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FG pays foreign firm $496m for contract violation

Herconomy
Sep 5, 2022
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Tech Updates

Amazon opens new offices in Joburg – and it is hiring for these jobs

Amazon Web Services (AWS) has opened a new office in Johannesburg to support growing customer demand and continue its investment in South Africa. Read more…

US orders Nvidia and AMD to stop selling AI chips to China

Two of America's top chipmakers have been ordered to stop selling some of their technology to China that can be used for artificial intelligence. Read more…

Business Matters

ICT gains N4.1 trillion in 8 months to remain the largest sector in Nigeria’s stock market

The Information Communication and Technology (ICT) sector ranked as the most capitalized sector on the Nigerian Exchange (NGX) as of the month of August, with N11.74 trillion aggregate market capitalization. This is according to data gleaned by Nairalytics – the research arm of Nairametrics, from the website of the NGX. Read more…

Amid the forex crisis, Nigeria’s external reserves falls to $39 billion in August 2022

Nigeria’s external reserves fell by 3.6% in August 2022, to $39.024 billion, down from $40.520 billion on December 31, 2021. Read more…

Investors earn N68.63 billion in three top Nigerian banks in August despite selling pressure

Despite sell pressure witnessed on the shares of some quoted companies listed on the floor of the Nigerian Exchange in the month of August, three top Nigerian Banks, Zenith Bank Plc, Ecobank and FBNH Plc gained about N68.627 billion in market capitalisation. Read more…

Fuel subsidy: NNPC ready for a forensic audit, insists daily supply is 68 million litres

NNPC Ltd has reacted to allegations of Nigeria spending way too much on litres of subsidized fuel, stating that it will offer itself for a forensic audit of fuel supply and subsidy management, insisting that daily fuel supply is 68 million litres. Read more…

FG pays foreign firm $496m for contract violation

The Attorney-General of the Federation and Minister of Justice, Abubakar Malami have disclosed that the Federal Government has settled a long-standing $5.26bn contractual dispute with a foreign investor group in the steel sector for $496m. Read more…

Discos suffer N543bn revenue loss in 12 months

The latest report by the Nigerian Electricity Regulatory Commission shows that total billing to electricity consumers by the 11 distribution companies stands at N816bn. Read more…

Commercial banks borrow N4.4tr from CBN in 3 months

Deposit money banks (DMBs) accessed an accumulated value of N4.4 trillion from the Central Bank of Nigeria (CBN) through its overnight lending window from June to August, data sourced from the regulator suggested. Read more…

NGX to reposition the capital market for global competitiveness

The Nigerian Exchange Limited (NGX) has restated its commitment to repositioning the Nigerian capital market as a global investment destination. Read more…

Investors lose N283b in August amid uncertainty, low purchasing power

Despite improved earnings and dividend announcements from listed companies, uncertainty in the global economy, coupled with prevailing macroeconomic challenges in the country, especially insecurity and low purchasing power, the 2023 election fear has continued to take a toll on the equities sector of the Nigerian Exchange Limited (NGX) as investors lost N283 billion or 1.07 per cent of the market value in the month of August. Read more…

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