British billionaire Jim Ratcliffe finalised a momentous deal on Sunday, acquiring a long-awaited 25% stake in Manchester United and committing to inject $300 million into the Premier League club to reignite its fortunes. The agreement, marking Ratcliffe’s INEOS group taking charge of the club’s soccer operations, concludes a period of uncertainty following the Glazer family’s Read More…
Business
Sanwo-Olu launches N750 million market trader support programme
Governor Babajide Sanwo-Olu unveiled the N750 million Lagos Market Transfer Money programme, benefiting 15,000 market traders across 20 Local Governments and 37 Local Council Development Areas. The inauguration occurred at the Fresh Food Agro-Hub in Idi-Oro Market, Mushin Local Government Area. Sanwo-Olu highlighted the initiative’s aim to tackle post-harvest losses, inflation, traffic congestion, and carbon Read More…
IBM secures Software AG’s integration platforms for ₦2 trillion to boost AI and hybrid cloud
IBM unveiled its plans on Monday to acquire Software AG’s enterprise integration platforms for 2 trillion Naira ($2.33 billion), aiming to strengthen its capabilities in artificial intelligence and hybrid cloud solutions. The purchase involves Software AG’s StreamSets and webMethods platforms, which cater to crucial functions such as application integration, API management, and data integration. The Read More…
Moniepoint MfB launches Christmas rewards with “Refer and Earn” initiative
Moniepoint Microfinance Bank (MfB) has unveiled a festive season treat for its customers through the “Moniepoint Personal Banking Refer and Earn” initiative. The Managing Director, Babatunde Olofin, highlighted that this programme aims to reward customers during the holiday season, aligning with the spirit of generosity that defines this time of the year. Olofin emphasised the Read More…
Nigerian Breweries board reshuffles: Chairman Asue Ighodalo resigns; Sijbe Hiemstra appointed Interim Chairman
Nigerian Breweries Plc disclosed a significant shift in its board composition, notably the resignation of Chairman Mr. Asue Ighodalo, as confirmed by the Company’s Secretary, Mr. Uaboi Agbebaku, in a notification to the Nigerian Exchange Ltd. (NGX). Agbebaku clarified that Ighodalo communicated his resignation and intent to pursue public service, adhering to sound corporate governance Read More…
Nigeria mulls power utility stake transfer to states amid chronic shortages
Nigeria’s government is exploring a strategic shift, considering relinquishing its 40% stake in 11 power distribution companies (DISCOs) to state governments in a bid to enhance oversight and combat the nation’s longstanding power deficits. Adebayo Adelabu, Nigeria’s Minister of Power, revealed plans to potentially exchange federal shares in the DISCOs for stakes in the Niger Read More…
Microsoft’s OpenAI partnership faces antitrust scrutiny in US and UK amid governance shake-up
A regulatory storm brews as Microsoft’s collaboration with OpenAI comes under the antitrust microscope in both the US and UK following recent upheavals in the startup’s leadership. Nearing the resolution of a boardroom clash resulting in the abrupt exit and return of CEO Sam Altman, Microsoft, a substantial supporter of OpenAI, secured a non-voting observer Read More…
Eight African women-led businesses triumph in 2023 YouthADAPT challenge
In Abuja, the African Development Bank (AfDB) proudly announced the victory of eight vibrant African women-led enterprises in the 2023 YouthAdapt challenge. Each business is set to receive grant funding of up to $100,000, affirmed by a statement issued by the AfDB during the COP28 in Dubai. These winners will also be enrolled in a Read More…
Electric vehicles surprisingly outpace oil demand reduction at COP28 Conference, reveals IEA
According to a report unveiled at the COP28 climate conference in Dubai by the International Energy Agency (IEA), the global drive toward electric vehicles (EVs) is markedly denting the demand for fossil fuels, despite concerns about the sluggish reduction in fossil fuel consumption to combat climate change. Industry experts note that soaring sales of EVs Read More…
German Institute urges EU-Africa WTO reform to counter Chinese influence
The German Economic Institute (IW) is advocating for a strategic collaboration between the European Union (EU) and African nations to overhaul World Trade Organisation (WTO) subsidy regulations, aiming to mitigate Chinese market imbalances and diplomatic leverage. In a recent publication, the IW proposed this strategy, emphasising the need to address distortions caused by China’s economic Read More…