Author: Aishat Olalere

The Ekiti Knowledge Zone (EKZ) took a bold step to transform the region into a hub for digital innovation and knowledge economy. The African Development Bank has committed $80 million in loan financing for this state-led pioneering special economic zone project, designed to foster linkages between educators, researchers, innovators, entrepreneurs, and industries, all within one location. The Ekiti State Government is committing $14.8 million in counterpart funding to complement the Bank’s financing for the $94.8 million project. EKZ promises to be a place where ideas converge, creativity thrives, and dreams take flight. In April 2023, the Federal Government of Nigeria…

Dangote Sugar Refinery Plc has opened N50 billion debut series 1 commercial paper offering to investors in the local debt capital market to boost working capital. According to Futureview Financial Services Limited, the amount offered to investors is part of its ₦150 billion Commercial Paper Issuance Programme. The short-term capital raise is scheduled to close on Tuesday, 27 February 2024. Dangote Sugar is the largest refinery of its kind in Sub-Saharan Africa, with a combined installed refining capacity of 1.44 million metric tonnes per annum and a market share of about 55% in the retail space. The issuer is a…

According to the data released by the statistics office on Thursday, Nigeria gross domestic product (GDP) growth slowed down to 2.74% in 2023. It was also released that Nigeria’s gross Domestic product grew by 3.36%in real terms in the fourth quarter of 2023. The statistics office said in the report that this growth rate is lower than the 3.52% recorded in the fourth quarter of 2022 and higher than the third quarter of 2023 growth of 2.54%. The performance of the GDP in the fourth quarter of 2023 was driven mainly by the services sector, which recorded a growth of…

A video of a gentleman proposing to his bae from prison has gone viral on social media, and peeps are startled. In the clip, the woman can be seen walking into a garden where it was beautifully decorated, and she was in awe. Netizens reacted to the video, with many calling the man Thabo Bester while others simply poked fun at the woman. A TikTok clip posted by @bloomingeventsco on the video platform shows a young lady walking into her grand surprise, prepared by her boyfriend, who is in prison. The event planner beautifully decorated the place. As the lady…

According to the Central Bank of Nigeria Money and Credit Statistics for the review period, it shows that credit to the Credit to the Government rose Month-on-Month (MoM) by 7.6 percent from N33.6 trillion in December 2023 to N36.16 trillion in January 2024. The data also shows that the credit to the private sector grew Month-on-Month (MoM) by 23 percent from N62.5 trillion in December 2023 to N76.9 trillion in January 2024. Consequently, the Net Domestic Credit (NDC) to the economy rose to N113.1 trillion in January 2024, representing a 17.5 percent MoM growth from N96.18 trillion in December 2023.…

Yobe Sate Governor, Mai Mala Buni, said some unscrupulous elements are seriously trying to undermine the serenity by causing additional hardship to the people through unnecessary bulk purchase and hoarding of staple food. He also added that committee with 24 members has been inaugurated to halt the exporting of grains outside the country and address the problem of hoarding of grains within the state. Buni said the committee will coordinate with security agencies for the sale of procured grains to the public at subsidised prices and to advise the government on any other measures that are necessary to address the…

Binance, a peer-to-peer exchange revealed its preparedness to work with Nigerian authority. It has capped the selling price of cryptocurrency stablecoin, Tether, on it platform as a result. On Wednesday, Binance revealed in a blog post on its website that its P-2-P platform is market-driven and not for currency pricing in Nigeria. It said, “Binance provides a P2P marketplace, not as a price discovery platform. To be clear: it is market-driven and is not intended to be a proxy for currency pricing in Nigeria. “To protect users, and to prevent any abuse, our system automatically pauses in the event of…

The removal of subsidy on fuel in June 2023 by President Bola Ahmed Tinubu led to an increase in price of fuel from N140 per litre to N500 per litre which has been increasing subsequently over the period and currently at N635 – N700 per litre. In a report by the National Bureau of Statistics, data shows that the increase in Price of Fuel led to decrease in importation by about 1 billion litre. The country received fuel importation of 2.09billion litre in January 2023 and 1.99 billion litre was imported in February 2023. It was 2.29 billion litres in…

Kibra Interbase Teams comprises soccer clubs from the larger Kibera constituency which participate in locally organised tournaments. The teams’ representatives reached out to Sakaja seeking support to install metallic goalposts and buy boots for young players. Governor Johnson Sakaja donated KSh 200,000 to them and pledged to lobby more sponsors to catalyse sporting activities across the city. Nairobi governor Johnson Sakaja has declared that he will not stop in his quest to boost youth talents as a way of countering crime and creating employment. On Tuesday, February 20, Speaking with Kibera Interbase Football Teams’ representatives on, the governor assured groups…

On Wednesday, HSBC said it achieved nearly 80 percent increase in pre tax profit in 2023, with the banking giant also announced further share buyback. It reported pre-tax profits of $30.3 billion, up from $17.1 billion the year before, in a statement to the Hong Kong stock exchange. The Asia-focused lender and its peers have been buoyed by rising interest rates for more than a year, but are bracing for greater economic uncertainties in 2024. Despite bumper profits, HSBC noted the effects of China’s slower-than-expected economic recovery after the Covid-19 pandemic as well as heightened geopolitical tensions. Profit after tax…