Investors Lose N71.44bn As Oil, Banking Stocks Decline
Investors in the equities market of the Nigerian Exchange Limited recorded a loss of N71.44bn at the end of the trading session on Thursday as oil and gas and banking…
Broadband Subscriptions Drop By 9.8m Million Over Vandalism, Others
Broadband subscriptions dropped from 85.94 million recorded in December 2020 to 76.15 million in October 2021, indicating a 12.08 per cent or 9.79 million drop in the number of subscriptions.…
Flour Mills, Honeywell’s Market Capitalisation Jumps By 34%
Two of Nigeria’s largest flour milling companies, Flour Mills of Nigeria Plc and Honeywell Flour Mills Plc, have recorded a combined increase of N39bn (33.53 per cent) in their market…
Fuel Worth N12.87bn Lost In Seven Months, Says NNPC
Petroleum products valued at N12.87bn were lost in seven months as oil theft and pipeline vandalism continued to plague the country’s oil and gas industry. The latest data obtained from…
NDIC Pays 535,815 Closed Banks’ Depositors N11.76bn
The Nigeria Deposit Insurance Corporation has said that 467 banks have either been liquidated or undergoing the process of complete liquidation by the corporation. The Chairman, NDIC, Mrs Ronke Sokefun,…
Cocoa Tops List Of Exportable Agric Products’
The Nigeria Export Promotion Council has said its export promotion activities are beginning to make a positive impact, considering the rise in export revenue in the first six months of…
Nigeria Air will commence operation with three rented planes, says FG
The federal government says that Nigeria Air will commence operations with three wet-leased aircraft. Wet-lease is an arrangement covering the hire of an aircraft, including the provision of a flight…
CBN Bars BVN Violators From Opening Bank Accounts
The Apex Bank in Nigeria, Central Bank of Nigeria (CBN) has barred BVN Violators from from opening a new bank accounts going by its fresh rule. The new policy is…
Dow Futures Plunge 400 Points Amid Fears Of New Covid Variant Found In South Africa
U.S. stock futures dropped in overnight trading on Thursday as investors geared up for a shortened trading day amid renewed Covid fears over a new variant found in South Africa.…
Softbank Fall Steepens After Report That Chinese Regulators Have Asked Didi To Delist From U.S.
Shares of SoftBank extended their losses on Friday after Bloomberg reported that Chinese regulators have asked Didi’s executives to formulate a plan to delist from the U.S. SoftBank shares in…
Report: Nigeria’s Exports Trade To Hit $112bn By 2030 — Tops Volume For Africa
A new research by Standard Chartered Bank has projected that Nigeria’s export trade would hit $112 billion in 2030, topping the volume for Africa. The research, which is titled, “Future…
CBN Awards N5m Loans To Graduates Under New Scheme
The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, on Thursday, launched the Tertiary Institutions Entrepreneurship Scheme designed to tackle underemployment and unemployment in the country. Emefiele, at…
With 49% Foreign Ownership, Nigeria Air Starts Operations April 2022
The proposed national carrier will begin flight in April next year, the Minister of Aviation, Hadi Sirika, has said. The development came three years after the Federal Government announced plans…
Shares Of Chinese Real Estate Developer Kaisa Pop 20% After Debt Restructuring Plan
Chinese real estate developer Kaisa announced Thursday plans for paying back investors, temporarily alleviating concerns about a default as China’s property sector continues to face pressure. Kaisa’s Hong Kong-listed shares…
IEA Chief Criticizes ‘Artificial Tightness’ In Energy Markets, Says Some Failed To Help Cool Prices
The head of the world’s leading energy authority has said that some countries had failed to adopt a helpful position to calm soaring oil and gas prices, criticizing “artificial tightness”…
EFCC Traces Most Bank Frauds To One Set Of Bankers
The EFCC declared in Abuja on Wednesday that most frauds in the banking sector were perpetrated by insider Information, Communication Technology (ICT) employees. Mr Abbah Sambo, Head, Cybercrime Section of…
Ijaw Group Demands $500,000 As FG Probes Bayelsa Oil Spill
The Ijaw Diaspora Council has asked Aiteo Exploration and Production Ltd to provide immediate, interim response funding of at least $500,000 for the affected Ijaw people, to be used to…
N5,000 Transport Grant For Vulnerable Nigerians To Last One Year
Minister of Finance, Budget and National Planning, Zainab Ahmed, yesterday shed more light on the proposed N5,000 monthly transportation grant the federal government plans to give poor Nigerians after the…
Hilary Clinton Wants Biden Administration To Regulate Cryptocurrency
Former United States Democratic presidential candidate, Hillary Clinton has called on the Biden administration to regulate the cryptocurrency markets. She warned that countries like Russia or China, as well as…
FG Suspends Aiteo’s Operation Over Oil Spill In Bayelsa
The federal government has directed Aiteo Eastern Exploration and Production Company (AEEPCO) to stop operation in affected oilfield spewing oil in Bayelsa State pending investigation. Saghir El-Mohammed, press director, ministry…
No Court Order Restraining Acquisition, Say Flour Mills, Honeywell
Flour Mills Nigeria Plc and Honeywell Flour Mills Plc have said the proposed acquisition of significant interest in HFMP by FMN is not in breach of any court order. FMN,…
Nigeria’s OnePipe Raises $3.5M To Double Down On Its Embedded Finance Offering
Last year, fintech API infrastructure players came into the African tech scene, ushering in Plaid-like services to businesses and developers. And the attention on these companies, particularly from venture capitalists,…
Afterpay Unveils BNPL Subscription Offering For US Customers
“Buy now, pay later” company Afterpay announced Wednesday that it was going after the $1.5 trillion global subscription payments market by offering to its U.S. customers payment installments for subscriptions,…
5G spectrum: NCC Extends Deadline For Submission Of Bids Over Flight Delays
The Nigerian Communications Commission (NCC) has extended the deadline for the submission of bids and initial bid deposits (IBDs) for the upcoming auction of the 3.5GHz spectrum The spectrum will…
10-Minute Grocery Delivery Start-Up Getir To Buy UK Rival Weezy As Buzzy Market Enters Consolidation
Turkish start-up Getir on Tuesday agreed to acquire British rival Weezy, in the latest sign of consolidation in the ultrafast grocery delivery market. Istanbul-based Getir, which aims to ship essential…
Stripe Says It’s Open To Accepting Crypto For Payments, Three Years After Ending Bitcoin Support
Stripe isn’t ruling out accepting cryptocurrency as a method of payment in the future, according to co-founder John Collison. The online payments company ended support for bitcoin payments in 2018,…
Samsung Plans To Build A $17 Billion Chip Plant In Texas
Samsung is planning to build a $17 billion semiconductor factory in Taylor near Austin, Texas, over the next three years as part of an effort to increase its manufacturing capacity…
Investor Warburg Cuts Ant Valuation By 15% To Below $200 Bln – Source
Warburg Pincus, a major global investor in Ant Group, has cut its valuation of the Chinese fintech company by 15% to below $200 billion due to risks from a restructuring…
Ecobank Warns Prospective Buyer Of Honeywell Flour LTD Says Company Facing Winding Up Proceedings
Consequent upon media reports on the move by Flour Mills Nigeria PLC to acquire 71.69 percent of Honeywell Group Limited, Ecobank Nigeria Limited has placed a, Caveat on any share…
Agricorp Invests N4bn In Poultry Production
Agricorp International, Nigeria’s agriculture producing, processing and export company, has invested N4bn into acquiring poultry production facilities across three states in Nigeria. A statement from the firm on Monday said…