JP Morgan secures license to open office in Kenya
After a lengthy 12-year wait, US banking giant JP Morgan Chase has received an operating license from the Central Bank of Kenya to establish a representative office in Nairobi. While…
GSK sues Moderna for patent infringement over mRNA technology
British drugmaker GlaxoSmithKline has filed a lawsuit against Moderna in U.S. federal court in Delaware, accusing its American competitor of infringing on GSK's patent rights related to messenger RNA technology…
Nigeria’s inflation rate hit 32.70% in September 2024
Nigeria's headline inflation rate rose to 32.70% in September 2024, up from 32.15% in August, reflecting a month-on-month increase of 0.55%. The National Bureau of Statistics reported that this uptick…
Nationwide blackout persists as national grid collapses again
Nigeria's national grid has experienced another collapse, leading to widespread blackouts just 24 hours after service was restored. Various distribution companies confirmed the grid failure occurred around 9 a.m. on…
Nigerian telecoms attracted $304m foreign investments in 2024 H1 — NBS
The Nigerian telecom sector has experienced a significant resurgence in foreign direct investments, attracting $304 million in the first half of 2024. This figure more than doubles the $134.75 million…
Nigeria positioned to lead IT economy through innovation – HP executive
The Managing Director for HP in Southern Africa, Yesh Surjoodeen, has stated that Nigeria's increasing tech-savviness and strong entrepreneurial spirit uniquely position the country to lead in developing an IT-driven…
FG extends private jet owners deadline to clear import duty
The Federal Government of Nigeria has reversed its decision to ground 60 private jets owned by individuals due to unpaid import duties totaling billions of naira. It was reported on…
PalmPay unveils advanced technology to combat rising fraud
PalmPay, a prominent fintech company in Nigeria, has announced the implementation of advanced technology solutions aimed at addressing the increasing threat of fraud in the country’s digital payment sector. The…
NIMC’s multipurpose card to integrate 30m Nigerians – AfriGo
The Managing Director of AfriGo, Ebehijie Momoh, has stated that the newly announced multipurpose card by the National Identity Management Commission could help integrate approximately 30 million Nigerians into the…
Nigeria’s oil production drops 30,000b Sept – OPEC
Nigeria's average crude oil production in September dropped by 33,000 barrels to 1.405 million barrels per day. In its October oil market report, OPEC noted that Nigeria’s crude oil production…
Illegal refineries once supplied all diesel consumed in Nigeria – Kyari
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mr. Mele Kyari, has revealed that illegal refineries once supplied the entirety of diesel consumed in Nigeria. He…
Nigeria’s external debt may reach $50bn in new DMO data
Nigeria's external debt stock is projected to reach $50 billion as the Debt Management Office prepares to release its third quarter 2024 public debt data. As of March 31, 2024,…
