Finance
FG Directs Opay to Introduce N50 Electronic Transfer Levy on Transactions Above N10,000
Starting September 9, 2024, OPay, a fintech company in Nigeria, will implement a one-time fee of N50 on electronic transfers of N10,000 and...
China Commits $51 Billion To Africa, Pledges One Million Jobs
China has pledged 360 billion yuan ($50.7 billion) in funding to Africa, the creation of up to 1 million jobs, and support for...
Nigeria Becomes Third-Largest Debtor to World Bank’s IDA, Overtakes India
Nigeria has ranked third among the World Bank’s International Development Association (IDA) debtors. The country’s debt increased by $2.2 billion, from $14.3 billion...
Enugu Govt Fines Residents For Generator Use Despite Poor Power Supply, Says It Contributes To Carbon Emissions
A recent court notice Chidi Odinkalu shared on X has revealed the Enugu State government’s actions against residents using generators. The notice, issued by...
Court Orders Kuje Prison To Provide Wheelchair For Detained Binance Executive
A Federal High Court in Abuja has ordered Kuje correctional facility officials to provide a wheelchair for Tigran Gambaryan. Gambaryan is one of...
U.S. Court Fines Nigerian Tingo Group Founder $250m After SEC Lawsuit
A U.S. Federal Court has fined a Nigerian businessman, Dozy Mmobousi, over $250 million following his non-appearance in a civil suit filed against...
Nigerian Households to Spend Majority of Earnings on Food in the Next 6 Months — CBN
Nigerian households are expected to allocate a significant portion of their earnings to food purchases over the next six months due to the...
Libya’s Oil Production Drops by Half Amid Power Struggle Over Control of Central Bank
Libya’s oil production has dropped by 700,000 barrels daily, cutting output by half. Less than 600,000 barrels are now being produced daily. This...
FX Turnover Drops By 25% in August as Naira Struggles
The Nigerian official foreign exchange (FX) market experienced a sharp decline in activity in August 2024. Data from FMDQ reveals that FX turnover...
Air Travellers Condemn N2000 Vehicle Entry Fee at Lagos Airpor
Nigerians have lamented the N2000 fee imposed on vehicles picking up passengers at the Murtala Muhammed International Airport (MMIA) in Lagos. Vehicle owners...
NDIC Plans to Dissolve 87 Banks Following a 30-day Notice
The Nigeria Deposit Insurance Corporation (NDIC) has announced its intention to dissolve 87 microfinance and primary mortgage banks across Nigeria. This comes after...
Despite Persisting Inflation, Naira Volatility, Federal Agency Gives Traders One Month to Reduce Prices or Face Penalties
The Federal Competition and Consumer Protection Commission (FCCPC) has given traders and market stakeholders across Nigeria a one-month deadline to reduce the prices...