Central Bank of Nigeria revokes ban on cryptocurrencies

BusinessNewsNigeriaCentral Bank of Nigeria revokes ban on cryptocurrencies

By Ezinwanne Onwuka (Senior Reporter)December 24, 2023

After prohibiting transactions in cryptocurrencies across Nigeria on 5 February 2021, the Central Bank of Nigeria, CBN, has now reversed that ban and taken a positive posture towards digital assets, issuing new guidelines to financial institutions for crypto trading. When the unpopular policy was put in place in February 2021 to address money laundering and terrorism financing, many Nigerian companies had to go under the radar, either relocating abroad or shutting down business completely. Nigeria’s...

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Tinubu vows to better Nigeria’s business environment as more foreign companies plan exit

BusinessNewsNigeriaPoliticsTinubu vows to better Nigeria’s business environment as more foreign companies plan exit

By Ezinwanne Onwuka (Senior Reporter)December 19, 2023

President Bola Tinubu has remained unrelenting in his efforts to attract huge foreign investments to Nigeria as he promises to improve the investment climate in the country. “We are committed to removing all cobwebs and anti-investment impediments in the oil and gas industry,” said the President on Monday when he hosted the group chairman and CEO of Total Energies Worldwide, Patrick Pouyanne. Nigeria is witnessing an economic depression caused by Tinubu’s economic policies that has...

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Jumia shuts down food delivery business in Nigeria, six other countries

BusinessNewsNigeriaJumia shuts down food delivery business in Nigeria, six other countries

By Ezinwanne Onwuka (Senior Reporter)December 15, 2023

Jumia’s food delivery services, Jumia Food, will cease operations in Nigeria, Kenya, Uganda, Morocco, Tunisia, Algeria, and Ivory Coast by 31 December 2023. The Chief Executive Officer of Jumia, Francis Dufay said the current market conditions and economic climate in the affected countries make the food delivery business unprofitable. “The economics are tough in this market because the costs are very high and there is plenty of competition so there is downward pressure on the...

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2024 Budget: Fmr. DG VON Cautions Enugu Governor On Majorly Relying On Taxation

BusinessNewsNigeria2024 Budget: Fmr. DG VON Cautions Enugu Governor On Majorly Relying On Taxation

Ije Ulasi (Regional Correspondent)December 11, 2023

Mr. Osita Okechukwu, a chieftain of the All Progressives Congress (APC) and a former Director General of the Voice of Nigeria (VON) strongly disagrees with the Enugu State administration’s plans to raise the majority of funds for the 2024 budget via internally generated revenue. The APC chieftain described the move as squeezing water out of stone; the people are already enduring economic hardship and suffering and extreme taxation would deepen the hardship. Okechukwu stated this...

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CBN to freeze bank accounts without BVN and NIN from March 2024

BusinessNewsNigeriaCBN to freeze bank accounts without BVN and NIN from March 2024

By Ezinwanne Onwuka (Senior Reporter)December 4, 2023

The Central Bank of Nigeria, CBN, plans to clamp down on bank accounts with no bank verification number, BVN, and national identification number, NIN, in 2024. In a memo made available to the press last Friday, the CBN said all existing bank accounts without a linked BVN and NIN will no longer receive funds, and make withdrawals and transfers starting 1 March 2024. However, the apex bank directed that all unfunded accounts be placed on...

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Labour readiness: ITF Trains 6,670 youths, women in 2023

BusinessEducationNewsNigeriaLabour readiness: ITF Trains 6,670 youths, women in 2023

By Uzoamaka Ikezue (Staff Reporter)November 30, 2023

The Industrial Training Fund (ITF) has disclosed it trained and equipped about 6,670 youths and women in various skills across Nigeria in 2023. Director General of ITF, Dr. Afiz Oluwatoyin Ogun disclosed this on Thursday at the graduation ceremony and distribution of start-up packs to beneficiaries of the 2023 National Industrial Skills Development Programmes (NISDP) in Abuja. Ogun who was represented by Olasupo James Abimbola, Director of Technical Vocational Skills Training Development Department in ITF,...

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The Delborough, a New World Class Luxury Hotel Opens in Lagos

BusinessNewsNigeriaThe Delborough, a New World Class Luxury Hotel Opens in Lagos

Ebuka Onyekwelu (Staff Writer)November 29, 2023

A new world-class luxury hotel, favorably comparable to the best of hotels in advanced cities of the developed world, has opened in Lagos, Nigeria’s economic capital. The hotel, a blend of excellent craft and the best combination of human and material resources in the known world is an elaborate manifestation of human excellence. The building construction executed by Kasso Engineering, a Turkish construction firm that for over 45 years has consistently delivered world-class construction works...

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Supreme Court: Old Naira notes won’t expire on 31 December

BusinessNewsNigeriaSupreme Court: Old Naira notes won’t expire on 31 December

By Ezinwanne Onwuka (Senior Reporter)November 29, 2023

…CBN order banks to issue, accept old and new notes. The old N200, N500 and N1000 banknotes will continue to be in use beyond 31 December 2023, the Supreme Court in Abuja ruled on Wednesday. The court overruled an earlier order it gave in March that pegged the deadline for the validity of the old naira notes by the end of the year. The court’s judgement was in favour of the federal government who, last...

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Wema Bank emerges overall winner for second time at Nigeria bankers’ games

BusinessNewsNigeriaWema Bank emerges overall winner for second time at Nigeria bankers’ games

By Ezinwanne Onwuka (Senior Reporter)November 25, 2023

The Wema Bank has emerged winner of the Nigerian Bankers Games (NBG) 2023, maintaining the winning streak for the second year. According to a report made available to journalists, the grand finale of the annual sporting event, held at the University of Lagos Sports Center, saw the defending champions defeating other competing banks to emerge the overall winner. The games kicked off on the 21st of October, and on the journey to the finals, Wema...

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President Tinubu woos German investors at G20 Summit

BusinessEconomyNewsNigeriaPresident Tinubu woos German investors at G20 Summit

By Ezinwanne Onwuka (Senior Reporter)November 22, 2023

President Bola Tinubu, on Monday, enthusiastically marketed Nigerians to the international community at the G20 Compact with Africa summit taking place in Berlin. According to the President, beyond the abundant natural resources in the country, Nigeria’s young population makes it an attractive investment destination. “We are eager and ready to partner with you,” President Tinubu said at a panel discussion titled, “Fostering Local Value Chains and Investments in Africa – The Role of the German...

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