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Tag: Nigeria

Guinness Nigeria's board director Gbadegesin steps down
Appointments

Guinness Nigeria’s board director Gbadegesin steps down

Guinness Nigeria has announced the resignation of its director, Mrs Tariye Gbadegesin’s from the board. The PUNCH revealed that this is according to a statement signed by Guinness Nigeria’s Legal Director/Company Secretary, Mrs Abidemi Ademola, and the resignation is effective February 24, 2024. It added that Gbadegesin’s departure was consistent with the terms of her recent […]

Tech

Wattpad lays off staff in restructuring move 

Toronto-based storytelling platform, Wattpad owned by Naver’s Webtoon Entertainment, underwent a recent workforce reduction, cutting approximately 15% of its staff, or around 30 jobs, TechCrunch reported. This move, part of the company’s restructuring plan, aims to trim costs as its LA-based parent company prepares for a potential initial public offering in the U.S. by 2025. […]

FG shuts 13.5m social media accounts, deletes 59m posts for violations
Tech

Top ten most downloaded apps in 2023

Meta’s Instagram has remained the most downloaded app in the world across Google’s Play Store, and Apple App Store, overtaking TikTok for the first time, according to Appfigures. The photo-sharing platform garnered 54M downloads to occupy the top position with TikTok following with 47M downloads. Facebook and WhatsApp are neck on neck with 39M and […]

CBN clears $64.44m forex backlog for airlines
Aviation

CBN clears $64.44m forex backlog for airlines

Bisola David The Central Bank of Nigeria has announced that it has fulfilled its commitment by clearing a $64.44 million backlog of foreign exchange owed to airlines. The Times reported that this new payout increases the total verified amount paid to airlines to $136.73 million, completing the settlement of proven FX claims in the industry. However, this […]

Egypt leads Africa in foreign direct investment
Business

Egypt leads Africa in foreign direct investment

Bisola David The United Nations Conference on Trade and Development World Investment Report 2023, has revealed that Egypt experienced a tremendous increase in FDI, more than double of the $11 billion in 2022, establishing it as Africa’s leading economy with the most foreign investments. Business Insider reported that this considerable growth can be ascribed to increased cross-border merger […]

IMF lowers 2024 growth projections for Nigeria
Economy

IMF lowers 2024 growth projections for Nigeria

The International Monetary Fund reduced its October prediction of 3.1% for Nigeria’s GDP growth in 2024 to 3.0, which is a 0.1% reduction. The IMF made this known in its updated World Economic Outlook for 2024 and 2025. The analysis predicts that Sub-Saharan Africa’s GDP will expand by 3.8% in 2024 and 4.1% in 2025, […]

Netflix co-founder Reed Hastings donates $1.1bn to charity
Tech

Netflix co-founder Reed Hastings donates $1.1bn to charity

Netflix’s co-founder and executive chair, Reed Hastings, has made a remarkable philanthropic move by donating 2 million Netflix shares, valued at over $1.1 billion at the current market price, to the Silicon Valley Community Foundation in Mountain View, California. This substantial donation, representing around 40% of Hastings’ Netflix holdings, was disclosed in a recent Securities […]

Geregu Power reports 110% rise in profit
Business

Geregu Power reports 110% rise in profit

A major player in Nigeria’s energy sector, Geregu Power Plc, has reported a staggering 110% increase in operating profit in its just issued 2023 audited financial statement. According to Nairametrics, this enormous growth demonstrates the company’s robust business model and strategic objectives, which have positioned it as an industry leader. The company’s financial performance for the fiscal year ending […]

X lifts search ban on Taylor Swift
Tech

X lifts search ban on Taylor Swift

Social media company X reversed the ban on searches for Taylor Swift on Monday evening, which had been implemented after fake sexually-explicit images of the pop singer circulated on the platform. The search functionality has now been reinstated, and Joe Benarroch, head of business operations at X, stated on Monday, “We will continue to be […]

MTN Nigeria CEO advocates local assembly to lower smartphone costs
News

MTN Nigeria CEO advocates local assembly to lower smartphone costs

The Chief Executive Officer of MTN Nigeria, Karl Toriola, has emphasized the high cost of mobile phones as a barrier to digital inclusion in Nigeria. Toriola mentioned this during a recent interview with Arise TV. According to him, while worldwide demand has resulted in a decrease in smartphone costs, Nigeria alone may not generate enough demand to […]

ChatGPT’s AI image feature delayed for free users
Tech

Italy accuses OpenAI of data breaches

Italy’s data protection authority, Garante, informed OpenAI on Monday that its ChatGPT artificial intelligence chatbot application violates data protection rules. Garante, known for its proactive stance in evaluating AI platform compliance with the EU’s data privacy regulations, had previously banned ChatGPT last year over alleged breaches. Following adjustments made by OpenAI, the service was reinstated, […]

Pension funds climb by 22% to N18tn - NAICOM
News

Pension funds climb by 22% to N18tn – NAICOM

The total assets under the Contributory Pension Scheme hit N18.36 trillion by the end of 2023, according to National Pension Commission data. The PUNCH reported that PenCom’s unaudited report on pension funds sector portfolio for the period ended December 2023; Approved Existing Schemes, Closed Pension Fund Administrators and RSA funds (including unremitted contributions @CBN & […]

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