Zone, one of the fast-growing Africa’s payment infrastructure companies, has raised $8.5 million in a seed funding round led by VC firms Flourish Ventures and TLcom Capital The fund raising marked a significant milestone in the company’s ongoing initiatives to build a Blockchain-based decentralized payment infrastructure for financial services providers in Africa and the other […]
Budgeting
CBN Intervention Facility: Lagos Borrows N196Bn To Fund Rail Projects
The latest report by the Central Bank of Nigeria (CBN) detailing its intervention disbursements to key sectors of the economy in the last four years showed that Lagos State Government borrowed around N196 billion for the financing of its ongoing Red Line and Blue Line rail projects across the state. The apex bank, in its […]
DisCos Spend N273.3Bn On 414,000 Prepaid Meters – CBN
The Central Bank of Nigeria (CBN) has reported that Electricity Distribution Companies (DisCos) spend N273.3 billion in seven years to provide 414,000 prepaid meters to electricity consumers in the country. The latest report from the apex bank on development finance interventions between 2015 and 2022, indicated that the DisCos spent an average of N670,000 for […]
Bank Of Japan Ends 8-Year Negative Rates Policy
The Bank of Japan has ended eight years of negative interest rates and other remnants of its unorthodox policy, making a historic shift away from a focus of reflating growth with decades of massive monetary stimulus. News reports on the BoJ’s latest policy on Tuesday indicated that while the move was Japan’s first interest rate […]
NDDC To Hand Over Ondo Power Project To TCN
The Governing Board of the Niger Delta Development Commission (NDDC) has concluded plans to inaugurate the 132/33kv electricity sub-station at Ode-Erinje in Okitipupa Local Government Area of Ondo State. The Commission explained that the plan would include the handover of the sub-station to the Transmission Company of Nigeria, TCN, for operational management. The Commission stated: […]
Voice, Data Services Affected By Undersea Cable Cuts Restored By 90% – NCC
The Nigerian Communications Commission (NCC) has reported that following the disruption last Thursday, March 14, which affected data and voice services due to cuts in undersea fibre optics along the coasts of Cote d’Ivoire and Senegal, telecom services have now been restored to approximately 90% of their peak utilization capacities. The telecom industry regulatory commission, […]
NBC Issues Licence For Maiden Children’s TV In Nigeria
The National Broadcasting Commission (NBC) has granted a licence to Three Tees Entertainment Limited to operate Nigeria’s first-ever children’s television station. The company’s owner, Mr. Idowu Sowunmi, a seasoned player in Nigeria’s journalism industry, hinted that the new station, which will be sited in Lagos State, would cater specifically to the entertainment and educational needs […]
BVN Registration Rises To 61.16Mn On March 15 – NIBSS
Nigeria Inter-Bank Settlement System (NIBSS) reported at the weekend that total registration for the Bank Verification Number (BVN) by bank customers in the country had increased to 61.16 million The NIBSS, in a report hoisted on its website indicated that as of last Friday, the BVN registrants totaled 61,166,384. In its earlier report published this […]
Analysts Predict Positive Outlook In NGX, As Investors Eye Dividends
Investment experts at Bancorp Securities Limited, a leading investment research and consulting services firm in Nigeria, have projected that trading in the Nigerian Exchange (NGX) will be upbeat this week as investors are warming up for dividend yields and other investment expectations. The experts, in the firm’s ‘Weekly Stock Recommendation: Mar 18-Mar 22 2024’ report […]
NIMC, NCC Synergize Efforts To Enhance NIN-SIM Linkage
The National Identity Management Commission (NIMC) and the Nigerian Communications Commission (NCC) have announced a strategic collaboration aimed at enhancing processes for the linkage of the National Identification Number (NIN) and SIM by telecom consumers nationwide. In a joint statement by the Technical Adviser, Media, and Communications to the DG/CEO of the National Identity Management […]