Nigerians lose billions to failed USSD transactions
Nigerians are losing billions to failed USSD banking transactions as telcos and banks trade blame despite regulatory safeguards.
Business and Economy
Tesla to increase production at German plant after strong sales boost
Tesla will raise production at its German plant after strong sales, with factory head André Thierig citing positive demand trends across more than 30 markets despite earlier declines in German sales.
BUA Foods announces ₦13 dividend payout per share
The payout marks a 136% increase from last year’s ₦5.50 dividend, approved at the company’s AGM in Abuja.
Farmers seek subsidies, security to curb rising food inflation
The All Farmers Association of Nigeria says rising input costs, insecurity, and poor planning prevent farmers from selling food at lower prices, urging government intervention.
5.6tn debt: Gas supply cuts raise fears of energy crisis
Nigeria faces the risk of energy collapse and nationwide blackouts as gas suppliers cut supplies to power plants over an unpaid debt totalling N5.6 trillion.
CBN data shows first Naira depreciation since August 20
The Naira weakened for the first time in three weeks, dropping to N1,502.13 per dollar at the official market while holding steady at the black market.
Rising inflation puts Fed in tight spot as U.S. job market weakens
Inflation rose to 2.9% in August as gas, food, and travel costs climbed, complicating the Federal Reserve’s plan to cut rates amid weakening jobs data.
Mexico hikes tariffs on Asian cars to 50% in bid to safeguard jobs and calm US tensions
Mexico announced it will increase tariffs on automobiles imported from China and other Asian nations to 50%, describing the move as an effort to protect local jobs. Analysts, however, noted that the policy also appears designed to ease tensions with the United States.
Larry Ellison dethrones Musk as world’s richest
Larry Ellison has overtaken Elon Musk as the world’s richest man after Oracle’s stock surged on AI-driven demand.
Naira rises to N1,497 per dollar, black market rates gain ground
The naira surged to its strongest level in months—trading at N1,497 per dollar in the official market—while improved foreign reserves and FX inflows also fueled appreciation in the black market.