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Latest News APC congresses: Six states produce 12 factional chairmen Buhari can’t win without nPDP –Saraki Kaduna appoints 77 new district heads APC faction upsets Tinubu, holds separate congress in Lagos Ohanaeze youths back Ijaw youths on restructuring Rampaging herdsmen kill 6 in another deadly attack in Benue Okorocha kicks as Imo holds congress 110 confirmed dead in Cuba plane crash; black box found Abdullahi says APC won’t recognise parallel congresses Miyetti Allah backs WAANSA Nigeria in battle against small arms proliferation Weather Report: Expect clouds and thunderstorms today — NiMet The Senate and IGP Ibrahim Idris, By Adewole Kehinde

 

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Bonga achieves 763 million oil barrels production

 Bonga achieves 763 million oil barrels production   Shell Nigeria Exploration and Production Company (SNEPCo) delivered a total of 763 million barrels of oil from the Bonga field between first production in 2005 and 2017, while at the same expanding the field with further drilling of wells in Bonga Phases 2 and 3 and through a subsea tie-back...... more

Amazon could beat Apple to $1 trillion market cap

Amazon could beat Apple to $1 trillion market cap Apple is on the verge of becoming the first $1 trillion publicly listed U.S. company, but even if it gets there, it could soon be overtaken as Amazon.com surges from behind. Started in the garage of co-founder Steve Jobs in 1976, the iPhone maker’s annual revenue has ballooned to $229 billion,...... more

Emirates Group announces 2017-18 results

 Emirates Group announces 2017-18 results   The Emirates Group today announced its 30th consecutive year of profit and steady business expansion. Released today in its 2017-18 Annual Report, the Emirates Group posted a profit of AED 4.1 billion (US$ 1.1 billion) for the financial year ended 31 March 2018, up 67% from last year. The Group’s...... more

Apple’s iPhone sales plummet

Apple’s iPhone sales plummet U.S. technology giant Apple saw its iPhone sales fall short of expectations in the rnings report released Tuesday. Total sales of iPhone models during the January-March period dropped 32 percent to 52.2 million units from 77.3 million units in the October-December period last year. Apple introduced the iPhone 8 and iPhone...... more

Apple faces Wall Street ‘panic’ over iPhone

Apple faces Wall Street ‘panic’ over iPhone Even a $100 billion giveaway to shareholders may not be enough for Apple to calm Wall Street. Apple (AAPL) is expected to announce plans to return between $100 billion and $150 billion to shareholders when it reports earnings results Tuesday for the first three months of 2018, according to analysts. The potential share...... more

Nigerian pirates release 3 kidnapped South Korean sailors after a month in custody

Nigerian pirates release 3 kidnapped South Korean sailors after a month in custody Three South Korean sailors kidnapped by Nigerian pirates in seas off Ghana last month have been released safely, the Ministry of Foreign Affairs said Saturday. “Our three abducted nationals were freed on April 27 (local time) and were handed to our side,” the ministry said. “They are in our protection in...... more

Shell profits jump as oil prices soar

Shell profits jump as oil prices soar  Royal Dutch Shell on Thursday reported a 42 percent rise in first-quarter profit, its highest in over three years, boosted by higher oil prices and production. Expectations are high for Shell to continue to generate strong profits and cash flow after the Anglo-Dutch company beat larger rival Exxon Mobil on both...... more

Eni executive involved in Nigeria, Congo corruption probes takes leave of absence

Eni executive involved in Nigeria, Congo corruption probes takes leave of absence Eni executive Roberto Casula has taken a leave of absence from the Italian oil major, a company spokesman said on Wednesday without giving any reason for the decision. “As covered by general contractual terms, Mr Casula has asked the company for a period of temporary leave of absence,” the spokesman said...... more

Cryptocurrency craze leads to new DDoS tactics

Cryptocurrency craze leads to new DDoS tactics As the world of cryptocurrencies continues to grow exponentially, Distributed Denial of Service (DDoS) attackers have a new set of targets, namely the exchanges that power cryptocurrency trades, as well as the computer systems used to ‘mine’ cryptocurrencies. This is according to Bryan Hamman, Arbor Network’s territory manager for Sub-Saharan Africa,...... more

Trump’s revenge: U.S. oil floods Europe, hurting OPEC and Russia

 Trump’s revenge: U.S. oil floods Europe, hurting OPEC and Russia   As OPEC’s efforts to balance the oil market bear fruit, U.S. producers are reaping the benefits - and flooding Europe with a record amount of crude.  Russia paired with the Organization of the Petroleum Exporting Countries last year in cutting oil output jointly by 1.8 million barrels per day (bpd),...... more

Iran bans bitcoin, cryptocurrencies

Iran bans bitcoin, cryptocurrencies  Iran banned the use of bitcoin and other cryptocurrencies by banks and financial institutions on Monday amid ongoing debate over how best to regulate the technology. “The use of bitcoin and other cryptocurrencies in all the country’s monetary and financial centres was banned,” the central bank said in a statement overnight....... more

MTN set for Nigerian Stock Exchange; appoints lead managers, investment firms for IPO

MTN set for Nigerian Stock Exchange; appoints lead managers, investment firms for IPO South African telecoms firm MTN has appointed Nigerian investment firm Chapel Hill Denham as lead manager for the initial public offering of its Nigerian business in Lagos later this year, two sources told Reuters on Friday. South Africa’s Rand Merchant Bank, Renaissance Capital and Vetiva Capital were picked as joint issuers....... more

Court stops sale of 9mobile

Court stops sale of 9mobile The Abuja division of the Federal High Court has halted the planned sale of embattled telecommunication firm, Etisalat (now 9mobile) following opposition to the move by some aggrieved shareholders. The shareholders – Afdin Ventures Limited and Dirbia Nigeria Limited – who claimed to be major investors, complained of being left out...... more

South Africa eyes $100bn worth of investment, appoints special investment envoys

 South Africa eyes $100bn worth of investment, appoints special investment envoys   President Cyril Ramaphosa is hoping a revitalised relationship between business and the government would enable SA to raise $100bn worth of investment over five years.  On Monday he announced the appointment of special investment envoys to work at convincing investors of SA’s potential.  They are former finance minister Trevor Manuel,...... more

Konga, Yudala formalise merger, set to rule e-commerce

Konga, Yudala formalise merger, set to rule e-commerce Konga, Nigeria's largest online mall and Yudala, Africa’s pioneer composite e-commerce company have officially announced a merger of their operations which will see them effectively become the biggest organised retail and e-commerce/marketplace outfit on the African continent. The business merger, which takes effect from Tuesday May 1st 2018, will see both...... more

Mud which could change the global economy discovered on Japanese island

Mud which could change the global economy discovered on Japanese island  A small island in the Pacific Ocean is the site of a huge discovery that could change Japan’s economic future. How huge? One economist called it a “game changer”. The researchers who helped find it said it had “tremendous potential”. It’s mud. A whole bunch of mud – an estimated 16...... more

Globacom, Chief Marketing Officer charged with $6.7m fraud

Globacom, Chief Marketing Officer charged with $6.7m fraud  The telecommunications giant — Globacom Ltd and its Chief Marketing Officer, Ashok Israni — were on Monday hauled up before an Ikeja Special Offences Court over alleged 6.7 million dollars fraud (N2.41 billion). The Economic and Financial Crimes Commission (EFCC) had slammed a 6.7 million dollars fraud charge on Globacom and...... more

Abuja Chamber, Confederation of Indian Industry sign MOU to promote trading activities

 Abuja Chamber, Confederation of Indian Industry sign MOU to promote trading activities   The Abuja Chamber of Commerce and Industry (ACCI) and Confederation of Indian Industry (CII) have signed a Memorandum of Understanding (MOU) to reposition their export and other trade relations activities.  While ACCI is working as a voice of the private sector, engaging itself in the promotion of trade and industry,...... more

More strategic investment in Africa’s ports can accelerate growth and development by strengthening trade: PwC report

 More strategic investment in Africa’s ports can accelerate growth and development by strengthening trade: PwC report   Africa needs to take advantage of the economic potential of its ports and shipping sector if it is to realise its growth ambitions. Globally, ports are gateways for 80% of merchandise trade by volume and 70% by value. Investment in ports and their related transport infrastructure to advance trade and...... more

Afreximbank and ECIC pledge $1bn to expand trade between SA and other African countries

Afreximbank and ECIC pledge $1bn to expand trade between SA and other African countries   Headquartered in Cairo, the African Export-Import Bank (Afreximbank) and the Export Credit Insurance Corporation (ECIC) of SA have entered into a memorandum of understanding (MOU) to launch a $1bn (R12bn) financing programme to promote and expand trade and investments between SA and the rest of Africa. Afreximbank and the ECIC...... more

MTN, Ecobank to form Africa mobile banking partnership

MTN, Ecobank to form Africa mobile banking partnership South Africa’s MTN aims to list its Nigerian unit in an initial public offering this year and has struck an agreement with pan-African lender Ecobank to offer mobile banking across Africa, its group chief executive said on Tuesday. The move comes as telecoms operators are expanding mobile services to boost margins...... more

FG seeks more Korean investments in Nigeria

FG seeks more Korean investments in Nigeria The Ambassador of the Peoples Republic of Korea, His Excellency Lee In-tae, has been called upon to encourage Koreans to invest in Nigeria because of the country’s enormous economic and investment potentials. Budget and National Planning Minister, Senator Udoma Udo Udoma, told the Ambassador who visited him in Abuja on Thursday...... more

Shell boosts FG’s revenue with $4.32 billion in 2017

Shell boosts FG’s revenue with $4.32 billion in 2017 Shell’s payments to the Nigerian government grew to $4.32 billion in 2017, up nearly 19 percent from $3.64 billion in 2016, according to its annual sustainability report released on Monday. The bulk of the payments, $3.197 billion, went to state oil company NNPC for production entitlement. Crude oil theft from pipelines...... more

Malabu Oil scam: JP Morgan opens up on indicted ex-minister

Malabu Oil scam: JP Morgan opens up on indicted ex-minister JP Morgan Chase has acknowledged it knew a former Nigerian oil minister convicted of money laundering would benefit when it transferred over $800 million of government funds to a company he controlled, according to a court document seen by Reuters.  JP Morgan made the acknowledgement in its legal response to a...... more

FCMB eyes UK retail licence

FCMB eyes UK retail licence Leading Nigerian bank FCMB is seeking to convert its wholesale banking unit in Britain, FCMB UK, into a retail bank, as part of its push to grow its balance sheet and tap into non-institutional customers in Britain.  The bank’s group chief executive, Mr. Ladi Balogun, disclosed this in an interview with...... more

African trade agreement: Nigeria disappointed Africa and the world, dented national image — Nigeria Trade Experts Forum

African trade agreement: Nigeria disappointed Africa and the world, dented national image — Nigeria Trade Experts Forum The African Continental Free Trade Area (AfCFTA) offers a window of opportunity for African countries to boost intra-African trade, to diversify, structurally transform, and meet other important development objectives and poverty-related goals the continent is committed to under its Agenda 2063 – of which the AfCFTA is a flagship project –...... more

Pan-African trade bloc faces lengthy obstacle course

Pan-African trade bloc faces lengthy obstacle course Last week, leaders of 44 African nations committed to launching an ambitious regional trade bloc, designed to sweep away barriers to intra-African commerce and provide a shot in the arm to economic growth. But although the creation of the African Continental Free Trade Area (AfCFTA) is almost certainly good news for...... more

South Africa gets first black woman bank MD

South Africa gets first black woman bank MD African Bank has promoted Basani Maluleke from designate CEO to CEO, making her the first black woman to head a bank in SA. Maluleke was named Brian Riley’s likely successor in August 2017 when he announced his intention to retire. African Bank — the “good bank” salvaged from the collapsed JSE-listed...... more

New data leak in US affects 150 million people

New data leak in US affects 150 million people  A new data leak in the U.S. has affected 150 million people, sports apparel and footwear manufacturer Under Armour announced their data breach on Thursday. The company said in a statement that “an unauthorised party” acquired data associated with the firm’s food and nutrition application and website ‘MyFitnessPal’. Under Armour became...... more

Food poisoning victims file class action against Tiger Brands

Food poisoning victims file class action against Tiger Brands  A class action lawsuit was filed on Thursday against South Africa’s Tiger Brands, after one of the company’s food factories was linked to a listeria outbreak that has killed 180 people since early 2017, the lawyer running the case said. Richard Spoor, a human rights advocate who previously masterminded a massive...... more

 

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