UPDC Plc, an institutional property company, posted an after-tax profit of N59 million in the first quarter of 2024 compared with a loss of N157 million in the same period of last year, according to its latest financial statements. A breakdown of the revenue by category showed that the company generated N752 million from […]

The African Development Bank (AfDB) has disclosed plans to invest a $1billion policy-based operation fund with significant energy component aimed at supporting the ongoing power sector reforms triggered by the new Electricity Act. Kevin Kariuki, the vice president on Power, energy, climate change at the AfDB disclosed this at the […]

Emirates will resume services to Nigeria from 1 October 2024, operating a daily service between Lagos and Dubai, and offering customers more choice and connectivity from Nigeria’s largest city to, and through, Dubai. The service will be operated using a Boeing 777-300ER. EK783 will depart Dubai at 0945hrs, arriving in […]

Cross River State government, has secured a $3.5 billion funding from the Pan-African multilateral financial institution, African Export-importbank (Afreximbank), for some of its key infrastructure projects in the state. The state governor, Senator Bassey Otu, who was in Egypt, last week for a workshop, also visited the African Export-Import Bank […]

One month after obtaining a court order to recover $24 million lost to unauthorised POS transactions, Flutterwave suffered another security breach that allowed unknown persons to divert billions of naira to several bank accounts. The perpetrators illegally transferred ₦11 billion ($7 million) to several accounts in April 2024, one financial […]

The Federal High Court sitting in Lagos has held that a Central Bank of Nigeria (CBN) regulation, which requires financial institutions to demand and collect the social media handles of their customers, as part of the standard Know-Your-Customer procedure, is not a breach of the right to privacy. Justice Nnamdi […]

Speakers of the 36 Houses of Assembly across the country have endorsed ongoing work by the National Assembly to make provision for state policing in the nation’s constitution. The speakers made their resolution known at the end of a meeting in Abuja on Thursday night. Recall that the Inspector-General of […]

The Naira yesterday depreciated in the parallel market to N1,540 per dollar from N1,530 per dollar on Wednesday. Similarly, the Naira yesterday depreciated to N1,533.99 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,533.99 per […]

There seems to be hope in the offing for Nigeria as its dwindling daily oil production turned the corner in April, rising marginally from 1.23 million barrels per day in March to 1.28 mbpd, according to the Organisation of the Petroleum Exporting Countries. OPEC, in its Monthly Oil Market Report […]