Business

NIGERIA LEADS WORLDWIDE IN CRYPTO OWNERSHIP Nigeria leads the world in crypto ownership, according to ConsenSys’ second annual Global Survey. The report indicated that emerging markets like Nigeria and South Africa are driving the global adoption of cryptocurrencies. The percentage of ownership is highest in the Philippines (54%), South Africa (68%), and Nigeria (73%). These countries are at the forefront …

NIGERIA’S INFLATION RATE SPIKES TO 34.60 PERCENT IN NOVEMBER AMID HARDSHIP Nigeria’s inflation rate for the month of November 2024 rose to 34.60 percent from 33.88 percent in October, indicating worsening hardship for Nigerians. This is according to the National Bureau of Statistics’ latest Consumer Price Index and Inflation for November. The report showed that the country’s headline or all-items …

NIGERIA REPAYS $1.22B TO IMF IN NINE MONTHS Nigeria has serviced its debt to the International Monetary Fund with not less than $1.22 billion over nine months, data from the Debt Management Office’s external debt service reports has shown. The payments were made as part of principal repayments for three consecutive quarters, from Q4 2023 to Q2 2024. The breakdown …

CBN MOVES TO IMPOSE N150M FINE ON BANKS INVOLVED IN TRADING NEW NAIRA NOTES The Central Bank of Nigeria has stated that it will iimpose a fine of N150million on any commercial bank involved in trading of new Naira notes to the citizens. This warning was contained in a circular issued on Friday, December 13, 2024, signed by the Acting …

NNPCL REDUCES PETROL PRICE BY N20: FROM N1,060 TO N1,040 PER LITRE The Nigerian National Petroleum Company Limited, NNPCL, has reduced the price of Premium Motor Spirit (petrol) across its retail outlets in the Federal Capital Territory, Abuja.. DAILY POST correspondents who visited NNPCL retail outlets observed that the petrol pump price was reduced from N1,060 to N1,040 per litre. …

NIGERIA’S FOREIGN DIRECT INVESTMENTS TO INCREASE IN 2025 – REPORT Nigeria’s foreign direct investments are expected to increase in the coming year, 2025, provided current economic reforms are sustained, analysts at Cordros Securities Limited said. The company disclosed this in its report titled, ‘Nigeria in 2025, Reform to Recovery, Navigating the Rebound.’. A firm warned that existing institutional weaknesses and …

FBI NABS MAN WHO FLED NIGERIA TO GHANA AFTER $6M SCAM The Federal Bureau of Investigation (FBI) has nabbed most-wanted fraudster Abiola Kayode who fled Nigeria to Ghana after $6 million business email racket United States Attorney Susan Lehr announced the extradition of Abiola Kayode, 37, of Nigeria, to the District of Nebraska on a Conspiracy to Commit Wire Fraud …

CBN FINES MONIPOINT, OPAY ₦1B EACH AS NIGERIA TIGHTENS FINTECH REGULATION In a continuation of the Central Bank of Nigeria’s (CBN) increased scrutiny of fintech startups, two of the country’s most prominent unicorns, Moniepoint and OPay, were fined ₦1 billion each in the second quarter of 2024, sources with direct knowledge of the matter told TechCabal. While several other fintech …

NAIRA APPRECIATION MAY FORCE PRICE REDUCTION, INFLATION DECLINE – ECONOMISTS Nigerian economists are optimistic that the Naira’s appreciation against the dollar, if sustained, may lead to a drastic reduction in the prices of imported goods, by extension the country’s headline inflation, which stood at 33.88 percent in October, 2024.The Chief Executive Officer of SD & D Capital Management, Gbolade Idakolo, …

TURMOIL IN FIRST BANK AS OTEDOLA WIELDS BIG STICK Folake Ani-Mumuney was asked to resign as First Bank’s global head of marketing and corporate communications by Femi Otedola, the chairman of the holding company, insiders have told TheCable. A top employee of the bank informed TheCable that Otedola was “seriously irked” when he learned that a whopping sum was spent …