Flutterwave denies viral report of hackers stealing N2.9bn from company’s accounts

BusinessNewsNigeriaFlutterwave denies viral report of hackers stealing N2.9bn from company’s accounts

By Ezinwanne Onwuka (Senior Reporter)March 6, 2023

Nigerian fintech company Flutterwave has debunked claims of losing N2.9 billion to hackers, assuring customers that there was no security breach in its systems. According to a report by Techpoint Africa and corroborated by some media outlets on Sunday, hackers made away with the sum of N2,949,557,867 from the company’s accounts, adding that the funds were illegally transferred into 28 accounts with different commercial banks in Nigeria. The report further said while a police investigation...

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Lawyers say the Supreme Court ruling on old notes best for Nigeria

BusinessNewsNigeriaLawyers say the Supreme Court ruling on old notes best for Nigeria

By Uzoamaka Ikezue (Staff Reporter)March 5, 2023

With regard to the cashless policy of the Central Bank of Nigeria (CBN), two Lagos based lawyers and an economist have said that obeying the Supreme Court ruling is the best way to go for the nation. Emeka Iheonu, a Lagos based lawyer and Alaowei Ebikonbowei Cleric, a human rights lawyer as well as a former World Bank/International Monetary Fund (World Bank/IMF) expert have hailed the court’s ruling, and stressed that as the highest court...

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Buhari’s Unforced Error

BlogColumnsEconomyMoneyNigeriaOpinionBuhari’s Unforced Error

PilotnewsFebruary 18, 2023

A poorly thought out and poorly timed monetary policy sends Nigeria into a tailspin.   Even for an administration notorious for its capricious decision-making, the outgoing Buhari government’s decision to implement a complex currency-swap policy on the eve of a national election has been something of a head-scratcher. To say that the policy is proving very costly is to put it mildly. While both President Muhammadu Buhari and Central Bank of Nigeria (CBN) Governor Godwin Emefiele remain...

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CBN criminalises selling of Naira notes

BusinessNewsNigeriaPoliticsCBN criminalises selling of Naira notes

By Ezinwanne Onwuka (Senior Reporter)February 12, 2023

The Central Bank of Nigeria (CBN), says selling the naira notes constitutes an abuse of the nation’s legal tender. The West African Pilot News reports that amid the ongoing cash scarcity, many Nigerians have resorted to selling the redesigned naira notes at an exorbitant amount. In a tweet accompanied by a flier on Friday, the apex bank also listed other forms of naira abuse, including selling, money bouquets, and defacing. The CBN urged Nigerians to...

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Census: FG Awards Over N85bn Contract To Zinox Technologies

BusinessNewsNigeriaCensus: FG Awards Over N85bn Contract To Zinox Technologies

By Uzoamaka Ikezue (Staff Reporter)February 7, 2023

National Population Commission (NPC) an agency of the Federal Government has signed a landmark deal with Nigeria’s leading integrated technology brand, Zinox, for the supply of tech components and other accessories for the 2023 national census project. The contract, worth over N85bn, was recently awarded to Zinox after ratification by the Federal Executive Council (FEC).Zinox, which has already commenced supply of the first batch of about 100,000 units of the Personal Digital Assistants (PDAs) devices...

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Old naira notes: court bars CBN, Buhari from extending deadline

BusinessLaw & JusticeNewsNigeriaOld naira notes: court bars CBN, Buhari from extending deadline

By Uzoamaka Ikezue (Staff Reporter)February 7, 2023

…As political party chairmen secure order barring a move to shift cash policy An Abuja Federal  High Court has restrained  President Muhammadu Buhari, the Central Bank of Nigeria (CBN), the Governor of the CBN, Godwin Emefiele, and twenty-seven listed commercial banks from suspending, stopping, extending, or interfering with the currency redesign terminal date of February 10th or issue any directive contrary to the February 10 date. In a Motion by five out of the eighteen...

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Naira scarcity: POS operators in heavy profits, device means to source cash

BusinessMoneyNewsNigeriaNaira scarcity: POS operators in heavy profits, device means to source cash

PilotnewsFebruary 7, 2023

As both the new and old naira notes remain scarce around the country, operators of Point of Sale, popularly known as POS have become the new lords in Anambra State. This is because, while many people queue endlessly before bank Automated Teller Machines (ATM), and even fight themselves, even with no hope of getting cash, POS operators disburse cash to their customers effortlessly, so long as they agree to their charges. Before the redesigning of...

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Currency Swap: Buhari Expresses Concern As Nigerians Queue in Banks, Finance Minister Reveals

EconomyMoneyNewsNigeriaCurrency Swap: Buhari Expresses Concern As Nigerians Queue in Banks, Finance Minister Reveals

By Uzoamaka Ikezue (Staff Reporter)February 2, 2023

Hajia Zaniab Ahmed, the Minister of Finance, Budget, and National Planning, has revealed that  President, Muhammadu Buhari is concerned about the pain Nigerians are going through in accessing the redesigned naira notes. Ahmed disclosed this on Thursday when she was featured at the 65th State House briefing organized by the Presidential Media Team and likened the current situation experienced by Nigerians to a patient having a wound or deep sore, but must submit to excruciating...

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Protest Hits Enugu As Residents Cry Against Cost Of Livelihood

EconomyLocal GovernmentNewsNigeriaProtest Hits Enugu As Residents Cry Against Cost Of Livelihood

Ije Ulasi (Regional Correspondent)February 2, 2023

Despite the billions of new naira notes purportedly printed by the Central Bank of Nigeria and the diverse channels the apex bank listed for the dispense of the naira, the transition to its usage is causing untold hardship to the masses. Long queues at banks and filling stations have become the new normal hence the outrageous hike in food items and other commodities. The pressure is too much and if not strategically arrested can lead...

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CBN deadline: Okada rider announces new mode of receiving payment

BusinessNewsNigeriaCBN deadline: Okada rider announces new mode of receiving payment

By Ezinwanne Onwuka (Senior Reporter)February 1, 2023

With eight days left for the old N200, N500, and N1000 notes to cease to be legal tender, a commercial motorcyclist has notified the public that he would no longer accept the old notes in a funny way. In a video shared by Instablog, the okada rider was captured with a paper glued to his T-Shirt, which contains information about his new method of receiving payment for his services. “New notes or transfer”, the inscription...

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