Active mobile subscriptions dropped by 5.4 million in the first quarter of 2024, according to data from the Nigerian Communications Commission (NCC). The total active mobile subscriptions stood at 219 million, a 2.4% decrease from the previous quarter’s 224.4 million. This decline has been directly attributed to the stringent enforcement of the National Identity Number (NIN)-Subscriber Identity Module (SIM) linkage policy by the NCC. Since its inception, the policy has aimed to bolster national security measures and enhance accountability within the telecom sector by mandating the linkage of m ..read more

APM Terminals is engaging in discussions with the government for a significant upgrade at its Apapa terminal. Keith Svendsen, the Chief Executive Officer of APM Terminals, disclosed the company’s ambitious plans aimed at accommodating vessels with deep drafts and large ship-to-shore cranes. The upgrade is part of APM Terminals’ long-term vision to bolster import and export opportunities in the country, create employment, and diversify local opportunities. Svendsen emphasized the importance of fortifying existing port infrastructure, especially in Lagos, to manage increasing trade volumes effec ..read more

Uber has rolled out a feature in Nigeria that promises to revolutionize the way drivers receive their earnings. Dubbed “Flex Pay,” this innovative initiative allows Uber drivers across the country to access their earnings daily, a significant departure from the previous weekly payment system. The announcement came during a recent media briefing led by Tope Akinwumi, Uber Nigeria’s country manager. Akinwumi expressed the company’s commitment to supporting its drivers by introducing Flex Pay, which aims to help drivers meet their financial obligations more promptly and efficiently. With Flex Pay ..read more

Fintech companies across the country have been instructed to report all crypto trades to relevant authorities. This directive comes amidst the recent freezing of 105 accounts across nine fintech firms suspected of various illegal activities, including unauthorized forex dealings, money laundering, and terrorism financing. The Economic and Financial Crimes Commission (EFCC) obtained an interim court order on April 24, 2024, to freeze these accounts for 90 days as part of ongoing investigations. Sources close to the matter suggest a connection between these freezes and heightened scrutiny of cry ..read more

Amidst concerns over weak U.S. jobs data and the potential timing of a Federal Reserve interest rate cut, oil prices record its sharpest weekly decline in three months. Brent crude oil, against which Nigerian oil is priced, settled 71 cents lower to close at $82.96 a barrel. Similarly, U.S. West Texas Intermediate crude oil fell 84 cents, or 1.06% to end the week at $78.11 a barrel. The primary driver behind this decline was investor apprehension regarding the impact of sustained borrowing costs on the U.S. economy, the world’s foremost oil consumer. These concerns were amplified after the Fed ..read more

After a prolonged two-year wait, Exxon Mobil’s anticipated $1.28 billion asset sale to Seplat Energy is poised for approval by Nigeria’s oil regulator. The deal, which has been in limbo since 2022, could finally see the light of day following recent communication from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Gbenga Komolafe, the chief of NUPRC, revealed to Reuters on Thursday that the regulatory body is on the verge of giving its consent to the transaction. Komolafe disclosed that Exxon Mobil and Seplat Energy are scheduled to attend a pivotal meeting on Friday, during wh ..read more

Dogecoin, Shiba Inu, and NEAR Protocol have seen impressive gains ranging from 5% to 10%, igniting optimism among investors after a period of volatility. Dogecoin, the meme-inspired digital currency, surged by 5% to add to its recent momentum while Shiba Inu, another popular meme coin, followed suit with a 10% jump. NEAR Protocol, a blockchain platform focusing on decentralized applications, also joined the rally with a solid 5% increase. This surge comes on the heels of Bitcoin’s resurgence, which saw a nearly 5% gain to briefly break the $62,000 price level. Ethereum, the second-largest cryp ..read more

Fitch Ratings has upgraded Egypt’s credit outlook to positive, reflecting growing confidence in the North African nation’s economic prospects following an international bailout of $57 billion. The upgrade comes as Egypt secured a landmark bailout package to bolster its cash-strapped economy and provide much-needed relief amidst economic challenges exacerbated by geopolitical tensions and the global pandemic. Fitch affirmed Egypt’s credit rating at B-, positioning it six notches below investment grade. However, the shift in outlook to positive shows the country’s progress in addressing external ..read more

Fitch Ratings has upgraded Nigeria’s credit outlook to positive, citing the country’s reform progress under President Bola Tinubu’s administration. This decision is a turning point for Africa’s largest economy and signals growing confidence in its economic trajectory. The announcement comes six months after Fitch Ratings acknowledged the swift pace of reforms initiated since President Tinubu assumed office in May of the previous year. According to Fitch, the positive outlook reflects the government’s efforts to restore macroeconomic stability and enhance policy coherence and credibility. Fitch ..read more

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 4th, 2024 stood at 1 USD to ₦1,400. Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,380 and sold it at ₦1,370 on Friday, May 3rd, 2024. This indicates a decline in the Naira exchange rate compared to the current rate. The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels. Monitoring these rate ..read more