Price of Diesel to Drop Below N1,000/Litre in May – Rewane
Renowned economist and Managing Director of Financial Derivatives Company Limited, Bismark Rewane, has predicted a significant drop in the pump price of diesel starting from May, attributing it to the commencement of diesel production at the Dangote Refinery. Speaking during an appearance on Channels TV’s news bulletin, Rewane projected that the price of diesel per […]
Access Holdings Plc Leads Peers with $1.5 Billion Capital Raising Plan
Less than 24 hours after the Central Bank of Nigeria (CBN) announced a new policy requiring banks to increase their minimum capital, Access Holdings Plc took the lead among its peers by revealing plans to initiate a $1.5 billion (N1.963 trillion based on the N1309/$ official rate as of Thursday) capital raising programme. This move […]
Sam Bankman-Fried Sentenced to 25 Years Imprisonment
Sam Bankman-Fried, the co-founder of the defunct cryptocurrency exchange FTX, has been sentenced to 25 years in prison for defrauding customers and investors of his now-bankrupt firm. The verdict solidifies the downfall of the former billionaire, who had risen to prominence as a prominent advocate for cryptocurrency before his company’s dramatic collapse in 2022. He […]
CBN Unveils New Minimum Capital Requirements for Banks, Pegs International Authorisation at ₦500bn
The Central Bank of Nigeria (CBN) has announced new minimum capital requirements for banks, setting the minimum capital base for commercial banks with international authorisation at ₦500 billion. This move aims to strengthen the financial sector and ensure robustness in the banking industry. In a circular issued to all commercial, merchant, and non-interest banks, as […]
Detained Binance Executive Sues NSA, EFCC of Human Rights Violation
Tigran Gambaryan, a detained executive of Binance, has leveled accusations against the National Security Adviser (NSA), Nuhu Ribadu, and the Economic Financial Crimes Commission (EFCC), alleging violations of his fundamental human rights. In an originating motion, Gambaryan sought a declaration asserting that his detention and confiscation of his travel document contravened Section 35 (1) and […]
Xiaomi Enters Electric Car Market with Speed Ultra 7 Launch
Xiaomi, the Chinese smartphone manufacturer, is poised to unveil its inaugural electric vehicle (EV) and commence pre-orders on Thursday. According to the company’s CEO, Lei Jun, the Speed Ultra 7 (SU7) will be priced below 500,000 yuan ($69,186; £54,836). This strategic move positions Xiaomi to compete directly with industry giants such as Tesla and BYD […]
Sam Bankman-Fried: Sentencing Day Arrives for Former Billionaire
Sam Bankman-Fried, the former billionaire cryptocurrency executive convicted of fraud and money laundering last year, is scheduled to appear in a New York court on Thursday for sentencing. While it is certain that the 32-year-old will be incarcerated, the duration of his sentence remains uncertain. This development has reignited discussions about the gravity of his […]
Japan Oji Holdings Redirects Focus: From Baby Diapers to Adult Diapers
A significant shift in the Japanese diaper industry has been announced by a prominent manufacturer, Oji Holdings, as it plans to cease the production of baby diapers in the country. Instead, the company will redirect its focus towards the adult diaper market. This strategic move comes amidst Japan’s rapidly aging population and a continuous decline […]
CBN Raises Benchmark Interest Rate to 24.75% Amid Inflationary Pressures
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has announced a significant increase in the benchmark interest rate, raising it by 200 basis points to 24.75 percent. This decision was revealed in a communique issued on Tuesday by CBN Governor Yemi Cardoso following the second MPC meeting of his tenure, held […]
Binance Executive Escapes Custody, Triggers International Manhunt
The National Security Adviser, Mal. Nuhu Ribadu, has confirmed that Nadeem Anjarwalla, a central figure in the ongoing criminal investigation into Binance’s operations in Nigeria, has reportedly fled from custody. Anjarwalla’s escape has prompted an intensive manhunt coordinated with Interpol to secure an international arrest warrant against him. According to Ribadu, the suspect evaded Nigerian […]
