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NNPCL secures $2bn oil-for-cash loan from Afreximbank, UBA
featured

NNPCL secures $2bn oil-for-cash loan from Afreximbank, UBA

The African Export-Import Bank as well as the United Bank for Africa have disbursed $2.25 billion from a $3.3 billion oil-for-cash loan facility created by the Nigerian National Petroleum Company Limited. The first payment of $2.25 billion has been disbursed, with a second tranche of $1.05 billion scheduled to follow. The $3.3 billion emergency loan […]

NITDA issues cybersecurity alert over malicious activities on Spotify
News Tech

NITDA to unbundle computer science programs at polytechnics

The National Information Technology Development Agency, Nigeria is now prepared to close the skills gap in information technology by having the National Board for Technical Education unbundle computer science programs at polytechnics. This was said by the Agency in a statement made public on Sunday by Mrs Hadiza Umar, Head of Corporate Affairs and External […]

S'Africa billionaire Patrice Motsepe's wealth increases by $400m
News

S’Africa billionaire Patrice Motsepe’s wealth increases by $400m

The wealth of Africa’s and South Africa’s richest man, Patrice Motsepe, has increased by $400 million. As of December 10, 2023, his net worth was $2.3 billion, according to the latest statistics from Forbes. Nonetheless, the most recent data shows a significant increase, with Motsepe’s net worth hitting $2.7 billion at the end of Friday’s […]

UK urges Nigeria to boost internet access for digital growth
Telecommunications

FG to increase internet speed in Ogun, Edo, others 

Nigeria plans to undertake a broadband development and adoption effort in Edo, Ogun, Kwara, Katsina, Imo, Abia, Borno, and Nasarawa in the first quarter of 2024. The PUNCH reported that the National Broadband Alliance for Nigeria program was created by the Ministry of Communications, Innovation, and Digital Economy to address the country’s low-fiber infrastructure rollout. The minister’s office, Dr. […]

Business

Exchange rate to stabilize in future, Minister tells investors

The Minister of Budget and Economic Planning, Atiku Bagudu, has stated that he expects the exchange rate to improve as a result of President Bola Tinubu’s and the Central Bank of Nigeria’s ongoing currency reforms. The PUNCH reported that his comments came nearly six months after Tinubu lifted the exchange rate cap, among other currency reforms. According to […]

Ten things to know about Adebayo Ogunlesi
News

Ten things to know about Adebayo Ogunlesi

Adebayo Ogunlesi is a Nigerian-born investment banker and lawyer. He is the founding member of the Global Infrastructure Partners, an equity firm he founded in 2016. GIP has gone on to acquire London City Airport, a majority stake in London Gatwick Airport in 2009 for £1.455 billion. GIP’s portfolio expanded to include Edinburgh Airport in […]

Cadbury's $7m debt to stock conversion approved by shareholders
Business

NGX hits 4.24% as Cadbury Nigeria leads weekly gainers 

Cadbury Nigeria was the biggest gainer on the NGX for the week ending January 12, 2024. The Times reported that the All-Share Index rose 4.24% to close at 83,042.96 points, up 3,378.3 points from the previous week’s close of 79,664.66 points. The NGX All-Share Index hit a record-breaking 83,191.84 points on Tuesday, January 9, 2024, capping […]

SEC grants NASD approval to launch digital securities platform
Business

SEC grants NASD approval to launch digital securities platform

The Nigerian Securities and Exchange Commission has approved NASD Plc’s launch of its Digital Securities Platform, powered by Blockstation, under the Regulatory Incubation Program. The Times reported that the NASD in a press statement stated that this follows the Central Bank of Nigeria lifting of the ban on trading in digital assets, which represents a significant step towards […]

Penny stocks predict positive returns for investors
Business

Penny stocks predict positive returns for investors

Penny stocks such as insurance companies, Sterling Financial Holdings Company Plc, and JapaulGold, among others, are expected to perform well on the Nigerian Exchange Limited this year. The PUNCH revealed that this is according to the FY 2023 Review and 2024 Outlook report compiled by financial services holding company, Afrinvest. The stocks included in this projection […]

Instagram cuts 60 jobs
News Tech

Instagram cuts 60 jobs

Instagram has laid off staff at the management level by cutting 60 technical program manager roles, The Information reported. The affected workers have two months to apply for other positions inside the organization. If they are unable to find another position inside the organization after the two months, their employment will end. A former employee […]

SpaceX launches satellite-powered text messaging
News Tech

SpaceX launches satellite-powered text messaging

SpaceX has unveiled text messaging between two phones in a newly deployed mobile network satellite. The innovation is the most recent turning point in the company’s attempt to provide a worldwide mobile network driven by low-Earth orbit satellites. It will provide connection in the most isolated and difficult-to-reach places, according to SpaceX. As with current […]

Australia fines Google $36m over anticompetitive search engine deals
News Tech

Google, Bing face criticism over x-rated results

Search engines DuckDuckGo, Bing, and Google are facing criticism for including nonconsensual artificial intelligence deepfake pornography at the top of some search results. The process of making explicit deepfake images involves taking original sexual content and replacing the actor’s or actress’s face with a likely actual person, such as a celebrity. Tests utilizing a combination […]

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