Dangote Group has denied claims that its founder, Aliko Dangote, fell out with Tony Elumelu, chairman of United Bank for Africa, describing the allegations as false and malicious. The rebuttal follows a post on X by a user alleging that Dangote had said he ran out of funds in 2021 while building the Dangote Petroleum...
Category: Business
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Samsung Posts Record Revenue Despite Weak Demand
Samsung Electronics reported a 43% rise in first-quarter revenue to 133.9 trillion Korean won, its highest quarterly performance, despite weak demand in some business segments. In financial results released this week, the company said operating profit rose to a record 57.2 trillion won for the quarter ended March 31, 2026, highlighting strong earnings momentum amid...
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China Southern Airlines Orders 137 Airbus A320neo
China Southern airlines has ordered 137 single-aisle Airbus A320neo planes for about $21.4 billion. In a statement to the Shanghai stock exchange, the airline said it will take 102 planes for itself and 35 for its XiamenAir subsidiary. Airbus has confirmed the order for the delivery of China Southern planes between 2028 and 2032, while...
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UAE Quits OPEC, OPEC+ Amid Tensions, Energy Shock Concerns
The United Arab Emirates said on Tuesday it was quitting OPEC and the broader OPEC+ alliance, dealing a blow to the oil-producing groups and their de facto leader, Saudi Arabia. This is as the war involving Iran has triggered a major energy shock and rattled the global economy. The departure of the UAE, a long-standing...
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Nokia Names Egypt Regional Hub For Mideeast, Africa Support
Nokia has designated Egypt as its regional support hub for the Middle East and Africa, establishing a centralised operational base in Cairo to enhance service delivery and customer support. The move comes as digital transformation accelerates across the region, driven by the expansion of 5G networks, increased cloud adoption and rising data consumption. These trends...
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Nigeria’s Trendy Handwoven Fabric Makers Push Back Against Automation
In Iseyin, a quiet town in southwestern Nigeria, shaded corners beneath trees, narrow alleys and makeshift sheds hum with life. These humble spaces double as workshops for *aso-oke*, a richly textured handwoven fabric indigenous to the Yoruba people. Demand for the fabric has surged both locally and internationally, driven by the diaspora and the global...
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Nigeria Finance Minister, Oyedele Promises Reforms To Boost Growth
Nigeria’s new finance minister Taiwo Oyedele who on Friday assumed office, pledged to consolidate economic stabilisation efforts and deepen reforms to deliver tangible benefits for citizens. Oyedele, who took over from predecessor Wale Edun, said Nigeria was at a critical juncture and must build on gains already made to strengthen growth and stability. He outlined...
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FCCPC Seals Abuja Supermarket Over Pricing Violations
Nigeria’s Federal Competition and Consumer Protection Commission said it carried out an enforcement operation at a supermarket in Guzape, Abuja, following consumer complaints about irregular pricing practices. During the inspection, the commission said it identified several potential consumer protection violations, including discrepancies between shelf prices and checkout prices, products displayed without price tags, expired goods...
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Importers To Pay N1,000 For SONCAP Default Fees As Port Congestion Worsen
The Federal Government has introduced a temporary Standards Organisation of Nigeria Conformity Assessment Programme (SONCAP) default arrangement to resolve issues affecting the attachment of Shipment Certificates during the Pre-Arrival Assessment Report (PAAR) processing on the National Single Window (NSW) platform. In a notice issued to importers yesterday, the NSW management said the intervention is designed...
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Cyprus Prepares To Host Key EU Leaders’ Summit
Cyprus is ramping up preparations to host a high-level European Union summit, with leaders from across the bloc set to convene on the island to tackle a range of pressing regional and global issues. The gathering is expected to focus heavily on migration pressures in the Mediterranean, energy security amid shifting global markets, economic resilience,...