Hello, and welcome to Business Roundup this week. Here, we bring you highlights of events that happened during the week -from the capital market to the mainstream business activities, while not forgetting the tech/economy build up.
Here are the Headlines:
- Dangote refinery to sell refined crude to Nigeria in naira – Emefiele
- NCC vows to sanction telcos over forced subscriptions
- Naira records gain against the dollar
- Nigerian govt to supply electricity to Togo from Calabar Power Plant
The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, said on Saturday arrangement is being made to enable the Dangote Refinery to sell refined crude to Nigeria in naira when it becomes operational.
Emefiele, who disclosed this during an inspection tour of Dangote Refinery, Petrochemicals Complex Fertiliser Plant and Subsea Gas Pipeline projects in the Ibeju-Lekki area of Lagos, said the first shipment of Urea from the fertiliser plant would begin in March to help boost agriculture in the country. Read more
The Nigerian Communications Commission (NCC) has revealed that it will sanction telecom providers forcefully subscribing consumers to value-added services (VAS).
This warning was contained in a statement issued by Efosa Idehen, director of consumer affairs bureau at NCC, via a video published on the commission’s Twitter account on Friday, February 26. Read more
Nigeria’s currency on Tuesday gained 0.34 percent to close at N408.60k per dollar compared to N410.00k closed since two days at the Investors and Exporters (I&E) forex window, data from FMDQ on Tuesday showed.
The gain recorded by Naira in the I&E window, Ripples Nigeria gathered was due to improved liquidity in the market as foreign exchange market turnover rose significantly by 134.63 percent to $123.37 million on Tuesday from $52.58 million recorded on Monday, February 22, 2021. Read more
The Nigerian government has concluded plans to begin supplying electricity to the Republic of Togo from the Calabar Power Plant, located in Odukpani local government area of Cross River State.
The Executive Director, Generation, Niger Delta Power Holding Company (NDPHC), Engr. Kassim Abdullahi, who made this known during an inspection tour of the Plant at the weekend, said the company has a power purchase agreement deal to supply 70MW of power to the West African country. Read more
On NSE ROUNDUP: Massive sell-off among investors of Wema Bank, Zenith Bank as stock trade plunges
The Nigerian stock market ended the last day of trading week on a bearish note, as the equity capitalisation plunged to N20.82 trillion on Friday, having closed Thursday’s market with N20.97 trillion as equity capitalisation.
Traded volume of shares by investors, however, rose to N507.25 million on Friday, surpassing the N326.03 million investors traded on Thursday. Read more
MEANWHILE, on the tech scene, the week saw to the development of a number of things, from Twitter’s Super Follows’ ambition to Lagos State’s adoption of electronic call-up for trucks.
During the week, Lagos-headquartered innovation centre Co-Creation Hub (CcHub) announced the first round of its syndicate investments.
Another major feature is the opportunity window from Union Bank as the Nigerian commercial bank unveiled the 2021 UnionX Innovation Challenge. Read full review
Thanks for joining the roundup this week. See you next week for another serving. Don’t forget, for the latest news and updates from around the globe, keep reading Ripples Nigeria.
Join the conversation
Join the conversation
INVESTIGATION… How herdsmen crisis compounds woes of already deprived Ogun communities
Earlier in January, the Nigerian media space was awash with reports of violence between herders and farmers across the country....
Investigation… Inside Enugu markets where traders are choked by multiple taxes
In recent times, the world economy has developed tremendously and this is partly linked with activities of petty traders who...
SPECIAL REPORT: How flood-ravaged farmlands in Anambra threaten food production
Increased rainfall, as a result of climate change, has impacted negatively on many parts of the world. In Anambra State,...
INVESTIGATION… How NDDC spent N2bn on abandoned, non-existent road projects in Edo communities
In 2014, the Niger Delta Development Commission (NDDC) awarded 10 road projects worth over N2 billion in various communities in...
INVESTIGATION… Inside NDDC’s abandoned, poorly executed road projects dotting Abia communities (concluded)
In this concluding part, ARINZE CHIJIOKE discovers that apart from the Obohia-Ohuru-Aba Road, there are similar projects initiated by the NDDC in Abia State which...
Man United end Tottenham top four hope in bruising encounter
Manchester United secured a come from behind 3-1 victory over Tottenham Hotspur in the English Premier League game played in...
In-form Iheneacho scores brace as Nigerians shine in Europe
Nigerians were in blistering form for their various European clubs at the weekend with the quintet of Kelechi Iheneacho, Simeon...
Real Madrid secure rare double over Barcelona in El-clasico
Real Madrid moved back to the top of the La Liga table after securing a vital 2-1 win over Barcelona...
Mbappe stars as PSG stroll to victory over Strasbourg
Reigning champions Paris Saint Germain on Saturday trounced Strasbourg 4-1 in the French Ligue 1 encounter played at the Stade...
Pulisic, Havertz shine as Chelsea cruise to victory at Crystal Palace
Fresh from midweek victory over Portuguese giants, Porto, in the UEFA Champions League, Chelsea on Saturday trounced Crystal Palace 4-1...
Latest Tech News
P+ rolls out media intelligence solution for PR measurement
P+ Measurement Services, a Nigerian Independent Public Relations (PR) measurement and evaluation agency, has introduced “Get-Reports” a product that allows...
TechNigeria: A weekly digest of what went down in Nigeria’s tech space
Nigerian tech players continue to prove to the world the smartness in their vision to take on the world, winning...
Nigeria’s ScholarX among GSMA £250,000 grant winners. 2 other things and a trivia
This line-up of stories will help you discover the latest happenings around the tech world, today. 1. Nigeria’s ScholarX features...
Nigeria-based Premier Hub launches startup challenges. 2 other things and a trivia
This line-up of stories will help you discover the latest happenings around the tech world, today. 1. Nigeria-based Premier Hub...
Nigeria’s Xend Finance introduces DeFi tools to scale operations. 2 other things and a trivia
This line-up of stories will help you discover the latest happenings around the tech world, today. 1. Nigeria’s Xend Finance...
Oracle loses multibillion-dollar case against Google
American information technology company, Oracle, has lost its age-long multibillion-dollar case against Google as the Supreme Court handed victory to...