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UK, South Korea warn against cyberattacks from North Korea
E-commerce

44% of Nigerian firms paid hackers ransom in 2021 –Report

SEVENTY-one per cent of Nigerian organisations were hit by ransomware in 2021 while 44 per cent of the affected firms were forced to pay ransoms to get their data back, according to a new report by Sophos, a United Kingdom-based cybersecurity solutions firm. The report titled, ‘The State of Ransomware 2022,’ said the number of […]

Economy

Subsidy deductions hit states hard, govs owe salaries

State workers and pensioners on Sunday lamented they were carrying the burden of a cash crunch in the country with many state governments failing to ensure regular payment of salaries, gratuities and other entitlements. Labour leaders, who spoke separately with our correspondents in Ekiti, Benue, Ogun, Ondo, Rivers, Abia, Ondo, Edo and Kano states, noted […]

Trapped funds: CBN to give foreign airlines $150m
Policy and Regulations

Over 50 companies shut down over forex, power crises

More than 50 Nigerian manufacturing companies have shut down in the last five years, according to investigations. Some of the manufacturing companies that have exited the industry in the last five years include: Surest Foam Limited, Mufex, Framan Industries, MZM Continental, Nipol Industries, Moak Industries, and Stone Industries. Others are: Solo Industries, Quick Born Industries, […]

Power generation dropped 43mw after worker's strike - FG
Electricity

Blackout hits CBN, army headquarters, others

The headquarters of the Central Bank of Nigeria, the Nigerian Army as well as the Federal Ministry of Finance, among others, suffered blackouts on Sunday due to the vandalism of the power network in the Central Business District of the Federal Capital Territory. In a notice to power users in Nigeria’s capital city, the Abuja […]

Why Nigeria must save oil revenues - IMF
Economy

Nigeria’s inflation may worsen to 16.1% in 2022 – IMF

The International Monetary Fund has projected that Nigeria’s Consumer Price Index will hit 16.1 per cent in 2022. This projection was presented in a tabular illustration in the IMF’s Regional Economic Outlook for Sub-Saharan Africa released last week, which was published on its website. The projected 16.1 per cent will be the highest in the […]

Flights to South-South most expensive - NBS
Aviation

Why aviation industry remains in recession – Union

The National Union of Air Transport Employees on Sunday said the recent hike in airfares coupled with the impact of the Russia/Ukraine war and the COVID-19 outbreak had delayed the exit of Nigeria’s aviation sector from recession. NUATE President, Ben Nnabue, who disclosed this in his 2022 May Day speech to workers in the sector, […]

Agribusiness

FG to establish 119 ranches in Benue, Taraba others

A total of 119 ranches are to be created under the National Livestock Transformation Plan in various states across the country between 2019 and 2028, the Federal Government has said. In the NLTP 2019-2028 document approved by the National Economic Council and obtained in Abuja on Friday, the Federal Government stated that about 300,000 jobs […]

FBN Insurance targets 1m customers in one year
Banking

Poverty can’t be eradicated without financial inclusion – First Bank

Without adequate financial inclusion, poverty cannot be effectively eradicated in Nigeria and other nations of Africa, First Bank Nigeria Plc stated on Friday. Financial inclusion refers to efforts aimed at making financial products and services accessible and affordable to all individuals and businesses, regardless of their personal net worth or company size. Delivering the keynote […]

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Political interference, inconsistent policies frustrating refineries repairs – NNPC ex-manager

A retired Group General Manager, Research and Development, Nigerian National Petroleum Corporation, Dr Bola Afolabi, speaks about his family, education, career and related issues What was your childhood ambition? As a child, I wanted to be a medical doctor because of the care they administer and the selfless nature of their calling. Their white garment […]

Energy

Nigeria needs 100,000MW to end power crisis – Ex-minister

A former Minister of Power, Prof. Barth Nnaji, says Nigeria needs over 100,000 megawatts of power to address the persistent electricity problem across the country. Nnaji said this while addressing newsmen on Friday in Enugu on the state of the power sector in Nigeria. He attributed the problem in the sector to the supply value […]

FG spends N40.1bn daily as fuel subsidy hits N600 per litre – Operators
Oil and Gas

Fuel subsidy records 307% increase amid transport fare hike

The amount spent on fuel subsidy monthly rose from N60.39bn in March 2021 to N245.77bn in March 2022, indicating an increase of 306.97 per cent. Within this one-year period, fuel subsidy gulped N2.08tn, according to data obtained from the Nigerian National Petroleum Company Limited. NNPC described its subsidy spending as an under-recovery of PMS/value shortfall. […]

MTN launches 5G network
Telecommunications

MTN earns N421bn from calls, data in three months

MTN Nigeria Communications PLC made N421.49bn from calls and data in the first quarter of 2022. This is a 20.32 per cent increase from N350.31bn that the telecoms company made from voice and data in the corresponding period of 2021. In its Q1, 2021 announcement, MTN revealed that it made N470.98bn in total revenue in […]

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