With a significant cut in its impairment charges (which translates into a clean loan book) in its 1Q, 2022 results, after it successfully brought down its non-performing loan to 6.1 per cent in 2021 full year performance, analysts say the…
Analysis: The ‘satchetisation’ of Africa’s largest economy
High poverty and inflation rates in Nigeria are leading many businesses, including those in tech, to adopt sachet marketing to survive. Abuja, Nigeria – In February 2019, Eat’n’Go, the Nigerian franchisee of popular pizza maker Domino’s, introduced a miniature version of…
FirstBank Bounces Back to its Leadership Position, Delivers a Fantastic Performance in 2021
As financial market analysts continue to digest the 2021 financial results of the FirstBank Limited, which they say reflect the return of the banking conglomerate to its leadership position, Festus Akanbi writes that the regime of strong fundamentals which…
Millions to travel for Memorial Day weekend amid record-high gas prices
Travel experts say two years of pent-up demand from the pandemic will spur more summer trips, even as gas prices and hotel rates rise More Americans are expected to travel for the Memorial Day weekend than last year despite record-high…
Twitter Shareholders Sue Elon Musk For Sowing Confusion To Drive Down Price Of Deal
The latest in the Twitter–Elon Musk circus has shareholders of the social media company seeking class action status for a lawsuit against the billionaire Tesla founder, alleging unjust enrichment, false statements and stock manipulation in order to lower the price or walk…
Broadcom to Acquire VMware in $61 Billion Enterprise Computing Deal
The resulting combination of chip company and software maker would be one of the most important suppliers of technology to the cloud computing market. Broadcom, the semiconductor giant, said on Thursday that it had agreed to buy the software company…
World shares climb, dollar falls on relief over Fed’s flexible stance
NEW YORK (Reuters) – World shares rose on Thursday and the U.S. dollar edged lower, a day after minutes from the U.S. Federal Reserve’s May meeting indicated the central bank would remain flexible and might pause rate hikes later in…
Despite Rout Across Global Market, NGX Capitalisation Gains N1.17trn in One Week
Despite the rout across the global stock market, the rally in the Nigerian Exchange Limited (NGX) remained intact as investors trading in some fundamental stocks pushed the NGX market capitalisation to a week-on-week (WoW) gain of N1.17 trillion. Consequently, the NGX All-Share Index rose by 4.25 per cent W/W…
Inflation rises in Nigeria amid fuel scarcity and insecurity
The hike in inflation means the purchasing power of Nigerians, some of whom live on a monthly minimum wage of less than $50, is declining. Inflation in Africa’s most populous country soared to 16.8 percent in April, driven by fuel…
Elon Musk says he wants to meet his Chinese doppelgänger, Yilong Ma — that is, if he isn’t a deepfake
Elon Musk says he’d like to meet his doppelgnger from China, Yilong Ma. Musk, however, wondered if the man was a “deepfake,” saying it was “hard to tell.”Ma, meanwhile, responded to Musk on social media, writing: “I love you. You…