Snap Inc., the parent company of Snapchat, has announced plans to lay off about 16 per cent of its global workforce, roughly 1,000 employees, as it accelerates a shift toward artificial intelligence-driven efficiency. The decision was disclosed in a memo from CEO Evan Spiegel, alongside a regulatory filing, marking one of the company’s largest restructuring moves in recent years. The layoffs come as Snap seeks to streamline operations, reduce costs, and reposition itself amid intensifying competition in the digital advertising and social media space. Spiegel said rapid advances in artificial intelligence are enabling the company to automate repetitive tasks, improve…
Author: Elvis Eromosele
Nigeria’s stock market extended its rally on April 15, 2026, with the All-Share Index (ASI) climbing to a historic high of 209,317.41 points, driven by strong gains in heavyweight stocks including Airtel Africa, Aradel, and major banking names. The benchmark index rose by 3,485.49 points, representing a 1.69 per cent increase from the previous close of 205,831.92, as investor appetite strengthened across key sectors. Market activity also improved significantly, with 706 million shares traded in 46,231 deals, up from 569 million shares in the previous session, reflecting renewed market participation. Market capitalisation rose to N134.77 trillion, while the total value…
The Nigeria Deposit Insurance Corporation (NDIC) has begun the final phase of winding down 89 failed microfinance banks and one primary mortgage bank, following their resolution under the Purchase and Assumption (P&A) model. In a statement released on April 15, the Corporation said the affected institutions have already been taken over by new investors, recapitalised, and are now operating under new identities. The move comes nearly two years after the Central Bank of Nigeria revoked the licences of 179 microfinance banks and four mortgage banks in May 2023 as part of efforts to clean up the financial system. NDIC said…
Africa’s richest industrialist, Aliko Dangote, has been named in the 2026 edition of TIME Magazine’s 100 Most Influential People, underscoring his growing impact on global business and industry. The annual TIME100 list, released on April 15, features a mix of political leaders, business executives, and cultural icons shaping the world today. Among those listed are Donald Trump, Xi Jinping, Benjamin Netanyahu, Mark Carney, and Pope Leo XIV, alongside tech leaders like Sundar Pichai and Neal Mohan. Dangote, who appears in the “Titans and Innovators” category, is the only Nigerian on the 2026 list. This marks his second appearance, more than…
The Federal Government has removed import duties on electric vehicles (EVs), mass transit buses, and manufacturing machinery as part of new measures to ease inflation and reduce economic pressure on Nigerians. The move, announced by presidential aide Dada Olusegun, follows directives from Bola Ahmed Tinubu to cushion the impact of rising fuel prices linked to ongoing global tensions. Under the new tariff regime, import duties on electric vehicles and mass transit buses have been cut from 5 per cent to 0 per cent. Duties on manufacturing machinery have also been reduced from 5 per cent to 0 per cent to…
Nigeria’s insurance sector recorded gross premium income of N2.301 billion in the fourth quarter of 2025, reflecting strong growth across key segments, according to the National Insurance Commission (NAICOM). The commission attributed the performance to increased activity in the oil and gas segment within non-life insurance, alongside rising annuity funds in the life insurance market. Non-life insurance dominated the market, contributing 68.4 per cent of total premiums, while life insurance accounted for 31.6 per cent. Within the non-life segment, oil and gas led with 30.3 per cent of premiums. Fire insurance followed at 20.4 per cent, while motor insurance contributed…
Japan is considering a major increase in visa renewal and residency fees under proposed amendments to its Immigration Control Act, a move that could significantly raise the cost of living and settling for foreign nationals. The proposal seeks to give authorities greater flexibility by raising fee ceilings, allowing charges to be adjusted in line with administrative costs and economic conditions. Under the plan, renewing a five-year visa could jump to about 70,000 yen (around $440), up from the current flat rate of 6,000 yen. Short-term visa renewals of three months or less may also rise to roughly 10,000 yen. The…
The Nigerian Electricity Regulatory Commission (NERC) has introduced the Mini-Grid Regulations 2026, a new framework designed to expand electricity access across Nigeria, especially in underserved and off-grid communities. Announced via the commission’s official platform, the regulation sets out clear guidelines for the development, operation, and oversight of mini-grids, with a strong focus on attracting investment and protecting consumers. Tagged NERC-R-001-2026, the framework aligns with the Electricity Act 2023 and aims to accelerate rural electrification while ensuring transparency and fair pricing across the sector. The regulation applies to both isolated and interconnected mini-grids. Isolated systems can operate independently up to 5…
Large companies in Nigeria risk regulatory sanctions if they fail to connect their invoicing systems to the National Revenue Service (NRS) electronic invoicing platform by the end of June, as the government accelerates its shift to real-time tax monitoring. The new system requires businesses to generate invoices digitally and transmit them to the NRS in real or near real time. Each invoice is authenticated on the platform, creating a verifiable digital trail that allows tax authorities to track transactions and match them against filings. Speaking during a webinar, Mohammed Bawa said companies that fail to meet the deadline will be…
Aliko Dangote, Nigeria’s leading industrialist, is pushing ahead with plans to list Dangote Petroleum Refinery & Petrochemicals in what could become Africa’s largest initial public offering (IPO), with a target to raise up to $5 billion. The share sale, expected to open as early as May, could value the company between $40 billion and $50 billion, positioning it as one of the most significant capital market events in the continent’s history. The offer is projected to cover between 5 per cent and 10 per cent of the refinery’s equity, creating an entry point for both local and international investors into…