BREAKING: Meta Lay Offs Over 11,000 Employees
In one of the year’s largest layoffs, Meta Platforms Inc. (META.O) announced that it will eliminate more than 11,000 employees, or 13% of its staff; as the Facebook parent company…
FG Exhorts those on Low Incomes to Adopt Cooperative Housing.
The Federal Government has pushed the development of cooperatives to provide housing options for low and medium-income earners as part of efforts to close the nation’s housing gap. The advise…
Climate Change: UK Commits £200million to Nigeria and Others.
The African Development Bank’s Climate Action Window will get £200 million in support from the UK, according to James Cleverly, the country’s foreign secretary, as the UK ramps up its…
As the Cryptocurrency Market Collapses, Binance Intends to Purchase FTX.
To aid with a “liquidity bottleneck” at the rival exchange, cryptocurrency giant Binance reached a non-binding deal on Tuesday to purchase FTX’s non-U.S. business. This surprising rescue has renewed investor…
Banks, MTN, and Airtel will all Collect VAT on their Goods.
Beginning in January 2023, MTN, Airtel, and all money deposit institutions serve as agents; for the Federal Inland Revenue Service (FIRS) in the collection of VAT. The decision is in…
NAICOM Develops Strategies for the Insurance Sector’s Expansion.
The National Insurance Commission has reaffirmed its commitment to using a variety of approaches to bring the insurance industry up to a worldwide standard. The National Insurance Commission’s Commissioner for…
Queues Persist as Petrol Stock Dips by 5.48m litres
According to market statistics issued, the Nigerian National Petroleum Company Limited’s stock of Premium Motor Spirit, often known as gasoline, decreased by 5,481,239 liters. Even though there was just a…
COP27: Nigeria Seeks $400billion for its Energy Transformation Strategy.
The Federal Government is advocating for $400 billion in funds to aid in the implementation of Nigeria’s Energy Transition Plan. The 27th Conference of Parties, often known as COP27, is…
Food Security is Harmed by Severe Floods in West Africa.
The 50-year-old father of 12 is one of an estimated 4 million individuals in more than a dozen nations in West and Central Africa who have had their crops completely…
Naira is Now One of the World’s Worst-performing Currencies.
The Nigerian naira is technically doing well this year; down just 4% against a strong US dollar and ahead of the Canadian and Swiss currencies. But, according to a Bloomberg…
FG Equips 1,859 Nigerians to Expand their Agribusiness.
The National Directorate of Employment (NDE) has taken a strategic step toward ending Nigeria’s unemployment; by training and empowering 1,850 Nigerians on an agro-entrepreneurship business across all of the states…
Reduced Foreign Exchange Transactions to N320 billion in 9months due to Inflation, Dollar Shortages.
Investigations by the Daily Sun show that total international transactions on the platform of the Nigerian Exchange Limited (NGX) fell to N321. 04 billion in the first nine months of…
NDLEA Informs public on Introduction of Fentanyl to Nigeria Market.
The National Drug Law Enforcement Agency (NDLEA) has alerted authorities to a drug cartel’s intention to enter the Nigerian market with the deadly synthetic opioid Fentanyl. The NDLEA stated in…
Nigeria’s Oil Production Deficit Reaches 184.1 million Barrels.
According to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigeria was only able to drill 284. 70 million barrels at the end of September; which is significantly less…
Jumia CEOs Resign over Company Losses.
Sacha Poignonnec and Jeremy Hodara, the co-founders and co-CEOs of Jumia Technologies, have both resigned from their positions with immediate effect. This comes as Bloomberg reported that the e-commerce company…
Dangote Cement Begins a Recycling Initiative.
Dangote Cement announced the commencement of its “DangCi rcular” circular economy initiative.The new effort seeks to encourage the recycling and reuse of society’s limited resources; to reduce waste disposal and…
As Investment Slows, Tech Employees might Lose their Jobs.
Tech firms around the world are having trouble raising money. According to research, investments in the Nigerian Tech industry decreased by 30% by the end of the second quarter of…
FG Pledges to Invest $457million in Off-grid Electrification Projects.
The federal government has pledged $392 million and disbursed a total of $64.8 million; for the creation of off-grid electrification projects in the 36 federated states and the Federal Capital…
Nigeria is Driving Infrastructure Investment in Africa to Increase Gas Exports.
In order to increase the export of gas to Europe and other continents, Mallam Mele Kyari, Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPC), stated…
Oil Theft: Vessel Arrested In Equatorial Guinea Is On Its Way Back To Nigeria, Says Navy
A supertanker detained by Equatorial Guinean authorities for allegedly transporting crude into Nigeria, is the subject of an inquiry, according to the Nigerian Navy. The vessel and its crew were…
Ghanaian Demonstrators Call for the President to Resign Due to the Economic Crisis.
One of the worst-performing currencies in a region that is feeling the effects of a global economic downturn is Ghana; which produces oil, gold, and cocoa. This year, the cedi’s…
Nigeria FG Prepares Supplemental Budget Due to Depreciation and Rising Inflation.
Due to a further weakening of the naira and soaring inflation, which have rendered the 2023 budget unaffordable, the Federal Government may submit a supplemental budget to the National Assembly.”…
Financial Crimes: Hushpuppi Bags 11years.
Ramon “HUSHPUPPI” Abbas, a well-known Instagram user, was given an 11-year prison term in the US. He was detained in Dubai, United Arab Emirate (UAE), in June 2020; as a…
In Spite of a Prolonged Recession, the Bank of England Raises Rates by the Highest Since 1989.
On Thursday, the Bank of England increased interest rates to their highest level since 1989; but issued a warning to investors that borrowing costs would likely grow less than anticipated…
Nigeria’s Power Production Increases in 48 hours and Reaches 4,864MW.
Power generation on the national grid climbed by 834.8 megawatts, reaching a peak of 4,863.7MW.The grid generated 4,028.9MW of off-peak electricity on October 31, 2022, according to data acquired from…
Flood: FEC Approves N506billion Contract for East-West Road.
The East-West Road Project Sections 1-4 from Warri to Port Harcourt, Eket, and Oron contract value was N260 billion; with approval from the Federal Executive Council increasing the total money…
Stakeholders want Nigeria to Adopt Ghana’s Port System.
Stakeholders have advocated for Nigeria to adopt Ghana’s Single Window System and Trade-Net, an electronic data exchange network. Additionally, they applauded the introduction of the Nigerian Port Process Manual (NPPM);…
According to Emefiele, the CBN is Creating New Legislation to Address Vulnerabilities to Financial Systems.
According to the Governor of the Central Bank of Nigeria (CBN), threats to the financial service system prompted the development of a set of new and revised policies, laws, and…
OPEC: Half of Africa’s Refining Output will come from Dangote’s 650,000 bpd Facility.
According to the Organization of Petroleum Exporting Countries (OPEC), more than half of Africa’s total extra distillations would be by the Dangote Refinery’s refining capacity in the medium future. In…
Nigeria Loses 120million Barrels of Petroleum and $12.6billion in Nine Months.
Between January and September of this year, Nigeria lost no less than 120 million barrels of crude oil; due to a revenue issue. Nigeria’s production has been constrained this year…