Business Finance Local Outstanding $7bn FX cleared, says Cardoso January 30, 2025 Ekemini The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, announced that the government has successfully cleared a $7 billion foreign exchange backlog after a verification process by forensic…
Business Local FG Partners with Portsmouth University to Boost Oil & Gas Capacity in Nigeria January 29, 2025 Ekemini The Nigerian government has signed a Memorandum of Understanding (MoU) with the University of Portsmouth (UoP) to enhance local capacity in the oil and gas sector. This partnership aims to…
Business investment Local Macroeconomic Three Key Strategies for Improving Nigeria’s Business Environment in 2025 January 29, 2025 Ekemini As Nigeria seeks to attract more investments and improve its business environment in 2025, achieving monetary and fiscal stability is considered essential. The country’s economic outlook highlights three main areas…
International Technology Gartner Predicts AI Will Drive 15% of Daily Work Decisions by 2028, Transforming Workplaces January 29, 2025 Ekemini Gartner has projected that by 2028, AI systems will autonomously make 15% of daily work decisions, with technologies like “agent-based AI” enhancing decision-making and customer interactions. The firm highlights the…
Business Finance Local CBN Waives N250,000 BDCs’ Annual Licence Renewal Fee for 2025 January 29, 2025 Ekemini In a bid to streamline operations and foster stability in Nigeria’s foreign exchange market, the Central Bank of Nigeria (CBN) has waived the N250,000 annual licence renewal fee for Bureau…
Business Local Technology Telcos urge PRC to review annual due payment January 29, 2025 Ekemini Telecom operators in Nigeria have raised concerns over the revised annual payment structure under the Financial Reporting Council Amendment Act 2023 (FRC Act), warning it will adversely affect the industry.…
Business International Technology OpenAI says it will work with U.S government to protect technology January 29, 2025 Ekemini OpenAI has expressed concerns about Chinese companies attempting to tap into U.S. artificial intelligence advancements to enhance their models. In a recent statement, the company emphasized its commitment to protecting…
International Technology Microsoft probes if DeepSeek-linked group improperly obtained OpenAI data, Bloomberg News reports January 29, 2025 Ekemini Microsoft and OpenAI are investigating whether a group connected to the Chinese AI startup DeepSeek improperly obtained data from OpenAI’s technology. Microsoft’s security team discovered suspicious activity in the fall,…
Business International Technology Italian startup Exein to supply cybersecurity for chips to MediaTek January 29, 2025 Ekemini Italian tech startup Exein has signed a deal with Taiwan’s MediaTek to provide cybersecurity systems for chips used in the Genio platform. The collaboration aims to secure billions of devices…
Business Economy Local Technology Telecoms 50% tariff hike: Subscribers head for court as NCC talks deadlocked January 29, 2025 Ekemini Nigerian telecom subscribers, led by the National Association of Telecommunications Subscribers (NATCOMS), are taking legal action against the Nigerian Communications Commission (NCC) following a contentious 50% hike in call and…
Business Finance Local MRS, others drag equity market to N284bn loss January 29, 2025 Ekemini The Nigerian Exchange (NGX) closed Tuesday’s trading session in negative territory, with the All-Share Index dropping by 0.44% to 103,958.75 points. This decline erased N284bn from the market’s capitalization, which…
Business Economy Finance Local Heavy sanctions for FX code breaches, CBN warns banks January 29, 2025 Ekemini The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has warned financial institutions that violations of the newly introduced Nigeria Foreign Exchange (FX) Code will result in severe penalties. Speaking…
Business Economy investment Local FG invests N150bn in real estate fund January 29, 2025 Ekemini The Federal Government of Nigeria, through the Ministry of Finance Incorporated (MOFI), has fully subscribed to the N150bn Series 1 issuance of the Real Estate Investment Fund (MREIF). This initiative,…
Business investment Local Nigeria secures $1.1bn AfDB fund to power 5m people by 2026 – Tinubu January 29, 2025 Ekemini Nigeria’s President Bola Tinubu has secured a $1.1 billion fund from the African Development Bank (AfDB) aimed at providing electricity to 5 million people by the end of 2026. Tinubu…
Business Local Technology MTNN CEO confident regulator’s service quality deadline possible January 29, 2025 Ekemini MTN Nigeria’s CEO, Karl Toriola, has expressed confidence that the company will meet the Nigerian Communications Commission’s (NCC) three-month service quality deadline. The NCC has linked a proposed 50% tariff…
Business investment Local Nigeria mulls fresh energy subsidy in $15bn investor pitch – Bloomberg January 29, 2025 Ekemini Nigeria is making a fresh push to attract investors into its struggling power sector by proposing higher tariffs while reintroducing electricity subsidies to shield households from rising costs. At a…
Local Macroeconomic Senate threatens to arrest HYPREP coordinator over $360m Ogoni cleanup January 29, 2025 Ekemini The Nigerian Senate’s Public Accounts Committee has warned Professor Nenibarini Zabbey, Coordinator of the Hydrocarbon Pollution Remediation Project (HYPREP), that he risks arrest if he fails to appear before the…
Business Finance Local CBN releases Nigeria FX code to mitigate financial risks January 28, 2025 Ekemini The Central Bank of Nigeria (CBN) has introduced the Nigeria Foreign Exchange (FX) Code to reduce financial risks amidst significant transformations in the country’s financial system. Drawing from global best…
Business Energy Local Price of cooking gas drops 13.3% to N16,250 — Investigation January 28, 2025 Ekemini The price of cooking gas (Liquefied Petroleum Gas, LPG) in Nigeria decreased by 13.3% in January 2025, with the cost of refilling a 12.5kg cylinder dropping to N16,250 from N18,750…
Business Economy Local Marketers fear epileptic fuel supply over unstable PMS prices January 28, 2025 Ekemini Petroleum product marketers are concerned that the instability in petrol prices may result in inconsistent fuel supply across filling stations. Despite there being enough supply from local refineries, such as…
Business International Technology DeepSeek claims its ‘reasoning’ model beats OpenAI’s o1 on certain benchmarks January 28, 2025 Ekemini Chinese AI lab DeepSeek has launched an open-source version of its reasoning model, DeepSeek-R1, which is now available on the Hugging Face platform under an MIT license. The model, which…
Business Economy Local BudgIT Emphasizes NBS Independence in GDP and CPI Rebasing January 28, 2025 Ekemini BudgIT, a nonprofit focused on government transparency, has underscored the importance of the National Bureau of Statistics’ (NBS) independence as it works to rebase Nigeria’s Gross Domestic Product (GDP) and…
Business Economy investment Local Wale Edun declares Nigeria’s electricity sector open for investment January 28, 2025 Ekemini Wale Edun, Nigeria’s Minister of Finance, has announced that the country’s electricity sector is open for investment during his speech at the #Mission300 African Energy Summit in Dar es Salaam,…
Business Economy Local FG should limit contracts to firms listed on NGX — Expert January 28, 2025 Ekemini Mr. Ugodre Obi-Chukwu, CEO of Nairametrics, has called for the Nigerian government to award construction contracts only to firms listed on the Nigerian Exchange Limited (NGX). He argues that this…
Business Local Technology Experts Urge Investment in AI to Bridge Educational Gaps in Underserved African Communities January 28, 2025 Ekemini At the 4th World Education Day Conference (WEDC25), experts called for increased investment in Artificial Intelligence (AI) to help address educational disparities in marginalized regions of Africa. Hosted by Womenovate…
Business International investment Nigeria to partner Switzerland for economic collaboration – Akpabio January 28, 2025 Ekemini Nigeria’s Senate President, Godswill Akpabio, has advocated for a stronger economic partnership with Switzerland, facilitated by the European Free Trade Association (EFTA). During a meeting with the Swiss EFTA delegation…
Business Finance Local Macroeconomic CBN Waives 2025 License Renewal Fee for BDC Operators January 28, 2025 Ekemini In a bid to ease financial pressures on Bureau De Change (BDC) operators, the Central Bank of Nigeria (CBN) has announced that it will waive the non-refundable annual license renewal…
International Macroeconomic US Investigates United Airlines Flight That Returned to Nigeria After Mid-Air Incident January 28, 2025 Ekemini The US National Transportation Safety Board (NTSB) has launched an investigation into a United Airlines flight that was forced to return to Lagos, Nigeria, after experiencing a “sudden aircraft movement”…
Business International Macroeconomic Currency Markets Roiled by Tariffs and AI Uncertainty January 28, 2025 Ekemini Global currency markets experienced sharp volatility as new U.S. tariff threats and concerns over artificial intelligence (AI) dominance shook investor confidence. The U.S. dollar strengthened against the yen and euro…
Business International Technology SAP sees higher operating profit, cloud revenue growth in 2025 January 28, 2025 Ekemini SAP, Europe’s largest software company, has raised its 2025 financial outlook, citing strong growth in cloud computing revenue. The company now expects operating profit to reach between €10.3 billion and…
