< 1 mn read “Seplat Energy Commits to Ending Gas Flaring by 2025, Announces Progress on Key Projects” Seplat Energy plc has pledged to end routine gas flaring by 2025, emphasizing its dedication to sustainability and environmental responsibility. The commitment was reiterated by Mr. Okechukwu Mba, Director of New Energy, during a panel session at the Society of Petroleum […]
2 mn read In the fast-paced world of finance, tech startups face unique challenges that require innovative solutions. One promising approach is the use of intelligent trading bots, particularly those powered by artificial intelligence (AI), to optimize and manage trading activities with greater speed, precision, and efficiency. A notable example is trade alrex, an advanced AI trading system […]
< 1 mn read TBD, a division of Block, has announced the launch of the TBD Hackathon, a competition designed to address gaps in payment systems across Africa. Held in collaboration with the Africa Bitcoin Conference, the hackathon aims to drive innovation and technological advancement in Africa’s financial sector by leveraging the tbDEX open-source protocol. The submission period for […]
< 1 mn read Dangote Blames NUPRC and IOCs for Crude Supply Issues at Dangote Refinery. Aliko Dangote, President and Chief Executive of Dangote Group, has publicly criticized the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and International Oil Companies (IOCs) for causing significant delays and difficulties in the crude oil supply to the Dangote Refinery. In a statement released […]
< 1 mn read “Naira Continues Appreciation Against Dollar at Official FX Market, Strengthens on Parallel Market” The naira has extended its appreciation against the dollar at the official foreign exchange market. According to data from FMDQ, the naira strengthened by N2.9, trading at N1593.62 per dollar on Thursday, up from N1596.52 on Wednesday. In addition to its […]
2 mn read Traders at Ose Okwodu Market in Onitsha, Anambra State, have pointed to insecurity as a major reason for the escalating cost of food items in Nigeria. This statement was made during a visit by the Federal Competition and Consumer Protection Council (FCCPC) on Thursday, aimed at investigating the factors behind the rising food prices. Mr. […]
< 1 mn read The Central Bank of Nigeria (CBN) has injected $876 million into the foreign exchange (FX) market to enhance liquidity and transparency. This move supports the bank’s commitment to providing transparent access to foreign exchange for legitimate customers. The CBN has introduced the Retail Dutch Auction System (RDAS) to facilitate FX sales directly to end users, […]
< 1 mn read Farmers across Nigeria are expressing concern over the inconsistent rainfall patterns this year, warning that it could significantly affect crop yields. While some crops might benefit, others are likely to suffer due to the reduced and uneven distribution of rainfall. Rabiu Zuntu, Chairman of the Tomatoes Growers Association in Kaduna State, pointed out that different […]
< 1 mn read Renowned publisher Dele Momodu has expressed concern over recent policies of President Bola Tinubu’s administration, warning that they could drive investors away from Nigeria. Speaking on Channels Television’s *Politics Today*, Momodu criticized the administration for its handling of investor relations, particularly in the case of the Dangote Refinery dispute. He suggested that such conflicts should […]
2 mn read Aliko Dangote, the Chairman of Dangote Group, has brought forward serious allegations involving staff members of the Nigerian National Petroleum Company (NNPC) Limited and oil traders. During a meeting with federal lawmakers led by Speaker Tajudeen Abbas and Deputy Speaker Benjamin Kalu, Dangote claimed that some NNPC staff and traders are operating a blending plant […]
< 1 mn read In June 2024, the National Bureau of Statistics (NBS) reported significant changes in fuel prices compared to the previous year and month: 1. **Petrol Price:** – The average retail price of petrol rose from ₦545.83 in June 2023 to ₦750.17 in June 2024, marking a 34.77% increase year-on-year. – Compared to May 2024, the average […]
< 1 mn read The informal economy plays a crucial role in Nigeria’s economic landscape, with approximately 40 million Micro, Small, and Medium Enterprises (MSMEs), of which nearly 90% operate within this informal sector. These businesses encompass a wide range of activities, including street vendors, petty traders, subsistence farmers, seasonal workers, domestic workers, and industrial outworkers. Despite being characterized […]
2 mn read Online forex trading has revolutionized the financial landscape, offering both beginners and seasoned traders alike new opportunities to participate in the global currency market. Here’s a comprehensive guide to help navigate this dynamic and potentially lucrative arena: ### Understanding Forex Trading **Forex Trading Basics**: Forex, or foreign exchange, trading involves buying and selling currencies with […]
2 mn read Jumia’s journey from its launch in 2012 to its current position as a leading e-commerce platform across Africa has been marked by significant growth, innovation, and impact. Here are the key highlights and achievements: 1. **Mission and Expansion:** – Jumia started with the mission to provide convenient, reliable, and affordable online shopping in Nigeria. Since […]
< 1 mn read The human rights activist noted that Tinubu’s government replicating their ideas resulted from people not paying attention to candidates who had ideas and glorifying the ruling class, which has no tenets of governance. The human rights activist noted that Tinubu’s government replicating their ideas resulted from people not paying attention to candidates who had […]
< 1 mn read In 2023, the Federal Government of Nigeria allocated a substantial ₦628.61 billion towards electricity subsidies as part of its efforts to stabilize the power sector and alleviate the economic burden on citizens. This significant financial commitment was revealed in the latest data released by the Nigerian Electricity Regulatory Commission (NERC) on Wednesday. Throughout the year, […]
< 1 mn read Bureau De Change (BDC) operators nationwide are strongly opposing the recent directive from the Central Bank of Nigeria (CBN) that requires them to reapply for licenses under new and stricter guidelines. This directive, announced on Wednesday, has raised concerns among operators regarding its alignment with global standards. The CBN states that this overhaul aims to […]
2 mn read There are growing concerns as the external debts of most African countries continue to rise, outpacing their economic growth. The International Monetary Fund (IMF) projects that by 2024, African economies will grow at 4%, making them the second-fastest-growing economic region in the world after Asia. However, this growth is threatened by the continent’s increasing debt. […]
< 1 mn read The volume of currency traded increased significantly, with the total daily turnover rising to $268.17 million on Tuesday from $161.41 million on Monday. The Naira strengthened by ₦3.31 in the official market on Tuesday, trading at ₦1,465.68 to the dollar. Data from the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed […]
< 1 mn read The Chief Operating Officer of the Nigeria Financial Intelligence Unit (NFIU), Dr. Emmanuel Shotande, has expressed concerns regarding lawyers allegedly aiding criminals in investing and concealing the proceeds of their illegal activities. Addressing a workshop organized by the Nigerian Bar Association in Abuja, Shotande questioned the accountability of certain lawyers, highlighting cases where they facilitate […]
