Business

The Economic and Financial Crimes Commission has read the Riot Act to foreign missions based in Nigeria, banning them from transacting in foreign currencies, and mandating the use of Naira in their financial businesses.…

The member representing Aguata Federal Constituency of Anambra State, Rep. Dominic Okafor, has threatened to take legal action over a media report that he collected a bribe of $140 million from Binance.  He stated this…

–Laments existence of 45 charges, levies on operators Chairman of the Association of Licensed Telecom Operators of Nigeria, ALTON, Gbenga Adebayo, has told the Federal Government not to use the…

The naira depreciated to N1,470 per dollar at the parallel section of the foreign exchange (FX) market on Friday. The current FX rate represents a 1.38 percent…

Former President of the United States of America, Donald Trump is now worth a hefty $8.84 billion, marking an all-time high for his net worth. This is all thanks to Trump Media shares which rose by over 10% as of…

Canada’s anti-money laundering agency announced that it had imposed a fine of nearly C$6 million ($4.38 million) on cryptocurrency exchange Binance for violating money laundering and terrorist financing laws. This comes…

The International Monetary Fund has strongly urged the Central Bank of Nigeria to unwind the regulatory forbearance granted to Deposit Money Banks during the COVID-19 pandemic. It also cautioned against the Federal…

The Board of FirstBank of Nigeria Limited has appointed Ebenezer Olufowose, a Non-Executive Director, as the new Chairman of the Board of Directors of the bank. This follows the successful completion of the 12-year…

Shareholders of Guaranty Trust Holding Company (GTCO) Plc on Thursday at the third Annual General Meeting approved the company’s plan to establish a capital raising programme of $750 million either through public…

Nigeria spent about 70% of its dollar payments to service external debts between January and March 2024. According to data from the Central Bank of Nigeria (CBN), out of the $1.61 billion in total outflows made…

Music streaming platform, Spotify, has said it paid over N25 billion in streaming royalties to Nigerian artists in 2023. The company disclosed this in its annual Loud & Clear report focusing on the Nigerian…

A United States Mayor, Mr Mike Arnold, has urged the Federal Government to discountenance the allegation by Binance, a Cryptocurrency platform, that an unnamed Nigerian official demanded a $150 million bribe to frustrate the…

The Northern Elders Forum (NEF), a prominent socio-cultural organization representing the interests of the Northern region of Nigeria, has strongly condemned the Central Bank of Nigeria’s recent decision to impose a…

Airtel Africa, Nigeria’s second largest telecoms company has reported significant financial setbacks due to currency devaluations in several of its key markets, notably Nigeria and Malawi, resulting in a staggering $1.7…

With the addition of the Cybersecurity Levy, it will cost N80.88 to transfer N10,000 and N54 to receive it as per the Central Bank of Nigeria (CBN) policies, reducing the real value exchanged to N9,865. The fees are…

The Speaker of the House of Representatives, Abbas Tajudeen, yesterday stepped down a motion calling for the suspension of the cybersecurity levy, which has sparked widespread dissatisfaction. Daily Trust reports that since…

•Speculation, hoarding reemerges •Push Naira to N1,450/$ in parallel market The declining fortunes of the Naira persisted yesterday with further depreciation in the parallel and official markets due to the…

Licensed customs agents have blamed the foreign exchange crisis for the rising import of damaged vehicles into the country to about 80 per cent. The agents, who spoke with The PUNCH on Tuesday, added that it was also…

The shareholders of Zenith Bank Plc have approved the record N125bn dividend proposed by the group’s board of directors. The approval was given at the 33rd Annual General Meeting of Zenith held at the Civic Centre,…

The Corporate Affairs Commission has inaugurated a centre for bulk registration of Point of Sale operators in its database. The CAC Registrar-General, Hussaini Magaji, said this while inaugurating the centre stationed…

A Federal High Court sitting in Lagos State has given leave to creditors to commence bankruptcy proceedings against a prominent billionaire businesswoman Chioma Ude in relation to an alleged debt of ₦1,700,000,000:00 (One…

Foreign suppliers are no longer rejecting letters of credit from Nigerian businesses, in a boost for manufacturers who had struggled to import critical inputs and ran the risk of shutting down. The improved dollar…

The Coalition of Northern Groups (CNG) has rejected the newly introduced 0.5 per cent cybersecurity levy to be charged on all bank transactions. The Central Bank of Nigeria (CBN) had on Monday, issued a circular to all…

Some Point of Sale (PoS) agents in the FCT, have frowned at the new directive of the Corporate Affairs Commission (CAC) for them to register with the commission. The News Agency of Nigeria reports that CAC had on Monday…