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Reforms in Mining Sector Yielding Results – Alake Reforms in Mining Sector Yielding Results – Alake
Economy15 hours ago

Reforms in Mining Sector Yielding Results – Alake

The Minister of Solid Minerals Development, Dr. Dele Alake has revealed that Nigeria has started seeing positive results from its...
Telecoms Mast Enumeration Telecoms Mast Enumeration
Telecoms2 days ago

Lagos State Commences 3-month Telecoms Mast Enumeration Exercise Today
SIMs Not Linked to NIN SIMs Not Linked to NIN
Telecoms2 weeks ago

BREAKING: NCC Approves 50% Tariff Hike for Telcos
Equities: Sell-Pressure Wipes N1.45 trillion from Investors' Wallets Equities: Sell-Pressure Wipes N1.45 trillion from Investors' Wallets
Capital Market2 weeks ago

Equity Investors Lose N1.45 trillion to Sell Pressure

Latest

World Bank Approves $500m COVID-19 grant for Nigeria
Economy4 months ago

World Bank Approves $500m COVID-19 grant for Nigeria

The World Bank has announced a $500 million grant to support Nigeria’s recovery efforts from the impacts of the COVID-19...
We’re Implementing Requisite Reforms to Strengthen Telecoms Sector, Says NCC The Nigerian Communications Commission (NCC) has said it remains committed to its regulatory role of continually implementing requisite reforms to strengthen the communications sector in Nigeria. The Executive Commissioner, Stakeholder Management at the NCC, Adeleke Adewolu, stated this while addressing stakeholders at the combined second and third quarters 2023 meeting of the Industry Working Groups (IWG) on multiple taxation and regulations in the telecoms sector. The meeting, which held in Ibadan, Oyo State on Tuesday, was convened as a precursor to a more elaborate Regional Stakeholders Workshop on Multiple Taxation and Regulations, scheduled to take place in the State on Wednesday. Addressing the meeting, attended by senior executives of telecom licensees and their umbrella body, the Association of Licensed Telecom Operators of Nigeria (ALTON), as staff of the Commission, Adewolu said the IWG’s activities are geared towards ensuring fair tax policies and eliminating every incident of multiple taxation and regulations impacting the Nigerian telecommunications industry. He stated that a lot of milestones have been recorded by the industry since the establishment of the IWG over two decades ago, as the platform has proven to be effective in articulating industry concerns in this area and also proffering solutions to these issues. “Considerable industry gains have been recorded lately, particularly as it relates to the issue of multiple taxation. For instance, His Excellency, President Bola Ahmed Tinubu recently signed Four Executive Orders designed to curb multiple taxation in the Country. “Key amongst them is the Executive Order for the suspension of the five per cent Excise Duty on telecommunication services as well as Excise Duties escalation on other locally manufactured products,” he said. He described the gains as laudable as, according to him, they continue to serve as inspiring landmarks for the industry, underscoring what can be achieved when the entire industry come together harmoniously to speak with one voice on existential concerns undermining the economic health of the communications industry. However, the Executive Commissioner said there remains a lot of work to be done as the industry was still beguiled by arbitrary Right of Way (RoW) charges, hidden nuisance taxes and unauthorised regulatory encroachment into the communications industry. As such, he said the Commission has continued to work assiduously to ensure harmonisation of RoW charges across the country. He said aside several existing agencies the Commission has been working with, it is also collaborating strategically with sister agencies such as the Federal Inland Revenue Service (FIRS), in line with the National Economic Council (NEC) resolution of 2012 and the Nigerian Maritime Administration and Safety Agency (NIMASA). “We are also working with the Nigerian Mainstream and Downstream Petroleum Regulatory Authority (NMDPRA), all in a bid to ensure the regulatory actions taken by the agencies are well synchronised with the regulatory objectives of the Commission, in a manner that boosts market development and industry sustainability,” he said. While tasking telecom licensees to continue to bring burning issues on multiple taxation and regulation to the attention of the Commission as they experience in their daily operation, Adewolu also assured them of NCC’s decision to always make necessary regulatory intervention to boost industry growth. “The Commission is always inclined to executing the requisite reform that will strengthen the Communications Sector and deepen market development,” he said, as he urged all stakeholders at the IWG meeting to deliberate frankly and productively in highlighting pressing and key issues that require urgent attention. L-R: Lagos Zonal Controller, Nigerian Communications Commission (NCC), Henry Ojiokpota; Assistant Director, Financial Services, NCC, Chika Anohu; Executive Commissioner, Stakeholder Management, NCC, Adeleke Adewolu; Head, Compliance Monitoring, NCC, Isa Olatinwo; Executive Secretary, Association of Licensed Telecom Operators of Nigeria, Gbolahan Awonuga and Ibadan Zonal Controller, NCC, Dr. Olubunmi Bamijoko, during NCC’s quarterly meeting of Telecom Industry Working Group on Multiple Taxation and Regulations in Ibadan, Oyo State, on Tuesday.
Telecoms1 year ago

NCC Implementing Reforms to Strengthen Nigerian Telecoms Sector
Africa Internet Governance Forum 2023 
Telecoms1 year ago

Nigeria Hosts 54 Countries, others to Africa Internet Governance Forum 2023 
Zoho Celebrates 100 Million Users
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Zoho Celebrates 100 Million Users
Alex Okosi Google
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Google Appoints Alex Okosi as Managing Director for Africa
Solid Minerals
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FG Earns N193.6BN from Solid Minerals in 2021
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I Will Support President Tinubu’s Agenda Using STI – New NASENI EVC

Top Reads

Coca-Cola Launches Plastic  Recycling  Hub
News2 days ago

Coca-Cola Launches Plastic Recycling  Hub, Targets 13,000TM Annually
LASUSTECH
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LASUSTECH Don Drills Engineering Students on Industrial Devt
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Tinubu Appoints Abba Aliyu Rural Managing Director of Electrification Agency
Energy14 hours ago

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Markets

NGX Katsina State Governor
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Governor Pledges to Grow Katsina State’s Economy through Capital Market

According to the governor, the visit to the NGX reaffirmed his commitment to sustainable economic development and the importance of...
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AfDB, US Sign $700,000 Credit Rating Deal to Boost Africa’s Capital Flow AfDB, US Sign $700,000 Credit Rating Deal to Boost Africa’s Capital Flow
Finance2 weeks ago

AfDB, US Sign $700,000 Credit Rating Deal to Boost Africa’s Capital Flow
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AfDB Launches £500m 4.625% 3-year Global Benchmark Bond
Finance2 weeks ago

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STRIKE: Equity Market Records N102BN Loss
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NGX Posts 1.7% Decline as Investors Lose N1.1 Trillion
NGX Closes Year’s First Full Trading Week with N1.137trn Profit
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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
Cryptocurrency3 months ago

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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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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%...
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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...
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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,...
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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...
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Finance9 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
Telecoms3 weeks 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
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Nigeria to Benefit from $136BN AI Gains, Says WTO DG Okonjo-Iweala
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Nigeria Attains 70% Adoption Rate to Beat Global AI Usage
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US Supports Nigeria’s 90,000km Fibre Optic Ambition with $2m Grant
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‘Cost of Data in Nigeria, Lowest in West Africa’
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InnovateAI Lagos 2025 Conference Holds February 21

Economy

Nigeria’s Inflation Hit 34.80% in December – NBS
Economy3 weeks ago

Nigeria’s Inflation Hit 34.80% in December – NBS

The National Bureau of Statistics (NBS) has reported that Nigeria’s inflation rate rose to 34.80% in December 2024, reflecting a...
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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
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CBN Halts Export Proceeds Repatriation Extensions
Dangote Refinery to Sell Petrol Exclusively to NNPC
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Dangote Refinery Retained 13% of Nigeria’s Crude Exports – Report
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China Development Bank Approves $254.76m Loan for Nigeria’s Kano-Kaduna Railway Project 
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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
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Economy5 months ago

Nigeria’s Cocoa Exports Jump 304% on Demand, Naira
Commodities News & Agribusiness7 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
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Foodstuff Store Introduces Innovative Recycling Program

Finance

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Fintech2 weeks ago

Palmpay MD Nwosu Highlights Smartphones, Broadband as Drivers of Increased Mobile Money Services
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Palmpay Reports 16m Active Monthly Users
AfDB Launches £500m 4.625% 3-year Global Benchmark Bond AfDB Launches £500m 4.625% 3-year Global Benchmark Bond
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Leadway Relieves Borno Flood Victims with N117m Leadway Relieves Borno Flood Victims with N117m
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CBN Sanctions Nine Banks N1.35Bn for Hoarding Cash CBN Sanctions Nine Banks N1.35Bn for Hoarding Cash
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Viewpoints

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BOOK REVIEW: Taking Nigerian Small Businesses to Paradise

In the last 40 years, small business owners and entrepreneurs have been receiving greater recognition as drivers of economic growth...
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NASENI Trains Procurement Officers, Others on Global Best Practices
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General News

LASUSTECH
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LASUSTECH Don Drills Engineering Students on Industrial Devt

The Dean, Colleges of Engineering and Technology, Lagos State University of Science and Technology, Engr. Dr. Yakub Bankole, has organised...
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Coca-Cola Launches Plastic Recycling  Hub, Targets 13,000TM Annually
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FristBank Breaks Silence over $225.8m Conflict with GHL
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Lagos Sets Deadline for Employers to File 2024 Annual Tax Returns
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China Development Bank Approves $254.76m Loan for Nigeria’s Kano-Kaduna Railway Project 
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NANS Urges FG to Intervene in FCET Akoka Provost Crisis
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Disengaged Workers Sue CBN, Demand N30bn Compensation
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Tinubu Promises to Complete Eastern Rail Line, Support Anambra Basin
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FG Debunks Accusation of Colluding with France to Destabilize Niger Republic
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Travels & Aviations

Emirates World’s First Autism Certified Airline
Aviation3 weeks ago

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PRESS RELEASE Emirates is on the path to becoming the world’s first Autism Certified Airline, a milestone that reflects its...
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China Development Bank Approves $254.76m Loan for Nigeria’s Kano-Kaduna Railway Project 
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Demand for African Airline Tickets Surges by 11.9% – IATA
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Airbus Names Gabriel Semelas to Lead Airbus in Africa and the Middle East
Wakanow.com Advances Partnership opportunities with Air Côte d'Ivoire
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APPLY: British Airways to Spend £21m to Train 200 Pilots
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Wakanow Positions for $38BN Revenue Boom in Africa’s Travel, Tourism Sector 
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Energy

Tinubu Appoints Abba Aliyu Rural Managing Director of Electrification Agency
Energy14 hours ago

Tinubu Appoints Abba Aliyu Rural Managing Director of Electrification Agency

President Bola Ahmed Tinubu has appointed Abba Abubakar Aliyu as the substantive Managing Director of the Rural Electrification Agency (REA)....
Dangote Refinery to Sell Petrol Exclusively to NNPC Dangote Refinery to Sell Petrol Exclusively to NNPC
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Dangote Refinery Retained 13% of Nigeria’s Crude Exports – Report
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Shell's Fresh $5 Billion Investment Proves IOCs Remain Confident in Nigeria – TDF
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JUST IN: Dangote Refinery Reduces Petrol Price to N899.50k/litre
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China Loses Potential Revenues as Oil Surplus Drops by 46.2%
African Atlantic Gas Pipeline project
Energy3 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.”
Energy3 months ago

Oando’s Assets More than Double to N2.68 Trillion in One Year
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Showbiz

Dutch Authorities Fine Netflix €4.75M for Data Breach 
General2 months 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...
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Showbiz2 months 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 
News6 months ago

Netflix Inflates Subscription Price by 40%
Water and Garri
Showbiz9 months ago

TECNO Takes Centre Stage at ‘Water and Garri’ Movie Premier
Nigerian Artists Reap N25bn In Spotify Streaming Royalties In 2023
Technology9 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
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Burna Boy Leads as top streamed African artist in Sub Saharan Africa
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Appointments

Africa Prudential Appoints Oluwaseyi Abe, Chidi Okpala to Board of Directors
Appointments2 days ago

Africa Prudential Appoints Oluwaseyi Abe, Chidi Okpala to Board of Directors

Africa Prudential Plc announced the appointment of Mr Oluwaseyi Abe as an Independent Non-Executive Director and Mr. Chidi Okpala as a...
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Appointments2 weeks ago

Eterna Plc Appoints Olumide Adeosun as Managing Director
Kingsley Ifeanyi Adonu Kingsley Ifeanyi Adonu
Profiles1 month ago

Kingsley Ifeanyi Adonu Bags MTN Nigeria Partners Award 2024
Henrietta Ugboh
Appointments3 months ago

UBA Appoints Henrietta Ugboh Independent Non-executive Director
Equinix Wole Abu
Appointments3 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
Education6 months ago

Dr. Obadare Peter Adewale Appointed Professor of Practice at Miva Open University
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Sports

News4 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
Sports11 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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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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