Africa’s gas production fields declining, AEC warns
NJ Ayuk, the Executive Chairman of the African Energy Chamber, has raised an alarm about the declining state of many of Africa’s existing gas production fields. In The State of…
Firm Launches Gas Initiative for Boat Operators
Blue Gas Marine, a US-based company, has introduced compressed natural gas (CNG) for operating passenger boats and ferries in Nigeria. Layi Solesi, CEO of Ril Hydrocraft Limited, the distributor of…
24 States Can’t Pay Salaries without FG Allocation – Budgets
A recent investigation by The PUNCH reveals that at least 24 states in Nigeria may struggle to pay workers’ salaries this year without waiting for federal allocations. Analysis of the…
Toilet Paper, Soap Among Nigeria’s Top Import from UK in 2023
Here’s a breakdown of the top 5 imported goods from the United Kingdom to Nigeria in the last six months of 2023, as per the 2023 UK-Nigeria trade and investments…
MTN and Airtel Increase Investments Despite Economic Challenges
Despite Nigeria’s economic challenges, two major telecommunication giants, MTN Nigeria Communications Plc and Airtel Africa Plc, bolstered their investments in the country in 2023. The financial reports reveal a combined…
Banks Raise Lending Rates Following CBN’s Record MPR Hike
In response to the Central Bank of Nigeria’s (CBN) significant increase in the Monetary Policy Rate (MPR), Nigerian banks have begun raising their lending rates. Zenith Bank, the largest bank…
Edun Blames Inflation on ‘Eight Years of Printing Money without Productivity’
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has attributed the current inflation in Nigeria to eight years of printing money without corresponding productivity under the…
SEC Introduces Guidelines for Digital Asset Service Providers
The Securities and Exchange Commission (SEC) has announced the development of new guidelines for licensing, registration, and screening of digital and virtual asset service providers (VASPs). The SEC submitted the…
Reps Move to Establish National Tax Crimes Commission
The House of Representatives has moved forward a bill for the establishment of a National Tax Crimes and Oversight Commission, aiming to address revenue leakages arising from non-payment and underpayment…
Former Google Engineer Indicted for Stealing AI Secrets to Aid Chinese Companies
A former Google software engineer, Linwei Ding, also known as Leon Ding, has been indicted in California for allegedly stealing trade secrets related to artificial intelligence from Google. The 38-year-old…
South Africa’s Current Account Deficit Widens Sharply in Fourth Quarter
South Africa’s current account deficit significantly expanded in the fourth quarter of 2023, reaching 2.3% of gross domestic product (GDP) compared to a revised 0.5% in the previous quarter, according…
Egyptian pound stable after devaluation, IMF deal
Egypt’s currency remained stable at around 49.5 pounds to the dollar as the market opened on Thursday, following the central bank’s decision to let the currency plunge and shift to…
Airtel Buys Back 991,861 Shares from Citigroup
Airtel Africa recently made a significant move in the stock market by purchasing nearly 992,000 units of its shares valued at $0.50 each from Citigroup Global Markets on the London…
Abdulwaheed Odusile Appointed as CEO of KAFTAN Television
Qbdulwaheed Odusile, the former Commissioner for Information and Strategy in Ogun State, has been appointed as the new Chief Executive Officer (CEO) of KAFTAN Television by its Board of Directors.…
Evercare Hospital Partners with MED-EL Electronics to Address Childhood Hearing Impairment
Evercare Hospital, in collaboration with MED-EL Electronics, has entered into a Memorandum of Understanding aimed at addressing hearing impairment in children under the age of five during the signing ceremony,…
Transcorp Power, FBN Holdings lift Market Cap by N194bn
The Nigerian Exchange witnessed a significant N194 billion gain in market capitalization on Tuesday, largely propelled by the strong performance of newly listed stock Transcorp Power, alongside its parent company…
Nigerian Exchange Tops Africa with 33.70% Gain
“The Nigerian Exchange (NGX) has emerged as Africa’s leading exchange in the first two months of 2024, boasting an impressive 33.70 percent returns for investors. A statement from the NGX…
BIC Achieves Double-Digit Revenue Growth
BIC, a leading manufacturing corporation known for its stationeries, lighters, and shavers, has reported a substantial double-digit revenue growth across its operations in West Africa for the year ending December…
Stakeholders Push for Private Terminal Involvements in Regional Flights
The delay in government approval for the use of Murtala Muhammed Airport Terminal Two (MMA2) for regional flights is causing concern among aviation stakeholders. They are urging the government and…
Naira’s Official Exchange Rate Falls by 4.26%
The official exchange rate of the naira against the dollar concluded its three-day winning streak, experiencing a significant decline of 4.26% to N1602.43 per US dollar on Tuesday, March 5,…
Tinubu Says his Administration Has Attracted $30 Billion FDI Commitments in 9 Months
President Bola Tinubu disclosed that his administration has secured $30 billion in Foreign Direct Investment (FDI) commitments within the initial nine months of his tenure, bolstering Nigeria’s economy. He made…
Libya’s Central Bank Governor Calls for Unified Government
Sadiq Kabir, the governor of Libya’s central bank, announced the devaluation of the dinar currency and urged the approval of a new unified government by the parliament’s speaker, intensifying his…
Dangote Plans Oil Trading Arm for Nigerian Refinery, Sources Say
Africa’s wealthiest individual, Aliko Dangote, is reportedly considering establishing an oil trading arm, possibly based in London, to oversee crude and products supply for his new refinery in Nigeria, according…
Oil Prices Rebound Despite Demand Growth Concerns in China, U.S
Oil prices experienced a modest rebound on Wednesday following extended declines, as indications of supply tightness due to output cuts by major producers outweighed concerns about demand growth in China…
Asia stocks climb; Gold, Bitcoin Drift after Hitting Record Highs
Asian stocks saw gains on Wednesday as traders anticipated policy indications from Beijing during its week-long annual parliamentary session. Investors were hopeful for potential stimulus measures after a previous lack…
Report Urges Safe Dismantling of Shell’s Infrastructure
A report on the environmental impact of multinational companies in Nigeria stresses the need for Shell to safely dismantle its old infrastructure or cover the costs of remov.al from the…
Waymo Launches Driverless Passenger Services in Austin, Texas
Alphabet’s Waymo announced on Tuesday its commencement of driverless passenger services for its employees in Austin, Texas, starting Wednesday. Waymo intends to extend its ride-hailing program, Waymo One, to the…
Power Outage Disrupts National Assembly Proceedings
A significant power outage at the National Assembly on Tuesday caused delays and disruptions to crucial legislative activities. The Senate plenary couldn’t commence at its scheduled time of 11 am,…
EFCC Intercepts 21 Trucks Loaded with Smuggled Goods
Operatives of the Maiduguri Zonal Command of the Economic and Financial Crimes Commission (EFCC) intercepted 21 trucks loaded with food and non-food items destined for N’djamena, Chad Republic, Central African…
Google Africa’s Boss Wins Silverbird Awards
Alex Okosi, the Managing Director of Google Africa, was awarded the Iconic Pioneer Award at the 2023 Silverbird Man of The Year Awards held in Lagos. Okosi was lauded for…