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First Bank restates commitment to support FMCG wholesalers
Banking

First Bank restates commitment to support FMCG wholesalers

First Bank of Nigeria Plc has reiterated its commitment to supporting companies by implementing various programs meant to create a stable business climate and promote economic expansion. According to the Times, this pledge was reaffirmed by Group Executive of Transaction Banking, Mrs. Olaitan Martins, during a conversation with proprietors of Fast-Moving Consumer Goods businesses on […]

MTN internet subscription declines over NIN-SIM linkage
News

MTN Nigeria Plc reports first loss since listing

MTN Nigeria Plc reported their first loss before taxes of N177.8 billion, as opposed to a pre-tax profit of N518.8 billion the year prior. The loss resulted in the total loss of investors’ money. The Times reported that, the corporation blamed the losses on a significant foreign exchange loss that increased from N81 billion in […]

Lawmakers question ministers on port concessions
News

Reps invite NPA, others over PPP concession mgt

The Nigerian National Petroleum Company Ltd. and the Nigerian Port Authority have received invitations from the House of Representatives to address the supervision of concessions and public-private partnerships that go back to 1999. According to the Times, the CEOs have been invited to an in-depth discussion on PPPs and concessions, which will take place in […]

FX payments rose to $1.3bn in February - CBN
Business

FX drives business costs to highest in 10 years

Due to the February weakening in the currency rate, businesses in Nigeria saw the biggest increase in input costs in a decade. The Times recorded that the Purchasing Managers Index for February 2024 by Stanbic IBTC indicates that business conditions saw the lowest improvement since December 2023, as Nigeria’s business PMI fell sharply from 54.5 […]

Facebook to shut down news tab in US, Australia
Tech

Facebook to shut down news tab in US, Australia

Meta plans to discontinue the news tab on Facebook in the U.S. and Australia by April 2024, aiming to distance itself from news-related regulations and payment complexities. This decision follows a similar move last year when Meta discontinued Facebook News in the UK, Germany, and France, redirecting resources to prioritize more valued products and services. […]

36 states spend N139.92bn on external debt in six months
Economy

FX crisis drives business cost to highest in 10 years – Report

Melvin Onwubuke Nigeria businesses are faced with the highest increase in input cost in a decade, as a result of the weakness in the exchange rate for February. This is according to Stanbic IBTC Purchasing Managers Index, report for February 2024. In the report, Nigeria’s Business Purchasing Managers Index fell sharply from 54.5 in January, […]

Spotify launches ‘Upcoming Releases’ hub to track new albums
Tech

Spotify introduces $9.99 audio subscription for free users

Spotify has unveiled a new $9.99 per month option for its audiobooks subscription and introducing the “Audiobooks Access Tier” for its free users in the U.S. This option allows free users to access Spotify’s extensive audiobooks collection, comprising over 200,000 titles, while continuing to stream music and podcasts on the ad-supported service. The Audiobooks Access […]

Airtel Africa begins $100m share buy-back
Telecommunications

Airtel Africa begins $100m share buy-back

Airtel Africa Plc has initiated its share buyback program following the announcement on February 1, 2024, after releasing its nine-month results up to December 31, 2023. The company disclosed this information in a notice to the Nigerian Exchange Limited and the investment public. As per the statement signed by Alastair Jones of Airtel Africa Investor […]

Binance opens crypto trading to Syrians after US lifts sanctions
Crypto

FG slams $10bn fine on Binance over forex crisis

The Nigerian Federal Government has imposed a $10 billion fine on the cryptocurrency trading platform Binance, alleging its involvement in influencing the country’s forex crisis. The Special Adviser to President Bola Tinubu on information and strategy, Bayo Onanuga, revealed the fine in an interview with the BBC on Friday. Onanuga stated that Binance engaged in […]

Seplat Energy announces N125bn profit before tax in 2023
Energy

Seplat Energy announces N125bn profit before tax in 2023

Melvin Onwubuke Seplat Energy Plc, on Thursday, announced N125.5 billon profit before tax in its audited result and accounts for the full year ended December 2023, an increase of 45 per cent compared to the preceding N86.73 billion, recorded for the 2022 financial year. Seplat Energy, listed on both the Nigerian Exchange Limited and the […]

Starlink withdraws from South African regulatory hearings
Tech

Elon Musk sues OpenAI, CEO Sam Altman

Elon Musk has filed a lawsuit against OpenAI, the company behind ChatGPT, along with its CEO Sam Altman and others, alleging a departure from the company’s original mission of developing artificial intelligence for the benefit of humanity rather than profit. Musk claims that Altman and co-founder Greg Brockman initially approached him to establish an open-source, […]

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