CBN Sells Dollars to BDC Operators at N1,251/$1, Imposes Selling Limit
The Central Bank of Nigeria (CBN) has executed another round of dollar sales to Bureau De Change (BDC) operators, setting the exchange rate at N1,251 per dollar. Dr. Hassan Mahmud, Director of the Trade and Exchange Department at the apex bank, disclosed that each BDC received $10,000 under this arrangement. In a statement, Dr. Mahmud […]
Detained Binance Executive Escapes From Custody, Flee Nigeria Amid Tax Evasion Allegations
Nadeem Anjarwalla, a prominent figure at Binance, has reportedly absconded from custody in Nigeria amidst allegations of tax evasion and other charges. The 38-year-old dual British-Kenyan citizen, detained alongside a colleague, managed to flee from a guest house in Abuja on Friday, March 22, as confirmed by PREMIUM TIMES. Anjarwalla’s escape unfolded during a visit […]
Apple’s Monopoly Allegations: Impact on Smartphone Market
To grasp the significance of the US government’s recent lawsuit against Apple, one must first acknowledge the unique fervor of the company’s fanbase. Apple occupies a distinctive space in the realm of technology brands. Having attended numerous Apple events, both virtually and in person, one cannot help but notice the enthusiastic applause and cheers from […]
CBN Clears $7 Billion FX Backlogs, Boosts Market Confidence
The Central Bank of Nigeria (CBN) has fulfilled a crucial commitment by settling all valid foreign exchange backlogs totaling $7 billion, as announced by its Governor, Mr. Olayemi Cardosoo. In a statement released on Wednesday, Mrs. Hakama Sidi Ali, the CBN’s Acting Director of Corporate Communications, confirmed that independent auditors from Deloitte Consulting meticulously assessed […]
Zenith Bank Appoints Adaora Umeoji as its First Female GMD/CEO
Zenith Bank has announced the appointment of Adaora Umeoji as its first female Group Managing Director/Chief Executive. The appointment, effective from June 1, 2024, is subject to the approval of the Central Bank of Nigeria. Dr. Ebenezer Onyeagwu, whose five-year term as Group Managing Director/Chief Executive expires on May 31, 2024, will be succeeded by […]
Evergrande’s $78 Billion Revenue Inflation Scandal Unveiled
China’s embattled property behemoth Evergrande and its founder, Hui Ka Yan, are facing allegations of inflating revenues by a staggering $78 billion (£61.6 billion) in the two years preceding the firm’s default on its debt. The country’s financial regulator has imposed a hefty fine of $583.5 million on Evergrande’s mainland subsidiary, Hengda Real Estate. Additionally, […]
Class Action Lawsuit Against Uber in Australia Settled for $178M
Uber has agreed to pay A$271.8 million ($178.3 million; £140 million) to settle a lawsuit in Australia, as confirmed by a law firm representing taxi operators and drivers. The class action, filed by Maurice Blackburn Lawyers on behalf of over 8,000 taxi and hire car owners and drivers, alleged income losses due to Uber’s aggressive […]
MainOne: Subsea Cable Cut May Take Up to Two Weeks to Repair
MainOne, a submarine cable company, has announced that it may take up to two weeks to repair the undersea cable cut that disrupted internet services in Nigeria, Ghana, Cote D’Ivoire, Senegal, and other West African and East African countries since Thursday. The network outage was caused by a fault on the MainOne network, attributed to […]
Lagos to Launch ‘Ounje Eko’ Food Markets with Discounted Prices on Sunday
The Lagos State Government is set to launch the ‘Ounje Eko’ food markets on Sunday, offering discounted prices on essential food items across the state. Residents of Lagos will benefit from a 25% discount on staple food items such as rice, beans, gari, bread, eggs, tomatoes, and pepper. The announcement was made by the […]
KEDCO Initiates Ramadan Promo: 10% Off on Electricity Bills
Residents of Jigawa, Katsina, and Kano States are set to enjoy improved electricity supply and a 10% tariff discount during the month of Ramadan, as assured by the Kano Electricity Distribution Company (KEDCO). The power company expressed its commitment to enhancing electricity provision across the states and alleviating customers’ financial burdens during the holy month. […]
