Author: Olu Anisere

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has signed a Petroleum Exploration Licence (PEL) No 5 agreement with SeaSeis Geophysical Limited (SeaSeis), to boost Nigeria’s offshore exploration.

OpenAI to Discontinue Sora, AI Video App OpenAI said it will discontinue Sora, the generative-AI video creation app it launched last year, without providing a reason for the decision. The company behind ChatGPT released Sora in September as an attempt to capture the attention, and potentially advertising dollars, that follow short-form videos on TikTok, YouTube or Meta-owned Instagram and Facebook. But a growing chorus of advocacy groups, academics and experts expressed concerns about the dangers of letting people create AI videos on just about anything they can type into a prompt, leading to the proliferation of nonconsensual images and realistic…

Cardoso Seeks Continental Collaboration to Check Cross‑Border Risks The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has urged African financial regulators to strengthen cooperation in managing cross-border risks. Cardoso also restated the CBN’s commitment to entrenching robust corporate governance in Nigeria’s financial system. He spoke at the 4th Annual IMF/AFRITAC West 2 High-Level Executive Forum for Financial Sector Regulation and Supervision on Tuesday in Abuja. According to him, as African banks and financial systems become increasingly interconnected, collaboration among regulators is not optional but essential to safeguard stability and ensure shared prosperity across the continent. He…

SIREN Gains 127% on Intense Social Media Hype With a $1.66 billion market cap, Siren (SIRENUSD) is up 128% to $2.30 in 24h, massively outperforming a flat broader market, primarily driven by a social media-fueled rebound after a severe crash. The explosive move is a classic example of a post-crash speculative rebound, fueled by social media and high leverage rather than project fundamentals. After racing to a $3 billion market cap and an all-time high of $4.60, SIREN collapsed nearly 78% to trade around $1.0. The crash followed ignored warnings from analysts like Bubblemaps, who noted on March 23 that…

Power Supply to Improve in 2 Weeks, Adelabu Tells Nigerians Minister of Power, Mr Adebayo Adelabu, assured on Tuesday that power supply would improve within two weeks and apologised to Nigerians for the current epileptic power situation. Adelabu gave the assurance while briefing newsmen in Abuja on the state of the power sector since he assumed office in October 2023. “With the committee we have set up, the feedback from gas suppliers, and the timeline for repairing the gas pipelines, I can say that within two weeks, we should start seeing improvements in power supply. “Once the gas line repairs,…

Tinubu Welcomes Dauda Lawal to APC President Bola Tinubu has formally received Gov. Dauda Lawal into the APC and assured the people of Zamfara and the North West Region of renewed measures to end insecurity and banditry in the region. The president gave the assurance in Gusau, Zamfara, while formally receiving Gov. Dauda Lawal into the All Progressives Congress (APC) on Tuesday. Lawal, who was elected on the platform of the People’s Democratic Party (PDP), had earlier announced his decision to join the APC, citing the unresolved crisis in the opposition party. Tinubu, who was represented by the Vice President,…

Fuel Price Hike: LCCI Tasks Govt on Strategic Market Stabilisation The Lagos Chamber of Commerce and Industry (LCCI) says government’s intervention should be anchored on strategic market stabilisation rather than price suppression to mitigate inflationary shocks from the rising fuel prices. The Director-General of LCCI, Dr Chinyere Almona, gave the advice in a statement on Tuesday in Lagos. Almona said the escalation of global crude oil prices to about $112 per barrel, alongside the fourth upward review of Dangote Refinery’s gantry price to approximately N1,245 per litre, signalled intensifying pressure in Nigeria’s downstream market. According to her, the development is…

Aptos (APT) gained about 7% to $1.03 over the past 24 trading hours, significantly outperforming a flat-to-down broader market, primarily driven by dual catalysts: regulatory clarity and a deflationary tokenomics upgrade.

NGX Shrinks by N1.38trn as Investors Dump MTNN, GTCO The Nigerian Exchange (NGX) shed about N1.38 trillion as investors dumped shares of MTN Nigeria (MTNN), GTCO, and other banking stocks. The local bourse opened the week on a negative note, as key performance indicators fell by 1.07%, as sell-side actors pulled the plug on some stocks that had recently recorded gains. Despite positive market breadth, the bearish performance was driven mainly by profit-taking in some large-cap stocks, particularly MTN Nigeria and GTCO. The NGX All-Share Index fell by -2,142.83 basis points to close at 199,014.02, while market capitalisation fell by…

Ripple (XRP) dropped by 2.88% to $1.40 over the past 24 hours, closely tracking a broader market decline and primarily driven by its high correlation with Bitcoin’s decline.