By Francesca Hangeior

Snapchat’s global user base continues to grow, with 11 million new daily active users joining in the last three months, bringing the app’s total to 443 million, an increase of 9%.

However, its user count in the U.S. market has stagnated at 100 million annually.

Snap, Snapchat’s parent company, has struggled to convert its growing user base into profits.

Revenue for the third quarter rose by 15% year-over-year to $1.37 billion, slightly surpassing analyst expectations but the company still posted a loss of $153 million—a 58% improvement from a $368.3 million loss in the same period last year.

Snap’s revenue mainly comes from advertising on the Snapchat platform.

For the upcoming quarter, including the Christmas season, Snap forecasts revenue between $1.51 billion and $1.56 billion, aligning with analysts’ higher estimates.

Following the announcement of a $500 million share buyback, Snap’s stock rose by about 7% in after-hours trading.

By Francesca Hangeior

The Minister of Marine and Blue Economy, Adegboyega Oyetola, has announced that Nigeria is positioning itself to become a major exporter of fish as part of its strategic blue economy push.

This was disclosed in a statement on Wednesday by the Head of Press for the Ministry of Marine and Blue Economy, Muhammad Zakari.

At the 39th Annual National Conference and General Meeting of the Fisheries Society of Nigeria, President Bola Ahmed Tinubu, represented by Oyetola, stressed that Nigeria is moving towards becoming a major exporter of fish products while also working to achieve self-sufficiency.

“The establishment of this ministry marks the beginning of a new era for the fisheries and aquaculture sub-sector. In line with Mr President’s vision, the ministry is committed to achieving self-sufficiency in fish production and positioning Nigeria as a leading exporter of fish and fisheries products.”

The Minister noted that the theme of this year’s conference, “Unlocking the Investment Potential of Nigeria’s Blue Economy: Advancing the Fisheries and Aquaculture Sector for Sustainable Development,” aligns with the President’s goal of expanding the nation’s economic opportunities.

“The theme of this year’s conference is particularly significant, as it aligns with the President’s vision for sustainable economic diversification, reflected in the establishment of the Ministry of Marine and Blue
Economy. This focus has been reinforced by the recent transfer of the Department of Fisheries and Aquaculture to this Ministry, which will now directly oversee all fisheries-related matters.”

Oyetola further stated, “The Ministry is implementing various initiatives to manage fisheries, enhance investment in fisheries and aquaculture, improve post-harvest infrastructure, promote innovation, leverage technology, and foster multi-stakeholder collaborations.”

The Minister highlighted the commitment to fully utilising Nigeria’s marine resources, noting the sub-sector’s potential to boost food production, create jobs, and drive economic development for Nigerians.

He added, “Fisheries and aquaculture are central to the broader vision for Nigeria’s Blue Economy sector. The Ministry’s strategic focus is to upscale fish production sustainably, tapping into the full spectrum of our marine resources.

“This sub-sector has the potential to unlock long-term resources, increase food production, provide job opportunities, and drive sustainable development across our coastal and inland waters. This, in turn, offers long-term prosperity and security for future generations.”

Oyetola mentioned that, since the department’s transfer to the ministry nine months ago, significant progress has been made across several areas, including boosting local feed production while reducing imports, engaging stakeholders to identify growth needs, enhancing public-private partnerships to attract investment, studying best practices from countries like Morocco, and collaborating with international organisations such as the FAO.

As the Transition Committee in Edo State awaits the clarification of the stake owned by Edo State Government in the ownership of some properties, palpable fear has enveloped Government House over the out-going Governor’s silence on Ossiomo Power Plant, Edo Modular Refinery and the Radisson Blu Hotel.

The Peoples Democratic Party (PDP) and the incoming All Progressives Congress (APC) Committees, held a joint session where facts about the three companies were discussed.

The PDP team, during the meeting, promised that the matter will be discussed with Governor Godwin Obaseki.

The APC team, which requested documents on the ownership and stake of Edo state government in the projects, were stunned when the government officials feigned ignorance in such mega projects that cost taxpayers several billions of naira.

A petition addressed to the Transition Committee and copied to the Economic and Financial Crimes Commission (EFCC), is said to be unsettling Governor Obaseki who will be handing over to Senator Monday Okpebholo in less than two weeks.

The petition, signed by Comrade Samuel Osawaru of the Edo Integrity Group, is believed to be working from the Obaseki team.

The group stated that Quadrant Consolidated Systems Engineering Limited, allegedly owned by Uwagboe Igiehon and Mark Igiehon, was being used for the financial transactions including “receiving of revenues for themselves and on behalf of Ossiomo Power Project” from Edo state government coffers.

The group, which named Chinese Clean Energy and Telecom Company (CCETC) as the technical partners of Ossiomo Power Project, also disclosed that both the CCETC and Ossiomo were holding companies for the owners of the plant.

It added that majority of Edo State Government agencies pay their tariff to the Ossiomo Power Plant through estimated billing but the company has quickly resorted to metering of the government agencies since 21st September 2024, when PDP lost election.

The Edo Integrity Group which stated that it was fighting corruption in Edo State, appealed to the Transition Committee and the EFCC “to beam search light on the activities of Ossiomo Power Plant as a lot has happened there” in the past few years.

In a related development, an anonymous letter addressed to security agencies has indicted Governor Obaseki over the acquisition of Edo Modular Refinery and Radisson Blu Hotels, which were both funded with tax-payers money but converted to private ownership.

The letter urged the security agencies to investigate the funding of both companies which were from Edo state government “but not included as assets of Edo state in the ongoing handover notes for the in-coming administration.”

The writers of the petition also revealed that they were staff of Edo State Government and members of the PDP Transition Committee “but were not allowed to function as all documents and directives were from Governor Obaseki, mostly through telephone calls.”

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They called for thorough investigation stating their “resolve to disclose information because of their allegiance to the state and not to any individual.”

The owners of the American-Dutch based Radisson Blu were said to be uncomfortable with their brand being drawn into corruption allegations and have written several letters to the governor indicating willingness to pull out of the partnership and franchise for integrity’s sake.

Radisson Blu hotels are mainly located in major cities across Europe, Middle East and Africa and owned by Choice Hotels, Jinjiang International and Radisson Hotel Group with headquarters in USA and Belgium.

Deputy Governor of Edo state, Philip Shuaibu, had last month inspected the site of the Radisson Blu hotels sending indications that the project was being funded by the Edo state government.

But the new twist emerged as the Government did not declare it as property of the state. The Government did not also capture it in the handover notes to the transition committee.