The CEO of Binance, a prominent cryptocurrency platform, stated that individuals claiming to represent Nigerian officials demanded substantial cryptocurrency payments to resolve issues in the country. Richard Teng, the firm’s CEO, made these assertions in a blog post released on May 7. Teng explained that the request was communicated through a local firm hired by…
Two employees, Ebenezer Olusesi, 31, and Ibrahim Adeniyi, 41, of FoodCo’s Ring Road branch, appeared in court on Monday, accused of stealing two loaves of bread valued at N2,600 from their workplace. Olusesi, a baker, and Adeniyi, a security guard, both pleaded not guilty to the charge of theft. The prosecution, represented by Cpl. David…
Nigerians have expressed their reactions on social media following the new directive from the Central Bank of Nigeria (CBN) instructing banks to impose a 0.5% cybersecurity levy on transactions. According to the CBN, the levies will be pooled and deposited into the Cybersecurity Fund held by the apex bank. In a circular dated May 6,…
During the trial at the Lagos High Court Sitting in Ikeja, the second prosecution witness, former Director of Information Technology of the Central Bank of Nigeria, John Ayoh, alleged that former CBN governor Godwin Emefiele accepted bribes before awarding contracts. Ayoh made this assertion on Monday, April 29, before Justice Rahman Oshodi. Under the guidance…
Governor Godwin Obaseki of Edo State has given his approval for a new minimum wage of N70,000 for civil servants in the state. The governor disclosed this while inaugurating the new Labour House in Edo state on April 29. The implementation of the new wage is set to commence on May 1st, 2024. Additionally, Governor…
Amidst the escalating fuel scarcity in certain areas of the country, black market vendors in the Sokoto metropolis are capitalizing on the situation by selling a liter of petrol for prices ranging between N2,000 and N2,500. Concerned residents who voiced their frustrations to Channels Television appealed to the government for urgent intervention to alleviate the…
In response to a runway excursion incident involving Dana Air, which occurred at the Murtala Muhammed International Airport in Lagos, the Ministry of Aviation and Aerospace Development has directed the Nigerian Civil Aviation Authority (NCAA) to suspend the airline pending comprehensive audits on its fleet. The ministry’s Permanent Secretary, Dr. Emmanuel Meribole, issued a letter…
Data from the FMDQ securities exchange revealed that on Monday, April 22, the value of the naira depreciated against the United States dollar to N1,234 at the official foreign exchange market. This exchange rate signifies a decline of N65 or 5.26 percent from the rate of N1,169.99/$1 recorded on Friday, April 19. Earlier in the…
Foreign portfolio investment (FPI) inflows into Nigeria’s stock market surged by 167.8 percent Year-on-Year (YoY) to N118.92 billion in February 2024 from N44.52 billion in the same period of 2023. This increase was fueled by enhanced liquidity in the foreign exchange (FX) market, following reforms by the Central Bank of Nigeria (CBN). According to the…
Minister of Finance and coordinating minister of the economy, Wale Edun, has revealed that Nigeria has successfully obtained a $2.25 billion loan from the World Bank, featuring a remarkably low interest rate of 1%. Addressing attendees at the annual meetings of the International Monetary Fund (IMF) and World Bank Group on April 20, Edun announced…
