Category: Business

Naira Faces Rejection in West African Markets Amidst Depreciation Woes

The depreciation of the Naira in recent months has sparked significant setbacks in the West African market, with trans-border traders increasingly shunning the Nigerian currency in favor of the CFA or other local currencies of non-francophone countries, according to investigations by Vanguard at the Seme border. Traditionally, the Naira enjoyed status as the preferred medium […]

New Electricity Tariff Hike to Affect Only 1.5 Million Consumers – FG 

The Federal Government has clarified that the recent hike in electricity tariffs will only impact a small segment of consumers, estimated at 1.5 million, amid concerns raised by Nigerians over the country’s economic challenges. The Minister of Power, Adebayo Adelabu, revealed that the tariff adjustment primarily targets Band A customers, who receive electricity supply for […]

Arraignment of Binance Holdings Limited and Senior Executive Stalled in Federal High Court

The arraignment of Binance Holdings Limited and its Senior Executive, Tigray Gambaryan, at the Federal High Court, Abuja, hit a roadblock as proceedings were stalled due to the non-service of charges to the second defendant, Gambaryan. During the court session, Gambaryan’s counsel, Tonye Krukrubo, informed the court that his client, scheduled for arraignment by the […]

Tragic Fire in Istanbul Nightclub Leaves 29 Dead

A fire erupted in the Masquerade nightclub located in the basement of a high-rise building in Istanbul, Turkey, resulting in the tragic deaths of at least 29 individuals, with one person injured. The nightclub, which was closed for renovations during the day, became engulfed in flames shortly after midday, according to Istanbul governor Davut Gül. […]

Xiaomi’s SU7 Max Electric Vehicle Faces Delivery Delays of Up to Six Months

Just days following the debut of its inaugural electric vehicle (EV), Chinese smartphone manufacturer Xiaomi has informed buyers that they may face a wait of up to six months for their vehicle to be delivered. Screenshots circulating on Chinese social media platforms display the company advising customers that the delivery of the SU7 Max could […]

AT&T Data Breach: Millions of Customers’ Info Compromised

AT&T has initiated the process of informing millions of customers regarding the recent discovery of stolen personal data online. The telecommunications giant announced on Saturday that a dataset found on the “dark web” contains information belonging to approximately 7.6 million current AT&T account holders and 65.4 million former account holders, including Social Security numbers. AT&T […]

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 […]