Elon Musk Shifts SpaceX’s Legal Home from Delaware to Texas
Tech mogul Elon Musk has announced the relocation of his rocket company SpaceX’s legal domicile from Delaware to Texas. This move follows a recent statement by Musk, indicating that Tesla shareholders would vote on a similar shift for the electric carmaker. Neuralink, Musk’s brain-chip implant venture, has also completed the legal move to Nevada. Last […]
Access Holdings Plc Names Bolaji Agbede Acting Group CEO
Following the tragic demise of former Group Chief Executive Officer, Dr. Herbert Wigwe, Access Holdings Plc has appointed Bolaji Agbede as the Acting Group Chief Executive Officer. The appointment, subject to the Central Bank of Nigeria’s approval, was confirmed by the company’s Board of Directors in a statement dated February 12, 2024. “Further to its […]
Alleged Fraud: CBN Deputy Director Testifies on $6.2M Election Observers’ Payment Request
A Deputy Director in charge of Branch Operations at the Central Bank of Nigeria, Mr. Onyeka Ogbu, told a Federal High Court in Abuja what he knows about a $6.2 million payment request for international election observers. The request, dated January 8, 2023, was reviewed and approved by Ogbu, who testified as the prosecution’s first […]
NCC Announces Resolution Of MTN-Globacom Interconnect Debt Dispute
The Nigerian Communications Commission (NCC) has announced the amicable resolution of the interconnect debt dispute between MTN Nigeria and Globacom Limited. In a statement released on Thursday by the Director of Public Affairs Department in Abuja, the NCC confirmed the resolution, which comes after a series of developments. Initially, on January 8, 2024, the […]
CBN Governor Assures Inflation Rate Will Drop Amid Market Volatility
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, addressed the ongoing concerns surrounding Nigeria’s rising inflation rate during a recent session with lawmakers in the House of Representatives. Despite the country experiencing eleven consecutive months of inflation escalation, reaching a peak in December 2023 with a surge to 28.92% from November’s […]
Yandex: ‘Russia’s Google’ Owner Withdraws From Home Country
The owner of Yandex, often dubbed “Russia’s Google,” has announced its decision to exit its home country. The Dutch-based parent company has successfully sold its Russian operation for 475 billion roubles ($5.2 billion; £4.2 billion), a figure significantly below its estimated market value. Consequently, Yandex’s Russian business has transitioned into a fully Russian-owned entity through […]
NNPC Reveals 36 Oil Blocks Under Concession In Nigeria
Recent data released by the Nigerian National Petroleum Corporation (NNPC) Limited indicates that a total of 36 oil blocks are currently under concession to both international oil companies and indigenous counterparts in Nigeria. According to NNPC’s Consolidated and Separate Financial Statements for the Period Ended December 31, 2022, the distribution of these blocks is diverse: […]
FG Raises Cargo Clearance Exchange Rate To N1.356/$
The Central Bank of Nigeria, acting on behalf of the Federal Government, has adjusted the exchange rate for cargo clearance from N952 per dollar to N1.356 per dollar. This modification comes after successive increases in the exchange rate over the past weeks, starting from N783 per dollar and reaching N952 per dollar. Recall that in […]
Zuckerberg Wins On Wall Street After Washington Hit
Mark Zuckerberg’s Meta had a bad day in Washington this week. But on Wall Street, it took a victory lap. The social media firm updated investors with a slew of good news: quarterly profits that tripled year-on-year to more than $14bn (£11bn), a surge in users, lower costs and higher ad sales. Even its much […]
CBN Directs Banks To Sell Excess Dollars
The Central Bank of Nigeria (CBN) has issued a directive mandating Deposit Money Banks (DMBs) to divest their surplus dollar reserves by February 1, 2024, in a bid to mitigate the volatility of the country’s exchange rate. In a new circular released on Wednesday, the apex bank also warned lenders against hoarding excess foreign currencies […]
