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Full list: Licensed IMTO’s in Nigeria
Banking

Full list: Licensed IMTO’s in Nigeria

Alex Omenye The recent guidelines introduced by the Central Bank of Nigeria regarding the operations of International Money Transfer Operators have led to uncertainty surrounding the status of certain fintechs, such as Flutterwave and Interswitch, that are licensed to offer international money transfer services. The CBN’s new guidelines explicitly state that both banks and fintechs […]

Nigeria's FX reserves hits $32.3bn, rises by $262m
Economy

CBN bans banks, fintechs from operating foreign exchange services

Central Bank of Nigeria has prohibited Banks and financial technology firms from operating foreign money transfer services. The updated standards for IMTO operations, which were formally issued on January 31, 2024, include this change. The CBN stated, “All banks are prohibited from operating International Money Transfer services but can act as agents.” Individuals who are […]

Ex-CIA hacker jailed 40 years over data leak to WikiLeaks
Tech

Ex-CIA hacker jailed 40 years over data leak to WikiLeaks

Former CIA operative Joshua Schulte has been handed a 40-year prison sentence for leaking classified hacking tools to the whistleblower site WikiLeaks. In addition to this, Schulte was found guilty of possessing child abuse images. The charges stem from Schulte’s alleged leak of the “Vault 7” technologies, which the CIA employs for phone hacking and […]

Smart TVs will eventually offer X's Long-Form Videos - Elon Musk
News

Musk urges advertisers to return to X

Elon Musk, the owner of X, formerly known as Twitter, and the former richest man in the world, has pleaded with advertisers to come back to X in spite of recent setbacks. The Times reported that the CEO, Linda Yaccarino, stressed X’s dedication to putting child safety online first in a letter sent to both present and past advertisers. This […]

Dangote refinery urges NUPENG, PTD to resolve conflict
News

FG hails Dangote over efforts to diversify economy

The Federal Government has praised the Dangote Group for contributing to the government’s efforts to diversify the country’s economy, as well as the company’s commitment to promoting best practices across all of its enterprises. The PUNCH reported that he appreciated Dangote Group at the same time that the Ogun State Government announced that Dangote Cement, which […]

Equity market recovers, gains N902bn
Business

Equity market recovers, gains N902bn

Positive trading returned to the stock market on Thursday, resulting in a gain of N902 billion. The PUNCH reported that this followed two sessions of bearish trading due to profit-taking. Following the Federal Reserve’s decision to maintain interest rates, stocks on the NASDAQ, Dow Jones Industrial Average, and S&P 500 saw a similar trajectory on […]

BUA Foods sale hits N728 bn
Economy

BUA Foods sale hits N728 bn

Fortified Sugar generated the most income for BUA Foods among its several business sectors in 2023. The PUNCH revealed that the company’s overall sales increased by 74.13% to N728.48 billion in 2023 from N418.35 billion the year before, driven mostly by a 153% increase in revenue from fortified sugar to N327.55 billion. The unaudited financial results […]

BOI, IFC partner to fund industrial sector
Economy

BOI, IFC partner to fund industrial sector

BOI, IFC partner to fund industrial sector A stakeholder conference will be held by the Bank of Industry and the International Finance Corporation to discuss the present state of the operating environment and promote the expansion of the industrial sector in the nation. The PUNCH revealed that the conference which was with the theme, “Empowering Futures: A Collaborative Journey in […]

Agric dealers create team to address unethical behaviour
Agribusiness

Agric dealers create team to address unethical behaviour

Agric dealers create team to address unethical behaviour Dealers of agricultural inputs established a compliance monitoring team on Thursday in an effort to address the persistent instances of malpractice in the distribution and sale of agricultural commodities around the country. The PUNCH reported that the task force was introduced in Abuja by operators working under the […]

Real estate lunk agriculture with $900bn dead capital - PwC
Real Estate

Real estate lunk agriculture with $900bn dead capital – PwC

PricewaterhouseCoopers Nigeria has stated that Nigeria may have dead capital stashed away in residential and agricultural real estate valued up to $900 billion. The PUNCH reported that this was said in a recent research by the worldwide professional services network titled “Nigeria Economic Outlook: Seven trends that will shape the Nigerian economy in 2024.” It […]

Cadbury's $7m debt to stock conversion approved by shareholders
News

Cadbury’s operational profit hits N80.40bn

Cadbury Nigeria Plc increased its operational profit by 4,228 percent to N8.40 billion in 2023, from N195 million the previous year. The unaudited financial statement that the board of directors of Cadbury authorized shows that the company’s gross profit increased by 130% in 2022 to N17.79 billion from N7.72 billion. Between the period under review […]

Uber to invest $300m in Lucid for robotaxi rollout
Tech

Uber fined €10m for invading drivers’ privacy

Bisola David Ride-hailing service, Uber, has been fined €10 million for breaking European data protection laws about the privacy of its drivers. The Dutch Data Protection Authority announced the fine in a statement, stating that it was imposed in reaction to Uber’s failure to reveal the complete details of its retention periods for data relating […]

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