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Tuesday, 30 April 2024 04:50

CBN orders Opay, Moniepoint, other fintech banks to halt new customer registrations over FX manipulation suspicion

Following a directive from the Central Bank of Nigeria (CBN), four Nigerian fintech companies, Opay and Moniepoint, Palmpay, and Kuda have suspended the enrollment of new customers. An official from one of the fintech firms, speaking anonymously, confirmed compliance with the directive. Another fintech official suggested the directive is linked to foreign exchange (FX) transactions, an area unrelated to their business. Attempting to open a new account with one of the fintech platforms resulted in a message indicating inability to complete the process. This development coincides with CBN’s efforts to combat illicit foreign exchange transactions, including those involving cryptocurrency exchanges…

Tuesday, 30 April 2024 04:49

Obaseki increases minimum wage in Edo state by 133%

Governor Godwin Obaseki of Edo State has declared a new minimum wage of N70,000 for civil servants in the state. This is a 133 percent increase on the current national minimum wage of N30,000. The announcement was made during the inauguration of the Labour House, which has been named after Adams Oshiomhole, the Senator representing Edo North and former governor of the state. Effective from May 1, 2024, the new minimum wage regime aims to alleviate the financial burden on workers. This decision follows the persistent advocacy by the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) for improved…

Monday, 29 April 2024 04:44

Outcry over Minister's N260m wristwatch during meeting with foreign investor

Minister of Solid Minerals, Dele Alake, faced criticism from Nigerians after being photographed wearing a N260 million Richard Mille wristwatch during a meeting with the CEO of Glencore, a Swiss-based company. Alake's choice of accessory while attempting to woo the Swiss company into investing in Nigeria sparked outrage among citizens on social media who viewed it as inappropriate for a government official. Photos of the minister sporting the expensive wristwatch quickly circulated on social media, eliciting condemnation from various quarters. Responding to the images, Chinedu, an online commentator, expressed disbelief at how a government official could afford such luxury without…

Monday, 29 April 2024 04:43

IPMAN projects two more weeks of fuel scarcity

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has projected that the ongoing fuel scarcity, which is spreading to more states across the country, will persist for at least two more weeks. Despite assurances from the Nigerian National Petroleum Company Limited (NNPCL) of adequate stock, IPMAN insists that the scarcity will continue due to various challenges in the supply chain. Chinedu Ukadike, the Public Relations Officer of IPMAN, attributed the shortage to importation bottlenecks, slow license renewals for marketers by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and maintenance issues at refineries in Europe. He noted that only…

Sunday, 28 April 2024 04:46

Despite denials, Tinubu’s FG continues with Ways & Means borrowing from CBN, data shows

New data released by the Central Bank of Nigeria (CBN) reveals that the Federal Government borrowed an additional N3.8 trillion in the last six months of 2023, through what appears to be fresh Ways and Means borrowing. This contradicts claims by the Minister of Finance, Wale Edun, that the government had not borrowed from the CBN. The CBN's provisional data indicates a total increase from N4.4 trillion to N8.2 trillion by December 2023. The balances were initially part of the federal government's domestic debt profile, totaling N26.95 trillion in May 2023. However, from July 2023, the balances steadily increased every…

Saturday, 27 April 2024 04:52

A fifth of Nigerians use cryptocurrencies for daily transactions - Report

A report by an open-source blockchain website, Elastos on Thursday revealed that 20 per cent constituting at least one in five Nigerians are using Bitcoin to carry out transactions everyday. According to the platform, the research was compiled from online interviews conducted with 1,407 self-defined ‘tech savvy’ respondents in Brazil, Germany, Nigeria, South Korea, UAE, UK, and US. The interviews were completed by a third party, registered market research company and completed between 30 March and 04 April ’24. The report further revealed that 67 percent of Nigerians would have more trust in Bitcoin to protect their life savings than…

Saturday, 27 April 2024 04:50

Many feared dead following fuel tanker explosion in Rivers

Multiple fatalities are feared following a devastating tanker explosion along the East-West Road in Port Harcourt, Rivers State. The incident occurred around 9:45 pm Friday night. involving a tanker carrying petroleum products which ignited, engulfing nearby vehicles. The explosion, near the Indorama Petrochemical Company, has raised concerns due to its proximity to critical national infrastructure. Witnesses describe hearing loud blasts followed by flames and thick smoke billowing from the scene.

Friday, 26 April 2024 04:41

119 inmates escape as rainstorm collapses Niger prison

The Nigerian Correctional Service (NCoS) FCT Command has confirmed the escape of 119 inmates from the Suleja Custodial Centre in Niger State. Samson Duza, the Public Relations Officer (PRO) of the command, issued a statement in Abuja on Thursday detailing the incident. Following a rainstorm that battered the facility on Wednesday night, numerous inmates took advantage of the damaged sections to flee. The FCT command, responsible for Kuje and Suleja Medium Security Custodial Centres, said it immediately activated recapture protocols in collaboration with other security agencies. The rainstorm not only inflicted damage on the custodial centre but also wreaked havoc…

Thursday, 25 April 2024 04:51

Naira continues decline at both official, parallel markets

On Wednesday, the naira experienced a depreciation to N1,300 per dollar in the parallel section of the foreign exchange (FX) market, marking a 3.17 percent decline from the N1,260 recorded on April 22. Currency traders, operating as bureau de change (BDC) operators, set the buying rate at N1,260 and the selling price at N1,300, maintaining a profit margin of N40. Meanwhile, at the official window, the naira dropped to N1,308.52 against the dollar, reflecting a 0.64 percent decrease from the N1,300.15 traded on April 23. According to data from the FMDQ Exchange, the naira reached a low of N1,367 and…

Thursday, 25 April 2024 04:51

FG suspends Dana Air operations following Lagos airport runway incident

In response to a recent runway incident involving Dana Air, the Nigerian Civil Aviation Authority (NCAA) has suspended the airline's Air Operators Certificate (AOC). The incident occurred as a Dana Air plane, arriving from Abuja, veered off the runway at Lagos airport and into a nearby field. Fortunately, all 83 passengers and crew members disembarked safely, prompting emergency responders and regulatory agencies to swiftly initiate an investigation into the cause of the incident. Pending the outcome of the investigation led by the Nigerian Safety and Investigation Bureau, the NCAA has announced a thorough audit of Dana Air's operations. Acting Director…

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Wednesday, 24 April 2024 04:34

EFCC freezes 300 bank accounts allegedly used for illicit FX trading

In a significant move against illicit foreign exchange (FX) trading, the Economic and Financial Crimes Commission (EFCC) has taken action by freezing over 300 accounts. Ola Olukoyede, EFCC’s chairman, disclosed this development during a statement in Abuja on Tuesday, underscoring the agency's efforts to combat financial crimes. Olukoyede emphasized the critical role of a court order in securing the freeze, highlighting the potential consequences if the accounts were not seized. Moreover, he shed light on the alarming scale of illicit transactions, noting that over $15 billion had passed through unregulated platforms in the past year alone. This revelation underscores the…

Wednesday, 24 April 2024 04:31

83 passengers unhurt as Dana Air’s plane skids off runway in Lagos airport

A Dana Air flight bearing registration number 5N BKI, carrying 83 passengers, experienced a runway incursion upon landing at the domestic wing of the Murtala Muhammed International Airport, Lagos, runway 18L. No passengers were injured during the incident. In a statement released by the airline, Dana Air expressed regret over the runway incursion involving flight 5N BKI, which was en route from Abuja to Lagos on April 23, 2024. The statement said that the crew handled the situation with utmost professionalism, ensuring the safety of all passengers and crew members. Furthermore, Dana Air informed that the Nigerian Safety and Investigation…

Tuesday, 23 April 2024 04:53

IGP kicks as Jonathan, Abdulsalam advocate for state police

Former President Goodluck Jonathan emphasized the importance of establishing state police to tackle insecurity during a national security dialogue in Abuja. He stressed the need for a framework preventing abuse of state police powers and highlighted their success in stabilizing security in Bayelsa during the late 90s. Jonathan underscored concerns about ensuring state police autonomy while preventing misuse by governors. He urged careful consideration of the relationship between state and national security structures. Furthermore, he called for equipping state police adequately to combat criminals effectively. Vice-President Kashim Shettima pledged federal government support for dialogue outcomes, while former head of state…

Tuesday, 23 April 2024 04:52

FG sets minimum age for admission into tertiary institutions

The Minister of Education, Tahir Mamman, has announced that candidates under the age of 18 will no longer be admitted to tertiary institutions. This directive, given during a monitoring exercise of the 2024 Unified Tertiary Matriculation Examination (UTME) in Bwari, Federal Capital Territory, aims to align with the 6-3-3-4 education system. Mamman expressed concern over parents pressuring underage students into university admission, emphasizing the need for children to mature before entering higher education. He highlighted the challenges faced by young students adjusting to university life and urged parents to refrain from undue pressure. The minister stressed the importance of allowing…

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