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Latest News Revenge of the ‘lazy youths’ Buhari okays traditional medicine for malaria as FG/JOHESU meeting ends in deadlock Ali-Modu Sheriff returns to APC 5 impacts of Konga – Yudala merger on e-commerce in Nigeria FEC: Government approves N10.7billion rice mills in 10 states MASSOB lambasts Buhari over Benue killings •Alleges Islamic agenda 2019: INEC to monitor political parties’ campaign finances INEC releases details for Dino Melaye’s recall Nigeria has collapsed irreparably under APC — Secondus Presidential Visit: Bauchi declares Thursday work-free day Tragedy as woman dies while drawing water from well in Anambra Okowa, Otuaro others to storm entrepreneurship awareness programme at DELSU

 

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Trump’s revenge: U.S. oil floods Europe, hurting OPEC and Russia

 Trump’s revenge: U.S. oil floods Europe, hurting OPEC and Russia   As OPEC’s efforts to balance the oil market bear fruit, U.S. producers are reaping the benefits - and flooding Europe with a record amount of crude.  Russia paired with the Organization of the Petroleum Exporting Countries last year in cutting oil output jointly by 1.8 million barrels per day (bpd),...... more

Iran bans bitcoin, cryptocurrencies

Iran bans bitcoin, cryptocurrencies  Iran banned the use of bitcoin and other cryptocurrencies by banks and financial institutions on Monday amid ongoing debate over how best to regulate the technology. “The use of bitcoin and other cryptocurrencies in all the country’s monetary and financial centres was banned,” the central bank said in a statement overnight....... more

MTN set for Nigerian Stock Exchange; appoints lead managers, investment firms for IPO

MTN set for Nigerian Stock Exchange; appoints lead managers, investment firms for IPO South African telecoms firm MTN has appointed Nigerian investment firm Chapel Hill Denham as lead manager for the initial public offering of its Nigerian business in Lagos later this year, two sources told Reuters on Friday. South Africa’s Rand Merchant Bank, Renaissance Capital and Vetiva Capital were picked as joint issuers....... more

Court stops sale of 9mobile

Court stops sale of 9mobile The Abuja division of the Federal High Court has halted the planned sale of embattled telecommunication firm, Etisalat (now 9mobile) following opposition to the move by some aggrieved shareholders. The shareholders – Afdin Ventures Limited and Dirbia Nigeria Limited – who claimed to be major investors, complained of being left out...... more

South Africa eyes $100bn worth of investment, appoints special investment envoys

 South Africa eyes $100bn worth of investment, appoints special investment envoys   President Cyril Ramaphosa is hoping a revitalised relationship between business and the government would enable SA to raise $100bn worth of investment over five years.  On Monday he announced the appointment of special investment envoys to work at convincing investors of SA’s potential.  They are former finance minister Trevor Manuel,...... more

Konga, Yudala formalise merger, set to rule e-commerce

Konga, Yudala formalise merger, set to rule e-commerce Konga, Nigeria's largest online mall and Yudala, Africa’s pioneer composite e-commerce company have officially announced a merger of their operations which will see them effectively become the biggest organised retail and e-commerce/marketplace outfit on the African continent. The business merger, which takes effect from Tuesday May 1st 2018, will see both...... more

Mud which could change the global economy discovered on Japanese island

Mud which could change the global economy discovered on Japanese island  A small island in the Pacific Ocean is the site of a huge discovery that could change Japan’s economic future. How huge? One economist called it a “game changer”. The researchers who helped find it said it had “tremendous potential”. It’s mud. A whole bunch of mud – an estimated 16...... more

Globacom, Chief Marketing Officer charged with $6.7m fraud

Globacom, Chief Marketing Officer charged with $6.7m fraud  The telecommunications giant — Globacom Ltd and its Chief Marketing Officer, Ashok Israni — were on Monday hauled up before an Ikeja Special Offences Court over alleged 6.7 million dollars fraud (N2.41 billion). The Economic and Financial Crimes Commission (EFCC) had slammed a 6.7 million dollars fraud charge on Globacom and...... more

Abuja Chamber, Confederation of Indian Industry sign MOU to promote trading activities

 Abuja Chamber, Confederation of Indian Industry sign MOU to promote trading activities   The Abuja Chamber of Commerce and Industry (ACCI) and Confederation of Indian Industry (CII) have signed a Memorandum of Understanding (MOU) to reposition their export and other trade relations activities.  While ACCI is working as a voice of the private sector, engaging itself in the promotion of trade and industry,...... more

More strategic investment in Africa’s ports can accelerate growth and development by strengthening trade: PwC report

 More strategic investment in Africa’s ports can accelerate growth and development by strengthening trade: PwC report   Africa needs to take advantage of the economic potential of its ports and shipping sector if it is to realise its growth ambitions. Globally, ports are gateways for 80% of merchandise trade by volume and 70% by value. Investment in ports and their related transport infrastructure to advance trade and...... more

Afreximbank and ECIC pledge $1bn to expand trade between SA and other African countries

Afreximbank and ECIC pledge $1bn to expand trade between SA and other African countries   Headquartered in Cairo, the African Export-Import Bank (Afreximbank) and the Export Credit Insurance Corporation (ECIC) of SA have entered into a memorandum of understanding (MOU) to launch a $1bn (R12bn) financing programme to promote and expand trade and investments between SA and the rest of Africa. Afreximbank and the ECIC...... more

MTN, Ecobank to form Africa mobile banking partnership

MTN, Ecobank to form Africa mobile banking partnership South Africa’s MTN aims to list its Nigerian unit in an initial public offering this year and has struck an agreement with pan-African lender Ecobank to offer mobile banking across Africa, its group chief executive said on Tuesday. The move comes as telecoms operators are expanding mobile services to boost margins...... more

FG seeks more Korean investments in Nigeria

FG seeks more Korean investments in Nigeria The Ambassador of the Peoples Republic of Korea, His Excellency Lee In-tae, has been called upon to encourage Koreans to invest in Nigeria because of the country’s enormous economic and investment potentials. Budget and National Planning Minister, Senator Udoma Udo Udoma, told the Ambassador who visited him in Abuja on Thursday...... more

Shell boosts FG’s revenue with $4.32 billion in 2017

Shell boosts FG’s revenue with $4.32 billion in 2017 Shell’s payments to the Nigerian government grew to $4.32 billion in 2017, up nearly 19 percent from $3.64 billion in 2016, according to its annual sustainability report released on Monday. The bulk of the payments, $3.197 billion, went to state oil company NNPC for production entitlement. Crude oil theft from pipelines...... more

Malabu Oil scam: JP Morgan opens up on indicted ex-minister

Malabu Oil scam: JP Morgan opens up on indicted ex-minister JP Morgan Chase has acknowledged it knew a former Nigerian oil minister convicted of money laundering would benefit when it transferred over $800 million of government funds to a company he controlled, according to a court document seen by Reuters.  JP Morgan made the acknowledgement in its legal response to a...... more

FCMB eyes UK retail licence

FCMB eyes UK retail licence Leading Nigerian bank FCMB is seeking to convert its wholesale banking unit in Britain, FCMB UK, into a retail bank, as part of its push to grow its balance sheet and tap into non-institutional customers in Britain.  The bank’s group chief executive, Mr. Ladi Balogun, disclosed this in an interview with...... more

African trade agreement: Nigeria disappointed Africa and the world, dented national image — Nigeria Trade Experts Forum

African trade agreement: Nigeria disappointed Africa and the world, dented national image — Nigeria Trade Experts Forum The African Continental Free Trade Area (AfCFTA) offers a window of opportunity for African countries to boost intra-African trade, to diversify, structurally transform, and meet other important development objectives and poverty-related goals the continent is committed to under its Agenda 2063 – of which the AfCFTA is a flagship project –...... more

Pan-African trade bloc faces lengthy obstacle course

Pan-African trade bloc faces lengthy obstacle course Last week, leaders of 44 African nations committed to launching an ambitious regional trade bloc, designed to sweep away barriers to intra-African commerce and provide a shot in the arm to economic growth. But although the creation of the African Continental Free Trade Area (AfCFTA) is almost certainly good news for...... more

South Africa gets first black woman bank MD

South Africa gets first black woman bank MD African Bank has promoted Basani Maluleke from designate CEO to CEO, making her the first black woman to head a bank in SA. Maluleke was named Brian Riley’s likely successor in August 2017 when he announced his intention to retire. African Bank — the “good bank” salvaged from the collapsed JSE-listed...... more

New data leak in US affects 150 million people

New data leak in US affects 150 million people  A new data leak in the U.S. has affected 150 million people, sports apparel and footwear manufacturer Under Armour announced their data breach on Thursday. The company said in a statement that “an unauthorised party” acquired data associated with the firm’s food and nutrition application and website ‘MyFitnessPal’. Under Armour became...... more

Food poisoning victims file class action against Tiger Brands

Food poisoning victims file class action against Tiger Brands  A class action lawsuit was filed on Thursday against South Africa’s Tiger Brands, after one of the company’s food factories was linked to a listeria outbreak that has killed 180 people since early 2017, the lawyer running the case said. Richard Spoor, a human rights advocate who previously masterminded a massive...... more

Airtel wins Pitcher Advertiser Award at Creativity Week 2018

Airtel wins Pitcher Advertiser Award at Creativity Week 2018 Leading telecommunications services provider, Airtel Nigeria, has won “The Pitcher Advertiser of the Year Award” at the maiden edition of the Creativity Week in recognition of its creativity and bold attempts to create fresh and inspiring campaign. The Pitcher Award is a highly acclaimed event organised to celebrate and honour outstanding...... more

Blacks in Silicon Valley share lessons on pursuing unicorns or gazelles

Blacks in Silicon Valley share lessons on pursuing unicorns or gazelles What does it take to build a thriving technology company – and an environment in which black techies, their financial backers and their markets can flourish?   That question underpins the new VOA documentary “Beyond the Unicorn”. Subtitled “Africans Making IT in Silicon Valley”, it explores how some Africans and African-Americans...... more

Zuckerberg admits Facebook errors, apologises

Zuckerberg admits Facebook errors, apologises Facebook Inc Chief Executive Mark Zuckerberg said on Wednesday that the social media company made mistakes that allowed data about users to end up with the analytics firm Cambridge Analytica and vowed the company would make changes. Zuckerberg, in his first comments since the company disclosed on Friday the misuse of...... more

Nigeria missing as African leaders sign largest Free Trade Agreement since WTO

Nigeria missing as African leaders sign largest Free Trade Agreement since WTO Nigeria was obviously absent on Wednesday when African leaders signed the Largest Free Trade Agreement since the creation of the World Trade Organisation (WTO). President Muhammadu Buhari had on Sunday cancelled his trip to Rwanda due to pressure by Labour union not to participate in signing the agreement. A statement signed...... more

Zuckerberg loses $5b as Facebook shares crash

Zuckerberg loses $5b as Facebook shares crash Facebook shares plunged Monday as the social media giant faced an onslaught of criticism at home and abroad over revelations that a firm working for Donald Trump’s presidential campaign harvested and misused data on 50 million members. On Wall Street, Facebook shares skidded 6.8 percent amid concerns about pressure for new...... more

Infected meat traced to Shoprite

Infected meat traced to Shoprite The Shoprite Group recalled its Farmer’s Deli red viennas on Friday. In a statement‚ the retail giant said it received a notification from an environmental health practitioner in the Winelands District of the Western Cape that listeria monocytogenes had been identified “in an initial testing of a single batch of red...... more

Shell, Eni preempt U.S. probe over Nigeria bribery saga

Shell, Eni preempt U.S. probe over Nigeria bribery saga Oil giants Royal Dutch Shell and Eni have voluntarily filed to U.S. authorities internal probes into how they acquired a giant field in Nigeria as the companies seek to fight corruption allegations in Europe and Africa. The filings, to the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission...... more

Beware of Chinese loans, U.S. tells African countries

Beware of Chinese loans, U.S. tells African countries U.S. Secretary of State Rex Tillerson said on Thursday that African countries should weigh Chinese loans carefully, while adding that Washington was not trying to keep Chinese investment away from the continent. Tillerson, a former Exxon chief executive, is seeking to bolster security alliances on a continent increasingly turning to Beijing...... more

Indian tax authorities go after Gupta brothers

Indian tax authorities go after Gupta brothers  Residences and offices of the high-profile Gupta business family, who are being probed for allegations of influence-peddling in the South African government, have been raided by Indian tax authorities. “The investigation is ongoing, and we will divulge all information after the probe is completed,” Harish Kumar, a senior tax official in...... more

 

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