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19-March-2024

Moove Raises $100m in Fresh Race to Conquer New Markets

By Adedapo Adesanya Exactly a year after raising $105 million in an oversubscribed Series A2 round, African mobility company, Moove, has raised $100 million in a Series B funding round as it plots expansion into new markets. According to reports, the funding round was led by mobility giant, Uber and saw injection from others such as sovereign wealth fund Mubadala, The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa. This now pushes Moove’s post-money valuation to $750 million. The company is helping to solve the continent’s acute problem of limited access to vehicle financing for millions of

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15-March-2024

Nigeria’s Egoras to Unveil Blockchain-Powered EV Charging Station

By Adedapo Adesanya Egoras Technology, a Nigerian energy company, has disclosed plans to launch Egostation, a blockchain-powered electric vehicle charging station. Set to debut on June 8 in Port Harcourt, Nigeria, the firm noted that the innovative charging infrastructure is poised to reshape the future of sustainable transportation in the region. The startup in a statement said the EV station is powered by Egoras’ proprietary blockchain solution, Egochain, which ensures enhanced transparency and incentivizes station ownership, fostering the widespread adoption of EVs across Nigeria. Egostation’s cutting-edge Level 3 DC fast charging system enables rapid charging, with the capability to charge

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08-March-2024

Data-Share Breach: Lagos to Sanction Uber, Urges Users to Take Caution

By Modupe Gbadeyanka The Lagos State government has said it would sanction Uber Technologies System Nigeria Limited over its alleged failure to adhere to data-sharing agreements. The Commissioner for Transportation in the state, Mr Oluwaseun Osiyemi, berated the violation despite ongoing efforts to maintain a secured and regulated transportation environment. He expressed deep dismay at Uber’s continuous defiance of established regulations, particularly regarding critical Application Programme Interface (API) integration for enhanced safety and security. The Commissioner said the administration of Governor Babajide Sanwo-Olu was committed to the safety and security of residents of the metropolis and would not hesitate to

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07-March-2024

CBN, Gluwa to Drive eNaira Adoption After Binance Exit

By Adedapo Adesanya The Central Bank of Nigeria (CBN) and a blockchain credit infrastructure company, Gluwa, have crafted a partnership to promote the adoption of eNaira, Nigeria’s central bank digital currency (CBDC). The company announced on Thursday that it would help drive more adoption of the eNaira which is yet to find appeal with Nigerians after more than three years since it was launched by the administration of former President Muhammadu Buhari and former CBN Governor, Mr Godwin Emefiele. Nigeria launched the eNaira in October 2021 and became the second country to launch a CBDC in the world after the

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07-March-2024

Abuja Rail 95% Completed, to be Inaugurated in May—Wike

By Adedapo Adesanya The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, says the Abuja Rail Mass Transit (ARMT) project is 95 per cent completed and will be ready for inauguration in May 2024. Mr Wike stated this when the Belgium Ambassador to Nigeria, Mr Pieter Leenknegt, visited him in Abuja on Wednesday. The Minister explained that the feat was part of efforts to improve public transportation in Abuja. “When we came on board, we found out that the Abuja Light Rail was not functional and we felt that it would be a good thing for the people

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04-March-2024

Red Line Rail: Labour Party Demands Value for Money

By Aduragbemi Omiyale The Lagos State chapter of the Labour Party has tasked Governor Babajide Sanwo-Olu to ensure the recently commissioned Red Line Rail does not turn out to be another failure due to poor maintenance culture. In a statement by its Publicity Secretary, Mrs Olubunmi Odesanya, the opposition party appealed to the state government to ensure its sustainability. While greeting residents of the metropolis on the project, which was commissioned last Tuesday by President Bola Tinubu, the Labour Party faulted the timing of its completion, saying the ruling All Progressives Congress (APC) ought to have put the initiative in

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04-March-2024

Customs Gives 90-Day Vehicular Import Duty Regularisation Window

By Adedapo Adesanya The Nigerian Customs Service (NCS) has announced a 90-day window for regularising import duties on specific categories of vehicles. The customs said it was acting under the directive of the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun. In a statement signed by its Public Relations Officer, Mr Abdullahi Maiwada, on Sunday, the agency noted the initiative applies solely to vehicles imported into Nigeria where the requisite customs duty has not been fulfilled or vehicles detained due to undervaluation. The NCS stated that all vehicle owners, Importers/Agents seeking to regularize import duties on

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29-February-2024

We Need Investment in Mass Transit After 50% Drop in Petrol Imports—Tinubu

By Aduragbemi Omiyale President Bola Tinubu has disclosed that Nigeria has reduced the importation of premium motor spirit (PMS), commonly known as petrol, by 50 per cent since his administration announced an end to fuel subsidy last year. On Monday 29, 2023, during his inaugural speech in Abuja, Mr Tinubu declared that “fuel subsidy is gone” and almost immediately, the price of the product went up across the country. Before his announcement, a litre of petrol was selling at N165 but at the moment, it sells between N568 per litre and N650 per litre, depending on the location and fuel

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28-February-2024

Trucks Transit Parks Reflects Industry Impact, Future Opportunities

By Modupe Gbadeyanka A leading technology company specializing in mobility solutions, Trucks Transit Parks (TTP) Limited, is marking its third year of operations. As part of this, the firm is reflecting on the significant impact it has made in the maritime and logistics industry. TTP, since its inception to revolutionize the maritime and logistics sector in Nigeria through truck mobility solutions powered by technology, has emerged as a key player in driving port terminal efficiency, reducing traffic congestion, and creating new business opportunities within the Apapa port economic zone. “Our third anniversary of operations provides us an opportunity to reflect

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19-March-2024

Moove Raises $100m in Fresh Race to Conquer New Markets

By Adedapo Adesanya Exactly a year after raising $105 million in an oversubscribed Series A2 round, African mobility company, Moove, has raised $100 million in a Series B funding round as it plots expansion into new markets. According to reports, the funding round was led by mobility giant, Uber and saw injection from others such as sovereign wealth fund Mubadala, The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa. This now pushes Moove’s post-money valuation to $750 million. The company is helping to solve the continent’s acute problem of limited access to vehicle financing for millions of

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19-March-2024

Oil Stocks Trigger 1.77% Gain at NASD OTC Exchange

By Adedapo Adesanya Oil stocks, Aradel Holdings and Acorn Petroleum, led the NASD Over-the-Counter (OTC) Securities Exchange to a 1.77 per cent appreciation on Monday, March 18. They increased the value of the alternative bourse by N24.85 billion during the trading session to N1.428 trillion from the N1.403 trillion it closed in the preceding, and the NASD Unlisted Security Index (NSI) rose by 18.33 points to wrap the session at 1,053.98 points compared with 1,035.65 points recorded at the previous session. Aradel Holdings Plc, after recent profit taking, appreciated by N114.28 yesterday to settle at N1,734.28 per unit compared with last

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19-March-2024

Naira Trades N1,597/$1 at Official Market, N1,600/$1 at Black Market

By Adedapo Adesanya The Naira appreciated against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment of the currency market on Monday by 0.3 per cent or N5.41 to close at N1,597.34/$1 compared with last Friday’s value of N1,602.75/$1. It also improved its value against the Pound Sterling in the official market yesterday by N50.97 to wrap the session at N2,003/£1 compared with the preceding session’s N2,054.06/£1 and gained N41.89 against the Euro to close at N1,712.69/€1 versus N1,754.58/€1. It was observed that the supply of forex, according to data from the FMDQ Securities Exchange, slightly waned

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19-March-2024

Brent Jumps to $86 Per Barrel on Low Crude Exports, Stronger Demand

By Adedapo Adesanya  The price of the international crude benchmark, Brent Crude, rose by 88 cents or 1.0 per cent to $86.22 per barrel on Monday, triggered by lower crude exports from Iraq and Saudi Arabia and signs of stronger demand and economic growth in China and the US. Also, the US West Texas Intermediate (WTI) crude appreciated by $1.01 or 1.3 per cent to $82.05 per barrel, as Iraq, the second-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said it would reduce crude exports to 3.3 million barrels a day in the coming months to compensate

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18-March-2024

Cardoso Begins CBN Clean-up, Removes Directors Close to Emefiele

By Aduragbemi Omiyale There are strong indications that some directors at the Central Bank of Nigeria (CBN) may have to lose their jobs in the in-house clean-up exercise by the Governor, Mr Yemi Cardoso. Reports suggest that Mr Cardoso wants to let go of some directors who worked closely with Mr Godwin Emefiele, who President Bola Tinubu believes worked to stop him from going to Aso Rock. Recall that during his electioneering campaign, Mr Tinubu accused the former CBN chief and some persons of introducing the botched Naira redesign policy to frustrate him. Immediately after he assumed office on May

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18-March-2024

Profit-Taking Depletes Nigerian Exchange by 0.40%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited succumbed to profit-taking on Monday, shedding 0.40 per cent despite a bullish investor sentiment. The local bourse ended with 27 price gainers and 18 price losers today, implying a positive market breadth index. The selling pressure was just investors booking profit after gains in the past few trading sessions, especially in MTN Nigeria, GTCO, Zenith Bank and others. The heaviest price depreciation was recorded by McNichols, 9.30 per cent, closing at N1.17, and was trailed by DAAR Communications, which shed 8.97 per cent to 71 Kobo. UPDC declined by 7.89 per cent

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18-March-2024

NCC Announces 90% Restoration of Voice, Data Services After Cable Cuts

By Adedapo Adesanya The Nigerian Communication Commission (NCC) has announced that voice and data services affected by undersea cable cuts last week have been 90 per cent restored. In a series of tweets signed by Mr Reuben Muoka, the Director of Public Affairs at the commission on Monday, March 18, the NCC said, “Following the disruption on March 14, 2024, which affected data and voice services due to cuts in undersea fibre optics along the coasts of Cote d’Ivoire and Senegal, we are pleased to announce that services have now been restored to approximately 90% of their peak utilization capacities.”

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18-March-2024

Unity Bank, SkillPaddy to Train Female Software Engineers

By Modupe Gbadeyanka At least 1,000 female software engineers will undergo a training programme organised by SkillPaddy through its Count Her In tech programme with support from Unity Bank Plc. The IT skill development and empowerment initiative is intended to bridge talent supply gaps while providing individuals with the opportunity to meet their training goals and launch careers in the tech industry. It was disclosed that about 40 young girls will receive full sponsorship from Unity Bank in the special training initiative which was conceived as part of activities to commemorate this year’s International Women’s Day 2024. All beneficiaries of

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18-March-2024

Your Moods Soundtracked With Spotify’s New Daylist Feature

Throughout the day, your mood changes, and so does the music you listen to. Last night might have been an island vibes riddim Monday night, while this moment is more of a nostalgic 2010s Tuesday afternoon. The point is, that you’re ever-changing, and your playlists should be too. Say hello to daylist, your day in a playlist. This new, one-of-a-kind playlist on Spotify ebbs and flows with unique vibes, bringing together the niche music you typically listen to during particular moments in the day or on specific days of the week. It updates frequently between sunrise and sunset with a

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18-March-2024

Stanbic IBTC Adopts Mala Kachallah Model School, Three Others

By Modupe Gbadeyanka Mala Kachallah Model School in Maiduguri, Borno State; Methodist School Mbiafun Nkwono Ikono, Akwa Ibom State; Aramoko District School, Aramoko Ekiti State; and Magin Rafi Model Primary School Tudun Wada, Sokoto State have been adopted by Stanbic IBTC Holdings Plc. The leading financial services provider in Nigeria revamped these citadels of learning under its Adopt-a-School programme structured on the company’s Social, Environmental, and Economic (SEE) framework, which aligns with its mission to be a responsible corporate citizen. It was learned that Stanbic IBTC renovated and rebuilt classroom blocks, provided modern and conducive learning environments, furnished classrooms, established