Connect with us

DevReporting Set to Take Off, Announces Mojeed Alabi as Team Lead

PRESS RELEASE DevReporting, an online newspaper established by Development Reporting Services Limited, is set to take off. With its headquarters...
CNII: PIAFo Unites Stakeholders to Explore Telecom Infrastructure Protection Strategies CNII: PIAFo Unites Stakeholders to Explore Telecom Infrastructure Protection Strategies
Telecoms2 weeks ago

CNII: PIAFo Unites Stakeholders to Explore Telecom Infrastructure Protection Strategies
Fibre optic cuts in Nigeria Fibre optic cuts in Nigeria
Telecoms2 weeks ago

Telcos Suffered 50,000 Fibre Optic Cuts in 2024 – Maida
We Have Over N600bn Worth of Petrol in Store ― Dangote We Have Over N600bn Worth of Petrol in Store ― Dangote
Energy3 weeks ago

We Have Over N600bn Worth of Petrol in Store ― Dangote
FGN Bonds Bullish as Investors Lock in Attractive Yields Ahead of Auction FGN Bonds Bullish as Investors Lock in Attractive Yields Ahead of Auction
Economy3 weeks ago

FGN Bonds Bullish as Investors Lock in Attractive Yields Ahead of Auction
Advertisement

Economy

Overnight Rate
Economy3 weeks ago

Liquidity Tightens as Overnight Rate Rises to 32.92%

The Overnight Nigerian Interbank Offered Rate (NIBOR) inched up by 0.04 percentage points week-on-week to 32.92% to close on Friday,...
Economy3 weeks ago

Naira Sees Uptick after CBN’s $181m FX Sales to Banks
Economy3 weeks ago

PaywithAccount Launches to Ease Cash Flow Struggles for Nigerian MSMEs
FG Bans Fuel Tankers from Roads
Economy3 weeks ago

BREAKING: FG Bans Fuel Tankers from Roads
Trump Threatens 25% Tariffs on Autos
Economy3 weeks ago

Trump Threatens 25% Tariffs on Autos, Pharmaceuticals, Chips
Inflation Rebasing in Nigeria
Economy3 weeks ago

Why Nigeria’s Inflation Rate Falls to 24.48% after Rebasing — NBS
JUST IN: Nigeria’s Inflation Rate Drops to 24.48%
Economy3 weeks ago

JUST IN: Nigeria’s Inflation Rate Drops to 24.48%
Naira Posts Negative Returns to Open Week
Economy3 weeks ago

Naira Posts Negative Returns to Open Week
AfCFTA Digital Trade Protocol
Economy3 weeks ago

African Union Endorses Nigeria as AfCFTA Digital Trade Champion
More Economy

Markets

Nigeria SEC Amending Regulations to Tax Cryptocurrency Transactions
Cryptocurrency3 weeks ago

Nigerian Authority Amending Regulations to Tax Cryptocurrency Transactions

The Securities and Exchange Commission (SEC) is amending regulations to ensure that all eligible transactions on regulated exchanges fall within...
Naira Posts Negative Returns to Open Week Naira Posts Negative Returns to Open Week
Economy3 weeks ago

Naira Posts Negative Returns to Open Week
NGX NGX
Capital Market1 month ago

NGX Capitalisation Hits N65 Trillion Milestone
Advertisement
NGX Katsina State Governor
Capital Market1 month ago

Governor Pledges to Grow Katsina State’s Economy through Capital Market
Overnight Rate
Capital Market2 months ago

The Good and the Bad: Top 10 Stocks of the Week
AfDB, US Sign $700,000 Credit Rating Deal to Boost Africa’s Capital Flow
Economy2 months ago

AfDB, US Sign $700,000 Credit Rating Deal to Boost Africa’s Capital Flow
More Markets

Technology

Technology5 days ago

Darey.io, Xterns Partner to Provide Digital Skills with New Tech Hub in Lagos
ATCON NUPENG STRIKE ATCON NUPENG STRIKE
General3 weeks ago

Telecoms Service Disruption Looms in Lagos, Ogun – ATCON
Telecoms3 weeks ago

Nigeria Establishes Working Group to Monitor Data Protection in Telecom Sector
NCC Hands Over Emerging Tech Centre to Ogun State Institute of Technology NCC Hands Over Emerging Tech Centre to Ogun State Institute of Technology
Technology3 weeks ago

NCC Hands Over Emerging Tech Centre to Ogun State Institute of Technology
AfCFTA Digital Trade Protocol AfCFTA Digital Trade Protocol
Economy3 weeks ago

African Union Endorses Nigeria as AfCFTA Digital Trade Champion
Technology4 weeks ago

UK-based Digital Cloud Academy Offers Free Cloud Computing Tech Summit in Nigeria
Advertisement

Crypto Market

$80,000 Mark in View as Bitcoin Rides on US Election Frenzy $80,000 Mark in View as Bitcoin Rides on US Election Frenzy
Cryptocurrency4 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...
Political Meme Coins Political Meme Coins
Cryptocurrency4 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    
Cryptocurrency6 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...

Commodities News & Agribusiness

Oil Slides Below $80 amidst Uncertainties in U.S Policies Oil Slides Below $80 amidst Uncertainties in U.S Policies
Commodities News & Agribusiness2 months ago

Oil Slides Below $80 amidst Uncertainties in U.S Policies
Cocoa exports and Production in Nigeria Cocoa exports and Production in Nigeria
Commodities News & Agribusiness7 months ago

Nigeria’s Cocoa Exports Jump 304% on Demand, Naira
Commodities News & Agribusiness8 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 & Agribusiness10 months ago

Foodstuff Store Introduces Innovative Recycling Program

Finance

PAFON PAFON
Fintech10 hours ago

PAFON 2.0 Set to Address Customer Experience in AI-Driven Payment Ecosystem
Fintech1 day ago

 PalmPay Partners with AfriGO to Advance Nigeria’s Financial Inclusion and Digital Economy
PalmPay Opens New Customer Experience Center to Strengthen Customer Support PalmPay Opens New Customer Experience Center to Strengthen Customer Support
Fintech1 week ago

PalmPay Opens New Customer Experience Center to Strengthen Customer Support
Palmpay MD Nwosu Palmpay MD Nwosu
Fintech3 weeks ago

Agent Banking: Backbone of Nigeria’s Fintech Boom – PalmPay MD
Valentine's Day Valentine's Day
Fintech3 weeks ago

Valentine’s Day: Palmpay Rewards Users
Finance3 weeks ago

UBA Group Commits $500,000 to African Union Peace Fund
Advertisement

Viewpoints

Education4 weeks ago

  UNIABUJA and Its Leadership: Who the Cap Fits?

By Chief Maisamari B. Mallam, Former Publicity Secretary, University of Abuja Staff School PTA The hypocrisy and double standards of those within and...
General2 months ago

BOOK REVIEW: Taking Nigerian Small Businesses to Paradise
Tinubu's Quest to Overcome the Power Sector Gridlock Tinubu's Quest to Overcome the Power Sector Gridlock
Energy2 months ago

On Tinubu’s Quest to Overcome Power Sector Gridlock
Tinubu's visit to Enugu
Opinion2 months ago

Significance of President Tinubu’s Enugu Visit
Economy2 months ago

Making Nigeria Strong Again: Addressing the Weakness of a National Economy
Baba Obasanjo and the NNPCL Refineries,
Energy2 months ago

Baba Obasanjo and the NNPCL Refineries
Facts Behind MultiChoice’s Subscriber Numbers
General4 months ago

Facts Behind MultiChoice’s Subscriber Numbers
NASENI Trains Procurement Officers, Others on Global Best Practices
Opinion6 months ago

Khalil Halilu’s 365 Days Outstanding Transformations at NASENI
Temi Adeniyan
Technology7 months ago

Leveraging Mentorship to Build a Career in Cybersecurity
More Viewpoints

General News

Appointments1 week ago

President Tinubu Appoints Ogunjimi as Accountant General of the Federation

President Bola Ahmed Tinubu has appointed Shamsedeen Babatunde Ogunjimi as the new Accountant General of the Federation after a rigorous...
APRA @50: Experts to Explore Africa’s Digital Communication Future   APRA @50: Experts to Explore Africa’s Digital Communication Future  
General2 weeks ago

APRA @50: Experts to Explore Africa’s Digital Communication Future  
Education3 weeks ago

African School of Governance to Groom New Generation of African Leaders – Moghalu
At 20%, Low Streetlight Coverage Worsens Lagos Crime Rates – ACRC
General1 month ago

At 20%, Low Streetlight Coverage Worsens Lagos Crime Rates – ACRC
LASUSTECH
Education1 month ago

LASUSTECH Don Drills Engineering Students on Industrial Devt
Coca-Cola Launches Plastic  Recycling  Hub
General1 month ago

Coca-Cola Launches Plastic Recycling  Hub, Targets 13,000TM Annually
NGX Katsina State Governor
Capital Market1 month ago

Governor Pledges to Grow Katsina State’s Economy through Capital Market
Leadway Relieves Borno Flood Victims with N117m
General2 months ago

Leadway Relieves Borno Flood Victims with N117m
N5trn at Stake as Police Threatens to Exit Contributory Pension Scheme 
Economy2 months ago

N5trn at Stake as Police Threatens to Exit Contributory Pension Scheme 
More General News

Travels & Aviation

Emirates World’s First Autism Certified Airline
Aviation2 months 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
Aviation2 months ago

The World’s Top 10 Safest Airlines for 2025
Economy2 months ago

China Development Bank Approves $254.76m Loan for Nigeria’s Kano-Kaduna Railway Project 
Autos3 months ago

How Smart Video is Defining Future EV Infrastructure
African Airline Travel
Aviation4 months ago

Demand for African Airline Tickets Surges by 11.9% – IATA
Aviation6 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
Aviation8 months ago

Wakanow Advances Partnership Opportunities with Air Côte d’Ivoire
Speedbird Pilot Academy
Aviation8 months ago

APPLY: British Airways to Spend £21m to Train 200 Pilots
wakanow
Travels9 months ago

Wakanow Positions for $38BN Revenue Boom in Africa’s Travel, Tourism Sector 
More Travels & Aviation

Appointments & RECOGNITIONS

Tinubu Appoints Abba Aliyu Rural Managing Director of Electrification Agency
Appointments1 month 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)....
Africa Prudential Appoints Oluwaseyi Abe, Chidi Okpala to Board of Directors Africa Prudential Appoints Oluwaseyi Abe, Chidi Okpala to Board of Directors
Appointments1 month ago

Africa Prudential Appoints Oluwaseyi Abe, Chidi Okpala to Board of Directors
Eterna Olumide Adeosun Eterna Olumide Adeosun
Appointments2 months ago

Eterna Plc Appoints Olumide Adeosun as Managing Director
Kingsley Ifeanyi Adonu
Appointments3 months ago

Kingsley Ifeanyi Adonu Bags MTN Nigeria Partners Award 2024
Henrietta Ugboh
Appointments4 months ago

UBA Appoints Henrietta Ugboh Independent Non-executive Director
Equinix Wole Abu
Appointments4 months ago

Equinix Appoints Wole Abu as MD for West Africa as Funke Opeke Steps Down
Sunday Akin Dare
Appointments5 months ago

Meet Sunday Akin Dare: President Tinubu’s New Special Adviser on Public Communication and Orientation
Appointments6 months ago

Stanbic IBTC Holdings Plc Appoints Olusola David-Borha as Chairman of the Board
Appointments6 months ago

CSCS Strengthens Board with Appointment of Bola Adesola and Aisha Muhammed-Oyebode as Directors
More Appointments & RECOGNITIONS

Energy

FG Bans Fuel Tankers from Roads
Economy3 weeks ago

BREAKING: FG Bans Fuel Tankers from Roads

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has banned 60,000-litre fuel tankers from operating on Nigerian roads. It also added...
Dangote Refinery to Sell Petrol Exclusively to NNPC Dangote Refinery to Sell Petrol Exclusively to NNPC
Economy2 months ago

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

ANALYSIS: Signs of Optimism in Oil Markets as a New Year Begins
Baba Obasanjo and the NNPCL Refineries,
Energy2 months ago

Baba Obasanjo and the NNPCL Refineries
Shell's Fresh $5 Billion Investment Proves IOCs Remain Confident in Nigeria – TDF
Economy3 months ago

Shell’s Fresh $5 Billion Investment Proves IOCs Remain Confident in Nigeria – TDF
Dangote Refinery
Energy3 months ago

JUST IN: Dangote Refinery Reduces Petrol Price to N899.50k/litre
ANALYSIS: Signs of Optimism in Oil Markets as a New Year Begins
Energy4 months ago

China Loses Potential Revenues as Oil Surplus Drops by 46.2%
African Atlantic Gas Pipeline project
Energy4 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.”
Energy4 months ago

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

Showbiz

Dutch Authorities Fine Netflix €4.75M for Data Breach 
General3 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...
Seven Doors Premiere Seven Doors Premiere
Showbiz3 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 
News8 months ago

Netflix Inflates Subscription Price by 40%
Water and Garri
Showbiz10 months ago

TECNO Takes Centre Stage at ‘Water and Garri’ Movie Premier
Nigerian Artists Reap N25bn In Spotify Streaming Royalties In 2023
Showbiz10 months ago

Nigerian Artists Reap N25BN in Spotify Streaming Royalties in 2023
EU Slams Apples $1.95 Billion Antitrust Fine
Showbiz1 year ago

EU Slams Apple with $1.95 Billion Antitrust Fine
spotify afrobeats
Entertainment1 year ago

Spotify’s Afrobeats Journey to a Billion Streams Site gets Fresh Updates 
DecemberIssaVybe
Showbiz1 year ago

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
More Showbiz

Sports

News5 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
Sports12 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.
Sponsored1 year ago

Unity in Victory: TECNO’s Bold Move Amplifies Community Spirit at AFCON Showdown
Sports2 years 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
Sports2 years ago

Super Falcons Crash Out of 2023 Women World Cup
Erling Haaland Emerges Most Expensive Players with Worth €245million. See Others Erling Haaland Emerges Most Expensive Players with Worth €245million. See Others
Sports2 years ago

Erling Haaland Emerges Most Expensive Players with Worth €245million. See Others
Advertisement

More News

Advertisement
Please enter CoinGecko Free Api Key to get this plugin works.
mebookshelfandi