Economy
Interest rates: Ecobank leads as 10 Nigerian banks double their income from loans
The Interest rates increased from 18.75% at the beginning of 2024, to 27.50% at the end of the year. The financial reports show that banks earned a lot from loans.
Tesla first quarter sales sink amid anger over Musk politics
Tesla reported a 13 percent drop in first quarter auto sales Wednesday amid lower production during factory upgrades and blowback over CEO Elon Musk's work for President Donald Trump's administration.
Nintendo says Switch 2 console to be launched on June 5
Japanese video game giant Nintendo announced Wednesday that its new Switch console would be available on June 5, starting the countdown for one of the most hotly awaited gaming launches in years. It will launch on the Switch 2 in June and be included for the sale price, which was not revealed.
At $23.11bn, CBN reports highest net FX reserves in 3 years as naira trades at new rates
The Central Bank of Nigeria (CBN) has reported a growth in Nigeria's net foreign exchange reserves, which hit $23,11 billion in 2024, marking an improvement.
How Dangote Refinery operations, petrol subsidy removal, sent 70 fuel tank farms out of business
Before May 2023, fuel importation was the order of the day and the tank farms received high patronage, but all that changed after fuel subsidies were removed.
Deutsche Bank asset manager DWS fined 25 mn euros for 'greenwashing'
Deutsche Bank's asset management arm DWS was hit Wednesday with a 25-million-euro ($27-million) fine over misleading advertising for supposedly sustainable products, with activists hailing one of the world's biggest ever "greenwashing" penalties. DWS had already been hit in 2023 with $19-million penalty by financial regulators in the United States over misleading green statements.
Nigerian president sacks board of state oil company
President Bola Tinubu dismissed the entire leadership of Nigeria's state-run oil company Wednesday, naming a former Shell executive to lead the outfit in a sweeping overhaul that one commentator described as "long overdue".
UK imposes online entry permit on European visitors
New rules came into force Wednesday requiring European visitors to the UK to buy an online entry permit as the government revised longstanding regulations to boost border security.
Heathrow 'warned about power supply' days before shutdown
Heathrow airport was warned about its power supply in the days before the entire hub was shut down due to an outage that caused massive disruption, lawmakers were told on Wednesday.
Economy
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