Video Communications company, Zoom, has said it will lay off about 1,300 employees, representing about 15% of its workforce. With this announcement, Zoom staff have become the latest victims of the mass layoffs that has rocked the global tech industry since late last year. In a memo to employees, Zoom’s CEO Eric Yuan said the layoffs would impact every part of the organization. Yuan also said he and other executives would take a significant pay cut, after acknowledging he made “mistakes” in how quickly the company grew during the pandemic. CEO takes responsibility: While taking full responsibility for decisions that…
Author: Oladi Samuel
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The Borno State chapter of the Independent Petroleum Marketers Association of Nigeria (IPMAN) has ordered a resumption of activities at filling stations in the state. Channels TV reported that the move came after a previous order to shut down filling stations due to enforcement of the N195 per litre regulated price as mandated by the Federal Government. Announcing the resumption of activities, the Borno State IPMAN Chairman, Mohammed Kuluwu said: “Having met with the concerned authority, all filling stations should open with immediate effect and continue selling while the association continues with further consultation and accordingly keep you informed.” In…
Financial Economist, Dr Biodun Akinkunmi, has said that food prices will crash if insecurity in Nigeria’s Northern region is tackled effectively. Stating this during an interview on Arise TV, yesterday, Dr Akinkunmi bemoaned that high food inflation is pushing headline inflation further up. Therefore, there is an urgent need for the incoming administration to address insecurity in the North so that farmers can return to their farms. High food inflation: Food inflation in 2022 averaged 20.82% compared to the 12-month moving average of 20.49% recorded in the previous year. Insecurity in the Northern part of the country has impacted farming communities,…
Some minority shareholders of Ardova Plc have expressed worry over the company’s intention to delist from the Nigerian Exchange Limited (NGX). Reacting to the development in a chat with Nairametrics, the shareholders said they are deeply concerned over how oil and gas firms are speedily exiting the Nigerian bourse. According to them, domestic retail investors always suffer significant losses whenever companies were delisted. They, therefore, noted the need for the NGX to provide more information on how investors can be protected. The planned delisting: In case you missed it downstream oil and gas company, Ardova Plc, announced on Tuesday that it intends to…
Nigeria’s Independent Corrupt Practices Commission (ICPC) said it discovered the sum of N258 million stashed in the vault at the Abuja regional head office of Sterling Bank Plc. Disclosing this via Twitter on Tuesday evening, the ICPC assured that the Federal Government will continue to fight against naira hoarding. Meanwhile, the anti-graft agency said that both the Regional and Service managers were arrested and later granted administrative bail while the investigation continues. Also, the Head of Operations at Keystone Bank in Nasarawa State was arrested for frustrating customers from getting the new naira notes. Part of the statement by the…
Crude oil has been described as the engine of the world economy due to its many uses. The impact of oil on the world economy has been enormous such that the global economy will basically slow down to a halt without it. One of the many uses of crude oil is that it is a great source of energy when refined. Also, it is present in most of the products we use daily. What you should know: The oil industry consists of three sections — the upstream which involves exploring and drilling, the Midstream which involves transportation and storage, and the downstream which…
The Governor of the Central Bank of Nigeria, Godwin Emefiele assured that the Central Bank’s Naira redesign policy will not affect the 2023 General elections adding that the CBN is committed to providing all the needed logistics where necessary, to ensure successful elections. This was disclosed by the CBN Governor in a meeting with the Chairman of the Independent National Electoral Commission (INEC), Prof. Mahmood Yakubu, seeking support for a hitch-free logistic provision for the 2023 General elections. The CBN Chief urged that the CBN it would make cash available to transporters during the elections. CBN’s support: Emefiele noted that…
BUA Group, one of Africa’s largest infrastructure conglomerates, has flagged off the expansion and dualization of the 132km Kano-Kazaure-Kongolam highway in collaboration with the Federal Ministry of Works and Housing in line with the Presidential Executive Order 007 Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme. The 116billion Naira project was flagged off by the Minister for Works and Housing, Babatunde Raji Fashola, in a ceremony in Kazaure, Jigawa State, and will pass through Kano, Jigawa, and Katsina states from Dawanau Roundabout in Kano State to Kongolam in Katsina State. According to the Minister, BUA Group will be the…
The Lagos State Government said that 27.3% of its N1.76 trillion 2023 budget amounting to N482.86 billion will be spent on providing modern infrastructure for Lagosians. This was made known by the Lagos State Commissioner for Economic Planning and Budget, Samuel Egube, during a press briefing held on Tuesday, February 7, 2023, at the Bagauda Kaltho Press Centre, Secretariat, Alausa. Egube said that the 2023 budget christened: “Budget of Continuity”, was prepared to continue the good work of the present administration, especially in delivering reliable and sufficient infrastructure that meets the needs of a 21st Century Economy. Some major infrastructural projects…
The Nigerian Exchange (NGX) closed negative amidst buy-interests and sell-offs as bears dominated proceedings, driving down the broad market. The All-share Index (ASI) depreciated by 0.12% to close at 54,299.76 points. In the same vein, Market Capitalization grew by N37 billion to close at N29.575 trillion while the Year-to-Date (YtD) returns settled at 5.24%. The stock market has advanced by 2,704.1 basis points since the start of the year. Market breadth closed negative as CONOIL led 19 gainers, and 27 losers topped by JAPAULGOLD at the end of today’s session. Market Indices NGX ASI: 54,299.76points Previous ASI: 54,367.74 points Percentage…