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Herconomy Updates
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Tech Updates
Facebook is shutting down its game streaming app after struggling to challenge Amazon’s Twitch
Facebook plans to close down its Facebook Gaming app, which lets users watch and play video games on-demand. Read more…
Snap will lay off 20% of staff, report says
Snap is laying off 20% of its workforce, which equates to over 1,000 employees, according to a report published Tuesday by the Verge. Read more…
Business Matters
N46bn debt: NCAA threatens to withdraw airlines’ licences
The Nigerian Civil Aviation Authority, on Tuesday, said it would withdraw the licenses of domestic airlines within 30 days beginning from August 30, 2022, if the airlines fail to sign a Memorandum of Understanding on how to clear the about N46bn debt which they owe aviation agencies. Read more…
NGX extends market downturn by N19 billion as sell pressure intensifies
Equity trading on the floor of the Nigerian Exchange Limited (NGX) witnessed another drop in share prices as bears sustained their grip on the local bourse following low market sentiment. Read more…
Nigeria’s five leading insurance firms grow gross premium to N139 billion in the half year 2022
Nigeria’s leading insurance companies earned a whopping sum of N139.440 billion as revenue in the half year of 2022, outperforming their earnings in the corresponding period of 2021 of N115.530 billion. Read more…
Fidelity Bank to acquire Union Bank UK in an expansion drive
To boost its expansion exercise, Fidelity Bank Plc has announced plans to acquire Union Bank UK Plc. Specifically, in a regulatory filing issued on the Nigeria Exchange (NGX), yesterday, the bank said it has entered into an agreement for the acquisition of a 100 per cent equity stake in Union Bank UK. Read more…
Local airlines’ debt burden hits N45.29 billion
The crisis rocking local operators, yesterday, took a new turn as the Nigerian Civil Aviation Authority (NCAA) ordered the airlines to begin repayment of debts in excess of N45.29 billion. Read more…
NCC pegs the new international termination rate at 10 cents/min
The Nigerian Communications Commission (NCC) has made an upward review of the international termination rate (ITR) earlier pegged at $0.045 to $0.10 per minute in a bid to address concerns between International Data Access operators (IDA), Mobile Network Operators (MNOs) and international carriers. Read more…
FG projects N120tn as a three-year consumption expenditure
The Federal Government has projected an average of N120tn as consumption expenditure by Nigerians on which value-added tax will be charged between 2023 and 2025. Read more…
Oil earnings drop by 29% to N790bn – CBN
Crude oil revenue crashed by 29 per cent in the first quarter of 2022, according to statistics from the Central Bank of Nigeria. Read more…
Gas infrastructure deficit requires $2bn annually, says FG
The Federal Government on Tuesday put the estimated amount required to bridge Nigeria’s gas infrastructure deficit at $2bn annually. The Minister of State for Petroleum Resources, Chief Timipre Sylva, disclosed this at the inauguration of the Governing Council of the Midstream and Downstream Gas Infrastructure Fund. Read more…
Quote of the Day
"Far better is it to dare mighty things, to win glorious triumphs even though checkered by failure than to take rank with those poor spirits who neither enjoy much nor suffer much because they live in the grey twilight that knows neither victory nor defeat."
—Theodore Roosevelt