Nigerian Breweries Seeks Shareholder Approval for Strategic Acquisitions of Distell Wines and Heineken Beverages

Nigerian Breweries is gearing up to present a pivotal proposal to its shareholders, seeking approval for the acquisition of a substantial 60 percent stake in Distell Wines and Spirits Nigeria Limited, along with a strategic takeover of Heineken Beverages (Holding) Limited's import business in Nigeria. The announcement, disclosed in a filing with the Nigerian Exchange Limited, sets the stage for a crucial shareholder meeting scheduled to take...

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President Tinubu congratulates Liberia's president-elect, Joseph Boakai

President Bola Tinubu congratulates the government and people of Liberia on the successful conduct of the Liberian presidential election.   The President also congratulates President-elect Joseph Boakai, who won the mandate of the people, enjoining him to unite the country and build on the popular support expressed through the ballot box to deliver good governance to the people of Liberia. President Tinubu commends President George Weah...

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Stakeholders highlight role of passion and mentorship in startup success at WES

Pioneers and successful players in startup businesses have unanimously advised that success can only come to upcoming entrepreneurs through passion and perseverance rather than the desire to get rich quick. They gave the advice on Thursday at the breakout session on the WorldStage Economic Summit 2023 held at the event centre of the Nigerian Exchange Group (NGX), Lagos, themed “The Game Changer.” Moderated by the Editor-in-Chief of Global...

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Biden, Trump unpopularity trigger search for third party candidate for 2024 US election

Facing a likely choice between Republican Donald Trump and Democrat Joe Biden in the 2024 presidential race, many Americans are desperate for younger, less divisive options. A large and potentially consequential market for third-party candidates—one not seen since the 1990s—is a stark reminder that in Trump and Biden, the two major parties are likely to nominate unusually unpopular candidates. Their potential rematch of the 2020 election...

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Biden administration slams Elon Musk for repeating a "hideous" antisemitic lie

The White House on Friday accused Elon Musk of repeating a "hideous" antisemitic lie on his social media site X this week, calling it an "abhorrent promotion of antisemitic and racist hate" that "runs against our core values as Americans." The White House statement follows decisions by at least two more major corporations to pull their advertising dollars from X after watchdog Media Matters found ads by IBM, Apple, and others were placed alongside...

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CBN anticipates raising interest rates amidst rapid monetary policy shifts

In an upcoming meeting on November 20th and 21st, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN)is expected to announce a further 100 basis point hike in its Monetary Policy Rate (MPR), signalling a continued commitment to combat inflation. Since the July MPC meeting, the monetary policy landscape has undergone significant changes, accelerated by recent initiatives introduced by the Central Bank, notably in October....

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President Tinubu jets out Saturday to Berlin for G20 investment summit

Nigeria's President Bola Tinubu will jet out to Berlin on Saturday to attend the G20 Compact with Africa conference as he seeks to attract investments in energy and infrastructure and boost trade, his office said. The conference, hosted by German Chancellor Olaf Scholz, will focus on enhancing economic and business cooperation between African nations and G20 countries, spokesperson Ajuri Ngelale said in a statement. Tinubu will also participate...

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Liberia President George Weah concedes defeat to main rival in presidential election Boakai

Liberia President George Weah on Friday conceded election defeat to opposition leader Joseph Boakai after a tight race, ending a presidency marred by graft allegations but helping to ensure a smooth transition of power in the once volatile African nation. Boakai, 78, a former vice president who lost to Weah in the 2017 election, led with 50.9% of the vote over Weah's 49.1%, with nearly all the votes counted, the country's elections commission...

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Nigeria Must Prioritise Revenue Generation Over Borrowing for the 2024 Budget ~Finmin Edun

In a recent development, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasised the need for Nigeria to refrain from relying on borrowing to finance the 2024 national budget. Speaking before the joint Senate Committee overseeing the 2024–2026 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF–FSP), Edun, alongside FIRS Chairman Zacch Adedeji and DMO Director General Patience Oniha, advocated for increased...

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MultiChoice records third straight loss, citing Nigerian naira woes

MultiChoice Group Ltd. reported its third straight semi-annual loss, citing foreign exchange woes in Nigeria and incessant blackouts in South Africa. Africa’s biggest pay-TV company posted a net loss of 1.32 billion rand ($72.4 million) for the six months to Sept. 30, MultiChoice said in a filing on Wednesday. Nigeria allowed its currency to trade more freely against the dollar in mid-June, spurring a 40% devaluation. That forced the company...

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Bitcoin bounces back to an 18-month high …where crypto prices are headed next

Bitcoin -3.19 percent and other cryptocurrencies rallied Thursday, bouncing back to retest 18-month highs after a correction earlier in the week. Analysts see more upside if digital assets can continue the momentum. The price of Bitcoin has advanced 4% over the past 24 hours to $37,350, having earlier traded near $37,900. Testing levels reached last week marked its highest level since cryptos plunged into a brutal bear market in May 2022. The...

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Obi slams APC's bankruptcy claim, emphasizes need for transparent governance

The presidential candidate of the Labour Party in the last general election, Peter Obi has lambasted the ruling All Progressive Congress (APC) on the recent statement that it inherited a bankrucpt economy from the previous administration. Obi, in a post on X platform stated that said the narrative lacked crucial details about the specific conditions that led to the claimed bankruptcy status. The Labour Party candidate, who came third beyond the...

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Nigeria’s naira hits lowest level of N1,105 on official window

Nigeria's naira briefly slumped to a record low against the dollar in thin trading on the official market on Thursday, bringing the official exchange rate within touching distance of the parallel market rate. The currency of Africa's biggest economy fell as low as 1,105 naira to the dollar from 830 at Wednesday's close, LSEG data showed, before recovering to trade firmer on the day around 800 to the dollar. A central bank spokesperson did not...

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Nigeria to wave $1.1 bln civil claims Italian oil firm Eni

Nigeria is withdrawing civil claims totaling $1.1 billion against energy producer Eni SpA, Bloomberg News reported on Thursday. The West African country's justice ministry will waive the claims before Italy's highest court "unconditionally" and "with immediate effect" no later than Nov. 17, the report said, citing a letter seen by Bloomber...

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Senate confirms appointment of Maida as Executive Vice Chairman of NCC

The Senate Thursday in Abuja, confirmed the appointment of Dr. Aminu Maida as the substantive Executive Vice Chairman and Chief Executive Officer of the Nigerian Communications Commission (NCC). Maida was confirmed by the Senate during its plenary session where it adopted a report of the Senate Committee on Communications that screened Maida on Wednesday, November 15, 2023. The Chairman of the Senate Committee on Communications, and former...

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CBN monetary policy reforms evidencing positive impact on economy ~Spokesman

The Central Bank of Nigeria (CBN) has reported that its strategic monetary policy reforms are beginning to yield positive outcomes for the nation's economy. The Director of the CBN's Corporate Communications Department, Isa AbdulMumin, highlighted this development in Abuja while discussing the recently released inflation figures by the National Bureau of Statistics (NBS) on Wednesday. The NBS revealed that Nigeria's inflation rate rose to 27.33...

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Nigeria long-term bond sees demand up as investors lured by attractive yield

A reopening of Nigeria’s longest-dated bond was oversubscribed by more than three times at an auction on Monday as investors swooped on the issue’s record yield. The 2053-dated debt attracted total subscriptions of N330 billion, compared with the N90 billion of paper put on offer by the nation’s Debt Management Office (DMO). Other shorter tenor notes, including the 2029, 2033, and 2038 maturities, were all undersubscribed at the same auction, indicating...

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Access Bank recognised for exemplary commitment to sustainable development in Nigeria

In a prestigious acknowledgment, Access Bank has been honoured for its steadfast dedication to advancing sustainable development in Nigeria. The bank's unwavering commitment to fostering positive change and contributing to the nation's sustainable development goals has garnered well-deserved recognition. The 5th Community and Human Rights (CAHR) Awards Africa, held at the Four Points by Sheraton Hotel, Victoria Island, Lagos, on Tuesday, October...

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Nigeria’s consumer inflation soars to 27.33% in Oct vs 26.72% in Sept ~NBS

Nigeria’s inflation rate surged to 27.33 percent in October, the National Bureau of Statistics disclosed on Wednesday. This is a 0.61 percentage point from the 26.72 percent that was recorded in September. In its Consumer Price Index (October 2023) that was released on Wednesday, the NBS stated, “In October 2023, the headline inflation rate increased to 27.33 percent relative to the September 2023 headline inflation rate, which was 26.72 percent. “Looking...

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Maida applauds Project Train 3M on ICT Skills

The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Aminu Maida, has applauded the proposal by the Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, to enlist and train three million Nigerians over a period of four years, which will make the country an exporter of digital skills. Maida, who spoke recently in Lagos at the City Business News Summit, said the programme, which has already attracted one...

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Nigeria Sliding into Totalitarianism, Anarchy ~ PDP

Raises Alarm, Says Nation’s Democracy, Unity in Danger The Peoples Democratic Party (PDP) raises alarm among Nigerians and the international community that the nation is dangerously sliding into totalitarianism and anarchy under the brazenly repressive and anti-people All Progressives Congress (APC) administration. The PDP alerts to attempts and actions by a cabal within the Presidency to emasculate the institutions of democracy in Nigeria, especially...

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Kyari calls for adaptation to the changing energy landscape. …Advocates a Diversified Energy Portfolio

The GCEO, NNPC Ltd., Mele Kyari, has charged stakeholders within the Nigerian oil and gas industry to adapt, evolve, and lead in the ever-changing global energy landscape. Kyari gave this charge on Tuesday while delivering an industry address at the opening ceremony of the 41st Nigerian Association of Petroleum Explorationists (NAPE) Conference taking place in Lagos. The GCEO, who was represented by NNPC Ltd’s Executive Vice President, Upstream,...

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Oil prices dip as US crude production at its peak

Oil prices dipped on Wednesday amid signs the United States, the world's biggest oil producer, is at peak production, offsetting positive crude demand signals from top consumer China. Brent futures were down 34 cents to $82.13 a barrel at 0949 GMT, while U.S. West Texas Intermediate (WTI) crude was down 40 cents to $77.86. China's economic activity perked up in October as industrial output increased at a faster pace and retail sales growth beat expectations,...

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Nigeria seeks funding from Islamic bank for infrastructure

President Bola Tinubu met top officials of the Islamic Development Bank (IsDB) to negotiate a "multi-billion-dollar infrastructure finance facility" to help build ports and power plants, his spokesperson said on Tuesday. Tinubu held talks with IsDB vice president Mansur Muhtar late on Monday in Mecca, Saudi Arabia, spokesperson Ajuri Ngelale said in a statement. He didn't provide further details of the financial package sought by the Nigerian government. "We...

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CBN extends lifespan of old naira notes beyond Dec dedline

Against the backdrop of axiety over the fate of the old naira notes after the December deadline ruled by Nigeria's apex court, the Central Bank of Nigeria (CBN) said on Tuesday that the old banknotes would now remain legal tender thereafter. A statement by the regulatory bank spokesman, Isa AbdulMumin, ended months of uncertainty after an attempt earlier this year to remove them caused serious cash shortages. The Supreme Court in March ordered the...

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Nigeria's equities market surges 0.25% despite escalating inflation

By Samuel Bankole In a noteworthy performance, the Nigerian equity market demonstrated resilience by closing on a positive note, with the All Share Index posting a 0.25 percent increase, reaching 71,014.34 points. This achievement comes against the backdrop of a surging inflation rate. The National Bureau of Statistics (NBS) reported a 0.61 percent rise in headline inflation for October, reaching 27.33 percent, up from 26.72 percent recorded in...

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