Connect with us

Business

Billions of Dollars Lost as Facebook Shuts Out 2.9bn Subscribers

Published

on

The global economy lost billions of dollars as Facebook, WhatsApp, and Instagram went down at about 4.42pm on Monday.

According to NetBlocks, which tracks internet outages and their impact, the outage had already cost the global economy about $160m per hour.

Facebook stock had gone down by about 5.5 per cent. The Chief Executive Officer of Facebook, Mark Zuckerberg, also lost nearly $7bn since the outage began.

Facebook and its affiliates have 2.9 billion monthly active users. The shutdown is reminiscent of 2019, when Facebook shut down in its biggest outage till date (a 24-hour shut down).

For hours when navigating to Facebook, Instagram, and WhatsApp websites, a server error appeared, which indicated there was an issue with Facebook’s servers.

According to TechCrunch, users were also unable to send messages or load new content on the mobile apps for these platforms. Even Oculus, Facebook’s virtual reality platform, and Workplace, its business communication tool, were down.

It seems as though the outage was caused by a domain name server failing, the naming structure that forms the web’s infrastructure.

According to Independent, Facebook’s DNS problems were only a symptom.

It said, the system could not have broken down spontaneously, and it was likely that something had happened to the underlying infrastructure – a stray settings change, a physical outage at a server, or something else entirely – that has stopped it from working.

A Twitter user had tweeted that facebook.com was now up for sale. Twitter’s Chief Executive Officer, Jack Dorsey, had tweeted asking for the price of the domain.

The Punch

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

CIBN Appoints UBA CEO, Oliver Alawuba As Chairman

Published

on

By

The Group Managing Director/Chief Executive Officer, United Bank for Africa, (UBA) Plc, Oliver Alawuba has been appointed as the Chairman of the Chartered Institute of Bankers of Nigeria (CIBN), the Body of Banks’ CEOs.

The CIBN announced this appointment on its website on Monday, July 8, 2024.

This prestigious appointment underscores Alawuba’s extensive experience and visionary leadership in the banking sector, as well as his unwavering commitment towards advancing the financial industry in Nigeria and across Africa.

In his role as Chairman, Alawuba will be at the forefront of fostering collaboration and driving strategic initiatives among the top executives of banks in Nigeria.

Like he has achieved as the GMD of Africa’s Global Bank, UBA, his leadership is expected to bring innovative solutions and strengthen the collective efforts of the banking community while addressing the dynamic challenges and opportunities within the financial sector.

The CIBN also announced the appointment of Mrs. Miriam Olusanya, the CEO of GTBank, as the Vice Chairman of the Body of Banks’ CEOs. Her appointment, alongside Alawuba’s, signifies a strong and unified leadership team poised to enhance the banking landscape in Nigeria.

UBA extends its heartfelt congratulations to Alawuba and Olusanya on their appointment and the Bank is confident that their combined expertise and visionary leadership will usher in a new era of progress and innovation for the banking industry in Nigeria, and that under their guidance, the Body of Banks’ CEOs will continue to play a pivotal role in shaping policies and strategies that will drive sustainable economic growth and enhance the overall stability of the financial system in Nigeria.

Continue Reading

Business

Nigerian Exchange Suspends Shares of Eight Firms

Published

on

By

NGX Regulation, the regulatory arm of the NGX Group, has suspended trading in the shares of eight companies for default in filing their relevant accounts for 2023.

In a market bulletin on Monday, the Head of the Issuer Regulation Department, Godstime Iwenekhai, said the suspension was effective immediately.

According to the market bulletin, the affected companies include, Unity Bank, C&I Leasing Plc, Guinea Insurance, Lasaco Assurance, Mutual Benefits Assurance, NPF Microfinance Bank, Regency Alliance Insurance, and Secure Electronic Technology Plc.

Iwenekhai said, “Trading in the shares of the eight companies below have been suspended from the facilities of Nigerian Exchange Limited (NGX or The Exchange) effective today, Monday, 8 July 2024 for not filing their Audited Financial Statements for the year ended 31 December 2023.”

As per post-listing requirements, companies on the Exchange are mandated to submit their accounts and other documents within specified time frame.
NGX RegCo said that it acted by Rule 3.1 about the Filing of Accounts and Treatment of Default Filing, (Default Filling Rules), which said, “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will a) Send to the issuer a Second Filing Deficiency Notification within two business days after the end of the Cure Period

“b) Suspend trading in the issuer’s securities, and c) Notify the Securities and Exchange Commission and the Market within 24 hours of the suspension.”

Based on the rule, the suspension on trading in the shares of the affected companies would be lifted once they comply with the rules.

Insurance companies had experienced delays in filing their 2023 annual report due to the adoption of IFRS 17 standards.

IFRS 17 requires a company to recognise profits as it delivers insurance services (rather than when it receives premiums) and to provide information about insurance contract profits the company expects to recognise in the future.

The Punch

Continue Reading

Business

Dangote Refinery Can Solve Nigeria’s Forex Problems, Catalyse Economic Development – S&P Global

Published

on

By

International financial analytics corporation, S&P Global, has described the 650,000 barrels per day (bpd) Dangote Oil Refinery and Petrochemicals company as capable of resolving Nigeria’s foreign exchange (forex) issue and its huge pressure on the local Naira currency, while also catalysing the country’s economic development.

S&P Global, headquartered in Manhattan, New York City, disclosed this during an onsite visit to the Dangote Refinery at Ibeju-Lekki, Lagos as part of its sovereign credit ratings assessment of Nigeria. The team from the international rating agency were accompanied by officials from the Federal Ministry of Finance.

S&P noted that the largest single-train refinery complex in the world would bolster Nigeria’s oil sector and, more importantly, also have a positive impact on its growing economy.

Director and Lead Analyst, Sovereign and International Public Finance Ratings, S&P Global Ratings, Ravi Bhatia, who led the delegation to Lagos, said Dangote refinery would transform Nigeria into a net exporter of petroleum products. He added that this transformation is expected to boost revenue generation and alleviate the current pressure on the country’s foreign exchange reserves.

“It is a very impressive facility, able to process 650,000 barrels a day, when in full capacity. It is the largest single-train refinery complex in the world. It came out quite quickly. Nigeria is a big exporter of crude but has issues with importing refined fuels. So, there is a gap in the market where crude can be refined in Nigeria, save money that way, and potentially save some foreign exchange. This will be positive for the economy in the medium term. It looks positive from our assessment,” Bhatia said after an over four-hour tour of the facility.
Also, in a chat with the media, Vice President of Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin, who led the team during the tour of the facility, reiterated that by harnessing Africa’s abundant crude oil resources to produce refined products locally, the company aims to catalyse a virtuous cycle of industrial development, job creation, and economic prosperity. He also revealed that, as earlier promised, the company will start the production of premium motor spirit (PMS), this month (July).

Noting that products from the $20 billion facility are of high quality and meet international standards, Edwin said it can meet 100 per cent of Nigeria’s demand for petrol, diesel, kerosene, and aviation Jet, with surpluses available for export.

The S&P team commended the President of Dangote Industries Limited, Aliko Dangote, for integrating advanced technologies and quality control measures, including a state-of-the-art Central Control Unit ensuring smooth automation of operations.

Other members of the team of the international rating agency include the Associate Director, Sovereign Ratings, Maxmillian McGraw; Director, Corporate Ratings, Omegu Collocott; Senior Analyst, Bank Ratings, Charlotte Masvongo, and Director, Financial Services, Samira Mensah.
Currently operating at 350,000 barrels per day capacity, Edwin said the refinery is slated to scale up to at least 500,000 barrels per day capacity by July/August, commencing the refining of petrol and ultra-low sulphur diesel.

He noted that the refinery, designed to process a wide range of crudes including various African and Middle Eastern crudes, as well as US Light Oil, conforms to Euro V specifications. In addition, it is designed to comply with US EPA, European Union (EU) emission norms, the Department of Petroleum Resources (DPR) emission/effluent norms, and the African Refiners and Distribution Association (ARDA) standards.

While noting that most refineries were built by foreign companies, he said it is a thing of pride that a Nigerian company designed and built the world’s largest single-train refinery complex while acting directly as its own Engineering, Procurement, and Construction (EPC) contractor. The refinery also incorporates a self-sufficient marine facility capable of handling the world’s largest vessels.

“The refinery can produce the best quality products in the world, Euro V grade. It is one of the energy-efficient refineries and it is highly environmentally friendly. It is sophisticated with a high level of automation. The largest single train refinery in the world is 100 per cent designed, engineered, and constructed by a Nigerian company as EPC contractor,” he said.

Nigeria, one of the world’s leading oil-producing countries, exports all its crude oil for refining and subsequently imports refined products due to a lack of operational refineries. It is estimated that Nigeria imports at least 50 million litres of petrol per day to meet domestic demand.

According to data from the National Bureau of Statistics (NBS) in its Foreign Trade Statistics for the Fourth Quarter of 2023, Nigeria spent approximately N12 trillion on the importation of petroleum products in 2023, including premium motor spirit (PMS), commonly known as petrol. This figure marks an 18.68% increase compared to the N10 trillion spent on fuel imports in 2022.

Continue Reading

Trending