Business
Obasanjo Criticizes Fuel Subsidy Removal Amid Rising Inflation and Protests
In a recent interview with the Financial Times, former Nigerian President Olusegun Obasanjo addressed the reemergence of the fuel subsidy in Nigeria, attributing its return to the inflationary pressures that have arisen since its removal.
The fuel subsidy, which was abolished in June 2023 by President Bola Tinubu’s administration, has reportedly reappeared due to escalating inflation, according to Obasanjo.
Obasanjo criticized the manner in which the subsidy was eliminated, arguing that the government failed to implement necessary preparatory measures before its removal.
He emphasized the need for a more strategic approach, suggesting that the removal of the subsidy was executed abruptly without adequate planning.
“The subsidy we thought we had removed is effectively back because of inflation,” Obasanjo noted.
He highlighted that there is considerable work required to address the economic issues at hand and called for a transition from a transactional economy to a transformational one to bolster investor confidence in Nigeria.
His comments come in the wake of persistent hunger protests across the country. These demonstrations, which began last Thursday, have now stretched into their fifth day, with a major demand being the reinstatement of the fuel subsidy.
In response to the protests, President Tinubu addressed the nation in a broadcast on Sunday, acknowledging the pain caused by the subsidy removal but defending it as a necessary measure. He argued that the subsidy was a significant burden on the country’s economic progress and development.
The impact of these economic changes is reflected in the sharp rise in core inflation, which surged to unprecedented levels of 34.19 percent and 40.87 percent in June 2024, according to data from the National Bureau of Statistics.
Skype, once a go-to platform for video and voice calls, is officially shutting down today, May 5, marking the end of its 22-year journey connecting people around the globe. The app was one of the first to revolutionize online communication, offering free calls over the internet long before it became common.
During its prime in the mid-2010s, Skype boasted over 300 million active users each month. Microsoft bought Skype in 2011 for a massive $8.5 billion, planning to make it a key part of its communication tools. However, as newer apps like WhatsApp, Zoom, and even Microsoft’s own Teams grew in popularity, Skype slowly lost its place.
In February, Microsoft announced it would officially shut down Skype on May 5 to focus more on Teams, which now handles most of its communication services. This move affects both free and paid users, although Skype for Business will stick around for a little longer.
Business
United Bank Of Africa, UBA, Delivers 23% Total Dividend for 2024, CEO Promises More to Come
United Bank of Africa, UBA, pays 171 Billion in total to its shareholders for the 79 percent increase for 2024.
This information was revealed during the 63rd Annual General held on the 25th of April, 2025. The UBA shareholders approved of the 3 naira dividend share, which will com bine with 2 naira interim dividend and will represent a 23 percent total dividend for 2024 in total.
It can be noted that UBA now has the highest Nigerian stocks and the CEO, Oliver Alawuba has assured the shareholders of the dividends that will be paid.”What we can assure our shareholders today is that UBA will continue to pay more dividends.”
It has been reported that Economic and Financial Crimes Commission (EFCC), prepares to look into the recent crash of the popular investment platform, CBEX.
It can be recalled that investment platform, CBEX, recently crashed and caused worry for many users. The public to social media to lament about the crash of the platform and cries out due to their losses.
Popular Nigerian blogger, Innocent Tino shares that he will partner with EFCC for a joint investigation of the downfall of CBEX. It was also shared that a total of #1.3 trillion funds have been lost due to the crash.
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