Author: Casey Ayodeji
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Nigeria’s Inflation Rate Hits 34.60%
Nigeria’s inflation rate increased to 34.60% in November 2024, up from 33.88% in the previous month, according to the National Bureau of Statistics (NBS). The Statistician-General, Prince Adeyemi Adeniran, noted that the current rate is 6.40 percentage points higher than the 28.20% recorded in November 2023. Food and Non-Alcoholic Beverages emerged as the primary driver…
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Shell Invests in Nigeria’s Bonga North Deep-Water Project
Shell Nigeria Exploration and Production Company Limited (SNEPCo) has approved a final investment decision for the Bonga North deep-water project off the Nigerian coast. The project involves drilling 16 wells, including 8 production and 8 water injection wells, and will be tied back to Shell’s existing Bonga Floating Production Storage and Offloading (FPSO) facility. With…
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Mobile Money to Bank: MTN Targets Banking Licence
MTN is preparing to acquire a banking licence once the South African Reserve Bank (SARB) opens its national payments system to non-banking entities. Currently operating MTN Mobile Money (MoMo), a limited transactional banking service, the mobile network operator sees an opportunity to become a more comprehensive financial service provider. MoMo has already grown to 11…
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Access Bank to Acquire Bidvest Bank in Major South African Expansion
Access Holdings Plc has announced a binding agreement to acquire a 100% equity stake in Bidvest Bank Limited, a strategic move aimed at expanding its presence in the South African financial market. The acquisition, expected to be completed in the second half of 2025, involves purchasing Bidvest Bank, a profitable financial institution established in 2000.…
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Mali, Burkina Faso and Niger Set to Exit ECOWAS in 2025
The Economic Community of West African States (ECOWAS) has officially confirmed that Mali, Burkina Faso, and Niger Republic will cease to be members of the regional bloc, with their withdrawal set to take effect between January 29 and July 29, 2025. ECOWAS Commission President Alieu Touray made the announcement during the 66th ordinary session of…
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Dangote Refinery Exports Petrol to Four African Countries
The Dangote refinery has started exporting Premium Motor Spirit (petrol) to Cameroon, Angola, Ghana, and South Africa in recent weeks, the company announced on Sunday. Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited, disclosed the exports during a meeting with a Japanese business delegation. He confirmed that the refinery’s products meet…
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APC Plots Political Takeover in Rivers State Ahead of 2027 Elections
National Chairman Abdullahi Ganduje of the All Progressives Congress (APC) party has declared the party’s intention to transform Rivers State into a political stronghold by 2027. Speaking during the inauguration of Tony Okocha and 22 other executive members, Ganduje outlined the party’s gradual expansion plan in the South-South region traditionally dominated by the Peoples Democratic…
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Cyber Fraud Bust: EFCC Arrests International Scammer
The Economic and Financial Crimes Commission (EFCC) has successfully apprehended a suspected international cybercriminal, Osang Otukpa, who allegedly orchestrated a massive fraud operation targeting Australian investors. The arrest, which took place at the Murtala Muhammed International Airport in Ikeja, marks a major breakthrough in combating transnational online financial crimes. According to EFCC spokesperson Dele Oyewale,…
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‘Everybody Loves Jenifa’ Shatters Nollywood Box Office Records
In a spectacular debut that has electrified the Nigerian film scene, Funke Akindele’s latest cinematic offering, ‘Everybody Loves Jenifa’, has clinched the title of highest-grossing opening day film in Nollywood history. The movie, released last Friday, raked in an impressive N45.2 million with 9,409 admissions, eclipsing previous records and cementing Akindele’s status as a powerhouse…
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Nigeria Slashes IMF Debt by 64% with $1.22 Billion Repayments
Nigeria has made some progress in reducing its International Monetary Fund (IMF) debt, paying off $1.22 billion over just nine months and decreasing its outstanding obligations by 64.42 percent. The Debt Management Office’s external debt service reports reveal a repayment plan, with quarterly payments breaking down as follows: $401.73 million in Q4 2023, $409.35 million…