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Domestic transactions on NGX hit record ₦10.68trn in July

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Naira strengthens to ₦1,346.90/$ amid surge in FX activity

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DStv, GOtv users lament activation delays as EPL returns

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Tinubu seeks lawmakers approval of fresh $2.2bn loan

President Bola Tinubu has requested the House of Representatives to approve a new external borrowing of $2.209 billion to help address the $9.179 trillion budget deficit outlined in Nigeria’s 2024 Appropriation Act. This proposal was conveyed in a letter read by Speaker Tajudeen Abbas during Tuesday’s plenary session. In addition to the external borrowing request, […]

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South Korea probes death of three in Hyundai car test

South Korean authorities are investigating the death of three individuals; a Hyundai contractor and two researchers, found unconscious during a car test in a chamber at Hyundai’s Ulsan plant. The incident occurred on Tuesday, according to Hyundai’s labour union. Details about the cause are yet to be disclosed, according to Reuters. It is reported that […]

Meta unveils John Cena, Kristen Bell, others as new AI voice clones
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Meta to challenge India’s anti-trust ruling on WhatsApp data sharing

Meta platform announced plans to legally challenge the Competition Commission of India’s order restricting WhatsApp from sharing user data with other Meta-owned platforms for advertising purposes for five years. The CCI also fined Meta $25.4 million for antitrust violations tied to WhatsApp’s 2021 privacy policy. Meta expressed disagreement with the ruling and intends to contest […]

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Biden donates $4bn to W’Bank in support of ‘poorest nations’

US President Joe Biden has pledged $4 billion to the World Bank’s International Development Association fund, aimed at supporting the world’s poorest countries. This three-year commitment, announced at the G20 summit in Rio de Janeiro on Monday, sets a new record, exceeding the $3.5 billion pledged during the previous replenishment in 2021. The US Treasury […]

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FG economic reforms falling short of expectation – Experts

The Organised Private Sector has expressed support for the International Monetary Fund’s recent report, which excluded Nigeria from a list of countries making notable progress in macroeconomic reforms. The IMF’s Deputy Director, Catherine Patillo, presented a report at the Lagos Business School recently noting that while the average growth rate for the region was projected […]

FG deducts N256.5bn for gas projects in six months
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Tinubu sacks PTAD boss

President Bola Tinubu has removed Dr. Chioma Ejikeme from her position as Executive Secretary of the Pension Transitional Arrangement Directorate (PTAD), 13 months into her reappointment. Miss Tolulope Odunaiya has been named her successor and officially assumed office on November 18, 2024, according to a statement from PTAD’s Corporate Communications Unit. This was disclosed in […]

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Airlines to face $170, ₦10,000 fines for delayed luggage – NCAA

The Nigeria Civil Aviation Authority is implementing stricter penalties for airlines that delay passengers’ luggage. Foreign airlines will face a fine of $170 per delayed bag, while local airlines will be fined ₦10,000. In October, the NCAA clarified that passengers are entitled to claim up to $1,000 for missing luggage on domestic flights and 1,288 […]

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Why P’Harcourt refinery is yet to begin operation – NNPCL

The Nigerian National Petroleum Commission has explained the delay in the Port Harcourt Refinery project, which missed its September completion deadline. In an interview on Monday, NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, cited risks and challenges associated with the rehabilitation of the refinery, describing it as a brownfield project. He added that the commissioning […]

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Nigeria’s macroeconomic environment now attractive to investors — Minister

The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, has said that the country’s macroeconomic environment is now stable and conducive to investment. Speaking at the 2024 National Council on Finance and Economic Development conference in Bauchi on Monday, Edun stated that recent economic reforms have created a foundation for local investments […]

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Nigeria remains third-largest IDA debtor with $17bn debt – Report

Nigeria remains the third-largest debtor to the World Bank’s International Development Association, with its debt reaching $17.1 billion as of September 30, 2024. This represents a $600 million increase from the $16.5 billion recorded in June 2024. Compared to June 2023, Nigeria’s debt to the IDA grew by 14.4%, up from $14.3 billion Nigeria’s debt […]

NERC approves N21bn for free meters to Nigerians
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Replace old meters for free, NERC orders DisCos

The Nigerian Electricity Regulatory Commission has ordered electricity distribution companies to replace outdated meters for customers at no cost. This was disclosed in a statement on Monday, by the regulatory body’s management. This follows the reports that some electricity companies have been asking customers to replace their Unistar prepaid meters. NERC emphasised that the responsibility […]

MTN winds down BEE scheme, pay out modest returns to investors
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MTN extends internet to rural African communities

Africa’s largest mobile operator, MTN is exploring partnerships with low-Earth orbit satellite providers to extend internet connectivity to rural and remote regions across the continent, the company’s Group CEO, Ralph Mupita, announced on Monday. The move comes as satellite internet has gained traction in Africa, with providers like Starlink, operated by Elon Musk’s SpaceX, offering […]

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