Category: Business
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Minister Ignites Controversy Over N40bn Metering Contract Award to Foreign Firm
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…
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UAE Simplifies Visa Regime: Limited Access for African Nations
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…
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Nigerian Breweries Records N106.3 Billion Loss in 2023 Due to FX Strain
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…
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Federal High Court Orders Binance to Provide Nigerians’ Information to EFCC
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…
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Binance Executives Detained by Nigeria Identified
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…
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Nigeria’s Foreign Trade Surges by 37.2% to N71.88 Trillion in 2023
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…
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Corrupt Practices Exacerbate Naira Strain, Claims ACCI President
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…
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FG Vows 100% Cargo Scanning at Ports, Eyes N10 Trillion Projection for Sector
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…
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CBN’s MPC Nominees assure Nigerians on way out of Forex , food crisis soon
…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…
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US Intensifies Investigation as Senator Kolade Visits Wigwe Family
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…