Business & Strategy
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Elon Musk’s artificial intelligence startup, xAI, has successfully raised $6 billion in a Series B funding round. The investment, backed by prominent firms such as Valor Equity Partners, Andreessen Horowitz, and Sequoia Capital, marks a significant milestone for the company. In a statement posted on its website on Sunday, xAI announced that the funds would […]
The Federal Government has committed to accelerating the completion of the 378.3 megawatts Egbema Power Plant in Imo State, which is currently 70 percent complete. The Minister of Power, Adebayo Adelabu, made this announcement during an inspection visit to the power plant over the weekend. Adelabu commended the Governor of Imo State, Hope Uzodinma, for […]
The Federal Ministry of Agriculture and Food Security raised concerns on Thursday regarding the outbreak of poisoning at the cattle market near the College of Arabic and Islamic Legal Studies in Adewole, Ilorin, Kwara State. According to a report from the Kwara State Ministry of Agriculture and Rural Development, mortality among the herd occurred at […]
The Rural Electrification Agency (REA) has inked two Memoranda of Understanding aimed at generating 500 megawatts of renewable energy to power rural communities nationwide. The initiative plans to deliver the 500MW through various mini-grids to be erected in unserved and underserved communities. On Thursday, the Managing Director/CEO of REA, Abba Aliyu, signed a 250MW agreement […]
Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), emphasized the urgent need for Nigeria to address its electricity challenges to safeguard its economy. Speaking at a stakeholders’ engagement in Lagos between the Nigerian Association of Petroleum Explorationists and the NNPCL, Kyari underscored the critical role of electricity in […]
Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) indicates that Nigeria produced a total of 159,158,191 barrels of crude oil in the first four months of 2024. In January, the country produced 44.2 million barrels of crude, averaging a daily production of 1.42 million barrels per day (mbpd). February saw a production of 38.3 […]
In a significant stride towards enhancing energy access in rural Nigeria, the Federal Government has greenlit a $750 million World Bank funding initiative aimed at erecting 1,200 mini-grids across rural communities. Abba Aliyu, the Managing Director/Chief Executive Officer of the Rural Electrification Agency (REA), revealed this during a press briefing at the Alliance for Rural […]
The Central Bank of Nigeria (CBN) has commenced efforts to double foreign currency remittances through formal channels by granting Approval-in-Principle (AIP) to 14 new International Money Transfer Operators (IMTOs). This was revealed yesterday by Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications at the Apex Bank. She emphasized that this initiative aims to […]
Access Bank and Mastercard Join Forces to Enhance Cross-Border Payments Access Bank Group has introduced an innovative solution in partnership with Mastercard to broaden access to cross-border payments and remittances to and from the African continent. By harnessing the network and treasury capabilities of Mastercard Move, Access Bank, through its state-of-the-art Access Africa platform, will […]
Melinda Gates made a significant announcement on Monday, revealing her decision to step down as co-chair of the Bill & Melinda Gates Foundation, a role she has held since 2000. As part of her separation agreement from her former husband, Bill Gates, she will receive an additional $12.5 billion to pursue her charitable endeavours, with […]
