Abuja, Nigeria — A new fiscal review has raised fresh concerns over the financial health of Nigerian states, as twelve sub-national governments failed to meet their 2025 first-quarter revenue targets despite collectively spending over N117 billion on debt servicing. This was revealed through Q1 budget implementation reports obtained from state portals and the Open Nigerian…
The Economic and Financial Crimes Commission (EFCC) has intensified its efforts to clamp down on Binance and other cryptocurrency platforms in response to the recent uptick in the Dollar’s value compared to the Naira in the foreign exchange market. Confirming the ongoing crackdown, EFCC spokesperson Dele Oyewale emphasized the Commission’s commitment to maintaining order within…
“In the latest report by the National Bureau of Statistics, it’s revealed that in the fourth quarter of 2023, the total capital imported into the country surged to US$1,088.48 million. This marks a significant increase of 66.27% from the third quarter of 2023, hitting US$654.65 million. Additionally, compared to the same period in the previous…
The operatives from the Economic and Financial Crimes Commission (EFCC) on Thursday, January 4, 2024, raided the Lagos office of the Dangote Group. According to reports from The Cable , the anti-graft agency was investigating the company’s foreign exchange (forex) allocations during Godwin Emefiele’s tenure as Governor of the Central Bank of Nigeria (CBN). The…
The Central Bank of Nigeria (CBN) has decided to increase the Monetary Policy Rate (MPR) from 18.5 percent to 18.75%. The decision was announced by Acting CBN Governor, Folashodun Shonubi, following the conclusion of the bank’s Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, July 25, 2023. This marks the first decision made by…
in view of Emefiele’s trail, Justice Nicholas Oweibo of the Federal High Court in Lagos has granted the suspended governor of the Central Bank of Nigeria, Godwin Emefiele, bail in the sum of twenty million nairas with one surety. Justice Oweibo however noted that the embattled former CBN governor should be remanded in prison custody…
Nigeria’s money supply heightened to N64.3 trillion in the month of June 2023 the highest we have ever documented in Nigeria. This compares to N55.5 trillion recorded in the month of May or a whopping N8.8 trillion increase. This is according to the latest data from the central bank of Nigeria as contained in its…
Edited by Damilola Adeleke In a world where the top 5 billionaires on Forbes range from 52 to 92 years old, a group of young individuals have managed to achieve billionaire status before reaching the age of 30 years old. While many of them inherited their wealth, they are poised to become the next generation…
Edited by Damilola Adeleke Stanbic IBTC Holdings recently announced new additions to its board as Directors Amongst the members are female members which are: Mrs Funeka Montjane, appointed as a Non-Executive Director of Stanbic IBTC Bank PLC. Joyce Dimpka and Mrs. Temitope Popoola were appointed as Non-Executive Directors at Stanbic IBTC Insurance Brokers Stanbic IBTC…
Edited by Damilola Adeleke In Nigeria, a recent study conducted by Genesis Analytics in collaboration with the Gender Centre of Excellence and the Central Bank of Nigeria has revealed that approximately 25 million adult women in the country do not possess formal bank accounts. Furthermore, it was found that over 16 million rural women rely…
