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Finance ministry demands legal basis for N680m NAICOM

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NITDA urges regulatory collaboration to support emerging technologies

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South Africa’s unemployment rate hits four-year high of 33.6%

Economy

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Technology

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Amazon to exit Quebec operations, cut 1,700 jobs
Tech

Amazon trims workforce in cloud unit

Amazon has confirmed that it is cutting jobs within its cloud computing division. “After a thorough review of our organization, our priorities, and what we need to focus on going forward, we’ve made the difficult business decision to eliminate some roles across particular teams in AWS,” Amazon spokesperson Brad Glasser said in a statement. “We […]

Uber to invest $300m in Lucid for robotaxi rollout
News

Uber to invest $300m in Lucid for robotaxi rollout

Uber will invest $300 million in electric vehicle maker Lucid Motors as part of a new robotaxi partnership announced Thursday. The deal, which also involves autonomous driving startup Nuro, will see more than 20,000 self-driving Lucid Gravity SUVs deployed in a major U.S. city starting in late 2025. The rollout will begin in 2026 and […]

News

Substack raises $100m in new funding round, valued at $1.1bn

Newsletter platform Substack has secured $100 million in a Series C funding round, bringing its valuation to $1.1 billion, the company announced on Thursday. The round was led by venture capital firms Bond and the Chernin Group, with additional backing from existing investor Andreessen Horowitz, as well as Klutch Sports Group CEO Rich Paul and […]

OpenAI unveils advanced AI agents to tackle complex ChatGPT tasks
News

OpenAI unveils advanced AI agents to tackle complex ChatGPT tasks

OpenAI on Thursday launched a powerful new AI agent for its ChatGPT chatbot, enabling it to complete complex, multi-step tasks as the Microsoft-backed startup intensifies efforts to stay ahead in the rapidly evolving artificial intelligence race. The new agentic tool marks a significant upgrade for ChatGPT, blending capabilities from OpenAI’s earlier features like “operator,” which […]

US senate approves $9bn cuts to foreign aid
News

US senate approves $9bn cuts to foreign aid

The United States Senate has approved a controversial $9 billion spending cut package proposed by President Donald Trump, targeting foreign aid and public media funding. The vote, which passed narrowly at 51-48 early Thursday morning, reflects growing Republican momentum behind deep budget reductions inspired by the now-defunct Department of Government Efficiency, formerly led by Elon […]

Nigeria borrowed money to fight Boko Haram - Oyedele
Business

LGs must be held accountable for taxes – Oyedele

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has stressed the need for ongoing tax reforms to include mechanisms that ensure accountability at the local government level. Speaking on Wednesday at the Lagos Chamber of Commerce and Industry’s Mid-Year 2025 Economic Review, Oyedele identified local governments as key drivers of […]

China’s rare earth magnet exports hit six-month high in July
Business

Expert raises alarm over Nigeria’s heavy dependence on Chinese imports

Nigeria’s heavy dependence on China for imports has raised renewed concerns among economists and trade experts, who caution that the country’s import pattern poses significant risks. Speaking at the Cowry Quarterly Economic Discourse held on Wednesday under the theme ‘Thriving in a Volatile Economic Environment’, Group Managing Director of Cowry Asset Management, Johnson Chukwu, highlighted […]

Opay, Piggyvest, others rank among CNBC's world's top 300 fintechs
News

Opay, Piggyvest, others rank among CNBC’s world’s top 300 fintechs

Ten African fintech companies have been recognised among the world’s top 300 fintechs in 2025, according to a new ranking by CNBC and Statista. The list celebrates global innovation across seven fintech segments, including payments, wealth tech, and alternative financing, during a period marked by cautious investor sentiment and a slowdown in global funding. Nigeria […]

Largest known Mars rock on earth sells for $5.3m at auction
News

Largest known Mars rock on earth sells for $5.3m at auction

A massive meteorite believed to be the largest piece of Mars ever discovered on Earth has been sold for $5.3 million, inclusive of taxes and fees, to an anonymous buyer during an auction at Sotheby’s in New York. The rare specimen, named NWA 16788, weighs approximately 24.5 kilograms (54 pounds)—significantly larger than typical Martian meteorites, […]

92 million Nigerians without access to electricity - FG
Economy

States oppose Electricity Act amendment over subsidy reintroduction concerns

The Forum of Commissioners of Power and Energy in Nigeria has expressed strong concerns over the proposed Electricity Act (Amendment) Bill, 2025, currently being considered by the Senate. The Forum warned that if passed, the bill could shift more than N5 trillion in unpaid electricity subsidies onto consumers. This warning was issued in a statement […]

Court Rules FirstBank-GHL dispute Is debt recovery, not maritime claim
Banking

Oba Otudeko exits First Holdco in N323.33bn stake deal

A significant shift has taken place at Nigeria’s oldest banking group, First Holdco Plc, with the exit of key shareholder Oba Otudeko in a deal valued at N323.33 billion. The transaction involved the exchange of 10.43 billion ordinary shares through 17 off-market, negotiated deals on the Nigerian Exchange, at an average price of N31 per […]

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