VenturesNow

Nigeria’s Abia State to partner China for light rail project

Published

9 months ago

March 2, 2024

Alex Otti, the Governor of Abia State, South East Nigeria, has revealed that his administration is in the process of having talks with a Chinese company about starting a ground-breaking light rail construction project that will cover the whole of the state.

Otti made the revelation during an interview, stressing that the ambitious plan was one of his main campaign promises. He said he had promised to build a light rail system if elected governor of Abia State ahead of the last gubernatorial elections.

“Our conversations with a Chinese company are proceeding smoothly. Though it won’t be simple, the task will be completed. Otti said, “It’s not something you will just start and finish today.”

Going into more detail, Governor Otti stated that the light rail project’s designs are presently being developed.

After the design phase is finished, attention will turn to dealing with the project’s commercial aspects. A layer of assurance was also added when he reaffirmed his commitment to seeing the Abia State light rail project through to a successful conclusion and stated emphatically that it is destined to become a reality.

“The designs are being done. We will move from there to commercial issues, and at the end of the day, we will do it,” he said.

Related Topics:Abia State Featured Nigeria

Click to comment

VenturesNow

Mozambique drops interest rate for 6th time in 2024

Published

6 days ago

November 29, 2024

Ifeoluwa Dada

As inflation remains low in southern African Mozambique, its central bank has lowered its main interest rate by 75 basis points, the sixth straight drop.

Mozambique’s MIMO interest rate dropped from 13.50% to 12.75%. Since July, Mozambique’s inflation rate has stayed below 3%; in October, it was 2.68% annually.

In a statement, the Bank of Mozambique stated that, despite concerns about post-election demonstrations and their effect on the cost of goods and services, its most recent monetary policy decision was consistent with maintaining inflation in the single digits over the medium run.

With a moderate inflation forecast, the policy rate was lowered for the sixth straight time.

Despite concerns about post-election demonstrations and their effect on the cost of goods and services, policymakers said the decision was compatible with keeping inflation in the single digits in the medium run.

Although headline inflation increased slightly to 2.68% in October from 2.45% in July, it has stayed below 3% since then. Banco de Moçambique is the source.

VenturesNow

Hackers stole $17 million from Uganda National Bank— Report

Published

7 days ago

November 28, 2024

Ifeoluwa Dada

The state-owned New Vision newspaper has reported that offshore hackers had stolen 62 billion Ugandan shillings ($16.8 million) from Uganda’s central bank.

Earlier this month, the hackers, who went by the name “Waste,” allegedly gained access to the Bank of Uganda’s IT systems and moved the money illegally.

According to New Vision, which cited anonymous bank sources, the Southeast Asian hacker collective moved a portion of the pilfered funds to Japan.

A request for comment on the issue from Reuters was not immediately answered by Bank of Uganda. A request for a response from the Ugandan police was likewise not answered.

More than half of the funds had been successfully retrieved by the central bank from the hackers, according to New Vision. It stated that President Yoweri Museveni had ordered a probe into the cyberattack.

Separately, the Daily Monitor, Uganda’s largest independent daily, stated that insider collaboration could have played a role in the crime.

In Uganda, there have been several instances of cyber thefts from banks and other financial service providers, including telecom companies. However, according to police authorities, several banks are reluctant to openly admit such events for fear of upsetting their clientele.