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Nigerian crypto firm convicted for illegal USDT-Naira transactions, forfeits N140m
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Nigerian crypto firm convicted for illegal USDT-Naira transactions, forfeits N140m

The Federal High Court in Abuja has convicted Official Gredo Limited, a Nigerian cryptocurrency dealing company, for unlawfully conducting transactions converting USDT to Naira without the necessary banking license. Justice Inyang Ekwo delivered the verdict on Wednesday, following a plea bargain agreement between Official Gredo and the Economic and Financial Crimes Commission. The court ordered […]

Iranian hackers target US elections, Microsoft warns
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Iranian hackers target US elections, Microsoft warns

An Iranian hacking group, linked to the Islamic Revolutionary Guard Corps and referred to as Cotton Sandstorm by Microsoft, is reportedly scanning U.S. election-related websites and media outlets as Election Day approaches. A blog published by Microsoft on Wednesday indicates that this activity may signal preparations for more direct influence operations. The group has conducted […]

Nigeria drops charges against Binance exec Tigran Gambaryan
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Nigeria drops charges against Binance exec Tigran Gambaryan

The Nigerian government has officially dropped all charges against Tigran Gambaryan, an executive at Binance Holdings, who had been on trial for alleged money laundering involving $34.4 million since April. A lawyer representing the Economic and Financial Crimes Commission, which was prosecuting the case, announced the withdrawal of charges at the Federal High Court in […]

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Insecurity in Zamfara endangers W’Bank’s $495.30m irrigation project

Insecurity in Zamfara State has severely impacted the World Bank-funded Transforming Irrigation Management in Nigeria project, raising concerns about the timely completion of essential activities. However, despite these challenges, the Implementation Status & Results Report for the project, rates the overall performance as “Moderately Satisfactory,” according to Nairametrics. The $495.30 million project approved in 2014 […]

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NNPC secures equipment to setup 40 new CNG stations

The Nigerian National Petroleum Company Limited has acquired the necessary equipment to set up an additional 40 Compressed Natural Gas stations across Nigeria. This move supports the Federal Government’s plan to establish around 100 CNG stations within the next six months. The Programme Director and Chief Executive Officer of the Presidential Compressed Natural Gas Initiative, […]

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Court acquits ill Binance executive of money laundering charges

The Federal High Court in Abuja has in a significant ruling, discharged Tigran Gambayran, a senior executive at Binance, from money laundering charges brought by the Economic and Financial Crimes Commission. The decision made by Justice Emeka Nwite on Wednesday, was based on health considerations supported by the EFCC. This development marks a notable moment […]

Aviation auditors begin security audits of Lagos, Abuja airports
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Airline operators confirm purchase of Jet fuel from Dangote

Airline Operators in Nigeria have confirmed their purchase of Jet A1 fuel from Dangote’s refinery. The spokesperson for Airline Operators of Nigeria, Prof Obiora Okonkwo, said, “AON is already buying Jet A1 from Dangote a few months back.” He explained that the cost of Jet A1 fuel varies based on several factors, including location, according […]

Price of of cooking gas rose by 13.75% in May 2024
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FG halts cooking gas exports amid rising prices

The Federal Government has announced a suspension of exports of locally produced Liquefied Petroleum Gas, commonly known as cooking gas, to prioritize domestic supply. The measure, set to take effect on November 1, 2024, aims to address the escalating gas prices in Nigeria. Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, confirmed the decision […]

Dangote Refinery loses N32.5bn after petrol price cut
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Dangote gets NNPCL’s first naira-for-crude delivery

The Dangote Petroleum Refinery has received four cargoes of crude oil from the Nigerian National Petroleum Company Limited as part of a naira-for-crude sale agreement. It was reported that these deliveries occurred over the past three weeks since the government initiated the sale of crude to local refineries in local currency, according to The Punch. […]

Lawyers critique N10m fine in Nigeria’s digital economy bill
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Lawyers critique N10m fine in Nigeria’s digital economy bill

A team of lawyers at Olisa Agbakoba Legal has expressed concerns over a provision in Nigeria’s National Digital Economy and E-governance Bill that imposes a N10 million fine for violations. The bill, currently before the National Assembly, aims to establish a comprehensive legal framework for the digital economy, encompassing areas such as electronic transactions, data […]

80% of Nigeria pharmacies now prefer digital payment methods — Report
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80% of Nigerian pharmacies now prefer digital payment methods — Report

A recent report by payment company Moniepoint reveals that 80% of pharmacies in Nigeria now pay for goods digitally, with 56.8% utilizing point-of-sale systems and bank transfers, while 32.9% rely on direct bank transfers. This shift comes in response to the 2023 cash crunch that disrupted cash transactions across the country. The report, titled Inside […]

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