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Microsoft warns Africa risks becoming AI consumer

Tech

Tony Elumelu’s Heirs Holdings stake in Seplat crosses $1bn

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EFCC charges two over alleged unlawful supply of FCMB

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New airbus acquisition strengthens Ibom Air – Eno

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Naira strengthens against dollar in official, parallel FX markets

The naira recorded further gains against the United States dollar on Tuesday, appreciating in both the parallel market and the official foreign exchange market. In the parallel market, the local currency strengthened to N1,385 per dollar, improving from N1,395 per dollar recorded on Monday. The naira also appreciated in the Nigerian Foreign Exchange Market, according […]

Appointments

Jimoh Ibrahim elected UN budget committee chairman

Nigeria’s Permanent Representative to the United Nations, Jimoh Ibrahim, has been elected Chairman of Budget and Administration for the Fifth Committee of the United Nations General Assembly. His election comes at a critical period for the global organisation, which is grappling with a budget deficit exceeding $1.8 billion following significant reductions in foreign aid contributions. […]

Electricity featured

DisCos generate nearly ₦600bn revenue in Q1 despite power shortages

Electricity Distribution Companies in Nigeria generated approximately N600bn in revenue during the first quarter of 2026, according to the latest industry data released by the Nigerian Electricity Regulatory Commission. The figures showed that the power distribution companies collected a total of N597.55bn between January and March 2026, despite ongoing challenges facing the country’s electricity sector. […]

featured Finance

Private sector rejects pressure to match proposed ₦100,000 minimum wage

Members of the organised private sector have warned against expecting private sector employers to automatically adopt a N100,000 minimum wage, despite moves by some state governments to raise workers’ salaries to that level. The business groups argued that while some large corporations and thriving sectors of the economy may have the capacity to pay wages […]

Electricity featured

Anambra signs four electricity laws to boost supply

The Anambra State Electricity Regulatory Commission has announced that four new regulatory bills have been signed into law as part of efforts to improve electricity supply across the state. The commission explained that the newly enacted laws are designed to dismantle the monopoly of FirstPower Electricity Distribution Company Limited, a subsidiary of the Enugu Electricity […]

Tech

AI, cybersecurity take centre stage at digital signage summit

The Digital Signage Summit 2026 spotlighted the technologies and market forces reshaping the global digital signage and digital out-of-home industry, with discussions centred on artificial intelligence, cybersecurity, orchestration and ongoing industry consolidation. Marking its 20th anniversary, the summit brought together executives, technology leaders, strategists and innovators from Europe, North America, the Middle East, Africa and […]

Tech

Alphabet plans $80bn equity raise to expand AI infrastructure push

Google’s parent company, Alphabet, has announced plans to raise up to $80bn (£59bn) in equity to finance major investments in artificial intelligence infrastructure, intensifying debate over the financial sustainability of the AI boom. The fundraising effort—described by analysts as the largest equity raise on record, includes a $10bn share sale to US investment firm Berkshire […]

Tech

OpenAI faces lawsuit over ChatGPT safety allegations

OpenAI and its CEO Sam Altman have been sued by a United States attorney general in what appears to be the first state-level case alleging that ChatGPT may be linked to violent incidents. Florida’s Attorney General lawsuit claims the company failed to adequately address safety concerns, instead prioritising competition in the “AI arms race” and […]

Business

Inflation in euro zone hits 3.2%

Inflation in the euro zone accelerated to an estimated 3.2 per cent in May, driven largely by a surge in energy prices, according to flash data released on Tuesday. The figure matched economists’ expectations in a Reuters poll and is likely to reinforce market expectations that the European Central Bank will raise interest rates at […]

Business featured

US to cut Africa visa processing centres to 20

The United States Department of State has announced plans to significantly reduce the number of diplomatic missions in Africa that process visa applications for foreign travellers, according to a report by the Associated Press. Quoting officials and an internal memorandum, it was reported on Monday that the number of US embassies and consulates across Africa […]

Business

Garri, beans prices drop as food inflation eases

The prices of key food staples, including garri and beans, declined significantly in April 2026, offering some relief to consumers as food inflation pressures continued to ease. Data from the National Bureau of Statistics showed that the average price of white garri sold loose fell by 39.86 per cent year-on-year, while brown beans recorded a […]

Business

Guinness supports Ojude Oba festival, deepens cultural marketing push

Guinness Nigeria Plc, through its Orijin brand, took part in the 2026 Ojude Oba Festival in Ijebu-Ode as the event’s official alcohol sponsor, leveraging the cultural celebration to strengthen its market presence and deepen consumer engagement. The festival drew thousands of attendees, including indigenes of Ijebuland, tourists, cultural enthusiasts, traditional institutions and other stakeholders. In […]

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