News and analysis of global and local business trends, markets, and industry developments.
The National Bureau of Statistics (NBS) has revealed that Bauchi, Kogi, and Oyo are the three most expensive states in Nigeria based on year-on-year inflation rates, according to the latest May Consumer Price Index and Inflation report. In May 2024, Bauchi recorded the highest All-Items inflation rate at 42.30 percent, followed by Kogi with 39.38…
The Securities and Exchange Commission (SEC) has cautioned Nigerians against investing in a meme coin known as $Davido, which is purportedly linked to Nigerian Afrobeat singer David Adeleke, popularly known as Davido. In an official statement, the Commission explained that meme coins are cryptocurrencies inspired by internet memes and jokes. The SEC highlighted the risks…
Vice President Senator Kashim Shettima has lauded the Zeberced Group for its creation of 40,000 jobs and the development of the Abuja Industrial Park, among other initiatives in the Federal Capital Territory (FCT). Speaking with journalists after a tour of the company’s site in Idu, Abuja, Vice President Shettima highlighted that these projects align with…
Binance has expressed relief on Friday as the Federal High Court in Abuja cleared Tigran Gambaryan, a 39-year-old American and fleeing Nadeem Anjarwalla, of tax evasion charges filed by the Federal Inland Revenue Service. The court’s decision was after the FIRS submitted amended charges that effectively dropped the tax evasion allegations against Gambaryan and his…
The Securities and Exchange Commission (SEC) has issued a warning to investors about the high risks associated with investing in meme coins, including $Davido. In a circular dated June 14, 2024, the SEC stated that meme coins, such as $Davido, are highly speculative and lack fundamental value. The SEC noted that meme coins are cryptocurrencies…
Wema Bank says it has successfully concluded the first tranche of its recapitalisation exercise having secured all relevant regulatory approvals for the allotment of its N40 billion rights issue. Its Managing Director, Mr Moruf Oseni, disclosed this in a statement made available on Friday in Lagos. Oseni said as a forward-thinking and pioneering bank, the…
Nigeria is dedicated to contributing to the global tourism agenda, according to the Minister of Tourism, Lola Ade-John. Speaking at the 121st meeting of the United Nations Tourism Executive Council in Barcelona, Spain, Minister Ade-John highlighted Nigeria’s efforts to leverage its rich and diverse tourism potential as a catalyst for economic growth, cultural exchange, and…
Approximately 5,000 small and medium enterprises (SMEs) operating around Masallacin Idi in Kano metropolis are at risk of losing their businesses following a quit notice issued by the Kano State Urban Planning and Development Authority (KNUPDA). The traders, who have been in the area for over 18 years, were given a 48-hour ultimatum to vacate…
Traders from Ngwa Road market in Aba staged a protest at the Abia State Government House in Umuahia, seeking intervention against the military siege on their market following the May 30 killings of five soldiers by unknown gunmen. The traders, who protested on Tuesday, appealed to Governor Alex Otti to address their concerns. They carried…
The Zamfara State Internal Revenue Service, ZSIRS, say it will commence compulsory operation on Monday 10th June, 2024, to arrest operators of tricycles who have not registered with the Board. This was announced by the Executive chairperson of the Service, Hajiya Rakiya Ahmed Dodo, through the Director Information and Intelligence Gathering, Alhaji Hadi Bawa Gusau,…
The IMF predicts that Nigeria’s economy will reach $1.85 trillion by 2029 in terms of Purchasing Power Parity. The International Monetary Fund, headquartered in Washington, projected this in recent figures concerning Nigeria’s Gross Domestic Product in PPP terms. The IMF data anticipates that the GDP in PPP terms for the country will grow from $1.36…
President Bola Tinubu has urged international development financiers to view Africa as a prime destination for growth and prosperity. During a meeting with a delegation from the International Finance Corporation (IFC), part of the World Bank Group and led by Managing Director Makhtar Diop, President Tinubu emphasized the need for strategic investments in sectors such…
The state leadership of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) have reopened the Oyo State government secretariat following the suspension of the national strike. Initially, union leaders had blocked the secretariat’s entrance gates and enforced a sit-at-home directive by patrolling various ministries, departments, and agencies, effectively halting all activities within the…
The Nigerian Guild of Editors (NGE) has expressed serious concern over the increasing incidents of journalists being abducted and arrested by security agencies, particularly the Nigeria Police Force, under the pretext of enforcing the Cyber Security Act. In a press statement issued by NGE President Eze Anaba and General Secretary Dr. Iyobosa Uwugiaren following a…
The face-off between Femi Otedola, billionaire businessman, and Jim Ovia, chairman of Zenith Bank, over an alleged multibillion naira fraud has taken a turn for the worse, TheCable understands. Otedola had accused Zenith Bank of unlawfully using the account of his company, Seaforce Shipping Limited, to trade in 2011 without his knowledge or consent. Although…
The Central Bank of Nigeria (CBN) has refuted allegations that it plans to revoke the licenses of three banks following regulatory action against Heritage Bank Plc. This clarification was provided in a statement issued by the apex bank on Tuesday. The CBN described the allegations as false and intended to incite panic within the financial…
In light of the nationwide strike by Organized Labour, the Nigerian Medical Association (NMA) has announced that doctors are not participating in the strike. In a statement released on Monday, NMA National Secretary General, Dr. Benjamin Egbo, clarified that the association is not affiliated with Organized Labour and that doctors would remain at their duty…
The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) have suspended their nationwide strike for one week. TUC President Festus Osifo announced this on Tuesday in Abuja, following a joint extraordinary national executive council meeting of the unions. Osifo indicated that a formal communique would be issued soon. The strike, initiated on Monday, was…
Amid the ongoing nationwide strike, the Labour Union has shut down the national grid, resulting in a widespread blackout across the country. The Transmission Company of Nigeria (TCN) confirmed the development in a press statement signed by General Manager of Public Affairs, Ndidi Mbah. According to the statement, the national grid was shut down around…
The Central Bank of Nigeria (CBN) has revoked the license of Heritage Bank Plc with immediate effect. This decision was announced in a statement by the Acting Director of Corporate Communications, Hakama Sidi Ali. “The action has become necessary due to the bank’s breach of Section 12 (1) of BOFIA, 2020. The Board and Management…
Domestic flights across Nigeria have been halted as the ongoing strike by the Nigeria Labour Congress (NLC) continues to impact air travel. At the Lagos airport’s local terminal, both entry and exit gates are locked, leaving passengers, some of whom arrived as early as 6 a.m., stranded outside. Similarly, at the privately managed Terminal Two,…
The federal government has been urged to reinstate the N35,000 wage award to workers, which was suspended in February 2024 pending further negotiations on a new minimum wage. This request was part of an agreement reached during a last-minute meeting convened on Sunday by Senate President Godswill Akpabio and House of Representatives Speaker Tajudeen Abbas,…
On Sunday, labor unions in the aviation sector announced plans to shut down airports nationwide, adhering to the directive from the Nigerian Labour Congress (NLC) and the Trade Union Congress of Nigeria (TUC), starting Monday, June 3. Newsmen reports that the NLC and TUC called for an indefinite nationwide strike on Friday, citing the federal…
The Federal Government has cautioned the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) against abandoning ongoing negotiations over the new minimum wage. The government has urged the organized labor groups to suspend their planned nationwide indefinite strike set to commence on Monday, June 3. In a statement on Sunday, Attorney General of…
The Federal Government has formalized a partnership with the Nigerian Economic Summit Group (NESG) by signing a Memorandum of Understanding (MoU) aimed at developing a framework for financing and unlocking the potential within the creative industry. The MoU, signed in Abuja, aims to revitalize the creative sector and make significant contributions to Nigeria’s Gross Domestic…
Attorney General and Minister of Justice, Prince Lateef Fagbemi, has condemned the call for industrial action by organized labour, deeming it “premature, ineffectual, and illegal.” This statement follows the Nigerian Labour Congress (NLC) and Trade Union Congress (TUC) declaration of an indefinite nationwide strike starting June 3, 2024. Prince Fagbemi pointed out that discussions on…
Africa’s largest oil refinery, Dangote Refinery, has marked a major achievement with the successful export of its first jet fuel shipment to Europe. The milestone follows the refinery’s rapid production ramp-up since its launch in April 2023. The inaugural cargo, loaded onto the “Doric Breeze” vessel, departed from the Lekki Free Zone in Lagos on…
The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have announced an indefinite nationwide strike starting Monday, June 3, 2024, due to a deadlock in negotiations over a new minimum wage and increased electricity tariffs. TUC President Comrade Festus Osifo made this announcement during a joint news conference with NLC and TUC leaders…
The Tripartite Committee on the new minimum wage is set to reconvene on Friday, May 31, 2024, as the Federal Government and Organised Labour continue their discussions. This announcement was made by the Committee’s Secretary, Ekpo Nta. In the previous meeting held on Tuesday, labour unions revised their demands, lowering the proposed minimum wage from…
The Federal Government has granted the International Organization of Legal Metrology (OIML) Certification System to Zonal Coordinators of Weights and Measures. This announcement was made by Nura Rimi, Permanent Secretary of the Federal Ministry of Industry, Trade, and Investment, during a three-day capacity-building workshop in Nasarawa State, north-central Nigeria. Rimi emphasized that these standards are…
The Naira showed some positive movement against the dollar in the foreign exchange market on Wednesday. Data from FMDQ revealed that the Naira appreciated to N1329.65 compared to N1339.33 on Tuesday, marking a gain of N9.68 against the dollar. Similarly, in the parallel market, the Naira improved to N1480 per dollar on Wednesday from N1500…
