Business
Dangote Advocates for Subsidy Removal, Calls Current Pricing Unsustainable
Aliko Dangote has voiced his support for the removal of fuel subsidies in Nigeria, stating that it’s no longer sustainable. He pointed out that petrol in Nigeria is 40% cheaper than in Saudi Arabia, A situation he believes is not economically viable. Dangote’s remarks highlight the urgent need for subsidy reforms to address the growing fiscal pressures on the Nigerian economy.
Business
Hamster Kombat Airdrop Leaves Nigerians Disappointed
In a surprising turn of events, the long-awaited airdrop from the crypto-mining app Hamster Kombat has left thousands of Nigerians frustrated and angry. After five months of non-stop tapping, users expected huge payouts, some dreaming of becoming millionaires.
However, when the coin finally launched, most users received only $1 to $4, with unconfirmed reports showing the highest payouts between $7 and $17. Social media erupted with outrage, as users expressed their disappointment in what they believed was a misleading campaign.
The app, which had promised to turn Nigerians into billionaires and CEOs, left many with small rewards, leading to widespread disillusionment. Though the coin launched with a market cap of $535.3 million and a trading volume of $448.7 million in the first 24 hours, it failed to meet user expectations.
Business
Experts Support Emirates’ Dollar Pricing in Nigeria
Aviation experts support Emirates Airlines’ decision to charge passengers in dollars, citing the airline’s dollar-based costs and financial challenges in Nigeria. Emirates pays for services like airport fees and fuel in dollars, making naira pricing difficult to maintain. Olumide Ohunayo of the Aviation Round Table explained that inconsistent aviation policies in Nigeria justify the move.
Experts also noted that currency fluctuations and trapped funds have added pressure on airlines. While some customers may prefer naira payments, dollar-priced tickets are often more affordable.
Kingsley Nwokoma emphasized payment should remain a choice, warning that mandating dollar payments could cause disruptions. Meanwhile, John Ojikutu highlighted the billions foreign airlines contribute to Nigeria, questioning how these funds are managed. NANTA has requested Emirates to continue offering naira payment options alongside dollars.
Business
Hamster Kombat Bans 2.3 Million And Plans Airdrop
The Hamster Kombat team announced that 2.3 million users were banned for cheating in their popular Telegram clicker game. They will airdrop 60 billion out of a total 100 billion Hamster Kombat (HMSTR) tokens, with 60% distributed after season one and 15% in season two.
Eligible users will receive 88.75% of their tokens immediately, while 11.25% will be vested for 10 months. Although the game claims over 300 million users, only 131 million are eligible for the airdrop. The team has rejected venture capital offers to ensure the token’s value is determined by market demand.
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