Google Trial: US Takes On Tech Giant In Landmark Case
Just a few years ago, a crackdown in the US to curb the might of America’s tech giants seemed at hand. Bosses from Apple, Amazon, Google and Facebook had been hauled before Congress and President Joe Biden was putting in place a slew of officials known for their tough-on-tech views. But efforts by Congress to […]
CBN Issues Fresh Directive On Foreign Exchange To Commercial Banks
Commercial banks have been directed by the Central Bank of Nigeria (CBN) to stop using their foreign exchange revaluation profits for dividends and operating expenditures. The directive was contained in a letter dated September 11, 2023, and it was signed by Haruna Mustafa, Director of the Banking Division Department. The apex bank ordered commercial banks […]
FG Removes 37 Illegal Loan Apps
In a recent report, the Federal Competition and Consumer Protection Commission (FCCPC) announced that thirty-seven loan apps had been removed off the list. The commission revealed that the number of loan apps that were delisted rose from nine to thirty-seven. According to its website’s most recent updates, which were posted on Monday, the number of […]
238 Mining Companies Owe FG N1.06bn Annual Service Fees –NEITI
The Federal Government is owed about N1.06 billion in annual service fees by 238 companies, according to the Nigeria Extractive Industries Transparency Initiative (NEITI). This information was included in the recently launched NEITI Industry report for the Solid Minerals Industry for 2021. “From the IA review of MCO’s record of mineral title holders, it was […]
Country Garden: Debt-laden China Property Giant In Record Loss
Country Garden, one of China’s biggest property developers, has become the latest real estate giant to warn that it could default on its debts. This came as the crisis-hit company reported a record $6.7bn (£5.2bn) loss for the first six months of the year. Country Garden said in the statement that it was “deeply remorseful […]
Artificial Intelligence Chip Giant Nvidia Sees Sales More Than Double
Technology giant Nvidia says its sales have hit a record after more than doubling as demand for its artificial intelligence (AI) chips soars. The company says revenue jumped to above $13.5bn (£10.6bn) for the three months to the end of June. Nvidia also expects sales to soar further in the current quarter and plans to […]
FTX Founder Bankman-Fried Living On Bread And Water, Lawyer Says
Sam Bankman-Fried is struggling to prepare for his fraud trial due to a lack of adequate food in prison, the lawyer for the founder of collapsed cryptocurrency exchange FTX says. The claim came as Mr Bankman-Fried pleaded not guilty to seven criminal charges contained in a new indictment. His bail was revoked two weeks ago. […]
Twitter, Now X, To Remove Blocking Feature – Musk
The blocking feature will be removed for users of X, formerly Twitter, Elon Musk has announced, claiming the feature “makes no sense”. The X boss said users will still be able to block people from directly messaging them, however. But many people on social media said it will make it hard for people to remove […]
Naira Gains More Edge Against Dollar
The parallel foreign exchange (FX) market responded favorably to the $3 billion crude oil repayment loan secured by the Nigerian National Petroleum Company Limited (NNPCL) from Africa Import and Export Bank (AFREXIM) to stabilize the local currency, which has given the naira some momentum against the dollar. Checks on the FMDQ website, confirmed that the […]
Transcorp Power Acquires 60% Stake In AEDC
60 percent stake of Abuja Electricity Distribution Company (AEDC) has been acquired by a consortium led by Transcorp Power Limited. Additionally, Christopher Ezeafulukwe was appointed to serve as AEDC’s Managing Director and CEO. Transcorp Power said in a statement yesterday that the appointment is a strategic move to strengthen its position within the Nigerian power […]
