Nigeria spends $1.12 billion on servicing foreign debts in Q1 2024
Data from the Central Bank of Nigeria (CBN) reveals that Nigeria spent approximately 70% of its dollar payments in the…
Category: Business
SEC imposes N10m penalty for unauthorised security issuance
The Securities and Exchange Commission (SEC) has proposed new rules governing the issuance and allotment of securities by private companies,…
GTCO shareholders approve $750m capital raising plan
At Guaranty Trust Holding Company (GTCO) Plc’s third Annual General Meeting, shareholders approved the establishment of a capital raising programme…
Tinubu Orders Completion of Inland Dry Ports Nationwide
President Bola Tinubu, represented by Sen. George Akume, has directed the swift completion of all unfinished inland dry ports across…
Uganda Named Top Investment Destination in Africa, Wins Award at Abu Dhabi Investment Meeting
At the Annual Investment Meeting (AIM) in Abu Dhabi, Uganda was awarded the top investment destination in Africa, attracting over…
Nigeria Considers Reinstating Telecom Tax to Secure $750 Million World Bank Loan
Nigeria is contemplating reinstating a previously suspended telecom tax and other fiscal measures to secure a new $750 million loan…
FG plans further VAT increase, new sharing formula
The presidential committee on fiscal policy and tax reforms has recommended an increase in the value-added tax (VAT) rate and…
Transcorp Group records 1,475% profit before tax in Q1
Transnational Corporation Plc (Transcorp Group) announced a remarkable 1,475 percent growth in Profit Before Tax (PBT) for the first quarter…
Shell Discloses $1.09 Billion Payments to Government
The Managing Director and Country Chair of Shell Companies in Nigeria, Osagie Okunbor, has reaffirmed the organization’s dedication to Nigeria’s…
‘Automation Capable Of Transforming Governance In Nigeria’
Melanie Ayoola, the Group Executive Director of Tranter IT, highlighted the potential of technology to revolutionize governance in Nigeria during…
US eyes curbs on China’s access to AI software behind apps like ChatGPT
The Biden administration is considering plans to regulate the export of advanced AI models, such as ChatGPT, as part of…
CBN Updates List of Deposit Money Banks, Grants International Authorization to Fidelity Bank and FCMB
The Central Bank of Nigeria (CBN) has released an updated list of deposit money banks and other financial institutions as…
Microsoft African Development Centre in Lagos May Shut Down Operations
There are indications that Microsoft may close its African Development Centre (ADC) in Lagos, Nigeria. While there has been no…
Access Holdings Directors Vested with Shares Worth N427.13m
Eight directors of Access Holdings, including the acting Group Chief Executive Officer, Bolaji Agbede, and Managing Director of Access Bank,…
Binance Accuses Nigerian Govt Of Demanding $150m Bribe
The Nigerian government has pledged to continue its pursuit of a criminal case against cryptocurrency platform Binance and its officials…
NLC Rejects CBN’s Cybersecurity Levy on Electronic Transfers
The Nigeria Labour Congress (NLC) has vehemently rejected the recent directive by the Central Bank of Nigeria (CBN) to impose…
UBA Records 110% Rise in Gross Earnings to N570.2bn
United Bank for Africa Plc (UBA) has reported a remarkable 110% Year-on-Year (YoY) increase in gross earnings to N570.2 billion…
Jumia Slashes Operating Losses by 71% in Q1 2024, Reports Revenue Growth
Africa’s leading e-commerce group, Jumia, has significantly reduced its operating losses by 71% year over year to $8.3 million in…
Aliko Dangote Foundation and WEF Announce 2024 Young Global Leaders Fellows
The Aliko Dangote Foundation (ADF) and the World Economic Forum (WEF) have unveiled the gifted individuals selected for the prestigious…
ECOWAS Agrees to Establish $2.4 Billion Counter-Terrorism Force
The Economic Community of West African States (ECOWAS) has announced plans to establish a standby counter-terrorism force with a budget…
Shell Pays $1.09 Billion in Taxes and Royalties to FG
Shell has disclosed that it paid a total of $1.09 billion in corporate taxes and royalties to the Federal Government…
FBNBank Ghana changes to FirstBank Ghana to align with group identity
FBNBank Ghana has announced its name change to FirstBank Ghana, aligning with the identity, values, and vision of the FirstBank…
GoSolr to enhance solar-generation capacity in South Africa
GoSolr, a South African company, plans to increase its solar-generation capacity to 500 megawatts in the next four years, up…
Apple Unveils M4 Chip for iPad Pro
Apple introduced its latest chip, the M4, designed to excel in artificial intelligence tasks, in the iPad Pro model, a…
Disney’s surprise streaming entertainment profit offset by weaker TV business
Walt Disney’s shares fell 8.5% in morning trading despite a surprise profit in its streaming entertainment division, as a drop…
Prices of rice, garri, beef rise 27.4% in March – NBS
According to data from the National Bureau of Statistics (NBS), the average prices of rice, garri, and beef experienced a…
List of financial transactions exempted from 0.5% cybersecurity levy
In a circular signed by Chibuzor Efobi, the director of payments system management, and Haruna Mustafa, the director of financial…
Access Holdings, Partners Move To Empower Women With Disabilities
International charity organization Sightsavers, in collaboration with Access Holdings, Unilever, UK Aid, and UNICEF, has initiated the Sabi-Woman project to…
Naira appreciates to N1354/$ despite low dollar supply at official market
Despite facing low dollar liquidity, the Nigerian naira showed strength against the US dollar in Monday’s trading at the official…
Banks to Implement 0.5% Cybersecurity Levy on Electronic Transfers
In response to directives from the Central Bank of Nigeria (CBN), banks across the country will soon introduce a 0.5…