Twitter Stock Soars As Tesla CEO Elon Musk Reveals 9.2% Stake
Tesla Inc Chief Executive Officer Elon Musk has built a 9.2% stake in Twitter Inc, a regulatory filing showed on Monday, potentially making him the biggest stakeholder in the micro-blogging site. Twitter shares soared 26% in premarket trading after the filing, which comes close on the heels of Musk tweeting that he was giving “serious […]
CBN Places Heavy Penalty On Apex Bank Over Mutilated Banknotes
The Central Bank of Nigeria is concerned about the growing number of damaged banknotes deposited with the apex bank by Deposit Money Banks. To that aim, the CBN has cautioned banks that if they continue to include composed currency notes in their deposits, they will face a penalty of 400% of the banknote’s value. Composed […]
World Bank Sanction Nigerian Firm, MD Over Alleged Fraudulent Conduct
SoftTech IT Solutions and Services Ltd., a Nigerian information technology solutions firm, and its Managing Director, Mr Isah Kantigi, have been sanctioned by the World Bank for suspected fraudulent conduct. The firm was sanctioned for 50 months, while the managing director was sanctioned for 60 months for his involvement in the National Social Safety Nets […]
Air France KLM Loses Fight Against EU Cartel Fine
Air France-KLM and its Dutch subsidiary KLM on Wednesday lost their challenge against million-euro fines re-imposed by EU antitrust regulators five years ago for taking part in an air cargo cartel two decades ago. The European Commission had fined Air France 182.9 million euros ($204 million), the highest, followed by KLM at 127.1 million. The […]
Eko Bridge Fire: Lagos Traders Resist Quit Order, Seek An Alternative Place
Traders at the Oke Arin Market in Ebute-Ero, Lagos Island, petitioned the Lagos State Government to reconsider the seven-day quit notice they were given on Monday. The state government had shut down the bridge after a fire destroyed several makeshift shops and containers in the open space beneath the Eko Bridge on Wednesday. The state […]
Shanghai Covid: Oil Prices Fall After City Starts Lockdown
Global oil prices have fallen as China starts to implement a city-wide lockdown in Shanghai, an important financial and manufacturing hub. Brent crude lost more than $4.50 a barrel on concerns that the move would mean that demand for oil will fall. The Shanghai Composite stock index fell in early trade before regaining most of […]
Roman Abramovich’s Jet Among 100 Planes Grounded By US
Nearly 100 planes with ties to Russia have been effectively grounded by the US government, including one owned by billionaire Roman Abramovich. The US Commerce Department has said the planes are in contravention of US sanctions on Russia. Providing service to these aircraft anywhere in the world – including inside Russia – may lead to […]
Airline Giant, Delta Warns Oil Increases Mean Higher Ticket Prices
Higher oil prices are set to lead to a 10% increase in air fares, according to the boss of one of the world’s biggest airlines. Delta Air Lines head Ed Bastian told the BBC the final impact “really depends where fuel prices settle”. Oil prices have reached 14-year highs after Russia’s invasion of Ukraine. Emirates, […]
Tony Elumelu Laments ‘95% Of Crude Oil Lost To Theft’
Businessman and Chairman Heirs Holdings, Mr Tony Elumelu, on Thursday bemoaned the fact that Nigeria was losing over 95 per cent of its oil production to thieves. Elumelu, who narrated the ordeal of some of his colleagues at work on his official Twitter handle, noted that apart from the economy, Nigerians are now afraid as […]
US To Partner Nigeria To Stop Gas Flaring By Conversion To Ammonia
Nigeria’s energy transition agenda, in line with global direction received a boost on Thursday at the CERAWeek energy conference in Houston, Texas, as the United States’ Government indicated interest in a bi-lateral partnership that would see the conversion of the enormous gas resources currently being flared to ammonia. Ammonia has the potential of being a […]
