Nigeria’s Senate has passed an amended version of the Nigerian Port Economic Regulatory Agency Bill, 2026, in a decisive move to strengthen oversight of the country’s port system after correcting key legal and procedural gaps identified in the earlier draft. The fresh passage followed a motion by Senate Leader Opeyemi Bamidele, seconded by Minority Leader Abba Moro, during plenary in Abuja. The bill had previously been passed and transmitted to the President, but lawmakers later rescinded that decision after a post-passage review uncovered significant flaws. Acting under Senate rules, the chamber reopened the legislation to address the issues. According to…
Author: Elvis Eromosele
A high-stakes courtroom battle between Elon Musk and Sam Altman has begun in California, with both sides offering sharply different accounts of OpenAI’s origins and mission. Taking the stand, Musk framed the case as a fight to protect the integrity of charitable organisations. “It’s not okay to steal a charity,” he said, warning that such actions could undermine trust in philanthropy. OpenAI’s legal team pushed back strongly, arguing that the lawsuit is driven by rivalry rather than principle. Lawyer William Savitt told jurors that Musk is attempting to damage a competitor after failing to gain control of the company. Musk’s…
Nigeria’s House of Representatives has called on the Nigerian Communications Commission (NCC) to extend the waiting period before inactive phone numbers are reassigned to new users from the current timeline to 18 months. Lawmakers say the move will strengthen compliance with the Nigeria Data Protection Act and better protect subscribers from fraud, identity theft, and wrongful criminal accusations linked to recycled SIM cards. The resolution followed the adoption of a motion sponsored by Billy Osawaru during Tuesday’s plenary. He proposed that the additional six months be used to publicly list inactive SIMs slated for reassignment in national newspapers and to…
Defending champions Paris Saint-Germain edged Bayern Munich 5–4 in a dramatic first-leg semi-final clash in the UEFA Champions League at Parc des Princes. The high-octane encounter delivered five goals in a frantic first half and four more after the break, leaving the tie finely balanced ahead of the return leg in Germany. Bayern struck first through Harry Kane, who converted from the penalty spot in the 17th minute. PSG responded swiftly, with Khvicha Kvaratskhelia curling home an equaliser before João Neves headed the hosts into the lead. The visitors drew level when Michael Olise finished a brilliant solo run, but…
Shareholders in Nigerian Aviation Handling Company Plc are reaping exceptional gains, with the company delivering returns that far outpace the broader market, driven by robust financial performance and sustained investor confidence. The aviation handling and logistics firm has emerged as one of the standout performers on the Nigerian Exchange Limited, posting a year-to-date return of 124.07 per cent, nearly three times the market average of 45.05 per cent on the All-Share Index (ASI). The rally has significantly boosted investor portfolios. A N100,000 investment at the start of the year would now be worth about N224,070, while a N1 million holding…
The United Arab Emirates has announced plans to exit both Organisation of the Petroleum Exporting Countries and OPEC+ effective May 1, marking a significant shift in global oil politics as the country moves to align its production strategy with changing market demand. The decision, confirmed by the UAE’s Energy Ministry and reported by Bloomberg, is aimed at giving Abu Dhabi greater flexibility to respond to evolving global energy trends. Authorities say the move will allow the country to gradually ramp up oil production capacity and better position itself in a shifting demand environment. The withdrawal follows years of friction within…
The UK Nigeria Technology Hub has launched a Creative Fund to support Nigeria’s film, fashion, and music industries, with applications now open to eligible businesses and creators. The initiative, announced by the Foreign Commonwealth and Development Office, aims to address technical capacity gaps by funding projects that strengthen local production and encourage the use of advanced digital tools, including artificial intelligence. The fund targets creative companies, studios, production houses, fashion brands, and music labels with clear technical needs, helping them access the skills, tools, and infrastructure required to scale their work within Nigeria. According to the organisers, the programme aligns…
Airtel Africa Plc is exploring a potential initial public offering (IPO) of its mobile money business that could raise between $1.5 billion and $2 billion, according to sources familiar with the matter. The proposed listing, likely in London, could value Airtel Money at up to $10 billion, positioning it among the largest recent listings on a European exchange. The telecoms group, largely owned by Sunil Mittal through Bharti Enterprises, has long signalled plans to unlock value from its fast-growing mobile money arm, driven by rising digital payments and financial inclusion across Africa. While London is the frontrunner, alternative venues in…
The Association of Licensed Telecoms Operators of Nigeria (ALTON) has warned that the ongoing regulatory dispute affecting Nigeria’s airtime credit market could destabilise a sector valued at up to N400 billion annually. Speaking on the issue, Engr. Gbenga Adebayo, ALTON’s Chairman, said the crisis, despite existing court orders, poses risks to consumer welfare, investor confidence, and regulatory stability. Adebayo described the situation as more than a routine disagreement, warning that it reflects deeper concerns about institutional coordination and adherence to judicial directives. “This is a test of whether the structures that support business confidence are working,” he said, urging regulators,…
The Central Bank of Nigeria (CBN) has continued to restrict Bureau De Change (BDC) operators’ access to the official foreign exchange market, citing compliance risks and past abuses, according to traders and market operators. The move underscores the regulator’s preference for a bank-led foreign exchange distribution system, as it seeks tighter control over FX flows and improved market oversight. Operators say the CBN’s cautious stance is driven by concerns around anti-money laundering (AML) and terrorism financing risks within the BDC segment. An official of the Association of Bureau De Change Operators of Nigeria noted that the sector is often viewed…