Binance, the global cryptocurrency trading platform, has identified two key conditions that must be fulfilled before it can consider registering under the Nigerian Securities and Exchange Commission’s (SEC) special framework program for Virtual Asset Service Providers (VASPs). This program is designed to regulate crypto platforms operating in Nigeria. Binance’s stance comes in response to the…
According to the platform’s leadership, World Liberty Financial will enable users to lend and borrow cryptocurrencies directly from one another, bypassing traditional financial institutions.
The Federal Government is set to unveil a strategic initiative on Wednesday aimed at establishing Nigeria as a global leader in the rapidly expanding Halal economy. This effort is projected to contribute an additional $1.5 billion to the country’s Gross Domestic Product (GDP) by 2027. The global Halal market, which encompasses a wide range of…
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has announced that the Dangote Refinery will begin distributing Premium Motor Spirit (PMS), commonly known as petrol, starting Sunday. Initially, this distribution will be exclusive to the Nigerian National Petroleum Company Limited (NNPCL). This significant development was revealed during a press briefing…
Data center operators in Nigeria are facing significant challenges due to the ongoing foreign exchange (forex) crisis, which is now jeopardizing the substantial investments already made in the construction and operation of these facilities. Industry experts have expressed deep concerns about the increasing difficulty in securing additional financing, as operators struggle to generate sufficient returns…
The Securities and Exchange Commission (SEC) has announced its intention to begin enforcing regulatory actions against individuals and business entities, including cryptocurrency exchanges, that are operating outside of its regulations in the country. Dr. Emomotimi Agama, the Director-General of SEC, disclosed this in a statement on Sunday, reaffirming the commission’s dedication to safeguarding investors. This…
Stanbic IBTC Holdings has announced an interim dividend of N2.00 per ordinary share of 50 kobo each, amounting to a total payout of N25.9 billion. This development was disclosed in a corporate action statement released by the Nigerian Exchange Group (NGX), highlighting the bank’s strong financial performance during the year. The announcement comes on the…
As of June 30, 2024, Nigeria has ascended to the position of the third-largest debtor to the World Bank’s International Development Association (IDA), marking a significant milestone in the country’s borrowing history. According to the World Bank’s financial statements, Nigeria’s debt exposure to the IDA increased by a substantial 14.4%, rising from $14.3 billion in…
Nigeria’s manufacturing sector has experienced a significant downturn in its contribution to the nation’s Gross Domestic Product (GDP) over the last two quarters, marking a steep decline of 20.95% from the end of 2023 through the second quarter of 2024. According to recent data released by the National Bureau of Statistics (NBS), the sector’s share…
Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization (WTO), has highlighted a concerning trend in Nigeria’s economic performance, noting that the country’s Gross Domestic Product (GDP) growth rate has been steadily declining since 2014. Speaking at the annual General Conference of the Nigerian Bar Association (NBA) on Sunday, Okonjo-Iweala emphasized that this downturn signals…
