Nigeria’s Vice President Kashim Shettima has announced that President Bola Tinubu’s administration has secured investments valued at over $20 billion for the country. Shettima highlighted these achievements during his speech at the 2024 Vanguard Economic Discourse, held at the Civic Centre in Victoria Island, Lagos, on Thursday. Represented by his Special Adviser on Economic Affairs, Tope Fasua, Vice President Shettima detailed several key potential investments secured under President Tinubu’s administration. These include $14 billion from India and $250 million from the Netherlands. Additionally, he mentioned a significant investment of $500 million for lithium development in Nasarawa State and another $500…
Author: Temitope N.
The management of Landmark Beach has announced its intention to seek compensation from the Federal Government following the demolition of its properties, estimated at N42 billion in total. In a statement signed by the Landmark Group management, the company noted that the demolished properties included supporting buildings and infrastructure crucial to the Landmark ecosystem. This action has resulted in a significant loss, with nearly half of the company’s revenue affected. “We are currently picking up the pieces following the demolition of almost N42 billion worth of supporting infrastructure and buildings, and the loss of nearly half our Company revenue,” the…
Nvidia Corp’s co-founder Jensen Huang has surpassed each member of Walmart’s founding Walton family in terms of personal wealth, highlighting the rising dominance of tech titans. Following Nvidia’s impressive performance in the latest quarter, Huang’s net worth surged to $91.3 billion, placing him at the 17th spot on the Bloomberg Billionaires Index. The bulk of Huang’s wealth, nearly $91 billion, is tied up in Nvidia stock, which saw a 9.3% increase driven by an optimistic sales forecast. This surge underscores Nvidia’s position as a primary beneficiary of the booming artificial intelligence sector, where spending is increasing rapidly. Huang now surpasses…
The Lagos State Government has announced the disbursement of over N63 billion in pension benefits to 19,814 retirees over the past five years. This was revealed by the Lagos State Commissioner for Establishments and Training, Mr. Afolabi Ayantayo, during the Y2024 Press Briefing at the Bagauda Kaltho Press Centre, Alausa, commemorating the first year of Governor Babajide Sanwo-Olu’s second term in office. Detailed in a statement on the Lagos State official website, this announcement underscores the administration’s commitment to retirees’ welfare. “The Administration of Governor Babajide Sanwo-Olu has paid over N63 billion as pension benefits to 19,814 retirees of the…
The Federal Government has announced that home delivery of passports will begin in June, eliminating the need for Nigerians to visit immigration offices to obtain their passports. This development was revealed by the Minister of Interior, Olubunmi Tunji-Ojo, during an inspection of the electronic gates at the Nnamdi Azikiwe International Airport’s new terminal on Friday, May 24, 2024, in Abuja. Tunji-Ojo clarified that the home delivery service would not cover all locations initially to prevent system overload and potential damage. The Nigerian Immigration Service (NIS) will roll out the home delivery service in Lagos, Port Harcourt, Kano, and Abuja. For…
The Central Bank of Nigeria (CBN) has announced a 150 basis points increase in the interest rate, raising the Monetary Policy Rate (MPR) from 24.75 percent to 26.25 percent. This decision, reached during the bank’s Monetary Policy Committee (MPC) meeting held on the 20th and 21st of May 2024, marks the third consecutive hike aimed at addressing the country’s surging inflation rate, which stood at 33.69% in April 2024. CBN Governor Yemi Cardoso, who also chairs the MPC, stated, “The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 295th meeting… to review recent economic and…
The Central Bank of Nigeria (CBN) has identified “seasonal demands” as a key factor contributing to the recent instability observed in the foreign exchange market, according to CBN Governor, Olayemi Cardoso, speaking at the 295th Monetary Policy Committee (MPC) meeting held in Abuja. This statement came as the MPC raised the interest rate from 24.75 percent to 26.25 percent. “Members further observe the recent volatility in the foreign exchange market attributing this to seasonal demand, a reflection of the interplay between demand and supply in a freely functioning market system,” Cardoso stated. The Nigerian currency has witnessed significant fluctuations over…
The Central Bank of Nigeria (CBN) has announced that mobile money operators, including fintech firms like OPay, Palmpay, Kuda Bank, and Moniepoint, will recommence the enrolment of new customers “in another couple of months.” CBN Governor, Olayemi Cardoso, made this statement on Tuesday during the 295th Monetary Policy Committee (MPC) meeting in Abuja, where the MPC raised the interest rate from 24.75 percent to 26.25 percent. Cardoso mentioned that the CBN has been in discussions with many operators to enhance their operations and address issues such as money laundering and illicit flows. Remedial measures have been proposed to strengthen customer…
The Nigeria Customs Service, Federal Operations Unit, Zone B, has made significant interceptions and seizures of contraband goods within the North-West and North-Central regions, amounting to over N3 billion. Among the confiscated items were 58,750 sachets of tramadol and 48,000 ampules of analgin injection, intended for delivery to bandits at the Saminaka Forest in Lere Local Government Area of Kaduna State. The unit’s comptroller, Bello, briefed reporters on the seizures, indicating that Customs operatives, acting on intelligence, intercepted a truck transporting 750 sacks of donkey bones and meat, valued at over N3 billion in total. The sachets of tramadol were…
French luxury powerhouse Chanel announced on Tuesday a remarkable surge in sales, nearing the $20 billion mark, marking a new record for the brand, although profit growth was relatively modest. In 2023, Chanel witnessed a robust 14.6 percent increase in sales, totaling $19.7 billion, driven by strong performance across its fashion, fragrance, and jewelry segments. Despite the impressive sales figures, net profits saw a more subdued growth, rising by three percent to $4.7 billion, signaling a slowdown compared to the 14.3 percent profit growth recorded in 2022. Chanel’s Chief Executive Officer, Leena Nair, attributed the company’s success to significant investments…
Pixar, the renowned animation studio under Disney’s umbrella, is undergoing a reduction in workforce, with approximately 14 percent of its staff facing layoffs, as the studio shifts its focus away from streaming content production. The downsizing, affecting roughly 175 employees, was announced in an internal memo by Pixar President Jim Morris, cited by The New York Times. Morris emphasized a redirection towards the studio’s core focus on feature films. Once hailed as Disney’s prized asset, Pixar has encountered challenges following the underwhelming performance of “Lightyear” in 2022, a spin-off from the beloved “Toy Story” franchise, along with disappointing box office…
The House of Representatives has adopted a resolution opposing the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) authorization for International Oil Companies (IOCs) to divest until there is complete adherence to decommissioning guidelines and regulations outlined in the Petroleum Industry Act. The resolution, presented in a motion by Honourable Ikenga Ugochinyere, highlights concerns that many international oil companies operating in Nigeria are discontinuing their operations and relocating without adhering to the decommissioning and abandonment guidelines set forth by NUPRC and enshrined in the PIA. To address this issue, the House Committee on Petroleum (Upstream) will spearhead an investigation, collaborating with other…
Amazon’s cloud computing arm, AWS, announced a monumental investment of 15.7 billion euros ($17 billion) in constructing data centers in Spain’s northeastern Aragon region, extending until 2033. This move is poised to catalyze significant economic growth, with an expected creation of approximately 17,500 indirect job opportunities in local enterprises and a projected contribution of 21.6 billion euros to Spain’s GDP over the investment period, as per Amazon’s official statement. Spanish Digital Transformation Minister, Jose Luis Escriva, emphasized the significance of this commitment by AWS, stating, “This new commitment by AWS spotlights our country’s attractiveness as a strategic tech hub in…
Former Nigerian Aviation Minister, Osita Chidoka, has strongly criticized the return of Emirates Airlines to Nigeria, citing the airline’s disrespectful treatment of Nigerians in the past. Chidoka, who served as aviation minister from July 2014 to April 2015, expressed his displeasure in a statement on Wednesday, asserting that Emirates’ decision to resume flights to Nigeria demonstrates contempt and disdain towards the nation. “The audacity of Emirates Airlines to even consider returning to Nigeria reeks of contempt and disdain towards our nation,” Chidoka said in a statement. Emirates Airlines suspended its Dubai-Lagos flights in 2022 due to challenges repatriating funds from…
Festus Keyamo, the Minister of Aviation and Aerospace Development, has announced that Nigerian carrier Air Peace has resolved the safety issues raised by the United Kingdom Civil Aviation Authority (UKCAA). Keyamo issued a statement on Wednesday, noting that Chris Najomo, Acting Director General of the Nigeria Civil Aviation Authority (NCAA), briefed him on the progress made regarding the matter. The UKCAA had previously reported Air Peace to the NCAA over alleged non-compliance with safety regulations at Gatwick Airport in London. Air Peace initiated its Lagos-Gatwick flights on March 30, 2024, and subsequently affirmed that it had resolved the concerns raised…
The Central Bank of Nigeria (CBN) has issued new guidelines to regulate Bureau de Change (BDC) operators in the country, setting minimum capital requirements and restricting certain activities. In a circular released on Wednesday, the CBN announced that Tier-1 BDCs must have a minimum capital base of N2 billion, while Tier-2 BDCs must maintain N500 million. The mandatory caution deposit of N200 million for Tier-1 license holders has been removed, and the N50 million requirement for Tier-2 has been waived. These guidelines will come into effect from June 3, 2024. Haruna Mustafa, CBN’s Director of Financial Policy and Regulation, stated…
Global stocks mostly declined on Wednesday following British inflation data that dashed hopes for an immediate Bank of England rate cut, and Federal Reserve minutes highlighted concerns about persistent inflationary pressures. London stocks closed lower, with the pound strengthening after the announcement that Britain’s Consumer Prices Index rose 2.3 percent in April, slightly exceeding analyst expectations of 2.1 percent. “This was disappointing news, and the markets moved quickly to price out hopes of a June rate cut. It now looks as if September is most likely,” said David Morrison, senior analyst at Trade Nation. In the US, stocks traded flat…
The National Bureau of Statistics (NBS) has reported that Nigeria’s Gross Domestic Product (GDP) grew by 2.98% year-on-year in real terms in the first quarter of 2024. This growth rate surpasses the 2.31% recorded in the first quarter of 2023 but falls short of the 3.46% achieved in the fourth quarter of 2023. The NBS disclosed this information in its GDP report for Q1 2024 released on Friday. “The performance of the GDP in the first quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 4.32% and contributed 58.04% to the aggregate GDP,” the…
The Central Bank of Nigeria (CBN) has directed all existing Bureau De Change (BDC) Operators to re-apply for new licenses under revised guidelines. This directive was issued in a circular on Wednesday signed by Haruna Mustafa, the Director of the Financial Policy and Regulation Department at the CBN. The new licensing guidelines aim to streamline BDC operations and enhance financial accessibility, although BDC operators have expressed concerns, arguing that the guidelines diverge from global best practices. The CBN emphasized that the adjustments are intended to ensure that BDCs adhere to corporate governance standards and comply with anti-money laundering, counter-terrorism financing,…
Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that Nigeria produced 159,158,191 barrels of crude oil in the first four months of 2024. According to the NUPRC data, the breakdown of crude oil production from January to April is as follows: – In January, 44.2 million barrels were produced, with an average daily production of 1.42 million barrels per day (mbpd). – In February, the country pumped 38.3 million barrels of oil at an average of 1.32 mbpd. – March saw a production of 38.1 million barrels, with a daily output of 1.23 mbpd. – In April,…