Business Local External auditors to examine NNPC N2.6tn subsidy claim August 28, 2024 Ekemini Uba The Federal Government of Nigeria is set to hire an external auditor to verify the N2.7 trillion fuel subsidy claim by the Nigerian National Petroleum Company Limited (NNPC). This decision…
Business Local Reps promises to pass bill on electricity theft August 28, 2024 Ekemini Uba The Chairman of the House of Representatives Committee on Privatisation and Commercialisation, Hamisu Ibrahim, announced plans to collaborate with other House committees to pass legislation addressing electricity theft in Nigeria.…
Business Local AMCON set to sell Ibadan Disco August 28, 2024 Ekemini Uba The Assets Management Corporation of Nigeria (AMCON) plans to sell the Ibadan Electricity Distribution Company (IBEDC) to investors capable of making it more efficient. AMCON’s Managing Director, Gbenga Alade, highlighted…
Business Local Recapitalisation: ASHON accuses banks of sidelining stockbrokers August 28, 2024 Ekemini Uba The Association of Securities Dealing Houses of Nigeria (ASHON) has accused banks of bypassing licensed stockbrokers in the ongoing bank recapitalisation process. ASHON claims that banks are empowering their own…
Business Technology World Zuckerberg says Biden administration pressured Meta to censor COVID-19 content August 27, 2024 Ekemini Uba Meta CEO Mark Zuckerberg has stated that senior officials from the Biden administration pressured his company to censor certain COVID-19 content during the pandemic. In a letter dated August 26…
Business Market World Canada to impose 100% tariff on Chinese EVs, including Teslas August 27, 2024 Ekemini Uba Canada has announced plans to impose a 100% tariff on imports of Chinese electric vehicles (EVs) and a 25% tariff on imported steel and aluminum from China, following similar actions…
Market World UBS Wealth Management raises odds of U.S. recession to 25% from 20% August 27, 2024 Ekemini Uba UBS Global Wealth Management has increased the likelihood of a U.S. recession to 25% from 20%, pointing to a weakening job market and concerning July unemployment data as key factors.…
Technology World US to award HP $50 mln for semiconductor tech project August 27, 2024 Ekemini Uba The U.S. Commerce Department announced plans to award $50 million to HP to expand and modernize its existing facility in Corvallis, Oregon. This funding aims to enhance HP’s capabilities in…
Local Technology Sony to raise PlayStation 5 price by 20% in Japan August 27, 2024 Ekemini Uba Sony announced a 20% price increase for its PlayStation 5 (PS5) console in Japan, citing global economic fluctuations and a challenging external environment. Starting September 2, the PS5 will cost…
Local Stock Stock deals jump 44% on banks’ recapitalisation August 27, 2024 Ekemini Uba In the first seven months of 2024, Nigerian equities market transactions increased by 44% compared to the same period in 2023, driven primarily by the ongoing bank recapitalisation exercise. The…
Local Trade Naira closes at 1,596.60/$ as dollar liquidity declines August 27, 2024 Ekemini Uba The naira closed at N1,596.60 per dollar on Monday, marking a 1.66% depreciation from Friday’s rate of N1,570.14 at the Nigerian Autonomous Foreign Exchange Market (NAFEM). This decline in value…
Business Investing Local Divestment of NAOC to Oando in line with PIA, says NUPRC August 27, 2024 Ekemini Uba The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed that the recent approvals for Nigerian Agip Oil Company’s (NAOC) divestment to Oando Petroleum and Equinor’s divestment to Chappal were in…
Business Local Africa Prudential grows profit by 87% to N1.1b in first half August 27, 2024 Ekemini Uba Africa Prudential Plc has reported an impressive 87% increase in profit for the first half of 2024, reaching N1.13 billion, up from N603 million in the same period in 2023.…
Business Local Richway Microfinance Bank Receives DBN’s Award for Highest Impact on Start-Ups August 27, 2024 Ekemini Uba Richway Microfinance Bank has been honored with the 2023 Award for Microfinance Bank with the Highest Impact on Start-Ups by the Development Bank of Nigeria (DBN). This award recognizes the…
Banking Local CBN lifts suspension on Standing Lending facility August 27, 2024 Ekemini Uba The Central Bank of Nigeria (CBN) has lifted the suspension on the Standing Lending Facility (SLF), allowing banks to borrow at an interest rate of 31.75% to manage short-term liquidity…
Business Local FG spending exceeds revenue by 225% — BudgIT August 27, 2024 Ekemini Uba A report by BudgIT has revealed that the Nigerian government spent N19.50 trillion in 2023, three times its revenue of N5.99 trillion, resulting in a deficit of N13.50 trillion. The…
Business Local 198 Extractive Companies and Agencies Submit Data for NEITI’s 2022/2023 Revenue Audit August 27, 2024 Ekemini Uba The Nigerian Extractive Industries Transparency Initiative (NEITI) has received data submissions from 198 extractive companies and government agencies for its ongoing nationwide reconciliation and validation of revenues in the oil,…
Business Local Oando acquisition of Agip followed due process – NUPRC August 27, 2024 Ekemini Uba The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed that Oando Plc’s acquisition of Nigeria Agip Oil Company (NAOC) complies with the Petroleum Industry Act (PIA). This statement follows allegations…
Business Local FG may convert Arik, Aero Contractors to national carriers August 27, 2024 Ekemini Uba The Asset Management Corporation of Nigeria (AMCON) is considering merging Arik Air and Aero Contractors into a national carrier due to their overwhelming debts. AMCON’s CEO, Gbenga Alade, revealed this…
Business World Morning Bid: Rate-cut hopes meet Mid-East risks August 26, 2024 Ekemini Uba Jerome Powell, U.S. Federal Reserve Chair, hinted at a potential interest rate cut in September during his speech at the Jackson Hole Economic Symposium, boosting market optimism. However, this enthusiasm…
Business World Fed’s shift to job market risks is done; now policy has to catch up August 26, 2024 Ekemini Uba The Federal Reserve is navigating a delicate situation as today’s interest rate of 5.25%-5.50% is seen as restricting economic growth and putting jobs at risk, well above the long-term “neutral”…
Business World Darkening global outlook, central bank pivots signal more turbulence August 26, 2024 Ekemini Uba At the annual Jackson Hole conference, global policymakers highlighted the shifting focus of central banks from high inflation to weakening job markets. While U.S. and European central banks consider interest…
Business World Nvidia Q2 sales likely to double, even a slight miss may hurt shares August 26, 2024 Ekemini Uba Nvidia is set to report its second-quarter earnings on Wednesday, with expectations that revenue will more than double. The company’s stock has soared by over 150% this year, driven by…
Business Local Customs ushers in new leadership with latest appointments August 26, 2024 Ekemini Uba As the Nigeria Customs Service (NCS) bids farewell to several key management members due to statutory retirement, Comptroller General of Customs (CGC) Adewale Adeniyi has introduced a series of strategic…
Business Local Tinubu to inaugurate N178bn Onne terminal next week August 26, 2024 Ekemini Uba President Bola Tinubu will officially open the newly upgraded West Africa Container Terminal (WACT) in Onne, Rivers State, next week. The terminal operator announced this on Sunday, noting that the…
Business Local FX turnover hit $7.4bn in July – Report August 26, 2024 Ekemini Uba In July, Nigeria’s foreign exchange turnover reached N11.48 trillion ($7.39 billion) at the official trading window, up from N10.01 trillion in June. This represents a 10.02% increase in dollar terms,…
Banking Business Local CBN, SEC okay Ecobank custody business August 26, 2024 Ekemini Uba Ecobank Nigeria Limited has received approvals from the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) to launch its custody business operations in Nigeria. The new…
Business Local Naira shows strength, dollar hits two-year low against British Pound August 26, 2024 Ekemini Uba The Nigerian Naira strengthened against the US dollar during Friday’s trading session, appreciating to N1570.14/$ from N1586.1/$ on Thursday. This represents a gain of N16, partially due to the Central…
Business World We support NDC’s fixed rate proposal on imports – Abossey Okai Spare Parts Dealers August 26, 2024 Ekemini Uba Ireland has donated €200,000 to the World Trade Organization’s (WTO) Standards and Trade Development Facility (STDF) to enhance global food safety and agricultural trade. This contribution aims to improve access…
Business Local Nigeria’s domestic dollar bond steals Eurobond shine August 26, 2024 Ekemini Uba Jamiu Agah, a Lagos-based IT consultant, is one of many Nigerians excited about the Federal Government’s new domestic dollar bond. The bond, which requires a minimum investment of $10,000, offers…
