News & Reports Telecom

Suspension of SIM Card Sales: Active Telephone Connections Decline In Nigeria – NCC

The number of active telephone connections in Nigeria declined to 192.41 million in March from 196.68 million in the previous month, according to the latest data released by the Nigerian Communications Commission (NCC). The data showed that the country’s teledensity also declined to 100.80 percent compared with 102.72 percent in February. Industry observers said the …read more →

News & Reports Telecom

NCC/Nigcomsat’s MoU Paves Way for 5G Tech in Nigeria

The Nigerian Communications Commission (NCC) has signed a Memorandum of Understanding (MoU) with the Nigerian Communications Satellite (Nigcomsat) in a process that may lead to the deployment of 5G technology in the country The MoU, which signals the clearing of C-band frequency for the deployment of 5G services is expected to open the way for …read more →

Education News & Reports

Sanwo-Olu Commissions 66-classroom Blocks in Four Lagos Schools … connects 100 schools to broadband

Four magnificent newly completed school buildings were unveiled on Thursday by Governor Babajide Sanwo-Olu across three Local Government Areas (LGA) in Lagos State. The multi-level ultra-modern buildings are part of the infrastructure projects completed by the Ministry of Education under the Lagos Metropolitan Development and Governance Project (LMDGP), which is covering 970 basic and secondary …read more →

News & Reports

US Navy seizes weapons in Arabian Sea likely bound for Yemen

The U.S. Navy announced Sunday it seized an arms shipment of thousands of assault weapons, machines guns and sniper rifles hidden aboard a ship in the Arabian Sea, apparently bound for Yemen to support the country’s Houthi rebels.  An American defense official told The Associated Press that the Navy’s initial investigation found the vessel came …read more →

Banking and Finance Economy News & Reports

Electronic Payment Transactions Up by 82% – NIBSS

The value of electronic payment transactions carried out in the first three months of 2021 in the economy rose 82 percent to N65.6 trillion compared with N36.02 trillion in the corresponding period of 2020. Data released by the Nigeria Interbank Settlement System (NIBSS) showed that the volume of electronic payment transactions increased by 80 percent …read more →

ENERGY News & Reports

Nigeria Set to Boost Equalisation Fund Scheme and Gas Utilisation

Nigeria is set to boost the equalization scheme to Liquefied Petroleum Gas (LPG) as part of measures to expand the nation’s gas resource utilisation, reduce deforestation and greenhouse pollution. Petroleum Equalisation Fund is a scheme adopted in 1975 by the Nigerian government mainly to administer uniform prices of petroleum products throughout the country. Petroleum Equalisation …read more →

Banking and Finance News & Reports

Access Bank South Africa Takes Over Grobank

Following the completion of all regulatory procedures, Grobank Limited has been officially renamed Access Bank South Africa Limited. The deal was finalised after Access Bank’s acquisition of controlling shares in the former Grobank Limited, South Africa. With this new development, Access Bank South Africa Limited is positioned to deliver a robust banking operation that connects …read more →

Banking and Finance News & Reports

Fidelity Bank Plc Announces a 53.9% Growth in Profit Before Tax to N10.1bn for the 3 Months Ended 31 March 2021

Top Nigerian lender, Fidelity Bank Plc recorded a strong financial performance in the first quarter of 2021, posting appreciable growth in profits for the period ended 31 March 2021. Details of the unaudited results, released at the Nigerian Stock Exchange (NSE) show that Profit before Tax (PBT) grew by 53.9% from N6.6bn in 2020 to …read more →

Banking and Finance News & Reports Technology

Access Bank Commences Accelerator Program … To Empower Startups Throughs Africa Fintech Foundry (AFF)

The Africa FinTech Foundry (AFF), an initiative of Access Bank Plc has commenced its accelerator programs The initiative is set to empower emerging startups, with mentorship programs, advisory and has committed N10 million in cash to the top three finalists. The accelerator program which opened its entries last month, received 306 registrations and after rigorous …read more →

Banking and Finance News & Reports

Fidelity Bank Plc Successfully Issued the Largest Ticket Tier II Local Bonds in Nigeria

Fidelity Bank Plc has successfully issued 10 years N41.21 billion in fixed rate unsecured subordinated bond at a 8.5 percent coupon rate due in 2031. The bond issuance which was fully subscribed given that total investor interest and commitments in the bonds were N56.6 billion, adds to the impressive portfolio of landmark transactions structured by the bank, …read more →