Business Finance Local Court Halts Rivers State Federal Allocation Amidst Budget Approval Dispute October 31, 2024 Ekemini Uba The Federal High Court in Abuja has ordered the suspension of federal allocations to Rivers State, citing non-compliance with proper budgetary procedures. Justice Joyce Abdulmalik issued an injunction to prevent…
Business Finance International Legal attacks are slowing SEC rulemaking in a crucial election year October 31, 2024 Ekemini The U.S. Securities and Exchange Commission (SEC) has experienced a significant slowdown in rulemaking since President Biden took office, primarily due to an increasingly complex legal environment. Recent court rulings…
Business Finance foreign Market Robinhood shares drop as growth push takes a toll on Q3 results October 31, 2024 Ekemini Robinhood Markets, Inc. saw its shares plummet nearly 11% before the market opened on October 31, following a strong performance earlier in the year that had seen the stock more…
Business Finance Local NSITF Expands Employees Compensation Scheme to Include Informal Sector Workers October 31, 2024 Ekemini The Nigeria Social Insurance Trust Fund (NSITF) is enhancing the security and welfare of informal sector workers by integrating Agency Banking Operators and FinTech companies into its Employees Compensation Scheme…
Business Energy Local IPMAN Negotiates Petrol Supply with Dangote Refinery Amid Price Hikes October 31, 2024 Ekemini The Independent Petroleum Marketers Association of Nigeria (IPMAN) is in talks with Dangote Refinery to establish a petrol supply arrangement, following concerns about the refinery’s alleged import activities alongside the…
Business insurance Local Minority shareholders laud NAICOM’s takeover of African Alliance Insurance October 31, 2024 Ekemini The National Insurance Commission (NAICOM) has dismissed the board and management of African Alliance Insurance Plc, appointing an interim board to ensure the stability and integrity of the company. This…
Business Local Kia Motors Nigeria Supports AFC Africa Fighting Championship 2024 October 31, 2024 Ekemini Kia Nigeria proudly supported the African Fighting Championship (AFC) 2024, held on October 26 at Abuja’s National Stadium Velodrome. As Africa’s premier mixed martial arts competition, AFC brought together top…
Business Energy Local TCN restores power in parts of Northern states October 31, 2024 Ekemini The Transmission Company of Nigeria (TCN) has announced the restoration of bulk power supply to several states in Northern Nigeria after a prolonged outage. According to spokesperson Ndidi Mbah, electricity…
Business Finance insurance Local NAICOM Sacks Board Management Of African Alliance October 31, 2024 Ekemini The National Insurance Commission (NAICOM) has dismissed the Board and Management of African Alliance Insurance Plc due to persistent insolvency and the inability to fulfill obligations to annuitants and policyholders.…
Business Economic Finance Local Credit to government jumps 90% to N42trn amid rising money supply October 31, 2024 Ekemini In September 2024, Nigeria’s money supply reached an unprecedented N109 trillion, marking a 1.68% increase from the previous month and a 62.8% rise year-on-year. Credit to the private sector also…
Business Energy Local Transcorp Power plans an additional 150MW of electricity generation October 31, 2024 Ekemini Transcorp Power has announced plans to boost Nigeria’s electricity generation with an additional 150 megawatts (MW), despite current challenges with gas supply to its thermal power plants. The Group’s Chief…
Business Finance Local FMDQ Group records significant achievements amid challenging economic conditions October 31, 2024 Ekemini In 2023, FMDQ Group Plc navigated significant economic challenges, including inflation, fluctuating exchange rates, and shifting monetary policies, affecting Nigerian and global markets. Despite these difficulties, the Group held its…
Business Local Technology MTN Nigeria Reports Q3 Profit Amid Ongoing Inflation and Currency Challenges October 31, 2024 Ekemini MTN Nigeria Communications Plc returned to profitability in the third quarter of 2024, reporting a post-tax profit of N4.13 billion after three-quarters of losses. For the nine months ending in…
Business Finance Local UBA Rewards 110 Customers with N42.8m in Legacy Promo Celebrating 75 Years October 29, 2024 Ekemini United Bank for Africa (UBA) recently rewarded 110 customers with a total of N42.8 million as part of its “75 Years, 75 Winners” Legacy Promo. The October draw, held at…
Business Finance Local Nigerian Breweries Reports 75% Revenue Growth Amid Economic Challenges October 29, 2024 Ekemini Nigerian Breweries Plc has announced a remarkable 75% increase in revenue for the nine months ending September 30, 2024, reaching N703 billion compared to N402 billion during the same period…
Business Finance Local Moniepoint gains unicorn status after raising $110m from Google and DIP October 29, 2024 Ekemini Nigerian fintech startup Moniepoint has reached unicorn status, now valued at over $1 billion following a $110 million funding round. The funding included significant contributions from major investors like Google…
Business Local NLC Mourns Loss Of Workers On Active Duty October 29, 2024 Ekemini The Nigeria Labour Congress (NLC) has voiced its sorrow and concern following the October 24 helicopter crash involving East Wind Aviation, which claimed the lives of eight Nigerian workers traveling…
Business Economy Finance Local CBN, IFC to provide $1bn funding options to Nigerian businesses October 29, 2024 Ekemini The International Finance Corporation (IFC), the private sector arm of the World Bank, has signed an agreement with the Central Bank of Nigeria (CBN) to expand financing options for Nigerian…
Business Economy Local Nigeria Supports 600,000 Farmers to Combat Inflation and Boost Food Supply October 29, 2024 Ekemini The Nigerian Federal Government has announced a major initiative to support 600,000 small-scale farmers to enhance food production and curb inflation. This was revealed by Finance Minister Wale Edun during…
Business Local The Government needs N19tn to complete 2,604 ongoing projects October 29, 2024 Ekemini At a press briefing in Abuja, Minister of Works David Umahi announced the estimated cost to complete Nigeria’s 2,604 ongoing road projects has risen from N13 trillion to N19 trillion.…
Business Economic Local 43% Of Global Population Lack Mobile Internet Access October 28, 2024 Ekemini A new report by the GSMA reveals that 43% of the global population 3.45 billion people still do not use mobile internet, with affordability and digital skills cited as key…
Business Economic Local High Costs and Policy Shifts Force Northern Rice Mills to Shut Down Amid Rising Food Prices October 28, 2024 Ekemini Rice mills in northern Nigeria are shutting down due to soaring production costs, including skyrocketing diesel prices and high electricity tariffs. The stoppage of government support, particularly intervention financing that…
Business Local Nigeria Faces N36 Trillion Annual Loss Due to Untitled Lands October 28, 2024 Ekemini Operators in Nigeria’s built environment estimate that the country loses approximately N36 trillion annually due to untitled lands. With only about 10% of the 40 million households having formal property…
Business Local NDIC should ensure maximum value from Heritage Bank’s assets October 28, 2024 Ekemini The Nigerian Senate has directed the Nigeria Deposit Insurance Corporation (NDIC) to maximize the value of remaining assets from the defunct Heritage Bank to enhance repayment to depositors and other…
Business Local Customs ushers in new leadership with the latest appointments October 28, 2024 Ekemini As the Nigeria Customs Service (NCS) marks the retirement of several senior officials, Comptroller General Adewale Adeniyi has introduced a series of strategic leadership changes to enhance operational efficiency and…
Business Economic Energy Finance Local Dangote Backs Tinubu’s CNG Drive, Invests Over $280m In Trucks, Infrastructure October 28, 2024 Ekemini Dangote Cement Plc has invested over $280 million in compressed natural gas (CNG) technology, making it the largest operator of CNG trucks in Nigeria. This substantial investment aligns with President…
Business Economic Finance IMF SEES MAJOR MANUFACTURING SHIFT TOWARDS INDIA AND CHINA October 28, 2024 Ekemini The latest International Monetary Fund (IMF) World Economic Outlook report underscores a global shift in manufacturing from advanced economies to emerging markets, particularly India and China. According to the IMF,…
Business Energy Local NLC slams IMF for fuel subsidy removal denial October 28, 2024 Ekemini The Nigeria Labour Congress (NLC) has criticized the International Monetary Fund (IMF) for denying responsibility in Nigeria’s recent removal of the petrol subsidy. According to NLC, the IMF’s stance is…
Business Local Nigeria Sees Record $57 Billion in FX Inflows by August 2024 October 24, 2024 Ekemini Foreign exchange inflows to Nigeria have reached an impressive $57 billion as of August 2024, according to the Central Bank of Nigeria (CBN). This significant development was shared by Mr.…
Business Local IMF Urges Nigeria to Enhance Tax Collection for Improved Revenue Generation October 24, 2024 Ekemini The International Monetary Fund (IMF) has advised the Nigerian government to implement a more effective tax collection system to expand its revenue base. This recommendation was made by Mr. Davide…
