BUSINESS
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...
Electricity Distribution Companies Announces Price Hike From July 1
Electricity Distribution Companies have stated that tariff will increase from July 1, 2023. In statements sent to respective consumers on Sunday night, the DisCos stated that the review was due to the fluctuation of the naira in the exchange rate market. This statements which were worded in similar fashion included that of Abuja DisCo, Eko DisCo and Ikeja Disco. “Effective July 1st...
I Prevented Nigeria From Sliding Into Economic Disaster — Tinubu
In his first New Year address to the nation, President Bola Tinubu, on Monday, said he took difficult steps at reforming Nigeria’s economy to avert a looming fiscal crisis He assured Nigerians that the harsh economic realities would not last long, as his reforms would yield the desired results in 2024. Upon assuming office in May 2023, the President announced the...
Let’s Be Patient With Tinubu, He Inherited “Almost Comatose” Administration — Abiodun
Governor Dapo Abiodun of Ogun State believes Nigerians should be patient with President Bola Tinubu’s government which, according to him, inherited an “almost comatose” administration. Tinubu came to power in May – taking over from Muhammadu Buhari of the same APC and quickly introduced economic reforms aimed at restoring public finances and attracting more foreign investment. His administration has ended...
DStv, GOtv Undergoing Upgrade, Not Hacked – MultiChoice
MultiChoice says claims circulating on social media that its entertainment platforms – DStv and GOtv- have been hacked was not true. A representative of the company who pleaded anonymity told The PUNCH (not ABN TV) on Sunday. It was gathered that the Pay-TV company was upgrading its system and had informed its subscribers via text messages last week. The company told its...
Tinubu Writes National Assembly, Wants 2024 Budget Increased By ₦6.2tn
President Bola Tinubu, on Wednesday, requested the Senate to amend the 2024 Appropriation Act and the 2023 Finance Act by increasing the budget with ₦6.2tn. Tinubu’s request was contained in a letter addressed to the President of the Senate, Godswill Akpabio, and read at plenary on Wednesday. The President in the letter, said the move was pursuant to Section 58, sub-section...
We’re Working Hard To Ensure Free Fall Of Naira Stops, Emefiele Vows
With an escalating demand for foreign exchange for both goods and services by Nigerians, the Central Bank of Nigeria (CBN) has assured that it would continue to make deliberate efforts in the foreign exchange sector to avert further downward slide in...
Presidency Disputes Adesina’s Claim On Nigeria’s GDP Per Capita
The Nigerian Presidency has pushed back against recent remarks by Dr. Akinwumi Adesina, outgoing President of the African Development Bank (AfDB), regarding the country's economic performance since independence. In a recent report, Adesina was quoted as saying that Nigerians are worse off now than in 1960, citing figures that placed Nigeria’s GDP per capita at $1,847 in 1960 compared to...
Oil prices Drop To Two-month Low As New COVID-19 Variant Emerges
The global oil prices fell to $77 per barrel, the lowest since September 2021 amid a new coronavirus variant and U.S. release of millions of barrels of oil from strategic reserves. Brent crude oil futures, the global benchmark, dropped by 5.63 per cent on Friday to $77.59 a barrel. U. S West Texas Intermediate (WTI) crude oil futures fell by 6.52 per cent to...
Hold Bank CEOs For New Naira Notes Scarcity, Buhari Tells Nigerians
President Muhammadu Buhari has indicted some banks’ Chief Executive Officers, and CEOs on the scarcity of the naira notes in circulation, accusing them of selfishness and inefficiency, saying that they have not done well in circulating the new notes. The President also urged Nigerians to give him seven days to resolve the cash crunch that has become a problem across...
