New Telegraph

Top 15 Weekly Business News Roundup For Latest Nigeria News

Business News Round-up

Business News Round-UP

Here is New Telegraph’s weekly business news roundup of the top 15  latest Nigerian news making headlines from Monday, April 29 to Saturday, May 4, 2024.

CBN Bans Moniepoint, Opay, Kuda, Others From Onboarding New Customers

The Central Bank of Nigeria has barred some microfinance banks, including Moniepoint, Opay and Kuda, from opening new accounts and accepting new customers over allegations that they were being used to funnel cryptocurrency and manipulate the naira’s value.

Reports said the CBN deemed the new account ban necessary to curb… Read more 

NNPCL Retail: Fuel Scarcity To Ease In Lagos By Weekend

The Managing Director of the Nigerian National Petroleum Company Retail Limited (NNPC Retail Ltd), Mr Huub Stokman, has assured Nigerians that the current fuel scarcity and the consequent long queues would reduce in Lagos on or before the weekend.

He also said that other states, because they are further away from… Read more

Customs: CBN Increases Import Duty By 14%

The Central Bank of Nigeria (CBN) has raised the exchange rate for calculating import duty by 14 per cent.

Findings from the Nigeria Customs Service (NCS)’s trade portal indicated that the bank raised the import duty rate from… Read more

IMF To Nigeria, Others: Invest Borrowed Funds In Productive Sectors

The Deputy Division Chief of Regional Studies in the African Department at the International Monetary Fund (IMF), Wenjie Chen, has advised sub-Saharan African countries including Nigeria to channel borrowed funds into productive sectors of the economy that yield returns.

Speaking in an interview, she said: “For instance, if they (sub-Saharan African countries) were to put the… Read more

Kaduna, Google Launch Hausa Language AI Learning Series

Tech giant, Google, in collaboration with the Kaduna State Government and Data Science Nigeria, has launched a new initiative (Artificial Intelligence (AI) education) aimed at empowering women in Northern Nigeria.

The firm introduced the AI for Beginners Learning Video series, which… Read more

NEPL/SEPLAT JV, Edo Sign Tree Planting Agreement

The NNPC Exploration and Production Ltd/ Seplat Energy Joint Venture and the Edo State Government have signed an agreement that will see the state government allocate 6,000 hectares of land from its protected forest reserves to enable a large-scale tree planting initiative by Seplat Energy Plc.

This was disclosed in a… Read more

NIPCO Plans 35 CNG Stations To Enhance Patronage

Having admitted gas evolution as the key driver of Nigeria’s future revenue earnings, NIPCO Gas Limited is currently planning to construct about 35 auto CNG stations in the country in line with the Federal Government’s CNG expansion.

With this, NIPCO Gas Limited said that out of the 35 CNG stations under construction, four in Lagos were scheduled to… Read more

Antigua, Barbuda To Partner With Lagos In Entertainment, Tourism, Tech

The Prime Minister of Antigua and Barbuda, Hon. Gaston Alfonso Browne, on Friday, said his country is ready to partner with Lagos State and Nigeria in general in trade and investments.

Prime Minister Browne spoke during a courtesy visit to Lagos State Governor, Mr Babajide Sanwo-Olu, at the… Read more 

Fubara Gives N3.6bn Loan To 3,066 SMEs, 100 Companies

The Governor of Rivers State, Sir Siminalayi Fubara has presented cheques worth N3.6 billion to 3,066 Micro, Small and Medium-Scale Enterprises (SMEs) and 100 companies across the state to boost entrepreneurial success and the economic prosperity of the people.

Fubara, who made the presentation at the flag-off and commencement of… Read more 

Cyberattacks: Ransomware Payments Increase 500%, Recovery Costs Hit $2.73m

The payment for ransomware in 2023 increased by 500 per cent as organisations made an average payment of $2 million, up from $400,000 in 2023.

This was revealed by Sophos, a global leader in innovative security solutions that defeat cyberattacks, in its latest annual “State of Ransomware 2024” survey report, which found that the… Read more 

Report: 2G Sustains Network Dominance In Nigeria’s Telecoms Space

Despite the deployment of advanced networks such as 4G and 5G, the evolutionary 2G network has continued to dominate Nigeria’s telecoms scene.

The latest industry statistics released by the… Read more

Businesses, Commuters Distressed Over Biting Fuel Crisis

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), has urged the Nigerian National Petroleum Company Limited (NNPC Ltd) to increase its supply of fuel to its members as a strategy for ending the lingering fuel scarcity across Nigeria.

PETROAN National President, Billy Gillis Harry, made the… Read more 

Power: FG Tasked Over Proposed €37m EU Investment

Effective and good implementation of already established government policies and judicious utilisation is key to actualising the laudable objective of the planned €37 million European investment in Nigeria.

It is also imperative to ensure transparency and… Read more

FY’23: Odu’a Investment Positions For Growth, Declares N1.961bn Profit

The Chairman of Odu’a Investment Company Limited (OICL), Otunba Bimbo Ashiru, has declared that the company recorded good performance in the financial year 2023 as it posted N1.961 billion as Profit Before Tax (PBT) and N428 million dividend payable for 2023 to its six shareholding states of Lagos, Oyo, Ogun, Ondo, Osun and Ekiti.

Ashiru disclosed this yesterday in Lagos during the 42nd Annual General Meeting (AGM) of the… Read more

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