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Shell vows to extend Bonga deep water project’s lifespan

Shell has said that it will add 15 more years to the Bonga Floating, Production, Storage, Offloading vessel’s operational lifespan. The Times reported that the goal of this extension is to enable Nigeria’s first deep-water development which started operations in 2005 to produce more. The Managing Director of Shell Nigeria Exploration and Production Company Ltd., Ms. Elohor […]

Polaris Bank's Aku Pauline appointed MPC council member
Appointments

Polaris Bank’s Aku Pauline appointed MPC council member

President Bola Ahmed Tinubu asked the Senate to ratify the appointments of seven new members to the country’s 12-member monetary policy council on Wednesday. The Times reported that Polaris’ Non Executive Director, Aku Pauline Odinkemelu, was among the committee members that have were nominated. The central bank will convene its first MPC meeting since July on February 26–27, less […]

CBN halts cash payment for travel allowance fees
Economy

CBN halts cash payment for travel allowance fees

The Central Bank of Nigeria has announced that Personal and Basic Travel Allowances would only be paid electronically, not in cash, as part of an effort to address the country’s foreign exchange problem. This was announced in a circular dated February 14, 2024, by Hassan Mahmud, the Director of Trade and Exchange Department of the […]

CBN, others to review 2.9tTn tax credit scheme
Business

CBN, others to review 2.9tTn tax credit scheme

Federal Inland Revenue Service, the Ministry of Works, and the Central Bank of Nigeria will convene to discuss the N2.59 trillion tax credit scheme intended for the nation’s road development and repair projects. According to The Times, the FIRS Chairman, Zacheus Adedeji, also voiced his severe displeasure of the N2.59 trillion tax credit program that […]

Inflation in Nigeria continues to rise, reaching an all time high almost 30% in annual terms, attributed to rising food cost and the foreign exchange crises.
Business

Nigeria inflation nears 30%, highest in 26 Years

By Melvin Onwubuke   Inflation in Nigeria continues to rise, reaching an all time high almost 30% in annual terms, attributed to rising food cost and the foreign exchange crises. According to Reuters, consumer inflation rose for the 13th straight month in January to 29.9% Year on Year (YoY) from December’s 28.92% data from the […]

TikTok launches ‘reimagined’ app for Apple Vision Pro
Tech

TikTok launches ‘reimagined’ app for Apple Vision Pro

TikTok has launched a ‘reimagined’ native app for the Apple Vision Pro, enhancing the immersive viewing experience on the recently launched device. The Vision Pro, released on February 2, has quickly amassed over 1,000 apps tailored for its unique capabilities, and TikTok is now among them. While users could previously access TikTok videos via the […]

Meta scraps fact-checking program, introduces X-like community notes feature
Tech

Facebook, Instagram users to pay Apple for boosts on iOS

Meta on Thursday announced that companies using the iOS versions of its social media applications, Facebook and Instagram, will have to pay app store operator Apple an additional 30% service charge for businesses who purchase a “boost” for their posts. According to the social media giant, advertisers would be able to promote their content on […]

Nokia, Dell partner on private 5G, cloud networks
Tech

Nokia, Dell partner on private 5G, cloud networks

In a joint statement on Thursday, Nokia and Dell Technologies announced their agreement to work together to support the rollout of private 5G networks and the cloudization of networks. Individual organizations often own, operate, or lease private 5G networks. Over time, users of the telecom equipment manufacturer’s cloud-focused data center division, Nokia AirFrame, will switch […]

Nvidia CEO Jensen Huang’s wealth rises to $120bn amid AI chip boom
Tech

NVIDIA emerges third most valuable company in the US

American chipmaker NVIDIA has overtaken Alphabet, Google’s parent company, becoming the third most valuable company in the United States with a valuation of $1.83 trillion, Reuters reported This development follows closely after NVIDIA surpassed Amazon in the rankings. Globally, it stands as the fourth most valuable company, trailing Microsoft ($3.04 trillion), Apple ($2.84 trillion), and […]

Gokada seeks fund-raising, embraces asset-light model
Tech

Gokada seeks fund-raising, embraces asset-light model

Nigeria’s most notable last-mile delivery firm, Gokada has shifted to an asset-light strategy amid efforts to obtain investment, TechCabal reports. The company’s COO, Oluwaseun Omotosho, was quoted in the article as having acknowledged the strategy change, which began in 2022. By being asset-light, Gokada has reduced its ownership of the estimated 5,000 motorcycles on its […]

Networking giant Cisco cuts 4,000 jobs globally
Tech

Networking giant Cisco cuts 4,000 jobs globally

American networking giant, Cisco Systems has announced a reduction of 5% in its worldwide workforce, equating to over 4,000 job cuts, while also revising its annual revenue target. The company is adapting to challenging economic conditions that have prompted numerous layoffs across the tech sector this year. Following this announcement, shares of the networking equipment […]

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