Category: Business

Binance chief pleads guilty to money laundering

The chief executive of Binance, Changpeng Zhao, has resigned after pleading guilty to money laundering. “I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself”, he said in a post on X. The Justice Department said it was requiring Binance, the largest crypto exchange in the […]

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Nigeria Diaspora Investment Summit to Promote Investment and National Development

The Chairman of the Nigerians in Diaspora Commission (NIDCOM), Abike Dabiri-Erewa, has said that the 6th Nigeria Diaspora Investment Summit (NDIS) will provide a platform for Nigerians in the diaspora to explore investment opportunities in Nigeria and contribute to the country’s national development. The summit, which will take place from November 13th to 15th, 2023, […]

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Nigeria to convert 10 million vehicles to CNG in 36 months

Nigeria plans to convert 10 million petrol vehicles to compressed natural gas (CNG) in the next 36 months, the government has said. The Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, made the announcement while speaking at the ongoing ADIPEC 2023 conference and exhibition in Abu Dhabi, United Arab Emirates. Ekpo said the initiative is […]

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New CBN Governor and Deputy Governors Take Office in Nigeria

Dr. Olayemi Michael Cardoso, the recently nominated governor of the Central Bank of Nigeria (CBN), formally assumed duty in an acting capacity on Friday, September 22, 2023, pending his confirmation by the Senate. This follows the resignation of Mr. Godwin Emefiele as CBN governor. The four deputy governors-designate, Emem Usoro, Muhammad Abdullahi-Dattijo, Philip Ikeazor, and […]

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Nigeria’s Port Harcourt Refinery to be Operational by December, Says Government

The Nigerian Federal Government has announced that the Port Harcourt Refining Company (PHRC) Ltd will be operational again by December, as part of its efforts to end petroleum product importation and restore the nation’s local refining capacity. The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, gave the assurance during an inspection tour […]

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Nigeria’s petrol use down 28% after subsidy scrapped, regulator┬ásays.

Nigeria’s daily petrol consumption has significantly declined by 28% following President Bola Tinubu’s decision to eliminate a popular yet costly fuel subsidy at the end of May, according to data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). In June, the average daily petrol consumption plummeted to 48.43 million litres, a notable drop […]

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Nigeria’s President signs Executive Orders, suspends 5% excise tax on telecoms

Nigeria’s President, Bola Tinubu has signed four Executive Orders, including the suspension of the five per cent Excise Tax on telecommunication services and the Excise Duties escalation on locally manufactured products. The President’s Special Adviser, Dele Alake, announced this at a briefing in Abuja. The President also signed the Finance Act (Effective Date Variation) Order, […]

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UK to reduce tariffs on products from Nigeria.

The United Kingdom has announced a significant move to cut tariffs on products from developing countries, including Nigeria. The British High Commission in Abuja released a statement on Monday stating that the step was taken to restore trading rules and save businesses and consumers millions of pounds a year. This comes as part of the […]

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