Business

Payment Platform’s Valuation Drops By $45bn

Published

3 years ago

March 19, 2023

Global payment platform, Stripe Incorporated’s valuation fell to $50bn from its $95 valuation in March 2021.

This was as the company announced on Wednesday that it had signed agreements for more than $6.5bn in a Series I round of funding with existing investors such as Andreessen Horowitz and Founders Fund, and new ones such as Singapore-based GIC and Temasek, and Goldman Sachs Asset and Wealth Management.

Stripe had already received $2.2bn in funding, according to Crunchbase.

Stripe said that “The funds raised will be used to provide liquidity to current and former employees and address employee withholding tax obligations related to equity awards, resulting in the retirement of Stripe shares that will offset the issuance of new shares to Series I investors.

“Stripe does not need this capital to run its business.”

Stripe said in Wednesday’s release that 100 businesses now handle more than $1bn through its platform.

Stripe in 2020 acquired Nigeria’s payment platform, Paystack, in a $200m deal.

Meanwhile, as Africa continues to experience rapid technological growth and increasing internet penetration, the Director General of the National Information Technology Development Agency, Kashifu Inuwa, has called on governments to collaborate to minimise the impact of cyberattacks on the continent’s critical infrastructure, national security, reputation and economy.

According to a statement issued on Friday by the agency, Inuwa made the call while speaking on ‘Strategies for Boosting Africa’s Cyber Resilience’ at the ongoing GISEC Global, a leading gathering for the cybersecurity community in Dubai, United Arab Emirates.

The DG said that to protect citizens and assets and genuinely harness the benefits of an increasingly complicated digital reality, Africa cannot afford to be apathetic towards cybersecurity, adding that with the right strategies and approaches, Africa can enhance its cybersecurity posture and build resilience against cyberattacks.
PUNCH

Business

Naira Records Second Consecutive Depreciation Against US Dollar

Published

4 days ago

November 12, 2025

Editor

The Naira recorded its second consecutive depreciation against the United States dollar at the foreign exchange market on Tuesday to continue the bearish trend this week.

The Central Bank of Nigeria’s data showed that the Naira further weakened on Tuesday to N1,438.71 against the dollar, down from N1,437.2933 exchanged on Monday.

This means that the Naira again dropped by N1.42 against the dollar on Tuesday on a day-to-day basis.

At the black market, the Naira remained flat at N1465 per dollar on Tuesday, the same rate traded on Monday.

This is the second consecutive decline of Nigerian currency at the official market since the commencement of this week.

Meanwhile, the country’s external reserves had continued to rise, standing at $43.37 billion as of Monday, 10th November 2025, up from $43.35 billion on November 7.

Business

Tinubu Approves 15% Import Duty On Petrol, Diesel

Published

2 weeks ago

October 30, 2025

Editor

President Bola Tinubu has approved a 15 percent ad-valorem import duty on diesel and premium motor spirit (PMS), also known as petrol.

This was announced in a letter dated October 21, 2025, where the private secretary to the president, Damilotun Aderemi, conveyed Tinubu’s approval to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Tinubu gave his approval, following a request by the FIRS to apply the 15 percent duty on the cost, insurance and freight (CIF) to align import costs to domestic realities.

With the approval, the implementation of the import duty will increase a litre of petrol by an estimated N99.72 kobo.

The latest development has led to the Nigerian National Petroleum Company Limited (NNPCL) announcing that it has begun a detailed review of the country’s three petroleum refineries, with a view to bringing them back online.

NNPCL Group Chief Executive Officer (GCEO), Bayo Ojulari, made the announcement in a post on his official X handle on Wednesday night.

According to Ojulari, one of the options being explored by the NNPCL is to search for technical equity partners to ‘high-grade or repurpose’ the facilities.

Tagged: “Update on Our Refineries”, Ojulari said: “The NNPCL continues to remain optimistic that the refineries will operate efficiently, despite current setbacks.”

It can be recalled that despite spending about $3 billion on revamping the refineries, only the 60,000 barrels per day portion of the facility worked skeletally for just a few months before packing up.

The Warri refinery has remained ineffective weeks after it was gleefully announced to have returned to production, while the one situated in Kaduna State never took off at all.

Business

NNPCL Raises Fuel Price

Published

1 month ago

October 13, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.