Business
World Bank uncovers $32m missing funds in Nigeria’s water project
The World Bank has uncovered $32 million in unaccounted funds in Nigeria’s water project. This was disclosed in the banks’ recently released FY2024 Sanctions System Annual Report. The report showed that the missing funds were intended to bolster water infrastructure in Nigeria but were not adequately accounted for, prompting an intervention to safeguard the project’s […]
Just In: CBN Issues Fresh Directive Against Naira Hawkers, Orders Banks to Focus on ATM Cash Payments
The Central Bank of Nigeria (CBN) has directed banks to make sure cash is mostly given out through Automated Teller Machines (ATMs). In a statement on Friday, Solaja Olayemi, the acting director of the currency operations department at the CBN, warned banks against giving naira notes to people selling the currency illegally. He added that […]
NICA Charges Entrepreneurs, Managers On Credit Mgt
National Institute of Credit Administration (NICA) has charged entrepreneurs and business managers on effective credit management in the country. As credit management profession was recently proclaimed “a national professio” by the Federal Government of Nigeria with qualifications in Credit Management unveiled as nationally recognised, NICA is the supervisor and regulator of credit management profession in […]
ICYMI: Nigeria’s FX reserves hit $40bn, highest in 33 months – Cardoso
The Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, has announced that Nigeria’s foreign exchange reserves have reached over $40bn, marking their highest level in 33 months. He made the disclosure during a symposium in Abuja on Thursday, which coincided with the unveiling of the compendium, “Promoting Stability in an Era of Economic […]
UBA Targets Expansion To Saudi Arabia
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has set the wheels in motion to expand its operations in the Middle East with plans ongoing to open a subsidiary in Saudi Arabia, its largest economy. This move which is expected to happen within the next year will mark the bank’s second subsidiary in the […]
NLC slams IMF for fuel subsidy removal denial
The Nigeria Labour Congress has criticised the International Monetary Fund for its denial of responsibility regarding the Nigerian government’s recent removal of subsidy on petrol. The congress describes the denial as cynical and emblematic of the IMF and World Bank’s longstanding pattern of imposing harsh economic policies on developing nations. In a statement on Sunday, […]
NERC Blasts Market Operator For Sitting On $30bn Funding
…Stakeholders seek total transmission infrastructure overhaul System fails 162 times post-privatisation The Nigerian Electricity Regulatory Commission (NERC) has blasted the market operator for delaying the utilisation of $30 billion in funding in its coffers intended for the development of a spinning reserve in the Nigeria electricity sector. This is as the industry has recorded about […]
Nigeria Joins BRICS Group As Partner Country
Nigeria has joined the BRICS as a partner country, alongside 12 other nations, further strengthening its economic ties with the intergovernmental bloc. Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam are among the 12 additional countries joining the group as partner nations. The countries, including Nigeria, were added as partner […]
BREAKING: FG drops money laundering charges against Binance executive Gambaryan
The Federal Government on Wednesday withdrew the money laundering charges preferred against Binance Holdings Limited executive, Tigran Gambaryan. Binance, its U.S. head of financial crime compliance, Gambaryan, and the exchange British-Kenyan regional manager for Africa, Nadeem Anjarwalla, were facing money laundering charges to the tune of $35 million brought against them by the Economic and […]
JUST IN: Dangote Refinery denies fresh lawsuit against NNPC, others
The Dangote Petroleum Refinery has refuted claims that it filed a lawsuit against Nigerian National Petroleum Company Limited, Nigerian Midstream and Downstream Petroleum Regulatory Authority and other marketers to revoke their licence to stop fuel importation. It said that a process to commence the formal withdrawal of the lawsuit will commence in January 2025. The […]