China’s largest memory chipmaker, ChangXin Memory Technologies (CXMT) has become the most valuable listed company in mainland China after its shares surged more than 470 per cent on their debut on the Shanghai Stock Exchange’s technology-focused STAR Market. The dramatic rally pushed the company’s market valuation to about 3.3 trillion yuan ($487.3 billion), underscoring strong investor confidence in China’s semiconductor ambitions despite a recent global selloff in technology stocks. Founded in 2016 by Chairman Zhu Yiming and headquartered in Hefei, Anhui Province, CXMT produces dynamic random-access memory (DRAM) chips used in artificial intelligence (AI) data centres, smartphones, personal computers, tablets and other electronic devices. The company said proceeds from…
Author: Elvis Eromosele
In an era defined by rapid economic shifts and boundless digital integration, the horizon for Nigeria’s small and growing businesses is extending far past local shores. To help home-grown entrepreneurs capitalise on this shifting landscape, the FATE Foundation is gearing up to host its flagship 11th FATE Business Conference this September in Lagos, creating a high-impact launchpad for business leaders ready to take their enterprises to the world. Under the ambitious theme “Beyond Borders: Transforming MSMEs for Global Competitiveness,” the gathering promises two full days of sharp strategic insights, bold conversations, and high-level networking. Designed specifically for ambitious founders, corporate…
NBA legend LeBron James has announced he will join the Philadelphia 76ers on what he says will be the final contract of his illustrious career. The 41-year-old, the NBA’s all-time leading scorer, confirmed the move after leaving the Los Angeles Lakers last month, ending an eight-year spell with the franchise. James had been linked with several teams, including the Cleveland Cavaliers, Golden State Warriors, Minnesota Timberwolves, and Miami Heat, before opting for Philadelphia. “I believe I can help make the Philadelphia 76ers a championship team and I am so excited to energise a new fanbase and start this incredible journey one last time,” James wrote on X. The move marks…
Nestlé Nigeria has recognised 16 distributor partners whose sustained business performance has helped ensure the continued availability of Nestlé products to consumers across the country. The recognition celebrates the long-term partnerships that continue to create shared value by strengthening businesses, expanding market reach and connecting millions of Nigerian consumers with trusted brands every day. The Distributor Recognition honours partners who demonstrated outstanding national sell-out contribution and achieved consecutive volume growth in both 2024 and 2025. Against a backdrop of inflationary pressures, foreign exchange volatility and evolving consumer purchasing patterns, the recognition celebrates the resilience, agility and collaboration that enabled these…
Credit extended to Nigeria’s private sector increased by N2.22 trillion in June 2026, reflecting sustained lending to businesses despite the Central Bank of Nigeria’s (CBN) tight monetary policy. Latest CBN economic data shows that private sector credit rose from N81.04 trillion in May to N83.26 trillion as of June 30, representing a 2.74 per cent month-on-month increase. On a year-on-year basis, lending to the private sector grew by N7.13 trillion, or about 9 per cent, from N76.13 trillion recorded in June 2025. The increase comes as the CBN continues to balance efforts to curb inflation while supporting economic growth and…
The Rural Electrification Agency (REA) has secured a total funding pool of $1.23 billion from the African Development Bank (AfDB), development partners and other financing sources to accelerate electricity access across Nigeria. Managing Director of the agency, Dr. Abba Aliyu, disclosed this during a benchmarking visit by the Zanzibar Utilities Regulatory Authority (ZURA) to Abuja. The visit focused on knowledge sharing in system dispatch, grid stability management, balancing operations and electricity market coordination. Aliyu said the agency’s funding portfolio now stands at $1.23 billion, with the largest share coming from the $750 million Distributed Access through Renewable Energy Scale-Up (DARES)…
Dangote Petroleum Refinery and Petrochemicals FZE (“DPRP” or the “Enterprise”) today announces the successful completion of its landmark Private Placement, which achieved 3.7 times subscription relative to the initial offer size and resulted in the issuance and allotment of approximately US$2.5 billion in new equity. This transaction is believed to be Africa’s largest publicly disclosed primary equity private placement by value. As the Enterprise’s private equity capital raise involving external investors beyond its legacy shareholder base, the offering marks a significant milestone advancing its long-term funding strategy and the continued development of African capital markets. Proceeds from the Private Placement…
The Federal High Court in Abuja has granted Coscharis Motors Limited permission to appeal a judgment that directed the Federal Competition and Consumer Protection Commission (FCCPC) to shut the company’s business premises pending compliance with an order arising from the sale of a defective Range Rover. Justice Emeka Nwite, in a ruling delivered on Friday, held that Coscharis had demonstrated sufficient legal interest to challenge the judgment in the Court of Appeal. The case stems from a suit filed by Florence Ozor against the FCCPC over the commission’s enforcement of its decision relating to a Range Rover Sport purchased in…
Nigeria will face a 12.5 per cent tariff on exports to the United States under a new trade regime announced by the administration of President Donald Trump, citing concerns over forced labour and what Washington describes as unfair trade practices. The new tariff, unveiled by the Office of the United States Trade Representative (USTR), places Nigeria among 38 countries affected by revised import duties ranging from 10 per cent to 12.5 per cent. According to a statement issued on July 23 by U.S. Trade Representative Jamieson Greer, the measures are part of efforts to curb imports linked to forced labour…
Africa’s ability to compete in the global digital economy will depend not on how much technology it consumes but on how much digital infrastructure it owns, Andie Oluwafemi Moyan, Chief Executive Officer of CitiData Centre, has said. Speaking at the Titans of Tech Conference & Expo 2026 in Lagos, Moyan called for an urgent national and continental commitment to building resilient digital infrastructure, describing it as the foundation upon which artificial intelligence, cloud computing, fintech, digital government and the broader knowledge economy will thrive. Delivering an industry review titled “Quantum Shift: Building Africa’s Digital Infrastructure for the Next Economy,” he…