Dangote oil refinery has initiated the supply of petroleum products like diesel and aviation jet fuel to the Nigerian domestic market. The revelation, shared by informed sources, marks a significant milestone in Nigeria's energy landscape. Abubakar Maigandi, Head of the Independent Petroleum Marketers Association of Nigeria, disclosed to Reuters the...
Foreign airlines operating in Nigeria have initiated the unblocking of their low-priced fares on Nigerian routes following the Central Bank of Nigeria's completion of the payment of approximately $7 billion in backlog, which includes over $700 million in unremitted ticket revenue. The CBN recently announced the clearance of $7 billion...
Air Peace, one of Nigeria's leading airlines, has officially commenced its highly anticipated Lagos-London flight services, marking a significant milestone in its expansion strategy. The inaugural flight took off on Saturday, fulfilling the airline's earlier announcement of direct flight operations to London, which was made during a prelaunch forum...
Central Bank of Nigeria (CBN) Governor Yemi Cardoso has unveiled ongoing investigations into foreign exchange forwards worth approximately $2.4 billion, highlighting discrepancies and irregularities in these transactions. Governor Cardoso disclosed this information following the Monetary Policy Committee (MPC) meeting in Abuja, shedding light on the forensic audit conducted to assess...
Telecommunication giant MTN Group has announced its intention to withdraw from smaller markets in West and Central Africa, with plans to focus on stronger markets like Ghana, Cameroon, and Cote d'Ivoire. This strategic move comes as MTN Group accepts an offer from Telecel for the sale of its equity...
The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has announced an increase in the monetary policy rate (MPR) from 22.75% to 24.75%. Olayemi Cardoso, CBN Governor, revealed this decision during the committee's 294th meeting in Abuja, emphasizing the bank's efforts to combat inflation. According to Cardoso, "The...
In a move aimed at bolstering the foreign exchange market, the Central Bank of Nigeria (CBN) has given the nod for the sale of $10,000 to each Bureau De Change (BDC) at the rate of N1,251/$1. This development was communicated through a circular directly addressed to the BDCs by...
The Federal Inland Revenue Service (FIRS) has escalated its legal battle against Binance, a prominent cryptocurrency exchange platform, by filing criminal charges related to tax evasion. This move, announced in a statement on Monday, underscores the government's commitment to fiscal responsibility and economic integrity amid growing scrutiny of digital...
One of the Binance executives detained in Nigeria, amidst a legal battle over cryptocurrency regulations, has managed to escape custody. Nadeem Anjarwalla, a key figure at the world's largest cryptocurrency exchange, reportedly fled from a guest house in Abuja where he and his colleague were being held by security...
Flutterwave, Africa’s premier payments technology firm, has clinched the top spot in Fast Company’s Most Innovative Company for Europe, Middle East, and Africa 2024, joining the ranks of industry giants like Nvidia, Open AI, and YouTube. This year’s list spotlights companies shaping industries and cultures with their innovations, setting new...