Spotlight Archives - Nairametrics https://nairametrics.com/category/spotlight-stories/ Destination for Business news and analysis from Africa's largest economy Sat, 15 Jun 2024 07:21:16 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.3 https://nairametrics.com/wp-content/uploads/2021/08/cropped-cropped-favicon-1.png?resize=75,75 Spotlight Archives - Nairametrics https://nairametrics.com/category/spotlight-stories/ 32 32 201037849 Lagos State allocates N1bn Seed Fund for Startups  https://nairametrics.com/2024/06/15/lagos-state-allocates-n1bn-seed-fund-for-startups/ https://nairametrics.com/2024/06/15/lagos-state-allocates-n1bn-seed-fund-for-startups/#respond Sat, 15 Jun 2024 06:30:50 +0000 https://nairametrics.com/?p=491297 The Lagos State government under the leadership of Governor Babajide Sanwo-Olu of Lagos State has allocated N1 billion as a seed fund for startups to the Lagos State Science, Research, and Innovation Council (LASRIC). 

The post Lagos State allocates N1bn Seed Fund for Startups  appeared first on Nairametrics.

]]> https://nairametrics.com/2024/06/15/lagos-state-allocates-n1bn-seed-fund-for-startups/feed/ 0 491297 Nigerian Court discharges Tigran Gambaryan, Nadeem from FIRS tax evasion case against Binance  https://nairametrics.com/2024/06/14/nigerian-court-discharges-tigran-gambaryan-nadeem-from-firs-tax-evasion-case-against-binance/ https://nairametrics.com/2024/06/14/nigerian-court-discharges-tigran-gambaryan-nadeem-from-firs-tax-evasion-case-against-binance/#respond Fri, 14 Jun 2024 12:22:43 +0000 https://nairametrics.com/?p=491269 The Federal High Court on Friday discharged Tigran Gambaryan, a 39-year-old American, and fleeing Nadeem Anjarwalla from the  Federal Inland Revenue Service (FIRS) tax evasion case against the cryptocurrency exchange platform, Binance. 

The post Nigerian Court discharges Tigran Gambaryan, Nadeem from FIRS tax evasion case against Binance  appeared first on Nairametrics.

]]> https://nairametrics.com/2024/06/14/nigerian-court-discharges-tigran-gambaryan-nadeem-from-firs-tax-evasion-case-against-binance/feed/ 0 491269 Big 4 maintain market dominance as audit firms earn N17.34 billion fees in 2023 https://nairametrics.com/2024/06/14/big-4-maintain-market-dominance-as-audit-firms-earn-n17-34-billion-fees-in-2023/ https://nairametrics.com/2024/06/14/big-4-maintain-market-dominance-as-audit-firms-earn-n17-34-billion-fees-in-2023/#respond Fri, 14 Jun 2024 07:25:04 +0000 https://nairametrics.com/?p=491224 The big audit firms in Nigeria, KPMG, PWC, Deloitte, and EY, typically referred to as the Big Four maintained industry dominance yet again in 2023, as 50 of the most capitalized companies on the Nigerian exchange paid a total of N17.34 billion as audit fees.

The post Big 4 maintain market dominance as audit firms earn N17.34 billion fees in 2023 appeared first on Nairametrics.

]]> https://nairametrics.com/2024/06/14/big-4-maintain-market-dominance-as-audit-firms-earn-n17-34-billion-fees-in-2023/feed/ 0 491224 Seplat ExxonMobil $1.28 billion deal gets boost as NNPC moves to withdraw lawsuit https://nairametrics.com/2024/06/13/nnpc-applies-to-withdraw-suit-challenging-exxonmobils-1-28-billion-asset-divestment-to-seplat/ https://nairametrics.com/2024/06/13/nnpc-applies-to-withdraw-suit-challenging-exxonmobils-1-28-billion-asset-divestment-to-seplat/#respond Thu, 13 Jun 2024 14:13:02 +0000 https://nairametrics.com/?p=491189 NNPC has filed a motion in the High Court of the Federal Capital Territory, Abuja, seeking to discontinue its ongoing legal action against several subsidiaries of Mobil Nigeria and the Nigerian Upstream Petroleum Regulatory Commission.

The post Seplat ExxonMobil $1.28 billion deal gets boost as NNPC moves to withdraw lawsuit appeared first on Nairametrics.

]]> https://nairametrics.com/2024/06/13/nnpc-applies-to-withdraw-suit-challenging-exxonmobils-1-28-billion-asset-divestment-to-seplat/feed/ 0 491189 Over 75% of Lagos revenue is internally generated – Sanwo-Olu https://nairametrics.com/2024/06/13/over-75-of-lagos-revenue-is-internally-generated-sanwo-olu/ https://nairametrics.com/2024/06/13/over-75-of-lagos-revenue-is-internally-generated-sanwo-olu/#respond Thu, 13 Jun 2024 11:34:42 +0000 https://nairametrics.com/?p=491182 The Governor of Lagos State, Babajide Sanwo-Olu, has said that more than 75% of the revenue of Lagos is internally sourced rather than depending on federal allocation like other states in Nigeria.

The post Over 75% of Lagos revenue is internally generated – Sanwo-Olu appeared first on Nairametrics.

]]> https://nairametrics.com/2024/06/13/over-75-of-lagos-revenue-is-internally-generated-sanwo-olu/feed/ 0 491182 Multichoice blames economy as DStv subscribers in Nigeria decline by 18%  https://nairametrics.com/2024/06/13/multichoice-blames-economy-as-dstv-subscribers-in-nigeria-decline-by-18/ https://nairametrics.com/2024/06/13/multichoice-blames-economy-as-dstv-subscribers-in-nigeria-decline-by-18/#comments Thu, 13 Jun 2024 06:20:04 +0000 https://nairametrics.com/?p=491155 African Pay-TV operator, Multichoice Group, has blamed Nigeria's harsh economic condition as active DStv subscribers in the country declined by 18%. 

The post Multichoice blames economy as DStv subscribers in Nigeria decline by 18%  appeared first on Nairametrics.

]]> https://nairametrics.com/2024/06/13/multichoice-blames-economy-as-dstv-subscribers-in-nigeria-decline-by-18/feed/ 1 491155 Nigeria’s crude oil production in May falls to 1.25 million bpd – OPEC  https://nairametrics.com/2024/06/13/nigerias-crude-oil-production-in-may-falls-to-1-25-million-bpd-opec/ https://nairametrics.com/2024/06/13/nigerias-crude-oil-production-in-may-falls-to-1-25-million-bpd-opec/#respond Thu, 13 Jun 2024 04:56:28 +0000 https://nairametrics.com/?p=491153 Nigeria’s average crude oil production in May fell to 1.25 million barrels daily in May from 1.28 million bpd recorded in April 2024.

The post Nigeria’s crude oil production in May falls to 1.25 million bpd – OPEC  appeared first on Nairametrics.

]]> https://nairametrics.com/2024/06/13/nigerias-crude-oil-production-in-may-falls-to-1-25-million-bpd-opec/feed/ 0 491153 Nigerians withdraw N14.2 billion from pension funds as job losses spike https://nairametrics.com/2024/06/12/nigerians-withdraw-n14-2-billion-from-pension-funds-as-job-losses-spike/ https://nairametrics.com/2024/06/12/nigerians-withdraw-n14-2-billion-from-pension-funds-as-job-losses-spike/#respond Wed, 12 Jun 2024 12:37:23 +0000 https://nairametrics.com/?p=491131 The National Pension Commission (PenCom) has approved the disbursement of N14.2 billion to 8,651 Nigerians who experienced temporary job loss in the first quarter of 2024.

The post Nigerians withdraw N14.2 billion from pension funds as job losses spike appeared first on Nairametrics.

]]> https://nairametrics.com/2024/06/12/nigerians-withdraw-n14-2-billion-from-pension-funds-as-job-losses-spike/feed/ 0 491131 Why Tolaram’s N104 billion acquisition of Guinness Nigeria is a game changer https://nairametrics.com/2024/06/12/why-tolarams-n104-billion-acquisition-of-guinness-nigeria-is-a-game-changer/ https://nairametrics.com/2024/06/12/why-tolarams-n104-billion-acquisition-of-guinness-nigeria-is-a-game-changer/#comments Wed, 12 Jun 2024 09:19:40 +0000 https://nairametrics.com/?p=491127 On June 11, 2024, Diageo announced it had entered a deal to sell its 58.02% stake in Guinness Nigeria Plc to Tolaram, bringing an end to over five decades of direct ownership of the Nigerian subsidiary.

The post Why Tolaram’s N104 billion acquisition of Guinness Nigeria is a game changer appeared first on Nairametrics.

]]> https://nairametrics.com/2024/06/12/why-tolarams-n104-billion-acquisition-of-guinness-nigeria-is-a-game-changer/feed/ 2 491127 Unregistered loan apps in Nigeria shift to APK as FCCPC delists 47 from Play Store  https://nairametrics.com/2024/06/12/unregistered-loan-apps-in-nigeria-shift-to-apk-as-fccpc-delists-47-from-play-store/ https://nairametrics.com/2024/06/12/unregistered-loan-apps-in-nigeria-shift-to-apk-as-fccpc-delists-47-from-play-store/#comments Wed, 12 Jun 2024 06:34:40 +0000 https://nairametrics.com/?p=491117 Several unregistered loan apps have continued operating in the country through Android Package Kit (APK) amid the ongoing clampdown by the Federal Competition and Consumer Protection Commission (FCCPC). 

The post Unregistered loan apps in Nigeria shift to APK as FCCPC delists 47 from Play Store  appeared first on Nairametrics.

]]> https://nairametrics.com/2024/06/12/unregistered-loan-apps-in-nigeria-shift-to-apk-as-fccpc-delists-47-from-play-store/feed/ 2 491117 Naira trades within narrow range as FX turnover surges by 138.67%  https://nairametrics.com/2024/06/11/naira-trades-within-narrow-range-as-fx-turnover-surges-by-138-67/ https://nairametrics.com/2024/06/11/naira-trades-within-narrow-range-as-fx-turnover-surges-by-138-67/#respond Tue, 11 Jun 2024 20:34:19 +0000 https://nairametrics.com/?p=491103 The naira exhibited signs of moderate stability as foreign exchange (FX) turnover surged by 138.67% on the Nigerian Autonomous Foreign Exchange Market (NAFEM) window. 

The post Naira trades within narrow range as FX turnover surges by 138.67%  appeared first on Nairametrics.

]]> https://nairametrics.com/2024/06/11/naira-trades-within-narrow-range-as-fx-turnover-surges-by-138-67/feed/ 0 491103 Tolaram to acquire majority shares in Guinness Nigeria as Diageo exits  https://nairametrics.com/2024/06/11/tolaram-to-acquire-majority-shares-in-guinness-nigeria-as-diageo-exits/ https://nairametrics.com/2024/06/11/tolaram-to-acquire-majority-shares-in-guinness-nigeria-as-diageo-exits/#respond Tue, 11 Jun 2024 10:39:36 +0000 https://nairametrics.com/?p=491059 In a landmark deal set to reshape Nigeria's beverage market, Tolaram has agreed to acquire Diageo's 58.02% shareholding in Guinness Nigeria Plc. Guinness made this announcement via a press release on the NGX. 

The post Tolaram to acquire majority shares in Guinness Nigeria as Diageo exits  appeared first on Nairametrics.

]]> https://nairametrics.com/2024/06/11/tolaram-to-acquire-majority-shares-in-guinness-nigeria-as-diageo-exits/feed/ 0 491059 High interest rates, surging non-performing loans threaten loan app business in Nigeria  https://nairametrics.com/2024/06/11/high-interest-rates-surging-non-performing-loans-threaten-loan-app-business-in-nigeria/ https://nairametrics.com/2024/06/11/high-interest-rates-surging-non-performing-loans-threaten-loan-app-business-in-nigeria/#respond Tue, 11 Jun 2024 05:39:18 +0000 https://nairametrics.com/?p=491025 The digital lending space in Nigeria is currently in dire strait as both the lenders and the borrowers are lamenting increasing non-performing loans and the high cost of borrowing. 

The post High interest rates, surging non-performing loans threaten loan app business in Nigeria  appeared first on Nairametrics.

]]> https://nairametrics.com/2024/06/11/high-interest-rates-surging-non-performing-loans-threaten-loan-app-business-in-nigeria/feed/ 0 491025 Nigeria’s money supply rebounds to historic N96.97 trillion in April 2024, defying MPC’s tightening measures https://nairametrics.com/2024/06/10/nigerias-money-supply-rebounds-to-historic-n96-97-trillion-in-april-2024-defying-mpcs-tightening-measures/ https://nairametrics.com/2024/06/10/nigerias-money-supply-rebounds-to-historic-n96-97-trillion-in-april-2024-defying-mpcs-tightening-measures/#respond Mon, 10 Jun 2024 14:21:19 +0000 https://nairametrics.com/?p=491003 Nigeria’s money supply (M3) has surged to a new peak of N96.97 trillion in April 2024, reflecting a significant recovery from previous decline recorded in March. This growth comes in the face of the Monetary Policy Committee’s (MPC) stringent measures aimed at controlling inflation.

The post Nigeria’s money supply rebounds to historic N96.97 trillion in April 2024, defying MPC’s tightening measures appeared first on Nairametrics.

]]> https://nairametrics.com/2024/06/10/nigerias-money-supply-rebounds-to-historic-n96-97-trillion-in-april-2024-defying-mpcs-tightening-measures/feed/ 0 491003 Nigeria’s motorcycle imports surge by 204% in Q1 2024 on weak naira, India overtakes China as top supplier   https://nairametrics.com/2024/06/10/nigerias-motorcycle-imports-surge-by-204-in-q1-2024-on-weak-naira-india-overtakes-china-as-top-supplier/ https://nairametrics.com/2024/06/10/nigerias-motorcycle-imports-surge-by-204-in-q1-2024-on-weak-naira-india-overtakes-china-as-top-supplier/#respond Mon, 10 Jun 2024 09:05:50 +0000 https://nairametrics.com/?p=490958 Data from the National Bureau of Statistics reveal Nigeria recorded N117.4 billion as import cost for motorcycles in the first quarter of 2024 

The post Nigeria’s motorcycle imports surge by 204% in Q1 2024 on weak naira, India overtakes China as top supplier   appeared first on Nairametrics.

]]> https://nairametrics.com/2024/06/10/nigerias-motorcycle-imports-surge-by-204-in-q1-2024-on-weak-naira-india-overtakes-china-as-top-supplier/feed/ 0 490958 Naira snap early gains against Euro, far right strengthens grip on Europe https://nairametrics.com/2024/06/10/naira-snap-early-gains-against-euro-far-right-strengthens-grip-on-europe/ https://nairametrics.com/2024/06/10/naira-snap-early-gains-against-euro-far-right-strengthens-grip-on-europe/#respond Mon, 10 Jun 2024 07:12:27 +0000 https://nairametrics.com/?p=490952 Euro skidded against the naira in the unofficial market on Monday after French President Emmanuel Macron called a snap election following a defeat in the European Union vote by the far-right.

The post Naira snap early gains against Euro, far right strengthens grip on Europe appeared first on Nairametrics.

]]> https://nairametrics.com/2024/06/10/naira-snap-early-gains-against-euro-far-right-strengthens-grip-on-europe/feed/ 0 490952 States to FG: Mandate immediate ‘no-meter, no-service’ policy for new electricity connections in Nigeria https://nairametrics.com/2024/06/09/states-to-fg-mandate-immediate-no-meter-no-service-policy-for-new-electricity-connections-in-nigeria/ https://nairametrics.com/2024/06/09/states-to-fg-mandate-immediate-no-meter-no-service-policy-for-new-electricity-connections-in-nigeria/#respond Sun, 09 Jun 2024 09:26:29 +0000 https://nairametrics.com/?p=490920 State governments have urged the federal government to enforce a "no-meter, no-service" policy for all new electricity connections in an effort to tackle the metering issues within Nigeria's power sector.

The post States to FG: Mandate immediate ‘no-meter, no-service’ policy for new electricity connections in Nigeria appeared first on Nairametrics.

]]> https://nairametrics.com/2024/06/09/states-to-fg-mandate-immediate-no-meter-no-service-policy-for-new-electricity-connections-in-nigeria/feed/ 0 490920 Nigeria’s trade surplus hits new high of N6.52 trillion in Q1 2024  https://nairametrics.com/2024/06/09/nigerias-trade-surplus-hits-new-high-of-n6-52-trillion-in-q1-2024/ https://nairametrics.com/2024/06/09/nigerias-trade-surplus-hits-new-high-of-n6-52-trillion-in-q1-2024/#respond Sun, 09 Jun 2024 07:31:38 +0000 https://nairametrics.com/?p=490905 Nigeria's foreign trade statistics report for the first quarter of 2024 reveals a significant trade surplus of N6.52 trillion. 

The post Nigeria’s trade surplus hits new high of N6.52 trillion in Q1 2024  appeared first on Nairametrics.

]]> https://nairametrics.com/2024/06/09/nigerias-trade-surplus-hits-new-high-of-n6-52-trillion-in-q1-2024/feed/ 0 490905 Why corruption and Nigeria’s civil service go hand in hand  https://nairametrics.com/2024/06/09/why-corruption-and-nigerias-civil-service-go-hand-in-hand/ https://nairametrics.com/2024/06/09/why-corruption-and-nigerias-civil-service-go-hand-in-hand/#comments Sun, 09 Jun 2024 05:30:25 +0000 https://nairametrics.com/?p=490901 Most civil servants in the FCT cannot afford the high cost of accommodation in Abuja; so they must live on the outskirts such as Kuje, Lugbe, Mararaba, Masaka, Suleja, etc.

The post Why corruption and Nigeria’s civil service go hand in hand  appeared first on Nairametrics.

]]> https://nairametrics.com/2024/06/09/why-corruption-and-nigerias-civil-service-go-hand-in-hand/feed/ 1 490901 Nigerians flock to India for medical treatments, exposing healthcare gaps at home https://nairametrics.com/2024/06/08/nigerians-flock-to-india-for-medical-treatments-exposing-healthcare-gaps-at-home/ https://nairametrics.com/2024/06/08/nigerians-flock-to-india-for-medical-treatments-exposing-healthcare-gaps-at-home/#respond Sat, 08 Jun 2024 08:42:13 +0000 https://nairametrics.com/?p=490856 In recent years, Indian hospitals have become a beacon of hope for many Nigerians seeking advanced medical treatments.

The post Nigerians flock to India for medical treatments, exposing healthcare gaps at home appeared first on Nairametrics.

]]> https://nairametrics.com/2024/06/08/nigerians-flock-to-india-for-medical-treatments-exposing-healthcare-gaps-at-home/feed/ 0 490856