Business Local SEC Chief Warns on Risks of Innovation at Capital Market Summit June 17, 2024 Ekemini Uba Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC), has urged stakeholders in Nigeria’s capital market to remain vigilant about the risks associated with innovation, including cybersecurity threats,…
investment Local Rubicola Partners NGX, ACCA On Sustainability, Climate Risk Disclosures June 17, 2024 Ekemini Uba In an effort to enhance corporate transparency and sustainability in Nigeria, Rubicola Consulting has partnered with NGX Regulation Limited and the Association of Chartered Certified Accountants (ACCA) to host a…
Business Local SAHCO grows gross profit to N8.19bn June 17, 2024 Ekemini Uba Skyway Aviation Handling Company (SAHCO) Plc announced a substantial growth in its gross profit, reaching N8.195 billion for the financial year ending December 31, 2023. This marks an increase from…
Banking Local Recapitalisation: Wema Bank Gets Approval For N40bn Rights Issue June 17, 2024 Ekemini Uba Wema Bank has announced the successful conclusion of the first tranche of its recapitalisation exercise, securing all necessary regulatory approvals for the allotment of its N40 billion rights issue. This…
Africa Energy Senegal Joins Oil-Producing Countries, Begins Production June 17, 2024 Ekemini Uba Senegal has achieved a historic milestone by officially commencing oil production, thereby joining the ranks of oil-producing countries in West Africa. The inauguration of oil production marks a significant moment…
Business Local Nigeria’s Eurobond Issuance Plans Remain Uncertain June 17, 2024 Ekemini Uba Nigeria’s planned Eurobond issuance has left investors and market players in uncertainty as authorities have not disclosed the timing of the sale. Finance Minister Wale Edun initially hinted at tapping…
Africa Energy Ghana Faces Three-Week Power Interruption Due to Reduced Gas Supply from Nigeria June 14, 2024 Ekemini Uba Ghana’s state-owned electricity company, the Electricity Company of Ghana (ECG), has announced a three-week power interruption due to reduced gas supply from Nigeria. The gas reduction, resulting from maintenance work…
Business World Meta Trims Office Space in Lagos after layoffs June 14, 2024 Ekemini Uba Meta, the parent company of Facebook, Instagram, and WhatsApp, is downsizing its office space in Lagos, Nigeria, following workforce reductions in mid-2023 that affected at least 35 Nigerian employees, including…
Technology World Amazon to invest $230 million in generative AI startups globally June 14, 2024 Ekemini Uba Amazon Web Services (AWS) has launched a $230 million fund to support startups globally in accelerating the creation of generative AI applications. The fund will provide AWS credits, mentorship, and…
Business investment World G7 partners pledges $420-million-dollar investments for Africa as Nigeria positions June 14, 2024 Ekemini Uba Leaders from the Group of Seven (G7) countries, along with representatives from Italy and the United States private sectors, have committed to a $420 million investment towards African countries. The…
Banking Business Local NDIC Lists Heritage Bank Assets for Sale Nationwide Following License Revocation June 14, 2024 Ekemini Uba The Nigeria Deposit Insurance Corporation (NDIC) has announced the sale of Heritage Bank’s assets nationwide following the revocation of the bank’s license by the Central Bank of Nigeria (CBN). The…
Business Customs Seizes 26,950 Litres of Smuggled Petroleum Products in Lagos, Ogun States June 14, 2024 Ekemini Uba The Nigeria Customs Service (NCS) intercepted 26,950 litres of petroleum products valued at N19 million in Lagos and Ogun States. These products were being smuggled out of Nigeria to Benin…
Business World World Bank, WTO, NITDA Move To Enhance Digital Trade June 14, 2024 Ekemini Uba The National Information Technology Development Agency (NITDA), the World Bank, and the World Trade Organisation (WTO) have joined forces to promote economic diversification in Nigeria through industrialization and digital trade.…
Commodities Technology World Hyundai Upgrades 2025 Santa Fe June 14, 2024 Ekemini Uba Hyundai has unveiled the fifth generation of the popular Santa Fe, featuring significant upgrades including a new 1.6-liter hybrid engine and enhanced safety with the addition of four more airbags,…
Business Local Minister Unveils Nigeria’s Largest Syringe Manufacturer June 14, 2024 Ekemini Uba Dr. Tunji Alausa, the Minister of State for Health and Social Welfare, has called for collaboration among stakeholders in Nigeria’s healthcare sector to make aesthetic health services more accessible and…
Business Local Minimum wage: Our agreement with FG is N250,000 – NLC, TUC June 14, 2024 Ekemini Uba The Organised Labour has firmly stated that the only agreement it recognizes with the Federal Government regarding the national minimum wage is the N250,000 submitted to the tripartite committee, rejecting…
Business Local NNPCL Calls For Establishment Of Special Court Over Crude Oil Theft June 14, 2024 Ekemini Uba Mr. Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC), has called on the judiciary to support efforts to combat crude oil theft and pipeline…
Business Local Money market funds grow by 14% in 5 months June 14, 2024 Ekemini Uba In the first five months of 2024, Nigeria’s money market funds saw a significant increase of 14%, driven by investors’ strong preference for low-risk, short-term investment vehicles, according to a…
Africa Business Food & Beverage West Africa Show Declared a Huge Success with Over 5,000 Exhibitors June 14, 2024 Ekemini Uba The Food & Beverage West Africa Show, organized by BtoB Event, has been deemed a significant success with a large turnout of exhibitors showcasing their goods and services to spectators.…
Africa Business Shelter Afrique Set to Transform into Dynamic Development Bank at 43rd Annual General Meeting June 14, 2024 Ekemini Uba Shelter Afrique Development Bank is set to undergo a significant transformation during its 43rd Annual General Meeting (AGM) in Kigali, Rwanda, from June 11-13. Shareholders are expected to consolidate the…
Business Local Aiteo-Nembe Dispute Threatens Nigeria’s Oil Production June 13, 2024 Ekemini Uba Nigeria’s daily crude oil production, which currently stands at 1.5 million barrels per day, is at risk of declining due to escalating tensions between Aiteo Exploration and Production Ltd and…
Business Local Company Income Tax Reduced By 12% In Q1 June 13, 2024 Ekemini Uba Nigeria’s Company Income Tax (CIT) revenue fell to N984.6 billion in the first quarter of 2024, marking a 12.87 percent decline from N1.13 trillion in the previous quarter. The decrease…
Business World South African pay-TV group MultiChoice slides into annual loss June 13, 2024 Ekemini Uba South African pay television company, MultiChoice Group, reported a pre-tax loss of $38 million for the financial year ending March 31, 2024. The loss is attributed to currency volatility, weak…
Business Local Micro pension records mixed fortune as contributions decline June 13, 2024 Ekemini Uba Despite a rise in the number of contributors to the micro pension fund, informal sector workers are reducing their contributions and the economic hardship’s impact on the scheme. According to…
Banking Business Sterling Bank partners SPPG for credential verification via blockchain tech June 13, 2024 Ekemini Uba Sterling Bank has partnered with the School of Politics, Policy, and Governance (SPPG) to transform the verification of academic credentials in Nigeria using blockchain technology. This collaboration aims to enhance…
Banking Local FG Seeks $500M World Bank Loan for Rural Roads and Agricultural Marketing Development June 13, 2024 Ekemini Uba The Federal Government of Nigeria is pursuing a $500 million loan from the World Bank to enhance rural roads and agricultural marketing. This funding is part of the Nigeria Rural…
Business Technology Bitwise Predicts AI and Crypto Industries Could Add $20 Trillion to Global GDP by 2030 June 13, 2024 Ekemini Uba Bitwise Asset Management, a prominent investor in Bitcoin Exchange Traded Funds (ETF), has projected that the combined growth of the cryptocurrency and artificial intelligence (AI) industries could contribute an astounding…
Business Commodities Local We secured about $5.5 billion in bank loans to build Dangote Refinery – Aliko Dangote June 13, 2024 Ekemini Uba Africa’s richest individual, Aliko Dangote, disclosed that his company secured approximately $5.5 billion in bank loans from domestic banks across Africa to build the Dangote refinery. Speaking at the ‘AfriCaribbean…
Business Local Banking sector remains safe, CIBN assures customers June 13, 2024 Ekemini Uba The Chartered Institute of Bankers of Nigeria (CIBN) has reassured bank customers of the stability and security of the Nigerian banking sector. This reassurance came in response to claims that…
Banking Local 16 Directors Exit After Ex-Governor’s Misconduct Probe June 13, 2024 Ekemini Uba Sixteen out of twenty-nine directors at the Central Bank of Nigeria (CBN) have been relieved of their duties, leaving only nine departmental directors in place. This restructuring follows the implementation…
