Business

Binance has revealed that some unknown persons in Nigeria demanded huge payments in digital currency to make their problems in the country “go away”. The firm’s chief executive officer (CEO), Richard Teng made the claim in a blog post on Tuesday. On February 28, the federal government detained two top executives of Binance as part of a probe bordering on…

As the nationwide supply and distribution of Premium Motor Spirit (PMS), also known as petrol, continue to improve, the Nigerian National Petroleum Company (NNPC) Limited has once again called on motorists to shun panic buying of the product. The Chief Corporate Communications Officer, NNPC Ltd, Olufemi Soneye in a statement on Monday stated that  filling stations monitored across several states,…

The Central Bank of Nigeria (CBN) has ordered all Point-of-Sale operators in the country to register their businesses with the Corporate Affairs Commission (CAC) in two months. This was revealed after a meeting between Fintechs and the Registrar-General/Chief Executive Officer, CAC, Hussaini Magaji (SAN) in Abuja on Monday. The CAC boss said the two-month timeline for the registration, which will…

Customers’ deposit in top deposit money banks rose 66 per cent Year-on-Year (YoY) to N76.04 trillion in 2023 from N45.81 trillion in 2022. The rise in customers’ deposit is in spite rising inflationary trend and other economic challenges in the country. The banks are Zenith Bank Plc, Access Bank Plc, FBN Holdings Plc, United Bank for Africa (UBA) Plc, Guaranty…

The Central Bank of Nigeria (CBN) on Monday ordered banks, others to implement 0.5 per cent levy on all electronic transactions value as part of efforts to contain the rising threats of cybercrime in the financial system. The implementation followed the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and pursuant to the provision of Section 44 (2)(a)…

By Innocent Raphael The Nigeria Civil Aviation Authority (NCAA) has announced plans to establish a dedicated unit for the integration of Unmanned Aircraft Systems (UAS), commonly known as drones, into its operations. The Authority stated that the move aims to enhance safety measures and regulate the growing use of drones across various sectors. In a statement released via its official…

The Federal Government has approved a downward review in electricity tariff for Band A customers to N206.80/kwh, from N225/kwh. Ban A customers are electricity consumers with a minimum supply of 20 hours daily. In a notice to its customers on Monday, Ikeja Electric, stated: “Please, be informed of the downward tariff review of our Band A feeders from N225/kwh to…

 The Aliko Dangote Foundation (ADF) has underscored the pivotal role of religious and traditional institutions in tackling the pressing issues of malnutrition and hunger within Nigeria.  Speaking at an event organized by the National Council on Nutrition and the World Bank-Assisted Accelerating Nutrition Results in Nigeria Project, Mrs. Zouera Youssoufou, the Managing Director/Chief Executive Officer of Aliko Dangote Foundation, emphasized…

The Nigerian Electricity Regulatory Commission (NERC) is set to boost electricity supply to domestic customers following its order mandating the System Operator (SO) to start capping power supply to international customers, which include neighbouring Benin Republic, Niger and Togo. The SO, is a department in the Transmission Company of Nigeria (TCN). In the NERC Order dated April 29, 2024, tagged:…

By Innocent Raphael The Federal Airports Authority of Nigeria (FAAN) and the Office of the National Security Adviser (ONSA) have reached a consensus to decrease number of military and paramilitary personnel conducting inspections on passengers’ belongings at the country’s international airports. Managing Director of FAAN, Mrs Olubunmi Kuku, revealed this development over the weekend, expressing concern over the prevalence of…