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Microsoft to cut 6,000 jobs amid rising AI investment

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Dangote Refinery loses N32.5bn after petrol price cut
News Oil and Gas

Dangote’s aniticipated july petrol supply face delay amid crude shortage

Dangote Oil Refinery’s highly anticipated entry into the petrol supply market in July may be delayed due to crude oil scarcity, according to industry insiders. The 650,000 refinery sited in Lagos, was scheduled to commence operations in July, intending to considerably reduce Nigeria’s reliance on imported petrol. However, there are growing concerns that a paucity […]

Paramount Global to raise subscription rates
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Paramount Global to raise subscription rates

Paramount Global announced on Monday that it will raise subscription rates for its flagship streaming services. This move comes as part of the media giant’s strategy to recalibrate its business and address its debt obligations. The price adjustments occur amid reports that merger discussions between Non-Executive Chairwoman Shari Redstone and David Ellison’s Skydance Media have […]

Obi offers measures to prevent exit of multinational companies from Nigeria
News

Obi offers measures to prevent exit of multinational companies from Nigeria

The 2023 Labour Party presidential candidate, Peter Obi, has voiced concerns over the alarming rate at which multinational companies are exiting Nigeria. In a series of tweets on Monday, Obi attributed the exodus to governance-related issues and proposed solutions to address the problem. Obi emphasized the need for a business-friendly environment, prioritization of security, policy […]

News

Nigeria’s terms of trade dips 0.12% – NBS

In the first quarter of 2024 (Q1’24), all commodity terms of trade (ToT) fell by 0.12 percentage points, while imports grew by 0.51 percentage points. This was disclosed by the National Bureau of Statistics on Monday in its All Commodity Price Indices and ToT report for Q1’24. The bureau defined ToT as the ratio between […]

Apple to evade EU fine with changes to browser options
News

Apple denies talks with Meta over AI partnership

Apple has declined proposals from Meta to integrate Meta’s AI chatbot into the iPhone, Bloomberg News reported on Monday. According to the report, the two companies engaged in brief discussions in March but are no longer in talks for an AI partnership involving Meta’s Llama chatbot. These discussions never reached a formal stage, and Apple […]

Shopify expands AI-powered features to attract more businesses
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Shopify expands AI-powered features to attract more businesses

Shopify has made its artificial intelligence-powered tools, including the Sidekick assistant and image-generation feature, available to more users as of Monday. This move aims to enhance the appeal of its e-commerce platform and drive revenue growth. At its biannual products event, the Canada-based firm announced that customers can now use its editing tool on their […]

News

Flutterwave lays off workforce amid strategic shift

Alex omenye African payments giant Flutterwave has laid off about 30 employees, approximately 3% of its workforce, as part of a strategic realignment towards its core revenue drivers: remittance and enterprise services. This shift, which began three months ago, also led to the shutdown of Barter in March. Flutterwave confirmed the layoffs to TechCabal but […]

The Nigerian Exchange continued its downward trajectory on Tuesday, losing N265 billion as weak investor sentiment persisted.
News

NGX fines companies N76.8m for financial statements default

Alex Omenye The Nigerian Exchange Limited has imposed fines totaling N76.8 million on nine listed companies for failing to submit their audited financial statements by the regulatory deadline. It was revealed that these companies were penalized for not meeting the regulatory requirements for their year-end 2022 and 2023 financials. The sanctioned companies include African Alliance […]

Banking News

Otedola raises stakes to 11.64% in FBN holdings

The Chairman of FBN Holdings, Femi Tedola has raised his ownership stake in the business once more, solidifying his status as the company’s single largest stakeholder. This was disclosed in a notice to NGX on Monday. In the notice, the billionaire acknowledged that, at an average price of N21.58, he had purchased an extra 797,946,415 […]

NCC, Telecom operators urge states to review policies for broadband expansion
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All SIM cards used in Nigeria are locally produced – NCC

The Nigerian Communications Commission has said that 100 per cent of SIM cards in the country are made locally. This was disclosed by the head of new media and information security, NCC, Babagana Digima at a two-day training for media executives titled, “Upskilling media stakeholders on trends in telecommunications,” in Lagos, according to Businessday. Digima […]

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