Business Shell Discloses $1.09 Billion Payments to Government May 9, 2024 Ekemini Uba The Managing Director and Country Chair of Shell Companies in Nigeria, Osagie Okunbor, has reaffirmed the organization’s dedication to Nigeria’s economic growth. In a briefing note for 2023, it was…
Business Local ‘Automation Capable Of Transforming Governance In Nigeria’ May 9, 2024 Ekemini Uba Melanie Ayoola, the Group Executive Director of Tranter IT, highlighted the potential of technology to revolutionize governance in Nigeria during the 2024 ManageEngine IT Gov Conference held in Lagos and…
Business World US eyes curbs on China’s access to AI software behind apps like ChatGPT May 8, 2024 Ekemini Uba The Biden administration is considering plans to regulate the export of advanced AI models, such as ChatGPT, as part of its strategy to safeguard U.S. AI technology from China. The…
World Futures muted as investors seek clues on US rate path May 8, 2024 Ekemini Uba U.S. stock index futures showed little movement on Wednesday following a period of strong gains that propelled the S&P 500 to over three-week highs. Investors are seeking clarity on the…
Local Amazon breaks into Europe 5G networks with Telefonica cloud deal May 8, 2024 Ekemini Uba Telefonica Germany, a subsidiary of Spanish group Telefonica, plans to migrate one million 5G customers to Amazon Web Services (AWS) cloud later this month. This move, a global first, involves…
Currency Local Naira depreciates to N1,415/$ in parallel market May 8, 2024 Ekemini Uba The Naira experienced depreciation against the US Dollar in both the parallel and Nigerian Foreign Exchange Market (NAFEM) on Tuesday. In the parallel market, the Naira declined to N1,415 per…
Banking Business Local CBN Updates List of Deposit Money Banks, Grants International Authorization to Fidelity Bank and FCMB May 8, 2024 Ekemini Uba The Central Bank of Nigeria (CBN) has released an updated list of deposit money banks and other financial institutions as of April 26, 2024. The updated list includes seven commercial…
Commodities Local Petrol Scarcity in Lagos Sparks Frustration May 8, 2024 Ekemini Uba The petrol scarcity in Lagos is causing frustration among motorists, who face long commutes and struggle to find fuel for daily errands. Tunde Ayeni, a Lagos resident, describes the situation…
Business Microsoft African Development Centre in Lagos May Shut Down Operations May 8, 2024 Ekemini Uba There are indications that Microsoft may close its African Development Centre (ADC) in Lagos, Nigeria. While there has been no official statement from Microsoft, industry sources suggest that the management…
Banking Business Access Holdings Directors Vested with Shares Worth N427.13m May 8, 2024 Ekemini Uba Eight directors of Access Holdings, including the acting Group Chief Executive Officer, Bolaji Agbede, and Managing Director of Access Bank, Roosevelt Ogbonna, have been vested with approximately 23,883,790 units of…
Business Local Binance Accuses Nigerian Govt Of Demanding $150m Bribe May 8, 2024 Ekemini Uba The Nigerian government has pledged to continue its pursuit of a criminal case against cryptocurrency platform Binance and its officials following bribery allegations made by Binance CEO Richard Teng. Teng…
Business Local NLC Rejects CBN’s Cybersecurity Levy on Electronic Transfers May 8, 2024 Ekemini Uba The Nigeria Labour Congress (NLC) has vehemently rejected the recent directive by the Central Bank of Nigeria (CBN) to impose a 0.5% Cybersecurity Levy on electronic transfers. NLC President Mr.…
Local EFCC Operatives Arrest Bureau De Change Operators, Encounter Resistance in Wuse Zone 4 Market May 8, 2024 Ekemini Uba Economic and Financial Crimes Commission (EFCC) operatives conducted arrests of Bureau De Change (BDC) operators at Wuse Zone 4 market on Tuesday, encountering resistance from traders. The operation, part of…
Business Local UBA Records 110% Rise in Gross Earnings to N570.2bn May 8, 2024 Ekemini Uba United Bank for Africa Plc (UBA) has reported a remarkable 110% Year-on-Year (YoY) increase in gross earnings to N570.2 billion for the first quarter of 2024 (Q1’24), compared to N271.1…
Local NOG Energy Week 2024 to Address Sub-Saharan Africa’s Energy Challenges May 8, 2024 Ekemini Uba Stakeholders in the energy sector across Sub-Saharan Africa are gearing up to convene at the NOG Energy Week 2024, scheduled from June 30th to July 4th, 2024, at the International…
Local CBN Relaxes Restrictions on Repatriation of Oil and Gas Export Proceeds May 8, 2024 Ekemini Uba The Central Bank of Nigeria (CBN) has eased restrictions on the repatriation of oil and gas export proceeds by International Oil Companies (IOCs). In a recent circular, the CBN clarified…
Business World Jumia Slashes Operating Losses by 71% in Q1 2024, Reports Revenue Growth May 8, 2024 Ekemini Uba Africa’s leading e-commerce group, Jumia, has significantly reduced its operating losses by 71% year over year to $8.3 million in the first quarter of 2024, compared to $28 million in…
Technology World Microsoft and OpenAI Launch $2 Million Fund to Combat AI Misinformation May 8, 2024 Ekemini Uba In a collaborative effort, tech giants Microsoft and OpenAI have announced the creation of a $2 million Societal Resilience Fund aimed at addressing AI misinformation and enhancing global AI literacy.…
Africa Agriculture AU Calls for $15 Billion Investment to Boost Local Fertilizer Manufacturing May 8, 2024 Ekemini Uba The African Union (AU) has highlighted the need for a $15 billion private sector investment to enhance local manufacturing of mineral fertilizers across Africa. In a statement released on May…
Africa Business Aliko Dangote Foundation and WEF Announce 2024 Young Global Leaders Fellows May 8, 2024 Ekemini Uba The Aliko Dangote Foundation (ADF) and the World Economic Forum (WEF) have unveiled the gifted individuals selected for the prestigious 2024 class of the World Economic Forum Young Global Leaders…
Africa Business ECOWAS Agrees to Establish $2.4 Billion Counter-Terrorism Force May 8, 2024 Ekemini Uba The Economic Community of West African States (ECOWAS) has announced plans to establish a standby counter-terrorism force with a budget of $2.4 billion. Heads of States from member countries have…
Business Shell Pays $1.09 Billion in Taxes and Royalties to FG May 8, 2024 Ekemini Uba Shell has disclosed that it paid a total of $1.09 billion in corporate taxes and royalties to the Federal Government of Nigeria in 2023, demonstrating its substantial financial contribution to…
Africa Business FBNBank Ghana changes to FirstBank Ghana to align with group identity May 7, 2024 Ekemini Uba FBNBank Ghana has announced its name change to FirstBank Ghana, aligning with the identity, values, and vision of the FirstBank Group. This move aims to strengthen the bank’s commitment to…
Africa Business Energy GoSolr to enhance solar-generation capacity in South Africa May 7, 2024 Ekemini Uba GoSolr, a South African company, plans to increase its solar-generation capacity to 500 megawatts in the next four years, up from its current 70 megawatts. Backed by investments from African…
Business Apple Unveils M4 Chip for iPad Pro May 7, 2024 Ekemini Uba Apple introduced its latest chip, the M4, designed to excel in artificial intelligence tasks, in the iPad Pro model, a departure from its typical placement in Mac laptops. The move…
Business World Disney’s surprise streaming entertainment profit offset by weaker TV business May 7, 2024 Ekemini Uba Walt Disney’s shares fell 8.5% in morning trading despite a surprise profit in its streaming entertainment division, as a drop in traditional TV business and weaker box office performance overshadowed…
Business Local Prices of rice, garri, beef rise 27.4% in March – NBS May 7, 2024 Ekemini Uba According to data from the National Bureau of Statistics (NBS), the average prices of rice, garri, and beef experienced a 27.4 percent increases in March, the highest among selected food…
Banking Business List of financial transactions exempted from 0.5% cybersecurity levy May 7, 2024 Ekemini Uba In a circular signed by Chibuzor Efobi, the director of payments system management, and Haruna Mustafa, the director of financial policy and regulation, the Central Bank of Nigeria (CBN) directed…
Business Access Holdings, Partners Move To Empower Women With Disabilities May 7, 2024 Ekemini Uba International charity organization Sightsavers, in collaboration with Access Holdings, Unilever, UK Aid, and UNICEF, has initiated the Sabi-Woman project to support females with disabilities in Nigeria. Targeting adolescent girls aged…
Business Naira appreciates to N1354/$ despite low dollar supply at official market May 7, 2024 Ekemini Uba Despite facing low dollar liquidity, the Nigerian naira showed strength against the US dollar in Monday’s trading at the official foreign exchange market. Data from FMDQ Securities Limited revealed that…
