OPEC+ Expected to Extend Oil Cuts Through 2024 and Into 2025
OPEC+ is expected to agree on Sunday to extend its significant oil output cuts into 2024, and possibly 2025, according to two OPEC+ sources. The decision aims to stabilize the market in the face of weak global demand growth, high interest rates, and increasing U.S. production. Currently, oil prices hover around $80 per barrel, which […]
Binance Executive Slumps During Trial at Federal High Court
The trial of Tigran Gambaryan, a detained executive of Binance, took a dramatic turn at the Federal High Court in Abuja when the defendant slumped in court on Thursday. As proceedings resumed, Gambaryan failed to enter the dock when called upon by the court registrar for the continuation of the trial, remaining seated at the […]
DOJ and State AGs Take on Live Nation in Competition Lawsuit
The US Justice Department (DOJ) is preparing to file a competition lawsuit against entertainment giant Live Nation, potentially as early as Thursday, according to multiple sources familiar with the matter who spoke to CBS News, the BBC’s US partner. Prosecutors are expected to challenge the business practices of Live Nation, the parent company of Ticketmaster. […]
Binance CEO Accuses Nigerian Govt Officials of Bribery Attempt Amid Investigation
Allegations of bribery have surfaced as Richard Teng, the Chief Executive Officer (CEO) of Binance, claimed that Nigerian government officials sought a bribe from the company to halt an ongoing investigation. In a blog post published on Tuesday, Teng disclosed that Binance had encountered government officials in Abuja on January 8, where the company was […]
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 […]
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 […]
