Category: Business News

Happy New Year! In the first episode of Follow the Money, we’re starting with a bang—Nigeria’s stock market delivered big in 2024! The All Share Index (ASI) soared by 37.65%, outpacing the country’s inflation, which hit a 28-year high of 34.6%. This impressive market performance was fueled by gains in banking, industrial, and consumer goods…

The NGX Insurance Index, which tracks the performance of the insurance sector, began 2025 with remarkable momentum, wrapping up the first trading week ending January 3 with an impressive week-to-date gain of 26.9%. This outstanding performance marks the index’s best trading week since 2013, with its value rising from 667.88 points to a noteworthy 847.59…

$CANA, a new memecoin, entered the market just two days ago and has already surged by an astonishing 400% within 24 hours. This rapid rise has captured the attention of crypto enthusiasts and cannabis advocates, particularly in Nigeria, where it resonates culturally and promotes the global legalization of cannabis for medicinal purposes and responsible use.…

After a five-year suspension, shares of Kenya Airways (KQ) are back on the Nairobi Securities Exchange (NSE) following a recent announcement from the markets regulator. The freeze on trading was lifted on Monday, marking a significant milestone for the national carrier. The suspension began in July 2020 when the Kenyan government introduced a proposal to…

By Modupe Gbadeyanka Nigerians may soon begin to purchase petroleum products at the retail stations of Heyden Petroleum and Ardova Plc across Nigeria at lower prices. This is because the two players in the nation’s downstream petroleum sector have entered into a bulk purchase agreement with the Dangote Petroleum Refinery. Recall that a few weeks…

By Dipo Olowookere Banking operations at the branches of most financial institutions in Nigeria will end earlier than expected today, Tuesday, December 31, 2024. The majority of them have sent messages to their customers to inform them of this development. Business Post sighted some of these notices sent by the banks to their customers via…

Landmark Africa, the company behind the Landmark Beach Resort in Lagos, has announced plans to relocate its Nigerian headquarters and expand its operations. CEO and founder Paul Onwuanibe revealed that the company will extend its reach into two other African countries, establish a presence in three Nigerian states, and move its headquarters out of Lagos.…

Landmark Africa, the company behind the Landmark Beach Resort in Lagos, has announced plans to relocate its Nigerian headquarters and expand its operations. CEO and founder Paul Onwuanibe revealed that the company will extend its reach into two other African countries, establish a presence in three Nigerian states, and move its headquarters out of Lagos.…

By Dipo Olowookere A total of 2.618 billion shares worth N69.742 billion in 47,953 deals exchanged hands last week on the floor of the Nigerian Exchange (NGX) Limited versus the 1.387 billion shares valued at N52.023 billion transacted in the preceding week in 33,411 deals. Business Post reports that last week, the market opened for…

OpenAI CEO Sam Altman has revealed that the company is currently losing money on its $200-per-month ChatGPT Pro plan due to unexpectedly high user demand. Altman stated this in a post on X, formerly Twitter. ChatGPT Pro, launched in late 2023, offers users access to an upgraded AI model, “o1 Pro,” and removes rate limits…

As African businesses embark on their AI transformation initiatives, it is imperative to pay attention to the associated risks with AI as these risks can have negative cost and data privacy implications. In this article, I will highlight and discuss in detail the risks and how you can mitigate them. Notable Risks Associated With AI …

By Kestér Kenn Klomegâh For three working days, 9th –11th January 2025, in the Speke Resort Conference Centre in Uganda’s capital, Kampala, the African Union Commission (AUC) will host the Extraordinary Summit on the Post-Malabo Comprehensive Africa Agriculture Development Programme (CAADP). This Summit is supported by the Government of Uganda. The event is organized jointly…

Nollywood reached a remarkable milestone in 2024, with the top 10 highest-grossing films collectively earning a staggering N3.6 billion at the box office. This marked a significant jump from the N1.94 billion recorded in 2023, reflecting an impressive 85.5% increase. Even with the exclusion of Funmilayo Ransom Kuti, which contributed N156.6 million, the total could…

Global oil prices retreated on Monday, breaking a five-session rally, as a robust U.S. dollar weighed on the market ahead of critical economic updates from the Federal Reserve and the U.S. labor market, Reuters reports. Brent crude futures fell by 28 cents, or 0.4%, to $76.23 per barrel as of 0800 GMT, pulling back from…

African startups cumulatively raised a total of $2.2 billion in 2024 driven by two mega deals by Nigeria’s Moniepoint and South Africa’s Tyme Group. According to the funding report released by research firm, Africa: The Big Deal, the amount included equity, debt, and grants secured by the continent’s startups. While the amount raised in 2024…

By Dipo Olowookere A total of 2.618 billion shares worth N69.742 billion in 47,953 deals exchanged hands last week on the floor of the Nigerian Exchange (NGX) Limited versus the 1.387 billion shares valued at N52.023 billion transacted in the preceding week in 33,411 deals. Business Post reports that last week, the market opened for…

Sui, a prominent layer-2 blockchain network, has resumed its strong upward trajectory, surging nearly 20% to trade at approximately $5.13 as of Saturday. The crypto asset trended throughout the weekend as its holders counted their unrealized profit. The cryptocurrency’s exceptional performance in 2023 has seen it skyrocket by over 1,312% from its lowest point, pushing…

The Central Bank of Nigeria’s (CBN) latest quarterly statistical bulletin has revealed a significant 63.7% increase in international money transfer operator (IMTO) inflows for the first nine months of 2024. Inflows rose from $2.33 billion during the same period in 2023 to $3.82 billion in 2024. This growth has been largely attributed to a series…

By Dipo Olowookere A total of 2.618 billion shares worth N69.742 billion in 47,953 deals exchanged hands last week on the floor of the Nigerian Exchange (NGX) Limited versus the 1.387 billion shares valued at N52.023 billion transacted in the preceding week in 33,411 deals. Business Post reports that last week, the market opened for…