Transcorp Boss Calls for Full Power Sector Privatization, Debt Resolution
Tony Elumelu, chairman of Transcorp Plc., urged the Nigerian government to fully privatize the power sector to enhance efficiency and…
Month: May 2024
Zenith Bank’s CEO Retains “Best Banking CEO in Africa” Title for Second Year
Dr. Ebenezer Onyeagwu, Group Managing Director/Chief Executive Officer of Zenith Bank Plc, has been recognized as the “Best Banking CEO…
BoI extends application for RAPID fund for MSMEs
The Bank of Industry (BOI) has extended the application deadline for its Rural Area Program for Investment and Development (RAPID)…
Sacked Turkish Airlines staff not involved in ticket racketeering — Union
The National Union of Air Transport Employees (NUATE) has strongly contested the reasons given by Turkish Airlines for dismissing seven…
Naira Crisis Drives Nigerians to Locally-Used Cars
Soaring prices of imported vehicles are pushing Nigerian car buyers towards locally-used alternatives. The devaluation of the naira has significantly…
Oil GDP slows to 5.7% as production problems linger
Nigeria’s oil sector, a critical source of government revenue and foreign exchange, is experiencing a significant slowdown. The first quarter…
Nigeria Labor Congress to Present Revised Minimum Wage Proposal
The Nigeria Labour Congress (NLC) is expected to present a new proposal for a minimum wage increase at a meeting…
Shares nudge higher as US, EU inflation data loom
World stock markets edged higher on Monday as investors awaited key inflation data releases this week. This data could influence…
Dollar firm ahead of global inflation data
The U.S. dollar remained stable on Monday but is poised for its first monthly decline this year. Investors are waiting…
Stellantis to announce Italy-produced hybrid version of 500 EV, sources say
Fiat’s owner, Stellantis, is set to unveil a hybrid version of its popular 500e electric car. Production of this new…
Musk’s AI Company xAI Secures $6 Billion, Aims to Challenge OpenAI
Elon Musk’s artificial intelligence startup, xAI, has secured a massive $6 billion investment, propelling its valuation to $24 billion. This…
UBA appoints Emmanuel Nnorom as non-executive director
The United Bank for Africa (UBA) has appointed Emmanuel Nnorom as a new non-executive director to its board. Nnorom’s appointment,…
Brewers post N170bn loss on weaker naira, rate hikes
Nigeria’s major brewers face financial difficulties after a combined loss of N169.7 billion in the first quarter of 2024. This…
TotalEnergies Snubs Nigeria Again, Invests $600 Million in Congo’s Oil Industry
French oil giant TotalEnergies has passed over Nigeria for a second time, opting to invest $600 million in the Republic…
Royal Electronics launches new products in Nigeria
Royal Electronics is bringing a wave of innovation to Nigerian homes with the launch of five new product categories. These…
Telecom Investments Pay Off: Data Revenues Soar in Nigeria
Nigeria’s telecommunications industry is reaping the rewards of significant investments in network infrastructure. MTN and Airtel, the country’s leading mobile…
CBN Director Celebrated for 35 Years of Service
The Central Bank of Nigeria (CBN) has commended Clement Oluwaranti Buari, Director of Strategy Management, for his 35 years of…
UBA Announces Over N2trn Revenue, N607.69bn Profit
The United Bank for Africa (UBA) has announced a stellar performance for the 2023 financial year, achieving record highs in…
MPC: Stock investors maintain cautious stance, lose N290bn
Nigerian stock market investors are feeling the pinch after the recent Monetary Policy Committee (MPC) meeting. Analysts predict continued asset…
NECA Rejects N500,000 Minimum Wage Demand
The Nigeria Employers’ Consultative Association (NECA) has rejected the Nigerian Labour Congress’ (NLC) demand for a N500,000 minimum wage, stating…
Consumers fault Discos as meter price hits N147,000
Nigerians are facing a new challenge in their quest for prepaid electricity meters. Following deregulation by the Nigerian Electricity Regulatory…
Walmart Ditches Capital One as Credit Card Issuer After Service Issues
Walmart is severing its partnership with Capital One, which issued its store-branded credit cards since 2019. This decision comes after…
Lilly invests further $5.3 bln in new Indiana site as obesity drug demand soars
Eli Lilly is making a massive investment to address surging demand for its weight-loss and diabetes drugs, Zepbound and Mounjaro.…
US equity funds see massive weekly inflows on rate cut expectations
US equity funds saw a significant inflow of capital in the week ending May 22nd. This surge, totaling $9.9 billion,…
US Stocks Mixed: Tech Buoyed by Nvidia, But Inflation Worries Drag on Gains
US stocks opened higher on Friday, but the rally looks unlikely to sustain as the week draws to a close.…
Exiled Chinese Businessman Miles Guo Faces Fraud Trial in New York
Miles Guo, a Chinese businessman living in exile, is set to go on trial in Manhattan for allegedly defrauding investors…
Fed Governor Hints at Higher Borrowing Costs
Federal Reserve Governor Christopher Waller has sparked discussions about a possible change in the interest rate environment. R-star, a theoretical…
Brazil’s Petrobras approves Chambriard as new CEO
Brazil’s state-owned oil giant Petrobras has a new leader: Magda Chambriard. Her appointment follows the unexpected dismissal of previous CEO…
CBN’s 26.25% interest rate will compound high cost of doing business in Nigeria – MAN
The Manufacturers Association of Nigeria (MAN) is expressing strong concerns over the Central Bank of Nigeria’s (CBN) recent decision to…
Landmark Beach Demands N42 Billion Compensation After Demolition
The management of Landmark Beach is seeking N42 billion in compensation from the Nigerian Federal Government following the demolition of…