UK Inflation Hits Nearly 30-Year High Of 5.5%
British consumer prices rose at the fastest annual pace in nearly 30 years last month, intensifying the squeeze on households and reinforcing the chances that the Bank of England will raise interest rates for a third meeting in a row. The annual rate of consumer price inflation rose to 5.5% in January, the highest since […]
Amazon Gains Record $190bn In Value, One Day After Meta’s Record Plunge
A day after Facebook owner Meta Platforms (msuffered the deepest loss of stock market value in history for a U.S. company, Amazon logged the greatest ever one-day increase in value. Shares of the online retail and cloud computing giant surged 13.5% on Friday following its blowout quarterly report, expanding its market capitalization by around $190 […]
World Bank Blames FG For Inflation Shock That Has Pushed Nigerians Below Poverty Line
Despite inflation shock putting an estimated eight million Nigerians below the poverty line, the World Bank says the Federal Government of Nigeria did not take any significant measures to reduce inflation in 2021. This was stated by the Washington-based bank in the most recent edition of its ‘Nigeria Development Update’ report 2021. It said, “Double-digit […]
Facebook Parent Meta Loses $230B In Value In Biggest One-day Drop In US History
Facebook and Instagram owner Meta saw $230 billion of its market value vanish into thin air late Wednesday and early Thursday — marking the biggest one-day drop for any US stock in history. The sharp decline came after the company reported slowing user growth, underlining that a declining number of eyeballs on his sites is […]
UBA Receives License To Operate In Dubai
Tony Elumelu, Chairman of Heirs Holdings, has announced that United Bank for Africa (UBA) has been granted a license to operate a bank in Dubai. Speaking on how much UBA has grown since he led a group of young bankers to take over the bankrupt Crystal Bank, transform it into Standard Trust Bank, and then acquire […]
Anambra Trader Pays Apprentice N100,000 After Nine Years Of Labor, Sparks Protests
Some traders and apprentices at the International Electrical Market in Obosi/Onitsha, Anambra State, on Saturday, protested against a trader for allegedly paying his trainee N100,000 after serving him for nine years. The demonstration took place in front of the man’s shop, while the group sang solidarity songs and screamed, ‘Enough is enough; the revolution has […]
AfrieximBank Approves NNPC’s $5bn Loan For Upstream Sector Financing
AfrieximBank has approved a $5 billion loan to the Nigerian National Petroleum Company (NNPC) Limited to assist the country’s upstream sector. The NNPC Group Managing Director Mele Kyari announced this on Thursday via his official Twitter handle. The deal, according to Kyari, arose from a meeting between the NNPC team and Benedict Oramah, Chairman of […]
Nigeria Landing Cost Of Petrol Rises To ₦282/Liter
Due to the rise in global crude oil prices, the landing cost of Premium Motor Spirit, often known as petrol, imported into Nigeria has risen to ₦282 per liter. Following an increase in the landing cost of petrol into the country, the subsidy will rise as the pump price of petrol stays stable at ₦162-N165 […]
Poor Mobile Networks, Other Factors Threaten enaira Uptake – Report
A new report by Omaplex Law Firm has said, poor mobile networks and the restricted availability of Internet-enabled devices, among other factors, are endangering eNaira’s adoption across the country. The Central Bank of Nigeria launched its digital currency, the eNaira, in October of last year. With the creation of the central bank’s digital currency, the apex bank […]
UAE Opens Visa Application Centre In Lagos
The United Arab Emirates (UAE) has inaugurated a visa application and document attestation centre at the office of the UAE Consulate General in Lagos. This was disclosed to the media by the office of the UAE Consulate on Wednesday. The inauguration was led by the Consul General, Dr. Abdulla Al Mandoos and was attended by […]
