Economy
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CBN rescinds decision on cybersecurity levy
By Innocent Raphael The Central Bank of Nigeria (CBN) has rescinded its directive requiring banks and other financial institutions to impose a cybersecurity levy on electronic transfers. This move follows the issuance of a circular dated May 17, which nullified the initial directive announced on May 6. Previously, the CBN had mandated all commercial, merchant, non-interest, and payment service banks,…
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SERAP drags Wike, Sanwo-Olu, 35 governors to Court over FAAC allocations
FCT Minister, Nyesom Wike, Governor Babajide Sanwo-Olu of Lagos, and other 35 state governors have been sued “over their failure to account for the spending of trillions of FAAC allocations collected by their states and the FCT since 1999.” The Socio-Economic Rights and Accountability Project (SERAP) filed the lawsuit last Friday at the Federal High Court, Abuja following reports that…
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Without govt intervention, implementation of CNG vechicles policy may fail- Babachir Lawal
By Innocent Raphael Former Secretary to the Government of the Federation, Engr. Babachir Lawal, has expressed doubts about the viability of implementing Compressed Natural Gas (CNG) vehicles in Nigeria without substantial government intervention. In an interview on Trust TV’s Daily Politics programme, Lawal emphasized that the success of CNG vehicles hinges on the government establishing the necessary infrastructure, warning of…
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BREAKING: NCC suspends new licence issuance to 3 operators
The Nigerian Communication Commission (NCC) has temporarily suspended new licence issuance to operators in three categories. The categories affected include Mobile Virtual Network Operator Licence, Interconnect Exchange Licence and Value Added Service Aggregator Licence. According to the NCC, the suspension is in line with its powers under the Nigerian Communications Act 2003 to grant, and renew licenses and promote fair…
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Binance: Court denies Gambaryan bail
Justice Emeka Nwite of the Federal High Court Abuja, has refused to grant bail to an Executive of Binance Holdings Limited, Tigran Gambaryan. The Judge held that Gambaryan is likely to jump bail if granted bail. The company and its executive were arraigned on a five-count charge bordering on money laundering before Emeka Nwite, judge of a federal high court…
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CBN will retain high interest rates until inflation subsides- Cardoso
Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has hinted that the apex bank will keep interest rates high until inflation subsides by implementing orthodox policies. Cardoso, in an interview with the Financial Times, said that the Monetary Policy Committee (MPC), which he chairs, would do whatever is necessary to tame soaring inflation. This is as the inflation…
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NCS signs MoU with China Customs for trade enhancement
The Nigeria Customs Service (NCS) has signed a Memorandum of Understanding (MoU) with the General Administration of Customs of the People’s Republic of China (GACC) to foster bilateral relationship for the enhancement of economic growth. A statement issued by the Nigeria Customs Service, said the Comptroller-General of Customs (CGC) Adewale Adeniyi led some of his management team in Shenzhen, where…
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IMF asks FG to eliminate fuel, electricity subsidies after tackling inflation
By Innocent Raphael The International Monetary Fund (IMF) has called on the Nigerian government to phase out fuel and electricity subsidies once the country’s surging inflation is under control. This recommendation came in the wake of Nigeria’s inflation rate hitting 33.20 percent in March 2024, up from 31.70 percent in February, exacerbating the economic challenges faced by its citizens. In…
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NNPCL, SEEPCO subsidiaries begin oil production at OML 13 in Nigeria
By Innocent Raphael The flagship upstream subsidiary of the Nigerian National Petroleum Corporation (NNPC), alongside Natural Oilfield Services Ltd. (NOSL), a subsidiary of Sterling Oil Exploration & Energy Production Company Ltd. (SEEPCO), have announced the successful initiation of oil production at Oil Mining Lease (OML) 13 located in Akwa Ibom State, Nigeria. The commencement of oil production was disclosed to…
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Tinubu’s tax reforms committee to submit report to NASS September
The Presidential Fiscal Policy and Tax Reforms Committee says it will transmit its policy recommendations to the National Assembly by the end of Q3 2024. These include new National Tax and Borrowing Policies to be implemented in September and new proposals to amend the Constitution, which would take effect from 2025. The committee led by Taiwo Oyedele announced that his…
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