New Minimum wage may push states into bankruptcy — NGF report
The implementation of a new minimum wage in Nigeria is facing roadblocks. While President Tinubu has promised to send a proposal to the National Assembly, state governments are wary of…
NESG Backs CBN’s Stoppage Of Price Verification System On FX
The Nigerian Economic Summit Group (NESG) is praising the Central Bank of Nigeria’s (CBN) decision to eliminate the Price Verification System (PVS) for foreign exchange transactions. This change is expected…
MRS Nigeria Delisted from the Nigerian Stock Exchange, Eyes OTC Market
MRS Nigeria Limited, an oil marketing firm, has received shareholder approval to voluntarily delist its shares from the Nigerian Exchange Limited (NGX). This decision comes after an Extraordinary General Meeting…
MTN To Construct West Africa’s Largest Data Centre
MTN Nigeria is building the largest data center in West Africa, a signficant development for the country’s digital landscape. This 1,500-rack, Tier 4 facility will offer ultra-reliable data storage with…
Nigeria Removes 5 Oil Blocks from Licensing Round Due to Legal Issues
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has removed five (5) oil blocks from the ongoing 2024 Licensing Round because of ongoing legal disputes. The affected blocks are PPL3008, PPL3009,…
Russia’s VTB bank says US sanctions have complicated cross-border transactions
The recent U.S. sanctions on Moscow have significantly affected Russian banks, including VTB, Russia’s second-largest lender. Dmitry Pyanov, VTB’s finance director, acknowledged the challenges posed by these sanctions but expressed…
Ackman’s Pershing Square USA to offer shares at $50 in NY listing
Pershing Square USA, managed by billionaire Bill Ackman, is preparing for its initial public offering (IPO) on the New York Stock Exchange with shares priced at $50 each. This new…
Aircraft delivery delays having ‘brutal’ impact on Lufthansa, says CEO
Carsten Spohr, CEO of Lufthansa (LHAG.DE), revealed at a business press club in Stuttgart that ongoing aircraft delivery issues are severely impacting the airline and are unlikely to be resolved…
Italy claims 1 billion euros in unpaid taxes from Google
Italy is seeking 1 billion euros ($1.07 billion) from Google in unpaid taxes and penalties, according to three sources familiar with the matter. This demand comes seven years after Google…
Nigeria’s cryptocurrency market worth over $400m — SEC DG
The Director General of the Securities and Exchange Commission (SEC), Emomotimi Agama, highlighted the potential benefits of cryptocurrencies in reducing remittance costs by up to 50%,. Despite these advantages, Agama…
220 Drug Suspects Arrested As NDLEA Destroys 14 Cannabis Farms In Edo
The Edo State commander of the National Drug Law Enforcement Agency (NDLEA), Mr. Callys Alumona, announced that the agency had arrested 220 suspects for drug-related offenses between February and June…
Naira Depreciates Further, Exchanges At N1,510/$
The Naira maintained its downward trend, reaching N1,510.10 against the US Dollar as reported by Daily Trust. This represents a three-naira increase from Wednesday’s closing rate of N1,507, according to…
Nigeria Spends N1.47tr On Vehicle Importation
Mr. Oluwemimo Joseph Osanipin, Director-General of the National Automotive Design and Development Council (NADDC), voiced concerns over Nigeria’s heavy reliance on vehicle imports, stressing that sustained importation hinders the country’s…
EFCC Chairman recommends blockchain, AI for tracking and recovering $88.6 billion stolen from Africa
Mr. Olanipekun Olukoyede, Executive Chairman of the Economic and Financial Crimes Commission (EFCC), has called for the adoption of blockchain technology and artificial intelligence (AI) to track and recover the…
About 60% of applicants have received N50,000 under trade grant scheme — Doris Uzoka-Anite
During the National Economic Council (NEC) meeting at the Presidential Villa, President Tinubu announced significant initiatives aimed at enhancing food security and infrastructure development across Nigeria. The federal government plans…
Federal Government Launches Task Force to Tackle Illegal Charter Flights in Nigeria
The Federal Government has taken decisive action to address the proliferation of unauthorized and illegal charter flights within Nigeria’s aviation sector with the inauguration of a Ministerial Task Force. Led…
VFD Group Obtains Shareholders’ Approval to Raise N30bn Additional Capital
At its virtual 8th Annual General Meeting (AGM), VFD Group Plc secured shareholders’ approval to raise an additional N30 billion in fresh capital through various financial instruments, including shares, global…
Ethiopian Airlines Group Wins Double Awards in Africa
Ethiopian Airlines Group, recognized as Africa’s largest airline group, has secured top honors once again at the APEX Passenger Choice Awards 2024. The airline has been awarded for ‘Best Entertainment’…
‘FirstBank Committed to Boost Economy through Creative Arts’
Dr. Timothy Arowoogun, Group Head, Public Sector West of FirstBank of Nigeria (FBN), emphasized the potential of the creative arts to enhance Nigeria’s economy through promotion and exportation at the…
PalmPay Insists on CAC Registration to Prevent Account Freezing
PalmPay is urging its Business users to register and submit their Corporate Affairs Commission (CAC) details by the July 7, 2024 deadline, following directives from the CAC. This requirement aligns…
Microsoft Not Leaving Nigeria – CEO
Mrs. Ola William, Managing Director and CEO of Microsoft Nigeria plc, has denied rumors that Microsoft plans to leave Nigeria. She emphasized the company’s dedication to supporting the ICT ecosystem’s…
Dangote refinery: Crude supply crisis threatens oil investments, operators warn FG
Modular refineries in Nigeria are facing challenges due to an unreliable domestic crude oil supply, prompting them to explore importing crude oil directly from the United States. With investors hesitant…
‘Minor Fire Incident’ at Dangote Refinery Fully Contained, Says Management
A minor fire outbreak occurred at a section of the Dangote Refinery in Ibeju Lekki, Lagos, on Wednesday morning. Workers were evacuated amidst panic, but the fire, affecting only part…
Lagos Battling 2.3m Housing Gap – Commissioner
Lagos State is currently grappling with a significant housing gap of 2.3 million, according to the Commissioner for Housing, Moruf Akinderu-Fatai. Represented by the ministry’s permanent secretary, Abdulhafiz Toriola, Akinderu-Fatai…
CBN discontinues price verification for Form ‘M’ (Effective July 2024)
The Central Bank of Nigeria (CBN) announced that it will discontinue its Price Verification System (PVS) Portal starting July 1, 2024, due to recent developments in the Nigerian Foreign Exchange…
Nigeria’s Treasury Bills debt surges to N10.4 trillion, largest balance in Nigerian history
Nigeria’s Treasury Bills (T-Bills) debt has surged to a record N10.4 trillion, marking a 60% increase in just three months, according to the Debt Management Office (DMO). This significant rise,…
IMF says Nigeria, other developing countries lack digital infrastructure for AI
A new report from the International Monetary Fund (IMF) reveals that Nigeria, alongside other developing countries, lacks adequate digital infrastructure for the deployment of Artificial Intelligence (AI) technology. Despite Nigeria…
85 million Nigerians lack access to electricity — USAID
At a conference themed “Powering Nigeria: Mobilizing Private Capital,” Melissa Jones, Mission Director for USAID, highlighted that 85 million Nigerians lack access to electricity, presenting a significant barrier to economic…
Otedola tightens grip on First Bank, acquires more shares
Billionaire businessman Femi Otedola purchased a total of 9,193,339 units of shares across two tranches, amounting to substantial investments in FBN Holdings. The first tranche saw him acquire 1,228,141 shares…
EU seeks areas to invest part of 150bn Euro sub-regional package
The European Union (EU) is exploring potential investments in Nigerian ports as part of its €150 billion initiative aimed at developing the Lagos-Abidjan corridor. Jesus Gavilan, from the EU’s Directorate…