finalize Gallagher’s move. Chelsea, monitoring the situation, has requested Gallagher return to London if the transfer doesn’t proceed as planned.

Fabrizio Romano, a reliable transfer expert, confirmed that while the move hasn’t collapsed, Chelsea is prepared to bring Gallagher back. Meanwhile, Chelsea is also exploring a separate deal to re-sign Joao Felix from Atletico Madrid, potentially on a permanent basis. Felix, who had a mixed loan spell at Chelsea in the 2022-23 season, could be available for a fee significantly lower than Atletico’s initial €126 million investment.

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Apple demands Patreon switch to its billing system or face potential removal from the App Store.

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David Abi
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Apple demands Patreon switch to its billing system or face potential removal from the App Store.

Apple has warned Patreon that it must switch to Apple’s in-app purchasing system or face removal from the App Store. Patreon informed creators about a mandatory migration to Apple’s system by November 2025, with an earlier transition to subscription billing in November 2024. Creators can choose to raise prices to cover Apple’s commission or absorb the fees themselves. This move highlights ongoing tensions over Apple’s App Store rules, which have been criticized for being inconsistently applied. Patreon is frustrated by the forced changes, emphasizing that Apple’s timelines are not ideal for creators.

Score, the dating app designed for people with good to excellent credit, has quietly shut down

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David Abi
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Score, the dating app designed for people with good to excellent credit, has quietly shut down

Score, the dating app designed for people with good to excellent credit, has quietly shut down.

Score, the dating app targeting individuals with good to excellent credit, shut down in early August, as confirmed by its parent company, Neon Money Club. Originally intended as a 90-day pop-up app launched in February, the app’s unexpected popularity led to a six-month extension. During that time, it attracted around 18,000 users and made 8,000 matches.

The app was designed to raise awareness about credit health and spark conversations around financial responsibility. Despite its success, co-founder Luke Bailey emphasized that Score was always meant to be temporary. He also noted that the app provided valuable insights into the current dating scene, such as highlighting the credit score gap between genders, particularly among millennials, where men had an 11% advantage over women.

Bailey rejected claims that the app was classist, stating that it connected financially responsible individuals and educated users about their credit health. As Neon Money Club shifts focus, they are working on new projects related to their AMEX card and financial wellness content, but Bailey hinted they might not venture into the dating space again. Instead, they plan to continue innovating in financial literacy and wellness.

Elon Musk and Donald Trump’s X Spaces event crashes during live stream

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David Abi
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0
Elon Musk and Donald Trump’s X Spaces event crashes

Elon Musk and Donald Trump’s X Spaces event crashes during live stream.

Elon Musk and Donald Trump’s joint X Spaces event on Monday faced technical issues, causing it to crash shortly before it was scheduled to start. The event, which was meant to mark Trump’s return to the platform, was initially set for 5 pm PT but encountered errors, preventing users from joining. The event eventually started at 5:42 pm PT.

Musk claimed the crash was due to a “massive DDOS attack,” suggesting it was an attempt to prevent the public from hearing Trump speak. This incident mirrors a similar technical failure that occurred during Ron DeSantis’s campaign announcement on X Spaces in May 2023.

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a16z-backed Tally closes doors after burning $172M in funding.

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David Abi
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a16z-backed Tally closes doors after burning through $172M in funding.

a16z-backed Tally closes doors after burning through $172M in funding.

Tally, a San Francisco-based fintech that aimed to help consumers manage and pay off their credit card debt, has shut down after nearly a decade in operation. The company, founded in 2015, had raised $172 million in funding and was last valued at $855 million. However, despite its promising start, Tally was unable to secure additional funding to continue operations.

The company’s model was centered on offering consumers lower interest loans to help pay off high-interest credit card debt. Earlier this year, Tally announced it would transition from a consumer-focused app to a B2B model, partnering with a large publicly traded company. However, this shift did not materialize as expected.

In a LinkedIn post, Tally’s founder and CEO, Jason Brown, expressed deep regret over the decision to close, stating that after exploring all options, they could not find the necessary funding to keep the company afloat. The shutdown marks the end of Tally’s journey, which had been backed by prominent investors like Andreessen Horowitz, Kleiner Perkins, and Shasta Ventures.

The company had 183 employees at the time of its closure. TechCrunch has reached out to Tally for further details on the shutdown and the fate of its employees and partners

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