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 […]
Binance Ban: EFCC Freezes 300 Crypto Accounts
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that the agency has taken decisive action to safeguard the stability of the foreign exchange market by freezing approximately 300 accounts. Olukoyede made this disclosure on Tuesday while addressing journalists at the EFCC Headquarters. According to Olukoyede, the EFCC has uncovered […]
Samsung Regains Top Spot in Smartphone Market, IDC Reports
Samsung has reclaimed its position as the leading smartphone seller, surpassing Apple as Chinese competitors pose a growing challenge to both market giants, according to industry tracker International Data Corporation (IDC) in its report released Monday. Worldwide smartphone shipments surged nearly 8 percent in the first quarter of this year, reaching 289.4 million units, IDC […]
Binance’s New CEO Emphasizes Commitment Regulatory Compliance Amid Recent Legal Challenges
Richard Teng, the newly appointed CEO of the world’s leading cryptocurrency platform, Binance, has underscored the importance of regulatory compliance for the company’s future success. His remarks come in the wake of recent legal challenges faced by Binance, including allegations of regulatory violations and tax evasion. The cryptocurrency giant has been grappling with regulatory scrutiny […]
Air Peace Chairman Alleges Conspiracy by Foreign Carriers to Push Local Airline Out of Nigeria-UK Route
The Chairman of Air Peace, Allen Onyema, has sounded the alarm over what he describes as a concerted effort by foreign carriers operating the Nigeria-UK route to drive Air Peace out of international operations by engaging in a pricing war. Speaking on Channels Television’s Politics Today programme, Onyema raised concerns about an alleged “unspoken alliance” […]
