The Federal Government’s bid to secure a $5 billion oil-backed loan from Saudi energy giant Aramco is facing major hurdles, as falling global crude prices rattle investor confidence. A report by Reuters, citing four sources close to the deal, reveals that the steep drop in oil prices has triggered concerns among banks expected to co-finance…
JPMorgan Chase CEO Jamie Dimon has issued a strong warning to U.S. leadership, urging the government to focus on bolstering national defense by stockpiling weapons, ammunition, and critical military supplies instead of accumulating cryptocurrency reserves. Speaking at the inaugural Reagan National Economic Forum in California, Dimon highlighted concerns about the nation’s defense readiness amid rising…
Mark Zuckerberg saw his net worth surge by $8 billion on Monday, June 2, 2025, after shares of Meta Platforms Inc. rose nearly 4%, fueled by renewed investor enthusiasm over the company’s deepening investment in artificial intelligence. Meta’s stock jumped $23.41 to close at $670.90, far outpacing the broader S&P 500’s modest 0.4% gain. The…
In a strategic move to bolster President Bola Tinubu’s economic recovery agenda, Chairman of BUA Group, Abdul Samad Rabiu, announced on Thursday, May 15, that BUA and Dangote Cement have agreed to freeze the price of cement for all contractors engaged in Federal Government projects under the Renewed Hope initiative. The announcement followed a meeting…
Alhaji Aliko Dangote, President of the Dangote Group, has revealed that a powerful “cabal” within Nigeria’s oil and gas sector is still working to undermine the progress of his $20 billion refinery project. Speaking at an investor forum in Lagos on Friday, May 2, Africa’s richest man said he remains resolute in his mission, despite…
The Federal Competition and Consumer Protection Commission (FCCPC) has issued a firm response to Meta Platforms Inc., emphasizing that the tech giant’s threat to exit Nigeria will not absolve it of its legal responsibilities under Nigerian law. Earlier today, May 3, Meta stated that it “may be forced to effectively shut down Facebook and Instagram…
The long-running dispute over Unstructured Supplementary Service Data (USSD) debt between Deposit Money Banks (DMBs) and telecommunications operators has finally been resolved, marking the end of a five-year standoff. MTN Nigeria CEO, Karl Toriola, confirmed the development during an appearance on Arise TV on Thursday, May 1, where he discussed the company’s Q1 2025 financial…
MTN Nigeria Confirms Cyberattack, Assures Core Infrastructure and Nigerian Operations Remain Secure MTN Nigeria has confirmed that it recently experienced a cyberattack but reassured customers, partners, and stakeholders that its core infrastructure remains secure and that its Nigerian operations were not affected. In a statement issued on Thursday, April 24, the telecom giant reported detecting…
The Debt Management Office (DMO) has announced the reopening of two Federal Government of Nigeria (FGN) bonds worth a combined ₦350 billion, available for public auction at a unit price of ₦1,000. Targeted at retail and institutional investors, the bonds offer semi-annual interest payments and full repayment of the principal upon maturity. The auction is…
The International Monetary Fund (IMF) has downgraded Nigeria’s economic growth forecast for 2025 to 3.0%, a 0.2 percentage point drop from its previous estimate of 3.2%. The revision is primarily attributed to falling global crude oil prices—still a key driver of Nigeria’s economy. The updated projection was released in the IMF’s April 2025 World Economic…
