Business

Meta shares plummeted nearly 10% at the opening of Wall Street on Thursday, April 30 marking a sharp contrast to Google-parent Alphabet, which saw its shares skyrocket by more than 6%.  The divergent performances highlight how investors are beginning to distinguish between the various "Big Tech" approaches to heavy artificial intelligence spending. Google emerged as the clear winner of the quarterly reporting cycle, with investors applauding its successful pivot to AI and solid performance across its major divisions. The company reported a profit of $62.6 billion on revenue of nearly $110 billion, comfortably beating market expectations. In contrast, Meta's results sent tremors through the market as the social media giant announced a significant increase in expenses to fund i...

Manchester United midfielder, Kobbie Mainoo, has signed a new five-year contract that will keep him at the club until 2031. The 21-year-old's previous deal at Old Trafford, signed in 2023 when he was still 17, was due to expire in the summer of 2027, and his fresh terms better reflect his progression and current status in the first team. Mainoo, who came through United’s academy system, had reportedly pushed for a loan move to SSC Napoli during the January transfer window after falling down the pecking order  before his sacking in January. Speaking to the club's website, Mainoo said: "Manchester United has always been my home – this special club means everything to my family. "I have grown up seeing the impact that our club has on our city, and I relish the responsibil...

Spotify has introduced a new verification system called “Verified by Spotify,” aimed at helping listeners distinguish real human artists from AI-generated content. The new badge, displayed as a green checkmark on artist profiles and search results, will be rolled out in the coming weeks. According to the company, only artists who meet specific authenticity criteria will qualify, including consistent listener engagement, compliance with platform rules, and evidence of a genuine presence beyond the platform such as live performances or social media activity. “In the AI era, it’s more important than ever to be able to trust the authenticity of the music you listen to,” Spotify said. The company added that more than 99 percent of artists users actively search for are expected to be ve...

The Dangote Refinery has increased its petrol price, raising its ex-depot price of Premium Motor Spirit by N75 per litre, while also suspending product sales following a disruption in its Proforma Invoice process. Price data from Petroleumprice.ng and confirmation from a Dangote refinery official on Wednesday showed that the petrol loading price rose from N1,200 per litre to N1,275 per litre, while coastal supply prices increased to N1,215 per litre. The change followed operational adjustments and has started affecting the downstream petroleum market. The official confirmed the development, saying “Yes, the increase of PMS to N1,275 per litre is true. Coastal price is N1,215.” According to another source, the refinery stopped its Proforma Invoice entry process at about...

Nigeria’s non-oil export sector recorded a historic milestone in 2025, with export value hitting $6.1 billion and market reach expanding to 210 countries, the Nigerian Export Promotion Council (NEPC) has disclosed. Executive Director of NEPC, Nonye Ayeni, shared these figures in Abuja during a conference titled “Strengthening Women-led Businesses for Resilience, Recovery and Inclusive Economic Growth.” She noted that the performance underscores Nigeria’s growing capacity as a regional and global trade hub.  According to Ayeni, the country exported 281 products across Africa, Asia, America, Europe, and Oceania, with a footprint spanning 36 African countries, including 11 within ECOWAS. “In 2025, Nigeria recorded the highest value of non-oil exports at $6.1 billion and the ...

The naira continues to trade at varying rates against the US dollar across different markets, with noticeable differences between the official and parallel segments. At the Lagos parallel market, commonly referred to as the black market, the dollar is currently selling for ₦1,400 and being bought at ₦1,390, based on information from Bureau De Change (BDC) operators as of April 28, 2026. Meanwhile, the Central Bank of Nigeria maintains that it does not recognize transactions in the parallel market. The apex bank advises individuals seeking foreign exchange to conduct their transactions through authorized financial institutions. On the official market, the CBN rates show the naira trading within a range, with the highest rate at ₦1,385 and the lowest at ₦1,367 per dollar. It is i...

The Central Bank of Nigeria is facing growing criticism from Nigerians and financial experts over its plan to increase ATM card issuance fees from ₦1,000 to ₦1,500. The proposal, outlined in a 42-page draft guideline released on April 21, 2026, forms part of a broader review of bank charges. Key highlights include a 50% rise in ATM card issuance fees, the removal of maintenance charges on naira debit and credit cards, and the introduction of a $10 annual maintenance fee for foreign currency cards. The apex bank has invited feedback from stakeholders, with a deadline set for May 8, 2026. However, the proposed increase has sparked mixed reactions. While some Nigerians welcome the removal of recurring maintenance fees, many argue that the higher issuance cost will further strain consume...

The Economic and Financial Crimes Commission (EFCC) on Tuesday informed a Special Offences Court in Ikeja, Lagos, that Arik Air had already settled 38 percent of its foreign loan obligations prior to its takeover by the Asset Management Corporation of Nigeria (AMCON). Testifying before Justice Mojisola Dada, an EFCC prosecution witness, Bawa Usman Kaltungo—Zonal Director of EFCC Lagos Zonal Directorate 2—made the disclosure during the ongoing trial of former AMCON Managing Director, Ahmed Kuru, alongside four others over an alleged fraud involving ₦76 billion and $31.5 million. Other defendants in the case include Kamilu Alaba Omokide, Capt. Roy Ilegbodu, Union Bank of Nigeria, and Super Bravo Limited. They are facing a six-count charge bordering on conspiracy, theft, and abuse of of...

The Akwa Ibom State Government has announced that the maiden international flight from the Victor Attah International Airport, Uyo, to Kotoka International Airport, Accra, Ghana, will take off on Saturday, May 2, 2026, following presidential approval for the upgrade of the airport to international status. In a Tuesday statement by the Governor of Akwa Ibom State, Umo Eno, the government said, “I am pleased to announce that following Presidential approval for the upgrade of Victor Attah International Airport, Uyo, to international status, the maiden international flight from Uyo to Kotoka International Airport, Accra, Ghana, is set to take off on Saturday, May 2, 2026.” He added that Ibom Air will operate the inaugural flight, with a return trip scheduled for Sunday, May 3, 2026, desc...

The Nigerian Midstream and Downstream Petroleum Regulatory Authority has introduced a recommended price range for aviation fuel (Jet-A1) in a bid to curb rising costs and support the aviation sector. According to the regulator, the suggested nationwide price band is between ₦1,760 and ₦1,988 per litre. However, in key aviation hubs such as Lagos and Abuja, prices are expected to be slightly higher, ranging from ₦1,809 to ₦2,037 per litre. The pricing framework follows deliberations by a technical committee convened on April 24, 2026, to address the persistent surge in aviation fuel costs—an issue that has raised serious concerns among domestic airlines about the sustainability of their operations. The authority explained that the new price range is based on international market be...