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Customs denies smuggling, recruitment malpractice allegations

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Presidency defends Nigeria’s fiscal record after US report, cites

Economy

OPay’s transaction value hits $358bn, doubles ahead of IPO

Business

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Estate developers abandon building projects amid forex crisis
Business

Estate developers abandon building projects amid forex crisis

Melvin Onwubuke Nigerian Estate developers are facing a Herculean task in meeting project delivery timeline, due to the foreign exchange crisis. A report by Nairametrics show that the situation is aggravated for those who had previously entered into contracts with variation clauses, as they now battle significant losses as a result of sharp increase in […]

NERC considers increase of prepaid meters
Electricity featured

NERC considers increase of prepaid meters

Alex Omenye The Nigerian Electricity Regulatory Commission is contemplating another increase in the price of prepaid meters, responding to heightened production costs faced by manufacturers. According to reports, the regulator might allow market forces to determine meter costs instead of the current regulated pricing. Manufacturers have reportedly halted issuing invoices to Distribution Companies (Discos) in […]

Nigeria, Brazil seek direct flights between Lagos, Sao Paulo
Business

Nigeria, Brazil seek direct flights between Lagos, Sao Paulo

President Bola Tinubu and Brazilian President Luiz Inácio Lula da Silva met on Sunday in Addis Ababa, Ethiopia, and talked about the possibility of starting direct flights between Lagos, Nigeria, and Sao Paulo, Brazil. According to a statement released by the Senior Special Advisor to President Tinubu on Public Engagement, Fredrick Nwabufo, President Lula da Silva emphasized […]

Flutterwave’s non-code platform Disha temporarily shuts down
Business

Flutterwave’s non-code platform Disha temporarily shuts down

Alex Omenye No-code platform for creatives, acquired by Flutterwave in 2021, Disha is set to undergo a temporary shutdown effective March 31, 2024. The decision to pause operations stems from the company’s desire to “reassess its goals and realign its mission to better serve the creative community.” Despite underlining the temporary nature of the closure, […]

SERAP sues Wike, governors, over failure to account for N40tn LGA allocations
Oil and Gas

SERAP gives NNPCL seven days to explain $2.04bn, N164bn missing oil income

The Nigerian National Petroleum Company Limited has been contacted by the Socio-Economic Rights and Accountability Project to provide an explanation and account for the purported loss of $2.04 billion and N164 billion in oil profits over the course of seven days. As noted in the most recent annual report issued by the Auditor-General of the Federation, […]

BUA Foods record revenue, profit growth despite challenges
Business

Hardship: BUA increases staff salary by 50%

The Chairman of BUA Group, Abdul Samad Rabiu, has announced a 50% salary raise for all employees. BUA’s Head of Human Resources, Mr. Mohammed Wali, signed an internal memo on Sunday in Lagos that confirmed this decision. In the memo, Rabiu made it clear that the goal of the pay modification is to lessen the country’s […]

Manufacturers, importers to stop supplying drugs to Kano market
News

Manufacturers, importers to stop supplying drugs to Kano market

The Pharmaceutical Council of Nigeria and the National Agency for Food and Drug Administration and Control have both issued a strong warning, requesting that all distributors, importers, manufacturers, and company representatives immediately stop supplying medications to any establishments in Sabon Gari Market, Niger Street, or any other location outside of the Coordinated Wholesale Centre in Dangwauro, Kano State. Nairametrics […]

NBS names three countries with highest capital investment in Nigeria
News

NBS names three countries with highest capital investment in Nigeria

In the fourth quarter of 2023, the National Bureau of Statistics reported that the United Kingdom, Mauritius, and the Netherlands emerged as the leading contributors to capital investments in Nigeria. The data, outlined in the Nigeria Capital Importation report for Q4 2023, highlights the significant economic ties between Nigeria and these countries. During this period, […]

FG reopens Lagos airport runway after 11-month repairs
News

FG reopens Lagos airport runway after 11-month repairs

The Federal Airports Authority of Nigeria has reopened the 3.9km Runway 18R/36L of the Murtala Muhammed International Airport, Lagos after almost 11 months of maintenance repairs. In March 2023, FAAN announced the temporary closure of the international runway 18R/36L of the Lagos airport. The maintenance was reportedly meant to last for eight weeks. The closure […]

OpenAI CEO teases restructuring amid lawyer, stakeholders negotiations
Tech

OpenAI hits $80bn valuation after major deal

Artificial intelligence giant, OpenAI has recently sealed a significant deal with venture capital firm Thrive Capital, catapulting its valuation to an impressive $80 billion or potentially more. This remarkable surge nearly triples its value in just nine months, according to reports by the New York Times. The deal involves OpenAI’s participation in an ongoing share […]

2023 AFCON: CAF to hit $75m estimated revenue
News

2023 AFCON: CAF to hit $75m estimated revenue

This edition of AFCON lived up to expectations, fulfilling CAF President Patrice Motsepe’s optimism expressed during the opening ceremony that it would be the best so far. At the Stade Alassane Ouattara Stadium in Abidjan last Sunday, mixed emotions filled the air as the Elephants of Cote d’Ivoire clinched the AFCON 2023 trophy with a […]

FG summons cement manufacturers over price hike
Business

FG summons cement manufacturers over price hike

In light of the rising cost of cement recently, the Federal Government has demanded an immediate meeting with manufacturers. The conference was called by Minister of Works Dave Umahi, who stated that the government would investigate the difficulties these cement producers are facing as well as the significant pricing gap between ex-factory and market prices. […]

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