OpenAI on Monday says it raised $40 billion in a new funding round that valued the ChatGPT maker at $300 billion, the biggest capital-raising session ever for a startup. The infusion of cash comes in a partnership with Japanese investment…
The Republic of Congo is expected to more than double its natural gas production by 2027, according to an outlook by commodity company S&P Global Commodity Insights – technical partner of the Congo Energy & Investment Forum (CEIF). This production…
Oil revenue rose by 53.59 per cent to ₦2 trillion relative to the level in the third quarter of 2024, occasioned by higher receipts from oil revenue. The Central Bank of Nigeria’s 2024 fourth quarter economic report, however, said the…
The Nigerian electricity sector slowed in the fourth quarter of 2024 (Q4 2024), with the electricity production index declining by 1.64% year-on-year (y-o-y). Data from the Central Bank of Nigeria (CBN) says this marks a reversal from the 5.55% growth…
Mali, Burkina Faso and Niger have announced a new 0.5% levy on imported goods from Nigeria and other Economic Community of West African States (ECOWAS) member-nations. The development comes as they seek to fund a new three-state union after leaving…
Chinese smartphone maker giant Huawei said Monday that profits fell 28 percent last year as it faced international economic uncertainty and weak consumption at home. The Shenzhen-based company has been at the centre of an intense standoff between China and…
Nigeria’s gas production will likely remain flat in the second quarter of this year, the Society of Energy Editors (SEE) has projected in its Second Quarter 2025 Outlook for the Nigerian Energy Sector. Gas flaring penalties might tighten, forcing operators…
Wema Bank Plc’s audited financial statements for the year that ended on December 31, 2024, revealed that gross earnings jumped to N433.43 billion. The surge is premised by robust interest income and strategic asset expansion. Profit before tax soared by…
In a landmark virtual briefing, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun presented a comprehensive update on Nigeria’s economic trajectory to selected members of the media, highlighting significant progress, key priorities, and strategic…
The Nigeria Deposit Insurance Corporation (NDIC) has announced plans to commence payments to depositors of the defunct Heritage Bank with balances exceeding the insured limit of N5 million. Following the Central Bank of Nigeria’s (CBN) revocation of Heritage Bank’s license…
Entrepreneur Elon Musk has announced the merger of his artificial intelligence startup, xAI, with his social media platform, X, in an all-stock transaction valued at $33 billion. This move brings xAI’s valuation to $80 billion, while X is valued at…
Stanbic IBTC Holding Plc has announced a pre-tax profit of N303.796 billion for the 2024 financial year that ended on December 31, 2024, representing a 60.23% year-on-year (YoY) growth. Similarly, post-tax profit increased by 60.23% to N225.311 billion. A further review…
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Wednesday received the European Union (EU) Ambassador to Nigeria, Gautier Mignot, in Abuja for high-level discussions on strengthening EU-Nigeria economic cooperation. A statement by the Finance Ministry…
President Bola Tinubu has assented to the South-West Development Commission Bill, the South-South Development Commission Bill, and the Nigeria Anti-Doping Bill, 2025. Special Adviser to the President on Senate Matters, Basheer Lado, made this known in a statement, stating that…
The Board of Directors of Unilever Nigeria PLC has appointed the founder of renowned fashion brand Ruff ‘n’ Tumble, Adenike Ogunlesi, as an Independent Non-Executive Director of the Board. A notice filed at the Nigerian Exchange (NGX) on Wednesday said…