Business Transcorp Boss Calls for Full Power Sector Privatization, Debt Resolution May 28, 2024 Ekemini Uba Tony Elumelu, chairman of Transcorp Plc., urged the Nigerian government to fully privatize the power sector to enhance efficiency and innovation. He highlighted the partial privatization undertaken in 2013 as…
Banking Business Local Zenith Bank’s CEO Retains “Best Banking CEO in Africa” Title for Second Year May 28, 2024 Ekemini Uba Dr. Ebenezer Onyeagwu, Group Managing Director/Chief Executive Officer of Zenith Bank Plc, has been recognized as the “Best Banking CEO of the Year in Africa” for the second consecutive year…
Banking Local BoI extends application for RAPID fund for MSMEs May 28, 2024 Ekemini Uba The Bank of Industry (BOI) has extended the application deadline for its Rural Area Program for Investment and Development (RAPID) program. This initiative offers loans to micro, small, and medium-sized…
Business Local Sacked Turkish Airlines staff not involved in ticket racketeering — Union May 28, 2024 Ekemini Uba The National Union of Air Transport Employees (NUATE) has strongly contested the reasons given by Turkish Airlines for dismissing seven Nigerian staff members. The union refutes the airline’s accusation that…
Business Local Naira Crisis Drives Nigerians to Locally-Used Cars May 28, 2024 Ekemini Uba Soaring prices of imported vehicles are pushing Nigerian car buyers towards locally-used alternatives. The devaluation of the naira has significantly increased the cost of importing cars, making them unaffordable for…
Commodities Local Oil GDP slows to 5.7% as production problems linger May 28, 2024 Ekemini Uba Nigeria’s oil sector, a critical source of government revenue and foreign exchange, is experiencing a significant slowdown. The first quarter of 2024 saw oil GDP growth drop to 5.7%, a…
Local Nigeria Labor Congress to Present Revised Minimum Wage Proposal May 28, 2024 Ekemini Uba The Nigeria Labour Congress (NLC) is expected to present a new proposal for a minimum wage increase at a meeting of the federal government’s Tripartite Committee on Tuesday in Abuja.…
Business World Shares nudge higher as US, EU inflation data loom May 27, 2024 Ekemini Uba World stock markets edged higher on Monday as investors awaited key inflation data releases this week. This data could influence central bank decisions, with a potential European rate cut as…
Business World Dollar firm ahead of global inflation data May 27, 2024 Ekemini Uba The U.S. dollar remained stable on Monday but is poised for its first monthly decline this year. Investors are waiting on key inflation data from the U.S., Europe, and Japan…
Business World Stellantis to announce Italy-produced hybrid version of 500 EV, sources say May 27, 2024 Ekemini Uba Fiat’s owner, Stellantis, is set to unveil a hybrid version of its popular 500e electric car. Production of this new model will take place at the Mirafiori plant in Italy,…
Technology World Musk’s AI Company xAI Secures $6 Billion, Aims to Challenge OpenAI May 27, 2024 Ekemini Uba Elon Musk’s artificial intelligence startup, xAI, has secured a massive $6 billion investment, propelling its valuation to $24 billion. This funding round reflects investor confidence in xAI’s potential to compete…
Banking Local UBA appoints Emmanuel Nnorom as non-executive director May 27, 2024 Ekemini Uba The United Bank for Africa (UBA) has appointed Emmanuel Nnorom as a new non-executive director to its board. Nnorom’s appointment, effective April 30, 2024, and approved by the Central Bank…
Commodities Local Brewers post N170bn loss on weaker naira, rate hikes May 27, 2024 Ekemini Uba Nigeria’s major brewers face financial difficulties after a combined loss of N169.7 billion in the first quarter of 2024. This significant setback, compared to a total loss of N54.3 billion…
Energy Local TotalEnergies Snubs Nigeria Again, Invests $600 Million in Congo’s Oil Industry May 27, 2024 Ekemini Uba French oil giant TotalEnergies has passed over Nigeria for a second time, opting to invest $600 million in the Republic of Congo’s oil exploration and production. This decision comes after…
Commodities Local Royal Electronics launches new products in Nigeria May 27, 2024 Ekemini Uba Royal Electronics is bringing a wave of innovation to Nigerian homes with the launch of five new product categories. These include air conditioners, refrigerators, washing machines, Google TVs, and built-in…
Business Local Telecom Investments Pay Off: Data Revenues Soar in Nigeria May 27, 2024 Ekemini Uba Nigeria’s telecommunications industry is reaping the rewards of significant investments in network infrastructure. MTN and Airtel, the country’s leading mobile network providers, have seen a substantial rise in service revenue…
Business Local CBN Director Celebrated for 35 Years of Service May 27, 2024 Ekemini Uba The Central Bank of Nigeria (CBN) has commended Clement Oluwaranti Buari, Director of Strategy Management, for his 35 years of dedicated service upon his retirement on March 4th, 2024. CBN…
Banking Local UBA Announces Over N2trn Revenue, N607.69bn Profit May 27, 2024 Ekemini Uba The United Bank for Africa (UBA) has announced a stellar performance for the 2023 financial year, achieving record highs in both gross revenue and profit. Gross revenue surged by an…
Local Stock MPC: Stock investors maintain cautious stance, lose N290bn May 27, 2024 Ekemini Uba Nigerian stock market investors are feeling the pinch after the recent Monetary Policy Committee (MPC) meeting. Analysts predict continued asset reallocation away from equities due to the MPC’s decision to…
Business Local NECA Rejects N500,000 Minimum Wage Demand May 27, 2024 Ekemini Uba The Nigeria Employers’ Consultative Association (NECA) has rejected the Nigerian Labour Congress’ (NLC) demand for a N500,000 minimum wage, stating that current economic difficulties make it impossible for the private…
Business Local Consumers fault Discos as meter price hits N147,000 May 27, 2024 Ekemini Uba Nigerians are facing a new challenge in their quest for prepaid electricity meters. Following deregulation by the Nigerian Electricity Regulatory Commission, electricity distribution companies (DisCos) have significantly increased meter prices.…
Business Finance World Walmart Ditches Capital One as Credit Card Issuer After Service Issues May 24, 2024 Ekemini Uba Walmart is severing its partnership with Capital One, which issued its store-branded credit cards since 2019. This decision comes after a federal judge ruled in Walmart’s favor, allowing them to…
Business Health World Lilly invests further $5.3 bln in new Indiana site as obesity drug demand soars May 24, 2024 Ekemini Uba Eli Lilly is making a massive investment to address surging demand for its weight-loss and diabetes drugs, Zepbound and Mounjaro. The company announced an additional $5.3 billion for its new…
Business World US equity funds see massive weekly inflows on rate cut expectations May 24, 2024 Ekemini Uba US equity funds saw a significant inflow of capital in the week ending May 22nd. This surge, totaling $9.9 billion, reflects investor optimism driven by two factors: signs of slowing…
Business World US Stocks Mixed: Tech Buoyed by Nvidia, But Inflation Worries Drag on Gains May 24, 2024 Ekemini Uba US stocks opened higher on Friday, but the rally looks unlikely to sustain as the week draws to a close. The Dow Jones Industrial Average and the S&P 500 are…
Asia Business Exiled Chinese Businessman Miles Guo Faces Fraud Trial in New York May 24, 2024 Ekemini Uba Miles Guo, a Chinese businessman living in exile, is set to go on trial in Manhattan for allegedly defrauding investors and customers out of more than $1 billion. Prosecutors claim…
Business World Fed Governor Hints at Higher Borrowing Costs May 24, 2024 Ekemini Uba Federal Reserve Governor Christopher Waller has sparked discussions about a possible change in the interest rate environment. R-star, a theoretical rate that reflects a neutral monetary policy stance, may be…
Business Local World Brazil’s Petrobras approves Chambriard as new CEO May 24, 2024 Ekemini Uba Brazil’s state-owned oil giant Petrobras has a new leader: Magda Chambriard. Her appointment follows the unexpected dismissal of previous CEO Jean Paul Prates, raising concerns about political influence. Chambriard, a…
Business Local CBN’s 26.25% interest rate will compound high cost of doing business in Nigeria – MAN May 24, 2024 Ekemini Uba The Manufacturers Association of Nigeria (MAN) is expressing strong concerns over the Central Bank of Nigeria’s (CBN) recent decision to raise the Monetary Policy Rate (MPR) by 150 basis points.…
Business Local Landmark Beach Demands N42 Billion Compensation After Demolition May 24, 2024 Ekemini Uba The management of Landmark Beach is seeking N42 billion in compensation from the Nigerian Federal Government following the demolition of their property in April 2024. This is the first time…
