First Bank Holding Plc has said it had instructed its lawyers to defend it following a court order stopping it from implementing all the decisions taken at its 10th Annual General Meeting (AGM) held on June 20, 2022 in Lagos. In a statement yesterday by the Acting Company Secretary, Adewale Arogundade, to the Nigerian Exchange Read More…
The management of Aero Contractors Company Nig. Ltd., has said it would temporarily suspend scheduled passenger services operations from Wednesday. It explained in a statement that the suspension does not affect Aero’s other businesses. ”These businesses are not suspended: the Approved Maintenance Organisation; otherwise known as AeroMRO; the Approved Training Organisation, also known as Aero Read More…
Nigeria has approved imports of a drought-resistant, genetically modified wheat developed by Argentina’s Bioceres, a company spokesperson said on Friday. The African country joins the list of others who have already authorized the importation of goods made from Bioceres’ HB4 wheat, including Australia, New Zealand and Brazil. “Nigeria has told Bioceres that it approved (Bioceres’) Read More…
Nigeria is among a dozen countries in danger of debt default, six of them African, a Reuters report has revealed. Traditional debt crisis signs of crashing currencies, 1,000 basis point bond spreads and burned FX reserves point to a record number of developing nations now in trouble. Lebanon, Sri Lanka, Russia, Suriname and Zambia are Read More…
Elon Musk, the chief executive officer of Tesla and the world’s richest person, said on Friday he was terminating his $44 billion deal to buy Twitter because the social media company had failed to provide information about fake accounts. Shares of Twitter were down 7% in extended trading. Musk had offered $54.20 per share in Read More…
A U.S. appeals court on Friday granted Exxon Mobil Corp and Royal Dutch Shell Plc affiliates leave to enforce a part of a ₦747 billion ($1.8 billion) arbitration award against the Nigerian National Petroleum Corporation (NNPC), in a dispute concerning oil extraction near the African country’s coastline. In a 3-0 decision, the 2nd U.S. Circuit Read More…
A court in Kenya has frozen more than $40 million in accounts belonging to Africa-focused payments giant Flutterwave under the country’s anti-money laundering laws, court documents showed. Founded in 2016 in Nigeria, the San Francisco-headquartered firm, specialises in individual and consumer transfers, one of several fintech firms facilitating and capitalising on Africa’s booming payments market. Read More…
Nigeria’s markets regulator, the Securities and Exchange Commission (SEC) has published a set of regulations for digital assets, signalling Africa’s most populous country is trying to find a middle ground between an outright ban on crypto-assets and their unregulated use. Nigeria’s central bank last year banned banks and financial institutions from dealing in or facilitating Read More…
Uyo-based airline, Ibom Air, on Saturday said it will not take part in an industry plan to stop flights from Monday over the high cost of jet fuel, saying the move would affect revenues needed to service obligations to financiers and suppliers. The Airline Operators of Nigeria association said on Friday that members will stop Read More…
Africa has become Europe’s latest gas hunting ground. Moscow’s decision to halt supplies to Poland and Bulgaria has sharpened concerns about the bloc’s Russian energy addiction. Italian Prime Minister Mario Draghi has already rushed to sign deals with Algeria, Egypt and the Congo Republic to curb his country’s reliance on Moscow. Africa’s vast fossil fuel Read More…
