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 Bloombergās 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 youāre looking to dive into entrepreneurship, youāre 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 youāre 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 Nigeriaās cyber security infrastructure. The Act…
More controversy has emerged in the execution of a sale-purchase deal on premium motor spirit, otherwise known as petrol, between the Nigerian National Petroleum Company Limited, NNPCL, and Dangote Refinery. Findings by Vanguard yesterday indicated that while the NNPCL believes Dangote cannot supply an adequate quantity of the product, Dangote told Vanguard it had already…
The cryptocurrency trading platform Binance has outlined two conditions that must be met before it can consider registering under Nigeriaās Securities and Exchange Commissionās (SEC) special framework program for onboarding Virtual Assets Service Providers (VASPs), including crypto platforms. Binanceās position is in response to the regulatory frameworks set out for cryptocurrency platforms by Nigeriaās regulatory…
The Central Bank of Nigeria (CBN) plans to expand the use of its digital currency, eNaira, to facilitate payments into government accounts and allow Ministries, Departments, and Agencies (MDAs) to initiate vendor and beneficiary payments. This is according to the CBNās newly released Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025…
The Central Bank of Nigeria (CBN) has confirmed that it will sustain its Ways and Means Advances to the federal government at a 5 per cent limit for the fiscal years 2024-2025. The latest development is contrary to a bill passed by the National Assembly which raised the maximum borrowing percentage in the Act from…
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised concerns over the pricing of petrol from the Dangote Refinery, urging the Nigerian National Petroleum Company Limited to ensure it is not sold at a higher price than imported fuel. IPMAN argues that such a disparity would be counterproductive to the nationās drive for energy…
The Nigeria National Petroleum Company Limited has released another version of the breakdown of the estimated price of petrol bought from the Dangote refinery. GISTSMATE MEDIA earlier reported that in a statement on Monday morning, the NNPC gave a chart breakdown of the refined petrol product it bought from the refinery on Sunday, September 15….