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: Local
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…
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…
NCC Partners with Nokia to Train Nigerian Youths on 4G/5G Technologies
The Nigerian Communications Commission (NCC) has entered into a Memorandum of Understanding with Nokia Solutions and Networks Nigeria to provide…
SEC Unveils Stricter Rules on Private Companies’ Securities Issuance and Allotment
The Securities and Exchange Commission (SEC) has introduced new regulations governing the issuance and allotment of securities by private companies.…
Olufowose replaces Hassan-Odukale as First Bank chairman
FBN Holdings has confirmed the departure of Mr. Tunde Hassan-Odukale as Chairman of First Bank of Nigeria Limited following the…
TikTok Adopts Technology to Label AI-Generated Content
TikTok announced plans to implement “Content Credentials,” a technology developed by Adobe, to label images and videos created by artificial…
Airbnb Shares Drop Over 8% Pre-market on Weak Q2 Forecasts
Airbnb shares (ABNB.O) plummeted more than 8% in pre-market trading on Thursday following disappointing second-quarter forecasts, sparking concerns among investors…
U.S. Overtakes China as Germany’s Top Trading Partner in Q1 2024
According to Reuters’ calculations based on official data from the German statistics office, the United States has surpassed China as…
Australian Tax Office Targets Crypto Traders for Tax Compliance
The Australian Tax Office (ATO) is making moves to ensure people trading cryptocurrencies pay their taxes. They’ve asked crypto exchanges…
Nigerian biotech startup becomes first African lab to offer liquid biopsy to advance cancer diagnosis
A Nigerian biotech startup called Syndicate Bio has teamed up with SophiaGenetics, a company specializing in advanced medical software, to…
West African CEOs Express Concerns Over Local Economic Decline
The PwC Annual Global CEO survey for West Africa reveals that over half of CEOs in the region expect their…
Tinubu assures US of enhanced power supply through Nigeria’s abundant gas resources
President Bola Tinubu, represented by Minister Yusuf Maitama Tuggar, has pledged improved power supply in Nigeria, leveraging the country’s abundant…
African Diaspora Union Seeks Citizenship Rights, Visas on Arrival Support from Nigeria
The Africans in Diaspora Development Union (AFRIDU) has approached Nigeria’s Ministry of Interior seeking assistance in securing citizenship rights and…
Disney and Warner Bros. Discovery to Launch Streaming Bundle with Disney+, Hulu, and Max
Disney and Warner Bros. Discovery have announced plans to introduce a streaming bundle featuring Disney+, Hulu, and Max, set to…
ACMAN deems 0.5% cybersecurity levy ill-timed amid financial inclusion efforts
The Association of Capital Market Academics of Nigeria (ACMAN) has voiced apprehension regarding the timing of the Central Bank of…
CBN extends suspension of processing fees on large cash deposits to September 2024
The Central Bank of Nigeria (CBN) has prolonged the suspension of processing fees on significant cash deposits until September 30,…
Airtel incurs $1.7 billion in foreign exchange loss over currency devaluation in Nigeria, Malawi
Airtel Africa’s fiscal year 2024 financial report reflects a $1.7 billion loss attributed to currency devaluations in Nigeria and Malawi.…
Nigeria Plans Full Operation of Two Refineries by End of 2024
Senator Ifeanyi Ubah, Chairman of the Senate Committee on Petroleum (Downstream), announced plans for two Nigerian refineries – Port Harcourt…
Naira Depreciates by 4.60% at Official Market, Trades at N1,416.57 to Dollar
The Nigerian naira experienced depreciation at the official market, with the exchange rate reaching N1,416.57 to the dollar. Data from…
Lagos Attracts $3 Billion Investment in Three Years Says Commissioner
Tunbosun Alake, the Commissioner for Innovation, Science, and Technology of Lagos State, announced at the 2024 US-Africa Business Summit in…
African Steel Denies Reports of Ikorodu Factory Shutdown by SON
African Steel Limited has issued a statement debunking media reports alleging the shutdown of its Ikorodu Steel Factory by the…
‘Automation Capable Of Transforming Governance In Nigeria’
Melanie Ayoola, the Group Executive Director of Tranter IT, highlighted the potential of technology to revolutionize governance in Nigeria during…
Amazon breaks into Europe 5G networks with Telefonica cloud deal
Telefonica Germany, a subsidiary of Spanish group Telefonica, plans to migrate one million 5G customers to Amazon Web Services (AWS)…
Naira depreciates to N1,415/$ in parallel market
The Naira experienced depreciation against the US Dollar in both the parallel and Nigerian Foreign Exchange Market (NAFEM) on Tuesday.…
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…
Petrol Scarcity in Lagos Sparks Frustration
The petrol scarcity in Lagos is causing frustration among motorists, who face long commutes and struggle to find fuel for…
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…