This initiative comes shortly after the apex bank sold $123 million to authorized dealers, a transaction from which the Association of Bureau De Change Operators of Nigeria (ABCON) claimed they were excluded.
Cryptocurrency exchange OKX has announced its decision to discontinue services in Nigeria, attributing the move to recent changes in local laws and regulations. The announcement, made through a direct statement to its users on Wednesday, underscores the company’s commitment to aligning its operations with the evolving regulatory landscape in the markets it serves. In the…
The Federal Government of Nigeria has approached the World Bank for $50 million in support to assist state governments in the installation of solar plants and infrastructure upgrades. This initiative is part of a broader strategy to bolster the nation’s power sector and drive economic growth. The Minister of Finance and Coordinating Minister of the…
UBA Launches Legacy Promo to Celebrate 75th Anniversary with N200m in Prizes In celebration of its 75th anniversary, United Bank for Africa Plc (UBA), Africa’s Global Bank, is set to launch the “UBA Legacy Promo” as part of its tradition of rewarding customer loyalty. This special campaign is designed to honor UBA’s rich history spanning…
Elon Musk has announced plans to contribute $45 million per month to a Super PAC dedicated to supporting Donald Trump’s election campaign, starting in July, as reported by the Wall Street Journal. This move comes shortly after Musk publicly endorsed Trump. According to Bloomberg, the tech billionaire has already donated what has been described as…
Burberry has announced the immediate departure of CEO Jonathan Akeroyd after just over two years in the role, as the luxury fashion company braces for a significant first-half operating loss and halts shareholder dividend payouts. The decision, described as a mutual agreement with the board, comes as Burberry grapples with a steep decline in sales….
Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), recently highlighted the significant impact of the past government’s financial practices on the nation’s current economic challenges. Speaking at a CEO Forum in Lagos on Thursday, Cardoso attributed Nigeria’s rising inflation and high interest rates to the previous administration’s wasteful N27 trillion Ways and Means…
On Thursday, President Bola Tinubu inaugurated the Presidential Economic Coordination Council (PECC), a strategic initiative designed to address Nigeria’s current economic challenges. This council comprises a diverse group of government officials, prominent private sector figures, and expert consultants, highlighting a collaborative approach to economic recovery. The council features notable members, including Aliko Dangote, President of…
This investment not only surpassed the minimum equity requirement of $83.33 million for Class A shares but also showcased Nigeria’s determination to play a leading role in Africa’s energy sector.
CBN Issues Stern Warning to Banks Over Rejection of Mutilated Naira Notes The Central Bank of Nigeria (CBN) has strongly cautioned Deposit Money Banks (DMBs) against the refusal of dirty or mutilated Naira notes. This directive comes in response to numerous complaints received by the CBN, highlighting instances where banks have declined to accept damaged…
