Author: Julius Alagbe

Meta to Invest $65bn in 2025 to Drive AI Ambitions Meta Platforms has announced that the company plans to invest between $60 billion and $65 billion in 2025 to expand its AI infrastructure. The company joins other major U.S. tech firms in announcing significant spending to leverage advancements in artificial intelligence. Meta plans to develop a massive data centre with a capacity of more than two gigawatts, capable of spanning a significant area of Manhattan. Chief Executive Officer Mark Zuckerberg anticipates that Meta’s AI assistant, integrated across platforms such as Facebook and Instagram, will reach more than one billion users…

Moniepoint Hacked with N1.1bn Stolen in Dark Web Operation Moniepoint has been hacked with more than N1 billion stolen from the microfinance bank by Sunday Ozimede who invaded the vault via dark web operation. The operatives of the Police Special Fraud Unit (PSFU) have, however, arraigned the alleged hacker before a Federal High Court, Lagos, on charges bordering on conspiracy, obtaining the sum of N945, 728, 076 million by false pretence. The 43-year-old alleged hacker was also accused of causing financial loss to Moniepoint Microfinance Bank to the tune of N145 million by planting a bug in the bank’s data…

NESG Launches 2025 Macroeconomic Outlook Report The Nigerian Economic Summit Group (NESG) launched its 2025 Macroeconomic Outlook Report on Thursday, January 23, 2025, under the theme “Stabilisation in Transition: Rethinking Reform Strategies for 2025 and Beyond.” The report provides an in-depth analysis of Nigeria’s reform agenda, initiated in mid-2023, which aimed to tackle longstanding structural challenges and drive sustainable economic growth. As the report underscores, the country is now at a critical juncture, with the focus shifting towards economic stabilisation while sustaining reform momentum. NESG Chairman, Mr. Niyi Yusuf, opened the event by reflecting on the progress made in 2024.…

Zenith Bank Edges Higher to N1.5 Trillion in Market Value The equities market value of Zenith Bank Plc on the Nigerian Exchange (NGX) edged higher to N1.510 trillion as the financial services stock continues to attract investors’ attention ahead of the fourth quarter earnings release. The bank share price rose to N48.1 ahead of its earnings, racing near its 52-week high on the Nigerian Exchange. The banking giant’s share price had surged to N50 recently, its best in the last 12 months. Market analysts anticipated Zenith Bank earnings to remain strong in 2024 after a strong performance show in the…

Yield on Newly Issued TBills Declines to 21% on Sharp Demand The yield on newly issued Nigerian Treasury bills declined sharply in the secondary market due to increased demand from investors with failed bids. On Thursday, the Treasury bills space experienced heightened activity, driven by the outcome of Nigerian Treasury bills auction on Wednesday. Due to significant appetite for long dated instrument, the stop rate for the 1-year paper saw a substantial decline of 82.2 bps, closing at 21.80%. Midweek auction results showed the rates for the 91-day and 182-day papers held steady at 18.00% and 18.50%, respectively. The huge…

Collective Investment Schemes Rise Above N3Trn in 2024 –SEC The Securities and Exchange Commission (SEC) says its Collective Investment Schemes (CIS) increased to over N3 trillion in 2024. The Director-General of SEC, Dr Emomotimi Agama, said this in a notice in Abuja. He said that CIS were part of the market system that allowed people to diversify their risk via different angles besides going to companies to invest. Agama said that CIS allowed an individual to invest in 10 companies through one route which was different from going to invest directly in a company. ”In the collective investment schemes, you…

Oando Plc has announced that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block

CAP Plc. Names Sulaiman Iromini as Chief Financial Officer Chemical and Allied Products, CAP, Plc has named Mr. Sulaiman Iromini as the Chief Financial Officer (CFO) effective January 13, 2025. The company told the Nigerian Exchange in a regulatory filing on Thursday. According to CAP Plc, Sulaiman is a Chartered Accountant with over 15 years of experience in financial accounting and reporting, audit, regulatory compliance, business partnering, financial management, process optimisation/improvement, treasury, risk management, and controls. The company said the new CFO’s track record of delivering financial growth, driving strategic initiatives, promoting innovation, and leading transformational changes highlights his expertise,…

Transcorp Power Grows Profit by 165% in 2024, Declares Dividend Transcorp Power Plc grew profit by 165% year on year to N30.2 billion in financial year 2024, the company said in a regulatory filing on Thursday. According to the company’s audited results, revenue grew by 115% year on year to N305.9 billion in 2024 from N142.1 billion in the comparable period. In an official statement, the company said its performance demonstrates strong operational leadership and strategic execution. For the year, the Board of Directors has proposed a final dividend of N3.50k per ordinary share. MarketForces Africa reported that Transcorp Power…

NAHCO Signs Handling Contracts with Afrijet, Air Sierra Leone The Nigerian Aviation Handling Company (NAHCO) has been chosen by two regional operators, Afrijet and Air Sierra Leone (ASL), to handle their ground operations in Nigeria. The Head of Corporate Communications, NAHCO, Mr Tayo Ajakaye, said this in a statement on Thursday in Lagos. According to him, the contracts between the parties will see NAHCO provide excellent service for Afrijet’s flights into Port Harcourt and Lagos. He said the company would also handle Air Sierra Leone’s flights into Lagos. Ajakaye added that the contract with Afrijet was for a three-year period,…