Binance accuses Nigerian officials of demanding $150m bribe Global cryptocurrency platform, Binance has accused top Nigerian government officials of demanding a $150 million bribe in crypto to settle criminal charges filed against the company. The allegation was made public by Binance Chief Executive Officer, Richard Teng, in a blog...
BUSINESS
The Tinubu Media Support Group (TMSG) has said that President Bola Tinubu administration is moving closer to completing the first phase of the Presidential Power initiative (PPI) which will add 2,000 megawatts to the power grid and set the country on the path to efficient power supply. This, according...
Shell exclusively paid a total of $1.09 billion in corporate taxes and royalties to the Government of Nigeria last year through the operations of The Shell Petroleum Development Company of Nigeria Ltd (SPDC) and Shell Nigeria Exploration and Production Company of Nigeria Ltd (SNEPCo.) The figures, announced in the...
By MBAFAN ADE, Abuja – As the nationwide supply and distribution of Premium Motor Spirit (PMS), also known as petrol, continue to improve, the Nigerian National Petroleum Company (NNPC) Limited has once again called on motorists to shun panic buying of the product. This is contained in a statement...
United Bank for Africa Plc (UBA), Africa’s Global Bank , released its financial results for the first quarter ended March 31st, 2024, showing very strong growth across key performance measures. The Group’s results, which were released to the Nigerian Exchange Limited (NGX) on Friday May 3rd, 2024, saw...
A financial expert, Prof. Uche Uwaleke says the newly introduced 0.5 per cent charges on electronic transactions as cybersecurity levy by the Central Bank of Nigeria (CBN) is ill-timed. Uwaleke, a professor of capital market and the president of the Capital Market Academics of Nigeria, said this in...
The Central Bank of Nigeria (CBN) has exempted 16 items from the 0.5 per cent Cybersecurity levy on all electronic transactions. CBN directed banks to begin charging 0.5% cybersecurity levy on transactions as part of efforts to contain the rising cybercrime threats in the financial system. Economic Confidential...
After about 15 days in detention, two Kenya Airways staff members who were held in the Democratic Republic of Congo in late April have been released. Their release was made known by a senior Kenyan foreign ministry official and the airline’s chief executive on Monday. The airline’s...
Melissa Jones, Mission Director, U.S. Agency for International Development (USAID), Nigeria has said the newly launched Nigeria Plastic Solutions Initiative will create 10,000 jobs and generate $4.8 million in income. Jones made this known in her remarks at the launch of the Nigeria Plastic Solutions Activity, an...
Central Bank of Nigeria (CBN), Governor, Yemi Cardoso, has said monitoring and evaluation of development projects is crucial to the overall success of such projects. Cardoso said this on Monday in Abuja at the opening of a regional workshop on Project Management, Monitoring and Evaluation organised by...
Air Peace has bagged the Institute of Chartered Accountants of Nigeria (ICAN) Achievement Award, for breaking new grounds in the Nigerian aviation sector. This is contained in a statement signed by the airline’s Lead, Corporate Communications, Mr Stanley Olisa, on Sunday in Lagos. According to Olisa, the airline...
The British High Commissioner in Nigeria, Dr Richard Montgomery, on Sunday said trade relations between Nigeria and the United Kingdom (UK) currently stands at about seven billion pounds sterling. Montgomery told the News Agency of Nigeria (NAN) in Abuja that Nigeria and the UK signed a new agreement...
Rice may not be a staple in most of East Africa, but it is one of the most consumed cereals in the region. Koreans know it, so, over the past couple of years, they have introduced a technology for higher-yielding seed, known as K-Rice. In East Africa, Kenya and...
FBN Holdings Plc has topped 41 other advanced equities to pull the Nigerian Exchange Ltd. (NGX) market indices up by 1.46 per cent, week-on-week, making investors gain N811 billion. The market, having opened for four days in the week, following the May Day holiday, had FBN Holdings leading...
A Magistrate Court sitting in Wuse Zone 2, Abuja, on Friday, ordered the Federal Capital Territory Internal Revenue Service (FCT-IRS) to seal off a company, Ifedi A.K. Nigeria Ltd, over allegations bordering on non-filing of annual returns. The Magistrate, Janada Balami, gave the order after lawyer to FCT-IRS,...
Wema Bank, the pioneer of Africa’s first fully digital bank, ALAT, on Thursday announced a joint celebration, marking its 79th anniversary and ALAT’s seventh year celebration. Its Managing Director/Chief Executive Officer, Wema Bank, Mr Moruf Oseni, disclosed this in a statement in Lagos. Oseni said the significant celebration...
By JOHN ONAH, Abuja The Federal Capital Territory Administration (FCTA) has disbursed the sum of N6,316,621,045.37 billion to the six area councils and other stakeholders as statutory allocation for the month of March, 2024. The amount represent geometric increase of approximately 40 percent when compared to N3,938,092,102.92 billion...
The Centre for the Promotion of Private Enterprises (CPPE) has urged the Central Bank of Nigeria (CBN) to adopt a framework that minimises volatility in the customs duty exchange rate. CPPE Founder, Dr Muda Yusuf, said in a statement on Wednesday in Lagos that this would boost investors’ confidence...