Elon Musk is on track to become the world’s first trillionaire by 2027, according to a new global wealth report. Musk, 53, is currently the world’s richest person with a net worth of $251billion, according to Bloomberg’s Billionaires Index. However, a new report by Informa Connect Academy has revealed Musk’s wealth has been growing…
The federal government has imposed a N50 deduction for every electronic money transfer (EMTL) of N10,000 and above, affecting customers of fintech platforms such as Opay and Moniepoint. The deduction, which is in line with the Federal Inland Revenue Service (FIRS) regulations, is set to take effect from September 9, 2024. The announcement was…
The Minister of State for Petroleum Resources, Heineken Lokpobiri has directed that the Nigerian National Petroleum Company Limited(NNPCL) must sell petrol above the landing cost, which currently stands at N1,117 per litre, to prevent the smuggling of the products to neighbouring countries. Lokpobiri who disclosed this in Abuja, adding that security agencies are complicit…
Sesi Whingah, the lawmaker representing Badagry Constituency in the House of Representatives, has assured his constituents that Nigeria’s borders will soon be reopened for commercial activities. The announcement came during a Badagry Stakeholders and Youth Engagement event organized by his office on Saturday, August 31. During the engagement, Mr. Whingah addressed concerns from local…
Nigeria’s economy showed signs of resilience in the second quarter of 2024, with the nation’s real Gross Domestic Product (GDP) growing by 3.19%, a slight increase from the 2.98% growth recorded in the first quarter of the year. This 0.21 percentage point rise was disclosed by the National Bureau of Statistics (NBS) in its latest…
The Maritime Workers Union of Nigeria (MWUN) and shipping companies under the Shipping, Shipping Agencies, Clearing and Forwarding Employers Association (SACFEA) have reached an agreement on minimum standards for workers in the shipping industry. This agreement comes after nearly 20 years of unsuccessful negotiations. The Nigerian Shippers’ Council (NSC) played an important role…
The largest diamond found in more than a century has been unearthed at a mine in Botswana. The country’s president showed off the diamond to the world at a viewing ceremony on Thursday, August 22. The Botswana government says the huge 2,492-carat stone is the second-biggest ever discovered in a mine. It’s the…
The Central Bank of Nigeria, CBN, has announced that diaspora remittances increased year-on-year by 130 percent to $553 million between July 2022 -July 2023 and July 2023 to July 2024. The apex bank in a Statement signed by its Acting Director Corporate Communication, Mrs. Hakama Sidi Ali said the bank’s recent policies were geared…
The federal government has announced that companies that employ more staff will benefit from significant tax breaks. This incentive is part of broader efforts to boost employment and stimulate economic growth. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, revealed this during an interview on AIT. He stated that these tax…
The Nigerian Naira has appreciated at the official market, trading at N1,607.15 to the dollar. According to new Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market, NAFEM, the Naira gained N9.93, representing a 0.61 per cent gain when compared to the previous…
