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FG’s IT infrastructure investment hits N3.8tn

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Nigeria’s capital importation declines 22.85% in 2024 Q2 — NBS

Nigeria’s capital importation experienced a notable decline in the second quarter of 2024, falling by 22.85% to $2.60 billion, down from $3.37 billion in the first quarter. This decrease highlights ongoing challenges in attracting foreign investment amid economic fluctuations. This decline is detailed in the National Bureau of Statistics Capital Importation report for the second […]

Dangote Refinery loses N32.5bn after petrol price cut
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Lagos, Abuja airports incur over N1bn monthly electricity bills

The Minister of Aviation, Festus Keyamo has stated that the Lagos and Abuja airports each incur over N1 billion in monthly energy costs. In an interview aired on Channels TV on Tuesday, Keyamo explained that the rising electricity expenses have further strained the financial operations of both flight services and the airline industry. He further […]

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CBN initiates global partnerships for improved banking system

The Central Bank of Nigeria has signed Memoranda of Understanding with countries that host subsidiaries of Nigerian banks. This initiative aims to enhance regulatory coordination and ensure safe banking operations both locally and internationally. This was disclosed in a statement by the Acting Director of Corporate Communications on Tuesday. She stated that this approach allows […]

Eni gets approval to sell Nigerian Agip Oil to Oando
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Court jails two Italians over $1.3bn Nigerian oil field scam

In a significant legal development, an Italian court has sentenced Milan prosecutors Fabio De Pasquale and Sergio Spadaro to eight months in prison for failing to submit crucial documents that could have bolstered Eni’s defence in a high-profile corruption case. The case involves a $1.3 billion acquisition of an oilfield in Nigeria, linked to allegations […]

Vodafone partners Google to boost AI phones, services across Africa, Europe
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Vodafone partners Google to boost AI phones, services across Africa, Europe

Vodafone Group Plc has entered into a 10-year partnership with Alphabet Inc.’s Google to provide advanced cloud services, generative artificial intelligence tools, and enhanced cybersecurity features to customers across Africa and Europe. The deal marks a significant step towards integrating AI technologies into Vodafone’s offerings, aimed at improving digital experiences and boosting operational efficiency. Vodafone […]

Namibia orders Starlink to halt operations over unlicensed service
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NCC to sanction Starlink for unauthorized price hike

The Nigerian Communications Commission has announced it will impose sanctions on Elon Musk’s internet company, Starlink, for raising its subscription prices in Nigeria without regulatory approval. This decision follows a report by Nairametrics in which stakeholders accused the NCC of double standards, as it had previously disallowed local telecom operators from increasing their tariffs. In […]

Fraud losses decline in Nigerian banks in Q1 2024 - Report
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Service disruptions loom as Nigerian banks upgrade systems

Nigerian bank customers are expected to experience increased service disruptions in the coming weeks and months as financial institutions implement system upgrades aimed at improving operational efficiency and enhancing customer experience. While some banks have already begun their transitions, resulting in issues such as customers being unable to transact or access their funds, industry sources […]

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FG to cut post-harvest losses by 25%

The Federal Ministry of Agriculture and Food Security has pledged to reduce post-harvest losses in the agricultural sector by 25% as part of its broader strategy to enhance food security and boost domestic production. This was disclosed during the Special Agro-Industrial Processing Zones High-Level Implementation Acceleration Dialogue held in Abuja on Monday, according to The […]

Google to pay $30m to settle YouTube children’s privacy lawsuit
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US Judge orders Google to permit rival apps on play store

In a significant ruling on Monday, a U.S. District Judge ordered Alphabet’s Google to overhaul its mobile app operations, enhancing options for Android users to download apps and make in-app purchases. This decision follows a jury verdict last year favouring Epic Games, the developer of “Fortnite,” according to Reuters. Judge James Donato, based in San […]

Dangote Refinery loses N32.5bn after petrol price cut
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Naira-for-crude: FG panel suggests six-month supply for Dangote refinery

The Nigerian National Petroleum Company Limited will supply crude oil in naira to the Dangote Petroleum Refinery for an initial six-month period, pending further review by the Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency. Multiple sources from the committee and Dangote refinery confirmed on Tuesday that the naira-for-crude deal will last […]

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FG orders Discos to replace faulty equipment in seven days

The Federal Government has directed electricity distribution companies to replace weak distribution networks within their franchise areas within seven days. This order was issued through the Nigerian Electricity Management Services Agency and follows a two-month notice previously given to the Discos to implement necessary changes. The government aims to enhance the reliability of electricity supply […]

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ICYMI: FG launches CNG e-portal for youths

The Federal Ministry of Youth Development has launched a Compressed Natural Gas e-portal aimed at youths in the commercial transport sector interested in operating CNG-powered tricycles nationwide. This initiative is designed to promote sustainable transportation solutions and empower young entrepreneurs in the industry. This was disclosed by the Minister of State for Youth Development, Ayodele […]

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