Finance

The Economic and Financial Crime Commission is probing a former Kano State Governor, Rabiu Kwakwanso, over alleged N2.5bn pension fraud. Our correspondent gathered that Kwakwanso was invited and had been grilled by EFCC interrogators over the development. A source in the anti-graft agency familiar with the matter but had no authourisation to speak, said, “The […]

The Naira yesterday appreciated in the parallel market to N1,375 per dollar from N1,500 per dollar on Tuesday. But the Naira was depreciated to N1,339.33 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,329.65 per dollar from N1,173.88 per dollar […]

Nigeria’s e-commerce industry has been forecast to grow at a  compound annual growth rate (CAGR) of 11.82% to $14.92bn in 2029. The industry has been experiencing a boom in recent years, driven by factors like increasing internet penetration, smartphone adoption, and a growing young population. Edenlife, the food retail business of Nigerian home concierge startup, gave this forecast […]

The Federal High Court in Lagos, on Wednesday, ordered the interim forfeiture of $1,426,175.14 linked to former Governor of the Central Bank of Nigeria, Godwin Emefiele. Justice Ayokunle Faji directed the Economic and Financial Crimes Commission to publish the interim forfeiture order in a national newspaper. The judge said anyone interested in the funds must […]

The new minimum wage negotiation between the organised labour, organised private sector and Federal government took an interesting turn late midnight as the duo of FG and OPS made a new offer of N57,000 as the new minimum wage, while the organised labour reduced its initial figure from N500,000 to N497,000. Recall that the high-level meeting was stalled on Tuesday, following the absence of some […]

Hearing of an ex-parte motion for stay of proceedings filed by EFCC Chairman, Mr Ola Olukoyede, against contempt charge instituted by former Governor of Kogi, Alhaji Yahaya Bello, was on Monday stalled at the Court of Appeal, Abuja. The case, scheduled for yesterday, could not proceed due to a workshop organised by the appellate court. […]

Customers of eight commercial banks paid N119.3 billion as service charges for electronic business (e-biz) transactions in the first quarter of 2024 (Q1’24). This represents a 65 percent year-on-year (YoY) increase when compared with N72.22 billion the customers paid in Q1’23. The eight banks are Guaranty Trust Bank, GTB (N11.26  billion) , Zenith Bank (N19.9  billion), Access Bank […]

Financial experts have said there are concerns that the Central Bank of Nigeria (CBN) low net FX reserves and the defense of the naira sparked risk-off sentiments amongst foreign investors and limited inflows from Foreign Portfolio Investors (FPIs). Analysts at Cordros Security raised the point in its pre MPC notes ahead of the third meeting […]

The Central Bank of Nigeria has retracted its directive asking banks and payment service providers to collect and remit the cybersecurity levy as outlined in the Cybercrime Prevention and Prohibition Amendment Act of 2024. The apex bank announced this in a revised circular dated May 17, 2024. The circular, signed by the Director of Payment […]

The Securities and Exchange Commission, SEC, yesterday, disclosed that crypto exchanges have commenced delisting of the Naira from Peer-to-Peer (P2P) trading platforms. SEC had, last week in collaboration with the Office of the National Security Adviser (ONSA), directed digital currency operators to delist the Naira from their platforms as part of measures to protect the currency […]