Author: Citynews

As business conditions steadily improve and business confidence remains positive, Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has urged Nigerians to maximise savings and investment opportunities available to them. The foremost financial institution has advised customers to be deliberate in achieving their savings and investment goals in order to access rewarding returns. While quoting the recent Purchasing Managers’ Index (PMI) report released by the Bank, Wole Adeniyi, Chief Executive, Stanbic IBTC Bank PLC, said that the moderate improvement of business activities after easing of restrictions related to the coronavirus, will enable income earners to confidently achieve…

Verve, a leading payments technology company and card scheme in Africa, on Wednesday, October 28, 2020 announced a partnership with dLocal, the leading cross-border payment platform connecting global merchants to emerging markets, enabling the company add Verve’s 47 million cards and tokens on its payment platform. With the partnership in place, dLocal’s 450+ global online merchants will now be able to accept one of the most popular payment methods in Africa’s largest market, Nigeria. Verve cards and tokens predominantly issued and accepted by commercial banks and other financial institutions in Nigeria are the most recognised gateway to payments for 180 million-plus…

In furtherance of efforts to stem the tide of protein deficiency in the country, especially in the light of the negative impact of the coronavirus pandemic, Nigerians have been advised to complement their meals with protein food sources.   Beatrice Oganah (PhD), a nutritionist and Chief Lecturer at the Adeniran Ogunsanya College of Education, Lagos, who made this call, noted that the major cause of protein deficiency in humans is inadequate consumption of protein in meals. In Nigeria, this is further worsened by the way the family diet is usually plated. According to Dr. Oganah, “In Nigeria, carbohydrates and other food nutrients on…

High-flying video conferencing service Zoom, which has seen skyrocketing demand during the coronavirus pandemic, is now worth more than ExxonMobil, one of the world’s largest oil and gas companies. As of 2:30 p.m. ET, Zoom sported a market valuation of $139 billion, compared to Exxon’s $138.9 billion. Zoom began the year with a market cap of $19 billion. While Zoom posted $1.35 billion in revenue over the past 12 months, Exxon, by comparison, posted $213.8 billion in revenue during that time period. Exxon announced on Thursday that it would lay off 1,900 U.S. employees, the latest effort to reduce costs…

Last week will go down as one of the most challenging weeks, if not the most challenging, Nigeria has faced in 2020. What started out weeks before as very well-organised peaceful protests by young Nigerians campaigning to #EndSARS, was supplanted by hoodlums engaging in wanton looting, arson and destruction of public and private properties across many states at an unprecedented scale. By the end of the week, many lives had been lost, many properties and businesses completely destroyed and Nigeria has been left reeling from a shock that dwarfs any the country felt even at the peak of the COVID-19…

The power sector has recorded yet another national peak generation of 5,520.40MW on 30th October, 2020 at 9.15pm, surpassing the previous 5.459MW recorded on 28th October, 2020 by 60.90MW. The General Manager, Public Affairs of the Transmission Company of Nigeria (TCN), Ndidi Mbah on Saturday revealed the development in a statement. According to her, te new national peak is a result of continued collaboration among players and the gradual increase in capacity in the power sector. “On her part, with the current capacity of 8,100MW, TCN seamlessly transmitted the new peak at a frequency of 50.11Hz. through the nations grid.…

United States forces have rescued an American taken hostage in Nigeria, about four days after. Philip Walton, 27, was seized by armed men on October 26. Walton was moved to northern Nigeria where he was held. The Pentagon has confirmed that the operation was executed on Saturday. “U.S. forces conducted a hostage rescue operation during the early hours of 31 October in Northern Nigeria to recover an American citizen held hostage by a group of armed men. “This American citizen is safe and is now in the care of the U.S. Department of State. No U.S military personnel were injured…

The query was raised by the Senator Matthew Urhoghide, Peoples Democratic Party, PDP, Edo South led Senate Committee on Public Accounts. The Committee is relying on a query issued by the Auditor General of Federation, Anthony Anyine against Nigeria’s embassy in Germany. The Auditor General in a petition submitted to the Senate Committee on Public Accounts has demanded the source of extra-budgetary spending by the officials of the Ministry of foreign affairs in Germany. The query read, “The Embassy (in Germany), over-spent its budget for 2014 in 16 subheads, totalling N248,025,564.88. “This act of over expenditure by the embassy is…

The federal government has announced a two-day total closure of the Third Mainland Bridge in Lagos state for “concrete work on some sections”. Olukayode Popoola, federal controller of works in the state, who disclosed this on Thursday, said the closure would begin from midnight of October 30 and end at midnight of November 1. The controller said there was the need to shut both bounds of the bridge – from Adeniji Adele to Adekunle – in addition to the closed bound of the bridge, to complete the work. “We are planning to cast two number expansion joints, and we shall close…

A Peoples Democratic Party Chieftain and Chairman, House of Representatives’ Committee on Rural Development in the 8th National Assembly, Hon. Oladipupo Adebutu has felicitated with Muslim faithfuls in Ogun State and Nigeria at large in celebration of Eid-El-Maulud. This annual celebration of the birth of PROPHET MUHAMMAD (Peace Be Unto Him) by Islamic faithfuls all over the world always call for total reflection and the need to appreciate what Prophet Muhammad (SAW) represents in Islam. “I am pleading with you all, to use this opportunity to plead with ALLAH, the Most Beneficent and Mercyful to forgive our sins, wipe away…