News
Los Angeles Fire Damage Estimated to Be $250–$275 Billion
Published
10 hours agoon
By
Ekwutos BlogThe catastrophic Los Angeles wildfires that have reduced entire neighborhoods to piles of ash are estimated to have caused damages and economic losses between a staggering $250 billion and $275 billion, according to a report.
The deadly wildfires, which have torched more than 40,000 acres (62.5 square miles, nearly three times the size of Manhattan Island) and destroyed over 12,000 structures over the last week, is now one of the costliest natural disasters in US history, according to the latest estimate from AccuWeather — as the blazes, fueled by strong winds, continue to burn.
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Business
World Pizza Day: How an Italian food favourite conquered the world
Published
3 hours agoon
January 18, 2025By
Ekwutos Blog17 January marks World Pizza Day, a celebration of a dish with more than 2,000 years of history. From Neapolitan and Roman styles to Margherita, diavola, and even potato-topped variations, there are few places left in the world which don’t honour this iconic culinary tradition.
In 2017, UNESCO recognised “the art of Neapolitan pizza makers” as an Intangible Cultural Heritage of Humanity, highlighting its cultural significance on a global scale.
As for the date, it wasn’t chosen randomly: 17 January coincides with the feast of St. Anthony Abbot, the patron saint of fire and related trades, including machinists, blacksmiths, and, fittingly, pizza makers.
Where is pizza eaten the most in the world? And in Europe?
In Italy, four out of ten families are expected to prepare pizza at home in 2025, according to data from Coldiretti-Ixé. Meanwhile, global pizza turnover in 2024 is projected to reach a record €160 billion, with Italy contributing €15 billion to this figure.
Pizza is a major economic driver in Italy, generating 100,000 jobs nationwide – a number that doubles to 200,000 on weekends. Each year, Italy produces 2.7 billion pizzas, equating to about 46 pizzas per person annually, a figure that includes all age groups, from infants to the elderly.
Italians’ preferences differ significantly from those of the global market. According to Coldiretti, Italians prioritize higher-quality ingredients and are willing to pay a premium for them.
Interestingly, while pizza is an Italian staple, the world’s largest per capita consumers are Americans, who eat an average of 13 kilograms of pizza per year.
In Europe, on the other hand, Italy is in first place with 7.8 kilos per year, followed by Spain’s 4.3kg, and France and Germany’s 4.2kg and in fifth position the United Kingdom with 4kg.
The rise of food delivery has significantly boosted this already thriving sector: some apps speak of ‘an order every two seconds’. Others point to year-on-year growth in turnover of 20 per cent between 2024 and 2025.
The most and least popular pizzas in the world
According to data from the food web portal TasteAtlas, the Margherita reigns as the most popular pizza in the world, followed by the Montanara and calzones. In sixth place is American-style pizza topped with cheese, vegetables, and tomato sauce. Following that is pepperoni pizza (where ‘pepperoni’ in the US refers to a type of salami) and the iconic ‘New York-style’ pizza, before circling back to fried pizza.
In last place is an Italian pizza: the ‘Mimosa pizza,’ topped with corn and cooked ham. Just above it are the Cuban pizza, the Scottish fried pizza, the Quad City-style pizza (a grilled variation popular in the US), and Canada’s unique pizza-ghetti, which features spaghetti as an additional topping.
How much does pizza cost in Italy?
Pizza has always been a popular dish in the Bel Paese, and this has never changed. On the other hand, inflation and the push for higher quality ingredients have increased the price in Italy and across Europe.
A survey by Altroconsumo calculated the average cost of a pizza, a soft drink, and service in various Italian cities. Sassari tops the list as the most expensive city (€14.67), followed by Bolzano, Milan, and Venice. On the more affordable end are Livorno (€8.67), Pescara (€9.18), Naples (€9.63), and Bari (€9.63).
Whatever pizza you love, with or without pineapple, happy World Pizza day.
Petrol prices across Nigeria have increased to between N1,050 and N1,150 per litre.
This increase follows a price adjustment by Dangote Refinery, which raised its rates from N899 to N955 per litre for bulk purchases.
Private depots nationwide have also raised their prices, with some locations now charging over N1,000 per litre for Premium Motor Spirit (PMS).
Oil marketers explained that the hike is primarily due to rising crude oil prices, which recently climbed to $81.84 per barrel, the highest in 2025.
Deregulation of the petroleum sector and logistics costs have further contributed to the price surge.
Areas far from depots, such as the hinterlands, are experiencing the steepest prices, with some regions reporting costs of up to N1,150 per litre.
Private depots in Lagos and Calabar have also adjusted their loading costs.
For instance, Sahara and Pinnacle depots raised prices to N970 per litre, while Rainoil and Alkanes in Calabar now charge N1,000 per litre.
Retail stations are adding logistics and regulatory charges to their prices, pushing the pump rates higher for consumers.
Marketers predict that prices will continue to rise due to the global increase in crude oil costs.
With deregulation in place, the industry relies on demand and supply dynamics, making fluctuations inevitable.
Experts warn that this trend will significantly impact consumers and businesses across the country.
News
Oba Otudeko flees Nigeria amid fraud allegations
Published
1 day agoon
January 17, 2025By
Ekwutos Blog
Oba Otudeko, a former chairman of the First Bank of Nigeria (FBN), has suddenly left Nigeria.
According to The Cable, his departure comes in the wake of his imminent arraignment by the Economic and Financial Crimes Commission (EFCC) on a 13-count charge of alleged fraud.
The businessman left the country via one of the land borders.
According to security sources, he was dropped off at the Nigeria-Benin border on Thursday evening by a family member.
When TheCable reached out to Otudeko, his phone number was switched off. Messages sent to his WhatsApp, however, delivered — but there was no response.
Obafemi Otudeko, his son, did not respond to calls and messages when contacted for comments on his father’s whereabouts and destination.
Earlier on Thursday, the EFCC filed charges against Otudeko and three others at the federal high court in Lagos for allegedly obtaining a N30 billion loan under false pretences. The anti-graft agency said the defendants would be arraigned on Monday.
The three other defendants are Stephen Olabisi Onasanya, a former group managing director of FBN; Soji Akintayo, an ex-board member of Honeywell Flour Mills plc; and Anchorage Limited, a company linked to Otudeko.
In the charge sheet seen by TheCable, the EFCC accused Otudeko and the other defendants of obtaining tranches of loans—N12.3 billion, N5.2 billion, N6.2 billion, N6.1 billion, and N1.5 billion—from First Bank under the pretence that the funds were obtained by some firms.
The anti-graft agency said the credit facilities were obtained between 2013 and 2014.
Otudeko — in a statement issued on Thursday by Olasumbo Abolaji, general counsel of Honeywell Group — refuted the allegations made against him, adding that he was yet to receive any official invitation to the effect.
Otudeko said he has never served in an executive capacity within FBN Holdings and its banking subsidiary, First Bank of Nigeria Limited — hence he had no operational responsibility in the organisation.
“In light of recent news reports, Dr. Oba Otudeko categorically refutes the claims concerning his role in FBN Holdings and will aggressively defend his reputation,” the statement reads.
“Dr Oba Otudeko is a builder and one of Nigeria’s foremost investors and industrialists. He has built directly from scratch and has worked with others to build many of Nigeria’s most successful companies. This includes FBNHoldings, where he served as a director (then Chairman) from 1997 to 2021 and was instrumental in supporting the transformation of the bank from an old generation bank to its current leadership role as a pan-African financial services holding company.
“As of this moment, he has received no official summons, neither has his legal team received any official invitation from relevant authorities. As he has done in the past, Dr Oba Otudeko is always ready and available to assist any government agency with appropriate oversight in the execution of their duties, with the expectation that these affairs will be conducted with the highest standard of professionalism.
“At 81, after 5 decades of contributions to the growth of Nigeria’s economy, Dr Oba Otudeko is now focused on mentoring the next generation of business leaders and contributing to the positive development of society through enterprise.
“He is not interested in serving in an executive capacity in any organization in Nigeria or elsewhere, neither is he interested in serving in a non-executive capacity on any board asides those he currently sits on. This includes any possibility of returning to the board of FBN Holdings Plc, which appears to be the focus of the recent unfortunate news barrage. FBN Holdings, a legacy institution built over 130 years, holds a special place in Dr. Otudeko’s heart. He trusts this strong foundation to guide the institution into the next era of success.
“Dr. Oba Otudeko is confident that the truth will prevail in due course and looks forward to addressing these claims in the appropriate forum.”
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