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  • 16th May 2025
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  • 14th May 2025

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  • 14th May 2025

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MRS oil quits NGX, joins NASDC OTC after massive profit
News

MRS oil quits NGX, joins NASDC OTC after massive profit

MRS Oil Nigeria Plc, with a market capitalisation of N60 billion, has announced its decision to voluntarily delist all issued shares from the Nigerian Exchange Limited and transition to the NASD OTC Securities Exchange. As of Friday, the company’s total outstanding shares stood at 342,884,708.00, with the stock closing at N174.9 per share. According to […]

Banking

Zenith Bank, GTCO, UBA hit with N172.4b windfall tax

Nigeria’s new tax policy targeting foreign exchange revaluation gains has led to a combined windfall tax liability of N172.3 billion for three major banks—Zenith Bank, Guaranty Trust Holding Company, and United Bank for Africa. The Finance (Amendment) Act 2023 introduced a windfall tax on realized foreign exchange profits recorded by Money Deposit Banks between 2023 […]

Tech

PalmPay partner Verve to enhance payment solutions 

PalmPay, a prominent African fintech platform, has officially launched its PalmPay Debit Card in partnership with Verve, Africa’s largest domestic card scheme. This collaboration aims to enhance financial inclusion by providing millions of users with access to Verve’s extensive payment network, thereby extending digital financial solutions to previously underserved populations. With a user base exceeding […]

Tony Elumelu appointed to IMF advisory council
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Tony Elumelu appointed to IMF advisory council

Founder and Group Chairman of Heirs Holdings, Tony O. Elumelu, CFR, has been appointed by the International Monetary Fund to join its newly established Advisory Council on Entrepreneurship and Growth. The Council is convened by IMF Managing Director Kristalina Georgieva. Elumelu, a passionate advocate for entrepreneurship across Africa, has made significant contributions through his foundation, […]

Jim Ovia
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Zenith Bank to pay Jim Ovia ₦25.4bn in 2024 dividends

The founder and chairman of Zenith Bank, Jim Ovia, will receive a ₦25.4 billion dividend payout for the 2024 financial year, following the bank’s record earnings. The payout, set for April 15, 2025, comes as Zenith Bank’s profit after tax surged by 52.5% to ₦1.03 trillion, up from ₦676.9 billion the previous year. According to […]

Telecommunications

MTN makes history with Africa’s first satellite phone call

MTN South Africa, in partnership with American satellite provider Lynk Global, has successfully completed Africa’s first satellite phone call using a standard smartphone. The groundbreaking trial took place in Vryburg, North West province, marking a major step toward improving connectivity in remote and underserved areas. The trial evaluated voice call quality and SMS functionality over […]

Maritime

Apapa e-call-up system boss alleges sabotage

The Managing Director of Trucks Transit Parks at Apapa Ports in Lagos, Jama Onwubuariri, has alleged that government cartels, in collaboration with certain individuals, are undermining the E-call-up system for trucks and heavy-duty vehicles. Speaking with journalists in Lagos on Thursday, Onwubuariri expressed concerns that some individuals benefiting from the illegal manual truck call-up system—which […]

Nigeria tightens visa, immigration policies to curb overstaying
News

Nigeria tightens visa, immigration policies to curb overstaying

Nigeria tightens visa, immigration policies to curb overstaying The Nigerian government has introduced a new visa policy aimed at automating entry and exit procedures while imposing stricter penalties on visitors who overstay their visas. Speaking on AriseTV, the Minister of Interior, Olubunmi Tunji-Ojo, outlined the key reforms, emphasizing their role in strengthening Nigeria’s immigration system. […]

C'River's 20km Road to boost economic growth - Lafarge
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Senate demands transparency in Lafarge Africa sale to Chinese investors

The Nigerian Senate has called for transparency in the ongoing negotiations for the sale of Lafarge Africa Plc to Chinese investors. In a resolution passed on Thursday, lawmakers urged the Bureau of Public Enterprises to ensure the divestment process safeguards national security and protects Nigeria’s economic sovereignty. The motion, sponsored by Senator Salisu Afolabi (Ogun-Central), […]

Paystack issues notice to crypto startup Zap Africa over trademark dispute
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Paystack issues notice to crypto startup Zap Africa over trademark dispute

African fintech giant Paystack, a subsidiary of Stripe, has issued a cease and desist notice to cryptocurrency startup Zap Africa amid a brewing trademark dispute over the name “Zap.” The notice, sent on Monday, follows online discussions where Zap Africa accused Paystack of failing to verify the trademark status before launching its new consumer product, […]

Oil and Gas

Nigeria to introduce new crude grade ‘Obodo’ in April

Nigeria is set to introduce a new medium sweet crude grade, Obodo in April 2024, as reported by Argus Media, which provides business intelligence, market data, and price assessments for global industries. Obodo crude has a gravity of 27.65°API and a sulfur content of 0.05%, according to an assay seen by the company. A source […]

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