Local Nigeria Labour Congress Raises Alarm Over Cash Scarcity, Threatens Public Protest December 20, 2023 Ekemini With just five days to Christmas, the Nigeria Labour Congress (NLC) has voiced concerns over the prolonged cash scarcity in the country. The NLC, through its National President, Joe Ajaero,…
Local Dangote Oil Refinery Receives Two Million Barrels of Crude, Set to Commence Production December 20, 2023 Ekemini The Dangote Oil Refining Company, a $19 billion project, is on the brink of commencing petroleum product production with the recent delivery of two million barrels of crude oil. This…
Breaking Business Manchester City Fined £120,000 for Player Misconduct Toward Referee in Tottenham Draw December 19, 2023 Ekemini Uba Manchester City has been fined £120,000 ($152,000) by the Football Association after their players surrounded referee Simon Hooper in protest of a contentious decision during their 3-3 draw with Tottenham.…
Business Volcanic Eruption in Iceland: Thousands Evacuated as Lava Flows and Ash Billows December 19, 2023 Ekemini Approximately 4,000 people were evacuated from the fishing town of Grindavik in Iceland following a volcanic eruption that began north of the town. The Icelandic Met Office reported seismic activity…
Local Peter Obi Advocates Attracting Foreign Investors Over Chasing Them: A Counter Perspective to Nigeria’s Investment Approach December 19, 2023 Ekemini Uba The presidential candidate of the Labour Party, Peter Obi, has expressed his view that Nigeria should focus on attracting foreign investors rather than actively pursuing them. Obi’s statement, made during…
Local Joint National Assembly Committee Fast-Tracks 2024 Budget Passage: N27.5 Trillion Set for Approval December 19, 2023 Ekemini Uba The Joint National Assembly Committee on Appropriation has announced its commitment to passing the 2024 appropriation bill before the week concludes. Chairman of the appropriation committee, Senator Solomon Adeola, set…
Local President Tinubu Mediates Political Crisis in Rivers State: Stakeholders Sign Peace Agreement December 19, 2023 Ekemini Uba President Bola Tinubu took proactive steps to address the political crisis in Rivers State by convening a meeting with key stakeholders, including Governor Siminalayi Fubara, former governor Peter Odili, and…
Business OpenAI Enhances Safety Measures: Introducing Safety Advisory Group and Updated Preparedness Framework December 19, 2023 Ekemini OpenAI, a prominent AI development company, is taking significant steps to strengthen its internal safety processes against potential harmful AI risks. The introduction of a “safety advisory group” with veto…
Local SEC Charges Tingo Group CEO for Fabricating Financial Statements and Insider Trading December 19, 2023 Ekemini Uba The Securities and Exchange Commission (SEC) in the United States is set to bring charges against Dozy Mmobuosi, the CEO of Tingo Group, and three subsidiaries—Tingo Mobile and Tingo Foods…
Business Nikola’s Founder, Trevor Milton, Sentenced to Prison for Fraud – A Warning to Corporate Executives December 19, 2023 Ekemini Trevor Milton, the founder of Nikola Corporation, has been sentenced to prison after being convicted of fraud. The 41-year-old entrepreneur faced charges for persistently lying about the company’s capabilities, leading…
Business World Elon Musk Challenges Climate Alarmism: Advocates Pragmatism and Sustainability at Right-Wing Summit December 19, 2023 Ekemini Elon Musk, CEO of Tesla, addressed a right-wing summit organized by the Brothers of Italy party in Rome, challenging the prevailing narrative on climate change and urging a pragmatic approach.…
Local President Tinubu Pledges to Enhance Nigeria’s Investment Climate: Total Energies Plans $6bn Investment in Oil and Gas Sector December 19, 2023 Ekemini Uba President Bola Tinubu has assured the international investment community of his administration’s commitment to position Nigeria as a top-level destination for both offshore and onshore investments. During a meeting with…
Local President Tinubu Inaugurates NNPCL Board with Emphasis on Performance and Corporate Social Responsibility December 19, 2023 Ekemini Uba President Bola Tinubu has officially inaugurated the 11-man Board of the Nigerian National Petroleum Company Limited (NNPCL) with a stern warning against non-performance and a call for increased focus on…
Local Power Sector Challenges Persist: Nigerian Discos Achieve 79% Billing Efficiency in Q3, but ATC&C Losses Remain a Concern December 19, 2023 Ekemini Uba The Nigerian Electricity Regulatory Commission (NERC) has released its Q3 quarterly report, revealing that Electricity Distribution Companies (Discos) collected N267.6 billion from customers during the period. Despite achieving a billing…
Business Standard Chartered Streamlines Operations: Sells Consumer Banking Business in Côte d’Ivoire to Coris Group December 19, 2023 Ekemini Uba Standard Chartered has finalized an agreement with Coris Group for the sale of its consumer banking business in Côte d’Ivoire, marking a significant step in the bank’s strategic divestment process…
Local MTN Nigeria Successfully Raises N72.1 Billion in Series 10 Commercial Paper Issuance December 19, 2023 Ekemini Uba MTN Nigeria Communications Plc has announced the successful completion of its Series 10 Commercial Paper issuance, surpassing its initial target by recording a remarkable 149 percent subscription. The issuance, part…
Local NGX Targets Younger Investors: Financial Literacy Campaign Aims to Empower Gen Zs and Millennials December 19, 2023 Ekemini Uba The Nigerian Exchange (NGX) is proactively reaching out to younger investors, unveiling plans to engage and attract Gen Zs and millennials to the capital market through innovative products and initiatives.…
Local Stock Market Edges Up 0.02% on Surge in Buying Interest: Transcorp Hotels and Others Lead the Charge December 19, 2023 Ekemini The Nigerian Exchange Limited (NGX) witnessed a modest positive start to the week, with the stock market gaining 0.02% fueled by increased investor interest in key players such as Transcorp…
Breaking World Mark Zuckerberg Surpasses Warren Buffett and Bill Gates in Wealth Rankings December 19, 2023 Ekemini Uba Mark Zuckerberg, the Founder of Meta, has surpassed Warren Buffett in riches by $7 billion, according to the Forbes Billionaire Index. Zuckerberg’s net worth has reached an impressive $125 billion,…
Local Nigeria’s Inflation Hits 28.20% in November, Highest Since 2016 December 15, 2023 Ekemini Nigeria’s annual inflation has surged to 28.20% in November, up from 27.33% in October, as reported by the country’s bureau of statistics. This alarming increase, primarily fueled by the rising…
Africa TotalEnergies to Construct 216MW Solar Plant with Battery Storage in South Africa December 15, 2023 Ekemini TotalEnergies (TTEF.PA) announced on Friday its readiness to commence the construction of a groundbreaking 216-megawatt solar plant with battery storage in South Africa. This initiative, scheduled to be operational by…
Local Foreign Investors Crucial as Nigeria Grapples with Economic Challenges December 15, 2023 Ekemini Despite its sizable population, Nigeria’s contribution to the total revenues of multinational corporations operating within its borders is remarkably modest, emphasizing the nation’s dependence on foreign investors. Data analysis reveals…
Local Nigeria’s Naira Devaluation Fails to Boost Non-Oil Exports, Highlighting Structural Challenges December 15, 2023 Ekemini Despite the significant devaluation of the Nigerian naira since June, the country’s non-oil exports remain stagnant, revealing structural challenges that impede the benefits of a weaker currency. The naira has…
Local Pension Fund Mortgage Initiative Gains Traction: N14.83 Billion Approved for 1,371 Contributors December 15, 2023 Ekemini A pioneering initiative allowing pension contributors to utilize a portion of their Retirement Savings Account (RSA) balance for residential mortgages in Nigeria has gained significant momentum. According to data from…
Local CBN Considers Fintech-Specific Corporate Governance Guidelines to Tackle Growing Fraud December 15, 2023 Ekemini The Central Bank of Nigeria (CBN) is reportedly contemplating the implementation of fintech-specific corporate governance guidelines as part of its strategy to combat the rising incidents of fraud within the…
Local CBN Forecasts Decline in Inflation and Exchange Rate Pressures, Positive Economic Outlook in 2024 December 15, 2023 Ekemini The Central Bank of Nigeria (CBN) has provided a positive economic outlook for 2024, anticipating a significant decline in both inflation and exchange rate pressures. Governor Olayemi Cardoso presented this…
Local African Countries Lose $90 Billion Annually to Illicit Financial Flows, Says AfDB Chief Economist” December 15, 2023 Ekemini Kevin Chika Urama, Chief Economist and Vice President at the African Development Bank, has raised alarm over the staggering loss of $90 billion annually to illicit financial flows in African…
Africa Nairobi Securities Exchange Sees Continued Wealth Erosion in Q4 Despite Select Stock Gains December 14, 2023 Ekemini The Nairobi Securities Exchange (NSE) has experienced a prolonged wealth erosion trend in the fourth quarter of the year, extending losses despite gains in several large stocks since October. Market…
Africa World Bank Approves $150 Million Project to Create 45,000 Jobs in Kenya December 14, 2023 Ekemini The World Bank has approved the Kenya Jobs and Economic Transformation Project (KJET), a $150 million initiative aimed at creating and improving jobs in Kenya. The project targets micro, small,…
Local Nigerian National Council on Privatisation (NCP) Inaugurated by Vice President Shettima December 14, 2023 Ekemini Vice President Kashim Shettima has inaugurated the newly reconstituted National Council on Privatisation (NCP), emphasizing its crucial role in implementing various Public-Private Partnership (PPP) projects in Nigeria. Shettima, who also…
