Local Nigeria’s Equities Market Records a Decline as Investors Take Profit Amid MPC Meeting Concerns November 23, 2023 Ekemini Nigeria’s equities market witnessed a negative turn as investors opted to take profits, particularly in stocks that have seen significant gains throughout the year. This decline was further exacerbated by…
Local KPMG Forecasts Nigeria’s Inflation to Hit 30% by December 2023 Amid Reforms November 23, 2023 Ekemini KPMG has projected that Nigeria’s headline inflation could reach 30 percent by December 2023, attributing this anticipated increase to recent reforms, including fuel subsidy removal and the unification of the…
Local Nigeria Rekindles Shipping Tax Dispute, Demands Payment by Year-End November 22, 2023 Ekemini Nigeria has revived a dispute with shipping companies, demanding that non-resident shipping lines settle outstanding tax bills, amounting to millions of dollars, by the end of the year. The demand…
Local Nigeria Withdraws Civil Claims Against Eni and Shell, Yet Investor Exodus Persists November 22, 2023 Ekemini Nigeria has withdrawn civil claims against energy giant Eni SpA and its partner, Shell, concluding a prolonged legal battle in Italian courts over corruption allegations related to an oil field…
Local Nigeria Urged to Prioritize Low-Hanging Revenue Opportunities Over Debt for Economic Prosperity November 22, 2023 Ekemini Introduction: Nigeria is being advised to prioritize low-hanging revenue opportunities over increasing debt to achieve economic prosperity, according to experts surveyed by BusinessDay. The country, Africa’s largest economy, aims to…
Local Nigeria Drafts Bill to Reform Public Finance Management and Treasury Operations November 22, 2023 Ekemini The Office of the Accountant General of the Federation (OAGF) in Nigeria has announced the drafting of a bill aimed at providing legal backing to the ongoing Public Finance Management…
Local OpenAI Rehires Sam Altman as CEO Following Initial Sacking November 22, 2023 Ekemini Uba Introduction:OpenAI, the artificial intelligence research laboratory, has announced an agreement to rehire Sam Altman as CEO, just three days after he was initially sacked by the board of directors. The…
Local Rethinking Nigeria’s Economic Strategy: Prioritizing Revenue Opportunities Over Debt November 22, 2023 Ekemini Nigeria is contemplating a shift in its economic strategy by prioritizing low-hanging revenue opportunities over increasing debt, according to experts surveyed by BusinessDay. The nation, Africa’s largest economy, aims to…
Local U.S. Welcomes Breakthrough Agreement on Release of Hostages in Israel-Hamas Deal November 22, 2023 Ekemini The United States has expressed gratitude for the recent breakthrough agreement between Israel and Hamas, leading to the release of 50 hostages held by the militant group since its surprise…
Local Seplat Energy Invests $250 Million in New Gas Processing Plant to Boost Nigeria’s Energy Sector November 22, 2023 Ekemini Nigerian independent energy company, Seplat Energy Plc, has unveiled plans for a substantial $250 million investment in the construction of a new gas processing plant in Sapele, Delta State. The…
Local Nigerian Breweries Seeks Shareholder Approval for 80% Stake in Distell Nigeria November 22, 2023 Ekemini Nigerian Breweries (NB) Plc, the largest brewery in Nigeria, has presented a proposal to its shareholders seeking approval for the acquisition of an 80% stake in Distell Wines and Spirits…
Local Nigeria and Germany Explore Investment Opportunities in Power and Rail Sectors November 21, 2023 Ekemini President Bola Tinubu recently engaged in discussions with German Federal Chancellor Olaf Scholz during the G20 Compact with Africa Economic Conference. The focus of their meeting centered on Nigeria’s determination…
Local Allegations of Misappropriation: Nigerian Lottery Trust Fund Faces Scrutiny by House of Representatives Committee November 21, 2023 Ekemini The House of Representatives Committee on Finance is currently conducting a status enquiry into the National Lottery Trust Fund (NLTF) following allegations of the misappropriation of its entire internally generated…
Technology Unraveling Turmoil: A Timeline of Sam Altman’s Departure from OpenAI November 21, 2023 Ekemini In a startling sequence of events, Sam Altman, the former president of Y Combinator and CEO of OpenAI, was fired by the company’s board, leading to a series of resignations…
Africa Strategic Investment in Consumer Profile Bureau by 1K Africa and Ascension Capital November 21, 2023 Ekemini 1K Africa and Ascension Capital have jointly announced a strategic investment in Consumer Profile Bureau (CPB), a prominent South African credit bureau offering innovative solutions. This investment underlines the commitment…
Business Namibia Infrastructure Development Fund Invests in Lightstruck Holdings to Expand Last-Mile Fibre Networks November 21, 2023 Ekemini The Namibia Infrastructure Development and Investment Fund (NIDIF), managed by Eos Capital, has made a significant minority stake investment in Lightstruck Holdings, a fibre infrastructure company specializing in open-access last-mile…
Business Cipla Quality Chemicals Sees Investor Interest Amidst Takeover Approval November 21, 2023 Ekemini The recent approval of the takeover of Cipla Quality Chemicals Ltd by the Common Market for Eastern and Southern Africa (Comesa) Competition Commission has sparked increased investor interest at the…
Africa CSquared Secures $25 Million Investment to Fuel Broadband Infrastructure Expansion in Africa November 21, 2023 Ekemini Pan-African technology company CSquared Link Holdings (Mauritius) Limited has announced a new equity investment of $25 million to accelerate the expansion of its carrier-neutral, open-access broadband infrastructure across the African…
Local Nigeria Seals $2.2 Billion Solar PV Deal with Sun Africa for Renewable Energy Infrastructure November 21, 2023 Ekemini The Nigerian federal government, through the Ministry of Power, has finalized a $2.2 billion solar PV deal with Sun Africa, a leading U.S.-based renewable energy solutions provider. The deal, announced…
Local Escalating Drug Prices in Nigeria Following GlaxoSmithKline’s Exit: A Crisis Unfolding November 21, 2023 Ekemini The departure of GlaxoSmithKline (GSK) from Nigeria has triggered a severe healthcare crisis, leading to a surge in drug prices. Compounded by a devalued currency, high tariffs on pharmaceutical imports,…
Local Nigeria Witnesses Surge in Federation Account Revenue After Fuel Subsidy Removal November 21, 2023 Ekemini Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, has reported a significant increase in the Federation Account’s revenue since the removal of fuel subsidies. The average…
Commodities Oil Prices Surge Amid Anticipation of OPEC+ Production Cuts November 21, 2023 Ekemini Oil prices experienced a significant surge this week as expectations grew that the Organization of Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, would intensify voluntary production…
Local Central Bank of Nigeria Delays Monetary Policy Meeting Amid Forex Backlog November 21, 2023 Ekemini The Central Bank of Nigeria (CBN) has deferred its Monetary Policy Committee (MPC) meeting for the second time since the appointment of Governor Olayemi Cardoso in September. The delay, without…
Local Inflation Crisis in Nigeria Forces Many to Choose Between Food and Medicine November 17, 2023 Ekemini The inflation crisis in Nigeria is exacerbating the challenges faced by individuals with chronic health conditions, particularly those requiring regular medication. Rising food prices and the depreciation of the local…
Local Nigeria’s Streaming Woes: Slow Adoption Challenges Netflix and Local Platforms November 17, 2023 Ekemini Despite Nigeria being Africa’s most populous country with a significant mobile user base, the adoption of streaming services, including Netflix, faces challenges. The success of Nollywood films on Netflix, such…
Local Naira Appreciates Against Dollar on Parallel Market, Stabilizing at N1,125/$ November 17, 2023 Ekemini The Nigerian naira has appreciated against the US dollar, gaining 0.88% to reach N1,125/$ on the parallel market. This follows a period of stability at N1,135/$ for three days. The…
Local Low IGR: 18 Nigerian States in Dire Financial Straits, Missing Opportunities at Africa Investment Forum November 17, 2023 Ekemini Out of Nigeria’s 36 states, only Lagos was represented at the 2023 Africa Investment Forum (AIF) in Marrakech, Morocco, showcasing projects seeking private capital. The absence of 18 states at…
Local Nestle Nigeria Reports Loss After Naira Weakness Triggers N127.46 Billion Forex Loss November 17, 2023 Ekemini Nestle Nigeria has reported a loss after tax for the 9-month period ending in 2023 due to a significant foreign exchange loss of N127.46 billion amid the weakened state of…
Local Nigeria Declares State of Emergency in Health Sector Due to Dilapidated Facilities November 17, 2023 Ekemini Summary:The Federal Government of Nigeria has declared a state of emergency in the country’s health sector, citing the dilapidated state of health facilities as a pressing issue. The announcement was…
Local Despite Inflation, Real Estate Opportunities Exist in Nigeria: Land-Banking and Smaller Residential Units Attractive November 17, 2023 Ekemini Summary:Amid the impact of inflation on various sectors, including real estate, there are still opportunities for investors in certain areas. Despite rising costs of building materials and construction delays, real…
