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Innoson Vehicles Launches Nigeria’s First Electric Car

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Innoson  Vehicles  has  successfully  produced  the first  made-in-Nigeria  electric  car  at  their manufacturing  plant  in  Nnewi, Anambra State. This  groundbreaking  achievement  marks  a significant  milestone  for  the  country’s  automotive industry,  showcasing  Nigeria’s  growing  capacity for  innovation.  An  amateur  video  capturing  a test  drive  of  the  electric  vehicle  has  surfaced, generating  excitement  and  interest  in  the  future of  locally  produced  sustainable  transportation. Innoson’s  accomplishment  positions  Nigeria  on the  map  in  the  global  shift  towards  eco-friendly vehicles.

 


 

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Ecobank Announces $250M Capital Boost at Annual General Meeting in Togo

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Ecobank Group is reportedly set to raise up to $250 million through an Additional Tier 1 (AT1) capital offering in order to strengthen the bank’s capital base.

This was revealed during the company’s annual general meeting held in Togo on the 29th of May, 2025. According to the meeting, the bank stated that the conversion price for the shares will be based on the higher of the prevailing exchange rate and the floor price of $0.02 per ordinary share.

The speaker stated “As we cast our eyes into the future and reimagine all possibilities—rising competition from banks, fintechs, and non-bank financial institutions, as well as factors such as geopolitics, regulations, and capital markets—we cannot afford complacency.”


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CBN Assures Nigerian Stakeholders of the Banking Sector Stability and Deposit Security

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The Central Bank of Nigeria (CBN) recently assured stakeholders about the state of the banking sector in Nigeria, stating that the banking sector can still be trusted and is secure.

The assurance was shared in a statement signed by Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN. In the statement, it was emphasized that stakeholders should disregard any negative news concerning the banking sector, as such reports are misleading.

The CBN also highlighted the security of the deposits entrusted to it, stating, “There is no reason for the public to worry about the security of their deposits.” The extent of the measures and security in place was also emphasized by the director in the statement.


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“Aliko Dangote is Nigeria’s Biggest Debtor” – Dr. Cosmos Maduka Claims

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Nigerian Businessman Dr. Cosmos Maduka analyzes popular Billionaire, Aliko Dangote and describes him as the biggest debtor in Nigeria.

The businessman highlighted the fact that people who seem to have the most money are often the largest debtors.

“The number one debtor in Nigeria is Aliko Dangote. He’s the wealthiest man in Africa. The number one debtor in the world is the United States of America and you call them the richest in the world.”

“As you admire all of those things, it’s all credit. It’s all about credit. So you should leverage on loan, but you have to have a good structure that will support that loan.”


 

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