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Senate passes remaining tax reform bills

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Nigeria secures additional $215m W’Bank loan for palliatives

Banking
EFFC Dangote raid crashes Nigeria dollar bond one week - Bloomberg

Dangote, NNPC commit to collaborative efforts for national development

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Only 29% of Nigerians have access to mobile internet - Report
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Only 29% of Nigerians have access to mobile internet – Report

A Digital Economy Report by the Groupe Special Mobile Association, the umbrella organization representing mobile operators worldwide, has revealed that just 29% of Nigerians have regular access to mobile internet, leaving a significant 71% of the population without consistent connectivity. Highlighting the findings of the report, GSMA emphasized the challenges hindering the expansion of telecom […]

Military task force discovers 50 illegal oil mining sites
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Military task force discovers 50 illegal oil mining sites

The Joint Military Task Force, Operation Delta Safe, has uncovered a revelation in the fight against illegal oil activities, as they revealed the existence of 50 oil refining sites nestled within the Biseni forests in Yenagoa Local Government Area, Bayelsa State. Rear Adm. John Okeke, the commanding officer orchestrating the operation, disclosed the startling findings, […]

FG moves to restrict Binance, other crypto platforms
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Binance’s bribery allegation could halt foreign investment inflow – SBM Intelligence

SBM Intelligence, a risk consultancy firm, has claimed that the alleged bribery request made by Binance’s CEO Richard Teng against government officials in Nigeria could jeopardise investor interest in the country. According to SBM Intelligence, the circumstances leading to the detention of Binance officials in Nigeria have also been a negative signal to foreign investors […]

Nigeria, others spent $1.4trn on debt servicing in 2023 - World Bank
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World Bank may approve FG’s $2.25bn loan in June

The Federal Government is in the process of receiving a new loan from the World Bank, with loans amounting to $2.25 billion scheduled for approval on June 13, 2024. The funding will be received via two major development projects, according to The Punch. The first project, which is expected to receive $1.5 billion, is the […]

Tinubu orders NNPC to sell Crude to Dangote in Naira
News

Tinubu orders CBN to suspend implementation of cybersecurity levy

President Bola Tinubu has directed the Central Bank of Nigeria to suspend the implementation of the controversial cybersecurity levy policy and ordered a review. This follows the decision of the House of Representatives, which last Thursday called on the CBN to withdraw its circular ordering all banks in the country to start charging a 0.5 […]

News

FG’s Tax reforms not to frustrate Nigerians — Shettima

The Vice President, Kashim Shettima said that the reform of the Nigerian tax system under the administration of President Bola Tinubu is aimed at improving the system for the overall benefit of all Nigerians. This was disclosed by the vice president srepresented by the Special Adviser to the President on General Duties (Office of The […]

News

Stop illegal naira trade with PoS operators, EFCC warns banks

The Economic and Financial Crimes Commission has accused banks of colluding with Point-of-Sale operators to limit cash availability at Automated Teller Machines. According to EFCC, it is a financial crime for POS operators to have huge cash from banks at ATM’s expense. This was disclosed by the EFCC, via its official X handle on Saturday. […]

Financial institutions lost $12bn to cyberattacks in 20 years–IMF
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FG’s planned domestic dollar bond may pressure naira – IMF

The International Monetary Fund has raised concern about the Nigerian government’s policy of issuing domestic dollar-denominated bonds, according to the recently published IMF staff country report for Nigeria. The Fund is concerned that such a move could aggravate the pressure on the naira and increase the cost of naira securities, according to Nairametrics. The report […]

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EFCC bans dollar transactions in embassies

Alex Omenye The Economic and Financial Crimes Commission has taken a decisive step to halt the dollarization of Nigeria’s economy and safeguard the value of the Naira by prohibiting foreign missions from conducting transactions in foreign currencies. In a letter addressed to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, titled “EFCC Advisory to Foreign […]

Aviation

Aircraft skids off Lagos airport runway

A plane belonging to Xejet Airlines slid off the runway at the Murtala Muhammed International Airport, Lagos on Saturday. The Federal Airports Authority of Nigeria shut down runway 18L at Murtala Muhammed International Airport Lagos after the aircraft landed on a grass field. It is gathered that the aircraft with registration number 5NBZZ and type […]

Banking

Banks halt collection of processing deposit fees

Some of the major banks have stopped the collection of processing fees on deposits in line with the Central Bank of Nigeria’s directive on the suspension. The CBN on Wednesday announced in a circular the suspension of the collection of processing fees on deposits to September 30, 2024. This followed the initial activation of the […]

Aviation

Dana Air lays off staff amid regulatory audit

Alex Omenye In response to an ongoing operational audit by the nation’s regulatory authorities, Dana Air announced the temporary disengagement of some staff members, as disclosed by the airline’s Head of Corporate Communications, Mr Kingsley Ezenwa. The audit, a joint effort between Dana Air and regulatory bodies, aims to ensure compliance with industry standards and […]

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