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Business Currency

All Naira banknotes valid for transactions – CBN

In response to cash scarcity concerns and public anxiety about the legitimacy of old Naira banknotes, the Central Bank of Nigeria (CBN) asserts that every banknote issued by them remains legal tender. The CBN, through Section 20(5) of the CBN Act, 2007, emphasises that all denominations of their banknotes should not be rejected. CBN branches Read More…

Crime Financial Crimes News Nigeria

Emefiele granted bail by court

In a significant legal development, the embattled former Central Bank Governor, Godwin Emefiele, has been granted bail by the Federal Capital Territory High Court. Justice Olukayode Adeniyi made this ruling based on Emefiele’s application for the enhancement of his fundamental rights. Justice Adeniyi, in his ruling, expressed concern over the prolonged detention of Emefiele, stating, Read More…

Nigeria Population Top Story

Nigeria launches National Geospatial Data Repository and CRVS System for accurate population figures

In a significant stride towards precision in demographic data, President Bola Tinubu has inaugurated the National Geospatial Data Repository and Civil Registration and Vital Statistics System (CRVS) in Nigeria. The system aims to revolutionise the collection, processing, and management of vital statistics, providing real-time and accurate population figures. President Tinubu emphasised the importance of the Read More…

Infrastructure Metro

Emergency repairs of Third Mainland Bridge flagged off with over N21 billion costs

The Ministry of Works, in collaboration with the Lagos State government, initiated the Emergency Repairs of the Third Mainland Bridge on Wednesday. During the flag-off ceremony, Minister of Works, Mr. David Umahi, and Deputy Governor of Lagos, Dr. Obafemi Hamzat, announced that the emergency rehabilitation would incur a cost of over N21.074 billion. The sum Read More…

Business Legal Retailing

Court restrains Shoprite malls’ owners from selling assets in Nigeria

A Federal Capital Territory (FCT) High Court has issued an interim order restraining South African company Novare and its subsidiaries, owners of retail malls including Shoprite malls in Nigeria, from selling their assets in the country. The order was granted by Justice Peter Kekemeke following an ex-parte motion filed by the Nigerian partners of Novare Read More…

Business Trade

AfDB President: $15.5 billion investment interest secured for Abidjan-Lagos highway corridor

Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), announced that the Abidjan-Lagos highway corridor has attracted investment interest amounting to $15.5 billion. Adesina made this announcement during the 2023 Africa Investment Forum (AIF) Market Days in Marrakech, Morocco, themed “Unlocking Africa’s Value Chains.” Adesina emphasised the transformative potential of the corridor, stating that Read More…

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Diplomatic Relations Nigeria

President Bola Tinubu to attend Saudi-Africa Summit, emphasise Nigeria’s commitment

President Bola Tinubu is set to embark on a journey to Riyadh, Saudi Arabia, on Thursday to participate in the inaugural Saudi-Africa Summit. This was revealed by Presidential spokesman Ajuri Ngelale in a statement issued on Wednesday in Abuja, indicating that the summit is scheduled to take place in Riyadh on Friday. Ngelale highlighted that Read More…

Nigeria Police

IGP Kayode Egbetokun orders posting and redeployment of senior police officers

In a recent development, the Inspector-General of Police (IGP), Mr Kayode Egbetokun, has issued directives for the posting and redeployment of key police personnel. The Force Public Relations Officer, ACP Olumuyiwa Adejobi, confirmed this significant move, stating that it aligns with the Force’s commitment to fostering a professionally competent, service-driven, rule-of-law-compliant, and people-friendly police force. Read More…

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Business Circular Economy

Sanwo-Olu, private sector advocate collaborative ESG integration for circular economy

In a private sector ESG forum in Lagos themed “Is the Private Sector Accountable: A case for sustainable practices?”, Governor Babajide Sanwo-Olu and private sector stakeholders underscored the imperative of collaboration to integrate Environmental, Social, and Governance (ESG) principles into manufacturing operations, thereby driving the circular economy. Represented by his Special Adviser on Sustainable Development Read More…

Business Industry Manufacturing News

Stakeholders advocate increased local production to strengthen Naira amid volatility

As the Naira grapples with ongoing volatility, stakeholders are urging a boost in local production of goods and services as a key strategy to fortify the currency. The News Agency of Nigeria (NAN) highlights the recent breach of the N1,000 to the dollar threshold at the parallel market, coupled with significant weakening at the official Read More…