Musk Continues To Sell Shares After Twitter Poll
Tesla Inc Chief Executive Officer, Elon Musk, has sold an additional portion of his share in his company worth about $687m, regulatory filings revealed this. Earlier in the week, Musk…
Equities Extend Losses As Capitalisation Dips Further By N82 Billion
The market capitalisation of listed equities depreciated further by N82 billion yesterday, following the extension of losses on the Nigerian Exchange. Indeed, the All-Share Index (ASI) dropped by 158.02 absolute…
Stock Market Sheds N51bn As Investors Take Profits
The Nigerian equities market fell for the second consecutive day on Thursday, with the total market value losing N51.27bn as investors took profits in MTN Nigeria Plc and some other…
FG Makes New N20 Million Investment In Start-Up Ecosystem
The Federal government has pumped N20 million into the Nigerian start-up ecosystem. The investment came through the Nigerian Communications Commission, NCC, which doled out a grant of 5million each to…
Nigeria’s Lending Startup Payhippo Raises $3 Million For SMEs
A lending startup, Payhippo has raised $3 million to support the small and medium enterprises (SMEs) across the continent. Its co-founder and Chief Operating Officer (COO), Chioma Okotcha, said the…
Women Empowerment: Nigeria Firm, 33 Others Among $25M Google Awardees
A Nigerian firm, ImpactHer and 33 organisations from other countries are to receive $25 million grants for creating opportunities that benefit women and girls. The funding to the firms which…
DMO To Auction N150bn FGN Bonds Nov 17
DMO said this in a circular issued on Thursday. It said the bonds will consist of three equal tranches worth N50 billion each. The first tranche is a 10-year reopening…
Nigerian Currency Traders Ask Central Bank For Official Market Access
Nigeria’s bureau de change operators have asked the central bank to consider a framework that will enable them access to foreign currencies at official market rates in an attempt to…
Gold Extends Gains As U.S. Inflation Surges
Gold prices edged higher on Thursday, extending a rally fuelled by a surge in U.S. consumer prices that spurred some demand for the metal as an inflation hedge. Spot gold…
EU Forecast Sees Euro-Area Inflation Settling At 2.2% In 2022
Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast. The new European Commission economic forecasts are set to see euro-area inflation at 2.4%…
Another Warning From Bank Of England As Bitcoin, Ether Hit Highs
The bitcoin price has reached a new record high, breaking through $68,000 and falling a touch to $67,920 at 11.05am on 9 November, amid positive and negative commentaries on the…
MTN Nigeria, Dangote Cement, Others Opex Hits N1.5 Trillion Driven By Inflation, FX Devaluation
On the heels of impressive earnings in nine months ended September 30, 2021, it has emerged that double-digit inflation, foreign exchange devaluation, among other factors impacted the 10 most valued…
SEC Urges Firms To Tap Islamic Capital Market
The Securities and Exchange Commission has advised corporate organisations to leverage the Islamic capital market, saying it will help create an enabling environment. The Director-General, SEC, Lamido Yuguda, said this…
Indonesia’s Tech Giant GoTo Group Raises $1.3 Billion Ahead Of IPO Plans
Indonesia’s GoTo Group has secured $1.3 billion from investors in the first close of an ongoing funding round ahead of a planned initial public offering, the technology company said Thursday.…
Elon Musk Sells $5 Billion In Tesla Shares After Twitter Poll
Tesla Chief Executive Elon Musk sold about $5 billion in shares, the billionaire reported in filings on Wednesday, just days after he polled Twitter users about selling 10% of his…
NNPC Plans To Rebuild Badagry Expressway Under Tax Credit Scheme
Nigerian National Petroleum Corporation (NNPC) has resolved to rebuild the Badagry Expressway under the Federal Government’s Tax Credit Scheme. The Controller of Works in Lagos, Olukayode Popoola, dropped the hint…
150,000 Farmers To Benefit As CBN flags Off Wheat Production Programme
The Central Bank of Nigeria (CBN) has flagged off the Nigerian Brown Revolution, an intervention programme to boost wheat production in the country. Godwin Emefiele, CBN governor, said the apex…
FEC Approves 2021-2025 National Development Plan, Projects N348.7tn Investments
The Federal Executive Council presided over by Vice President Yemi Osinbajo on Wednesday approved the 2021-2025 National Development Plan, which is a successor programme to the Economic Recovery and Growth…
Emefiele Woos Foreign Investors In France
The Governor, Central Bank of Nigeria, Godwin Emefiele, has invited foreign investors to consider Nigeria as their choice investment destination, noting that business confidence in the country is on the…
DoorDash Stock Rockets On Deal To Acquire International Delivery Platform Wolt For $8.1 Billion
DoorDash announced Tuesday it’s acquiring Wolt, a food delivery platform that’s expanded into groceries and retail, in an all-stock transaction valued at $8.1 billion. The move is an effort to…
SoftBank Shares Rise Above 10%
SoftBank Group Corp shares jumped 10% on Tuesday, the first trading session after the Japanese conglomerate said it would spend up to 1 trillion yen ($8.8 billion) buying back almost…
Nigeria Stock Market Investors Gain N643.1 Billion
The Nigerian stock market began the week on a positive note as investors gained N643.14bn at the end of trading on Monday. The All-Share Index of the Nigerian Exchange Limited…
Rainoil Acquires Majority Stake In Eterna Plc
Rainoil Limited, a leading player in the downstream oil and gas industry, has completed the acquisition of majority shares in Eterna Plc, a publicly listed oil and gas company. The…
FMDQ Securities Exchange Limited Partners With Luxembourg Stock Exchange
FMDQ Securities Exchange Limited has partnered with Luxembourg Stock Exchange (LuxSE) to facilitate the dual listing of securities issued by financial institutions and corporates domiciled in the country. The partnership…
Delivery Platform Breadfast Lands $26 Million For Its Series A
The market for food and grocery delivery across Africa and the Middle East is worth nearly $1 trillion. And Egypt, buoyed by a young and growing population, is a big…
OP Finnfund Backs Moroccan Healthcare Business
OP Finnfund Global Impact Fund I, a Finnish global emerging markets impact fund anchored by Finnfund, has invested $10 million in equity capital in CIM Santé Group, a Moroccan private…
Creadev Leads Series C Round For Twiga
Years ago, Americans spent most of their disposable income on food, but consistent investment in retail infrastructure has changed that. Now, they only spend 6% of them their household income…
Nigerian Stock Exchange Dropped By 0.06 Percent
The Nigerian stock market lost N12.58bn last week as investors took profits in oil and gas, banking and consumer goods stocks. The All-Share Index of the Nigerian Exchange Limited dropped…
SolarWind Investors Sues Software Directors
SolarWinds Corp investors have sued the software company’s directors, alleging they knew about and failed to monitor cybersecurity risks to the company ahead of a breach that created a vulnerability…