Aliko Dangote, the Nigerian industrial magnate and chairman of the Dangote Group, has regained his title as Africa’s richest man, overtaking South African billionaire Johan Rupert. According to the latest Forbes data, Dangote’s wealth currently stands at $11.7 billion, narrowly surpassing Rupert’s net worth, which has declined to $10.8 billion.This shift …
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OPay has announced a new charge on electronic transfers into personal and business accounts in compliance with Federal Inland Revenue Service regulations. Starting September 9, 2024, a one-time fee of N50 will be applied to transfers of N10,000 and above. In a notice to its customers on Saturday, OPay stated, “Dear …
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The Naira yesterday depreciated to N1,635 per dollar in the parallel market from N1,625 per dollar last weekend. However, the Naira yesterday appreciated to N1,585.77 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,585.77 per dollar …
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The Naira yesterday depreciated to N1, 600 per dollar in the parallel market from N1,590 per dollar last weekend. However, the Naira appreciated to N1,579.22 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,579.22 per …
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The World Bank Group Finances has revealed that the Federal Government is still repaying $10.6bn in loans obtained under former Presidents Olusegun Obasanjo, late Umaru Musa Yaradua, and Goodluck Jonathan. Recall that in June 2024, the Debt Management Office said as of March 31, 2024, Nigeria’s domestic and external debts …
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By Kingsley Ugochukwu In a move to enhance regulatory oversight and investor protection, the Nigerian Securities and Exchange Commission (SEC) has introduced a new framework requiring all Virtual Assets Service Providers (VASPs), including crypto firms, to establish a physical office in Nigeria. The Accelerated Regulatory Incubation Programme (ARIP) aims to …
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The Central Bank of Nigeria has lifted the six-week-,long restriction on onboarding new customers imposed on Paga, moniepoint, Kuda, OPay and PalmPay services. It can be recalled that on April 29, he Apex Bank barred the aforesaid MFBs/FinTechs from opening new accounts and accepting new customers over allegations that they …
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Following the directives of the Office of the National Security Adviser and the Securities and Exchange Commission (SEC) that the naira be delisted from Peer-to-Peer Trading platforms, the Exchanges have begun implementing the same. Checks indicate that the naira has been removed as a fiat currency option for transactions on …
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A Federal High Court sitting in Abuja has denied the bail application of Tigran Gambaryan, an executive of Binance, cryptocurrency trading company. Delivering the ruling on Friday, the presiding judge, Justice Emeka Nwite held that the bail application was rejected after carefully reviewing the document. Nwite said he resolved that …
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Africa is the world’s second-largest and second-most populous continent, known for its diverse cultures, landscapes, and wildlife. It’s home to some of the oldest civilisations, stunning natural wonders like the Sahara Desert and Victoria Falls, and a rich tapestry of languages and traditions. Africa, a home to 57 countries, is …
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