Nigeria's naira is on the brink of breaching 1,000 per dollar after falling to an official record low of 999 last week, Refinitiv data showed, tracing its weakness on the unofficial market where it trades freely. President Bola Tinubu removed Nigeria's foreign currency controls in June in a bid to get transactions flowing through the official market again to help unify the naira's exchange rates. But that has only fuelled the currency's weakness and added to inflationary pressures. Here is what you need to know about the naira. WHY IS THE NAIRA FALLING? The central bank has a backlog of…

The investors who are backing the recent $250 million lithium project have been found to be copycats and not affiliated with the China-based companies bearing the same name as these copycat companies as revealed by Bloomberg in an October 27 report. According to Bloomberg, Ganfeng Lithium Industry Ltd., Tianqi Lithium Industrial Ltd. and Ningde Era Industrial Ltd. have nothing to do with three nearly identically named behemoths listed on the Shenzhen and Hong Kong stock exchanges. Instead, they were founded recently and registered in Nigeria as independent companies. Difference between the original and copycat companies According to Corporate Affairs Commission…

An Enugu High Court, presided over by Anthony Onovo, has voided the proscription of the Indigenous People of Biafra (IPOB) as a terrorist organisation. The Federal Government under Muhammadu Buhari had, in 2017, proscribed the secessionist group, while the leader, Nnamdi Kanu, was clamped into detention. The court, yesterday, also declared that self-determination was not a crime and should not, therefore, be used as a basis to arrest, detain and prosecute the IPOB leader. Kanu, through his Special Counsel, Aloy Ejimakor, had in January this year, approached the court to seek nullification of the proscription and terrorist tag on the…

Nigeria is ranked 120th of the 142 countries in terms of adherence to rule of law, according to the latest global Rule of Law Index released by the World Justice Project (WJP). The 2023 index released on Wednesday in Washington DC, United States, also showed that out of the 34 countries ranked in the sub-Saharan region, Nigeria is rated 23rd. According to the WJP report, countries were judged on eight indicators, namely constraints on government powers, absence of corruption, open government, fundamental rights, order and security, regulatory enforcement, civil justice and criminal justice. While the report noted that Nigeria’s score…