News and analysis of global and local business trends, markets, and industry developments.
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 $35 million has been adjourned until May 2 by a Nigerian court, according to the…
By Afolabi Hannah The Nigerian Ports Authority (NPA) has implemented a new policy to alleviate congestion and facilitate the efficient entry of export cargoes into Lagos ports. The NPA is granting a 72-hour window for all export trucks to gain access to various terminals. According to a notice titled ‘Important Update: Revised Access Window for…
According to the National Bureau of Statistics, NBS, data, Nigeria’s inflation rate increased to 33.2% for March 2024. This is a 1.5% increase from the 32.7% recorded in February this year. Details on this report are coming. Meanwhile, the World Bank said that Nigeria’s inflation rate will remain high at 24.8 percent year-on-year, YoY, in 2024. The World Bank also reaffirmed its…
Investors have been retreating from the stock market, particularly in the banking sector, following the Central Bank of Nigeria’s (CBN) announcement of a proposed recapitalization of banks. This cautious sentiment has resulted in a loss of N633 billion as investors have been cashing out of bank stocks. Consequently, the total value of all listed stocks…
By Margret Oshinowo The Naira experienced a huge appreciation on Friday at the official market, trading at N1,142.38 to the dollar. The official trading platform of the FMDQ Exchange reveals data, a platform that oversees the Nigerian Autonomous Foreign Exchange Market, reveals that Naira gained N88.23. This amounts to a gain of 7.16 percent when…
Global Citizen, the world’s leading advocacy organization, today announced the winners of its annual Global Citizen Prize and Cisco Youth Leadership Award. Six young, trailblazing changemakers will be celebrated with a dedicated award ceremony during the Global Citizen NOW summit in New York on May 1, 2024. Global Citizen Prize will be hosted by CBS…
The Nigeria Customs exchange rate of import duties and cargo clearance has dropped below the official market of N1251/$. Checks on the Nigeria Customs foreign exchange portal reveal that the exchange rate of import duties is N1246.66/$- a difference of around N5 from the exchange rate at the close of business on Friday. The decline in…
The Federal Government is advocating for mining companies to adopt the Segilola gold project’s international best practices, as recommended by the Minister of Solid Minerals Development, Dr. Dele Alake. During a recent visit to Segilola Resources Operating Limited (SROL), an indigenous gold mining company in Ilesha, Osun State, Dr. Alake praised the extensive efforts invested…
The Nigerian stock market gained 39.8 per in the first quarter of 2024, becoming the second best-performing stock amid economic headwinds. This is according to March ending data by NGX. With the feat, NGX became the second best-performing stock after the Zimbabwe Stock Exchange (ZSE) All Share Index, which had about 314.19 per cent Year-to-date…
Detained Binance executive, Tigran Gambaryan, has initiated a legal action against key Nigerian authorities. Gambaryan, represented by legal counsel from Aluko and Oyebode Law Firm, has approached a Federal High Court in Abuja for the enforcement of his rights. Also, Nadeem Anjarwalla, the Binance Africa regional manager, who escaped from lawful custody on March 22,…
The national currency, naira, showcased further resilience against the US dollar, settling at an impressive N1,300.43 per dollar in the official foreign exchange market on Wednesday. Data from FMDQ revealed a notable surge, with the naira climbing to N1,300.43 per USD, marking a substantial gain of N82.52 compared to the preceding day’s rate of N1,382.95….
Mohammed Idris, Minister of Information and National Orientation, declared that Nadeem Anjarwalla, a Director at Binance, will face the full force of the law despite his escape from Nigerian custody. Anjarwalla, accused in an ongoing investigation into Binance’s activities, managed to flee the country, prompting a pursuit by Interpol, as confirmed by Idris. The Office…
Chairman of Fidelity Bank Plc, Mustafa Chike-Obi has been honoured with the prestigious African Leadership Commendation for Corporate Governance at the African Leadership Persons of the Year Award Ceremony. The event, themed “Building Resilient African Economies,” kicked off March 14th and 15th. Chike-Obi, a Nigerian economist and investment banker, and former managing director/CEO of the…
The Central Bank of Nigeria (CBN) has removed the restrictions on the importation of milk and dairy products. This decision was made after initially adding milk and dairy products to the list of items not eligible for foreign exchange (forex) on February 11, 2020. In a notice to customers, Zenith Bank confirmed that the CBN…
Exploration activities in Nigeria’s oil and gas sector have increased by 23% in February 2024 compared to the same period in 2023, with a total of 16 rigs in operation. This growth represents a 6% increase from January 2024, according to the March 2023 Monthly Oil Market Report by OPEC. The Chief Executive of the…
In a monumental stride towards transforming Africa’s export landscape, one of Africa’s leading commercial banks with reach across Africa and beyond, Zenith bank, has announced a groundbreaking partnership and Investment into Niteon Inc. This partnership marks a pivotal moment in Niteon’s journey, propelling them to be the third-largest digital export infrastructure of African products in…
The Nigeria Labour Congress (NLC) has pressed for the immediate disbursement of the four months’ salaries withheld from the Non-Academic Staff Union of Educational (NASU) and Associated Institutions, as well as the Senior Staff Association of Nigerian Universities (SSANU). Comrade Joe Ajaero, NLC President, emphasized in a statement that the rationale behind withholding their salaries…
The National Bureau of Statistics (NBS) has reported a surge in Nigeria’s headline inflation rate, reaching 31.70 percent in February, a notable increase from January’s 29.90 percent. According to the Consumer Price Index and Inflation Report for February released by the NBS on Friday afternoon, there was a 1.80 percent rise from January’s figures. Comparatively,…
Foreign direct investment outflows are expected to persist in Nigeria, according to the Economist Intelligence Unit (EIU). The EIU report highlights that local oil companies acquiring assets from exiting international counterparts may struggle to match their financial capabilities. The challenging business environment in Nigeria, characterized by corruption, cronyism, insecurity, and infrastructure deficiencies, contributes to multinational…
Nigeria’s total foreign trade increased by 37.8 per cent to N71.88 trillion in the fourth quarter of 2023, from N52.38 trillion recorded in 2022. The National Bureau of Statistics, NBS, disclosed this in its latest report titled, ‘Foreign Trade in Goods Statistics’ (Q4 2023). In the fourth quarter of 2023, Nigeria’s total trade reached N26.81.95…
Binance will discontinue all services for Nigeria’s fiat currency, the naira, amid an ongoing regulatory conflict in the country. The crypto exchange will automatically convert naira balances to USDT from March 8 at 8:00 a.m. UTC but will cease support for NGN deposits after 14:00 UTC today. Withdrawals will become unsupported after March 8 at…
MTN Nigeria Plc announced a N177.8 billion pre-tax loss as compared to a N518.8 billion pre-tax profit in the previous year. The losses resulted in a wipe-out of shareholders’ funds. The telcos blamed the losses on a significant foreign exchange loss that increased from N81 billion in 2022 to N740 billion. In its 2023 financial…
Crypto trading platform, Binance has been slammed with a $10 billion fine by the Federal Government over allegations of influencing the country’s forex crisis. The special adviser to President Bola Tinubu on information and strategy, Bayo Onanuga, disclosed this F in an interview with the BBC on Friday. According to Onanuga, Binance profited substantially from…
Two senior executives of Binance have been detained in Nigeria as Federal Government tries to rein in speculation on the Naira by cracking down on cryptocurrency exchanges. The executives flew to Nigeria following the country’s decision to ban several cryptocurrency trading websites last week but they were detained by the Office of the National Security…
Presidential spokesperson Bayo Onanuga has voiced concerns over the potential economic fallout from cryptocurrency giant Binance, warning of its capacity to disrupt the Nigerian economy through unchecked manipulation of foreign exchange rates. During an appearance on Channels Television’s Politics Today program, Onanuga highlighted the urgent need to address what he termed as “saboteurs” operating within…
In anticipation of Nigeria’s potential interest rate hike, the Central Bank of Nigeria Monetary Policy Committee convenes today, 26th February, in Abuja. Scheduled for 26th and 27th February, this two-day session marks the inaugural meeting under the stewardship of CBN Governor, Olayemi Cardoso, following his appointment in September of the previous year. The previous MPC…
