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Latest News Certificates of Return and May 29 Handover: Obey the rule of law, Intersociety tells INEC, parties and electoral courts Court watches lawmaker’s nude video Tinubu, Osinbajo may clash over 2023 presidency BREAKING: Presidency orders immediate clearance of Apapa Port congestion, traffic menace Visa: FG engages US over dropbox suspension Okorocha’s court action won’t stop EFCC — Magu Obiano ‘plotting to install Chief of Staff as APGA National Chairman’ Bunkering: Army clears accused General, indicts Governor Wike Okowa, at valedictory session, gives Commissioners Friday deadline to hand over Bayelsa oil spill victims will get justice, Environmental Panel Chair assures No plans to proscribe NUPENG — Ngige Arewa group decries smear campaign against CBN Governor Emefiele

 

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African Bank takes on rivals in fee war

African Bank takes on rivals in fee war African Bank, the entity that has risen from the ashes of one of the biggest banking collapses in SA, has become the latest entrant in the fee war that is shaking up the industry. The bank, which has attracted more than R1bn in deposits despite the harm the brand suffered due...... more

SNEPCo pays N366 bn revenue to Nigerian Government

SNEPCo pays N366 bn revenue to Nigerian Government Nigeria’s foremost deep-water oil and gas company, Shell Nigeria Exploration and Production Company Limited (SNEPCo), paid N366 billion in 2018 as revenue to the federal government from its exploration activities, while it made another N2.1 billion as statutory payment to the Niger Delta Development Commission, SNEPCo’s Managing Director, Bayo Ojulari, has...... more

OPEC considers two scenarios to adjust oil production

OPEC considers two scenarios to adjust oil production The Organisation of the Petroleum Exporting Countries and its allies are set to debate at least two scenarios that would increase oil production beyond current levels, according  to sources. If the group ultimately chooses to increase production, there’s a hitch: The cartel’s internal simulations suggest the global crude market could experience...... more

US-China dispute damage may be much worse than investors imagine

US-China dispute damage may be much worse than investors imagine Global equity investors are likely to be underestimating what may be immense damage across a variety of industries triggered by the US-China trade dispute, particularly involving the latest Huawei  escalation, Wall Street analysts say. The Trump administration putting Huawei, and dozens of its affiliates, on an export blacklist means “the US...... more

EU fines 5 banks $1.2bn for foreign exchange rigging

EU fines 5 banks $1.2bn for foreign exchange rigging Barclays, Citigroup, JP Morgan, MUFG and Royal Bank of Scotland were fined a combined 1.07 billion Euros (1.2 billion dollars) by the European Union on Thursday for rigging the multi-trillion dollar foreign exchange market. The financial industry has been hit with billions of Euros in fines worldwide over the last decade...... more

OML 29 lease renewal: Court adjourns hearing to June 24 as more parties seek to join

OML 29 lease renewal: Court adjourns hearing to June 24 as more parties seek to join The Federal High Court sitting in Yenagoa on Thursday adjourned a suit seeking to halt the renewal of Oil Mining Lease (OML) 29 instituted by Nembe communities in Bayelsa. It was learnt that the lease will expire on June 30, 2019, while the operator of the oilfields had commenced renewal formalities...... more

Microsoft to spend $100 million on Kenya, Nigeria tech development hub

Microsoft to spend $100 million on Kenya, Nigeria tech development hub Microsoft Corp will invest 100 million dollars to open an Africa technology development centre with sites in Nigeria and Kenya over the next five years, the company said on Tuesday. Global tech giants, including Alphabet Inc and Facebook, have been increasing investment on the continent in recent years to take advantage...... more

Japan tests world’s fastest bullet train

Japan tests world’s fastest bullet train Japan has started testing its fastest-ever bullet train – capable of reaching 400 kilometres per hour (249 mph) – as it continues to develop the revolutionary mode of travel. The ALFA-X version of the Shinkansen train began three years’ worth of test runs on Friday. Once it enters operation sometime around...... more

Uber under pressure after high-profile IPO

Uber under pressure after high-profile IPO Ride services giant Uber Technologies began life as a public company on Friday, under pressure to start trading strongly after conservatively pricing its initial public offering (IPO). The start of trading comes after Uber, on Thursday, priced its IPO at $45 a share, at the lower end of its $44-$50 per...... more

Jumia shares sink after Citron calls the African e-commerce company a ‘fraud’

Jumia shares sink after Citron calls the African e-commerce company a ‘fraud’ Jumia Technologies AG JMIA, -18.79% shares sank 14.6% in Thursday trading after Citron Research’s Andrew Left, a noted short seller, announced in a report that they have the “smoking gun” that shows why Jumia equity is “worthless”. “In 18 years of publishing, Citron has never seen such an obvious fraud as...... more

Abdoul Aziz Dia joins Group Board of Directors of UBA

Abdoul Aziz Dia joins Group Board of Directors of UBA The United Bank for Africa (UBA) on Thursday announced that Mr Abdoul-Aziz Dia will join the bank’s Board of Directors subject to the approval of the Central Bank of Nigeria. Mr Dia, a Senegalese citizen, has over 25 years of banking experience garnered from several countries across the globe, including the...... more

Trade war: US raises tariffs on $200bn of Chinese goods

Trade war: US raises tariffs on $200bn of Chinese goods The US has more than doubled tariffs on $200bn (£153.7bn) worth of Chinese products, in a sharp escalation of the countries’ damaging trade war. Tariffs on affected Chinese goods have risen to 25% from 10%, and Beijing has vowed to retaliate. China said it “deeply regrets” the move and will have...... more

Uber drivers strike in US ahead of public offering

Uber drivers strike in US ahead of public offering   Uber and Lyft drivers across the country are turning off their apps and striking Wednesday to protest for better compensation ahead of a potentially enormous initial public offering for one of the rideshare companies. Uber is reportedly planning on selling company shares for between $44 and $50 when it goes...... more

MTN applies for listing of shares on Nigerian Stock Exchange: Sources

MTN applies for listing of shares on Nigerian Stock Exchange: Sources South African telecoms firm MTN has applied with Nigeria’s securities regulator to list shares in its local unit on the country’s bourse, two people with direct knowledge of the matter said on Friday. Nigeria is the biggest market for Africa’s largest telecoms firm, with 52.3 million users in 2017, and accounts...... more

World Bank launches $50m fund to support clean mining •Projects eligible for funding

World Bank launches $50m fund to support clean mining •Projects eligible for funding The World Bank introduced a $50 million fund dedicated to making mineral mining climate-smart and sustainable, the bank said on Wednesday. The fund will help resource-rich developing countries extract and process minerals and metals used in clean energy technologies, such as wind and solar power and batteries for energy storage and...... more

132 companies bid for NNPC’s crude sales contract

132 companies bid for NNPC’s crude sales contract The Nigerian National Petroleum Corporation (NNPC) on Thursday opened 2019 Direct Sale of Crude Oil and Direct Purchase (DSDP) to its local and international business partners, and potential off-takers and suppliers with 132 organisations indicating interest. Group Managing Director of NNPC Dr Maikanti Baru who set the process in motion said...... more

Central banks in gold rush amidst dollar worries

Central banks in gold rush amidst dollar worries   The world’s demand for gold rose in the first three months of 2019 as central banks diversified away from the dollar amid concern over geopolitical instability, the World Gold Council industry body said Thursday. Global demand increased by seven percent to 1,053.3 tonnes in the first quarter compared to a...... more

BREAKING: NSIA dismisses allegations against Aisha Abba-Kyari •Set to publish accounts

BREAKING: NSIA dismisses allegations against Aisha Abba-Kyari •Set to publish accounts The Nigeria Sovereign Investment Authority (NSIA) has dismissed as fake, reports of lack of transparency in the recruitment of Ms Aisha Abba-Kyari and that she is being unduly favoured by the Authority’s Management. Defending the Authority’s recruitment process, a top source at NSIA said: “The story is absolutely false and without...... more

Aiteo restructures, appoints new Executives

Aiteo restructures, appoints new Executives The management of Aiteo Eastern Exploration and Production has announced the appointment of senior executives to drive the operations of the indigenous oil firm. A statement issued on Saturday said that the exercise follows a review of its operational and investment objectives and in reaction to prevailing business environment. The statement...... more

Amazon more than doubles profit in first quarter

Amazon more than doubles profit in first quarter Amazon.com on Thursday trounced first-quarter profit estimates as demand for its cloud and ad services soared, but the company indicated that bigger spending was in store that might limit its windfall.  Shares were up 1% in after-hours trade. Amazon’s first-quarter net income more than doubled to $3.56bn, or $7.09 per share,...... more

Fire: Aiteo declares force majeure at Nembe Creek Trunk Line

Fire: Aiteo declares force majeure at Nembe Creek Trunk Line Nigerian oil giant, Aiteo Eastern E&P Co. Ltd., on Sunday evening declared force majeure following a fire outbreak at its Nembe Creek Trunk Line in Bayelsa State. A statement issued by the company in Lagos, a copy of which was made available to News Express, said: “We have been informed of...... more

Samsung’s $2,000 foldable screen phone malfunctions

Samsung’s $2,000 foldable screen phone malfunctions  Samsung Electronics Co Ltd said it has received “a few” reports of damage to the displays of samples of its upcoming foldable smartphone, raising the prospect of a less-then-smooth entry for the splashy $1,980 handset. The Galaxy Fold, on sale from April 26 in the United States, resembles a conventional smartphone...... more

Jet Airways collapses as banks pull the plug

Jet Airways collapses as banks pull the plug   Jet Airways has finally been grounded.   The once-mighty Indian carrier said in a statement Wednesday that it was suspending all flights after failing to secure emergency funding from the country's banks. The airline has been struggling for months to stay in business and the announcement follows weeks of speculation...... more

Court dismisses suit challenging sale of 9Mobile

Court dismisses suit challenging sale of 9Mobile A Federal High Court sitting in Ikoyi, Lagos on Wednesday dismissed a suit filed by Spectrum Wireless Communications Limited challenging the sale of 9Mobile to Emerging Markets Telecommunications Services (EMTS).  Justice CJ Aneke in a ruling on the preliminary objections filed by counsel to EMTS upheld the Defendant’s prayers that since...... more

MTN shares rally after Jumia soars in New York

MTN shares rally after Jumia soars in New York MTN’s shares rose 1% to R98.51 early on Monday – the best level since the mobile operator ran into regulatory troubles in Nigeria in August 2018 – after its e-commerce associate soared in its first trading day in New York.  On Friday, shares in Africa-focused Jumia Technologies leapt 75% in New...... more

CBN has done well in stabilising Nigeria’s economy in the last five years — Emefiele

CBN has done well in stabilising Nigeria’s economy in the last five years — Emefiele Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has applauded the painstaking efforts of the apex bank under his watch in delivering on the core mandates of managing and stabilising the Nigerian economy in the last five years.  Emefiele gave the verdict while delivering a keynote address at “An...... more

Netflix chief set to leave Facebook’s Board of Directors

Netflix chief set to leave Facebook’s Board of Directors Netflix chief Reed Hastings will depart Facebook’s board of directors at the end of next month, according to a Friday filing with US regulators by the leading social network.  Neither Hastings nor businessman and political figure Erskine Bowles, who have been on the board since 2011, will be nominated for re-election...... more

US worries over Huawei and ZTE, other China-based companies

US worries over Huawei and ZTE, other China-based companies A senior official in the U.S. Department of State says the security concerns the government has raised related to Chinese telecommunications firms Huawei and ZTE extend to all companies headquartered in China, saying they are effectively “under direction” of the Chinese Communist Party.  “It’s very important to distinguish how Western democracies...... more

Auto giants battle used car dealers for Africa’s huge market

Auto giants battle used car dealers for Africa’s huge market At the edge of Nairobi’s Ngong Forest, thousands of used cars glitter in the hot sun on a dusty field, waiting for buyers.  Imported from Japan or the Middle East, they offer an affordable route to vehicle ownership in Kenya and have dominated the market for decades.  That is an obstacle...... more

Emefiele woos investors in Washington DC, says Nigeria ready for business

Emefiele woos investors in Washington DC, says Nigeria ready for business The Central Bank of Nigeria (CBN) has assured investors and the international community that the country having gone through a successful election, was ready for investments. The CBN Governor, Mr Godwin Emefiele, on Friday night in Washington DC, held an informal meeting with potential investors where he enticed them with the...... more

 

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