Category: Business

By Milcah Tanimu The Minister of Power, Adebayo Adelabu, has sparked controversy following the Federal Government’s decision to award a N40 billion mass metering contract to a foreign firm, De Haryor Global, sidelining indigenous meter manufacturers. Despite the government’s assertion that the move aims to eliminate estimated billing in the sector, stakeholders have criticized the…

By Milcah Tanimu The United Arab Emirates (UAE) has announced a significant simplification of its visa regime, granting visa-on-arrival access to citizens of 87 countries. However, it’s notable that among African nations, only Mauritius and Seychelles are included in this update, while countries like Nigeria, Ghana, and Kenya are currently excluded. Previously, visitors from many…

By Milcah Tanimu Nigerian Breweries Plc, the leading brewer in Nigeria, faced a substantial financial setback in 2023, registering an after-tax loss of N106.31 billion. This stark reversal stemmed primarily from foreign exchange losses, as revealed in its latest financial report. The company transitioned from a profit of N105.8 billion in 2022 to this significant…

By Milcah Tanimu A Federal High Court in Abuja has issued a directive to Binance Holdings Limited, requiring the company to furnish the Economic and Financial Crimes Commission (EFCC) with information regarding Nigerians trading on its platform. The court’s decision came in response to an ex-parte motion filed by the EFCC, with the suit marked…

By Milcah Tanimmu Recent reports confirm that Tigran Gambaryan, Binance’s head of investigations, and Nadeem Anjarwalla, a British lawyer and manager overseeing Binance’s operations in Africa, have been detained by Nigerian authorities. The two executives traveled to Nigeria in response to the country’s crackdown on several cryptocurrency trading platforms. Upon their arrival, they were detained…

By Milcah Tanimu In 2023, Nigeria witnessed a remarkable surge in its total foreign trade, reaching N71.88 trillion, reflecting a substantial increase of 37.2% compared to the N52.38 trillion recorded in 2022. This encouraging growth is outlined in the fourth-quarter foreign trade report released by the National Bureau of Statistics (NBS). The report signals positive…

By Milcah Tanimu Emeka Obegolu, President of the ACCI, highlighted in an interview in Abuja the detrimental impact of illicit financial transactions on the naira, attributing its undervaluation to corrupt practices. He urged the government to swiftly address corruption within the financial system to alleviate the undue strain on the naira and penalize offenders identified…

By Milcah Tanimu The Federal Government (FG) has announced plans to transition from physical inspection to 100% scanning of cargo at Nigerian ports, aiming to enhance operational efficiency and meet a N10 trillion projection for the sector. This initiative will involve procuring four additional scanners to complement the existing infrastructure, which currently stands at only…

…As Senate puts them under fire From Lateef Taiwo For urgent way out from Naira volatility and food security bedeviling the Nation’s economy now , the Senate Wednesday , subjected nominees for membership of Monetary Policy Committee ( MPC ) , of the Central Bank of Nigeria ( CBN) to thorough drilling . President Bola…

By Milcah Tanimu As investigations by the United States National Transportation Safety Board (NTSB) delve deeper into the fatal helicopter crash that claimed the life of Mr. Herbert Wigwe, the Group Chief Executive Officer of Access Holdings, alongside his family members and associates in California, prominent Nigerians continue to offer condolences and support to the…