The Federal Government is set to deliver up to 400,000 barrels of Nigerian crude oil daily to the Dangote refinery under its naira-for-crude agreement, a report by Bloomberg stated on Monday. It said this significant development is expected to take place over the next two months, amounting to 24 million barrels of Nigerian supply between…
Michael Eja, the Director General of the Cross River State Lottery and Gaming Agency, has revealed that approximately 60 million Nigerians engage in gambling daily. Eja made this known during the launch of a new sports betting platform, Woskybet, in Abuja on Friday, emphasising the booming nature of the gambling industry in Nigeria, which is…
Despite the economic hardship being experienced by majority of Nigerians, banks’ vaults are bustling with customer deposits. The latest report of the Central Bank of Nigeria, CBN, on money and credit situation in the country shows that banks’ demand deposits in the first nine months of this year rose by 16.5 percent to N31.08 trillion…
Changpeng Zhao, the founder of Binance and a key figure in the global cryptocurrency industry, has been released. He was released from a California correctional facility after serving a four-month sentence for failing to enforce anti-money laundering protocols on his exchange. The 47-year-old, widely known as “CZ,” returned to the US from Dubai earlier this…
Oil marketers are seeking to deal directly with the Dangote Petroleum Refinery instead of buying the company’s Premium Motor Spirit, popularly called petrol, from the Nigerian National Petroleum Company Limited. Dealers under the aegis of the Independent Petroleum Marketers Association of Nigeria and the Petroleum Products Retail Outlets Owners Association of Nigeria said they had…
The Governor of the Central Bank of Nigeria, Yemi Cardoso, says lifting of petroleum products from the Dangote Refinery will moderate foreign exchange demand pressures. Cardoso who said this on Tuesday in Abuja, while presenting a communique from the apex bank’s 297th Monetary Policy Committee meeting, said that it would also moderate transportation cost,…
The Central Bank of Nigeria (CBN) has announced a 50 basis point increase in the Monetary Policy Rate (MPR), bringing it from 26.75% to 27.25%. This decision was made during the Monetary Policy Committee (MPC) meeting held earlier on Tuesday and chaired by the CBN Governor, Olayemi Cardoso, as part of efforts to address…
President and Chief Executive of Dangote Group, Aliko Dangote, has expressed regrets for not buying Premier League Club, Arsenal FC when he had the chance. Dangote made his regrets known in an interview with Bloomberg’s Francine Lacqua in New York. He recounted that in 2020, he made known his intention to go for the North…
Lagos is the city where hustle meets opportunity. And if you’re looking to dive into entrepreneurship, you’re in the right place. With its bustling population, thriving economy, and endless energy, Lagos offers some of the best chances to turn your business dreams into reality. Whether you’re a fresh entrepreneur or looking to expand your ventures,…
The Central Bank of Nigeria (CBN) has confirmed it will continue enforcing the contentious cybercrime levy of 0.005% on all electronic transactions as part of its updated guidelines for the 2024-2025 fiscal year. The cybercrime levy, introduced under the Cybercrime (Prohibition, Prevention, etc.) Act of 2015, aims to bolster Nigeria’s cyber security infrastructure. The Act…