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…
Mark Zuckerberg, CEO of Meta Platforms Inc., sold more than $733 million worth of company shares during the first quarter of 2025, just weeks before former President Donald Trump’s announcement of significant reciprocal tariffs on April 2. The disclosure, reported by Bloomberg based on data from Washington Services, has raised questions about executive stock trading…
Ford Motor Company has announced the suspension of exports for several vehicle models to China, citing the growing challenges from escalating trade tensions and retaliatory tariffs. The move affects popular U.S.-made vehicles, including the F-150 Raptor, Mustang, Michigan-built Bronco SUVs, and Kentucky-made Lincoln Navigators. In a statement issued on Friday, Ford explained that it had…
Volvo Group has announced plans to lay off between 550 and 800 workers across three of its U.S. facilities over the next three months, citing ongoing market uncertainty and weakening demand—further strained by tariffs introduced during former President Donald Trump’s administration. The affected facilities include the Mack Trucks plant in Macungie, Pennsylvania, and two Volvo…
In a dramatic and symbolic protest, two masquerades led a large crowd of youths through the streets of Omu-Aran, Irepodun Local Government Area of Kwara State, to express outrage over what they described as an unjustified hike in electricity tariffs and the sudden reclassification of the town’s power supply from Band C to Band A.…
Prada has announced a major agreement to acquire rival Italian fashion house Versace from Capri Holdings in a deal valued at $1.375 billion, including assumed debt. The acquisition, confirmed on Thursday, April 10, marks a significant consolidation in Italy’s luxury fashion landscape and strengthens Prada’s position in a market traditionally dominated by French giants. The…
