Visa Inc plans to acquire a “significant minority” stake in payments platform Interswitch, the Nigeria-based company said on Tuesday. Interswitch did not provide financial details in its statement. The acquisition, which Sky News reported on Sunday as being a 20 per cent stake for 200 million dollars, would give theRead More →

Lekki Deep Sea Port, LDSP, at the Lagos Free Trade Zone, which was moribund for some time, may have hit a rebound with a loan of $629million, about N226 billion, from  the China Development Bank, CDB, for the final phase in the construction of the port which is to be Sub-SaharanRead More →

Oil prices fell on Monday after strong gains last week as data released in China reinforced signs that its economy is slowing, although progress in China-U.S. trade talks has supported prices. Brent crude was down 32 cents or 0.5 per cent at 61.70 dollars a barrel by 0933 GMT, havingRead More →

Socio-Economic Rights and Accountability Project (SERAP) has asked Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, to urgently provide information on the total amount of money paid to contractors from the $460 million loan obtained in 2010 from China to fund the apparently failed Abuja Closed-Circuit Television, CCTV.Read More →

Alibaba’s Chairman Jack Ma stepped down today at 55, handing the role over to the company’s current CEO, Daniel Zhang. The transition was announced a year ago. Ma will continue serving on Alibaba’s board until its annual general shareholders’ meeting next year. He also remains a lifetime partner of AlibabaRead More →