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Reforms in Mining Sector Yielding Results – Alake Reforms in Mining Sector Yielding Results – Alake
Economy2 days 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
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Lagos State Commences 3-month Telecoms Mast Enumeration Exercise Today
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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

Explore your Payment Option on the PalmPay App 
Finance5 months ago

Explore your Payment Option on the PalmPay App 

Just before you complete your payment, have you taken the time to look at your payment options? If you have...
GTCO Declares Annual Food & Drink Festival
Sponsored2 years ago

Attendance is Free: GTCO Declares Annual Food & Drink Festival
NITRA ICT G3.8m Cyberattacks Target Nigeria During Governorship, State Assembly Elections – Minister The Nigerian government announced Wednesday that it recorded a total of 3.8 million (3,834,244) cyberattacks, originating from both within and outside Nigeria during the gubernatorial and state assembly elections. The Minister of Communications and Digital Economy, Isa Pantami, disclosed this in a statement issued by his senior technical assistant (Research and Development), Femi Adeluyi. The statement said on 14 March, the office of the minister released a statement regarding the activities of the ministry and its parastatals before, during and after the Presidential and National Assembly elections. “As a follow-up to that and in line with the ministry’s mandate as well as its efforts aimed at supporting the initiatives of securing Nigerian cyberspace, the minister directed the ministerial standing committee on an advisory role for the protection of Nigerian Cyberspace and ICT Infrastructure to further enhance the cyberspace surveillance activities of the three cybersecurity centres of the National Information Technology Development Agency (NITDA), Nigerian Communications Commission (NCC) and Galaxy Backbone Limited (GBB),” it said. It added that the committee, inaugurated by the minister on the eve of the Presidential and National Assembly elections, was charged with the responsibility of monitoring of telecommunication infrastructure for the successful conduct of the 2023 general elections, developing and implementing plans to enhance the resilience of critical digital infrastructure against cyber threats, designing procedures and using technologies to prevent, detect, and respond to cyberattacks, as well as developing the ability to recover from any damage that is done quickly. It was also charged with the responsibility of developing a comprehensive risk assessment, analyzing the nation’s current cybersecurity capabilities, identifying gaps that need to be addressed and providing professional advice to the government on the effective utilization of digital technologies in the conduct of the 2023 general elections. The statement noted that based on the minister’s directives, the committee provided close oversight on the activities of the cybersecurity centres. It said during this period, a series of hacking attempts were recorded, including Distributed Denial of Service (DDoS), email and Internet Protocol Spoofing (IPS) attacks, SSH Login Attempts, Brute force Injection attempts, Path Traversal, Detection Evasion, and Forceful Browsing. “A total of 3,834,244 attacks were recorded, originating from both within and outside Nigeria. “Daily breakdown of these attacks is 17 March 2023: 1,046,896, 18th March 2023: 1,481,847, 19th March 2023: 327,718 and 20th March 2023: 977,783,” Mr Pantami said. “It is interesting to note that the activities of cyber threat actors in Nigerian cyberspace during the Gubernatorial and State Assembly elections are much lower than those during the Presidential and National Assembly elections. “This is neither surprising nor unexpected as, Nigeria being Africa’s largest democracy, the Presidential and National Assembly elections are bound to attract more attention of everyone, including cyber threat actors, than during the Gubernatorial and State Assembly elections.” The minister noted that the implementation of some recommendations as well as measures taken to fortify cyber defence mechanisms might have helped in this. “These attainments would not have been possible without the continued support of President Muhammadu Buhari, and the administration in general, towards ensuring Nigeria’s successful transition into the digital economy. “The digital economy sector has enjoyed Mr President’s unprecedented support and it is highly appreciated,” he said.rowth Conference
Politics2 years ago

3.8m Cyberattacks Target Nigeria During Governorship, State Assembly Elections – Minister
NGX Rebounds with N295 Billion Gain on Bargain Hunting
Capital Market2 years ago

Nigerian Stock Market Stages Marginal Rebound by 0.03%
EPL: Tottenham Players Beg Sacked Manager to Return
Sports2 years ago

EPL: Tottenham Players Beg Sacked Manager to Return
NGX, Partners Intensify Advocacy for Financial Literacy Among young Nigerians
Economy2 years ago

NGX, Partners Intensify Advocacy for Financial Literacy Among Young Nigerians
Op-ed: To Make ePayments More Acceptable, Nigeria Needs to Curb Fraud
Finance2 years ago

Op-ed: To Make ePayments More Acceptable, Nigeria Needs to Curb Fraud

Top Reads

Coca-Cola Launches Plastic  Recycling  Hub
News4 days ago

Coca-Cola Launches Plastic Recycling  Hub, Targets 13,000TM Annually
NGX Katsina State Governor
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Governor Pledges to Grow Katsina State’s Economy through Capital Market
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Africa Prudential Appoints Oluwaseyi Abe, Chidi Okpala to Board of Directors
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Tinubu Appoints Abba Aliyu Rural Managing Director of Electrification Agency
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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
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AfDB Launches £500m 4.625% 3-year Global Benchmark Bond
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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
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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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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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Australians Lost $12m Worth of Crypto to Scams in 12 Months

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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
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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 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
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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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Nigeria’s Cocoa Exports Jump 304% on Demand, Naira
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FG Targets 500,000 Metric Tonnes of Cocoa Production by 2025
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Finance

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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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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
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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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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
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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
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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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China Loses Potential Revenues as Oil Surplus Drops by 46.2%
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$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.”
Markets3 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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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 
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Netflix Inflates Subscription Price by 40%
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TECNO Takes Centre Stage at ‘Water and Garri’ Movie Premier
Nigerian Artists Reap N25bn In Spotify Streaming Royalties In 2023
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Nigerian Artists Reap N25BN in Spotify Streaming Royalties in 2023
EU Slams Apples $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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Appointments

Africa Prudential Appoints Oluwaseyi Abe, Chidi Okpala to Board of Directors
Appointments3 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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Eterna Plc Appoints Olumide Adeosun as Managing Director
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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
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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
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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

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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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