In a high-stakes courtroom drama, one of the top executives from Binance, the world’s largest cryptocurrency exchange, stood before an Abuja court to confront serious allegations. Tigran Gambaryan, Binance’s head of financial crime compliance, faced charges of tax evasion and money laundering alongside his colleague, Nadeem Anjarwalla, the regional manager for Africa. The Economic and Read More…
Tag: Nigeria
Nigeria to cut electricity subsidies for high-end consumers, sparking fresh inflation concerns
Nigeria plans to axe electricity subsidies for a select group of consumers in a bid to rein in ballooning public finances, the presidency announced on Tuesday. This move follows a series of reforms undertaken by President Bola Tinubu aimed at stimulating economic growth. “With the huge subsidy burden and high cost of gas … the Read More…
Nigeria’s “Golden Bone” triumphs in MMA showdown on home soil
In a thrilling showcase of skill and determination, Nigeria’s Cpl Juliet Ukah, hailed as the country’s female fighting sensation, showcased her prowess in Mixed Martial Arts (MMA) by securing a decisive victory over Eunice Akello of Uganda. This triumph marked Ukah’s continued dominance in the MMA arena, extending her unbeaten streak on Nigerian soil. Ukah, Read More…
Nigerian Swimmer Akinrodoye Dare triumphs: Conquering the Third Mainland Bridge
A Remarkable Feat for Mental Health Awareness Akinrodoye Dare, known as Coach Dreh, etched his name in history by completing an extraordinary swim across the Third Mainland Bridge in Lagos. In a daring feat that lasted two hours and 33 minutes, he covered the entire 11.8-kilometre length of the bridge, defying all odds and raising awareness about mental health, suicide, Read More…
Mixed trade picture for Nigeria: Export prices rise, import costs climb
Nigeria’s trade picture for Q4 2023 shows a mixed bag, according to the National Bureau of Statistics (NBS) report on Commodity Price Indices and Terms of Trade. While export prices edged up, import costs rose at a faster pace, leading to a slight decline in the overall terms of trade. “The All-commodity group export price Read More…
Central Bank of Nigeria raises minimum capital requirements for banks to ₦500bn
In a significant move, the Central Bank of Nigeria (CBN) has introduced new minimum capital requirements for banks, aiming to bolster their financial stability and enhance their capacity to support the Nigerian economy. Here are the key details: New Capital Thresholds: Implementation Timeline: Strategies for Compliance: The CBN encourages banks to explore various avenues to Read More…
Lagos tops Nigerian states in debt as national public debt reaches N97.34 trillion
The National Bureau of Statistics (NBS) has released a concerning report on Nigeria’s public debt stock, which has surged to N97.34 trillion ($108.23 billion) in the fourth quarter of 2023. This represents a 10.73% increase from the previous quarter, with Lagos State leading the charge in both domestic and external debts. The NBS report indicates Read More…
Murder for Hire
I believe that every man and woman is entitled to subscribe to whatever religion they fancy. I believe that religion is designed primarily to draw God’s creatures to Him. As someone privileged to have a rich admixture of Muslims, Christians and Ifa devotees within the extended family, I have come to realise that religious bigotry Read More…
Naira hits new record low amid dollar truggle
Despite Central Bank efforts, currency plunges below parallel market rates In a disconcerting turn of events, Nigeria’s naira has plummeted to a new record low during intraday trading on Thursday, as reported by FMDQ Exchange data. This decline occurred despite the central bank’s vigorous efforts to stabilize the currency by selling dollars and infusing liquidity Read More…
Nigeria braces for double-barrelled rate hike to tame inflation, boost Naira
Brace yourselves, Nigerians! The nation stands on the cusp of two potentially aggressive interest rate hikes in quick succession, a Reuters poll revealed on Friday. This bold move aims to curb soaring inflation and bolster the battered naira currency. After a two-meeting hiatus, the Central Bank of Nigeria (CBN) is poised to hold its first Read More…