The Central Bank of Nigeria (CBN) is reportedly undergoing significant changes under the leadership of Mr. Yemi Cardoso, the current CBN Governor. In a move that has sparked debate among staff members, parts of the bank’s headquarters in Abuja are set to be returned to Lagos. This decision, as revealed by a source to Vanguard…
According to a report by Bloomberg, investors are closely monitoring the developments between Dangote Group and the Economic and Financial Crimes Commission (EFCC). The EFCC recently conducted a raid on the headquarters of Dangote Group as part of an ongoing investigation into forex allocations in Nigeria. Dangote Group responded by denouncing any wrongdoing and expressing…
The Central Bank of Nigeria (CBN) has announced the appointment of new leaders for three Nigerian banks following the dissolution of their boards and managements. According to a statement by Hakama Sidi Alli, the acting director of corporate communications at the CBN, Yetunde Oni has been appointed as the new managing director/chief executive officer of…
The Federal Capital Territory Administration (FCTA) has announced its forthcoming introduction of a Bus Rapid Transportation System (BRT) in Abuja to alleviate the city’s transportation challenges. Dr. Abdulateef Bello, the Director of the Directorate of Road Traffic Services (DRTS), revealed this plan during an engagement with stakeholders in Abuja. Dr. Bello emphasized that the FCTA…
Dangote Industries Limited has responded to the recent visit by officials of the Economic and Financial Crimes Commission (EFCC) to its headquarters in Lagos, characterizing it as an uncomfortable situation. The indigenous conglomerate stated its willingness to cooperate with the Commission’s inquiries, revealing that it had received a letter from the EFCC on December 6,…
The Organization of Petroleum Exporting Countries (OPEC) has maintained a stable crude oil production, averaging 28.05 million barrels per day (bpd) in December 2023. A Bloomberg survey revealed that Nigeria increased its output by an additional 50,000 bpd, compensating for supply restraints from countries like the United Arab Emirates and Angola, which reduced their production….
A landmark agreement worth $1 billion has been signed between Beijing Zhogmin Xinjunlong New Energy Technology Company Ltd., a Chinese firm, and NIGUS International, a Nigerian firm, to finance and implement solutions aimed at ending gas flaring in Nigeria. The pact, signed in Abuja on Friday, comes in response to a national directive from President…
A consortium comprising Nigerian financial institutions, fintechs, and blockchain experts, known as the Africa Stablecoin Consortium (ASC), is gearing up to introduce a compliant Nigeria Naira (cNGN) stablecoin on February 27, 2024. In a statement released on Friday, the consortium announced that the launch of the cNGN stablecoin is aligned with the recently established Regulatory…
The Kano State Hisbah Board has intercepted a truck transporting over 24,000 bottles of assorted alcoholic beverages along Zaria Road in Kano. Alongside the seizure, the board apprehended the truck driver and two other individuals involved in the incident. Alhaji Abba Sufi, the Director-General of the Kano State Hisbah Board, revealed these details in a…
Foreign direct investors have significantly increased their asset disposals in Nigeria, reaching a staggering $200 million, according to the Central Bank of Nigeria’s (CBN) economic report for the third quarter of 2023. This surge in divestment reflects a growing trend of multinational corporations withdrawing their business operations from the country. The report highlights a notable…