Expert: CBN Policies Can’t Rescue Naira
The naira-dollar exchange rate gap widened from N80.67 per dollar at the beginning of 2021 to N152.83 per dollar in December 2021, leaving the naira with a depreciation of 20.43…
Israel’s One Zero Digital Bank Gains Full Licence
One Zero Digital Bank has received final regulatory approval for a full banking licence, the Bank of Israel said on Monday, becoming the first new Israeli bank in 43 years.…
Fed Govt Lists New Savings Bonds On NGX
The Federal Government at the weekend listed its latest monthly issuances of savings bonds on the Nigerian Exchange (NGX), paving the way for investors to trade on the bonds issued…
FG Loses N1.474tn To 222 Terminal Shutdowns In 10 Months
Nigeria’s crude oil earnings were depleted by about N1.474tn between January and October 2021 due to various concerns at terminals that prevented the production of 50.788 million barrels of oil…
Nigeria: NANS Rejects N10 Per Litre Tax On Soft Drinks
The National Association of Nigerian Students in the South-West zone has condemned the Federal Government’s plan to introduce N10 per litre tax on carbonated drinks. The Minister of Finance, Budget…
Political Selection Of Discos By Jonathan Administration Cause Of Sector Failure – Nigeria President
President Buhari has berated the GEJ administration for the non-credible selection process of distribution companies. Pres Buhari attributed the current power failure to the biased selection process, as incompetent hands…
EU plans law requiring tech firms to do more to combat child abuse
The European Union plans to pass a law requiring technology companies to do more to tackle child sexual abuse. EU Home Affairs Commissioner Ylva Johansson said internet service providers and…
Testing Firms To Lose Revenues As U.K. Abolishes Pre-Arrival Covid Tests
The United Kingdom has abolished the requirement for a negative PCR result to enter the country dealing a blow to Covid testing firms in Nigeria. The British Prime Minister announced…
Nigeria: Debt Servicing Gulps 76% Of Revenue, Experts, Buhari Disagree On Borrowings
The Federal Government on Wednesday disclosed that it spent N4.2tn on debt servicing between January and November 2021. This sum represents 76.2 per cent of the N5.51tn revenue generated during…
Dangote, Adenuga, Rabiu Pocket N2.35tn In 2021
Nigeria’s three richest men, Aliko Dangote, Mike Adenuga, and Abdulsamad Rabiu saw their combined wealth jump by 33.9 percent to $22.5 billion (N9.3 trillion) in 2021. According to Forbes, the…
Facebook parent’s head of communications leaves company
The head of communications at Facebook parent Meta Platforms Inc (FB.O), John Pinette, is leaving the company, the social media company said late on Friday. Chris Norton, vice president of…
Shares of Chinese developer Shimao jump on report that it’s selling all of its real estate projects
Shares of Shimao spiked nearly 7% on Monday after Chinese business publication Caixin reported the embattled developer is selling all of its real estate projects, both residential and commercial. As…
Sonos Wins Google Import Ban Ruling In U.S. Patent Fight
A U.S. trade court barred Google late Thursday from importing products that infringe home-audio company Sonos’ smart-speaker patents. The U.S. International Trade Commission affirmed an August decision that Google audio…
Oil price nears $83 as fears over Omicron ease
Global oil prices continued to gain ground above $80 per barrel on Friday, helped by a growing consensus that demand remained surprisingly resilient to the current Omicron-led wave of COVID-19…
Investor group backs mPharma’s Series D with $35mln
MPharma health tech startup is building a network of community pharmacies across Africa, with plans to be the primary healthcare service provider. MPharma plans to grow its community pharmacies across…
Google chooses SafeBoda for Africa fund’s first deal
Google’s first investment from its Africa Investment Fund has gone to SafeBoda, a transport startup with operations in Uganda & Nigeria. The Investment Fund aims at SafeBoda’s growth in Uganda…
Nigeria:FG seeks to increase revenue to 15% of GDP
The Federal Government has said it will increase its revenue to 15 per cent of Gross Domestic Product by 2025. It disclosed this in its National Development Plan 2021-2025, saying…
Heirs Holdings Launches Tender On OML 17
Heirs Holdings has launched a tender for work on the Elelenwa multi-phase pump gathering station, on OML 17 in Nigeria. The tender is coming close to a year after the…
Nigeria: Capital Importation Rises 97% To $1.73bn In Q3’21
The National Bureau of Statistics, NBS, has said that capital importation rose sharply, quarter-on-quarter (QoQ) by 97 percent to $1.73 billion in the third quarter of last year (Q3’21) from…
FG spent $1.68bn on food imports in nine months – CBN
Central Bank of Nigeria has said FG spent about $1.68bn on food importation from January to September 2021 The CBN disclosed this in a report on sectoral utilization of foreign…
Nigeria: FG projects 233% increase in FDI, eyes $5bn
Nigerian FG has said it will increase Foreign Direct Investment into Nigeria from $1.5bn in 2022 to $5bn by 2025 The projected increase in FDI will aid improve the country’s…
Manchester United Announces New Chief Executive Officer
Manchester United has announced former Group MD Richard Arnold, as Chief Executive Officer of the Club, effective from February 2022. Ed Woodward will step down from his role as Executive…
Samsung Electronics Q4 profit jumps on server chip demand, foundry margins
In four years, Samsung Electronics Ltd said its fourth-quarter operating profit likely jumped 52% on-year to its highest. The accomplishment was made possible by solid demand for server memory chips…
Bed Bath & Beyond CEO Says Losing $100 Million In Q3 Sales Hurts But Signals Strong Shopper Demand
Bed Bath & Beyond CEO Mark Tritton expressed disappointment over the retailer’s supply-chain issues in its third quarter, while also suggesting there’s a silver lining to be found. The company…
Goldman-Backed Digital Bank Starling Boycotts Meta Over Scam Ads
British digital bank Starling says it is boycotting Facebook parent company Meta over its failure to tackle fraudulent financial adverts. Anne Boden, Starling’s CEO and founder, said her firm would…
Google Acquires Israel-Based Cybersecurity Startup, Siemplify For $500 Million
American multinational technology company, Google has acquired Siemplify, an Israel-based cybersecurity startup that specializes in end-to-end security services for enterprises, referred to as security orchestration, automation and response (SOAR) services.…
Nigeria’s Three Big Firms Gained N1.15tn In 2021 – NGX
The three biggest companies listed on the nation’s stock exchange gained a total of N1.15tn last year, data obtained from the Nigerian Exchange Limited have shown. The companies, namely Dangote…
Nigeria Finance Act: Investors To Pay 10% Tax On Sale Of Shares In Any Nigerian Company
Investors on the Nigerian Stock Exchange are to pay a Capital Gains Tax of 10% on the sale of shares. This is according to provisions of the signed Finance Act…
CBN’s Quarterly Forex Intervention Drops By $930m
The Central Bank of Nigeria’s foreign exchange intervention in the economy declined by $930m in the third quarter of 2021 to $4.03bn from $4.96bn in Q2. The CBN disclosed this…
Google To Improve ‘Android To Windows PC’ Integration
Google has announced it is investing in more helpful ways to make android and windows PC devices work better. The tech giant during the CES 2022 said it is working…