By Ayomide Otitoju Rite Foods Limited, a leading food and beverage company in Nigeria, has reaffirmed its commitment to celebrating Ramadan with Muslim faithful by providing refreshing moments through its diverse range of quality brands. As Muslims embark on the Ramadan fast, the company has urged them to uphold the principles of Islam, emphasizing peaceful…
By Ayomide Otitoju As part of its 80th-anniversary celebrations, Wema Bank, Nigeria’s most innovative financial institution and the pioneer of Africa’s first fully digital bank, ALAT, has rewarded 80 customers in the landmark 80th daily draw of its 5 for 5 Promo Season 4. Launched in 2021, the 5 for 5 Promo was designed to…
By Ayomide Otitoju Leading telecommunications company, Globacom, in collaboration with the Ministry of Communications, Innovation, and Digital Economy, successfully hosted the 2025 International Submarine Cable Resilience Summit in Abuja on Wednesday and Thursday. The high-profile summit, organized in partnership with the International Telecommunication Union (ITU) and the International Cable Protection Committee (ICPC), brought together global…
By Ayomide Otitoju MTN Nigeria has achieved a partial resolution in its prolonged dispute over Unstructured Supplementary Service Data (USSD) debts, successfully recovering N32 billion from Nigerian banks. However, a substantial N42 billion remains unpaid, reflecting the ongoing tensions between telecom operators and financial institutions. The payment follows a directive from the Central Bank of…
By Ayomide Otitoju Wema Bank, Nigeria’s leading innovative financial institution and pioneer of Africa’s first fully digital bank, ALAT, has signed a Memorandum of Understanding (MoU) with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to empower 800,000 small businesses across the country. The agreement, signed on February 25, 2025, in Lagos, marks…
By Ayomide Otitoju The Federation Account Allocation Committee (FAAC) has distributed ₦1.703 trillion among the federal, state, and local governments for January 2025. According to a communiqué issued after the February FAAC meeting in Abuja, the total distributable revenue consisted of ₦749.727 billion in statutory revenue, ₦718.781 billion in Value Added Tax (VAT), ₦20.548 billion…
By Ayomide Otitoju Nestlé Nigeria Plc has made an early repayment of $20 million in inter-group foreign exchange debt, underscoring its financial discipline amid ongoing economic challenges. In a statement filed with the Nigerian Exchange on Thursday, the company announced that the repayment was made ahead of schedule as it continues to navigate the impacts…
By Ayomide Otitoju Lafarge Africa Plc has reported a profit after tax of N100.1 billion for the 2024 financial year, marking a 96% increase from N51.1 billion recorded in 2023. The cement manufacturing giant also posted a 72% revenue surge to N696.8 billion from N405.5 billion in the previous year. According to its audited financial…
By Ayomiide Otitoju MTN Nigeria has reported a N400.44 billion loss after tax for the 2024 financial year, citing naira devaluation and foreign exchange losses as key factors affecting its earnings. The loss, disclosed in its audited financial statements released Thursday, marks a 192% increase from the N137.02 billion loss recorded in 2023. With over…
