Efforts to save the Naira deepens as Government detains 2 Binance executives

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...

CBN raises interest rate to 22.75% to tame inflation

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...

IMF advises Tinubu to scrap electricity subsidy amidst economic crisis

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...

Former Deputy Governor Embraces Abattoir Business

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...

Mining Sector: FG states commitment to recover unpaid royalties, taxes

…Deepens collaboration with RMAFC to curb revenue leakages The Federal Government has stated commitment to recover unpaid royalties and taxes in the mining sector. According to the Ministry of Solid Minerals Development and the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has resolved to strengthen collaboration to block revenue leakages in the sector. Speaking while welcoming the RMAFC chairman, Mohammed Bello, and his team to his office recently, the Minister of Solid Minerals Development, Dr....

Skill Development Form Part Of Student-Loan Programme -Tinubu

The Management of the Nigerian Education Loan Fund (NELFUND) has been directed to expand its focus area by extending interest-free loans to Nigerian students interested in skill-development programmes. President Bola Tinubu gave the directive at the State House on Monday after a briefing from Mr. Akintunde Sawyerr, Executive Secretary of NELFUND, on the build-up to the launch of the programme later in the month. In a statement released by the Special Adviser to the President...

Anambra Investment Summit now an annual event, organizers confirm

Mr. Mark Okoye, the Managing Director – MD of Anambra State Investment Promotion and Protection Agency – ANSIPPA, has said that the Anambra State Investment Summit whose maiden edition was held in September 2023, will now be an annual event and would therefore be held in 2024. Speaking during the Agency’s interface with select media practitioners entitled, “Partnerships, progress, and prospects”, Mark Okoye said that “there are plans for Anambra State Investment Submit in 2024”....

Dangote Refinery Commences Production Of Diesel, Aviation Fuel  

The Dangote Petroleum Refinery has so far received six million barrels of crude oil at its two SPMs located 25 kilometers from the shore and has commenced production of diesel and aviation fuel. The Refinery can load 2,900 trucks a day at its truck-loading gantries. The products from the Refinery will conform to Euro V specifications. The first crude delivery was done on December 12, 2023, and the 6th cargo was delivered on January 8,...

FG to launch massive consumer credit system

The Federal Government has put plans in place to launch a massive consumer credit system as the New Year begins with a positive outlook. The Senior Special Assistant to the President on Media & Publicity, Temitope Ajayi on Wednesday said that Nigerians can look forward to a great and economically rewarding year as the government launches the consumer credit system. He stressed that while seeking the mandate of Nigerians during the last electioneering season, President Bola...

Naira will record more slumps against the US dollar in 2024: Bloomberg

Nigeria’s local currency, the naira is one of the world’s worst-performing currencies, after the Lebanese pound and the Argentine peso, Bloomberg said in a report on Friday. The report corroborates an earlier report by the World Bank that noted that the currency weakened by nearly 40 per cent against the US dollar in 2023. Bloomberg said the naira weakened by 55 per cent against the USD this year. With the naira–USD exchange rate at N1,043...

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