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CBN Sanctions Nine Banks N1.35Bn for Hoarding Cash CBN Sanctions Nine Banks N1.35Bn for Hoarding Cash
Finance5 hours ago

CBN Sanctions Nine Banks N1.35Bn for Hoarding Cash

Nine Deposit Money Banks (DMBs) are to pay a N1.35 billion fine for failing to adequately load their Automated Teller...
Senior Management Development Programme Senior Management Development Programme
General5 hours ago

FristBank Breaks Silence over $225.8m Conflict with GHL
Ipsos and Google Ipsos and Google
Technology19 hours ago

Nigeria Attains 70% Adoption Rate to Beat Global AI Usage
Telecoms1 day ago

US Supports Nigeria’s 90,000km Fibre Optic Ambition with $2m Grant

Latest

Technology2 years ago

METRICS: Hilda Baci’s Record-Breaking Cooking Gains 4.8 Billion Media Reach

Activities around Hilda Baci’s still-fresh Cook-a-thon that saw her breaking Guinness record as world’s longest cooking champion have enjoyed audience...

Top Reads

Travels7 days ago

China Development Bank Approves $254.76m Loan for Nigeria’s Kano-Kaduna Railway Project 
Dangote Refinery to Sell Petrol Exclusively to NNPC
Energy7 days ago

Dangote Refinery Retained 13% of Nigeria’s Crude Exports – Report
Economy3 days ago

Lagos Sets Deadline for Employers to File 2024 Annual Tax Returns
CBN Sanctions Nine Banks N1.35Bn for Hoarding Cash
News3 days ago

CBN Introduces New Account Types for Non-resident Nigerians
Ethiopian Securities Exchange ESX
Capital Market3 days ago

Ethiopia Revives Stock Market after 50-year Shutdown
The World’s Top 10 Safest Airlines for 2025
Aviation1 day ago

The World’s Top 10 Safest Airlines for 2025
CBN authorises Payment Service Banks in Nigeria to sell dollars
Economy3 days ago

CBN Halts Export Proceeds Repatriation Extensions
Tinubu's visit to Enugu
Opinion3 days ago

Significance of President Tinubu’s Enugu Visit
Emirates World’s First Autism Certified Airline
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Emirates Set to Become World’s First Autism Certified Airline
December Inflation
Economy1 day ago

December Inflation Predicted to Worsen to 35.20%
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Markets

STRIKE: Equity Market Records N102BN Loss
Capital Market13 hours ago

NGX Posts 1.7% Decline as Investors Lose N1.1 Trillion

After reaping impressive returns on their investments last week, stock investors in Nigeria are parting with fortune since they returned...
NGX Closes Year’s First Full Trading Week with N1.137trn Profit NGX Closes Year’s First Full Trading Week with N1.137trn Profit
Capital Market2 days ago

NGX Closes Year’s First Full Trading Week with N1.137trn Profit
Ethiopian Securities Exchange ESX Ethiopian Securities Exchange ESX
Capital Market3 days ago

Ethiopia Revives Stock Market after 50-year Shutdown
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Markets1 week ago

GTCO Completes N209 Billion First Phase Of Capital Raise
Economy1 week ago

Aggregate Sectoral Utilisation of FX Increased +72% on Annual Basis, but Fell -11% on Quarter Basis in Q3 2024
Investors Lose N954 Million on Stocks
Capital Market2 weeks ago

MTN, UBA, Aradel Push NGX to Negative Close to End 2024
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Cryptocurrency

$80,000 Mark in View as Bitcoin Rides on US Election Frenzy $80,000 Mark in View as Bitcoin Rides on US Election Frenzy
Cryptocurrency2 months ago

$80,000 Mark in View as Bitcoin Rides on US Election Frenzy

Bitcoin has experienced wild price swings since Vice President Kamala Harris announced her candidacy for the U.S. Presidential election in...
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Cryptocurrency2 months ago

Election Season Boosts Political Meme Coins to New Heights

Given the ongoing U.S. presidential election, political meme coins are again on the rise. The PolitiFi category has gained 3%...
Americans Lost over $5.6 Billion to Crypto Scams in One in 2023 – FBI     Americans Lost over $5.6 Billion to Crypto Scams in One in 2023 – FBI    
Finance4 months ago

Americans Duped $5.6 Billion in Crypto Scams in 2023 – FBI    

Americans were duped out of more than $5.6 billion last year through fraud schemes involving cryptocurrency, the FBI said in a...
Crypto Fraud Scheme Crypto Fraud Scheme
Cryptocurrency5 months ago

Malaysian Police Arrest 21 in Crypto Fraud Scheme Targeting Japanese Investors

Malaysian authorities have taken down a major cryptocurrency scam scheme targeting Japanese nationals. According to local reports, the Royal Malaysia Police,...
crypto scams crypto scams
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Australians Lost $12m Worth of Crypto to Scams in 12 Months

Australians lost cryptocurrency worth Australian dollar 180 million ($122 million) to investment scams in just 12 months, the Australian Federal...
Daily Trade in Dollar Rises by 117% Daily Trade in Dollar Rises by 117%
Economy8 months ago

Rate Manipulation: SEC Moves to Delist Naira from P2P Crypto Space

The Ag Director General of the Securities and Exchange Commission (SEC) Dr. Emomotimi Agama, has disclosed the Commission’s plans to delist...
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Technology

Nigeria’s Telecoms Sector Under Pressure as Broadband Connections Grow Modestly Nigeria’s Telecoms Sector Under Pressure as Broadband Connections Grow Modestly
Analyst Insight18 hours ago

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Nigeria to Benefit from $136BN AI Gains, Says WTO DG Okonjo-Iweala Nigeria to Benefit from $136BN AI Gains, Says WTO DG Okonjo-Iweala
Economy19 hours ago

Nigeria to Benefit from $136BN AI Gains, Says WTO DG Okonjo-Iweala
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Telecoms1 day ago

‘Cost of Data in Nigeria, Lowest in West Africa’
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InnovateAI Lagos 2025 Conference Holds February 21
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Survival of Telecom Sector in 2025 Uncertain, ALTON Cries Out
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UnoTelos, Niral Networks Forge Alliance to Revolutionise Connectivity in Africa

Economy

N5trn at Stake as Police Threatens to Exit Contributory Pension Scheme 
Economy4 hours ago

N5trn at Stake as Police Threatens to Exit Contributory Pension Scheme 

The move by the Nigerian Police Force (NPF) to pull out of the Contributory Pension Scheme (CPS)  could cause damage...
e Minister of Budget and Economic Planning, Abubakar Bagudu e Minister of Budget and Economic Planning, Abubakar Bagudu
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Minister Says FG Upbeat to Achieve N36 Trillion Revenue Target
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December Inflation Predicted to Worsen to 35.20%
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Lagos Sets Deadline for Employers to File 2024 Annual Tax Returns
CBN authorises Payment Service Banks in Nigeria to sell dollars
Economy3 days ago

CBN Halts Export Proceeds Repatriation Extensions
Dangote Refinery to Sell Petrol Exclusively to NNPC
Energy7 days ago

Dangote Refinery Retained 13% of Nigeria’s Crude Exports – Report
Travels7 days ago

China Development Bank Approves $254.76m Loan for Nigeria’s Kano-Kaduna Railway Project 
Economy1 week ago

Making Nigeria Strong Again: Addressing the Weakness of a National Economy
Economy1 week ago

Aggregate Sectoral Utilisation of FX Increased +72% on Annual Basis, but Fell -11% on Quarter Basis in Q3 2024
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Commodities News & Agribusiness

Oil Slides Below $80 amidst Uncertainties in U.S Policies Oil Slides Below $80 amidst Uncertainties in U.S Policies
News18 hours ago

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Economy5 months ago

Nigeria’s Cocoa Exports Jump 304% on Demand, Naira
Commodities News & Agribusiness6 months ago

FG Targets 500,000 Metric Tonnes of Cocoa Production by 2025
Foodstuff Store Introduces Innovative Recycling Program Foodstuff Store Introduces Innovative Recycling Program
Commodities News & Agribusiness8 months ago

Foodstuff Store Introduces Innovative Recycling Program

Finance

Leadway Relieves Borno Flood Victims with N117m Leadway Relieves Borno Flood Victims with N117m
Insurance4 hours ago

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Economy3 days ago

Lagos Sets Deadline for Employers to File 2024 Annual Tax Returns
CBN authorises Payment Service Banks in Nigeria to sell dollars CBN authorises Payment Service Banks in Nigeria to sell dollars
Economy3 days ago

CBN Halts Export Proceeds Repatriation Extensions
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China Development Bank Approves $254.76m Loan for Nigeria’s Kano-Kaduna Railway Project 
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Sponsored1 week ago

KPMG Recognizes PalmPay for Excellence In Its 2024 West Africa Banking Industry Survey
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Viewpoints

Tinubu's visit to Enugu
Opinion3 days ago

Significance of President Tinubu’s Enugu Visit

By Tunde Rahman President Bola Tinubu’s one-day visit to the Southeast, his first of 2025, was not just a routine...
Economy1 week ago

Making Nigeria Strong Again: Addressing the Weakness of a National Economy
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Energy2 weeks ago

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Facts Behind MultiChoice’s Subscriber Numbers
Technology2 months ago

Facts Behind MultiChoice’s Subscriber Numbers
NASENI Trains Procurement Officers, Others on Global Best Practices
Technology4 months ago

Khalil Halilu’s 365 Days Outstanding Transformations at NASENI
Temi Adeniyan
Technology5 months ago

Leveraging Mentorship to Build a Career in Cybersecurity
Protest in Nigeria and the Russian Flag Dimension
Opinion5 months ago

Protest in Nigeria and the Russian Flag Dimension
Opinion6 months ago

The Paradox of a Peaceful Protest
FG's domestics debt
Economy6 months ago

Repositioning the Economy and What the Numbers are Saying
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General News

Education1 week ago

NANS Urges FG to Intervene in FCET Akoka Provost Crisis

The National Association of Nigerian Students (NANS) has called on the federal government to intervene in the crisis surrounding the...
Disengaged staff sue CBN Disengaged staff sue CBN
Finance1 week ago

Disengaged Workers Sue CBN, Demand N30bn Compensation
Economy1 week ago

Tinubu Promises to Complete Eastern Rail Line, Support Anambra Basin
News3 weeks ago

FG Debunks Accusation of Colluding with France to Destabilize Niger Republic
Young Professionals for Tinubu YP4T
Health3 weeks ago

YP4T Provides Healthcare, Aid Initiative for 2,000 Residents of Ikeja Police Barracks
Dangote Refinery
Energy4 weeks ago

JUST IN: Dangote Refinery Reduces Petrol Price to N899.50k/litre
Dutch Authorities Fine Netflix €4.75M for Data Breach 
Technology4 weeks ago

Dutch Authorities Fine Netflix €4.75M for Data Breach 
Economy4 weeks ago

Tinubu Presents N47.90Trn 2025 Budget Estimates, Earmarks N15.81Trn for Debt Servicing
Prof. Ismail Ibraheem
General1 month ago

UNILAG Don Ibraheem to Dissect Casino Journalism at Inaugural Lecture
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Travels & Aviations

Emirates World’s First Autism Certified Airline
Aviation1 day ago

Emirates Set to Become World’s First Autism Certified Airline

PRESS RELEASE Emirates is on the path to becoming the world’s first Autism Certified Airline, a milestone that reflects its...
The World’s Top 10 Safest Airlines for 2025 The World’s Top 10 Safest Airlines for 2025
Aviation1 day ago

The World’s Top 10 Safest Airlines for 2025
Autos1 month ago

How Smart Video is Defining Future EV Infrastructure
African Airline Travel
Aviation2 months ago

Demand for African Airline Tickets Surges by 11.9% – IATA
Aviation4 months ago

Airbus Names Gabriel Semelas to Lead Airbus in Africa and the Middle East
Wakanow.com Advances Partnership opportunities with Air Côte d'Ivoire
Aviation6 months ago

Wakanow Advances Partnership Opportunities with Air Côte d’Ivoire
Speedbird Pilot Academy
Aviation6 months ago

APPLY: British Airways to Spend £21m to Train 200 Pilots
wakanow
Travels7 months ago

Wakanow Positions for $38BN Revenue Boom in Africa’s Travel, Tourism Sector 
InDrive
Technology7 months ago

InDrive Announces Platform Safety Upgrade
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Energy

Dangote Refinery to Sell Petrol Exclusively to NNPC
Energy7 days ago

Dangote Refinery Retained 13% of Nigeria’s Crude Exports – Report

The Dangote Petroleum Refinery retained 13% of Nigeria’s crude oil exports as domestic supply in 2024, a new report by...
NNPC Ltd, First E&P Commences 20,000bpd Production at OML 85 NNPC Ltd, First E&P Commences 20,000bpd Production at OML 85
Energy2 weeks ago

ANALYSIS: Signs of Optimism in Oil Markets as a New Year Begins
Shell's Fresh $5 Billion Investment Proves IOCs Remain Confident in Nigeria – TDF Shell's Fresh $5 Billion Investment Proves IOCs Remain Confident in Nigeria – TDF
Economy3 weeks ago

Shell’s Fresh $5 Billion Investment Proves IOCs Remain Confident in Nigeria – TDF
Dangote Refinery
Energy4 weeks ago

JUST IN: Dangote Refinery Reduces Petrol Price to N899.50k/litre
ANALYSIS: Signs of Optimism in Oil Markets as a New Year Begins
Energy2 months ago

China Loses Potential Revenues as Oil Surplus Drops by 46.2%
African Atlantic Gas Pipeline project
Energy2 months ago

$26BN African Gas Pipeline Project Receives Boost to Connect 13 African Countries
Oando’s Assets More than Double to N2.68 Trillion in One Year Oando Plc has released its audited Consolidated Financial Statements for the full year ended December 31, 2023, to the Nigerian Exchange Group (NGX). The company reported a total asset of N2.68 trillion as against N1.25 trillion posted in the comparable period of 2022, representing a growth of 113.73%. The company recorded a 43% increase in revenue, reaching N2.9 trrillion compared to N1.9 trillion in 2022. Notably, Oando achieved a turnaround, transitioning from a loss in 2022 to a profit-after-tax of N60.3 billion in 2023, a 961% increase in its operating profits despite the 24% reduction in the realised oil price ($83.15/bbl in 2023 compared to $109.55/bbl in 2022). According to the company, the reduction was consistent in gas prices as the value fell from $14.74/bbl in 2022 to $12.19/bbl in 2023; and in NGL prices with a similar decline from $6.23/boe in 2022 to $4.87/boe in 2023. Additionally, the company reduced its upstream borrowings by 23 per cent, from $635.6m in 2022 to $488.9m in 2023. Commenting on the results, Group Chief Executive, Oando Plc, Wale Tinubu, said: “Despite the operational hurdles occasioned by security breaches and persistent pipeline vandalism in the Niger Delta, we achieved a profit after tax of N60 billion, bolstered by the strength of our global trading alliances, a 12 per cent increase in total production, and favourable exchange gains from our foreign currency denominated assets.” “Our recently completed transformational acquisition of NAOC Ltd is a pivotal moment for the Company due to the expansive reserves and vast infrastructure network. Following our 2014 acquisition of ConocoPhillips’s Nigerian unit, this transaction was the next phase in our long-term strategy to increase our reserves and production capacity by leveraging the exit of the International Oil Companies whilst securing operational control of the assets. “Our immediate focus now shifts to a seamless integration and execution of initiatives towards achieving a marked increase in production. We are confident about the opportunities this platform provides and are committed to delivering sustainable value to all stakeholders” he added. Despite persistent operational security challenges in the Niger Delta, Oando achieved a 12 per cent increase in total production, reaching 23,258boepd in 2023 compared to 20,703boepd in 2022. Expanding on the performance of its production portfolio, Oando averaged a daily production of 6,211 bbls/day, making a 26 per cent increase to its 4,939 bbls/day in 2022. Consistent with the improved performance, it averaged 16,808boe/day of natural gas, 10 per cent better than 15,292 boe/day of natural gas in 2022. The company cited improved operations and repairs of shut-in wells offset by persistent sabotage activities as a reason for the production increase. The decline in global oil prices in 2023 was because of a tumultuous year of trading marked by geopolitical turmoil and concerns about the oil output levels of major global producers. The company noted that the operating profits increase was “driven by the increase in revenue and a significant increase in other operating income, largely due to foreign exchange gains on the group’s US dollar-denominated monetary assets. This was despite an increase in administrative expenses primarily from exchange losses from the impact of the Naira devaluation on our foreign currency-denominated liabilities.”
Markets2 months ago

Oando’s Assets More than Double to N2.68 Trillion in One Year
1.3 Million Meters to be Delivered by June 2025 – Minister
Energy3 months ago

1.3 Million Meters to be Delivered by June 2025 – Minister
Nigeria’s Oil Regulators: NNPC Retracts its Claws from Dangote Refinery
Economy3 months ago

Nigeria’s Oil Regulators: NNPC Retracts its Claws from Dangote Refinery
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Showbiz

Dutch Authorities Fine Netflix €4.75M for Data Breach 
Technology4 weeks ago

Dutch Authorities Fine Netflix €4.75M for Data Breach 

Dutch authorities have imposed a €4.75 million ($4.98 million) fine on  Netflix for failing to adequately inform subscribers about how their personal...
Seven Doors Premiere Seven Doors Premiere
Showbiz1 month ago

Femi Adebayo’s Seven Doors Premiere Set To Dazzle At Imax Lekki On December 11th
Dutch Authorities Fine Netflix €4.75M for Data Breach  Dutch Authorities Fine Netflix €4.75M for Data Breach 
Technology6 months ago

Netflix Inflates Subscription Price by 40%
Water and Garri
Showbiz8 months ago

TECNO Takes Centre Stage at ‘Water and Garri’ Movie Premier
Nigerian Artists Reap N25bn In Spotify Streaming Royalties In 2023
Technology8 months ago

Nigerian Artists Reap N25BN in Spotify Streaming Royalties in 2023
EU Slams Apples $1.95 Billion Antitrust Fine
Showbiz11 months ago

EU Slams Apple with $1.95 Billion Antitrust Fine
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Spotify’s Afrobeats Journey to a Billion Streams Site gets Fresh Updates 
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FirstBank DecemberIssaVybe Asake Kicks Off 2023 Superstar Concerts, Events
Burna Boy
Showbiz1 year ago

Burna Boy Leads as top streamed African artist in Sub Saharan Africa
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Appointments

Kingsley Ifeanyi Adonu
Profiles3 weeks ago

Kingsley Ifeanyi Adonu Bags MTN Nigeria Partners Award 2024

In an extraordinary display of excellence, Kingsley Ifeanyi Adonu, a leading MTN Nigeria partner from Enugu, has shattered records to...
Henrietta Ugboh Henrietta Ugboh
Appointments2 months ago

UBA Appoints Henrietta Ugboh Independent Non-executive Director
Equinix Wole Abu Equinix Wole Abu
Technology2 months ago

Equinix Appoints Wole Abu as MD for West Africa as Funke Opeke Steps Down
Sunday Akin Dare
Appointments3 months ago

Meet Sunday Akin Dare: President Tinubu’s New Special Adviser on Public Communication and Orientation
Appointments4 months ago

Stanbic IBTC Holdings Plc Appoints Olusola David-Borha as Chairman of the Board
Appointments4 months ago

CSCS Strengthens Board with Appointment of Bola Adesola and Aisha Muhammed-Oyebode as Directors
Appointments5 months ago

Dr. Obadare Peter Adewale Appointed Professor of Practice at Miva Open University
News5 months ago

Tinubu Makes 7 New Appointments at Humanitarian Ministry
Technology6 months ago

Ojo, Adebayo, Nnamani, Ekuwem, Nwannenna, Odusote join DigitalSENSE Hall of Fame
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Sports

News3 months ago

Nigerian-born Bodybuilder Samson Dauda Wins 2024 Mr Olympia, Takes Home $600k Prize
PalmPay Champions Responsible Gaming to Curb Fraud Among Sports Pundits in Nigeria PalmPay Champions Responsible Gaming to Curb Fraud Among Sports Pundits in Nigeria
Sports10 months ago

PalmPay Champions Responsible Gaming to Curb Fraud Among Sports Pundits in Nigeria
Unity in Victory: TECNO's Bold Move Amplifies Community Spirit at AFCON Showdown In a bold move to immerse Nigerian football enthusiasts in the AFCON semi-final clash between the Super Eagles of Nigeria and the Bafana Bafana boys of South Africa, TECNO turned Ojo Square in Yaba into a vibrant arena of football enthusiasm. The crowd, buzzing with energy, witnessed not just a game but a dynamic spectacle where TECNO's commitment to community engagement took centre stage. As the Super Eagles dazzled on the field, the atmosphere crackled with anticipation, and TECNO seized the moment, transforming the viewing party into a carnival of surprises. Amidst spirited games, cheers, and jubilation, the crowd celebrated each goal as TECNO elevated the experience with unexpected thrills. The climax came with Nigeria's victory, celebrated in a crescendo of unity as Mr Real dazzled with his tune, Legbegbe. Amidst the jubilation, Jason Akpanema emerged as the fortunate winner of the TECNO SPARK 20 device by correctly predicting the match's outcome, igniting a new wave of applause. The TECNO SPARK 20 Viewing Party wasn't just about football; it was a testament to TECNO's bold approach to community engagement, turning moments into memories that resonate far beyond the pitch. It was a swell time, and these pictures only give a sneak peek into what was happening at the TECNO SPARK 20 Viewing Party. Unity in Victory: TECNO's Bold Move Amplifies Community Spirit at AFCON Showdown In a bold move to immerse Nigerian football enthusiasts in the AFCON semi-final clash between the Super Eagles of Nigeria and the Bafana Bafana boys of South Africa, TECNO turned Ojo Square in Yaba into a vibrant arena of football enthusiasm. The crowd, buzzing with energy, witnessed not just a game but a dynamic spectacle where TECNO's commitment to community engagement took centre stage. As the Super Eagles dazzled on the field, the atmosphere crackled with anticipation, and TECNO seized the moment, transforming the viewing party into a carnival of surprises. Amidst spirited games, cheers, and jubilation, the crowd celebrated each goal as TECNO elevated the experience with unexpected thrills. The climax came with Nigeria's victory, celebrated in a crescendo of unity as Mr Real dazzled with his tune, Legbegbe. Amidst the jubilation, Jason Akpanema emerged as the fortunate winner of the TECNO SPARK 20 device by correctly predicting the match's outcome, igniting a new wave of applause. The TECNO SPARK 20 Viewing Party wasn't just about football; it was a testament to TECNO's bold approach to community engagement, turning moments into memories that resonate far beyond the pitch. It was a swell time, and these pictures only give a sneak peek into what was happening at the TECNO SPARK 20 Viewing Party.
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Unity in Victory: TECNO’s Bold Move Amplifies Community Spirit at AFCON Showdown
Viewpoints1 year ago

Super Falcons’ World Cup Outing in Retrospect
Super Falcons Crash Out of 2023 Women World Cup Super Falcons Crash Out of 2023 Women World Cup
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Erling Haaland Emerges Most Expensive Players with Worth €245million. See Others Erling Haaland Emerges Most Expensive Players with Worth €245million. See Others
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