Nigeria’s Oil Output Declines As Addax Workers Embark On Strike
Nigeria’s Oil Production may have decreased by a minimum of 22,000 barrels per day as a result of Addax Petroleum Development Nigeria, APN, employees leaving their jobs over to alleged anti-labor activities. Four oil mining licenses, OML 123, 124, 126, and 137, are owned by Addax, a subsidiary of China’s Sinopec Group, which operates the […]
Oil Theft, Petrol Subsidy Push Nigeria’s Currency Past N700/$1 In Parallel Market
The inability of Nigeria to take advantage of rising international oil prices due to massive oil theft, skyrocketing petrol subsidy which remains a drain on the economy as well foreign exchange (FX) speculation by currency traders, among others have combined to push the Naira to a record low of N710/$1 on the parallel market. The […]
Best E-Commerce Website Award Goes To Jumia Nigeria
At the GAGE Awards, Jumia Nigeria received awards for its service delivery and innovation. The company received the award for “e-commerce website of the year,” which recognizes the best e-commerce brand in Nigeria that offers clients a fantastic platform for easy buying. The GAGE, an initiative of the Gage Digital company aimed at encouraging digitalization […]
Elon Musk Denies Affair With Google Co-founder Sergey Brin’s Wife
Tesla boss Elon Musk has denied having an affair with Nicole Shanahan, the wife of Google co-founder, Sergey Brin. Mr Musk’s comments came after the Wall Street Journal reported that his friendship with Mr Brin had ended over the alleged affair. Replying to a link to the story posted on Twitter, Mr Musk referred to […]
Twitter-Musk Takeover Dispute Heading For October Trial
A US judge has ordered that Twitter’s lawsuit against Elon Musk go to trial in October, a blow to the world’s richest man who had asked for a delay. Mr Musk walked away from his $44bn (£36bn) bid to buy Twitter earlier in July, prompting the company to sue him. Twitter hopes that the court […]
Fiscal Transparency: W/Bank Disburses N351.65bn To States In 4 Years
Since its inception in 2018, the States Fiscal Transparency, Accountability and Sustainability (SFTAS) program, which is supported by the World Bank Group, has disbursed N351.65 billion to the various participating states of the federation. The World Bank released $1.5 billion in two installments to promote fiscal transparency in state governments, with the total amount disbursed […]
Nigeria Loses 14.94million Oil Barrels Worth N703.96bn In Q2 Of 2022 –Reports
The Organization of Petroleum Exporting Countries’ most recent Monthly Oil Market Report for June 2022 reveals that Nigeria’s oil production fell by roughly 14.94 million barrels in the second quarter of this year. In an analysis of OPEC data and the average price of crude in Q2 2022 gleaned from global oil price reports, Nigeria’s […]
Bill Gates Vows To Drop Off World’s Rich List
Billionaire Bill Gates has pledged again to give his wealth away, adding that he will eventually “drop off” the world’s rich list. It came as the Microsoft co-founder announced he would make a $20bn (£17bn) donation to his philanthropic fund. The world’s fourth richest man said he had an “obligation” to return his resources to […]
Heathrow Asks Airlines To Stop Selling Summer Tickets, Limits Daily Passengers To 100,000
Heathrow Airport is asking airlines to stop selling any more tickets for travel this summer, as it announces a cap on passengers allowed to fly from the airport. The London airport would limit passengers to 100,000 a day until September 11, as it struggles to cope with high demand and a lack of resources. CNN […]
Members Of The MPC Raises Concern Over Nigeria’s $15.9 Bn Eurobond Debt
Members of the Monetary Policy Committee of the Central Bank of Nigeria (CBN) have raised concerns about Nigeria’s ability to service and repay both its external and domestic debt levels due to the country’s rising debt levels. They added the country’s appetite for Eurobonds, which come with high-interest rates and accompanying exchange rate risk, is […]
