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Nigeria’s Securities and Exchange Commission (SEC) has introduced a new requirement for virtual asset service providers (VASPs) mandating that they establish an office in Nigeria to be eligible for its framework program. In a post on its website, the SEC stated that entities must be incorporated and have an office in Nigeria to qualify for […]

The Central Bank of Nigeria (CBN) says it will discontinue the foreign exchange price verification system portal used by importers from July 1. It also noted that the Price Verification Report will no longer be a requirement for the completion of a Form ‘M’. The Form ‘M’ is a declaration of intention to import physical […]

The Dangote Group has said a “minor fire incident” which occurred at the effluent treatment plant at its Refinery and Petrochemicals Industry in Ibeju-Lekki, Lagos has been contained. “We have swiftly contained a minor fire incident at our effluent treatment plant (ETP), today Wednesday, 26th June “There is no cause for alarm as the refinery […]

Nigeria billionaire and chairman of Geregu Power PLC, Femi Otedola, has acquired an additional 2.22 per cent shares in the First Bank of Nigeria. The acquisition was disclosed in a corporate filing on the Nigerian Exchange Group (NGX) on Monday. In the notice, the chairman of FBN Holdings confirmed that he had acquired an additional […]

Global Crypto Exchange, Binance, has been ordered to pay 188.2 million Indian Rupees ($2.25 million) in penalties by India’s financial watchdog. The Financial Intelligence Unit (FIU) imposed the fine on Binance in an order dated Wednesday, June 19, 2024, for violating the rules under the country’s Prevention of Money Laundering Act. FIU said it issued […]

The Nigerian Ports Authority (NPA) has shed more light on why the $27.29billion Escravos Deep seaport project, which is being promoted by a Nigerian firm, Mercury Maritime Concession Company in collaboration with EDIB International of Hong Kong, has stalled. Responding to enquiries on the delay of the project via his X (formerly Twitter) handle, the […]

Global Plus Publishing (GPP), a leading printing company in Nigeria has declared its readiness to address capital flight with its latest technological acquisition, the Ecoline Manugraph Web Printing Machine. Pastor Sade Imoagene, the Managing Director, made this disclosure during the machine’s unveiling at the organization’s corporate headquarters in Ikeja, Lagos yesterday, as a strategic move […]

The Securities and Exchange Commission (SEC) has warned the public against investing in the meme coin allegedly linked to the popular Nigerian music star, David Adeleke, popularly known as Davido. Davido had on Wednesday, May 29, unveiled a meme coin called $Davido. The meme coin was criticised by Nigerians after its value crashed just a […]

The Federal High Court, Abuja, on Friday, discharged 39-year-old American, Tigran Gambaryan and 37-year-old British-Kenyan, Nadeem Anjarwalla, executives of cryptocurrency exchange platform Binance, from a tax evasion case filed by the Federal Inland Revenue Service (FIRS) on March 22. The court struck out the charges against the executives after Binance appointed a Nigerian representative, Ayodele […]

Tolaram has agreed to acquire Diageo’s 58.02 per cent shareholding in Guinness Nigeria Plc in a landmark deal that will trigger changes in some beverages consumed by Nigerians. Guinness made this announcement via a press release on the Nigerian Exchange (NGX) Limited on Tuesday. The transaction, expected to close in fiscal 2025 pending regulatory approvals, […]

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President Bola Tinubu on Thursday in Abuja called for the enhancement of the economic value of bilateral relations between Nigeria and partner nations. The President spoke when he received Letters of Credence from the Ambassadors of Portugal, Jorge Adao Martins Dos Santos; the Socialist Republic of Vietnam, Biu Quoc Hung; and the State of Kuwait, […]

The Central Bank of Nigeria (CBN) has approved the sale of foreign exchange (FX) to eligible Bureau de Change (BDC) operators at 1,450 naira to a dollar. The apex bank said the sum of $20,000 is to be sold to each BDC at the rate of N1,450/$ (representing the lower band of the trading rate […]

President Tinubu has approved a N70,000 minimum wage for Nigerian workers with a promise to review the national minimum wage law every three years. A statement by Bayo Onanuga, the Special Adviser to President Bola Tinubu on Information and Strategy, said: “President Tinubu also promised to find ways to assist the private sector and the […]

The Nigerian Senate has introduced a Bill seeking to establish a Local Government Independent Electoral Commission. Sponsored by Sani Musa, the Lawmaker representing Niger East, the Bill was read for the first time during plenary session on Thursday. The introduction of this Bill follows a ruling by the Supreme Court which granted full autonomy to […]

As part of initiative to assuage the feelings of youths planning a mega protest for 10 days from August 1, members of the House of Representatives on Thursday voluntarily initiated and agreed a 50 per cent salary cut for six months, to address the current hardship in Nigeria. During the session presided over by Speaker […]

President Bola Tinubu says the Nigerian Education Loan Fund (NELFUND) will thrive on fairness,  equity and promote inclusiveness by removing the financial barrier to higher education for Nigerian students. Speaking on Wednesday when he launched the digital NELFUND disbursement exercise at the State House in Abuja, the President said the provision of loans to students will […]

Over one million students were admitted illegally by some tertiary institutions in the country, Registrar, Joint Admissions and Matriculation Board (JAMB), Prof Is-haq Oloyede has said.  Oloyede stated this on Thursday in Abuja at the ongoing policy meeting on 2023/2024 admissions. The policy meeting, which has heads of tertiary institutions in the country, and other […]

The federal government says only candidates that are up to 18 years will gain admission in the 2024/2025 academic year. Minster of Education, Prof. Tahir Mamman stated this in his welcome address during 2024 Policy meeting on Admissions into Tertiary Institutions/NELFUND Half Hour Briefing on Thursday. Mamman whose declaration met with loud mumuring by the […]

US President, Joe Biden has accused Elon Musk of attempting to buy electoral victory for the Republican Party candidate, Donald Trump, following his recent pledge to donate to a new fund backing Trump for President. Musk, the owner of the microblogging site, X has revealed plans to commit roughly $45 million each month to a […]

Governors elected on the platform of the Peoples Democratic Party (PDP), said on Wednesday that demand for a substantial salary raise by Organised Labour is eminently justified. Expressing concerns over delay in new minimum wage negotiations, the governors urged the federal government and the leadership of Organised Labour to ensure that any agreement reached must […]