The Board of Directors of Emerging Markets Telecommunication Services Limited, trading as 9mobile, has refuted reports suggesting that a court ordered the company to pay a N55bn debt to Keystone Bank. In a statement obtained on Saturday, the telecommunications company clarified that it was not a party to any legal suit or court order related to the debt. The legal dispute involves only its minority shareholder, Teleology Nigeria Limited. “Our attention has been drawn to a wave of syndicated media publications dated Friday, July 19, 2024, with the same misleading headline: ‘Court orders 9mobile to pay N55bn debt to Keystone…
Author: Temitope N.
Local airlines have attributed the skyrocketing airfares to foreign exchange volatility and the soaring inflation in the country. The Chief Operating Officer of United Nigeria Airlines, Osita Okonkwo, told Sunday PUNCH that the current economic challenges in the country were taking toll on the aviation sector. “It is an economic issue. We have little naira chasing forex, and it is because of the economy that is stagnant and not growing as fast. “Many people are shunning travelling by air. So, there is a limit to which you can increase your fares to be able to reflect your cost. Because if you increase…
The Minister of Works, David Umahi, has clarified the reason behind the Federal Government’s decision to stop funding all ongoing projects at the same time. According to Umahi, the decision was made due to a large disparity between the increase in contract costs or project costs and the available funding. In a briefing with journalists in Abuja recently, the minister, stated, “We have been in this war with our contractors since September 2023. We are aware that the contractors and no stakeholders in this country have not reported to us about the crisis. “Our position has been that it is…
Nigerians have called out the Chief Executive of the Nigerian Midstream and Downstream Petroleum Authority, Farouk Ahmed, for saying the diesel produced by the $20bn Dangote refinery is inferior to the ones imported into the country. It appears Ahmed incurred the wrath of Nigerians, who accused him of trying to demarket the refinery owned by Africa’s richest man, Aliko Dangote. It was reported earlier that Ahmed had told the Dangote refinery that the Federal Government would not stop the importation of petroleum products, saying Nigeria cannot depend on one refinery to feed the nation. The agency also said the diesel…
The Nigerian equity market was in the green zone last week, as investors gained N512bn. The market capitalization and All-Share Index soared by up 0.87 per cent and 0.86 per cent to close the week at N56.929tn and 100,539.40, respectively. The price of 37 stocks increased over the week, surpassing the price of 34 stocks from the week before. 34 stocks saw a price decline from 38 in the previous week, while 80 stocks saw no change from 82 in the previous week. Investors traded a total of 2.827 billion shares worth N42.366bn in 44,277 deals this week on the…
The Nigerian Economic Summit Group has said that the implementation of the new economic plans of the Federation Government and Executive Orders were critical to growth in the second half of the year. The Chief Executive Officer of the NESG, Dr Tayo Aduloju, stated that on Friday at a press briefing ahead of the think tank’s 30th-anniversary celebration. Noting that the NESG had adopted a ‘cautiously optimistic’ outlook on the Nigerian economy, Aduoju said, “Our general posture at the NESG is that we are cautiously optimistic. This is coming from direct engagement. It is not hope. Hope is not a…
A leading fintech company, OPay, has unveiled enhanced security features to protect the funds of customers. In a statement issued on Sunday, the mobile money platform said the innovations were in tandem with its desire to provide peace of mind for the users of their platform. OPay is a mobile money operator licensed by the Central Bank of Nigeria and it recently revealed that its users’ deposits were protected by the Nigeria Deposit Insurance Corporation, the same as the traditional banks, offering a double layer of protection for users’ hard-earned money against unforeseen circumstances. On the new security features, the…
A tech-centred real estate organisation, Hybrid Landtech, has launched a direct Certificate of Occupancy Project in Epe Real Estate In a statement, the firm said that the real estate market in the Epe and Ibeju-Lekki axis had continued to shape up as one of the most in-demand on the entire continent, fuelled by major private and public investments. He stated that with recent demolitions across the state for the Lagos to Calabar Coastal Highway and waterway channels, a new development in Epe was making waves in the local real estate market. It remarked, “The Certificate of Occupancy (C-of-O) is a…
The Abuja Electricity Distribution Company has appointed Mr Chijioke Okwuokenye as its acting managing director/chief executive officer. A statement by the AEDC spokesperson, Adefisayo Akinsanya, noted that the appointment, which took immediate effect, was part of the transformation agenda of the company. He stated that it would see Okwuokenye drive the positioning of AEDC as a foremost, customer-focused electricity distribution company in the Nigerian power sector. Before his appointment, he had served as the company’s chief operating officer, overseeing strategic support units and embedded generation projects of the company. The firm stated that he had brought to the role, a…
In the 2024 Top 1000 World Banks’ Rankings, released by The Banker Magazine, Zenith Bank Plc has maintained its leadership by Tier-1 capital for the fifteenth year in a row. According to the report published in the July 2024 edition of Banker Magazine, Zenith Bank Plc ranked as the 565th bank globally with a Tier-1 capital of $2.01bn. The UK-based publication stated that Zenith Bank’s ranking was on account of its continued financial strength and stability. It noted that Zenith Bank’s ranking meant ratio boosts, and investor and depositor confidence, which indicated the bank was well-capitalised and financially stable. The…
Tech giant, Google continues to find ways to put AI into everything it does as it launched a series of advanced features for its Play Store, aimed at encouraging users to explore and engage with content beyond just downloading apps. The company stated that this is an approach to enhancing user experience on the Play Store through advanced AI technology. By offering more personalized, engaging, and efficient ways to discover and interact with content, Google aims to set a new standard in app store user engagement. Announcing the new features via a statement released on Wednesday, Google said: “Our latest…
Fidelity Pension Managers recently published its 2023 audited accounts, providing a summary overview of its financial health and fund performance. This report provides a summary review and presents key financial highlights, financial ratios, fund performance, and the trend in the number of Retirement Savings Account (RSA) holders. Financial Highlights Total Revenue: Total revenue for the company rose 23% to N2.59 billion in 2023, up from N2.1 billion in 2022. From the reports, this increase is attributed majorly to higher fee income generated from the pension funds it has under management. Profit After Tax (PAT): PAT rose 26% to N666 million, up on the…
Transcorp Hotels posted a profit before tax of N10.5 billion in the first half of 2024, marking a 188% year-on-year improvement from the N3.6 billion posted in the corresponding period in 2023. This was disclosed in the group’s unaudited financial statements for the first half of 2024. In the first half of 2024, Transcorp Hotel posted a revenue of N29.7 billion, marking a 61% YoY growth from the N18.5 billion revenue posted in H1 2023. It also recorded a 169% YoY growth in its net profit, as it recorded a net profit of N6.6 billion, in contrast with N2.5 billion…
The exchange rate for import duties collection by the Nigeria Customs Service (NCS) has declined from N1,584/$ on the 22nd of July to N1,541/$ today representing a drop of N43. The decline in the customs exchange rate comes on the heels of the recent appreciation of the naira on the official market. Data from FMDQ reveals that the naira closed at N1,548 to the USD yesterday after closing at N1,564/$ a day earlier representing an appreciation of N16 in one day. CBN intervention and increase in FX reserve On Monday, the naira gained around N100 to the greenback due to…
Mt. Gox, the defunct crypto exchange has moved another fresh $2.47 billion to an unknown address after heavy onchain activities yesterday. However, the price of Bitcoin was relatively stable at $66,440 experiencing only a 0.4% drop in the last 24 hours. The crypto exchange continues its redistribution of BTC assets to its creditors following a 2014 hack that saw the exchange lose billions worth of BTC belonging to their users. The transaction was picked up by Arkham a Blockchain intelligence firm who shared its findings with its X community. “MT GOX UPDATE: $2.47B BTC MOVED Mt. Gox moved a total…
The Much-awaited spot Ethereum Exchange Traded Funds (ETFs) started trading yesterday after an eight-month process of approval with the United States SEC led by Gary Gensler. The Ethereum ETF is a financial product for Ethereum, the second-largest crypto asset after Bitcoin ETFs were launched in January. Spot Ethereum ETFs performed mildly on their first day of trading pulling in a net inflow of $106.6 million despite a massive outflow on one of the spot Ethereum ETF issuers. According to Data from Farside investors UK BlackRock’s iShares Ethereum Trust ETF (ETHA) recorded the biggest inflow with $266.5 millions of inflows, followed closely by…
The Manufacturers Association of Nigeria (MAN) has called on federal government regulatory agencies especially those in the oil and gas sector to desist from making statements capable of demarketing local investments in the country. MAN disclosed this in a statement by its Director-General, Mr. Segun Ajayi-Kadir. The statement comes in light of the recent allegation by the Chief Executive of the Nigeria Midstream and Downstream Petroleum Regulatory Agency (NMDPRA), Engr. Farouk Ahmed over the quality of products from the Dangote refinery. According to the group, government regulatory agencies should be seen as promoting an environment where local businesses would thrive…
Nigerians spent $38.17 million on foreign education expenses between January and March 2024. This is according to data from the quarterly statistical bulletin of the Central Bank of Nigeria (CBN) for the first quarter of 2024. The amount spent has crashed by 83% from $218.87 million recorded in the same period of last year. However, on a quarter-by-quarter basis, there was an increase of 54% from $24.82 million spent in Q4 2023. The year-on-year decrease in FX spending for foreign education occurs amid a crash in international student enrolment at UK universities earlier this year. A survey conducted by Universities UK (UUK)…
Experts said Artificial Intelligence development relies crucially on data management, highlighting the need for efficient storage solutions. A release noted that the Western Digital Sales Director, Ghassan Azzi, stated in a presentation titled “The AI Data Cycle: Understanding the Optimal Storage Mix for AI Workloads at Scale”. According to Azzi, the AI industry is building a massive infrastructure to train AI models and offer AI services, which has significant implications for data storage. “This infrastructure has significant implications for data storage, emphasizing that storage technology plays a crucial role in the cost and power efficiency of various stages,” he stated.…
Detergent brand, Good Mama, has rewarded customers with over N10m worth of prizes at its ‘Naija Queen Open Market Fashion Show’ across markets in Nigeria. According to the organisers, the Good Mama fashion show is to showcase the brand’s commitment to both cleanliness and style. The event was held from July 8 -19, 2024, in markets across Nigeria, including Lagos State markets: Igando, Oke-Arin, Sabo Ikorodu, Tradefair, Mushin, and Ikotun Markets; Kwara State’s Baboko Market; Oyo State’s Bodija and Agebeni Markets, and Ogun State’s Sagamu Market. Good Mama Brand manager, Ramat Haruna in a statement, said the brand aimed to…