Business News

Business and economic news from Nigeria and around the world.

Third Mainland Bridge is intact and safe for commuters - FG

Business News

Third Mainland Bridge closure: Lagos discloses alternative routes that are ready for use

by Chike Olisah

July 18, 2020

The repair works are due to reports of some worn-out joints of the bridge.

Business News

Mr Eazi raises $20 million fund to invest in African artists

by William Ukpe

July 17, 2020

The fund is to create a new platform to fund the music entertainment ecosystem in Africa.

Politics

CBN to support maize farmers, projects 12.5 million metric tons in 18 months

by William Ukpe

July 17, 2020

All the authorized dealers have been told to return all the Forms Maize they have already registered for the purpose...

Business News

Nigerian entrepreneur becomes first African woman to own a European club

by Samuel Oyekanmi

July 17, 2020

Lusitano SAD is a Portuguese sports club competing in the Campeonato de Portugal.

Business News

Netflix adds 10.1 million paid users in Q2 2020, yet stock plunges more than 9%

by Olumide Adesina

July 17, 2020

Netflix’s revenue grew by 25% over the same quarter in 2019.

President Buhari, AutoGas, #EndSARS: Presidency to ensure that a repeat of protests does not happen, How Federal Government plans to increase VAT to 7.2% affects you

Politics

Buhari finally speaks on NDDC probe after lawmakers ordered Pondei’s arrest

by Ruth Okwumbu-Imafidon

July 16, 2020

Buhari called on investigating agencies and audit firms working with the National Assembly to act.

Vaccine, COVID-19: How the tables turned on Europe, FG travel restrictions on 13 countries: A little too late?, Slack founder takes a swipe at Microsoft, says Teams is not a threat https://www.marketwatch.com/story/slack-ceo-the-week-of-march-9-was-the-most-productive-in-our-companys-history-2020-04-13?mod=investing The founder of Slack, Stewart Butterfield, has taken a swipe at rival, Microsoft after Slack gained 2 million in about two weeks, increasing its connected users to 12.5 million in March 2020. Butterfield said Microsoft is no threat to Slack in the team-messaging app market, citing its performance and customer base. Butterfield said Microsoft has been pushing its rival, Teams, with free service for three years, despite this, no Slack enterprise customer has switched to Teams, “Microsoft has made a huge push the past three years with a free service, but can you find a single Slack enterprise customer who has switched to Teams?” “If Microsoft is such a competitive threat to Slack as it says, we would not have grown in sales and $1 million customers,” Butterfield told MarketWatch. He asserted that Slack's wide breadth, with up to 25,000 channels and security features give it a competitive advantage in the market. It took Slack about four years to move from 1 million simultaneously connected users on its platform to reach 10 million on March 10. The team-messaging app later hit 12.5 million on March 25, “The week of March 9 was the most productive in our company’s history,” he said. How both firms performed in March: Both Teams and Slack have both been having an impressive performance in March following the lockdown. The work-from-home caused by the Coronavirus outbreak has fueled the rise in Teams and Slack usage. Microsoft announced that teams recorded 2.7 billion meeting minutes on March 31, a 200 per cent increase from the 900 million recorded mid-March. Meanwhile, its Total video calls saw a 1000 per cent rise in same March. Before March ending, Teams accounted for 32 million on March 11 2020, but now clocks 44 million people on daily basis; a significant growth from the 20 million in November 2019. One of the biggest feat for Teams is Pentagon, which launched a Microsoft-based teleworking service for 4 million employees. Meanwhile, the cumulative number of minutes of active use of Slack during weekdays by all users globally now exceeds 1 billion. It was revealed that the company added 9,000 new paid customers from February 1 to March 25, an 80% increase over the full quarterly total the preceding two quarters. Slack also saw paid subscribers, which includes the U.S. Department of Veterans Affairs, KPMG and TD Ameritrade AMTD, -4.99 per cent, have climbed to 110,000. Slack experienced a surge in customers that spent more than $1 million annually on its product - the number climbed from 39 year-ago quarter to 70. This reflected in Slack's share, which gained 10 per cent this year, as its fiscal fourth-quarter revenue hit $181.9 million from $122 million a year ago; this is a 49 per cent surged. Scolding Microsoft further, Butterfield said, “I mean, 44 million is an impressive number, but that is out of 200 million Office 365 customers. That’s about a 20% adoption rate.” He added that, “The smaller startup has an advantage against the large, established company because its focus is narrowed on doing one thing better,” Butterfield said.

Diaspora

UK and allies accuse Russia of hacking and stealing COVID-19 vaccine data

by Chike Olisah

July 16, 2020

UK said that vaccine and therapeutic sectors in multiple countries have been targeted by Russian state intelligence.

Oil and gas will no longer serve Nigeria as a major revenue source – Dr. Ngozi Okonjo Iweala

Diaspora

Okonjo-Iweala shares her vision with WTO members, as she pitches for DG post

by Abiola Odutola

July 16, 2020

Okonjo-Iweala said she has all it takes to become the first African DG of the global trade force.

ICPC, corruption, NDDC, Reps order arrest of Ag MD NDDC

Politics

N40 billion Probe: Drama as Reps order arrest of Ag MD NDDC after walking out on them

by Chike Olisah

July 16, 2020

Pondei walked out of the hearing after accusing Hon. Tunji-Ojo of corruption.

Business News

MTN launches e-sim, a virtual sim card for more security and quality service

by Chike Olisah

July 16, 2020

MTN Nigeria revealed during the virtual launching in Lagos followed approvals from the NCC.

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Nigerian police to begin physical screening for 50,000 recruits on March 9

Tinubu accepts Egbetokun’s resignation as IGP over “pressing family considerations”

EFCC arraigns ex-NRC MD over alleged $385,000 money laundering

EU envoy says Russia recruiting Nigerians for Ukraine war

Business News

Business and economic news from Nigeria and around the world.

Third Mainland Bridge closure: Lagos discloses alternative routes that are ready for use

Mr Eazi raises $20 million fund to invest in African artists

CBN to support maize farmers, projects 12.5 million metric tons in 18 months

Nigerian entrepreneur becomes first African woman to own a European club

Netflix adds 10.1 million paid users in Q2 2020, yet stock plunges more than 9%

Buhari finally speaks on NDDC probe after lawmakers ordered Pondei’s arrest

UK and allies accuse Russia of hacking and stealing COVID-19 vaccine data

Okonjo-Iweala shares her vision with WTO members, as she pitches for DG post

N40 billion Probe: Drama as Reps order arrest of Ag MD NDDC after walking out on them

MTN launches e-sim, a virtual sim card for more security and quality service

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