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Nigeria risks losing $1.4bn US aid over Christians persecution

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NGX gains ₦237.8bn as FUGAZ banking stocks lead Friday

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Policy and Regulations

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Naira plunges to record low against pounds
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Naira falls to N1,030/$ as speculators react

The naira lost the momentum it had gained last week and plunged against the dollar on Monday, averaging 1,030/$ on the parallel market. The Punch reported that comparing this to the N950 it concluded the week last Friday, the local currency has lost N80 or 8.42 percent. Additionally, since the Central Bank of Nigeria started […]

Ports and Airports

FG urges African leaders to intervene in ports’ cargo evacuation

The Federal Government has demanded actions regarding the evacuation of goods from African ports. According to The Punch, this statement was made by President Bola Tinubu on Monday in Lagos at the Port Management Association of West and Central Africa’s 43rd annual council meeting. Speaking at a conference titled “The role of ports in the […]

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Subsidy: FG owes NNPCL N4.207trn, says spokesman

    The Federal government has accumulated a debt of N4.207 trillion to the Nigerian National Petroleum Company Limited, NNPC Ltd, due to months of outstanding petrol subsidy payments. According to Vanguard, this was disclosed by the NNPC’s spokesperson Olufemi Soneye. Soneye, the Chief Corporate Communications Officer of NNPC, issued a statement in Abuja revealing […]

ChatGPT’s AI image feature delayed for free users
News Tech

OpenAI to defend users in copyright infringement cases

OpenAI on Monday declared that it would defend the users of its products if they are accused of copyright infringement with reference to OpenAI apps and services. OpenAI claims that as part of a new initiative called Copyright Shield, it will cover customers’ legal expenses as long as they use ChatGPT Enterprise and OpenAI’s developer […]

OpenAI adjusts content moderation policies for ChatGPT
News Tech

OpenAI announces 100m weekly users

OpenAI CEO Sam Altman announced on Monday at the company’s inaugural developer conference in San Francisco that ChatGPT currently boasts 100 million weekly active users. In just two months after its introduction, the service—which was almost a year ago—amassed an estimated 100 million monthly subscribers and broke the record for the fastest-growing user base. Altman […]

Breadmakers seek govt support for baking industry
Business

Breadmakers seek govt support for baking industry

Juliet Buna The Premium Breadmakers Association of Nigeria has urged the Federal Government to make favourable and implementable economic policies that would encourage and promote baking in the country. The National President of PBAN, Emmanuel Onuorah, stated this in a statement released on Monday in Lagos. According to him, lack of access to foreign exchange […]

Dating app Bumble CEO Whitney Wolfe Herd steps down
News Tech

Dating app Bumble CEO Whitney Wolfe Herd steps down

The founder and CEO of Bumble, Whitney Wolfe Herd is leaving her position as CEO, the company announced on Monday. The current CEO of Slack, Lidiane Jones, will succeed Wolfe Herd. Jones assumed the position in January. Jones’s employment at Bumble will begin on January 2, 2024. Wolfe Herd will continue to serve as executive […]

Lagos shuts Ogba Mall, Ajah Market over waste violations
Business

Lagos shuts Ogba Mall, Ajah Market over waste violations

The Lagos State Government has taken serious action by closing the Ogba Mall and Ajah Market due to illegal trash disposal practices. According to The Times, the Lagos State Waste Management Authority and the State Task Force on Environmental Sanitation and Special Offences collaborated on this operation, which took place on a Sunday. The enforcement team […]

Smart TVs will eventually offer X's Long-Form Videos - Elon Musk
Business featured

Why Elon Musk lost $35bn in October – Report

The world’s richest man, Elon Musk, witnessed a dramatic decline in wealth in October as he lost a whopping $35 billion, mostly as a result of the falling value of his Tesla shares. According to Forbes, this significant drop in Musk’s wealth had a significant effect on the list of the richest people in the world. […]

Guinea Insurance pays N142m in claims
Business

Guinea Insurance pays N142m in claims

Guinea Insurance Plc reported that it paid N142 million in claims to its clients during the fiscal year 2022. According to The PUNCH, during the 65th annual general meeting of the firm in Lagos, the Chairman of the company, Mr. Ugochukwu Godson, revealed this while presenting the audited financial results for the fiscal year ended December […]

Saudi Arabia, Russia to limit oil production - Report
Oil and Gas

Saudi Arabia, Russia to limit oil production – Report

According to The Times, Saudi Arabia intends to continue its voluntary reduction of 1 million barrels per day in December 2023, as reported on November 5 by the Saudi Press Agency. This will keep the country’s production level at about 9 million barrels per day. Concurrently, Russia, in remarks made by Deputy Prime Minister Alexander […]

Equity investors lose N1.5tn as bond yield rises
Business

Manufacturers debt hits N6.98tn in June – CBN

Manufacturers’ debt to Nigerian banks increased from N5.56 trillion in January 2023 to N6.98 trillion by June 2023, according to data from the Central Bank of Nigeria. The Times reported that the Sectoral Analysis of Deposit Money Banks’ Credit report from the CBN states that manufacturers took out a significant N1.42 trillion in loans between January […]

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