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Nigeria
Femi Otedola Reveals Vision Behind Dangote Cement Shares Acquisition: Long-Term Wealth and Economic Growth for Nigeria
Billionaire investor Femi Otedola has released a comprehensive statement explaining his recent acquisition of shares in Dangote Cement, one of Nigeria's leading companies. The press release underscores Otedola's strategic approach, emphasizing long-term wealth preservation, export potential, and...
Nigeria
Internet Access Slashes Poverty by 7% in Nigeria and TanzaniaInternet Access Slashes Poverty by 7% in Nigeria and Tanzania - World Bank Report
A recent World Bank brief, titled "Digital Transformation Drives Development in Africa," reveals that improved internet access has contributed to a notable 7% reduction in extreme poverty in Nigeria and Tanzania over three years. The report also highlights an 8% increase in labor force...
The Central Bank of Nigeria (CBN) has announced that its Monetary Policy Committee (MPC) will convene for its first meeting under the leadership of Governor Olayemi Cardoso on February 26 and 27, 2024.
The revelation follows a strategic two-day session to prepare members for the upcoming...
Billionaire tycoon Femi Otedola has acquired shares worth ₦6 billion in Dangote Cement Plc, as revealed by a reliable source.
The acquisition adds to Otedola's diverse portfolio, showcasing strategic investments in key sectors. Dangote Cement, currently the largest company in Nigeria by market...
Nigeria
Nigeria's Currency Crisis: US Dollar Hits N1,355, Raising Concerns for Businesses and Citizens
Amidst economic uncertainties, the Nigerian currency faces a significant setback with the US dollar soaring to N1,355 at the black market.
Despite recent efforts to stabilize the exchange rate, including a $2.25 billion support from
AfreximBank, the naira's value continues to decline.
In...
Amazon Prime Video is undergoing an international business restructuring, with a newfound emphasis on European original content. The reorganization includes a reduction in content and staff allocation for Africa and the Middle East, signaling a shift in the streaming giant's global priorities...
Nigeria
NCC Temporarily Halts Glo-MTN Disconnection Plan, Citing Resolution of Long-Standing Telecom Dispute
Nigerian Communications Commission (NCC) has decided to suspend its plan to bar Glo subscribers from calling MTN lines for a period of 21 days. The NCC's Director of Public Affairs, Reuben Mouka, cited the resolution of outstanding issues between the telecom giants as the reason for the abrupt...
Access Bank has officially signed a deal to invest in Finance Trust Bank (FTB) Uganda, acquiring an impressive 80% ownership. The agreement is pending regulatory approvals from the Central Bank of Nigeria and Bank of Uganda, with the completion expected in the first half of 2024.
FTB, a major...
Nigeria
Naira Hits Record Low at N1,320/$1 Amid High Demand and Mass Departure of Overseas Nigerians
The Nigerian Naira experienced a significant drop, reaching a historic low of N1,320 per dollar—3.03% weaker than the previous day's closing rate of N1,280. This marks the lowest point since October 26, 2023.
Analysts attribute the fall to a surge in demand for dollars. Businesses restocking...
Shell Plc has sealed a deal to sell its Nigerian onshore subsidiary, The Shell Petroleum Development Company of Nigeria Limited (SPDC), for $2.4 billion to Renaissance, a consortium of five companies.
The completion is pending Nigerian government approval. The transaction is structured to...
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