Author: Ifetayo Adeniyi

UNGA: US Chamber of Commerce to invest $320m to mortgages, SMEs in Nigeria Vice President Kashim Shettima US Chamber of Commerce to invest $320m to mortgages, SMEs in Nigeria. The United States Chamber of Commerce has expressed willingness to invest approximately $320 million in mortgage refinancing and Small and Medium Enterprises in Nigeria. This was disclosed in a statement issued by the spokesperson for Vice-President Kashim Shettima, Mr Stanley Nkwocha. Ms Nisha Biswal, Deputy Chief Executive Officer of the U.S. International Development Finance Corporation, made this known on Monday. The News Agency of Nigeria reports that Biswal spoke at a…

Yoruba filmmakers are most relevant in Nigeria’s film industry – Chude Jideonwo Chude Jideonwo Yoruba filmmakers are most relevant in Nigeria’s film industry – Chude Jideonwo “Can you name one Hausa or Igbo-language movie on Netflix or Amazon? The closest was Genevieve’s ‘Lionheart’ many years ago. Only Yoruba movies are able to exist on Amazon, Netflix and become mainstream cultural hits.” Prominent media personality, Chude Jideonwo, has stirred discussions by claiming that the biggest filmmakers in Nigeria hail predominantly from the Yoruba ethnic group. Jideonwo made this statement while reflecting on the dominance of Yoruba filmmakers in the country’s film…

Market value: Fidelity, UBA become top gainers as NGX adds N79bn Dealers at the Nigeria Stock Exchange Market value: Fidelity, UBA become top gainers as NGX adds N79bn. The Nigerian Exchange Ltd. (NGX) started the week on a positive note, as market capitalisation gained N79 billion or 0.14%, closing at N56.536 trillion from an opening value of N56.457 trillion. Similarly, the All-Share Index rose by 0.14%, adding 139 points to settle at 98,386.60 points, compared to 98,247.99 points posted on Friday. This boosted the Year-To-Date (YTD) return to 31.58%. The positive performance was largely driven by investor demand for stocks…

FG must end petrol subsidy so Nigerians can know nation’s real consumption Aliko Dangote Aliko Dangote, president of Dangote Group, says the federal government must end fuel subsidies completely now. Speaking in a 26-minute interview with Bloomberg Television in New York on Monday, Dangote said that subsidy removal will help to determine the actual petrol consumption in Nigeria and cut the government unnecessary expenditure. Dangote also disclosed ownership of two oil blocks in the upstream sector with an expected production date of next month. Africa’s richest man has set up a $20 billion oil refinery in Lekki, Lagos, with 650,000…

Telecoms: Digital services surges, VAT at 102% increase The World Bank, in 2023, credited the sector’s GDP growth to increased data usage. The growth of digital services has continued to surge despite Nigeria’s economic challenges, marked by reduced purchasing power, double-digit inflation, and high petrol prices. This is evident in the 101.80 percent increase in value added tax (VAT) revenue in the information and communication sector from the first half (H1) of 2022 to the same period in 2024. VAT, currently set at 7.5 percent, is a consumption tax subscribers pay after using services like calls, SMS, data, and more.…

Dangote expresses regrets not buying Arsenal when the opportunity was before him Aliko Dangote Dangote expresses regrets not buying Arsenal when the opportunity was before him though he had other pressing project to fulfill. Nigerian billionaire businessman, Alhaji Aliko Dangote, has regretted not buying the English premiership club Arsenal when it was valued at $2 billion. Dangote expressed his regret in an interview with Bloomberg. He said, “I think that time has passed. The last time when we had this interview, I told you as soon as I finish with the refinery, I am going to try and buy Arsenal.…

Paris 2024 Paralympics: Celebrating Nigeria’s para powerlifting team’s triumph with Peak Milk’s sponsorship Nigerian para-powerlifters in the Paris 2024 Paralympics Games Mark and Oluwafemiayo won gold medals in the 61kg and 86kg categories, respectively, while Nworgu and Omolayo won silver medals in the 41kg and 79kg categories, respectively. Nigeria’s leading milk brand, Peak, has rewarded the nation’s para powerlifting athletes who participated in the Paris 2024 Paralympics Games held in France. The athletes — Onyinyechi Mark, Folashade Oluwafemiayo, Esther Nworgu and Bose Omolayo, bagged four of the seven medals won by Team Nigeria. Nigerian para-powerlifters in the Paris 2024 Paralympics…

Unveiling PalmPay’s USSD service Palmpay PalmPay, a leading fintech platform, has introduced a USSD code (*861#) to provide Nigerians with enhanced financial access and account security, even without internet connectivity. The service allows customers to perform various banking transactions, including money transfers, bill payments, and credit services. This launch aligns with PalmPay’s mission to bridge the digital access gap and promote financial inclusion. Chika Nwosu, Nigeria Managing Director, emphasized, “Our USSD service ensures seamless connectivity for our users, and its security feature allows customers to remotely freeze their accounts in case of loss or theft.” PalmPay has achieved significant milestones…

Lagos International Theatre Festival Maiden Edition Comes To Public In November Bolanle Austen-Peters “The creative industry is at the heart of every nation that thrives, and Nigeria is especially blessed with imaginative creativity and abundant talents. This is what God has blessed us with—the only infinite resource.” The Lagos International Theatre Festival (LITF) will debut in November 2024. It will offer a unique platform that brings together a remarkable array of creative talents, including actors, directors, playwrights, and filmmakers from around the world. Organised by Bolanle Austen-Peters in partnership with Lagos State, the maiden edition of LITF aims to build…

Access Holdings Expands Loan Book on Strength Of N36.5trn Assets Growth in H1 2024 It recorded a whopping balance sheet of N36.5 trillion from N26.6 trillion as of December 31, 2023, constituting a 37.2 percent increase. Access Holdings Plc is expanding its loan book apparently to support the $1 trillion economy ambition of the Nigerian government through facilities to the real sector as its balance sheet soars. According to its audited earnings report for the half year (H1 2024) ended June 30, issued on Saturday, the Group maintained the lead as Nigeria’s largest financial institution by assets. It recorded a…