Nigeria’s tax agency, the Federal Inland Revenue Service (FIRS), has taken legal action against Binance, a prominent cryptocurrency exchange platform, for alleged tax evasion and other related offenses. The FIRS filed criminal charges against Binance at a court in the capital territory, accusing the platform of various infractions including non-payment of Value Added Tax (VAT),…
Germany has recently implemented the second part of its new skilled worker law, introducing several changes to attract skilled workers from around the world. These changes include allowing international students with student visas to work up to nine months before their studies begin. The revamped law, initially enacted in November 2023, aims to facilitate the…
The Minister of Information and Culture, Mohammed Idris, has announced that the federal government has successfully attracted $30 billion in foreign direct investment (FDI) to the real sector of the Nigerian economy. Speaking during a meeting with the business community in Kano, Mr Idris highlighted that these investment commitments in various sectors such as manufacturing,…
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, has announced that the company’s shares will soon be listed on the stock market as outlined in the Petroleum Industry Act (PIA). Kyari made this known at the ongoing 2024 CERAWEEK in Houston, United States, stating that NNPC would become…
Two executives from Binance, the world’s largest cryptocurrency exchange, are set to remain in detention in Nigeria for at least two more weeks, following their appearance in court on Wednesday. Tigran Gambaryan, Binance’s head of financial crime compliance and a U.S. citizen, and Nadeem Anjarwalla, Binance’s regional manager for Africa and a British-Kenyan, were detained…
Foreign airlines operating in Nigeria have raised objections to the Central Bank of Nigeria’s (CBN) announcement that it has cleared all outstanding backlog of valid foreign exchange claims. Despite the CBN’s assertion that it settled a balance of $7 million in pending forex backlog, the President of the Association of Foreign Airlines and Representatives in…
The Central Bank of Nigeria (CBN) has achieved a significant milestone by clearing the valid foreign exchange backlog, as announced by Mrs. Hakama Sidi Ali, the Bank’s Acting Director of Corporate Communications. This accomplishment, stemming from CBN Governor Mr. Olayemi Cardoso’s promise to address a $7 billion backlog, underscores the bank’s commitment to stabilising the…
Mr. Chinedu Igbokwe, a businessman based in Lagos, recounted his ordeal in court as he testified against Abdulami Isah, a Bureau de Change operator accused of defrauding him of $63,950. Igbokwe, led in evidence by the Economic and Financial Crimes Commission (EFCC) Counsel, Mr. A. A. Usman, narrated that he was introduced to Isah on…
The Central Bank of Nigeria (CBN) has announced that its 294th Monetary Policy Committee (MPC) meeting will take place on March 25 and 26, 2024. This announcement comes amidst the backdrop of continued inflationary pressures in Nigeria. In its previous meeting on February 26 and 27, the MPC decided to raise interest rates by 400…
A Federal High Court in Abuja has granted an interim order requiring Binance Holdings Limited to provide the Economic and Financial Crimes Commission (EFCC) with comprehensive data of all Nigerian traders on its platform. This order aims to assist the anti-graft agency in investigating alleged money laundering and terrorism financing activities on the cryptocurrency exchange…