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Reforms in Mining Sector Yielding Results – Alake Reforms in Mining Sector Yielding Results – Alake
Economy6 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
Telecoms1 week ago

Lagos State Commences 3-month Telecoms Mast Enumeration Exercise Today
SIMs Not Linked to NIN SIMs Not Linked to NIN
Telecoms3 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 Market3 weeks ago

Equity Investors Lose N1.45 trillion to Sell Pressure

Latest

Court Fines Multichoice N150m over Tariff Hike, Orders One Month Free Subscription The Competition and Consumer Protection Tribunal has fined the prominent Pay-TV operator, Multichoice Nigeria, owners of DSTV, GOTV, N150 million for disputing the court’s jurisdiction, and ordered the company to provide Nigerians with a one-month free subscription to its subscribers. A three-man panel led by Thomas Okusu gave the verdict on Friday. The tribunal had previously blocked Multichoice from raising subscription fees without proper notice, based on a lawsuit by Barrister Festus Onifade who claimed the eight-day notice given for the price increase was inadequate. Onifade had sued DSTV, accusing the Pay-TV of unjustly increasing subscription fees without one month’s notice to customers and leveraging on it to seek interim orders. Counsel for Multichoice had contended that previous rulings had settled price regulation issues, while Onifade focused on the inadequate notice rather than the price hike itself, prompting the tribunal to affirm its jurisdiction and rule against Multichoice. Court Fines Multichoice N150m over Tariff Hike, Orders One Month Free Subscription The Competition and Consumer Protection Tribunal has fined the prominent Pay-TV operator, Multichoice Nigeria, owners of DSTV, GOTV, N150 million for disputing the court’s jurisdiction, and ordered the company to provide Nigerians with a one-month free subscription to its subscribers. A three-man panel led by Thomas Okusu gave the verdict on Friday. The tribunal had previously blocked Multichoice from raising subscription fees without proper notice, based on a lawsuit by Barrister Festus Onifade who claimed the eight-day notice given for the price increase was inadequate. Onifade had sued DSTV, accusing the Pay-TV of unjustly increasing subscription fees without one month’s notice to customers and leveraging on it to seek interim orders. Counsel for Multichoice had contended that previous rulings had settled price regulation issues, while Onifade focused on the inadequate notice rather than the price hike itself, prompting the tribunal to affirm its jurisdiction and rule against Multichoice. The court subsequently fixed July 3 for a hearing of the plaintiff’s substantive suit.
Viewpoints9 months ago

MultiChoice: Who Did This to Us?

Oluyombo Sokoya Who did this to us?” is a frequently asked question in the Nigerian social media space. It is...
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Aviation3 years ago

Airlines scramble to cancel flights over 5G rollout fears in US
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FirstBank rewards customers in Transact and Win promo
Important Factors To Consider While Building A Business Intelligence Programme For Your Organization
Technology3 years ago

Important Factors To Consider While Building A Business Intelligence Programme For Your Organization
BUA Cement
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BUA Foods engages stakeholders after N720bn listing
Danbatta Bags Vanguard’s Regulator of the Year Award
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Danbatta charges NCC staff on effective service delivery
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Top Reads

LASUSTECH
Education7 days ago

LASUSTECH Don Drills Engineering Students on Industrial Devt
Africa Prudential Appoints Oluwaseyi Abe, Chidi Okpala to Board of Directors
Appointments7 days ago

Africa Prudential Appoints Oluwaseyi Abe, Chidi Okpala to Board of Directors
Tinubu Appoints Abba Aliyu Rural Managing Director of Electrification Agency
Energy6 days ago

Tinubu Appoints Abba Aliyu Rural Managing Director of Electrification Agency
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Markets

NGX Katsina State Governor
Capital Market1 week ago

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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Capital Market3 weeks ago

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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
Finance3 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
Finance3 weeks ago

AfDB Launches £500m 4.625% 3-year Global Benchmark Bond
STRIKE: Equity Market Records N102BN Loss
Capital Market4 weeks ago

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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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

$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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Cryptocurrency3 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    
Finance5 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...
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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,...
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Cryptocurrency5 months ago

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%
Economy9 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
Telecoms4 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
Economy4 weeks ago

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
Telecoms4 weeks ago

US Supports Nigeria’s 90,000km Fibre Optic Ambition with $2m Grant
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Telecoms4 weeks ago

‘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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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
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CBN Halts Export Proceeds Repatriation Extensions
Dangote Refinery to Sell Petrol Exclusively to NNPC
Economy1 month ago

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 
Viewpoints1 month ago

Making Nigeria Strong Again: Addressing the Weakness of a National Economy
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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
Commodities News & Agribusiness4 weeks ago

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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

Palmpay MD Nwosu Palmpay MD Nwosu
Fintech3 weeks ago

Palmpay MD Nwosu Highlights Smartphones, Broadband as Drivers of Increased Mobile Money Services
Fintech3 weeks ago

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
Finance3 weeks ago

CBN Sanctions Nine Banks N1.35Bn for Hoarding Cash
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Viewpoints

Viewpoints3 weeks ago

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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Making Nigeria Strong Again: Addressing the Weakness of a National Economy
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Energy1 month ago

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Facts Behind MultiChoice’s Subscriber Numbers
Technology3 months ago

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NASENI Trains Procurement Officers, Others on Global Best Practices
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Khalil Halilu’s 365 Days Outstanding Transformations at NASENI
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Technology6 months ago

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Protest in Nigeria and the Russian Flag Dimension
Opinion6 months ago

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General News

LASUSTECH
Education7 days ago

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...
Coca-Cola Launches Plastic  Recycling  Hub Coca-Cola Launches Plastic  Recycling  Hub
News1 week ago

Coca-Cola Launches Plastic Recycling  Hub, Targets 13,000TM Annually
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FristBank Breaks Silence over $225.8m Conflict with GHL
Economy4 weeks ago

Lagos Sets Deadline for Employers to File 2024 Annual Tax Returns
Travels1 month ago

China Development Bank Approves $254.76m Loan for Nigeria’s Kano-Kaduna Railway Project 
Education1 month ago

NANS Urges FG to Intervene in FCET Akoka Provost Crisis
Disengaged staff sue CBN
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Disengaged Workers Sue CBN, Demand N30bn Compensation
Economy1 month ago

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
Aviation4 weeks 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...
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Aviation4 weeks ago

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Travels1 month ago

China Development Bank Approves $254.76m Loan for Nigeria’s Kano-Kaduna Railway Project 
Technology2 months ago

How Smart Video is Defining Future EV Infrastructure
African Airline Travel
Aviation3 months ago

Demand for African Airline Tickets Surges by 11.9% – IATA
Aviation5 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
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Wakanow 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
Energy6 days 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
Economy1 month 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
Energy1 month ago

ANALYSIS: Signs of Optimism in Oil Markets as a New Year Begins
Baba Obasanjo and the NNPCL Refineries,
Energy1 month ago

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Shell's Fresh $5 Billion Investment Proves IOCs Remain Confident in Nigeria – TDF
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Shell’s Fresh $5 Billion Investment Proves IOCs Remain Confident in Nigeria – TDF
Dangote Refinery
Energy2 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
Energy3 months ago

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.”
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 
Technology2 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
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 
Technology7 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
Technology11 months ago

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

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

Africa Prudential Appoints Oluwaseyi Abe, Chidi Okpala to Board of Directors
Appointments7 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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Appointments3 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
Technology3 months ago

Equinix Appoints Wole Abu as MD for West Africa as Funke Opeke Steps Down
Sunday Akin Dare
Appointments4 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
Appointments6 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.
Sponsored12 months ago

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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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