Good news for millions in the Lake Chad Basin! The African Development Bank (AfDB) and the Lake Chad Basin Commission (LCBC) have signed a crucial agreement to revive the shrinking lake and improve the lives of its people. Key Points: 92% of Lake Chad’s once vast area has vanished due […]
The Nigerian National Petroleum Company Limited (NNPCL) is intensifying its efforts to combat crude oil theft as it recently uncovered 223 new illegal connections and illegal refineries in the Niger Delta. A two-minute video obtained by Channels Television on Wednesday revealed that these incidents occurred between February 10th and 16th, […]
The Abuja Electricity Distribution Company (AEDC) has issued a stern warning to no less than 86 Ministries, Departments, and Agencies (MDAs) over an outstanding debt of approximately N47.1 billion. Failure to settle the debt could result in a disconnection of electricity supply. Among the MDAs facing potential disconnection are the […]
Mr Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has highlighted the impact of medical tourism and the increasing number of Nigerians studying abroad on the devaluation of the naira. Speaking before the House of Representatives, Cardoso revealed that Nigerians spent over $40 billion on education and […]
The National Agency for Food and Drug Administration and Control (NAFDAC) has announced the ban of the production of alcohol in sachets and pet bottles of less than 200ml by distillers. This was announced by the Assistant Chief Regulator Officer, Investigation and Enforcement Department, NAFDAC, Lagos, Kazeem Adeniran, during a […]
The Central Bank of Nigeria (CBN) has quashed rumors circulating in the media about plans to convert $30 billion domiciliary deposits to naira. This clarification comes in the wake of speculations suggesting that such a move was being considered to stabilize Nigeria’s currency, which recently experienced its worst performance in […]
The Central Bank of Nigeria (CBN) has announced the completion of settlement of foreign exchange (FX) owed to all foreign airlines operating in the country. The apex bank said the final tranche of $64.44 million brings the total disbursements to airlines to $136.73 million, thereby clearing all verified claims within […]
The central bank of Nigeria have announced that 92% of the currency in circulation (CIC) is outside the banking system as of November 2023. According to the apex bank, this surge is marking a notable rise from the 86% recorded in October 2022, just before the CBN’s naira redesign policy […]
The Central Bank of Nigeria (CBN) has announced the approval of the Africa Stablecoin Consortium (ASC) to pilot the cNGN stablecoin in its regulatory sandbox. The new stablecoin, a compliant Nigeria Naira (cNGN), is set to be launched on February 27, 2024. The ASC is a collaboration of Nigerian banks […]
In a major blow to Tingo Group and its former CEO, Dozy Mmobuosi, US authorities have unsealed an indictment charging him with orchestrating a multi-year scheme to inflate financial statements and deceive investors. Mmobuosi, currently at large, faces charges of securities fraud, false SEC filings, and conspiracy. U.S. Attorney Damian […]
