Business World Russia’s VTB bank says US sanctions have complicated cross-border transactions June 28, 2024 Ekemini Uba The recent U.S. sanctions on Moscow have significantly affected Russian banks, including VTB, Russia’s second-largest lender. Dmitry Pyanov, VTB’s finance director, acknowledged the challenges posed by these sanctions but expressed…
Business World Ackman’s Pershing Square USA to offer shares at $50 in NY listing June 28, 2024 Ekemini Uba Pershing Square USA, managed by billionaire Bill Ackman, is preparing for its initial public offering (IPO) on the New York Stock Exchange with shares priced at $50 each. This new…
Business World Aircraft delivery delays having ‘brutal’ impact on Lufthansa, says CEO June 28, 2024 Ekemini Uba Carsten Spohr, CEO of Lufthansa (LHAG.DE), revealed at a business press club in Stuttgart that ongoing aircraft delivery issues are severely impacting the airline and are unlikely to be resolved…
Business World Italy claims 1 billion euros in unpaid taxes from Google June 28, 2024 Ekemini Uba Italy is seeking 1 billion euros ($1.07 billion) from Google in unpaid taxes and penalties, according to three sources familiar with the matter. This demand comes seven years after Google…
Local Nigeria’s cryptocurrency market worth over $400m — SEC DG June 28, 2024 Ekemini Uba The Director General of the Securities and Exchange Commission (SEC), Emomotimi Agama, highlighted the potential benefits of cryptocurrencies in reducing remittance costs by up to 50%,. Despite these advantages, Agama…
Business Local 220 Drug Suspects Arrested As NDLEA Destroys 14 Cannabis Farms In Edo June 28, 2024 Ekemini Uba The Edo State commander of the National Drug Law Enforcement Agency (NDLEA), Mr. Callys Alumona, announced that the agency had arrested 220 suspects for drug-related offenses between February and June…
Business Local Naira Depreciates Further, Exchanges At N1,510/$ June 28, 2024 Ekemini Uba The Naira maintained its downward trend, reaching N1,510.10 against the US Dollar as reported by Daily Trust. This represents a three-naira increase from Wednesday’s closing rate of N1,507, according to…
Business Local Market Nigeria Spends N1.47tr On Vehicle Importation June 28, 2024 Ekemini Uba Mr. Oluwemimo Joseph Osanipin, Director-General of the National Automotive Design and Development Council (NADDC), voiced concerns over Nigeria’s heavy reliance on vehicle imports, stressing that sustained importation hinders the country’s…
Local Technology EFCC Chairman recommends blockchain, AI for tracking and recovering $88.6 billion stolen from Africa June 28, 2024 Ekemini Uba Mr. Olanipekun Olukoyede, Executive Chairman of the Economic and Financial Crimes Commission (EFCC), has called for the adoption of blockchain technology and artificial intelligence (AI) to track and recover the…
Business Local About 60% of applicants have received N50,000 under trade grant scheme — Doris Uzoka-Anite June 28, 2024 Ekemini Uba During the National Economic Council (NEC) meeting at the Presidential Villa, President Tinubu announced significant initiatives aimed at enhancing food security and infrastructure development across Nigeria. The federal government plans…
Local Federal Government Launches Task Force to Tackle Illegal Charter Flights in Nigeria June 28, 2024 Ekemini Uba The Federal Government has taken decisive action to address the proliferation of unauthorized and illegal charter flights within Nigeria’s aviation sector with the inauguration of a Ministerial Task Force. Led…
Business VFD Group Obtains Shareholders’ Approval to Raise N30bn Additional Capital June 28, 2024 Ekemini Uba At its virtual 8th Annual General Meeting (AGM), VFD Group Plc secured shareholders’ approval to raise an additional N30 billion in fresh capital through various financial instruments, including shares, global…
Business Local Ethiopian Airlines Group Wins Double Awards in Africa June 28, 2024 Ekemini Uba Ethiopian Airlines Group, recognized as Africa’s largest airline group, has secured top honors once again at the APEX Passenger Choice Awards 2024. The airline has been awarded for ‘Best Entertainment’…
Banking Local ‘FirstBank Committed to Boost Economy through Creative Arts’ June 28, 2024 Ekemini Uba Dr. Timothy Arowoogun, Group Head, Public Sector West of FirstBank of Nigeria (FBN), emphasized the potential of the creative arts to enhance Nigeria’s economy through promotion and exportation at the…
Banking Local PalmPay Insists on CAC Registration to Prevent Account Freezing June 28, 2024 Ekemini Uba PalmPay is urging its Business users to register and submit their Corporate Affairs Commission (CAC) details by the July 7, 2024 deadline, following directives from the CAC. This requirement aligns…
Business Microsoft Not Leaving Nigeria – CEO June 27, 2024 Ekemini Uba Mrs. Ola William, Managing Director and CEO of Microsoft Nigeria plc, has denied rumors that Microsoft plans to leave Nigeria. She emphasized the company’s dedication to supporting the ICT ecosystem’s…
Local Dangote refinery: Crude supply crisis threatens oil investments, operators warn FG June 27, 2024 Ekemini Uba Modular refineries in Nigeria are facing challenges due to an unreliable domestic crude oil supply, prompting them to explore importing crude oil directly from the United States. With investors hesitant…
Business Local ‘Minor Fire Incident’ at Dangote Refinery Fully Contained, Says Management June 27, 2024 Ekemini Uba A minor fire outbreak occurred at a section of the Dangote Refinery in Ibeju Lekki, Lagos, on Wednesday morning. Workers were evacuated amidst panic, but the fire, affecting only part…
Local Lagos Battling 2.3m Housing Gap – Commissioner June 27, 2024 Ekemini Uba Lagos State is currently grappling with a significant housing gap of 2.3 million, according to the Commissioner for Housing, Moruf Akinderu-Fatai. Represented by the ministry’s permanent secretary, Abdulhafiz Toriola, Akinderu-Fatai…
Business Local CBN discontinues price verification for Form ‘M’ (Effective July 2024) June 27, 2024 Ekemini Uba The Central Bank of Nigeria (CBN) announced that it will discontinue its Price Verification System (PVS) Portal starting July 1, 2024, due to recent developments in the Nigerian Foreign Exchange…
Banking Business Finance Local Nigeria’s Treasury Bills debt surges to N10.4 trillion, largest balance in Nigerian history June 27, 2024 Ekemini Uba Nigeria’s Treasury Bills (T-Bills) debt has surged to a record N10.4 trillion, marking a 60% increase in just three months, according to the Debt Management Office (DMO). This significant rise,…
Local Technology IMF says Nigeria, other developing countries lack digital infrastructure for AI June 27, 2024 Ekemini Uba A new report from the International Monetary Fund (IMF) reveals that Nigeria, alongside other developing countries, lacks adequate digital infrastructure for the deployment of Artificial Intelligence (AI) technology. Despite Nigeria…
Energy Local 85 million Nigerians lack access to electricity — USAID June 27, 2024 Ekemini Uba At a conference themed “Powering Nigeria: Mobilizing Private Capital,” Melissa Jones, Mission Director for USAID, highlighted that 85 million Nigerians lack access to electricity, presenting a significant barrier to economic…
Business Local Otedola tightens grip on First Bank, acquires more shares June 27, 2024 Ekemini Uba Billionaire businessman Femi Otedola purchased a total of 9,193,339 units of shares across two tranches, amounting to substantial investments in FBN Holdings. The first tranche saw him acquire 1,228,141 shares…
investment Local EU seeks areas to invest part of 150bn Euro sub-regional package June 27, 2024 Ekemini Uba The European Union (EU) is exploring potential investments in Nigerian ports as part of its €150 billion initiative aimed at developing the Lagos-Abidjan corridor. Jesus Gavilan, from the EU’s Directorate…
Business Finance Local Consolidated Hallmark Holdings grows revenue by 32% June 27, 2024 Ekemini Uba Consolidated Hallmark Holdings Plc has announced a robust financial performance for the year 2023, achieving a 32% increase in revenue to N15.7 billion from N11.9 billion in 2022. At the…
Business Local Nigeria advances internet connectivity with $2bn fibre-optic project June 27, 2024 Ekemini Uba In an initiative aimed at enhancing Nigeria’s connectivity infrastructure, Finance Minister Wale Edun addressed the Fibre Forward Strategic Development Workshop in Abuja. Organized by the Federal Ministry of Communications, Digital…
Business Local SEC, NGX Group agree to capital market digital transformation June 27, 2024 Ekemini Uba The Securities and Exchange Commission (SEC) has announced its support for the Nigeria Exchange Group (NGX) in its endeavor to launch a new digital platform aimed at modernizing the process…
Business Local U.S. crude imports touch two-year high despite lukewarm demand June 26, 2024 Ekemini Uba In May, U.S. crude oil imports reached their highest level since July 2022, averaging 3.1 million barrels per day (bpd) as refiners procured heavy crudes from Canada and Latin America…
Business World European shares gain, Aussie jumps, yen teeters near 160 June 26, 2024 Ekemini Uba European stock markets saw gains on Wednesday, boosted by a rebound in Nvidia shares and a broadly positive risk sentiment ahead of the French legislative election. The pan-European STOXX 600…
