Business Fintech Competition toughens as 9Mobile gets new owner July 29, 2024 Ekemini Uba 9Mobile has faced significant challenges since Etisalat Abu Dhabi exited the Nigerian market in 2017 over a $1.2 billion loan crisis. The telecom company has struggled with poor network reception…
Local Netflix, Google, Microsoft increase naira prices on inflation July 29, 2024 Ekemini Uba Due to escalating inflation and the devaluation of the naira, major technology firms like Netflix, Google, DSTV, GOtv, and Microsoft have increased their subscription prices in Nigeria. The naira fell…
Business Trade Morocco, SA, Egypt dwarf Nigeria’s $210m auto industry July 29, 2024 Ekemini Uba Nigeria’s $210 million automotive industry lags behind peers such as Morocco, South Africa, and Egypt due to low demand for locally-made vehicles and reliance on imported second-hand cars. In 2023,…
Local Ecobank Ordered to Pay Over N1 Billion to Former Oceanic Bank Employees July 29, 2024 Ekemini Uba The National Industrial Court in Lagos has mandated Ecobank Nigeria Limited to pay N1,086,611,589.11 to 1,742 former employees of the defunct Oceanic Bank. The judgment, delivered by Justice R. A.…
Business Commodities Local Fuel Rises To N1,300/Litre As Depots Run Dry July 29, 2024 Ekemini Uba Fuel scarcity has hit Nigeria hard, causing long queues at petrol stations in major cities like Lagos, Ogun, Abuja, and other states. Black marketers are capitalizing on the situation, selling…
Business Local Oil Producing Communities Threaten To Shut Down All Pipeline Facilities Over Unfair Treatment Of Dangote /Modular Refineries July 29, 2024 Ekemini Uba The Host Communities of Nigeria Producing Oil and Gas (HOSTCOM) has issued a warning that it will renew agitation for greater autonomy and control of natural resources if the Nigerian…
Business Local Fitch: Inflation Has Peaked in Nigeria, Will Moderate Below 25% By Year-end July 29, 2024 Ekemini Uba Fitch Solutions has projected that Nigeria’s high inflation, which reached 34.19% in June, has peaked and will decrease to below 25% by the end of 2024. However, food prices are…
Banking Business BVN Enrolments Surge by 854,267 to 62.7m in Two Months July 29, 2024 Ekemini Uba Bank Verification Number (BVN) registrations in Nigeria have risen to 62.7 million as of July 2024, up from 61.87 million in May. This increase comes as a result of a…
Business Stock Stock Market Down N1.3tn WoW as Investors Migrate to Fixed Income Market July 29, 2024 Ekemini Uba Following the Central Bank of Nigeria’s (CBN) increase in the Monetary Policy Rate (MPR) to 26.75%, the Nigerian stock market saw a decline of N1.3 trillion, or 2.33%, in a…
Business Local It’s game, set and match — ALIKO DANGOTE July 27, 2024 Ekemini Uba Dr. Reuben Abati has called for President Tinubu to intervene in the conflict between the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and Dangote Refinery. He emphasized that the…
Business Local Dangote Refinery: Midstream, Downstream Regulatory Authority Giving Tinubu Bad Name — Abati July 27, 2024 Ekemini Uba Aliko Dangote, Africa’s richest man, is widely recognized and respected across the continent. Over the past three decades, he has successfully ventured into various sectors, including cement, sugar, noodles, and…
Business Currency Local Naira Depreciates To N1,610/$ In Parallel Market July 27, 2024 Ekemini Uba The Nigerian Naira experienced a significant depreciation on Friday, dropping to N1,610 per dollar in the parallel market, down from N1,580 per dollar on Thursday. Similarly, in the Nigerian Autonomous…
Local Barry Diller says Paramount pursuit ‘might be over’ for IAC, CNBC reports July 26, 2024 Ekemini Uba Billionaire Barry Diller announced that his digital-media company, IAC, is no longer pursuing the acquisition of Paramount Global. In an interview with CNBC, Diller expressed uncertainty about the deal’s future…
Local Nasdaq futures jump as megacaps recover; inflation data in focus July 26, 2024 Ekemini Uba Nasdaq futures jumped 1% on Friday, driven by a rebound in megacap tech and chip stocks. Major tech companies like Apple, Nvidia, Alphabet, Microsoft, Meta, Amazon, and Tesla saw premarket…
Business Local Dangote/NNPC Rift: Nigeria’s Petrol Import From Malta Jumps 43 Times To $2.08bn July 26, 2024 Ekemini Uba Nigeria’s importation of petroleum from Malta soared to $2.08 billion in 2023, a 43-fold increase. According to a report by Businessday, Trade Map data revealed that this was a 342…
Banking Local FCMB Lifts Female Entrepreneurs With Zero-Interest Loans July 26, 2024 Ekemini Uba The First City Monument Bank (FCMB) is addressing gender inequality in Nigeria’s business sector with its SheVentures programme, offering interest-free loans up to N10 million. This initiative specifically supports female…
Business Expert faults NBS for omitting Marine, Blue economy data July 26, 2024 Ekemini Uba Dr. Muda Yusuf, CEO of the Centre for the Promotion of Public Enterprise, criticized the National Bureau of Statistics (NBS) for not reflecting the contributions of the Marine and Blue…
Business Local ICAN charges inductees to uphold principles of accounting July 26, 2024 Ekemini Uba The Institute of Chartered Accountants of Nigeria (ICAN) has advised newly inducted Accounting Technicians to adhere to the five fundamental principles of the accounting profession. Speaking at the 60th induction…
Business Local Vehicle importation falls 60.8% in H1’24 July 26, 2024 Ekemini Uba Vehicle imports into Nigeria fell sharply by 60.4 percent year-on-year to 10,991 in the first half of 2024, reflecting the naira’s depreciation and general economic challenges. This data was reported…
Business Local Lafarge Africa Unveils Nigeria’s First Low-Carbon Multipurpose Cement, ECOPlanet Unicem July 26, 2024 Ekemini Uba Lafarge Africa Plc has launched ECOPlanet Unicem, Nigeria’s first low-carbon multipurpose cement, with a 30 percent reduction in CO2 emissions. This innovation, produced at the Mfamosing plant in Cross River…
Business Finance FG’s revenue surpassed budgetary target, says minister July 26, 2024 Ekemini Uba Nigeria’s Finance and Coordinating Minister of the Economy, Wale Edun, announced that the Federal Government’s revenue for the first half of 2024 has exceeded budgetary targets. At a press briefing…
Business Local Nigeria imported $2.25bn fuel from Malta — Report July 26, 2024 Ekemini Uba Nigeria has imported $2.25 billion worth of fuel from Malta over the past nine years, with a dramatic spike in 2023, according to Trade Map data. This follows allegations by…
Business Local ICYMI: Construction begins at Midoil refinery July 26, 2024 Ekemini Uba Midoil Refining and Petrochemicals Company Limited has officially started construction activities in Lagos, with a sod-turning ceremony at Shekungba, Ikosi/Ejinrin Local Council Development Area. Led by Executive Chairman Mrs. Elizabeth-Omolara…
Business FG has exited Way & Means – Edun July 26, 2024 Ekemini Uba In a press conference in Abuja, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announced significant economic achievements under President Bola Tinubu’s administration. The government…
Business Local Dangote Cement Reports Pre-Tax Profit Of N292.9 Billion, To Pay Tax Of N103 Billion July 26, 2024 Ekemini Uba Dangote Cement Plc reported a pre-tax profit of N293 billion for the first half of 2024, marking a 22% increase from N239.9 billion in the same period last year. The…
Opinion NNPC Vs Dangote: Where The Truth Lies July 26, 2024 Ekemini Uba Aliko Dangote, Africa’s richest man, has faced numerous challenges and adversities throughout his career, particularly in the cement industry against Abdulsamad Rabiu of BUA Group. Recently, Dangote has been dealing…
World Real Madrid Break €1billion Revenue Barrier July 26, 2024 Ekemini Uba Real Madrid has made history by becoming the first football club to exceed €1 billion in revenue, reaching €1.073 billion ($1.16 billion) for the 2023/24 financial year, a 27% increase…
Local Meta Removes 63,000 ‘Yahoo Boys’ Accounts July 25, 2024 Ekemini Uba Meta, the parent company of WhatsApp, Facebook, and Instagram, has removed 63,000 accounts connected to ‘Yahoo Boys’ targeting users in the United States. These accounts were involved in financial sextortion…
Local First Bank/Visa Promo To Reward 520 Cardholders July 25, 2024 Ekemini Uba First Bank, in partnership with Visa, has launched a Visa Cross Border and Summer campaign running from April 1 to August 31, 2024. This initiative rewards existing Visa Gold and…
Local CBN’s 26.75% Interest Rate Will Worsen Purchasing Power – MAN July 25, 2024 Ekemini Uba The Manufacturers Association of Nigeria (MAN) has expressed concerns over the Central Bank of Nigeria’s (CBN) recent hike in the Monetary Policy Rate (MPR) to 26.75%. Announced during the CBN’s…
