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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’s inflation hits 27.33% in October

Nigeria’s headline inflation rate increased to 27.33% in September 2023, up from 26.72% in September 2023. In October 2023, the headline inflation rate increased by 0.61% points when compared to the September 2022 number. Nairametrics reported that compared to October 2022 when the rate was recorded as 21.09%, the headline inflation rate was 6.24% points higher year […]

NNPC, First E&P provide free healthcare in host communities
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NNPCL to launch $2.8bn gas pipeline in December

The Nigerian National Petroleum Company Limited has stated that the $2.8 billion Ajaokuta-Kaduna-Kano gas pipeline project being built by Oilserve Limited will be launched next month. According to The Punch, the Executive Vice President, Upstream, NNPC Limited, Oritsemiyiwa Eyesan, made this revelation on Tuesday at the 41st Nigeria Association of Petroleum Explorationists 2023 expo, which is currently taking […]

Emefiele's proxy-run TTB denies fraudulent Union Bank acquisition
Banking

Union Bank completes delisting of shares from NGX

Union Bank of Nigeria has declared that minority shareholders’ holdings will now be purchased for N7.70 per unit instead of N7 as it approaches the final stages of its plans to delist from the Nigerian Exchange Limited. The Punch reported that the lender made this offer, according to a statement signed on Tuesday by Company […]

Telecommunications

Airtel fixes exchange rate at N858/$ for interim dividend

An announcement made by Airtel Africa Plc has revealed that its shareholders would get the interim dividend for the six-month period that concluded in September 2023 in Naira at a rate of N858.24 per dollar. The Punch reported that the Nigerian Exchange Limited received a corporate notification on Tuesday with the headline “Announcement of Interim Dividend Currency […]

CBN extends old naira's validity indefinitely
Banking

CBN extends old naira’s validity indefinitely

The Central Bank of Nigeria has declared that the old N200, N500, and N1,000 notes will remain valid indefinitely. According to The Punch, this comes after the top bank stated that it wanted to keep old naira notes valid for longer than their designated expiration date. The bank claims that it is collaborating with the […]

Coscharis launches Ford Territory SUV
Business

Coscharis launches Ford Territory SUV

Coscharis Motors, the sole distributor of the Ford brand in Nigeria, has unveiled the all-new Ford Territory Sport Utility Vehicle. The Punch reported that the Deputy Group Managing Director of Coscharis, Fred Amobi, unveiled the Ford Territory, the newest model in the Coscharis product lineup, at the Coscharis Ford Showroom in Lagos. The SUV is aimed at […]

FG to partner private sector on CNG production
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FG to partner private sector on CNG production

  By Wilson Adekumola Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has disclosed that the Federal Government will partner with private sector in the adoption of Compressed Natural Gas production. According to The PUNCH, Edun disclosed this at the unveiling of the 2023 Nigerian Banking Sector Report by Afrinvest, which was […]

Nigerian edtech AltSchool to receive $30m support From Rwanda
News Tech

Nigerian edtech AltSchool to receive $30m support From Rwanda

Nigerian edtech company AltSchool Africa will receive strategic support worth $30m from Intellecap, a consulting firm with a focus on Asia and Africa. TechCabal revealed that AltSchool will use the support, which is entirely funded by the Rwandan Innovation Fund, to plan for its upcoming expansion phase. In April 2023, AltSchool Africa raised $3m Angaza […]

CBN, NBET, others owe N180bn energy debt - NDPHC
Electricity

CBN, NBET, others owe N180bn energy debt – NDPHC

The Central Bank of Nigeria and the Nigeria Bulk Electricity Trading Company are estimated to owe between N150 billion and N180 billion for their debts related to Nigeria’s power system, according to the Managing Director of the Niger Delta Power Holding Company, Chiedu Ugbo. According to The Times, the MD said “The market owes NDPHC hundreds of […]

Nigeria's inflation will fall to 21% in 2024 - Cardoso
Business

Ghana’s inflation rate drops 35.2 percent

Ghana’s inflation rate fell more than expected, from 38.1% in September 2023 to a 14-month low of 35.2% in October. The Times reported that the cocoa-producing country is in negotiations to renegotiate its obligations with bilateral and commercial creditors as it navigates the greatest economic crisis in a generation. Accra’s annual inflation rate decreased to 35.2% […]

Mutual funds investments hit 41.2% - Report
Business

Mutual funds investments hit 41.2% – Report

Despite rising rates in mutual fund investments, a recent report revealed that more investors are now shifting their funds to this class of assets, resulting in a substantial increase in the portfolio. Vanguard reported that the total value of assets in mutual funds increased Year-over-Year, by 41.2% to N2.1 trillion in the 10 months ending October 20, […]

Snap unveils new lens studio tools for AR creators
News Tech

Snapchat users to make purchases direct on Amazon

Snapchat users in the United States will be able to purchase certain products directly from the social media app on Amazon, a representative said on Monday, According to a statement from the Seattle-based company, customers will be able to shop straight from Amazon’s Snapchat ads and check out without ever leaving the social media platform. […]

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