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Minister launches new meter manufacturing facility

The Minister of Power, Adebayo Adelabu, on Wednesday launched Hexing Livoltek, an electricity meter manufacturing company situated in Lekki, Lagos State. The company specializes in producing not only prepaid meters but also a range of electrical installations and solar products. During the unveiling, Adelabu commended Hexing for its substantial investment in Nigeria, particularly as many […]

News

NEPC, NDPC partner export sector data security

The Nigerian Export Promotion Council has partnered with the Nigerian Data Protection Commission to create a framework aimed at securing personal and corporate data within Nigeria’s export sector. This initiative highlights the importance of data protection in enhancing trust and facilitating trade in the export market. The Executive Director of the Nigerian Export Promotion Council, […]

News

Reps call for reversal of petrol, cooking gas price hikes

The House of Representatives has intervened in the recent increase in pump prices for petroleum products, calling for the immediate reversal of the pricr hikes in petrol and cooking gas. This follows a motion led by Deputy Minority Leader Aliyu Madaki and supported by 111 members, according to Channels News. The lawmakers expressed concerns that […]

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Nigerian firms show greater risk appetite than foreign investors – Soludo

Anambra State Governor, Chukwuma Soludo has asserted that indigenous Nigerian companies demonstrate a higher risk appetite compared to foreign investors and multinationals. Speaking at the inaugural Abuja Business and Investment Summit organized by the Abuja Investment Company Limited on Wednesday, Soludo described foreign firms exiting Nigeria as “opportunistic,” noting that they tend to move from […]

Tesla’s profits crash as sales slump, trade tensions loom
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Tesla moves $769m in Bitcoin to unknown wallets

Tesla, the leading electric car manufacturer in the U.S., has discreetly transferred over $769 million worth of its Bitcoin assets to several unidentified wallets, generating speculation within the cryptocurrency community. According to data from Arkham Intelligence, Tesla-linked wallets began executing a series of transactions on October 15, following smaller test transactions. After these tests proved successful, the […]

Jumia exits South Africa, Tunisia, faces Nigeria, others
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Jumia exits South Africa, Tunisia, faces Nigeria, others

Africa-focused e-commerce retailer Jumia Technologies will shut down its South African online fashion retailer Zando and its Tunisian operations by the end of the year. CEO Francis Dufay revealed that the move is part of a strategic refocus on more profitable markets such as Nigeria. To achieve profitability, Jumia is implementing aggressive cost-cutting measures, which […]

News

Banks refund N7.05bn, $714,569 to customers, says CBN 

The Central Bank of Nigeria has announced that banks operating in the country have refunded approximately N7.05 billion and $714,569.03 to customers as a result of its intervention. This information was disclosed on Tuesday in the Central Bank’s monthly bulletin, CBN UPDATE September Special Edition, published on its website. In sharing the scorecard for Olayemi […]

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MAN demands reduction in soaring electricity tariffs

The Manufacturers Association of Nigeria is urging a reduction in the recently approved electricity tariffs by the Nigerian Electricity Regulatory Commission which saw a 250 per cent increase. Director General, Segun Ajayi-Kadir expressed concerns that such a steep rise is unsustainable for manufacturers, highlighting the potential negative impact on the industry during a media briefing […]

News

Most tax evasion cccurs at state level – NFIU

The Chief Executive Officer of the Nigerian Financial Intelligence Unit, Mrs Hafsat Bakari revealed that the majority of tax evasion cases occur at the state level. This was disclosed by Bakari during the first Revenue Assurance Summit in Abuja on Tuesday, according to The Punch. Bakari emphasized the agency’s ongoing efforts to combat tax-related crimes […]

News

TCN launches Investigation into recent power grid collapses

Federal Government, through the Transmission Company of Nigeria has announced an investigation into the multiple power grid collapses that occurred on Monday and Tuesday. This is as the Minister of Power, Adebayo Adelabu clarified that these incidents should be referred to as trip-offs rather than grid collapses, according to The Punch. TCN described the situation […]

Moove expands into Mexico after US entry
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Moove expands into Mexico after US entry

One month after launching in the US, Nigerian startup Moove, which provides vehicle financing for ride-hailing drivers, has announced its expansion into Mexico. The company projects it will achieve profitability by 2025. This move marks a significant milestone for the African startup ecosystem, which has faced a challenging macroeconomic environment and fundraising hurdles that have […]

Apple unveils updated iPad mini with AI features
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Apple unveils updated iPad mini with AI features

Apple announced a new version of the iPad mini on Tuesday, marking its first significant update since 2021. The updated device is powered by the A17 Pro chip, which introduces compatibility with Apple Intelligence, the company’s new generative AI platform. The A17 Pro chip, which first debuted in the iPhone 15 Pro, features a six-core […]

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