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Central Bank of Nigeria (CBN) says it has successfully settled all outstanding foreign exchange (FX) obligations. Hakama Sidi Ali, acting director of corporate communications at CBN, disclosed this in a statement on Wednesday. Ali said the financial regulator recently concluded payment of $1.5 billion to settle obligations to bank customers, effectively settling the residual balance of the FX backlog. On February 5, Olayemi Cardoso, CBN governor, said he inherited a $7 billion FX backlog when he became the head of the apex bank in September 2023. Commenting further on the backlog settlement, Ali disclosed that “independent auditors from Deloitte Consulting…
Nnamdi Kanu, leader of the proscribed Indigenous People Of Biafra (IPOB), says he would restore peace in the south-east in two minutes if released from detention. The IPOB leader said nobody in the south-east can counter his orders concerning the security situation in the region. Kanu spoke on Tuesday after he was denied bail by Binta Nyako, presiding judge of the federal high court, Abuja. He said violence has persisted in the region because he is being held in the custody of the Department of State Services (DSS). “Anybody committing crime cannot go free. I swear, anybody committing crime in…
Residents of Okuama community in the Ughelli South Local Government Area of Delta State where 16 military personnel were killed have opened up on the alleged reprisal. It would be recalled that troops attached to 181 Amphibious Batallion, Bomadi Local Government Area of Delta were killed while on peace mission. Trouble started when the troops responded to a distress call after the communal crisis between the Okuoma and Okoloba communities both in the South South State. There were reports that the military went on a reprisal attack after the incident. But reacting, Director, Defence Media Operations, Edward Buba, said the…
Nigeria’s total imports grew to N35.9tn in 2023, from N25.5tn recorded in 2022, according to data by the National Bureau of Statistics. A breakdown of the data showed that in the first and second quarters of 2023, total imports were N6.4tn. It increased to N9tn in the third quarter and again to N14tn in the fourth quarter. By volume, manufactured imports topped the chart with imports worth N18.3tn. Agric imports N2.2tn while imports of raw materials totalled N3tn. On the other hand, Nigeria was able to churn out exports worth N35.9tn. However much of these were under the category of…
The Federal High Court sitting in Abuja has ordered Binance Holdings Limited to release to the Economic and Financial Crimes Commission, EFCC, a comprehensive detail of all persons from Nigeria trading on its platform. Binance is a cryptocurrency exchange platform that lists more than 350 digital currencies, which serve as alternative form of payment, using encryption algorithms. The government had earlier asked Binance for information on its top 100 users in the country, as well as all transaction history for the past six months. Governor of Central Bank of Nigeria, CBN, Olayemi Cardoso, had on February 27, disclosed that about…
MainOne, a West African digital infrastructure service provider, says there is stability on its network across the region. In a statement on Monday, the service provider said it worked with regional partners last week and over the weekend to reroute traffic with restoration capacity. “We worked with regional partners late last week and over the weekend to reroute traffic with restoration capacity and our observations are that we have stability on our network across the region this morning,” MainOne said. These developments, it said, represent a significant milestone to ensure continued connectivity for the West African business community. However, MainOne…
Federal Government is in talks with the World Bank to complete the processes of obtaining over $1bn loans to address the challenges facing Internally Displaced Persons and their host communities, as well as bolster rural access and agricultural marketing in the country. The request is contained in World Bank documents titled, ‘Solutions for the Internally Displaced and Host Communities Project’ and ‘Rural Access and Agricultural Marketing Project – Scale Up.’ While the IDP loan is put at $500m, the rural access and agricultural marketing project loan is estimated at $550m. According to the documents provided on the bank’s website, the…
Some Nigerians have expressed displeasure over the signing of a memorandum of understanding (MoU) between the ministry of transportation and MPH Rail Development Limited. The company, registered in the UK, is expected to manage the design, construction, commissioning, operation, and eventual transfer of the Port Harcourt-Enugu-Calabar-Abuja standard gauge rail line. “The Minister of Transportation, Said Alkali on behalf of @NigeriaGov has signed an MoU with Messrs MPH Rail Development (UK) Limited for the design, construction, operation & transfer of the Port Harcourt–Enugu –Calabar–Abuja SGR Line on a PPP basis,” the ministry wrote on its X page. The ministry said the…
Disruption to internet services for millions of users in Africa could take weeks or even months to fix, following damage to undersea cables off the continent’s west coast. Eight West African countries were suffering a second day of major connectivity issues on Friday with users in South Africa also affected, after damage to four sub-sea cables. The cause of the cable cutting was still not known, though a shifting of the seabed was among the likely possibilities. “Repairs can take weeks to months, depending on where the damage is, what needs to be repaired, and local weather conditions,” said a…
Consumer prices remain high in Nigeria, as the February Consumer Price Index (CPI) reading otherwise known as inflation, released yesterday by the National Bureau of Statistics (NBS) indicated that headline inflation scaled by 1.8 percentage points (ppts) to 31.7%, the highest level since April 1996. The inflation rate, which was a negative surprise to analysts, outpaced the Bloomberg consensus estimate of 31.3% and the 31.1% projection of analysts at CardinalStone Finance, a Lagos based investment house.The unabated inflation pressure indicates that Nigeria remains within the top 10 countries with the highest inflation reading in Africa. Most inflationary pressure in Nigeria…
March 16, 2025

Petrol price war drives marketers to reduce purchases as losses mount

A price war between Dangote Petroleum Refinery and the Nigerian National Petroleum Corporation Limited (NNPCL)…
March 16, 2025

El-Rufai speaks further on Tinubu’s presidency, Chicago scandal, other issues

Former Kaduna State Governor Nasir El-Rufai has revealed that he and other political leaders were…
March 14, 2025

How leaders train themselves to rethink and adapt faster

Paola Cecchi-Dimeglio Recognizing the value of rethinking is one thing—making it a habit is another.…
March 01, 2025

Man offers to split $525,000 jackpot with thieves who stole his credit card to buy…

A Frenchman appealed to the homeless thieves who stole his credit card to buy a…
March 14, 2025

Gunmen invade Kaduna communities, abduct 10

Suspected bandits have abducted ten villagers from three remote communities in Kajuru Local Government Area…
March 16, 2025

Here’s the latest as Israel-Hamas war enters Day 527

Freed Israeli hostage speaks for the first time about his 505 days of surviving Hamas…
March 15, 2025

Humanoid robot with human-like competence unveiled in China

Du Qiongfang Humanoid robot manufacturer AgiBot in Shanghai unveiled on Tuesday its latest humanoid robot…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

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