Economy
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FG inaugurates trade facilitation c’ttee ahead AfCFTA
By Innocent Raphael As part of preparations for the implementation of the African Continental Free Trade Area Agreement (AfCFTA), the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, on Thursday, in Abuja, inaugurated the National Trade Facilitation Committee (NFTC) with the mandate to enhance seamless trade in and out of the country. The minister noted that the Nigerian government, recognising…
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BREAKING: CBN raises capital base for commercial banks to N500bn
The Central Bank of Nigeria (CBN) has unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at ₦500 billion. A circular signed by the Director, Financial Policy and Regulation Department, Haruna Mustafa, to all commercial, merchant, and non-interest banks and promoters of proposed banks, emphasised that all banks are required to…
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Security agencies are investigating questionable FX allocations, says CBN
The Central Bank of Nigeria (CBN) has said security agencies including the Economic and Financial Crimes Commission are investigating questionable foreign exchange allocations and forward contracts previously estimated at $2.4bn made by certain firms. Recently, the apex bank engaged a global firm, Deloitte, to carry out an audit of the $7 billion debts, revealing that about $2.4bn FX allocations from…
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FG takes legal action against Binance
The Federal Government has taken legal action against Binance, a prominent cryptocurrency exchange platform. Federal Inland Revenue Service (FIRS) made this known in a statement on Monday. “Designated as suit number FHC/ABJ/CR/115/2024, the lawsuit implicates Binance with a four-count tax evasion accusation. “Accompanying the crypto company as second and third defendants in the suit are Tigran Gambaryan and Nadeem Anjarwalla,…
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NASENI unveils new corporate identity
The new National Agency for Science Engineering Infrastructure (NASENI) has unveiled a new corporate identity in line with the repositioning of the Agency. The Director Information, New Media and Protocol, NASENI , Mr. Olusegun Ayeoyenikan in a statement on Monday stated that the new corporate identity comprises a newly redesigned logo tagged ‘NASENI: Infinite Possibilities’ and comes with new colors,…
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MTN Nigeria, other operators begin final disconnection of unlinked SIMs
MTN Nigeria Communication Plc, among other telecommunications operators are to begin the second and third phases of disconnection of unlinked Subscriber Identification Module (SIM) cards from March 29 on the order of the Nigerian Communications Commission (NCC). Specifically, the exercise, which started February 28, would see operators bar subscribers with five SIMs and above linked to unverified NINs, while from…
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N200bn conditional grant: Applicants to link NIN with bank accounts, says FG
The Federal Govoernment under the Ministry of Industry, Trade, and Investment has directed applicants of the Presidential Conditional Grant Scheme to submit their National Identification Numbers (NIN) as part of the necessary requirements to obtain from the N200 billion grant earmarked to cushion the effect that recent economic reforms have had on businesses in the country. The government through the…
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NDIC, EFCC strengthen partnership to curb financial crimes in banking sector
The Nigeria Deposit Insurance Corporation (NDIC) has it remained committed to ensuring that those who contribute to the failure of banks are properly investigated and prosecuted. The Managing Director and Chief Executive of the NDIC, Mr. Bello Hassan made the remark during a courtesy visit of the NDIC Management to the Executive Chairman of the Economic and Financial Crimes Commission…
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Nigeria’s public debt hits N97.34trn in Q4 2023
Nigeria’s public debt rose to ₦97.34trn ($108bn) as of the fourth quarter of 2023, according to the Debt Management Office (DMO). DMO made this known in a statement made available to journalists on Friday. This increase in debt levels was basically attributed to new domestic borrowing initiatives undertaken by the Federal Government. The new borrowing by the government is aimed…
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Transparency, research, innovation, driving NNPCL’s transformation, says Ogunleye
The Executive Vice President, Gas, Power and New Energy, Nigerian National Petroleum Company Ltd. (NNPCL), Mr. Olalekan Ogunleye, has identified transparency, accountability, research, technology and innovation as key drivers of the ongoing transformation in the company. Ogunleye disclosed this while speaking during a Panel Session hosted by the NNPC Ltd. at the ongoing 2024 CERAWeek Conference in Houston, the United…
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