Business Local Maritime Meta to Land Two Submarine Cables in Nigeria to Boost Digital Infrastructure November 17, 2023 Ekemini Summary:Meta is set to deploy two submarine cables in Nigeria, with one landing in Lagos and the other in Akwa Ibom, by the end of November. The initiative is part…
World President Xi Jinping: China Won’t Seek Armed Conflict with Any Nation, Aims for Peaceful Ties November 16, 2023 Ekemini Chinese President Xi Jinping has emphasized that China does not intend to engage in armed conflict with any nation and will not pursue a cold or hot war. Speaking after…
Local Combating Illicit Financial Flows in Nigeria: The Role of Technology November 16, 2023 Ekemini Illicit financial flows (IFFs) in Nigeria, driven by corruption, tax evasion, money laundering, and illegal trade, have become a significant challenge. With estimates suggesting losses of $1 trillion or more…
Business Nigerian Firm X-agon Digital Launches AnyworkX, an E-Service Ordering App, Aiming for Pan-African Presence November 16, 2023 Ekemini X-agon Digital Solutions Limited, an indigenous Nigerian firm, has unveiled AnyworkX, an e-service ordering app designed to connect verified service providers with customers. The app aims to create a larger…
Local Nigeria’s Inflation Hits Multi-Decade High at 27.3%, Food Inflation at 31.5% November 16, 2023 Ekemini Nigeria’s inflation has reached a new multi-decade high, hitting 27.3% in October, defying global trends. The surge is particularly concerning for stakeholders due to the impact of food inflation, which…
Business Local London-based Fintech Due Network Expands to Nigeria, Targeting Cross-Border Payments November 16, 2023 Ekemini Due Network, a global fintech company based in London, has expanded its operations to Nigeria, aiming to tap into the growing market for cross-border payments in Africa. The company provides…
Local Nigeria’s Inflation Persists Amid Global Cooling, Local Factors Cited November 16, 2023 Ekemini While several countries experience a slowdown in inflation, Nigeria continues to see rising prices for goods and services, reaching a 27.33% headline inflation rate, an 18-year high. Despite the Central…
Local Visa Cancellation Sparks Calls for Reciprocal Action to Protect Nigerian Carriers November 16, 2023 Ekemini The cancellation of visas for 264 Air Peace passengers by Saudi authorities at King Abdulaziz International Airport-Hajj Terminal Jeddah has led to calls for the Nigerian government to reciprocate and…
Local Nigeria’s Export Prohibition Act Hinders Agricultural Commodities Export Amid Dollar Shortages November 16, 2023 Ekemini Nigeria’s Export Prohibition Act of 1989 is restricting the export of certain agricultural commodities, including yam, cassava, beans, maize, and rice, hindering foreign investors and development partners from investing in…
Local Nigeria’s Headline Inflation Hits 27.33%, Highest in 18 Years, Driven by Soaring Food Prices November 16, 2023 Ekemini Nigeria’s headline inflation has reached 27.33%, marking an 18-year high, driven by surging food prices, particularly for essential items like bread, fish, eggs, and others. The Consumer Price Index (CPI)…
Local Nigeria’s Rice Imports Cost for 2023/24 May Surpass Total Anchor Borrowers Funding November 16, 2023 Ekemini The United States Department of Agriculture (USDA) projects that Nigeria’s rice imports for the 2023/24 marketing year could exceed the cumulative N1.08 trillion spent under the Anchor Borrowers Program (ABP)…
Business Local Market New E-Dividend Portal in Nigeria to Be Operational by November 30, 2023, Says SEC November 15, 2023 Ekemini The Securities and Exchange Commission (SEC) in Nigeria has announced that the new e-dividend portal is expected to become operational on November 30, 2023. The portal is aimed at simplifying…
Business Mini-Grid Leader Husk Power Systems Secures $43M in Equity Investment for Expansion in Nigeria and India November 15, 2023 Ekemini Husk Power Systems, a leader in mini-grid solutions, has secured a $43 million equity investment from STOA, DFC, Proparco, FMO, and other existing investors. The funding will be used to…
Business Green Climate Fund Approves $50M Equity Investment in REPP 2 to Boost Renewable Energy in Sub-Saharan Africa November 15, 2023 Ekemini The Green Climate Fund (GCF) has approved a $50 million equity investment in REPP 2, a new debt fund aimed at accelerating investment in Sub-Saharan Africa’s renewable energy market. Developed…
Business CSquared Link Holdings Secures $25M Investment to Expand Broadband Infrastructure in Africa November 15, 2023 Ekemini CSquared Link Holdings, a pan-African technology company focused on digitally connecting Africa through telecommunications infrastructure, has received a $25 million investment from Convergence Partners’ Digital Infrastructure Fund (CPDIF), the International…
Local Central Bank of Nigeria Reverses Deadline for Withdrawal of Old Naira Notes November 15, 2023 Ekemini The Central Bank of Nigeria (CBN) has announced the reversal of the December deadline for the withdrawal of old naira notes from circulation. This means that the old designs of…
Local Nigeria Targets Increase in Revenue to GDP Ratio from 8% to 25% by 2026 November 15, 2023 Ekemini The Federal Government of Nigeria aims to raise the revenue to Gross Domestic Product (GDP) ratio from 8% in 2023 to 25% by 2026, according to Wale Edun, the Minister…
Local ValueJet Aircraft Slips Off Runway at Port Harcourt Airport November 15, 2023 Ekemini An aircraft operated by ValueJet airline experienced a slip on the taxi turn after landing at Port Harcourt airport, clearing off the runway. The incident occurred at 3:30 local time,…
Local Nigeria: Oil Firms Increase Gas Flaring, but Penalty Declines in H1 2023 November 15, 2023 Ekemini Oil companies in Nigeria increased gas flaring in the first half of this year, with a penalty payment of N36 billion, down from N37.75 billion in the same period in…
Local Nigeria’s Longest-Dated Bond Reopens, Oversubscribed at Record 18% Yield November 15, 2023 Ekemini The reopening of Nigeria’s longest-dated bond, the 2053 maturity, was oversubscribed more than three times at an auction, drawing total subscriptions of 330 billion naira ($364 million). The record yield…
Local Saudi Arabia Cancels Visas of 18 Nigerian Passengers Over Past Offences November 15, 2023 Ekemini Saudi Arabian authorities cancelled the visas of 18 out of the 177 passengers who arrived in Jeddah, Saudi Arabia, on an Air Peace flight from Nigeria. The cancellations were attributed…
Local BUA Plc Faces Potential Profit Slowdown Amid Forex Challenges and Increased Operating Expenses November 14, 2023 Ekemini Nigeria’s BUA Plc, a cement maker, may experience a slowdown in profit before tax due to factors such as the Central Bank of Nigeria’s foreign exchange unification and rising operating…
Local FCCPC CEO Discusses Agency’s Transformation, Advocacy for Patient’s Bill of Rights, and Challenges November 14, 2023 Ekemini In an interview with the Executive Vice-Chairman/CEO of the Federal Competition and Consumer Protection Commission (FCCPC), Babatunde Irukera, several key points were discussed, including the evolution of the FCCPC from…
Local NNPC Facilitates Resolution in Total Energies Dispute, Oil Production Restored November 14, 2023 Ekemini The Nigerian National Petroleum Company Limited (NNPC) has successfully mediated a dispute between Total Energies, the operator of the NNPC/Total Joint Venture, and two labor unions – the Petroleum and…
Health Michigan Healthcare Provider McLaren Confirms Cyberattack Compromised Data of 2.2 Million Patients November 14, 2023 Ekemini McLaren Health Care, a Michigan-based healthcare provider, has confirmed a cyberattack that compromised the sensitive personal and health information of 2.2 million patients. The cyberattack, attributed to the Alphv ransomware…
Technology Maine Government Confirms Data Breach, Over a Million Affected in Ransomware Attack November 14, 2023 Ekemini The government of Maine has confirmed that over a million individuals had their personal information stolen in a data breach earlier this year orchestrated by a Russia-linked ransomware gang. The…
Crypto Crypto Venture Capital Sees Renewed Interest in Web3 Investments November 14, 2023 Ekemini The crypto venture capital landscape is experiencing renewed interest in web3, crypto, and blockchain technology after several weak quarters. Investors are shifting their focus to real-world use cases, infrastructure, and…
Local Nigeria’s Inflation Projected to Rise for the 10th Consecutive Month to 27.8% in October 2023 November 14, 2023 Ekemini Nigeria’s headline inflation rate is projected to rise for the 10th consecutive month to 27.8% in October 2023, according to analysts at Financial Derivatives Company Limited (FDC). This projection comes…
Local Nigeria Senate to Consider Diaspora Voting Rights During Constitution Review November 14, 2023 Ekemini The Nigerian Senate is set to consider diaspora voting rights as part of the ongoing review of the country’s 1999 Constitution, according to Opeyemi Bamidele, the Leader of the Senate.…
Local Nigeria’s Crude Oil Production Drops in October, Affecting Foreign Exchange Earnings November 14, 2023 Ekemini Nigeria’s crude oil production declined to 1.56 million barrels per day (mbpd) in October, marking a 0.65% drop from the previous month, according to a report by the Nigerian Upstream…
