The Federal Government has imposed a nationwide ban on electricity distribution companies (DisCos) and meter installers from charging consumers for the installation of electricity meters, warning that violators will face prosecution. The directive was issued by the Minister of Power, Adebayo Adelabu, during an inspection of a new shipment of imported smart meters at APM …
TikTok has finalised a $14 billion deal to create a US-based subsidiary, narrowly avoiding a nationwide ban on the popular video-sharing platform. Under the new ownership structure, US private equity firm Silver Lake, Abu Dhabi-based artificial intelligence company MGX, and technology giant Oracle will each acquire a 15 per cent stake in the joint venture. …
TikTok has finalised a $14 billion deal to establish a US subsidiary, avoiding a nationwide ban that threatened to shut down the popular video-sharing platform in the country. Under the new ownership structure, Silver Lake, Abu Dhabi-based artificial intelligence firm MGX, and US tech giant Oracle will each hold a 15 per cent stake in …
Elon Musk filed a lawsuit against OpenAI and Microsoft on Friday, seeking $79 billion to $134 billion in “wrongful gains.” Musk argues that OpenAI abandoned its original nonprofit, “for humanity” mission and instead became a profit-oriented company. OpenAI and Microsoft deny any obligation to Musk, saying he has no contractual right to the damages. Elon …
LAGOS – Nigeria’s deposit money banks (DMBs) pulled back further on lending in the second quarter of 2025, highlighting the mounting impact of restrictive monetary policy on credit creation and real sector activity. Latest data from the Central Bank of Nigeria (CBN) show that total sectoral utilisation of credit declined by about 2 per cent quarter-on-quarter …
Major brewers in Nigeria generated a combined revenue exceeding ₦1.54 trillion from beer and other non-alcoholic beverages in the first nine months of 2025, reflecting the estimated spending by Nigerians on brewery products during the period. Based on the unaudited financial statements of Nigerian Breweries Plc, International Breweries Plc, and Champion Breweries Plc for the …
The Organisation of Petroleum Exporting Countries (OPEC) has reported a 0.7 percent decline in Nigeria’s crude oil production, excluding condensate, which fell to 1.486 million barrels per day (bpd) in November 2025 from 1.496 million bpd in October. OPEC does not include condensate in its production quota calculations. Nigeria’s condensate output currently stands at about …
Petrol importation continued to dominate fuel consumption in Nigeria in 2025, accounting for 62.47% of the country’s total Premium Motor Spirit (PMS) use, according to a report by The PUNCH. This reliance persisted even as domestic refineries, particularly the Dangote Petroleum Refinery, ramped up production and distribution, alongside state-owned refineries and several modular facilities. The …
Nigeria’s banking sector is undergoing one of the biggest transformations in decades following the Central Bank of Nigeria’s (CBN) new minimum capital requirement introduced in March 2024. Under the recapitalisation policy, banks are expected to raise additional capital and meet new thresholds by 31 March 2026, as part of efforts to build stronger and more …
No fewer than 248 passengers escaped death on Friday night after a Qatar Airways aircraft developed a technical fault mid-air and was forced to make an emergency landing at the Murtala Muhammed International Airport in Lagos. The Lagos State Emergency Management Agency (LASEMA) confirmed that the aircraft, carrying 248 passengers and 12 crew members, encountered …
