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Why Africa risks losing 15% GDP to climate change - AADFI
News

Why Africa risks losing 15% GDP to climate change – AADFI

Under the auspices of the Association of African Development Finance Institutions, Development Finance Institutions have called for actionable plans to incorporate climate-resilient products into African business models as part of solutions to address climate finance needs and derisk sustainable investments in the region. According to The Punch, this was due to research that showed if […]

Customs seize contraband worth N924m in three months
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Customs seize contraband worth N924m in three months

The Nigeria Customs Service, Western Marine Command, reported that from August to October, it seized various illegal items valued at N924 million. According to The Punch, the command’s spokesperson, Mailafiya Magaji, said it was stated that 17 sacks containing 1,199 parcels weighing 663.5 kg of cannabis sativa had also been intercepted in a statement released on Friday. It […]

Novare reiterates plans for continuous business in Nigeria
Business

Novare reiterates plans for continuous business in Nigeria

An institutional investor and developer, Novare, has reiterated its plans for continued business in Nigeria after the ex-parte court order prohibiting Novare from selling its assets and leaving Nigeria was brought to the company’s attention. According to The Times, the ex-parte Order is based on false statements that one Grand Towers Realty Limited provided to the Court. Grand […]

OPEC+ weighs 2027 production baselines, potential hike
Oil and Gas

Oil surge over 2% as Iraq backs OPEC production restrictions

Oil rose over 2% on Friday as Iraq expressed support for output restrictions ahead of the Organisation of the Petroleum Exporting Countries meeting in two weeks. The Times reported that the US West Texas Intermediate crude saw a $1.43 or 1.9% increase in trading to $77.17 per barrel, while Brent futures gained $1.42 or 1.8% to […]

Obi, Okonjo-Iweala, Onanuga mourn Access Bank CEO Herbert Wigwe
News Tech

Access Bank CEO Wigwe to build $500m university in Rivers

Co-founder of Access Bank, Herbert Wigwe, is constructing a $500 million eponymous institution in his homeland of Rivers State, an oil-rich region of Nigeria. Wigwe told Bloomberg that undergraduate courses in management, information technology, science and engineering, and the creative arts will be available at Wigwe University. Wigwe is taking a cue from affluent Nigerians […]

MTN winds down BEE scheme, pay out modest returns to investors
News Tech

MTN suffers system glitch, wipes customers debt

A system glitch in MTN’s system structure has led to the payment of loans owed by subscribers of the network in the early hours of Saturday. Nonetheless, the subscribers are already celebrating and expressing gratitude to the corporation since they think the telecom operator purposefully cancelled their loans. However, MTN in response to users who […]

Economic hardship: Senator advises Tinubu to hold national stakeholders meeting
Business

FRC hails Tinubu’s framework for fiscal regulation

The Chairman of the Fiscal Responsibility Commission, Barrister Victor Muruako, has praised President Bola Tinubu for his commitment to improving the Fiscal Responsibility Act of 2007. The Punch reported that President Tinubu’s coordinated efforts to strengthen Nigeria’s fiscal environment were emphasized in the statement issued by the Head of the Strategic Communications Directorate, Bede Ogueri Anyanwu. Muruako stated, […]

FG urges govs to justify use of subsidy removal savings
Business

FG urges govs to justify use of subsidy removal savings

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, disclosed the government’s intention to provide a comprehensive implementation of the funds distributed to state governments following the removal of fuel subsidies on Friday. The Punch reported that according to him, the plan realized through a memorandum of understanding would specify how […]

Nigerian Exchange ahead in Africa with 33.70% gain
Economy

Naira closes at N1,100/$ on parallel market 

This week, the naira’s value in the parallel market dropped by 15.79 percent, ending trading at N1,100/$. According to The Punch, this was a 15.79 percent drop from the N950/$ it closed trading last Friday. Following the announcement that the Central Bank of Nigeria has started to reduce its foreign exchange backlogs, the naira strengthened versus […]

Hacker group Lockbit leaks Boeing data
News Tech

Hacker group Lockbit leaks Boeing data

A cybercrime group, Lockbit on Friday released internal data from Boeing, one of the biggest defence and space contractors in the world. In October, the hackers declared that they had amassed “a tremendous amount” of private information from the massive aerospace company and threatened to post it online unless Boeing paid a ransom by November […]

How increased electricity access will drive investment - Seplat
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Seplat to pay naira dividends at N996.75/$ exchange rate

Seplat said that it will use an exchange rate of N996.75/US$ to calculate the amount payable in Naira, subsequent to the announcement of an interim dividend of 3 US cents per ordinary share, or N0.50 per share. According to The Times, the business will give its Nigerian shareholders an interim dividend of N29.9 for each ordinary […]

Abbey Mortgage Bank Plc appoints four new directors
Business

Abbey Mortgage Bank Plc appoints four new directors

The Central Bank of Nigeria has authorized the appointment of four new non-executive directors to Abbey Mortgage Bank Plc. The Times reported that this information was contained in a notice sent by the company to the Nigerian Exchange Limited and the investing public. The directors are Mr. Obinna C. Ufudo, Ms. Jewel Okwechime, Ms. Chika Ochonogor, Mrs. […]

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