Elon Musk’s SpaceX visits Nigeria’s telecoms regulator over critical satellite matter

SpaceX finally secures licence

Elon Musk’s SpaceX visits Nigeria’s telecoms regulator over critical satellite matter   A delegation from SpaceX, American aerospace manufacturer and space transportations services company owned by Elon Musk, worlds’ second richest man, has paid a visit to the Nigerian Communications Commission (NCC), Nigeria’s telecoms industry regulator. The visit, it was gathered, was about a low-earth orbiting (LOE) constellation of satellites which SpaceX is about to launch to provide low latency, high bandwidths Internet to all corners of the globe. The tech firm has identified Nigeria as a critical market for…

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NCC: Why you shouldn’t share cell phones, NIN, SIM cards

Why you shouldn't share cell phones

NCC: Why you shouldn’t share cell phones, NIN, SIM cards     The Nigerian Communications Commission (NCC) has listed the implications of sharing cell phones, National Identity Number (NIN), and Subscriber Identification Module (SIM) cards among telecom consumers. The Commission said that such devices could fall into the hands of wrong people; who would use them to commit crimes and later be traced to the owners of the devices, NIN or SIM cards. Mr Efeosa Edehen, Director Consumer Affairs Bureau, NCC, said on Thursday, May 6, at a consumer conversation event;…

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Global domestic flight demands surge in March – IATA

Global domestic flight

Global domestic flight demands surge in March – IATA   The International Air Transport Association (IATA) has announced that passenger traffic rose in March 2021 compared with February 2021. However, total demand for air travel in March 2021 (measured in revenue passenger kilometers or RPKs) was down 67.2 per cent, compared with March 2019. That was an improvement over the 74.9 per cent decline recorded in February 2021 versus February 2019. The global body explained that the comparisons between 2021 and 2020 monthly results were distorted by the extraordinary impact…

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Gold rallies as Bitcoin languishes around $56K

Gold rallies as Bitcoin languishes around $56K

Gold rallies as Bitcoin languishes around $56K     Bitcoin was trading sideways on Friday, even as gold rallied to three-month highs amid a renewed drop in U.S. real (inflation-adjusted) bond yields. The cryptocurrency was changing hands for $56,500 at 11:00 UTC, continuing a week-long consolidation in the range of $52,000 to $59,000, according to CoinDesk 20 data. Gold, a traditional store-of-value asset, rose to $1,820 per ounce, the highest level since Feb. 16. The move came a day after the U.S. 10-year real yield fell to a three-month low…

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MTN to expand network, refinance debt with completed N110bn bonds

MTN pays shareholders better dividend of N9.40k per share

MTN to expand network, refinance debt with completed N110bn bonds     MTN Nigeria Communications Plc said on Thursday that it had successfully completed the issuance of N110 billion Series 1 seven-year 13 per cent Fixed Rate Bonds due 2028, under a N200 billion bond programme to refinance existing debt and support network expansion. MTN Nigeria’s Chief Finance Officer, Modupe Kadri, said the company issued debt to optimise its funding costs. He said the company was looking to repatriate $250 million in outstanding dividend to the group and was hopeful…

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Probe begins Monday as FG suspends NPA managing director, Bala-Usman

Hadiza Bala-Usman

Probe begins Monday as FG suspends NPA managing director, Bala-Usman   President Muhammadu Buhari has suspended the Managing Director of the Nigerian Ports Authority NPA), Hadiza Bala-Usman, sources familiar with the development said on Thursday. It was learnt that a panel of enquiry had been constituted to look into the matter that prompted her suspension, as well as other concerns. The panel begins its work on Monday. It was, however, not clear what necessitated the suspension of the NPA boss, who was only reappointed in January this year by Buhari.…

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Maize Importation Ban: CBN insists Nigerian farmers will provide missing 4.5 metrics tones

Maize Importation Ban

Governor of the Central Bank of Nigeria (CBN) Mr. Godwin Emefiele, has assured that local farmers will bridge maize demand gap in Nigeria, vowing to resist importation of the crop into the country. Emefiele, who stated this at the unveiling of the first maize pyramid and flag-off of the 2021 Maize wet season farming under the CBN-Maize Association of Nigeria (MAAN) Anchor Borrowers’ Programme, in Kastina, yesterday, also urged Nigerian youths to embrace agriculture, assuring that the bank was ready to support them in the sector. He said the CBN…

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Diaspora Remittances: Is CBN’s Naira 4 Dollar Scheme here to stay?

Naira 4 Dollar Scheme

Diaspora Remittances: Is CBN’s Naira 4 Dollar Scheme here to stay?     The voracity of the Central Bank of Nigeria (CBN) to swell up its foreign exchange wallet is insatiable and the apex bank has been preoccupied with two things: reducing outflow of foreign exchange to its barest minimum and attracting the hard currencies to keep the reserves afloat of demands. Diaspora remittances has been a key channel for forex to find its way into the economy  and the World Bank emphasised this when it said that not less…

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Price dips in bellwethers cost stock investors N167bn

Chill in Nigeria stock market as investors lose N340bn in one day

Price dips in bellwethers cost stock investors N167bn     Following the price dip recorded by the bellwethers, the equities market today inched on a negative trend as the all-share index declined sharply by 0.81 per cent to close at 39,114.73 points. The southward movement in connection with the performance by MTN Nigeria (-4.7%), Dangote Cement (-2.5%) and FCMB(-5.8%) leading to a year to date loss of -2.9 per cent and driving the market capitalization to N20.5 trillion from N20.64 trillion. Consequently, market investors lost N167.1 billion from trading. However,…

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Lagos Commodities Exchange to begin gold trading

Lagos Commodities Exchange to begin gold trading

Lagos Commodities Exchange to begin gold trading The Lagos Commodities and Futures Exchange is set to begin gold trading with the admission of Dukia Gold‘s diversified financial instruments, backed by gold as the underlying asset. Dukia Gold said the instruments, which would be in form of exchange traded notes, commercial papers and other gold-backed securities, would enable the company to deepen the commodities market in Nigeria, increase capacity, generate foreign exchange for the government to diversify external reserves and create jobs across the metal production value chain. The Chairman, Dukia…

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