Fuel Scarcity Looms Across Nigeria As Abuja Groans
Scarcity of Premium Motor Spirit (PMS) worsened in Abuja, yesterday, amid signs the trend could spread across the country. Motorists spent hours of their productive day on queues, as haulage…
U.S. FTC Says Court Should Allow Antitrust Lawsuit Against Facebook To Proceed
The U.S. Federal Trade Commission said on Wednesday that a federal court should allow an antitrust lawsuit it filed against Facebook to go forward as the company has “interfered with…
CBN Signs Up 488,000 ENaira Wallets, 78,000 Merchants Globally
Transactions cross N60m as experts express reservation over economic impacts Apex Bank explains its intervention programme to editors The Central Bank of Nigeria (CBN) has onboarded over 488,000 consumer wallets…
Oil Exploration: NNPC Gets $1.04 Billion Facility From Afreximbank
The African Export-Import Bank, Afreximbank, has signed a $1.04 billion dollar facility with the Nigerian National Petroleum Corporation, NNPC, to finance oil exploration. A statement issued by the bank on…
Bitmama Launches Programme For Youths Interested In Blockchain Technology
Bitmama, a Nigerian fintech startup, has launched a programme to help young people transition into the blockchain ecosystem. Tagged, ‘Bitmama Credits Programme’, the fintech firm said the initiative is targeted…
Ardova Issues N25.3bn Bonds, Completes Enyo’s Acquisition
Ardova Plc has issued N25.3 billion fixed-rate bonds to fund its expansion project in the downstream petroleum sector of the Nigerian economy The bond which is under its N60 billion…
Nigeria’s Remittance Inflow Rebounds, Hits $17.6bn, Says W’Bank
Nigeria’s remittance inflow is set to hit $17.6bn and push inflows to Sub-Saharan Africa to $45bn in 2021, a new report by the World Bank has indicated. Remittance inflow to…
Inflation May Push 91 Million Nigerians Below Poverty Line – W’Bank
The World Bank says the general increase in food prices which occurred between June 2020 and June 2021 may have increased the percentage of Nigerians living below the national poverty…
ENaira Will Reduce Tax Evasion, Says CITN
The President, Chartered Institute of Taxation of Nigeria, Mr Adesina Adedayo, has said the introduction of eNaira into the Nigerian economy is expected to reduce incidences of tax evasion. Adedayo…
British Council Unveils Programme To Boost Entrepreneurship
The British Council has launched a new programme to foster and strengthen universities’ support for innovation and entrepreneurship. It said the programme, called ‘Innovation for African Universities’, would enable students,…
25 Million Nigerians Will Be Taken Out Of Poverty’ – Osinbajo
The Vice President, Professor Yemi Osinbajo, has said that the Nigerian Diaspora Investment Summit (NDIS) is one of the surest platforms for attracting direct investment to the country. Osinbajo made…
Nestle Loses N7.93 Billion In Market Value As Share Price Drops By N10
At the end of today’s trading session, Nestle Plc share price depreciated by 0.71% to close at N1390.00 per share, taking the market capitalization from N1.11 trillion to N1.10 trillion.…
South African Payments Gateway Ozow Raises $48M Series B Led By Tencent
According to a 2019 report by Deloitte, about 80% of South Africans have a bank account but only 24% of them make more than three transactions monthly. Unlike other African…
Reps Probe Alleged Fraud Of W’Bank Funds For Assets Insurance
The House of Representatives has urged the Federal Ministry of Finance, Budget and National Planning, the National Insurance Commission and all ministries, departments and agencies of the Federal Government to…
Dollar Soars On Upbeat U.S. Data But Asian Stocks Wobble
The dollar strengthened through key resistance levels on Wednesday, propelled by better-than-expected U.S. retail data, although the upbeat news was not enough to lift Asian shares, which were dragged by…
Qualcomm Hits Record High After It Tells Investors It Will Grow Without Apple
Qualcomm stock closed up 7.9% on Tuesday after it issued bullish forecasts at an investor’s conference in New York and said that its growth doesn’t rely on a relationship with…
Chinese Tech Giant NetEase Revives Hong Kong IPO Of Its Music Streaming Arm
China — Cloud Village — the music streaming arm of NetEase — is pushing ahead with an initial public offering in Hong Kong after reportedly delaying it earlier this year.…
Carlyle Agrees To Buy Swiss Industrial Software Firm AutoForm
U.S. buyout fund Carlyle said on Wednesday it had agreed to acquire Swiss industrial software firm AutoForm AG from private equity firm Astorg for an undisclosed amount. AutoForm, founded in…
Nokia To Launch Cloud-Based Software Subscription Service
Nokia said on Wednesday it plans to launch a cloud-based software subscription service targeting telecom companies for providing software around analytics, security and data management. Many technology companies have been…
Amazon To Stop Accepting Visa Credit Cards Issued In UK
Amazon.com Inc will stop accepting payments made using Visa Inc credit cards issued in the United Kingdom starting next year. Amazon customers can still use Visa debit cards, Mastercard and…
Baidu Quarterly Results Top Estimates On Ad Sales, AI
China’s Baidu Inc beat Wall Street estimates for quarterly revenue and adjusted profit on Wednesday, helped by stronger advertising sales and demand for its artificial intelligence and cloud products. A…
How Euro-Area Inflation Could Overshoot 2% In 2023
European Central Bank Governing Council member Pierre Wunsch just said that it “won’t take much” for euro-area inflation to hit 2% in 2023 and research by Bloomberg Economics shows that…
Dubai Starts Issuing Five-Year Entry Permits For Foreign Workers
Dubai started issuing five-year multi-entry permits for employees of international companies, the latest in a series of moves aimed at attracting foreigners and boosting growth. New permits will help employees…
Three Pharma Firms Rake $93.5m From Covid-19 Daily
Pfizer, BioNTech and Moderna are making combined profits of $93.5million daily from their highly successful Covid-19 vaccines while the world’s poorest countries remain largely unvaccinated, according to a new analysis.…
US Launches Project To Empower 300 Osun Schoolgirls
The United States Consulate General has launched a project aimed at empowering 300 high school girls in Osun State to pursue education and careers in STEM fields. According to a…
FMDQ Lists MTN Nigeria’s N110bn Bond
FMDQ Securities Exchange Limited has agreed to list MTN Nigeria’s N110 billion series 1 senior unsecured fixed rate bond. Karl Toriola, chief executive officer, MTN Nigeria, said this in a…
$6b Bolt Shuns American Market, Focuses On Nigeria, Africa
America may arguably be the most stabilised economy by many indices, but $6b-valued ride-hailing company, Bolt is not playing in the market and not planning to be there in the…
Nigeria, Eight Others Top African Countries With High Airport Charges – Report
Nigeria and eight others have been ranked as African countries with high airport taxes, a new report has revealed. Niger, Liberia, Guinea Bissau, Senegal, Bangui, Sierra Leone, Republic of Congo,…
Reps Extend NDDC’s 2020 Budget By Nine Months
The House of Representatives on Tuesday extended the expiration date of the 2020 budget of the Niger Delta Development Commission from March 31, 2021 to December 31, 2021. The Chairman…