The Nigeria Inter-Bank Settlement System has revealed that dormant accounts in Nigerian banks have surged to over 19.69 million, following the Central Bank of Nigeria’s (CBN) new policy measures. Data tracking monthly account statuses throughout 2024 shows a steady increase in inactive accounts across Nigerian banks. Dormant accounts consistently remained above 19 million each month…
Billionaire Aliko Dangote has described his $23 billion Dangote Refinery project as the “biggest risk” of his life, acknowledging the immense challenges he faced in bringing the ambitious venture to life. In an exclusive interview with Forbes on Monday, February 17, Dangote discussed the risks involved in such a monumental undertaking. “It was the biggest…
Tigran Gambaryan, an executive at Binance Holdings Limited, has accused three Nigerian federal lawmakers of demanding a $150 million bribe during the ongoing dispute between the cryptocurrency company and the Nigerian government. Gambaryan claimed that the lawmakers requested the payment in cryptocurrency and insisted it be transferred to their personal digital wallets. Gambaryan was detained…
The Ogun State office of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has launched an operation targeting fuel stations engaged in under-dispensing fuel to customers. Several stations in the Sagamu area were sealed as part of the effort to combat fraudulent practices within the state. Akinyemi Atilola, the state coordinator of NMDPRA, led…
Human rights lawyer and Senior Advocate of Nigeria, Femi Falana, has filed a $5 million lawsuit against Meta Platforms Inc., the parent company of Facebook, accusing it of violating his privacy by publishing false claims about his health. The lawsuit was filed before a Lagos High Court. Falana, represented by his lawyer Olumide Babalola, is…
The Nigerian Ports Authority (NPA) has introduced a 15% increase in port tariffs, marking the first such adjustment in 32 years. The announcement was made on Thursday in Lagos during a stakeholders’ meeting to discuss the implementation of the new tariff rates. NPA Managing Director Abubakar Dantsoho, represented by the Executive Director of Marine…
The Central Bank of Nigeria (CBN) has approved the inclusion of the CFA franc on Nigeria’s export proceeds (NXP) form, allowing Nigerian exporters to repatriate proceeds from transactions conducted in the currency. Nonye Ayeni, Executive Director of the Nigeria Export Promotion Council (NEPC), made the announcement on Friday while discussing Nigeria’s non-oil export performance for…
The naira appreciated significantly at the official foreign exchange market to end the week in a much better position. FMDQ data showed that the naira strengthened to N1,531.20 against the dollar at close of trading on Friday, January 24 from N1,548.59 on Thursday, a gain of N17.39 while on the black market, the naira closed…
On Thursday, January 23, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso projected that the country’s Gross Domestic Product (GDP) will grow by 4.17% in 2025, with inflation expected to ease. Currently, Nigeria’s inflation rate stands at 34.80%, but Cardoso expressed optimism that it will decline as the reforms initiated by President Bola Tinubu begin…
The World Bank Group has imposed a 30-month debarment on two Nigerian companies, Viva Atlantic Limited and Technology House Limited, as well as their Managing Director and CEO, Norman Didam, due to involvement in fraudulent, collusive, and corrupt activities. The sanctions arise from unethical actions during the National Social Safety Nets Project (NSSNP) in Nigeria.…
