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100% cashless economy possible in Nigeria - Emefiele
Banking

Crypto transaction: CBN fines three banks N800m

The Central Bank of Nigeria has imposed an N800m fine on three Deposit Money Banks in the country for violating regulations barring customers from transacting in cryptocurrencies. According to a Bloomberg report released on Wednesday, the three banks are Access Bank Plc, Stanbic IBTC, and the United Bank for Africa Plc. The report noted that […]

New naira'll make ransom payment difficult - CBN
Banking

CBN warns of illegal firms promising outrageous returns

THE Central Bank of Nigeria has warned the public to avoid dealing with unlicensed or illegal financial operators who lure and defraud unsuspecting members of the public with promises of outrageous returns. The CBN disclosed this in the Financial Services Regulation Coordinating Committee’s public statement advisory on illegal financial operators in Nigeria posted on its […]

Economy

Dangote refinery’ll drive industrial revolution in Africa –FG

THE Minister of Information and Culture, Lai Mohammed, has described the Dangote Petroleum Refinery as a project that will revolutionise the petroleum industry in not only Nigeria, but the rest of Africa by extension. Speaking during a media tour of the 650,000 barrels-per-day, $19bn facility at Ibeju-Lekki, Lagos State,  Mohammed said the refinery would be […]

Economy

Nigeria’s total debt may hit N50tn – Report

THE Centre for the Promotion of Private Enterprise has said that Nigeria’s debt, including that of the Asset Management Corporation of Nigeria and borrowings from the Central Bank of Nigeria, can hit N50tn within the shortest possible time. The Chief Executive Officer, CPPE, Dr. Muda Yusuf, said this during an event to present the 2022 […]

Ports and Airports

NIMASA denies responsibility as gunboat sinks in Lagos

The Nigerian Maritime Administration and Safety Agency has denied responsibility for a gunboat that reportedly sank in Lagos on Sunday. The NIMASA/Barugu, a gunboat reportedly in the fleet of Global West Vessels Specialists, was alleged to have been parked at the Kirikiri Terminal, behind the NIMASA Resource Centre. In a video circulating online, seafarers onboard […]

Transportation

Train attack: Reps grill security chiefs today

The House of Representatives will on Tuesday grill heads of Nigeria’s security apparatus over the recent attacks on the Kaduna International Airport and the Abuja-Kaduna rail line. Several officials of the House confirmed the rescheduled meeting to our correspondent on Monday. The security chief had last Wednesday failed to appear before the leadership of the […]

Ports and Airports Transportation

Food imports exceed exports by N2.23tn in 12 months

The total international trade in agricultural goods in the country stood at N3.24tn in 2021, with the import value exceeding export value by N2.23tn, findings have revealed. Despite interventions by the Federal Government to diversify the economy and increase food production in the country, security concerns have driven a lot of farmers out of their […]

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  • 4th April 2022
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Economy Policy and Regulations

FG grants three-year tax relief to 33 companies, bars 10 firms

The Federal Government approved the application of 33 companies seeking pioneer status under the Industrial Development Income Tax Act in 2021. This was contained in the quarterly PSI reports released by the Nigeria Investment Promotion Commission. The reports also revealed that investments made by the 33 companies during the year amounted to N543.88bn. It also […]

Banking

CBN imposes heavy sanctions on banks over mutilated notes

The Central Bank of Nigeria has expressed concern over the increasing amount of mutilated banknotes deposited with the apex bank by Deposit Money Banks. To this end, the CBN has warned banks to stop including composed currency notes in their deposits or risk paying a penalty of 400 per cent of the value of the […]

Economy Policy and Regulations

Two million people’ll start receiving N20bn monthly from June -FG

Two million people will start receiving about N20bn from June this year as basic cash transfers and conditional cash transfers under the National Cash Transfer Programme, the Federal Government has said. It was gathered that the Federal Government would pay the two million people N5,000 each under the basic cash transfer and an additional N5,000 […]

FG halts planned 5% tax on GSM calls, SMS
Telecommunications

NIN: Bar outgoing calls from unlinked SIMs, FG orders telcos

The Federal Government has ordered telecommunications operators including MTN, Globacom, Airtel, and 9mobile to bar all outgoing calls of all Subscriber Identification Module cards not yet linked with the National Identification Number effective today, April 4, 2022. Minister of Communications and Digital Economy, Isa Pantami, announced this in a statement on Monday, saying that the […]

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  • 4th April 2022
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Aviation Energy

FAAN apologises over power outage at Lagos airport

The Federal Airports Authority of Nigeria has apologised for the power outage at the Murtala Muhammed International Airport, Lagos. The apology was contained in a statement by FAAN’s acting General Manager, Corporate Affairs, Faithful Hope-Ivbaze. Many passengers were stranded over power outage at the departure lounge of the MMIA. The statement read, “FAAN wishes to […]

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