Local NNPC Record Profits and Suppressions on Oil Thieves January 10, 2024 Ekemini Uba The Nigerian National Petroleum Company Limited (NNPCL) announced a remarkable profit of N2.548tn in 2022, marking its “highest profit since inception.” Established in 1977, NNPCL is a state-owned oil corporation…
Local New Leadership at Kaduna Electricity Distribution Plc: Mr Umar Hashidu Takes Helm as CEO January 10, 2024 Ekemini Uba Kaduna Electricity Distribution Plc has welcomed Mr Umar Hashidu as its new Chief Executive Officer (CEO), following the recent resignation of Yusuf Yahaya. The handover ceremony, which occurred at the…
Local World Bank Forecasts Nigeria’s Per Capita Income Recovery by 2025 January 10, 2024 Ekemini Uba The World Bank’s January 2024 Global Economic Prospects report predicts a return of Nigeria’s per capita income to pre-pandemic levels by 2025. Per capita income, measuring average earnings per person,…
Local NASENI Signs Multibillion-Dollar MoUs for Technological Advancements January 10, 2024 Ekemini Uba The National Agency for Science and Engineering Infrastructure (NASENI) has inked multibillion-dollar Memoranda of Understanding (MoUs), both new and revived, with international technical partners. These agreements encompass the establishment of…
Local Cash Scarcity Persists: Nigerians Endure High PoS Costs Despite Central Bank Assurances January 10, 2024 Ekemini Uba Nigerian customers continue to face challenges in accessing cash, leading to increased reliance on high-cost PoS services. Despite the Central Bank of Nigeria’s (CBN) assurance of sufficient currency stock, reports…
Local Departure of BPE and FCCPC Heads: Not Dismissals, but Relief from Positions- Presidency January 10, 2024 Ekemini Uba The Presidency has clarified that the departure of the heads of the Bureau of Public Enterprises (BPE) and the Federal Competition and Consumer Protection Commission (FCCPC), Babatunde Irukera and Alexander…
Local Ahead of AFCON:Football Fans Express Discontent Over Startimes’ Subscription Price Hike January 10, 2024 Ekemini Uba Football fans are expressing shock and disappointment as StarTimes announces a 15% increase in subscription prices just days before the 2023 African Cup of Nations (AFCON) begins in Ivory Coast.…
Local NAFDAC Highlights Strategies for Consumers to Identify Fake Products January 10, 2024 Ekemini Uba In the battle against counterfeit drugs and unwholesome products in the Nigerian market, the National Agency for Food and Drug Administration and Control (NAFDAC) has revealed four crucial ways for…
Local Nigeria Faces 65% Drop in Foreign Investments, Loses Top Spot to Kenya January 10, 2024 Ekemini Uba Foreign investments in Nigerian startups experienced a significant decline, falling by 65.83% year-on-year to $410 million in 2023, down from $1.2 billion in 2022. This decline has caused Nigeria to…
Stock U.S. Stock Futures Retreat, Boeing Faces New Woes, Nvidia Hits Record High January 9, 2024 Ekemini U.S. stock futures are poised for a potential pullback after Monday’s rally, influenced by gains in chip designer Nvidia. However, fresh concerns surround Boeing’s 737 Max 9 jet, as airlines…
Business U.S. Dollar Rebounds, Euro Falters on Weak German Data January 9, 2024 Ekemini The U.S. dollar makes a comeback in early European trade, reclaiming ground lost after slipping from its three-week high. The euro faces downward pressure due to disappointing German economic data,…
Stock Citi Downgrades Netflix, Cites “Lofty Expectations” January 9, 2024 Ekemini Citi strategists downgrade Netflix (NFLX) from Buy to Neutral, leading to a 2% pre-market decline. The rationale behind the downgrade revolves around concerns about high expectations for the streaming giant…
Business Global Markets Hold Gains, Eyes on CPI Data and Rate Cut Expectations January 9, 2024 Ekemini Global markets maintained their gains on Tuesday following a tech-led rally on Wall Street and lower oil prices. U.S. benchmark treasury yields rose, contributing to the overall positive sentiment. However,…
Business Global X Optimistic about Brazil’s Economic Prospects, Sees Investment Opportunities January 9, 2024 Ekemini Global X, a leading exchange-traded funds (ETF) provider with assets of around $48 billion worldwide, expresses optimism about Brazil’s economic prospects. The company views Brazil as one of the most…
Business European Equities Slip Amid Losses in Tech and Financial Stocks January 9, 2024 Ekemini European equities experienced a decline on Tuesday, primarily driven by losses in technology and financial stocks. Investors are awaiting more economic data to gauge the European Central Bank’s (ECB) monetary…
Business Dollar Rally Paused as U.S. Inflation Expectations Decline January 9, 2024 Ekemini The U.S. dollar rally faced a pause on Tuesday as a decline in U.S. consumer inflation expectations influenced traders’ bets for potential Federal Reserve rate cuts this year. In the…
Local UBA Hits N1 Trillion Market Capitalization January 9, 2024 Ekemini Uba United Bank for Africa (UBA) achieved a significant milestone as its market capitalization surpassed the N1 trillion mark on the Nigerian Exchange Limited. Closing at N1.022 trillion on Monday, the…
Local Equity Market’s Rally Surpasses N3.5 Trillion in Seven-Day Streak January 9, 2024 Ekemini Uba The Nigerian Exchange Limited’s bullish run continued into its seventh day on Monday, yielding a daily gain of N365 billion and an impressive compound gain of N3.5 trillion since the…
Local cNGN Delays Launch Pending Regulatory Approval January 9, 2024 Ekemini Uba The Africa Stablecoin Consortium has officially postponed the launch of its cNGN stablecoin, originally scheduled for February 27, 2024. The consortium, comprising Pan-African banks, fintechs, and blockchain businesses, addressed earlier…
Local UN Highlights Downward Risks to Nigeria’s Growth in 2024 January 9, 2024 Ekemini Uba The United Nations, in its ‘World Economic Situation and Prospects 2024’ report, has revealed that Nigeria faces downward risks to its growth prospects. Despite recent government reforms, including those in…
Local Dangote Petroleum Refinery Nears Production with 6th Batch of Crude Oil January 9, 2024 Ekemini Uba The Dangote Petroleum Refinery announced its imminent entry into refined petroleum production as it received the 6th batch of one million barrels of crude oil, a crucial requirement for its…
Local NCC Threatens Call Disruption: Globacom Faces Bar from Making Calls to MTN January 9, 2024 Ekemini Uba The Nigerian Communications Commission (NCC) has issued a public notice indicating its intent to bar Globacom customers from making calls to MTN lines due to an alleged non-settlement of interconnect…
Local NERC Dissolves Kaduna Electricity Distribution Company Board Over N110bn Debt January 9, 2024 Ekemini Uba The Nigerian Electricity Regulatory Commission (NERC) announced the dissolution of the board of directors of Kaduna Electricity Distribution Company on Monday, citing the Disco’s inability to settle a N110 billion…
Local Cash Scarcity Causes Sharp Decline in ATM Usage- KPMG January 9, 2024 Ekemini Uba A report titled “In Pursuit of Value,” by KPMG reveals a significant drop in the weekly usage of Automated Teller Machines (ATMs) from 70% to 40% due to the scarcity…
Local MAN Criticizes EFCC’s Armed Invasion of Dangote Industries January 9, 2024 Ekemini Uba The Manufacturers Association of Nigeria (MAN) has strongly criticized the armed invasion of Dangote Industries Limited by operatives of the Economic and Financial Crimes Commission (EFCC) in connection to the…
Local Manufacturers Hit Hard as Currency Depreciates by 38.9% January 8, 2024 Ekemini Uba In the last three months, the Nigerian naira has lost nearly 39% of its value against the US dollar, dropping from N745.19/$ to N1035.12/$ at the official I&E window of…
Local CBN, Clearing Debt to Boost Naira and Enhance Investor’s Confidence January 8, 2024 Ekemini Uba The Central Bank of Nigeria (CBN) has announced its commitment to settling pending obligations and boosting the functionality of the foreign exchange market. The CBN Acting Director of Corporate Communications,…
Local Nigeria Ranks 22nd Globally for Cheapest Gasoline Prices, Despite Oil Production Challenges” January 8, 2024 Ekemini Uba “A recent report titled ‘Global Petrol Prices, Octane-95, January 1, 2024,’ on global gasoline prices reveals that Nigeria ranks 22nd globally for having one of the cheapest petrol prices. The…
Local Guinness, Nestle and Others Face N472.3 Billion Loss Due to Naira Depreciation January 8, 2024 Ekemini Uba Major consumer goods companies, including Cadbury, Guinness Nigeria, and Nestle, faced a collective loss of N472.3 billion due to naira depreciation in the first nine months of 2023, according to…
Europe Stock Mixed Start for European Stock Markets as Investors Await Key Inflation Data January 8, 2024 Ekemini European stock markets began the week with mixed trading, reflecting subdued risk appetite among investors. The focus remains on key inflation data releases scheduled from the U.S., Japan, and China…
