As of March of this year, 5G connectivity subscriptions have increased steadily to account for 1.24% of all connections in the nation. The Nigerian Communications Commission (NCC) on Wednesday revealed the most recent industry figures, which support this. According to the report, there were 219 million active mobile connections in the nation overall. In light of this, it can be estimated that 2.7 million Nigerians have subscribed to the newest technology, based on the 1.24% 5G connections. The country’s 5G penetration rate was 1.04% as of December 2023. This year, it rose to 1.11% in January and 1.18% in February.…
Author: Iken
Dana Air has announced that it is processing refunds for flights that were impacted by its most recent temporary suspension. A runway incursion incident involving one of the airline’s aircraft on Tuesday led to the suspension of the safety and financial audit by the Nigeria Civil Aviation Authority (NCAA). The airline apologized for any difficulty and disappointment the suspension may have caused its passengers concerning their travel arrangements when it made this announcement in a statement on its official X (formerly Twitter) account on Wednesday. To receive a refund, passengers who have already made reservations for flights are advised to…
Nigerian startups are at the forefront of a titanic AI innovation race, providing creative digital solutions to solve problems that span continents. Next month, Morocco will host the largest tech and start-up event in Silicon Valley, showcasing the finest from the continent’s largest economy. Nigerian technology is influencing the future of Africa’s emerging digital economy, from AI-powered diabetes care to SaaS (Software as a Service) platforms increasing agricultural profitability. At the AI Everything Expo by GITEX Africa 2024, the continent’s largest tech and start-up event, which takes place in Marrakech from May 29 to May 31, global investors will be…
The state’s electrical regulatory bureau now has regulatory authority over the power market in Ondo state, previously held by the Nigerian Electrical Regulatory Commission (NERC). The NERC revealed this in a notice to the public, stating that the actions it took complied with the Electricity Act of 2023. According to the commission, the Ondo state government notified it of its intention to control the state’s energy market, which was authorized, after meeting all legal conditions as outlined in the Energy Act 2023. The statement read: “As per the amended Constitution of the Federal Republic of Nigeria (CFRN) and the Electricity…
Jose Mourinho has made astonishing claims that Manchester United did not support him in the same way they did Erik ten Hag. During his time at Old Trafford, the Portuguese strategist led the Red Devils to both Europa League and Carabao Cup victories between 2016 and 2018, in addition to finishing second in the Premier League. But in December 2018, following a Premier League loss to Liverpool that dropped the team to sixth place and 11 points outside of a Champions League finish, he was mercilessly sacked. Even though they still have two games remaining, United is currently seventh in…
Rasmus Hojlund voices discontent to Erik ten Hag over Bruno Fernandes following a rift with Manchester United captain’s compatriot Diogo Dalot. Hojlund’s complaints were based on his impression that he wasn’t playing with the team, especially when it came to Fernandes’s attacking play. Tensions between Hojlund and Dalot reportedly increased following United’s Champions League loss to FC Copenhagen in November, according to Daily Mail. The club captain supported Dalot in that scenario, further deepening the divide between Hojlund and the Portuguese pair. Hojlund expressed his worries to Ten Hag and his coaching team in an attempt to find a solution.…
The US Competition Commission has filed a lawsuit to halt fashion accessory giant Tapestry’s $8.5 billion (£6.9 billion) acquisition of rival Capri. Michael Kors is one of Capri’s brands, and Coach and Kate Spade are among the handbag manufacturers owned by Tapestry. If approved, “the deal would eliminate direct head-to-head competition between Tapestry’s and Capri’s brands,” according to the US Federal Trade Commission (FTC). “The FTC fundamentally misunderstands both the marketplace and the way in which consumers shop,” Tapestry said. The companies together employ over 33,000 people worldwide, but the FTC claimed the acquisition would result in lower pay and…
President Bola Tinubu is slated to begin an official visit to the Kingdom of the Netherlands today, Tuesday, April 23, 2024. Prime Minister Mark Rutte extended President Tinubu’s offer to travel to the Netherlands, as was disclosed in a Monday statement posted on the Presidency Nigeria’s official X account. President Tinubu will meet with Prime Minister Mark Rutte while in the Netherlands and have separate talks with Queen Máxima and His Royal Majesty King Willem-Alexander. The Special Advocate of the UN Secretary-General for Inclusive Finance for Development (UNSGSA) is Queen Máxima. The President will also participate in the Nigerian-Dutch Business…
Instead of the following month as the firm has claimed, analysts at Standard and Poor’s Global Commodities Insights have predicted that the Dangote refinery will begin supplying gasoline in the fourth quarter of this year. At the S&P podcast “Exploring West Africa’s oil product flows in a changing refining landscape,” where its analysts provided views on the most recent changes in the energy market across Europe and West Africa, Kelly Norways, an expert on African energy, revealed this. She discussed how the Dangote refinery will drastically cut energy imports into the West African subregion, estimating that daily gasoline consumption would…
The Energy Times Newspaper has named Nigerian gas firm NIPCO Gas Limited the “Most Innovative Gas Company of the Year.” The award honors NIPCO Gas’ noteworthy contributions to the growth of the gas industry in Nigeria. The managing director of NIPCO Gas, Nagendra Verma, thanked the organizers for recognizing the company’s contributions. As evidence of their dedication to advancing gas use as a clean and alternative fuel source, he cited the opening of their first Compressed Natural Gas (CNG) station in Benin City in 2009. Verma emphasized how committed NIPCO Gas is to growing the nation’s gas infrastructure. To increase…
The World Bank Group and the African Development Bank Group are collaborating on an ambitious initiative to give power to at least 300 million Africans by 2030. The AfDB Group will provide help to an extra 50 million individuals, while the World Bank Group aims to connect 250 million people to power through distributed renewable energy systems or the distribution grid. A successful development endeavor is predicated on having access to energy, which is a fundamental human right. 600 million Africans do not have access to electricity at the moment, which poses serious obstacles to productivity, digital inclusivity, health care,…
The Nigerian Ports Authority (NPA) is scheduled to get a $700 million loan from Citibank, which will be financed by UK Export Finance. The investment is intended to renovate Lagos State’s Apapa and Tincan Island ports. Mohammed Bello-Koko, the Managing Director of NPA, disclosed this development on Wednesday via his official X (formerly Twitter) account, indicating that he had executed the loan’s Mandate Letter and Term Sheet. He said that the money would be used to improve other infrastructure, repair the quay wall for landside operations, and deepen the draft to 16.5 meters to accommodate larger vessels at both ports. …
The Dangote Petroleum Refinery is offering Automotive Gas Oil (AGO), generally known as diesel, at a reduced price of N1000 per litre. This is less than the N1200 per litre that the refinery was quoting two weeks ago. Alhaji Aliko Dangote, the chairman of the Dangote Group, has previously declared that the refinery will begin selling diesel at a lower price as part of efforts to lower the high rate of inflation in the nation. At that time, he said: “We started selling diesel at our refinery for about N1,200 now, instead of N1,650, and I’m sure things will continue…
The Federal Government has urged oil and gas companies to come up with creative ways to raise money so they can increase their investment and address the many issues the industry faces, particularly by utilizing the country’s capital market. Speaking at the Seplat Energy anniversary to celebrate its ten years of dual listing on the Nigerian Exchange Limited (NGX) and London Stock Exchange, held in Lagos yesterday, Minister of States for Petroleum Resources Heineken Lokpobiri gave his assurance that the government would continue to create an enabling environment and regulatory framework for companies to operate in a more conducive manner…
Nigeria aspires to play a significant role in influencing the global narrative surrounding the deployment of artificial intelligence (AI). Nigeria is positioning itself as a key player in the global artificial intelligence (AI) landscape, hosting the National Artificial Intelligence Strategy (NAIS) Workshop to set the stage for AI adoption and innovation. Led by Minister Bosun Tijani, the workshop aims to develop a comprehensive policy framework to propel Nigeria into an AI hub in Africa. With participation from over 120 local and international organizations, including academia, the workshop seeks to produce a strategy that will govern AI adoption, leveraging the estimated…
Elon Musk, the owner of X, formerly known as Twitter, has announced that the platform will charge new users a fee before allowing them to post. Musk claims that this is now the only way to address the bot problem on the platform. The billionaire said that X has tried several various approaches to solve the problem, but they haven’t worked. Musk responded as follows to an X account that made a post regarding the X rules for new accounts: “Unfortunately, a small fee for new user write access is the only way to curb the relentless onslaught of bots.…
The latest figures from the National Bureau of Statistics (NBS) show that Nigeria’s inflation rate jumped to 33.2% for March 2024. In comparison to the 31.7% reported in February 2024, this indicates a 1.5% point gain. In March 2024, the rate of inflation increased more slowly than it did in February 2024, by 1.80%. The cost of electricity and housing, together with increases in food and drink, contributed to March’s inflation. The headline inflation rate rose from 22.04% in March 2023 to 11.16% every year. In addition, the headline inflation rate for March 2024 was 3.02%, down 0.10% from 3.12%…
Following an Iranian strike on Israel, the naira appreciated versus major currencies on Monday, as demand for safe-haven assets soared. This saw the greenback reach more than five-month highs. As of late Sunday, the local currency was trading for less than N1000 in certain areas of the parallel market, fulfilling Goldman Sachs’ prediction. The economists at the American Investment Bank said that in the upcoming months, the Naira’s bullish trend on the foreign exchange market will probably lead to it trading for less than N1,000 per US dollar. The tier 1 investment bank stated that the increase in the value…
The Nigerian government is being urged by civil society organizations, spearheaded by Amnesty International, to thwart Shell Plc’s intention to divest its onshore oil operations in Nigeria. SHThe $1.3 billion agreement with Nigerian-owned Renaissance Africa Energy was reached in January 2024 and intends to enable Shell to achieve its long-term objective of ceasing operations in the difficult Niger Delta. The organizations contend, however, that the transaction shouldn’t take place unless sufficient protections for human rights are guaranteed. Forty organizations, including Amnesty International, detailed a number of requirements that need to be fulfilled in a report released on Monday in order…
Friday saw a rise in Tokyo stocks as US tech shares increased and the yen declined vs the dollar. In early trading, the benchmark Nikkei 225 index was up 0.65%, or 257.37 points, at 39,700.00, while the Topix index as a whole gained 0.50 percent, or 13.77 points, to 2,760.73. Toshiyuki Kanayama, the senior market analyst at Monex, stated, “Rallying US tech shares is expected to lead the Japanese market to start with gains.” In early Asian trade, the dollar was valued at 153.13 yen, compared to 153.25 yen in New York. The dollar previously fell to 153.33 yen, a…
The Central Bank of Nigeria’s (CBN) decision to sell dollars to Bureau De Change (BDC) operators below market rate has caused a rift among financial experts; some argue that the move lacks transparency, while others assert that it will increase FX market liquidity. This was the third effort at selling dollars to BDCs below market value, at N1,101/$1, following a protracted suspension by the Central Bank of Nigeria (CBN) in 2021. In a special interview with Nairametrics, the experts discussed their conflicting opinions regarding the initiative’s viability. Citing the Central Bank of Nigeria’s (CBN) inability to create an effective and…
The market for commercial papers (CPs) has witnessed a steady surge in activity as businesses facing foreign currency (FX) liabilities seek cost-effective funding to bolster working capital and mitigate risks. This trend persists despite the interest rate hike, with yields on Treasury bills and OMO issuance by the Federal Government climbing to 27%. As of February 2024, firms have issued nearly N220 billion in commercial paper, according to FMDQ Securities Exchange data. Large corporations utilize commercial papers (CPs), which are money-market instruments, to secure funds for short-term debt obligations like payroll. The issuing bank or firm guarantees repayment of the…
The naira surged against the US dollar, reaching its highest point since its devaluation in January. Bolstered by growing confidence, the Nigerian currency strengthened for the fourth consecutive week, closing at N1,245 per dollar. According to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira closed at ₦1,251.05/$1 for the fourth consecutive trading day in April 2024 at the official window. Under the leadership of Governor Olayemi Cardoso, the CBN has implemented various measures to enhance local dollar liquidity and devalue the naira. Despite predictions by the Economist Intelligence Unit (EIU) that the naira would continue to depreciate,…
Transnational Corporation Plc (Transcorp), a Nigerian-listed corporation, announced a 91% increase in earnings in the preceding year. The group’s after-tax earnings surged from N17.1 billion to N32.6 billion in 2022, while its profit before taxes escalated by 93.5% to N58.8 billion in 2023. Owen Omogiafo, Transcorp’s President/Group CEO, emphasized that the 2023 financial results underscore the Group’s robust operational performance and strategic initiatives outcomes. Despite confronting formidable macroeconomic challenges throughout the year, she highlighted that the group witnessed substantial growth in sales and profitability, demonstrating its adeptness in navigating evolving market dynamics successfully. Omogiafo reiterated the group’s commitment to achieving…
Cargo transport saw a significant rise as the Federal Government earned N1.07 billion from rail operations in the fourth quarter of 2023. During this period, 672,198 individuals utilized rail transportation in Nigeria, generating the aforementioned revenue. However, this amount reflects a 7.51 percent decline from the N1.15 billion generated in the same quarter of 2022, according to the National Bureau of Statistics (NBS) Q4 2023 rail transport report, released on Monday. The report highlights a remarkable improvement in the volume of goods and cargo moved, with 119,286 tons transported compared to 53,136 tons in Q4 2022. During this period, the…
Lekki Deep Sea Port Enterprise Limited reported that, as of June 2023, it had handled more than 25,000 transshipments. In addition, the port handled more than 100,000 containers as it marked one year of commercial operations since its formal opening on April 1, 2023. The port’s management said that the port has shown to be efficient in facilitating international trade, as evidenced by its ability to carry 14,000 Twenty-foot Equivalent Units (TEUs) of container boats. The port management listed a number of accomplishments from the previous year in a statement that was posted on LinkedIn. Among these accomplishments is the…
President Bola Tinubu has authorized nearly N1.1 trillion for the Federal Capital Territory’s statutory budget for the 2024 fiscal year, according to Federal Capital Territory Minister Nyesom Wike. Among other things, Wike said that the budget will affect the development of infrastructure, healthcare facilities, and school restoration in the Federal Capital Territory (FCT). He made this revelation on Tuesday during an ongoing media interaction at his office in Abuja. He conveyed his happiness at the president’s approval and clarified that the budget will affect the FCT’s school rehabilitation, healthcare facilities, and infrastructure development, among other things. N280 billion was set…
The volume of shares traded last week was boosted by high transactions in the shares of three banks: Guaranty Trust Holding Company Plc, Zenith Bank Plc, and Access Holdings Plc. A turnover of 1.8 billion shares worth N52 billion was recorded. Investors on the Nigerian Exchange Limited (NGX) floor performed trading in 38,550 deals, exceeding the N48.7 billion worth of shares that were exchanged in 45,237 deals on March 22. In observance of Easter, the federal government proclaimed Friday a national holiday, which caused the market to open for four trading days. Particularly, according to volume, trading in the top…
For the fourth time since 2019, Zenith Bank Plc has taken home the title of “the Best Bank in Nigeria” at the Global Finance Best Banks Awards 2024. The bank was honored with other financial organizations from 36 African nations at the esteemed 31st Annual Best Bank Awards by Global Finance. Following thorough consultations with corporate finance executives, bankers, banking consultants, and analysts worldwide, the editors of Global Finance made the pick. The selection of the best banks took into account a variety of metrics, from informed subjective to objective quantitative measures. Growth in assets, profitability, geographic reach, strategic alliances,…
In 2023, the eleven distribution firms of electricity (DisCos) in Nigeria’s energy supply sector generated N1 trillion in revenue, which is the most amount ever reported during the same period in the previous decade. This event is a turning point for the business and emphasizes how important the nation’s electricity distribution sector is becoming. According to the National Bureau of Statistics (NBS) most current power report, income for the fourth quarter of 2023 was N294.95 billion, which added up to a total of N1.07 trillion for the year. DisCos made N842.42 billion in income in 2022, the Nigerian Electricity Regulatory…
