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Tag: Nigeria

Transportation

Nigeria Railways records 103% rise in Q3 2023 income

The Nigeria Railway Corporation generated around N1.895 billion in income from passenger and cargo transportation in the third quarter of 2023. The Times reported that this marks a 103.1% increase over the N933 million reported in the equivalent quarter of 2022. This is according to the most recent NBS Rail travel data for July, August, and […]

FCMB raises ₦147.5bn in oversubscribed public offer
Banking

FCMB increases earnings by 207% to N95bn

FCMB Group has recorded a 206.86 per cent increase in profit for the fiscal year ending December 2023 to N95.52 billion. According to The PUNCH, this was revealed in the unaudited annual report and financial accounts submitted to the Nigerian Exchange Limited on Friday. FCMB’s profit was enhanced by gains in interest and discount revenue of […]

Why fossil fuel phaseout is unavoidable - UN
Oil and Gas

Why fossil fuel phaseout is unavoidable – UN

The United Nations Secretary-General, António Guterres, stated that phasing out fossil fuels was not only necessary but also unavoidable. The PUNCH reported that he urged countries to take action and hasten the switch from fossil fuel to clean energy, with the largest emitters setting the example, during a speech on Friday in honour of the […]

Fuel, electricity tariff cap costly, IMF warns Nigeria
featured

Subsidy removal to make space for development spending – IMF

The International Monetary Fund has stated that, while Nigeria and other low-income debtors are yet to request debt relief, high debt servicing costs continue to be a significant concern. The PUNCH reported that the multilateral lender stated that the good news was that no low-income country had made a major request for comprehensive debt relief since […]

Business featured

10 unbelievable things Nigeria imports

Countries around the globe frequently partake in the importation of goods, especially when local manufacturing or production cannot meet the demands of a burgeoning population. This global phenomenon underscores the essential nature of importation in sustaining economies. Importation is the process of transporting goods and products across international borders, contributing to the exchange of resources […]

NGX halts trading of delisted-GSK shares
Business featured

NGX halts trading of delisted-GSK shares

The Nigerian Exchange Limited has halted trading on Glaxo SmithKline Consumer Nigeria Plc’s shares in anticipation of its eventual delisting from the Exchange. The Times reported that this information was contained in the Exchange’s weekly report. The suspension came after the Securities and Exchange Commission approved the Glaxo SmithKline Consumer Nigeria Plc Scheme of Arrangement between the […]

Jeff Bezos ex-wife Mackenzie Scott sells $10bn Amazon shares
Business

Jeff Bezos ex-wife Mackenzie Scott sells $10bn Amazon shares

The ex-wife of Amazon founder Jeff Bezos, MacKenzie Scott, sold about $10 billion in Amazon stock last year, marking a big financial move. The Times reported that Scott initially owned a large 4% of the company when her divorce was finalized. However, a recent regulatory filing shows that she sold 65.3 million shares of Amazon.com Inc. in […]

NEITI to release old data, says global body
Business

NEITI to release old data, says global body

A global organization that advocates for transparency in the oil and mining industries, known as the Extractive Industries Transparency Initiative, has expressed concern on Friday about the Nigerian Extractive Industries Transparency Initiative’s distribution of outdated data. The PUNCH reported that EITI tasked NEITI with making its data more timely, as the global organization encouraged Nigerian journalists to […]

Tesla awaits approval to launch smart driving feature in China
Tech

Tesla issues recall for 200,000 vehicles over camera glitch

Tesla has issued a recall for approximately 200,000 vehicles in the United States due to issues with the backup camera failing to display images when the vehicle is in reverse gear. The recall affects specific Model Y, S, and X vehicles from the 2023 model year. These models are equipped with the “Full Self-Driving” computer […]

EKEDC chair demands increased investment in electricity sector
Electricity

EKEDC chair demands increased investment in electricity sector

The Chairman of the Board of Directors of Eko Electricity Distribution Company,  Dr Dere Otubu, has advocated for additional investment in Nigeria’s power sector to satisfy the country’s rising energy demand. According to The PUNCH, Otubu made the plea during a recent discussion hosted by the Nigeria-India Business Council’s trade mission to Nigeria in Abuja. […]

Mercedez mistakenly exposes customers' data
Tech

Mercedez mistakenly exposes customers’ data

Mercedes-Benz inadvertently left a significant amount of internal data exposed, after a private key was mistakenly made public, providing “unrestricted access” to the firm’s source code, as revealed by a security research team. TechCrunch reported that Shubham Mittal, the co-founder and chief technology officer of RedHunt Labs, discovered this lapse and reached out for assistance […]

FCTA approves N7bn for teachers' salary arrears
News

FCTA approves N7bn for teachers’ salary arrears

The Secretary for Education in the Federal Capital Territory Administration, Dr. Danlami Hayyo, has announced the approval of N7 billion to settle 25% of teachers’ late salary arrears in public primary schools. According to The Times, Hayyo made the statement during a familiarization visit to the FCT Universal Basic Education Board’s management on Thursday in […]

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