Business Local Reps summon NNPC, Agip, NUPRC, others over alleged $72m diversion June 19, 2024 Ekemini Uba The House of Representatives Committee on Public Petitions has summoned the managing director and senior management staff of Nigeria AGIP Oil Company (NAOC) following a petition alleging the diversion of…
Market World Shell to acquire Singaporean LNG firm Pavilion Energy from Temasek June 18, 2024 Ekemini Uba Shell has announced its acquisition of Singaporean LNG company Pavilion Energy from Temasek, aiming to bolster its leadership in the liquefied natural gas market. While financial specifics were not disclosed,…
Technology World NATO targets AI, robots and space tech in $1.1 billion fund June 18, 2024 Ekemini Uba The NATO Innovation Fund (NIF) has confirmed its first investments, allocating part of its €1 billion fund to four European technology companies aimed at bolstering defense, security, and resilience. This…
Business World Toyota Re-elects Chairman Akio Toyoda despite certification scandals June 18, 2024 Ekemini Uba Toyota’s Chairman Akio Toyoda, along with nine other board members, was re-elected at the automaker’s annual general meeting on Tuesday. Despite recommendations against Toyoda’s re-election from leading proxy advisers due…
Business investment Local Ekpo Woos Canadian Businesses, Investors to Nigeria’s Gas Sector June 18, 2024 Ekemini Uba Nigeria’s Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, emphasized the necessity of global partnerships, innovation, and a collective effort to tackle energy challenges for a sustainable future. Speaking…
Local Adrian Wood Returns to Nigeria, Moves to Rebrand Ntel with Fresh Investors June 18, 2024 Ekemini Uba Adrian Wood, former CEO of MTN Nigeria, has re-entered the Nigerian telecom industry as the new Chief Executive Officer of ntel, the telecom company formed from the unbundling of NITEL.…
Energy Local New Report Says Nigeria’s Liquefied Natural Gas Expansion Drive Faces Severe Future Risks June 18, 2024 Ekemini Uba Nigeria’s ambitious plans to expand its Liquefied Natural Gas (LNG) projects, including the notable Train-7 initiative, face significant risks, according to a new report by the International Institute for Sustainable…
Business Local Universities Scotland says 20% decline in int’l student market reduces subsidized tuition for domestic students June 18, 2024 Ekemini Uba Universities Scotland has raised alarms over the potential 20% reduction in international student numbers, warning it could significantly hinder the ability to subsidize tuition fees for Scottish students. Experts are…
Local Nigerian Box Office set to hit N10 billion revenue in FY2024 June 18, 2024 Ekemini Uba The Nigerian box office is on track to reach an unprecedented N10 billion in revenue from cinema ticket sales and movie releases by the end of 2024, according to projections…
Business Local NEPZA Offers Duties Waiver, Tax Holiday To Startups In Free Trade Zones June 18, 2024 Ekemini Uba The Nigeria Export Processing Zones Authority (NEPZA) has announced new measures aimed at retaining foreign businesses and startups within Free Trade Zones (FTZs) across the country. In a bid to…
Local Amid $12bn Loss To Cyberattacks, Financial Stakeholders Decry Rising Threats June 18, 2024 Ekemini Uba Financial experts have urged for innovative solutions to counter the escalating threat of cyberattacks, aiming to bolster confidence in banking transactions. This call to action was articulated during the 2024…
Business Airtel Launches Submarine Cable, Taps Network International For Payments Processing June 18, 2024 Ekemini Uba Airtel Telesonic, the wholesale division of Airtel Africa, has achieved a significant milestone by activating the 2Africa Submarine Cable System. This development marks a major enhancement in connectivity across the…
Banking Local Wemabod gets new MD June 18, 2024 Ekemini Uba Wemabod Limited has announced a leadership transition with the appointment of Bashir Oladunni as the new Managing Director and Chief Executive Officer, effective from December 19, 2024. Oladunni succeeds Oluyemi…
Local LBS, Stanbic IBTC Advocate Corporate Sustainability June 18, 2024 Ekemini Uba Lagos Business School (LBS) and Stanbic IBTC Holdings emphasized the need for businesses to integrate environmental sustainability into their corporate strategies. This message was conveyed during the presentation of a…
Business World AfDB to match Italy’s $150m concessional loans for Africa June 18, 2024 Ekemini Uba The African Development Bank (AfDB) has announced its commitment to match the $150 million in concessional loans and grants from Italy aimed at funding developmental projects across Africa. Italy’s initiative…
Business Local Import duty: FG summons 80 private jets owners over operating papers June 18, 2024 Ekemini Uba The Nigerian Customs Service (NCS) has launched a new initiative aimed at cracking down on operators of improperly imported private jets into the country. Approximately 80 private jet operators are…
Asia Business Chinese investors’ rush for offshore assets spurs Hong Kong wealth inflows June 17, 2024 Ekemini Uba Wealthy Chinese investors are increasingly turning to Hong Kong investment products, such as insurance and high-yield time deposits, to safeguard their returns from the downturn in China’s economic and property…
Business World China’s factory output disappoints, property sector stuck in doldrums June 17, 2024 Ekemini Uba China’s economic data for May revealed a mixed picture, with industrial output growth slowing to 5.6% year-on-year, below expectations, while retail sales exceeded forecasts due to a holiday boost. Despite…
Local Dangote refinery achieves double Nigeria’s 11-yr power output June 17, 2024 Ekemini Uba Over the past eleven years, Nigeria has only managed to add 760 megawatts (MW) to its national grid, increasing its power output to an average of 4,160MW by mid-2024. In…
investment World Morning Bid: Buoyant US eyes French angst, China home woes June 17, 2024 Ekemini Uba Wall Street stocks and bonds maintained stability following a dynamic macroeconomic week, despite concerns over French political instability and a worsening Chinese housing market crisis. Goldman Sachs raised its S&P…
Commodities World Oil steady as downbeat Chinese data offset demand hopes June 17, 2024 Ekemini Uba Oil prices remained steady on Monday as mixed Chinese economic data tempered hopes for increased demand during the northern hemisphere’s summer driving season. Despite a boost in Chinese retail sales,…
Business World Goldman Sachs raises S&P 500 year-end target to 5,600 June 17, 2024 Ekemini Uba Goldman Sachs has increased its 2024 year-end target for the S&P 500 Index to 5,600, up from a previous target of 5,200. This revision is driven by strong earnings growth…
Stock World Shares stable, euro downtrodden as political turmoil saps market mood June 17, 2024 Ekemini Uba Shares stabilized on Monday as European stocks partially recovered from last week’s losses, with the euro remaining weak amid ongoing political uncertainty in France. Investors are closely watching central bank…
Business World SK Group to protect affiliates from hostile takeover after chairman’s divorce ruling June 17, 2024 Ekemini Uba South Korea’s SK Group Chairman, Chey Tae-won, addressed concerns on Monday about the potential impact of his recent divorce payment ruling on the conglomerate. Following a Seoul High Court decision…
Business World At Toyota shareholder meeting, all eyes on level of support for chairman June 17, 2024 Ekemini Uba Toyota Motor Corporation’s Chairman, Akio Toyoda, is expected to secure re-election at the automaker’s annual general meeting (AGM) despite recent governance scandals. However, any significant decline in shareholder support could…
Local Stock Murray-Bruce, Omokri support Fidelity Bank, urge Nigerians to buy its stock June 17, 2024 Ekemini Uba Former Senator Ben Murray-Bruce and ex-presidential aide Reno Omokri have both expressed strong endorsements for Fidelity Bank, encouraging Nigerians to invest in its stocks. Over the weekend, both figures independently…
Business Local Market Nigeria’s FX reserves stablise at $33.16bn amid inflation surge June 17, 2024 Ekemini Uba Nigeria’s foreign exchange (FX) reserves have demonstrated remarkable stability, holding firm at $33.16 billion, which signals economic steadiness despite rising inflation and minimal fluctuations in the naira’s value. This stability…
Commodities Local Changan posts 3.29% rise in May sales, gets more popular in Nigeria June 17, 2024 Ekemini Uba Chinese automaker Changan Automobile reported a modest increase in May sales. According to a production and sales report released on June 7, Changan’s sales reached 206,792 units in May 2024,…
Business Local FG sets 9-month timeline for 2024 oil block licensing round June 17, 2024 Ekemini Uba In a significant shift from previous practices, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has established a nine-month timeline for the 2024 oil block licensing round. NUPRC’s Chief Executive, Mr.…
Local Technology Growth Stack wins tech award June 17, 2024 Ekemini Uba Growth Stack has been honored as Africa’s most trusted software development company of the year by the African Brand Congress. The award, presented at a ceremony in Lagos, recognizes the…
