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The leadership of the All Farmers Association of Nigeria (AFAN), on Tuesday, dissociated itself from a notice asking its members to apply for loans and to make certain payments into a commercial bank account. AFAN President, Dr Farouk Rabiu-Mudi in a statement said it had no such plan at the moment and had nothing to do with the notice. Rabiu-Mudi described the notice as a fake one designed by frauds to rob innocent and unsuspecting members of the...

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The Oyo State Government has banned the use of Styrofoam for food packaging, storage, and other related usage in the state. The ban was announced during the Food Safety Stakeholders Forum at the government secretariat, Agodi, Ibadan. Oluwaserimi Ajetunmobi, State Commissioner for Health said the inaugurated Food Safety Compliance Enforcement Task Force will enforce the ban. The ban comes a few months after the product was banned in Lagos State, citing environmental nuisance and drainage...

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Prices of staple foods in Nigeria have witnessed a sharp increase in recent weeks including cassava flakes (garri), which recorded a more than 50 percent increase in the Enugu metropolis due to economic hardship in the country. Reports from the market show that the current price of a bag of the produce is N29,000 as against N18,500 sold in January while a cup of garri, which was N120 in January, now sells for N150 while a...

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The House of Representatives has resolved to investigate the national security implications of the current status of Cryptocurrency, blockchain, and other digital asset transactions. This followed the adoption of a motion by Rep. Isiaka Ibrahim (APC-Ogun), during plenary in Abuja, saying these exchanges enable money laundering by criminals and terrorists for their illicit activities. Moving the motion, Isiaka expressed concerns about the national security implications of cryptocurrency transactions through cryptocurrency exchanges including consumer and investor security....

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The House of Representatives Committee on Financial Crimes is on the verge of calling for the arrest of Binance’s CEO, Richard Teng and other senior executives, over allegations of terrorist financing, money laundering, and tax evasion. Binance, the world’s largest cryptocurrency company, has been flagged by the Central Bank of Nigeria, CBN, for its alleged illicit activities. The CBN says Binance manipulated foreign exchange rates through currency speculation and rate-fixing, which have seen the naira...

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Due to their inability to link their National Identification Numbers (NINs) and Bank Verification Numbers (BVNs) to their accounts, it is estimated that no fewer than 85.51 million bank customers may not be able to withdraw from their bank accounts by March 1, 2024. On December 1, 2023, the Central Bank of Nigeria CBN declared that any bank accounts lacking NIN and a BVN will be designated as ‘Post no Debit,’ and had asked banks...

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Two top executives at Binance, the world’s largest cryptocurrency trading platform, have been detained in Nigeria, Financial Times reported on Wednesday. Citing people familiar with the matter, the report says the executives flew into Nigeria following the government’s decision to ban several crypto platforms but were detained by the National Security Adviser, Nuhu Ribadu with their passports seized. With the naira’s continuous devaluation against the dollar and other foreign currencies, the Nigerian government is going...

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The Central Bank of Nigeria, CBN, has raised its benchmark lending rate to 22.75 per cent as a proactive measure to control inflation. Olayemi Cardoso, the CBN governor, announced this on Tuesday at the end of the bank’s Monetary Policy Committee (MPC) meeting that began Monday. The new rate is 400 basis points from the previous rate of 18.75 per cent, maintained since the MPC’s last convening on July 24 and 25, 2023. “Previous policy...

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The International Monetary Fund, IMF, has praised President Bola Tinubu for embarking on reforms ex-Presidents Muhammadu Buhari, Goodluck Jonathan and Olusegun Obasanjo “shied away from.” According to the IMF, “The new administration has made a strong start, tackling deep-rooted structural issues in challenging circumstances. Immediately, it adopted two policy reforms that its predecessors had shied away from: fuel subsidy removal and the unification of the official exchange rates.” But the global financial institution admitted that...

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Former Deputy Governor of Osun state, Mr Benedict Alabi says he embarked on abattoir and farm investment to help in producing premium and hygienic meat for public consumption. Alabi who served as deputy governor of Osun from 2018 to 2022, during former Gov. Adegboyega Oyetola’s tenure disclosed this in an interview on Friday in Osogbo. “Kire Modernized Abattoir was unique in supplying hygienic meat to hotels, multinational catering clients, distributors, and direct sales via personal...

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