News and analysis of global and local business trends, markets, and industry developments.
The World Bank has barred 59 Nigerian companies and individuals for engaging in corrupt practices and other procurement offences. This is according to a document recently released on its website, ‘World Bank Listing of Ineligible Firms and Individuals Notes on Debarred Firms and Individuals’. Among those affected are 39 Nigerian companies previously debarred by the…
The Cross River State Government has secured $3.5 billion in funding from Afreximbank in Cairo for the Bakassi Deep Seaport Project. Governor Bassey Edet Otu announced this development via his official X (formerly Twitter) handle on Tuesday. According to Governor Otu, the collaboration between the state government and Afreximbank will foster economic growth and development…
Renowned crypto analyst and FX Pro trader, Alex Kuptsikevich, has warned that Bitcoin could witness a massive panic sell-off if it drops below the $60,000 level in the coming days. According to market sentiments, Crypto traders are targeting a break of above $65,000 before the market can be deemed bullish. According to CoinDesk, Bitcoin briefly…
The Nigerian Ports Authority (NPA) has announced that it has successfully cleared the notorious decade-long gridlock on the Mile 2-TinCan-Apapa corridor, home to the TinCan and Apapa ports. The announcement was made through a post on the NPA’s official X (formerly Twitter) account on Monday. According to the NPA, this success was made possible through…
The Neo Black Movement, NBM of Africa, has lauded President Bola Tinubu for his decision to suspend the proposed 0.5 per cent cybersecurity levy on electronic transactions nationwide. In a statement released in Benin City, the National President of the organization, Olorogun Ese Kakor, expressed support for President Tinubu’s directive to the Central Bank of…
Sen. Abubakar Atiku Bagudu, the Minister of Budget and Economic Planning, has urged Planning Officers nationwide to embrace technology-driven approaches to enhance budgeting and planning procedures, particularly in rural areas. During a visit to Abuja by Muktar Ahmed, the Commissioner of the Kaduna State Planning and Budget Commission, Sen. Bagudu emphasized the importance of leveraging…
The Economic and Financial Crimes Commission has barred foreign missions based in Nigeria from transacting in foreign currencies and mandated them to use Naira in their financial businesses. The EFCC has also mandated Nigerian foreign missions domiciled abroad to accept Naira in their financial businesses. The anti-graft agency said the move is to…
The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Dr Orji Ogbonnaya Orji, has stated that the audit of the oil, gas, and mining industries is aimed at mobilizing domestic resources for the government. This was revealed during a sensitization workshop in Port Harcourt for the conduct of the 2022-2023 industry reports in…
The International Monetary Fund (IMF) has released its projection for Nigeria’s growth rate in 2024, estimating it to be at 3.3%. This forecast is underpinned by anticipated improvements in both oil and agriculture sectors, coupled with enhanced security measures. According to a statement from the IMF headquarters in Washington D.C., Nigeria’s financial sector has shown…
The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) have jointly issued a stern ultimatum to the Nigerian Electricity Regulatory Commission (NERC), demanding an immediate reversal of the recent electricity tariff hike to N65/kwh. In an official statement released by NLC President, Comrade Joe Ajaero, and TUC President, Comrade Festus Osifo, the ultimatum requires…
As unresolved complaints rises 7.5% Five leading commercial banks in Nigeria were forced to refund about N1.18 billion to their customers in their bid to resolve complaints in 2023. The amount refunded represents a 736 percent year-on-year (YoY) increase when compared to N141.14 million refunded in 2022. Analysis of data contained in the banks’ 2023 Financial Statement showed…
American Express Co. is launching its first business credit card in Nigeria in partnership with local neobank O3 Capital, potentially improving access to dollars in the West African nation. O3 Capital and Amex unveiled the product on Thursday in Lagos, the commercial capital, offering the business card with a spending limit of $10,000 and a…
The Corporate Affairs Commission (CAC) has issued a directive requiring all Point of Sales (PoS) agents affiliated with major financial technology firms in Nigeria to formalize their businesses through registration. Failure to comply may lead to arrest by law enforcement for engaging in unauthorized transaction activities. During the official launch of the CAC’s registration initiative…
Global cryptocurrency platform Binance has accused top Nigerian government officials of demanding a $150 million bribe in crypto to settle criminal charges filed against the company. The allegation was made public by Binance Chief Executive Officer, Richard Teng, in a blog post published by the New York Times on Tuesday. According to the report, Tigran…
One person has been reported dead as tragedy struck in the Akko Local Government Area of Gombe State following a destructive windstorm that swept through Wuro Juli, Wuro She, and other suburban areas of the state. Witnesses recounted the horror of the windstorm, which brought devastation to the region shortly after the first rain of…
The Chief Executive Officer of Binance, Richard Teng, has described the detention of its employee, Tigran Gambaryan, by the Nigerian government as ‘unjust’ and that it was a “dangerous precedent” for international businesses. Teng also said that despite Binance’s repeated efforts at constructive engagement and cooperation with Nigerian authorities, Gambaryan remains in detention for ‘spurious’…
Edited By Margret Oshinowo NERC announced an eight percent reduction on electricity tariff paid by customer in Band A from N225/kWh to N206.8/kWh on Monday. In a statement made by the commission in Abuja, It was said that the reduction was as a result of changes in macroeconomic indices in the month of April, especially…
Nigerian subscribers of DSTV and GOtv have been notified of impending service disruptions from Sunday, May 5, to Tuesday, May 7, due to ongoing construction activities on the Lagos-Calabar Coastal Highway. While acknowledging the inconvenience, DStv assured its customers through a social media announcement that efforts would be made to minimize service interruptions during the…
Edited by Hannah Afolabi FCMB Group Plc has reported a considerable increase in profit before tax, demonstrating a 186% Year-on-Year growth compared to the previous year. Growth was observed across various sectors such as Banking Group, Consumer Finance, Investment Management, and Investment Banking. The company has proposed a dividend of 50 kobo per share for…
In a bid to address the issue of unstable market prices and recurring infernos leading to property loss, the President of the National Union of Market Traders Employers of Nigeria (NUMTEN), Comrade James Ogu, has vowed decisive action. Speaking during a media interaction at the Labour House in Abuja, Comrade Ogu highlighted the pressing need…
Changpeng Zhao, the founder of world’s largest cryptocurrency exchange, Binance, has been sentenced to four months in prison on charges related to money laundering, a significant deviation from the three years sought by prosecutors. The sentencing took place on Tuesday in a United States federal court in Seattle. Zhao, known as CZ, faced charges not…
Google, the multinational American technology corporation, has revealed its intention to invest in African startups leveraging artificial intelligence (AI) and machine learning (ML) technologies through its Startups Accelerator Africa program. Now entering its eighth cohort, the program aims to financially support startups addressing crucial challenges and unlocking new opportunities with AI across the African continent….
Dr. Dele Alake, the Minister of Solid Minerals Development, has pledged unwavering commitment to transforming Nigeria into the world’s premier destination for solid minerals, urging heightened dedication from all stakeholders, particularly ministry staff. During the 2024 Ministerial Step-down Retreat convened in Abuja, Dr. Alake stressed the imperative of diligence among ministry personnel to propel the…
Nigeria Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun emphasized the government’s commitment to addressing the issue of excessive liquidity within the economy. Speaking to journalists during the ongoing Spring Meetings of the IMF and World Bank in Washington DC, Edun highlighted the collaborative efforts between fiscal and monetary authorities to…
The Minister of State for Petroleum Resources, Senator Heineken Lokobri, underscored the critical importance of safeguarding the nation’s oil assets and investments during a meeting with the Chief of Defence Staff, General Christopher Musa, in Abuja. Senator Lokobri commended the military’s professionalism and reiterated the necessity of their support in providing adequate security for the…
By Afolabi Hannah Binance is collaborating with Nigeria to address the detention of its Head of Financial Crime Compliance, as CEO Richard Teng stated. The case against the executive, Tigran Gambaryan, and another Binance official accused of laundering more than $35 million has been adjourned until May 2 by a Nigerian court, according to the…
By Afolabi Hannah The Nigerian Ports Authority (NPA) has implemented a new policy to alleviate congestion and facilitate the efficient entry of export cargoes into Lagos ports. The NPA is granting a 72-hour window for all export trucks to gain access to various terminals. According to a notice titled ‘Important Update: Revised Access Window for…
According to the National Bureau of Statistics, NBS, data, Nigeria’s inflation rate increased to 33.2% for March 2024. This is a 1.5% increase from the 32.7% recorded in February this year. Details on this report are coming. Meanwhile, the World Bank said that Nigeria’s inflation rate will remain high at 24.8 percent year-on-year, YoY, in 2024. The World Bank also reaffirmed its…
Investors have been retreating from the stock market, particularly in the banking sector, following the Central Bank of Nigeria’s (CBN) announcement of a proposed recapitalization of banks. This cautious sentiment has resulted in a loss of N633 billion as investors have been cashing out of bank stocks. Consequently, the total value of all listed stocks…
By Margret Oshinowo The Naira experienced a huge appreciation on Friday at the official market, trading at N1,142.38 to the dollar. The official trading platform of the FMDQ Exchange reveals data, a platform that oversees the Nigerian Autonomous Foreign Exchange Market, reveals that Naira gained N88.23. This amounts to a gain of 7.16 percent when…
Global Citizen, the world’s leading advocacy organization, today announced the winners of its annual Global Citizen Prize and Cisco Youth Leadership Award. Six young, trailblazing changemakers will be celebrated with a dedicated award ceremony during the Global Citizen NOW summit in New York on May 1, 2024. Global Citizen Prize will be hosted by CBS…
