Business

Nollywood filmmaker and actor Funke Akindele has etched her name in African cinema history as her latest film, Behind The Scenes, surpassed the ₦2 billion mark at the box office—the first Nollywood movie to achieve this milestone. Film distributor FilmOne Entertainment confirmed on X that the film has now grossed ₦2,103,039,706 in ticket sales. They hailed the achievement as a record-breaking feat, making Behind The Scenes the highest-grossing Nollywood film in Africa, and the top Nollywood release in the UK and Ireland. The milestone also reinforces Akindele’s status as Africa’s most commercially successful filmmaker. She is now the first filmmaker to top the African box office for three consecutive years, an unprecedented feat in the region. FilmOne credited the film’s success t...

UK media regulator Ofcom has opened a formal investigation into Elon Musk’s platform X over its AI chatbot Grok, following reports that the tool has been used to generate s3xualised deepfake images, including of m!nors. The regulator described the reports as “deeply concerning”, noting that undressed or manipulated images of adults may constitute intimate image abuse or p0rn0graphy, while s3xualised images of ch!ldren may constitute child s3xual abuse material under UK law. Ofcom said it first contacted X on January 5 demanding information on what measures the platform has introduced to protect UK users. The regulator confirmed that X responded within the required timeframe but did not disclose the contents of the exchange. The investigation will assess whether X has failed to...

Apple has announced a multi-year partnership with Google that will see its next-generation artificial intelligence features, including the Siri voice assistant, powered by Google’s Gemini AI technology. The collaboration, unveiled on Monday, signals a notable shift for Apple, a company long known for building its core technologies internally. According to a joint statement, Apple chose Google’s AI after a thorough assessment concluded it offered “the most capable foundation” to support the company’s AI ambitions. The agreement represents an uncommon partnership between two longtime rivals whose operating systems—Apple’s iOS and Google’s Android—dominate the global smartphone market. Despite their competition, the companies have maintained a profitable relationship for years, with ...

Heineken chief executive Dolf van den Brink resigned unexpectedly on Monday, January 12, ending a six-year tenure that began during the COVID-19 pandemic and unfolded through a turbulent period for the global beer industry. The brewer confirmed that van den Brink, who became CEO in June 2020, will step down on May 31 and remain on as an adviser for eight months thereafter. The supervisory board said it has begun searching for a successor to lead the company, which owns brands including Heineken, Amstel and Tiger. Both van den Brink and supervisory board chairman Peter Wennink said the transition comes only months after the group set out its new strategy through 2030, arguing the company had “reached a stage where a transition in leadership will best serve the company in further execu...

The Special Assistant to President Bola Tinubu on Social Media, Dada Olusegun, has clarified that the Nigerian government has not imposed a ₦500,000 limit on card payments. Olusegun explained that the Central Bank of Nigeria (CBN) only sets limits on ATM cash withdrawals and certain POS/card transactions. These measures are intended for risk management, fraud prevention, and system integrity, and are not meant to restrict legitimate spending. “The CBN policy on ATM withdrawal limits was announced on December 2, 2025. To be clear, there is no ₦500,000 cap on card payments in Nigeria. The limits exist only for ATM withdrawals and certain POS/card transactions for safety and system integrity,” he wrote on his 𝕏 account, attaching the official communique. This clarification follows a ...

The Nigeria Deposit Insurance Corporation, NDIC, has declared a first liquidation dividend of N46.6 billion in April 2025, at a rate of 9.2 kobo per N1.00, following the disposal of physical assets, recovery of debts, and realisation of investments of the defunct Heritage Bank Limited. The Central Bank of Nigeria, CBN, had on June 3, 2024, revoked the operational banking license of the defunct bank, triggering section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Sections 55(1 & 2) of the NDIC Act 2023. Following the revocation, the Corporation initiated procedures for claims and payments of insured deposits up to the statutory limit of N5 million from its Deposit Insurance Fund. A statement signed by the Head, Communication & Public Affairs of t...

Indonesia has become the first country to block Elon Musk’s Grok chatbot over concerns that the artificial intelligence tool is generating non-consensual s@xual deepfake imagery, including r!sky and p0rn0graphic depictions of women and children. Authorities said the decision was taken to protect citizens from what they described as a rapidly escalating digital harm. In a statement, Indonesia’s communication and digital affairs minister Meutya Hafid said the government was responding to “the practice of non-consensual s@xual deepfakes,” calling it “a serious violation of human rights, dignity, and the security of citizens in the digital space.” Hafid added: “In order to protect women, children, and the public from the risks of fake p0rnographic content generated using the artif...

A popular “Big Mama” has captured attention online after joining a trend usually dominated by younger people, impressing many viewers with her effort. The challenge, which has gone viral across Ghana, Nigeria, Kenya, South Africa, and now Uganda, has seen participation from students, lecturers, co-workers, and musicians—all eager not to miss out. Big mamas are also stepping in, surprising audiences while gradually improving their performances. One woman, in particular, has emerged as the latest sensation after appearing in a video alongside an energetic young man as they tackled a physically demanding activity together. Judging by her appearance, some speculate she may be from Uganda, Kenya, or South Africa. Despite looking slightly fatigued at times, she gave the challenge her fu...

The Nigerian Exchange Limited (NGX) recorded its strongest single-day performance on Friday, January 9, 2026, as rallying prices in five major stocks pushed market capitalization higher by N953 billion. The surge was driven by notable gains in Industrial and Medical Gases, McNicholas, SCOA Nigeria, May and Baker, and FTN Cocoa Processors, supported by price increases in 43 other equities. Following the rally, total market capitalization advanced by 0.93 percent, rising from N102.822 trillion at the opening of trade to N103.775 trillion at the close, adding N953 billion to investors’ portfolios. The All-Share Index also appreciated by 0.93 percent, gaining 1,491.52 points to settle at 162,298.08, compared with 160,806.56 recorded in the previous session. Market breadth closed fi...

The Central Bank of Nigeria (CBN) has projected that the price of Premium Motor Spirit (PMS), commonly known as petrol, could rise to about N950 per litre in 2026.  Currently, the Dangote Petroleum Refinery has fixed its ex-gantry price at N699 per litre, while the retail price at MRS Oil, an authorised distributor, stands at N739 per litre.  In its 2026 Macroeconomic Outlook, the CBN based its projection on an assumed average crude oil price of $55 per barrel in 2026. The bank also assumed an average exchange rate of N1,451.63 to the dollar in the fourth quarter of 2025 and N1,400 to the dollar in 2026. These assumptions are supported by expectations of improved foreign exchange market efficiency, stronger capital inflows, and a current account surplus.  The ou...