BUSINESS
CBN Makes U-turn, Withdraws Circular On Cybersecurity Levy
The Central Bank of Nigeria, CBN has withdrawn the circular directing banks and other financial institutions to implement the 0.5 per cent cybersecurity levy. The withdrawal of the circular was announced via a statement signed by Haruna Mustafa, Director, of Financial Policy and Regulation, Department, and Chibuzo Efobi, Director, of the Payment System Management Department. The circular stated: “The Central Bank...
From June, There Won’t Be Any Need To Import A Litre Of Fuel Into Nigeria — Dangote
The Chairman of the Dangote Group, Aliko Dangote, has said that with the plan the Dangote Refinery has in place, Nigeria will not need to import premium motor spirit (PMS) by next month. Dangote said that the refinery, which has already started supplying diesel and aviation fuel in Nigeria, has the capacity to meet the diesel and petrol needs of...
Court Declines Binance Executive’s Bail Application, Cites Flight Risk
Federal High Court sitting in Abuja has dismissed a bail application filed by the detained Executive of Binance Holdings Limited, Tigran Gambaryan, saying he could be a flight risk. The court presided over just Justice Emeka Nwite held that Gambaryan is likely to jump bail if bail is granted to him. Another executive, Nadeem Anjarwalla, a British-Kenyan who is a regional...
Emirates Fixes Date For Flights Resumption
Emirates will resume services to Nigeria from 1 October 2024, operating a daily service between Lagos and Dubai, the airline announced on Thursday. This is coming over two years after the airline suspended flights to Nigeria over inability to repatriate fund from its ticket sales in Nigeria. The UAE carrier was being owed over $85 million at the time it was...
Israeli Ambassador Hails Quality Leadership In Abia Under Otti
The Abia State Government has expressed a strong desire to partner with the nation of Israel in developing its economic and technological potential, with specific reference to human capital, agriculture, digital economy and micro small and medium enterprise (MSME). Governor, Dr. Alex Otti, made this known on Tuesday when the Israeli Ambassador to Nigeria, His Excellency Michael Freeman, paid him...
N48,000 Minimum Wage Proposed By FG Ridiculous — Labour
Organised labour has rejected the N48,000 proposed by the federal government as minimum wage for public service workers. The government’s position was presented to labour at the resumed tripartite committee meeting on Wednesday, May 15. In protest, the Nigeria Labour Congress (NLC) and Trade Union Congress of Nigeria (TUC) walked out of the meeting which was held virtually. A labour leader, who...
NLC Shuts Down Jos DisCo Over Tariff Increase
The Nigerian Labour Congress (NLC) has shut down the headquarters of Jos Electricity Distribution Company (JEDC) in Plateau State over electricity tariff hike. Our correspondent reports that the labour union has blocked the main gate of the company, leaving the staff of the DisCo stranded outside the main building. Security operatives including the police, Department of State services (DSS) and Nigerian...
With Introduction Of CNG Buses, Nigerians Will Pay Less On Transportation — FG
The federal government has said the introduction of Compressed Natural Gas (CNG) buses under the Presidential CNG Initiative (PCNGi) will lead to a substantial reduction in transportation costs, ultimately helping to curb inflation. The Finance Minister and Coordinating Minister of the Economy, Olawale Edun, stated this during a visit to the JET Motor Company (JET) Assembly Plant in Lagos, where...
We’ve Received N3.911bn In Oil Derivation — Lagos State Govt
The Lagos State Government has disclosed that the sum of N3.911bn has been realised since it became an oil-producing state but the production has been hampered due to challenges faced by the company managing its exploration. The state’s Commissioner for Energy and Mineral Resources, Biodun Ogunleye, made this known on Wednesday at the 2024 Ministerial Press Briefing to mark the...
Police To Clamp Down On Unregistered PoS Operators In Nigeria
The Federal Government has said mandatory registration of Point-of-Sales (PoS) operators nationwide will reduce kidnapping and help security agencies arrest recipients of ransom payments from kidnap victims. It also vowed that security agencies would go after PoS operators who fail to comply with the directive to register with the Corporate Affairs Commission after July 7, 2024. The Registrar-General, CAC, Hussaini Magaji,...
