MTN Nigeria Links Network Outage to “Multiple Fibre Cuts”
Telecommunications company MTN Nigeria has explained that the network disruption experienced by its 87 million subscribers on Wednesday was due to “multiple fibre cuts”. MTN boasts of 87,038,768 subscribers as of December 2023, according to data by the Nigerian Communications Commission (NCC), representing 38.79% of the total market share, the highest in the country by […]
CBN Raises Monetary Policy Rate to 22.75% in First MPC Meeting of the Year
The Central Bank of Nigeria (CBN) announced a significant increase in the Monetary Policy Rate (MPR) from 18.75 percent to 22.75 percent during its first Monetary Policy Committee (MPC) meeting for the year in Abuja on Tuesday. Governor Yemi Cardoso disclosed the decision, highlighting the unanimous agreement among all 12 committee members. The adjustment aims […]
Nigeria Bans Cooking Gas Export to Lower Domestic Prices
The Federal government of Nigeria has implemented a ban on the exportation of cooking gas to drive down prices and ensure availability within the country, as announced by the Minister of State for Petroleum Resources, Ekperikpe Ekpo, on Thursday. Ekpo revealed this decision during a stakeholders workshop in Abuja with the theme, “Harnessing Nigeria’s Proven […]
Senate Launches Inquiry into Skyrocketing Cement Prices
The Senate President, Godswill Akpabio has ordered its Committee on Industries to unravel the reasons behind the increase in the price of cement by producers of the commodity in Nigeria. Akpabio made the call yesterday directing the committee to find a possible solution to the high prices of cement and influence the manufacturing companies in […]
Tinubu Orders Payment of Aso Rock’s Electricity Bill Amid Disconnection Notice
President Bola Tinubu has taken swift action to resolve the looming disconnection threat over the outstanding electricity bill owed by Aso Rock, the nation’s seat of power. The Abuja Electricity Distribution Company (AEDC) in an advertorial titled ‘Notice of disconnection’ published on Monday said that the presidential villa and 86 government ministries, departments, and […]
Lagos to Commence Full Enforcement of Styrofoam Ban on Monday
The Lagos State Government is set to initiate the complete implementation of the ban on Styrofoam food containers across the state starting Monday, February 19. Tokunbo Wahab, the Commissioner for the Environment and Water Resources, made this announcement during a meeting with market leaders at the BlueRoof in Alausa, Ikeja. According to the statement, […]
Former President Trump and Businesses Ordered to Pay $354.8 Million for Fraudulent Practices, Banned from NY Real Estate for Three Years
In a significant legal development, former President Donald Trump and his companies have been ordered to pay $354.8 million for engaging in fraudulent business practices, along with facing a three-year ban from the New York real estate business, as ruled by Judge Arthur Engoron on Friday afternoon. This decision comes on the heels of an […]
Bitcoin Surpasses $50,000 Milestone Amid US Trading Approval Optimism
Bitcoin surged above $50,000 on Tuesday for the first time in over two years, driven by investor optimism regarding US approval of expanded trading options in the cryptocurrency. The recent bullish trend in Bitcoin reflects growing expectations that US regulators will green light the creation of exchange-traded funds (ETFs), enabling broader public investment in crypto […]
Nigeria’s Inflation Hits 29.90% in January 2024 – NBS Report
Latest data from the National Bureau of Statistics (NBS) reveals that Nigeria’s headline inflation surged to 29.90% in January 2024, marking a significant increase from the December 2023 rate of 28.92%. NBS released the new figure on Thursday. “In January 2024, the headline inflation rate increased to 29.90% relative to the December 2023 headline inflation […]
CBN Implements New Regulations on FX Repatriation by International Oil Companies
The Central Bank of Nigeria (CBN) has introduced new regulations affecting international oil companies’ repatriation of foreign exchange proceeds. According to a circular dated February 14, 2024, issued by the Director of the Trade and Exchange Department, Hassan Mahmud, oil companies can now only repatriate 50% of their proceeds immediately, with the remaining 50% available […]
