CBN Eases Forex Repatriation Restrictions for International Oil Firms
The Central Bank of Nigeria (CBN) has announced a relaxation of its previous restrictions on the repatriation of foreign exchange proceeds by international oil companies (IOCs) operating in the country. In a circular dated May 6, 2024, signed by Hassan Mahmud, the Director of the Trade and Exchange Department, the CBN disclosed that oil firms […]
CBN Directs Banks to Implement 0.5% Cybersecurity Levy on Transactions
The Central Bank of Nigeria (CBN) has issued a directive instructing deposit money banks (DMBs) and other financial institutions in the country to commence the implementation of a 0.5% cybersecurity levy on electronic transactions. In a circular dated May 6, 2024, addressed to all commercial, merchant, non-interest, and payment service banks, as well as mobile […]
VP Shettima’s Faulty Aircraft Forces Change in Plans for US-Africa Business Summit
Vice President Kashim Shettima, initially slated to represent President Bola Tinubu at the 2024 US-Africa Business Summit hosted by the Corporate Council on Africa, faced an unexpected detour due to a technical fault with his aircraft. Scheduled to convene from May 6 to May 9, 2024, the high-profile summit at the Kay Bailey Hutchison Convention […]
VP Shettima Heads to US for 2024 US-Africa Business Summit
Vice President Kashim Shettima has embarked on a diplomatic mission to Dallas, United States of America, to represent President Bola Tinubu at the 2024 US-Africa Business Summit hosted by the Corporate Council on Africa. The summit, a premier event for fostering economic partnerships between Africa and the United States, will see the participation of political […]
Nigeria Set to Commence Local Automobile Production, Says Minister
Nigeria is poised to kickstart local automobile manufacturing operations before the year’s end, according to Doris Uzoka-Anite, the Minister of Industry, Trade and Investment. Speaking at a gathering of the African Association of Automotive Manufacturers and the Nigerian Automotive Manufacturers Association in Abuja, Uzoka-Anite affirmed the availability of funds to bolster the nation’s automotive industry, […]
Apple’s Revenues Dip by 4% as iPhone Sales Decline Globally
Apple reported a decline in iPhone sales across nearly all global markets, except for Europe, in its latest quarterly results. The tech giant disclosed that demand for its smartphones dropped by over 10% in the first quarter of this year, with decreases seen in every region except Europe. Overall, Apple’s revenues dipped by 4% to […]
Oil Marketers Dispute NNPC’s Logistic Challenges Amidst Nationwide Fuel Scarcity
The fuel scarcity gripping Nigeria has escalated as oil marketers dispute the Nigerian National Petroleum Company Limited’s (NNPCL) claims of logistic challenges responsible for the low supply of petroleum products across the nation. Fresh petrol scarcity reemerged last Wednesday and has since worsened, sending prices soaring in Lagos and other parts of the country. Before […]
President Xi Jinping Drives Changes in China’s Tech Industry
New regulations tightening Chinese government oversight on the country’s internet companies have been implemented today, sparking concerns about their enforcement. Under the updated State Secrets Law, firms like Tencent, ByteDance, and Weibo are mandated to take action if users post sensitive content. This includes monitoring user-shared information, removing posts as per guidelines, and maintaining records […]
IPMAN Threatens to Halt Fuel Supply Over Unpaid ₦200bn Bridging Claims
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has issued a stern warning, threatening to disrupt the supply of Premium Motor Spirit (PMS), commonly known as petrol, due to the non-payment of ₦200 billion bridging claims by the Nigerian Midstream and Downstream Petroleum Regulatory Commission (NMDPRA). The announcement follows the nationwide scarcity of petrol, which […]
Consumer Tribunal Restrains Multi-choice from Tariff Increase Pending Hearing
The Competition and Consumer Protection Tribunal (CCPT) convened in Abuja has issued a restraining order against Multi-choice Nigeria Limited, preventing the company from implementing its planned tariff and price increases scheduled to commence on May 1. The tribunal’s decision, delivered on Monday by Saratu Shafii, comes in response to an ex-parte motion brought before it […]
