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debt financing in Africa debt financing in Africa
Finance2 days ago

Why Debt Financing is so Important for the African Business Market

By Nathaniel Nyika, Chief Investment Officer at Norsad Capital Small and medium-sized enterprises (SMEs) are the beating heart of Africa’s...
Nigerians, Banks Holding N2.7 Trillion in Cash – CBN Nigerians, Banks Holding N2.7 Trillion in Cash – CBN
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Airtel Africa ATC Towers
Telecoms12 months ago

DEAL: Airtel Africa Mounts on ATC Towers in 4 Countries to Expand Network

Airtel Africa and American Tower Corporation (ATC) have entered into a multi-year partnership that will enable Airtel, via ATC’s Africa...

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Google, AfDB Collaborate to Speed Up Digital Revolution in Africa
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Markets

FG, NGX to Drive Startup Listings with Tech Board
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The Federal Government through the Ministry of Communications, Innovation and Digital Economy has said it intends to collaborate with Nigerian...
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BUA Foods Declares N81 Billion Dividend for Full Year 2022
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Technology

Dotmac Technologies Dotmac Technologies
Technology16 hours ago

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Cryptocurrency

Cryptocurrency3 weeks ago

Oluseyi Akindeinde of Hyperspace Secures Patent for Blockchain-Driven Authentication System

Hyperspace Technologies Limited has secured a patent for Blockchain technology-driven Multi-Factor Authentication (MFA). Developed within the Hyperspace Technologies’ research and...
Hackers Steal over $10BN Crypto Assets Hackers Steal over $10BN Crypto Assets
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After stealing more than $3.5 billion worth of cryptos in 2022, the worst year for crypto heists in the market`s...
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Bybit Enhances P2P Trading with Web3 Instant Onchain Deposits

Bybit, one of Coingecko’s top-five crypto exchanges, has announced that users can now buy crypto on-chain using Bybit’s peer-to-peer (P2P)...
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Crypto Insurance: Evertas Raises Coverage Limit to $420M

Cryptocurrency insurance company, Evertas is now insured to cover policies of up to $420 million from its previous limit of...
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Michael Nsikak John, a graduate of Mathematics from the University of Nigeria, Nsuka, Nigeria, has launched Nairacoin, the first native...

Economy

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10 Key Business Metrics to Read Your Company’s Performance

When companies need to measure the progress of a campaign or see how they stand in relation to their competition...
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Commodities News & Agribusiness

Unmet Oil Production Targets Deny Nigeria N249BN Potential Revenue Unmet Oil Production Targets Deny Nigeria N249BN Potential Revenue
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Senate Indicts Bank of Agric Over N3.2Bn Loan Disbursement Senate Indicts Bank of Agric Over N3.2Bn Loan Disbursement
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Finance

Unremitted Pension: PenCom Slams N184m Fine on employers Unremitted Pension: PenCom Slams N184m Fine on employers
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Fidelity Bank Rides on N2.64Trn Assets to Finally Takes Over Distressed Union Bank UK Fidelity Bank Rides on N2.64Trn Assets to Finally Takes Over Distressed Union Bank UK
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3-Month Taxes From Consumers, Companies Rise 96% to N2.3tn – NBS 3-Month Taxes From Consumers, Companies Rise 96% to N2.3tn – NBS
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Viewpoints

Leaked Audio: NCC Clears Air on Phone Tracking, Leaking Allegations
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 Nigeria Air, Sirika and Unlimited Executive Lawlessness
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General News

Fossil Fuels
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OPEC Says Fossil Fuels Remain Over 80% of Global Energy Mix

After many years of global talks around diversifying from fossils to reduce carbon emission, fossil fuels have continued to constitute...
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NGX Defies Odds to Post N1.4 Trillion Gain in August
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Lagos Bets on Technology, Advocacy to Shore Up Revenue
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Travels & Aviations

Aviation6 days ago

Aviation College Spends N5bn to Maintain Redundant Helicopters – Rector

The Nigeria College of Aviation Technology (NCAT), Zaria has revealed that it spent N5bn on the maintenance of two redundant...
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Airbus Says Nigeria’s Demand for New Aircraft Will Triple by 2042
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Subsidy Removal Inflates Transportation Cost by 98% in One Month
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inDrive
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inDrive Bolsters Operations with Zero-Commission Offer
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Uber, Bolt Drivers Suspend Planned Strike Over Subsidy Removal 
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Airlines’ blocked Funds
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At $812m, Nigeria Owes 36% of Global Airlines’ Blocked Funds
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Energy

Cost of Solar Panel
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REA, NASENI Partner to Reduce Cost of Solar Panel

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Korea Commits $28.6 to Energy Projects in Africa
Petrol: Lagos Fuel Stations Shut Down Over Speculation of Pump Price Hike Petrol: Lagos Fuel Stations Shut Down Over Speculation of Pump Price Hike
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CBN Directs Banks to Pay Diaspora Remittances in Naira
WATT Renewable Corp
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Nigeria Earns $369m From Electricity Export Nigeria’s electricity export has earned the country a total of $369.22 million in the last two years, BUSINESS METRICS has gathered. Data obtained from the Central Bank of Nigeria (CBN) showed that while the value of Nigeria’s electricity export was $213.66 million in 2021, it earned $155.56m in 2022. This indicated that foreign consumption of electricity generated in Nigeria crashed by $58.1 million, representing 27% decline. Recall that in August last year, the Managing Director of Transmission Corporation of Nigeria (TCN), Sule Abdulaziz, noted that Nigeria has been exporting electricity, and this provides an avenue to earn more foreign exchange for national development. He said, “Nigeria, through TCN, had been exporting electricity to Niger, Benin, and Togo under a country-to-country arrangement.” However, Nigeria consistently suffered the collapse of its national grid, which further affected electricity output in 2022. It was reported last year that Nigeria’s available power generation capacity fell by 981.8 megawatts between 2015 and August 2022 despite the over N1.51 trillion intervention in the sector by the Federal Government since the former administration of President Muhammadu Buhari came on board in 2015. This came as the national grid collapsed 98 times under the administration of the former President. A document on Power Generation Trend (2013 – August 2022), obtained in Abuja from the Association of Power Generation Companies, the umbrella body of electricity producers, indicated that while available power generation capacity was 6,616.28MW in 2015, it dropped to 5,634.47MW as of August last year. It was also gathered that the total power generation capacity loss for the sector between 2015 and August 2022 rose to N1.76 trillion, as operators and experts decried the sorry state of the industry since it was unbundled in November 2013. Although further analysis of the document showed that the available generation capacity fluctuated between 2015 and 2022, data from the report indicated that the quantum of available generation in Nigeria was not impressive, particularly since 2021. It must be noted that the available generation capacity is different from the average utilised generation, as the latter is constantly lower than the former. In fact, data from the document indicated that Nigeria’s average utilised generation during the review period hovered between 3,600MW and 4,118MW, which were, of course, lower than the least available generation capacity of 5,634.47MW recorded between January and August 2021. The available generation capacities in 2015, 2016, 2017, and 2018 were 6,616.28MW, 7,039.96MW, 6,871.26MW, and 7,506.23MW, respectively. For 2019, 2020, 2021, and 2022 (January – August), the available power generation capacities of electricity producers across the country were 7,381.67MW, 7,792.51MW, 6,336.52MW, and 5,634.47MW, respectively. On the annual capacity payment loss in the sector, the report indicated that in 2015, 2016, 2017, and 2018, the industry’s losses were N214.93 billion, N273.32 billion, N236.47 billion and N264.08 billion, respectively. In 2019, 2020, 2021, and 2022 (January – August), the sector’s annual capacity payment losses were N256.97 billion, N266.10 billion, N159.86 billion, and N88.13 billion, respectively. The above figures, therefore, showed that despite the interventions by the Federal Government in the power sector, estimated at over N1.51 trillion, available generation capacity did not appreciate much, rather, it had been decreasing since 2021.
Energy4 months ago

Nigeria Earns $369m from Electricity Export
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NNPC Limited Releases New Pump Prices of Petrol in Nigeria
NNPC Subsidy Removal
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Showbiz

Afrobeats on Spotify Exceed 7 Billion Streams in 2023
Showbiz3 months ago

Afrobeats on Spotify Exceed 7 Billion Streams in 2023

So far in 2023, various songs in the afrobeats genre of music have attracted over 7.1 billion streams and played...
Anger, Disappointment as Nigerians React Increase in DSTV, GOTV Subscription Rates By Rosemary Iwuala MultiChoice Nigeria, a satellite TV service provider, has announced an increase in the prices of its DStv and GOtv packages via text message to its subscribers yesterday. Following this announcement, Nigerians have expressed much anger and disappointment over the increase of the DStv, GOtv subscription rates by MultiChoice. According to Multichoice, the new rates for MultiChoice Nigeria’s DStv and GOtv packages will take effect from May 1st, 2023. The Compact+ bouquet was raised to N16,600 from N14,250 monthly, representing 16.5 per cent rise. Subscribers on the Compact bouquet will pay N10,500 as against N9,000 representing a 16.7 per cent surge, while those on the Confam package are to pay N6,200 compared to the previous N5,300, a 17 per cent increase. DStv Yanga subscribers are set to pay N3,500 as against the N2,950, up by 18.6 per cent while Padi bouquets will pay N2,500 compared to N2,150 which is a 16.3 per cent rise. GoTV Supa subscribers will pay N6,400 against N5,500, up 16.4 per cent; Max rose from N4,150 to N4,850 which rose 16.9 per cent; GOtv Joli price rose from N2,800 to N3,300, 17.9 per cent; Jinja rose from N1,900 to N2,250 and GOtv Lite subscription rose from N900 to N1,100, a 22.2 per cent rise. The company in an internal memo said, “Due to the various economic challenges affecting our business operations, we have had to review the price of our packages to continue delighting our customers with great entertainment, anytime and anywhere.” “MultiChoice acknowledges the difficult economic climate and thus kept the increase at the lowest possible point whilst ensuring sustainability and provision of quality services. “At MultiChoice Nigeria, our mission is to deliver value to our customers by making great entertainment accessible. Our key priority is to put our customer’s needs at the heart of everything we do.” However, the company has allowed customers to pay the old rates for 12 months if they pay monthly before the expiration of their subscriptions. Similarly, it grants subscribers, who pay for one year at a go, before the new prices kick in, the opportunity to pay the old tariffs. Nigerians have been expressing their disappointment and dissatisfaction with the increased cost of the service, especially in light of the current economic situation in the country, while others understood the challenges faced by MultiChoice Nigeria and the need to adjust prices. Here are some of the reactions from subscribers due to the increase in prices of its DStv and GOtv packages that was announced yesterday. One subscriber @KujojiAnthony wrote, “@gotv @multichoice U guys are just extorting us in this country. You increased your tariff from 1,900 to 2,400 which we didn’t complain much about. Now you have reduced the channels. No more CH 34 where we watch la liga..No more CH67 for cartoons. What is d increment for?”. Another subscriber @LAKERS_ADELEKE said, “Does it mean @ MULTICHOICE can just come up with charges yearly without getting approval from anywhere, does it mean there were no conditions given to the organization as per the rules of engagement, is Nigeria that weak that MULTICHOICE cannot be checked? “ Also, another subscriber, Mrs. Chidinma Okeke, said, “I am very disappointed with MultiChoice. They have been increasing their subscription rates every year, and it is becoming too much. I might have to consider switching to other service providers.” Anger, Disappointment as Nigerians React Increase in DSTV, GOTV Subscription Rates By Rosemary Iwuala MultiChoice Nigeria, a satellite TV service provider, has announced an increase in the prices of its DStv and GOtv packages via text message to its subscribers yesterday. Following this announcement, Nigerians have expressed much anger and disappointment over the increase of the DStv, GOtv subscription rates by MultiChoice. According to Multichoice, the new rates for MultiChoice Nigeria’s DStv and GOtv packages will take effect from May 1st, 2023. The Compact+ bouquet was raised to N16,600 from N14,250 monthly, representing 16.5 per cent rise. Subscribers on the Compact bouquet will pay N10,500 as against N9,000 representing a 16.7 per cent surge, while those on the Confam package are to pay N6,200 compared to the previous N5,300, a 17 per cent increase. DStv Yanga subscribers are set to pay N3,500 as against the N2,950, up by 18.6 per cent while Padi bouquets will pay N2,500 compared to N2,150 which is a 16.3 per cent rise. GoTV Supa subscribers will pay N6,400 against N5,500, up 16.4 per cent; Max rose from N4,150 to N4,850 which rose 16.9 per cent; GOtv Joli price rose from N2,800 to N3,300, 17.9 per cent; Jinja rose from N1,900 to N2,250 and GOtv Lite subscription rose from N900 to N1,100, a 22.2 per cent rise. The company in an internal memo said, “Due to the various economic challenges affecting our business operations, we have had to review the price of our packages to continue delighting our customers with great entertainment, anytime and anywhere.” “MultiChoice acknowledges the difficult economic climate and thus kept the increase at the lowest possible point whilst ensuring sustainability and provision of quality services. “At MultiChoice Nigeria, our mission is to deliver value to our customers by making great entertainment accessible. Our key priority is to put our customer’s needs at the heart of everything we do.” However, the company has allowed customers to pay the old rates for 12 months if they pay monthly before the expiration of their subscriptions. Similarly, it grants subscribers, who pay for one year at a go, before the new prices kick in, the opportunity to pay the old tariffs. Nigerians have been expressing their disappointment and dissatisfaction with the increased cost of the service, especially in light of the current economic situation in the country, while others understood the challenges faced by MultiChoice Nigeria and the need to adjust prices. Here are some of the reactions from subscribers due to the increase in prices of its DStv and GOtv packages that was announced yesterday. One subscriber @KujojiAnthony wrote, “@gotv @multichoice U guys are just extorting us in this country. You increased your tariff from 1,900 to 2,400 which we didn’t complain much about. Now you have reduced the channels. No more CH 34 where we watch la liga..No more CH67 for cartoons. What is d increment for?”. Another subscriber @LAKERS_ADELEKE said, “Does it mean @ MULTICHOICE can just come up with charges yearly without getting approval from anywhere, does it mean there were no conditions given to the organization as per the rules of engagement, is Nigeria that weak that MULTICHOICE cannot be checked? “ Also, another subscriber, Mrs. Chidinma Okeke, said, “I am very disappointed with MultiChoice. They have been increasing their subscription rates every year, and it is becoming too much. I might have to consider switching to other service providers.”
General5 months ago

Anger, Disappointment as Nigerians React to Increase in DSTV, GOTV Subscription Rates
ALAT by Wema Bank ALAT by Wema Bank
Banking5 months ago

Wema Bank Launches ‘Sounds of ALAT’ with N6m Prizes for Winners
Spotify Commits its Creator Equity Fund to Promoting Ghana’s Emerging Artists
Showbiz6 months ago

Spotify Invests in Ghana’s Upcoming Artists via Vibrate Space
Anger, Disappointment as Nigerians React Increase in DSTV, GOTV Subscription Rates By Rosemary Iwuala MultiChoice Nigeria, a satellite TV service provider, has announced an increase in the prices of its DStv and GOtv packages via text message to its subscribers yesterday. Following this announcement, Nigerians have expressed much anger and disappointment over the increase of the DStv, GOtv subscription rates by MultiChoice. According to Multichoice, the new rates for MultiChoice Nigeria’s DStv and GOtv packages will take effect from May 1st, 2023. The Compact+ bouquet was raised to N16,600 from N14,250 monthly, representing 16.5 per cent rise. Subscribers on the Compact bouquet will pay N10,500 as against N9,000 representing a 16.7 per cent surge, while those on the Confam package are to pay N6,200 compared to the previous N5,300, a 17 per cent increase. DStv Yanga subscribers are set to pay N3,500 as against the N2,950, up by 18.6 per cent while Padi bouquets will pay N2,500 compared to N2,150 which is a 16.3 per cent rise. GoTV Supa subscribers will pay N6,400 against N5,500, up 16.4 per cent; Max rose from N4,150 to N4,850 which rose 16.9 per cent; GOtv Joli price rose from N2,800 to N3,300, 17.9 per cent; Jinja rose from N1,900 to N2,250 and GOtv Lite subscription rose from N900 to N1,100, a 22.2 per cent rise. The company in an internal memo said, “Due to the various economic challenges affecting our business operations, we have had to review the price of our packages to continue delighting our customers with great entertainment, anytime and anywhere.” “MultiChoice acknowledges the difficult economic climate and thus kept the increase at the lowest possible point whilst ensuring sustainability and provision of quality services. “At MultiChoice Nigeria, our mission is to deliver value to our customers by making great entertainment accessible. Our key priority is to put our customer’s needs at the heart of everything we do.” However, the company has allowed customers to pay the old rates for 12 months if they pay monthly before the expiration of their subscriptions. Similarly, it grants subscribers, who pay for one year at a go, before the new prices kick in, the opportunity to pay the old tariffs. Nigerians have been expressing their disappointment and dissatisfaction with the increased cost of the service, especially in light of the current economic situation in the country, while others understood the challenges faced by MultiChoice Nigeria and the need to adjust prices. Here are some of the reactions from subscribers due to the increase in prices of its DStv and GOtv packages that was announced yesterday. One subscriber @KujojiAnthony wrote, “@gotv @multichoice U guys are just extorting us in this country. You increased your tariff from 1,900 to 2,400 which we didn’t complain much about. Now you have reduced the channels. No more CH 34 where we watch la liga..No more CH67 for cartoons. What is d increment for?”. Another subscriber @LAKERS_ADELEKE said, “Does it mean @ MULTICHOICE can just come up with charges yearly without getting approval from anywhere, does it mean there were no conditions given to the organization as per the rules of engagement, is Nigeria that weak that MULTICHOICE cannot be checked? “ Also, another subscriber, Mrs. Chidinma Okeke, said, “I am very disappointed with MultiChoice. They have been increasing their subscription rates every year, and it is becoming too much. I might have to consider switching to other service providers.”
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MultiChoice Unveils Indigenous Content for 2023
Prime Video Mobile
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Prime Video Mobile: MTN, Amazon Add New Option to Streaming Economy
Spotify Pays $40BN Royalties to Music Industry
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Spotify Pays $40BN Royalties to Music Industry
DecemberIssaVybe
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FirstBank Defies Difficult Times to Excite Families with Unique DecemberIssaVybe Experience
YouTube Unveils 2022 End of Year Lists in Nigeria
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Creative Economy: YouTube Pledges $50,000, $20,000, Grants for 2023 Youtubeblack Voices Cohorts
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Appointments

FArooq Oreagba
Appointments5 days ago

NG Clearing Appoints Farooq Oreagba as CEO

NG Clearing, West Africa’s Premier Central Counterparty, has announced the appointment of Farooq Adedayo Oreagba as its new Managing Director...
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Olu Adeosun Quits as MD/CEO of Ardova Plc
Peter Obadare adewale Peter Obadare adewale
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Obadare Emerges Forbes Best of Africa Outstanding Digital Trust Leader 2023
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EnterpriseCEO Launches Applications for the Prestigious 100 Under 40 CEO Awards
Jose Gonsalves joins Ad Dynamo by Aleph as Managing Director for East Africa
Appointments2 months ago

Jose Gonsalves joins Ad Dynamo by Aleph as Managing Director for East Africa
Sam Abu
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PwC Announces Sam Abu as New Regional Senior Partner
Indrive Mark Loughran
Appointments3 months ago

inDrive Appoints Mark Loughran as Group President
Valentine Chime
Appointments3 months ago

inq. Digital Nigeria MD, Valentine Chime named ICT Personality of the Year
Vincent Olatunji
Appointments3 months ago

Nigeria’s Vincent Olatunji Appointed into Forbes Technology Council 2023
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Sports

Super Falcons Crash Out of 2023 Women World Cup Super Falcons Crash Out of 2023 Women World Cup
Sports2 months 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
Sports4 months ago

Erling Haaland Emerges Most Expensive Players with Worth €245million. See Others
Karim Benzema Karim Benzema
Sports4 months ago

Breaking: Benzema Ends Contract with Real Madrid after 14 Seasons
Manchester United Manchester United
Sports4 months ago

Manchester United Earmarks €500m to Buy 3 Players
DEALS: 38-Year Old Paystack CEO Buys 55% Stake in Danish Football Club DEALS: 38-Year Old Paystack CEO Buys 55% Stake in Danish Football Club
General6 months ago

DEALS: 38-Year Old Paystack CEO Buys 55% Stake in Danish Football Club
EPL: Tottenham Players Beg Sacked Manager to Return EPL: Tottenham Players Beg Sacked Manager to Return
Sports6 months ago

EPL: Tottenham Players Beg Sacked Manager to Return

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