The Central Bank of Nigeria (CBN) has directed deposit money banks in the country to levy a 0.5% cybersecurity charge on transactions, as outlined in a circular dated May 6, 2024. This directive applies to all commercial, merchant, non-interest, and payment service banks, as well as mobile money operators and payment service providers. The levy, […]
The Nigerian Electricity Regulatory Commission (NERC) issued a directive yesterday instructing electricity Distribution Companies (DisCos) to reduce the tariff for Band ‘A’ customers from N225/kWh to N206.80/kWh. The regulatory agency cited significant changes in the macroeconomic landscape, particularly the strengthening of the naira against the dollar since April when the rate was hiked by over […]
Renowned celebrity mixologist and entrepreneur, Pascal Okechukwu, famously referred to as Cubana Chief Priest, is currently exploring the possibility of resolving the allegations of Naira misuse levelled against him by the Economic and Financial Crimes Commission (EFCC) through an out-of-court settlement. These allegations were brought forth by the anti-graft agency at the Federal High Court […]
In a significant development at the Ikeja Special Offences Court, Lagos, on Monday, Mr. John Ayoh, a former Director of Information Technology at the Central Bank of Nigeria (CBN), disclosed startling details regarding his alleged acceptance of $600,000 in bribes on behalf of the embattled former governor of the apex bank, Godwin Emefiele. Ayoh, who […]
The National Security Adviser (NSA), Nuhu Ribadu, issued a stern warning yesterday, emphasizing that the misuse of social media constitutes both local and global threats. He underscored the urgency of addressing this issue as an immediate national security priority. Ribadu revealed that the National Security Strategy (NSS), last reviewed in 2015, is currently undergoing a […]
The Nigerian National Petroleum Company Ltd. (NNPCL) has moved swiftly to address the ongoing fuel scarcity and queues plaguing fuel stations across the country. Chief Communications Officer, Mr. Olufemi Soneye, confirmed that the situation would be resolved by Wednesday, April 31. Soneye emphasized that the NNPCL currently maintains an impressive product stockpile of over 1.5 […]
In a landmark decision, shareholders of Zenith Bank Plc voted overwhelmingly to transition the institution into a holding company structure. The approval, granted during a court-convened Extraordinary General Meeting held virtually over the weekend, heralds a pivotal moment in the bank’s evolution. Aligned with the Scheme of Arrangement outlined on March 28, 2024, under Section […]
President Bola Tinubu asserted yesterday that the bold measures taken by his administration, including the removal of fuel subsidies and ongoing efforts to stabilize Nigeria’s foreign exchange market, effectively averted an economic crisis. Speaking at the inaugural session of the World Economic Forum in Riyadh, Saudi Arabia, Tinubu engaged with influential global business figures on […]
Confusion gripped Murtala Muhammed Airport on Thursday morning as thick smoke initially and subsequently led to a fire near the E54 passenger bridge in the E wing of the international terminal. All flight operations were redirected to the D Wing of the airport to enable firefighters from the Federal Airports Authority of Nigeria (FAAN) to […]
The Ministry of Aviation has instructed the Nigeria Civil Aviation Authority (NCAA) to immediately suspend Dana Air’s operations. This directive aims to facilitate a comprehensive safety and financial audit of the airline. The decision to suspend Dana Air follows an incident on Tuesday involving one of the airline’s aircraft. The plane veered off the runway […]
