Business

Nigeria to Partner with Google on AI and digital innovation

Published

1 year ago

February 12, 2025

662 Views

President Bola Tinubu is currently in talks with Google to strengthen the country’s role in artificial intelligence (AI) and digital innovation.

Announcing the discussions on X after meeting Google and Alphabet CEO Sundar Pichai in Paris, Tinubu said the partnership would expand cloud infrastructure, upskill workers, foster AI research, boost cloud adoption, and position Nigeria as a global tech hub.

The President cited Nigeria’s AI progress, including work with Awarri Technologies and the National Centre for AI and Robotics (NCAIR) to develop AI tools and a Large Language Model (LLM) for Nigerian languages.

Tinubu said the talks with google aligns with his Renewed Hope Agenda, with the Communications Ministry and NITDA providing oversight and overseeing implementation.

Tinubu, who is currently in Paris on a private visit, will also attend the AU Summit in Addis Ababa before returning to Nigeria.

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Business

Naira Exchange Rates Thursday July 2, 2026

Published

58 minutes ago

July 2, 2026

OCHEFA

3 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 395 Sell ₦1, 403

GREAT BRITISH POUND (GBP) Buy ₦1,845 Sell: ₦1,865

EURO (EUR) Buy ₦1, 585 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,372.41

GREAT BRITISH POUND (GBP) ₦1,821.73

EURO (EUR) ₦1,565.37

SWISS FRANC (CHF) ₦1,695.42

JAPANESE YEN (JPN) ₦8.45

CHINESE YUAN (CNY) ₦201.98

WEST AFRICAN CFA (XOF) ₦2.40

WEST AFRICAN UNITACCOUNT (WAUA) ₦1,870. 31

SAUDI RIYAL (SAR) ₦365.45

SOUTH AFRICAN RAND (ZAR) ₦83.80

Business

CBN revokes 46 MFBs’ licences

According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.

Published

16 hours ago

July 1, 2026

OCHEFA

16 Views

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs).

CBN’s Ag. Director of Communications, Mrs. Hakama Sidi-Ali disclosed that the revocation becomes effective today.

She emphasised that the revocation was in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

“The revocation was approved by the Governor of the Central Bank of Nigeria, Mr. OlayemiCardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions,” she said.

Others were: failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.