IMF cautions FG against CBN Act amendment
The International Monetary Fund (IMF) has advised against proposed amendments to the Act establishing the Central Bank of Nigeria (CBN),…
Month: May 2024
Reps ask Shettima, NDPHC to revive Gbarain power plant in Bayelsa
The House of Representatives has called on Vice President Kashim Shettima, who chairs the Board of the Niger Delta Power…
Nigeria spends $1.12 billion on servicing foreign debts in Q1 2024
Data from the Central Bank of Nigeria (CBN) reveals that Nigeria spent approximately 70% of its dollar payments in the…
SEC imposes N10m penalty for unauthorised security issuance
The Securities and Exchange Commission (SEC) has proposed new rules governing the issuance and allotment of securities by private companies,…
GTCO shareholders approve $750m capital raising plan
At Guaranty Trust Holding Company (GTCO) Plc’s third Annual General Meeting, shareholders approved the establishment of a capital raising programme…
Tinubu Orders Completion of Inland Dry Ports Nationwide
President Bola Tinubu, represented by Sen. George Akume, has directed the swift completion of all unfinished inland dry ports across…
Uganda Named Top Investment Destination in Africa, Wins Award at Abu Dhabi Investment Meeting
At the Annual Investment Meeting (AIM) in Abu Dhabi, Uganda was awarded the top investment destination in Africa, attracting over…
Nigeria Considers Reinstating Telecom Tax to Secure $750 Million World Bank Loan
Nigeria is contemplating reinstating a previously suspended telecom tax and other fiscal measures to secure a new $750 million loan…
Canada fines Binance $4.38 mln for money laundering violations
Canada’s anti-money laundering agency, FINTRAC, has imposed a fine of almost C$6 million on cryptocurrency exchange Binance for breaching money…
NCC Partners with Nokia to Train Nigerian Youths on 4G/5G Technologies
The Nigerian Communications Commission (NCC) has entered into a Memorandum of Understanding with Nokia Solutions and Networks Nigeria to provide…
SEC Unveils Stricter Rules on Private Companies’ Securities Issuance and Allotment
The Securities and Exchange Commission (SEC) has introduced new regulations governing the issuance and allotment of securities by private companies.…
Olufowose replaces Hassan-Odukale as First Bank chairman
FBN Holdings has confirmed the departure of Mr. Tunde Hassan-Odukale as Chairman of First Bank of Nigeria Limited following the…
TikTok Adopts Technology to Label AI-Generated Content
TikTok announced plans to implement “Content Credentials,” a technology developed by Adobe, to label images and videos created by artificial…
Airbnb Shares Drop Over 8% Pre-market on Weak Q2 Forecasts
Airbnb shares (ABNB.O) plummeted more than 8% in pre-market trading on Thursday following disappointing second-quarter forecasts, sparking concerns among investors…
U.S. Overtakes China as Germany’s Top Trading Partner in Q1 2024
According to Reuters’ calculations based on official data from the German statistics office, the United States has surpassed China as…
Australian Tax Office Targets Crypto Traders for Tax Compliance
The Australian Tax Office (ATO) is making moves to ensure people trading cryptocurrencies pay their taxes. They’ve asked crypto exchanges…
Nigerian biotech startup becomes first African lab to offer liquid biopsy to advance cancer diagnosis
A Nigerian biotech startup called Syndicate Bio has teamed up with SophiaGenetics, a company specializing in advanced medical software, to…
West African CEOs Express Concerns Over Local Economic Decline
The PwC Annual Global CEO survey for West Africa reveals that over half of CEOs in the region expect their…
Tinubu assures US of enhanced power supply through Nigeria’s abundant gas resources
President Bola Tinubu, represented by Minister Yusuf Maitama Tuggar, has pledged improved power supply in Nigeria, leveraging the country’s abundant…
African Diaspora Union Seeks Citizenship Rights, Visas on Arrival Support from Nigeria
The Africans in Diaspora Development Union (AFRIDU) has approached Nigeria’s Ministry of Interior seeking assistance in securing citizenship rights and…
Disney and Warner Bros. Discovery to Launch Streaming Bundle with Disney+, Hulu, and Max
Disney and Warner Bros. Discovery have announced plans to introduce a streaming bundle featuring Disney+, Hulu, and Max, set to…
ACMAN deems 0.5% cybersecurity levy ill-timed amid financial inclusion efforts
The Association of Capital Market Academics of Nigeria (ACMAN) has voiced apprehension regarding the timing of the Central Bank of…
CBN extends suspension of processing fees on large cash deposits to September 2024
The Central Bank of Nigeria (CBN) has prolonged the suspension of processing fees on significant cash deposits until September 30,…
Airtel incurs $1.7 billion in foreign exchange loss over currency devaluation in Nigeria, Malawi
Airtel Africa’s fiscal year 2024 financial report reflects a $1.7 billion loss attributed to currency devaluations in Nigeria and Malawi.…
FG plans further VAT increase, new sharing formula
The presidential committee on fiscal policy and tax reforms has recommended an increase in the value-added tax (VAT) rate and…
Nigeria Plans Full Operation of Two Refineries by End of 2024
Senator Ifeanyi Ubah, Chairman of the Senate Committee on Petroleum (Downstream), announced plans for two Nigerian refineries – Port Harcourt…
Transcorp Group records 1,475% profit before tax in Q1
Transnational Corporation Plc (Transcorp Group) announced a remarkable 1,475 percent growth in Profit Before Tax (PBT) for the first quarter…
Naira Depreciates by 4.60% at Official Market, Trades at N1,416.57 to Dollar
The Nigerian naira experienced depreciation at the official market, with the exchange rate reaching N1,416.57 to the dollar. Data from…
Lagos Attracts $3 Billion Investment in Three Years Says Commissioner
Tunbosun Alake, the Commissioner for Innovation, Science, and Technology of Lagos State, announced at the 2024 US-Africa Business Summit in…
African Steel Denies Reports of Ikorodu Factory Shutdown by SON
African Steel Limited has issued a statement debunking media reports alleging the shutdown of its Ikorodu Steel Factory by the…