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“How I stole keke because of money” – Bella Shmurda recounts


 

Popular Afrobeats singer Bella Shmurda has opened up on some of the challenges he faced in his early years, including resorting to stealing a tricycle (keke) due to financial desperation.

The video, which surfaced online, captured the artist reflecting on his journey to success and the hardships he encountered along the way.

Bella Shmurda disclosed that despite attempting various ventures, not all of them proved fruitful, leading him to make regrettable decisions.

The singer recounted a particular deal he signed in the past that did not work out as expected, leaving him disillusioned with the pursuit of success in the music industry.

Moment Adeniyi Johnson walks into surprise birthday party organized by friends [VIDEO]
Faced with financial struggles and the pressure to make ends meet, Bella Shmurda admitted that he resorted to stealing a keke in a bid to obtain the much-needed funds.

The artist expressed gratitude to God for guiding him through those tough times and for his current position in the industry.


 

Amid the current economic hardship, a Senior Advocate of Nigeria, SAN, Mike Ozekhome, has warned that the naira may exchange for N4000 against the United States, US, dollar before the end of 2024.

Ozekhome explained that there was nothing on ground to show that the naira will improve against the dollar.

He disclosed this while appearing on Channels TV programme, Politics Today on Tuesday.


He said: “Before the end of this year, if we are not careful, the Naira may exchange for N4000 to the dollar because there is nothing in place.

”If we are not careful we will get to the situation in Ghana, where they were carrying cedis in baskets to the market to go and buy things and put in their pockets.

”Why do BDCs sit under the trees and tables to control our economy?”

The Central Bank of Nigeria says the country’s gross external reserves grew by $2.28 billion to $34.51 billion in February 2024.

Olayemi Cardoso, the Governor of CBN, disclosed this on Tuesday in a communique during the 293rd Monetary Policy Committee meeting.

The apex bank boss explained that Nigeria’s external reserves grew to $34.51 billion as of February 20 from $32.23 billion at the end of January 2024.


According to Cardoso, the improvement in the country’s external reserves was driven by reforms in the foreign exchange market and an increase in oil production.

“Gross external reserves stood at US$34.51 billion on February 20, 2024, compared with US$32.23 billion at end-January 2024.

“The improvement was driven by reforms in the foreign exchange market and an increase in oil production

amongst others”, he said.

Recall that the CBN had raised the country’s monetary policy rate by 400 basis points to 22.75 per cent from 18.75 to tackle the country’s rising inflation.

The National Bureau of Statistics said Nigeria’s headline inflation in January 2024 increased to 29.90 per cent.

Economic Hardship In Nigeria Has Nothing To Do With Tinubu - Ambode


 

Former Lagos State governor, Akinwunmi Ambode, has said President Bola Tinubu is not the originator of the current economic challenges in Nigeria.

He said Nigerians need to face the current hardship and economic challenges frontally.

The former governor said this when he addressed attendees at the 2024 Leadership Colloquium and Award hosted by the Akinjide Adeosun Foundation (AAF) at Alliance Francaise in Lagos.


The ex-governor said citizens would continue the blame game if they do not understand the fundamentals of the problems facing the country.

“It has nothing to do with the singular person called Mr President; but if we don’t understand the fundamentals, we will start playing the blame games. We need to face our problems frontally,” he said.

“The major issue is that we are even tired of not fixing our issues. Now, we have found somebody that has decided in person of President Tinubu.

“Until we decide ourselves to say that we should unite for the common cause called Nigeria, the security issues will not go.

“We don’t have to wake up in the morning and talk ill of Nigeria. We get what we profess about Nigeria.”

Wednesday, 28 February 2024 09:28

Army rewards officers for rejecting N1.5m bribe

Nigerian army recruits 6,251 soldiers to fight insecurity | TheCable


 

The Military Special Task Force in charge of maintaining peace in Plateau State has rewarded eight personnel of Operation Safe Haven for rejecting N1.5m bribe from suspected cattle rustlers in the state.

A statement by the spokesman for the task force, Capt. Oya James, said the eight personnel, deployed at OPSH Sector 4, intercepted 30 rustled cows belonging to one Shehu Umar at Bisichi checkpoint in Barkin Ladi local government area of the state.

He added that the cattle were rustled in Mangu and were being transported to an undisclosed location when troops of the task force on a stop-and-search operation intercepted them.


According to the statement, “the occupants of the vehicle, Anas Usman, 20 years old, and Gyang Cholly, 42 years old, immediately approached the troops in a bid to bribe them and secure a security pass for the stolen cattle.

“The monetary plea was rejected and the suspects were arrested, as well as the money offered for the bribe.”

According to the statement, the commander, Operation Safe Haven, Maj. Gen. Abubakar, while presenting a cash reward to the distinguished personnel, urged other security personnel to continually exemplify good conduct and bravery in the discharge of their responsibilities.

“Represented by the Chief of Staff OPSH, Brig. Gen. M.O. Agi, the commander further charged them to emulate the excellent conduct of the eight personnel,” the statement said.

 

The long-awaited Central Bank of Nigeria 293rd Monetary Policy Committee meeting was held on February 26 and 27 amid the continued fluctuation of the Naira against the USD and economic hardship in the country.

The MPC is the highest policy-making committee of CBN, with functions including reviewing economic and financial conditions in the economy, determining the appropriate stance of policy in the short to medium term, regularly reviewing the CBN monetary policy framework and adopting changes when necessary.

At the end of the first MPC meeting since the appointment of Olayemi Cardoso as the Governor of CBN, DAILY POST highlights five critical decisions.

 

Interest rate hike to 22.75 per cent

MPC decided on monetary policy measures by increasing the country’s interest rate by 400 basis points to 22.75 per cent from 18.75 per cent.

The implication is that banks need to pay more when borrowing from the apex bank.

CBN said the move was to moderate inflation in the long and short term.

Adjust the asymmetric corridor around the MPR

The MPC adjusted the asymmetric corridor around the monetary policy rate to +100/-700 from +100/-300 basis points.

This is setting the upper and lower bound around MPR, that is, setting the rate ceiling and floor upon which deposit money banks borrow from CBN in the event of a shortfall in liquidity to meet up with cash reserves requirement and overnight borrowing from each other.

Raise the Cash Reserve Ratio from 32.5 to 45.0%

CBN raised the Cash Reserve Ratio to 45.0 per cent from 32.5 per cent.

The cash reserve ratio is the portion of reservable liabilities (deposits from customers) that commercial banks must hold in their vaults rather than lend out.

For instance, for every N100,000 deposit, banks must hold N55,000 in its vault.

Retain the Liquidity Ratio at 30 per cent.

The committee retained the liquidity ratio at 30 per cent.

A bank’s liquidity ratio is its ability to pay off its current obligations without raising debt capital. It represents the percentage of deposits a bank must keep in cash or near-cash securities before making loans to customers. The CBN is thus mandating that banks hold 30 per cent of deposits as cash in the vaults to meet cash requests by banks.

CBN fixed March 25 and 26 for the next MPC meeting

The apex bank fixed March 25 and 26, 2024, as the next Monetary Policy Meeting date.

I Did Not Tell Anyone To Vote Tinubu – Seyi Law (Video)


 

Controversial comedian Oluwaseyitan Aletile, popularly known as Seyi Law, has said he lost over 200,000 followers because of his social media activism for President Bola Tinubu during the 2023 election campaign.

He disclosed this while featuring as a guest in a recent episode of The Honest Bunch Podcast co-hosted by actor Chinedu Ani Emmanuel, aka Nedu, Toun Cole, and Husband Material.

The comedian said, “I lost over 200,000 followers because of the election which for me, is not a problem. The most important thing is that whatever you do, try as much as possible to draw that you’re doing it from the right place. Whatever you do, are you sure that you are doing it from the right place? Is it fair to those concerned? If you’re not being fair, don’t do it.”


Seyi Law also claimed that Tinubu made Lagos the entertainment hub it is today.

“Tinubu probably made Lagos a conducive environment for entertainment to thrive today,” he said.

Wednesday, 28 February 2024 08:32

80% of Young Billionaires Skip College - Report

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  • Alexandr Wang, 26 years old, tops the list of the youngest self-made billionaires generating a net worth of $1 billion.
  • Pedro Franceschi, aged 27, takes the second spot on the list with a net worth of $1.5 billion. 
  • 8 of the 10 billionaires on the list do not have college degrees.
  • Only two female singers, Rihanna, and Taylor Swift, made to the list of the youngest self-made billionaires; the rest are males from the tech industry.

Stanford University has produced the majority of the youngest self-made billionaires since 6 out of 10 billionaires on the list have studied there for at least a year before becoming billionaires.

A study conducted by an Online Gaming company identified the top 10 youngest self-made billionaires in 2024. The research used data from Forbes, Bloomberg, and various official financial news websites to rank the youngest billionaires. In addition, the research touches upon the industries and primary income sources for these billionaires, as well as provides information about their education and backgrounds.

Alexandr Wang, 26 years old, tops the list of the youngest self-made billionaires generating a net worth of $1 billion from his AI model-developing company, Scale AI, which he founded at 19. Wang is a college dropout from the Massachusetts Institute of Technology.

Pedro Franceschi, aged 27, takes the second spot on the list with a net worth of $1.5 billion. Similar to Alexandr Wang, Pedro Franceschi also decided to drop out of Stanford University and establish Brex, a fintech company he co-founded with a friend.  
 
Henrique Dubugras, 28, ranks third on the list of the youngest self-made billionaires, with a net worth of $1.5 billion. Dubugras, together with Pedro Franceschi, co-founded Brex after the two Brazilian friends decided to drop out of Stanford University together. 

Austin Russell, aged 28,  is the fourth youngest self-made billionaire on the list, with a net worth of $1.6 billion. Like Franceschi and  Dubugras, Austin Russell is also a Stanford University dropout. Following his company Luminar Technologies’ listing on Nasdaq, Russell became a self-made billionaire at age 25. 

Ryan Breslow, at 30 years of age, ranks as the fifth youngest self-made billionaire, possessing a net worth of $1.1 billion. Similar to the above three billionaires, Breslov also dropped out of Stanford to launch payment startup Bolt, which made him a billionaire. 

Andy Fang, 32 years old, holds the sixth spot on the list with a net worth of $1.2 billion. Fang is a co-founder of the food delivery app DoorDash, which is the largest food delivery company in the US. Fang is the first person on the list to have a Bachelor’s degree in Arts and Sciences from Stanford University.

Stanley Tang, 32 years old, follows his business partner Andy Fang on the list of youngest self-made billionaires with a net worth of $1.3 billion. Tang is the co-founder and Chief Product Officer at DoorDash, and he also holds a Bachelor of Arts and Sciences from Stanford University.

John Collison, aged 33, takes the eighth place on the list with a net worth of $5.5 billion, which makes him the richest self-made billionaire on the list.  Being a dropout, John Collison is the co-founder and president of Stripe.

Taylor Swift, aged 34, is the ninth self-made billionaire on the list, with a net worth of $1.1 billion. Taylor Swift is one of the most successful and popular singers in the world, but she has never attended college. Her main source of income is her music career. 

Rihanna, aged 35, closes the list of the youngest self-made billionaires with a net worth of $1.4 billion. She is the only other female singer on the list, except Taylor Swift. This R&B superstar also never went to college, and her main sources of income are her music career and her brands Fenty Beauty and Savage X Fenty.

Self-made billionaires
Age
Net Worth
Education
John Collison
33
5.5 billion
Drop Out, Harvard University
Alex Atallah
31
2.2 billion
Bachelor of Arts/Science, Stanford University
Pedro Franceschi
27
1.5 billion
Drop Out, Stanford University
Stanley Tang
32
1.3 billion
Bachelor of Arts/Science, Stanford University
Andy Fang
32
1.2 billion
Bachelor of Arts/Science, Stanford University
Taylor Swift
34
1.1 billion
No Degree
Ryan Breslow
30
1.1 billion
Drop Out, Stanford University
Austin Russel
28
1,6 billion
Drop Out, Stanford University
Henrique Dubugras
28
1,5 billion
Drop Out, Stanford University
Alexandr Wang
26
1 billion
Drop Out, Massachusetts Institute of Technology
 


 

President Bola Tinubu explained on Tuesday that the decision taken to remove subsidy on petrol was a challenging one but necessary to ensure a transparent and accountable energy sector.

The President, who spoke at the opening of the 2024 Nigeria International Energy Summit, NIES, in Abuja, acknowledged that the decision has led to hardship, especially amongst low-income earners, assuring that eventually the economy will improve and the benefits will manifest.

Represented by the Minister of Information and National Orientation, Mohammed Idris, Tinubu said energy security was a priority for his administration.


He said: The petroleum subsidy has, over the years, strained our economic resources, leading to inefficiencies and, most importantly, hindering our ability to invest in critical areas of energy security.

“By removing the subsidy, we are creating a more transparent and accountable energy sector. The funds that were previously allocated to subsidising petroleum products are now redirected towards developing and upgrading our energy and other social infrastructure.

“Furthermore, the removal of the subsidy has encouraged further private sector participation in the energy industry, with the potential to attract more local and international investors and foster innovation and competition that will drive down costs and improve the overall efficiency of our energy sector.”

Acknowledging the hardship caused by the decision, the President said: “I am acutely aware of the immediate impact this decision may have had on our citizens, especially those with lower incomes.

Therefore, in parallel with the subsidy removal, my administration is committed to implementing social intervention programmes to mitigate the short-term effects on vulnerable populations. These programmes will ensure that the burden of subsidy removal is shared equitably and that the most vulnerable among us are protected.

“The decision to remove the petroleum subsidy is not an easy one, but it is a necessary one for the long-term energy security and economic prosperity of our beloved nation. I call upon all stakeholders, including industry experts, policymakers, and the general public, to engage in constructive dialogue and collaboration as we navigate these challenging but transformative times.


“Together, we can build a resilient and sustainable energy future for Nigeria.”

RCCG pastor arraigned for allegedly raping and impregnating daughter


 

A Pastor of the Redeemed Christian Church of God, Emmanuel Orekoya, was on Tuesday, Feb. 27, arraigned before the Ikeja Sexual Offences and Domestic Violence Court for allegedly raping and impregnating his 17- year-old daughter.

The defendant is facing two counts of unlawful sexual intercourse and sexual assault preferred against him by the Lagos State Government.

Back in Nov. 2022, a video that went viral purportedly showed the daughter of pastor Orekoya Emanuel of RCCG Wisdom Tabernacle Parish Lawason Lagos, alleging that her biological father slept with her for over 2 years, with the knowledge of her mother.

 

It was also gathered that the defendant, while having sexual intercourse with his daughter, allegedly impregnated her.

On Tuesday, Feb. 27, the state’s prosecution counsel, Mrs Abimbola Abolade, told the court that the defendant committed the offences sometime in 2017 at Jacob Adeleye Street, Odoeran, Itire area of the state.

The prosecutor also told the court that Orekoya sexually assaulted the victim, by inserting his finger inside her vagina and inserting his penis inside her mouth.

 

According to the prosecutor, the offences Orekoya committed contravened Section 137 of the criminal law of Lagos State 2015.

However, the defendant pleaded not guilty to the charges against him.

Justice Soladoye adjourned the case till April 17, 2024, for the commencement of trial.