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…
A federal high court sitting in Lagos has nullified the sale of 49 percent equity stake in Nigeria Air to Ethiopian Airlines. In the ruling on Monday, August 5, Judge Ambrose Lewis-Allagoa, said the stake sold to Ethiopian Airlines is null and void after determining the issues in the suit. Lewis-Allagoa also said the…
Johann Rupert from South Africa has surpassed Aliko Dangote to become the richest person in Africa. According to Bloomberg, Rupert’s wealth has grown to $13.65 billion, making him the 154th richest person in the world. Dangote’s net worth was $13.6 billion as of Friday, August 2, 2024, about $50 million less than Rupert’s wealth…
The Central Bank of Nigeria (CBN) has said that next-of-kin, legal representatives or beneficial owners can now claim unclaimed balances in dormant accounts. The apex bank stated in a report released over the weekend that next-of-kin can now claim unclaimed funds by submitting applications to financial institutions. These applications must include legal proof of…
The Akwa Ibom State Command of Nigerian Security and Civil Defence Corps (NSCDC) has arrested a woman, Blessing Ezekiel Ubengama and her husband, Joseph Richard Ufot, for criminal conspiracy, fraud and job scam involving about 7,000 victims running into tens of millions of naira in Uyo. The spokesperson of the corps in the state, SC…
Market women in Edo State have staged a protest against what they describe as an attempt by Folasade Tinubu, the Iyaloja of Lagos, to impose a leader on their community. During the protest, the leader of the Edo State market women addressed journalists, expressing frustration over the perceived interference. She emphasized that Edo market…
Africa’s richest man, Aliko Dangote, has said that substandard petrol products imported into Nigeria are responsible for the damages many cars have suffered across the country. While speaking at an event recently, Dangote who is currently at loggerheads with regulatory bodies over the operations of his private refinery, stated that he stands by his…
The Central Bank of Nigeria (CBN) has mandated banks and other financial institutions to transfer unclaimed balances and funds from dormant accounts to accounts held by the apex bank. The CBN has also released regulatory guidelines for account holders and beneficiaries to reclaim funds that have been dormant for up to a decade.…
