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Tinubu orders arrest of fake agency promoter, suspends

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FBI asks US court to keep Tinubu-related records

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Geregu Power confirms payment of N40bn bond coupon,

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Tinubu orders arrest of fake agency promoter, suspends three

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Customs scrap import duties on LPG, CNG conversion Kits

The Nigeria Customs Service has removed import duties on Liquefied Petroleum Gas and related equipment, including conversion kits for Compressed Natural Gas. This move aims to encourage the adoption of cleaner energy solutions. This was disclosed in a statement was by Chief Superintendent, Abdullah Maiwada, the NCS’s National Public Relations Officer. The materials and products […]

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ICYMI: Nigeria targets 500 CNG centres 2025, hits 170

The federal government, through the Presidential Compressed Natural Gas Initiative, has revealed that the number of vehicle conversion centres in Nigeria has surpassed 170, with a target of reaching 500 centres by 2025. The National Coordinator and Chief Executive of the PCNGI, Michael Oluwagbemi, also mentioned plans to increase the number to 200 by the […]

Tencent launches upgraded T1 AI model, boosts China’s AI race
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Tencent, Epic Games directors vacate board seats over antitrust concern

Tencent Holdings Ltd. removed two directors it appointed to Epic Games Inc.’s board after the US Justice Department ruled the appointments violated antitrust laws. Tencent, China’s most valuable company, holds a minority stake in Epic Games and owns a direct competitor through its Riot Games Inc. subsidiary, prompting antitrust concerns, according to the DOJ on […]

Nigeria, others spent $1.4trn on debt servicing in 2023 - World Bank
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Nigeria secures $1.7b from W’Bank, AfDB for renewable energy

Nigeria is set to deploy renewable energy with a $1.7 billion investment from the World Bank, African Development Bank, and a new $250 million facility from the International Finance Corporation. The Rural Electrification Agency announced in Abuja on Wednesday that over 3,700 primary healthcare and agricultural facilities will be electrified under the new e-H.E.A.R.T. project. […]

Apple, Tencent, ByteDance plan AI features in Chinese iPhones
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Apple, Tencent, ByteDance plan AI features in Chinese iPhones

Apple is reportedly in discussions with Chinese tech giants Tencent and ByteDance to integrate their artificial intelligence models into iPhones sold in China, Reuters reported. The talks come as Apple began rolling out OpenAI’s ChatGPT capabilities into its devices globally this month, leveraging the AI chatbot through its Siri voice assistant for tasks like answering […]

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NNPC E&P misses out in oil licensing round

The Nigerian National Petroleum Company Exploration and Production Limited a subsidiary of NNPC Limited, did not secure any awards in the recently concluded oil licensing bid round. The winners were revealed by the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, during the commercial bid conference held in Lagos on Wednesday. During […]

Oil and Gas

FG approves Shell’s $2.4bn onshore assets sale

Renaissance Africa Energy Company Limited has announced that it has received ministerial consent to acquire Shell Petroleum Development Company. This marks a significant development in Nigeria’s oil and gas sector. This was disclosed in a statement released by the company on Wednesday. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, reportedly granted approval […]

News

Volkswagen buys stake in Patriot Battery Metals for $48.1m

Volkswagen Group is investing C$69 million ($48.1 million) to acquire a 9.9% stake in Patriot Battery Metals Inc., marking its first venture into the mining industry. This investment ensures a supply of 100,000 metric tons of lithium over 10 years, which constitutes a quarter of the initial phase of Patriot’s Canadian lithium project, crucial for […]

has presented its 2024 Regulatory Impact Assessment, a comprehensive review aimed at overhauling existing telecom regulations
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Nigeria’s internet subscribers hit 134m in October – NCC

The Nigerian Communications Commission reported that internet subscribers in Nigeria reached 134.78 million in October 2024, marking an increase of 1.88 million compared to the 132.9 million subscribers in September 2024. This growth reflects continued expansion in internet access and connectivity across the country. In its industry report for October 2024 on Wed, the NCC […]

Osun resubmits state's nomination for bank role, challenges CBN’s rejection
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Diaspora remittances surge to $4.22bn – CBN

The Central Bank of Nigeria has reported a substantial rise in diaspora remittances through International Money Transfer Operators, reaching $4.22 billion between January and October 2024. This marks a significant increase from the $2.62 billion recorded during the same period in 2023, reflecting the growing importance of remittances to Nigeria’s economy and foreign exchange reserves. […]

News

Five multinational firms that pulled out of Nigeria in 2024

Several multinationals have exited the country by divesting their operations or transferring their stakes to new investors, while the Nigerian government highlights recent multi-million-dollar investments. The significant exodus of multinationals this year is largely attributed to Nigeria’s economic challenges, including the depreciating naira, rising inflation and interest rates, and declining consumer purchasing power. According to […]

CBN restricts daily limit of POS transactions to N100,000
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CBN restricts daily limit of POS transactions to N100,000

The Central Bank of Nigeria has introduced a policy to advance its cashless economy initiative, capping daily cash-out transactions conducted by Point of Sale agents at N100,000 per customer. This directive, issued on December 17, 2024, was signed by Oladimeji Yisa Taiwo on behalf of the Director of the Payments System Management Department. The new […]

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