Forty-one African countries experienced over 190 internet shutdowns between 2016 and 2024, a new research by members of the African Digital Rights Network has shown. Convened by the Institute of Development Studies, the report is featured in the book ‘Internet Shutdowns in Africa’. It indicates that the number of internet shutdowns across the continent has …
First HoldCo Chairman Olufemi Otedola has acquired an additional ₦2.01 billion shares, raising his stake to 16.1 per cent to remain the largest individual shareholder of the company. The acquisition now increased his shareholding units to 6,742,471,831 of the company's issued share capital of 41,877,841,590 units. In a corporate disclosure dated Wednesday, September 24, to …
The National Pension Commission (PenCom) has asked Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) to report all foreign currency pension contributions above $10,000 to the Nigeria Financial Intelligence Unit (NFIU) within 24 hours of receipt. The directive is contained in the 'Guidelines on Foreign Currency Pension Contributions' released early this week. "In line …
Jaiz Bank Plc has received a national scale long-term issuer rating from BBB-(NG) to BBB(NG), with the outlook revised from positive to stable. The Nigerian pioneer non-interest bank was upgraded by GCR Ratings, a leading rating agency in Africa. In a statement on Wednesday, September 24, the Managing Director/Chief Executive Officer, Haruna Musa, reaffirmed the …
Guaranty Trust Holding Company Plc (GTCO), the parent company of Guaranty Trust Bank, has reported a 40.13 per cent decline in profit before tax (PBT) for the first six months of the year. The Group's audited financial statements for the six months ended June 30, 2025, released on Tuesday, September 23, show the pre-tax profit …
The Centre for the Promotion of Private Enterprise (CPPE) has expressed concern that the Central Bank of Nigeria (CBN) benchmark interest rate cut will require the federal government to play a complementary role to fully unlock growth potential for the Nigerian economy. The CPPE Chief Executive Officer, Muda Yusuf, raised this in a statement on …
The Central Bank of Nigeria (CBN) has introduced a 75 per cent cash reserve ratio (CRR) on non-Treasury Single Account (TSA) public sector deposits to improve liquidity management. The Governor of CBN, Olayemi Cardoso, revealed this during his briefing on the outcome of the Monetary Policy Committee (MPC) meeting on Tuesday, September 23. He further …
Nigeria’s gross external reserves expanded by $1.03 billion in the last 30 days, according to data from the Central Bank of Nigeria (CBN). This represents a 2.51 per cent increase to $42.03 billion as of September 19 from $41 billion as of August 19. A review of the CBN data shows that this is the …
Nigeria’s Gross Domestic Product (GDP) grew by 4.23 per cent on a year-on-year basis in real terms in the second quarter (Q2) of the year. The National Bureau of Statistics (NBS) revealed this in its second-quarter report released on Monday, September 22. The report shows the growth rate is higher than the 3.48 per cent …
A French media group, Canal+, said it has completed the acquisition of MultiChoice, a South African pay-TV operator and owner of DStv and GOtv, with the transaction now unconditional. It announced this in a joint statement on Monday, September 22. The deal, valued at 125 rand per share, secured a 48.2 per cent stake in …
