Business

CBEX RESUMES OPERATIONS DESPITE SEC BAN, N1.2TN EFCC PROBE Despite the alleged N1.2tn digital trading fraud that reportedly affected over 600,000 Nigerians, the embattled Crypto Bridge Exchange trading platform, accused of these acts, has resumed operations, announcing fresh withdrawal options in a move to restore investor confidence. Two traders on the CBEX platform confirmed to The PUNCH on Wednesday that …

OJULARI FIRES MDS OF THREE NNPC-OWNED REFINERIES TO HALT VALUE EROSION Days after carrying out sweeping changes in the management team, Bayo Ojulari, the group chief executive officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Ltd, has removed the managing directors of the three refineries in Kaduna, Port Harcourt and Warri. This sweeping move, TheCable understands, is aimed at …

MTN NIGERIA’S REVENUE HITS ₦1TRN, BOUNCES BACK TO PROFITABILITY IN Q1 2025 MTN Nigeria recorded a N1 trillion revenue in the first quarter of this year, buoyed by the recent tariff increment implemented in the middle of February 2025. Compared with the N752.9 billion recorded in Q1 2024, this represents a 40.5% increase in revenue year-on-year, even as the impact …

BANKS’ CUSTOMERS TO PAY ₦‎6 PER SMS TRANSACTION ALERT STARTING TODAY Banks will commence implementing charges for alerts and other short messages (SMS) communications to their customers at the rate of N6 for every SMS transaction with effect from today. This is coming on the heels of the increase in telecommunications rates by telecommunication providers following a nod by the …

CBEX MAJOR PROMOTER, ADEFOWORA FINALLY SUBMIT HIMSELF TO EFCC One of the suspected promoters of the cryptocurrency trading platform, Crypto Bridge Exchange (CBEX), Adefowora Abiodun, has voluntarily surrendered himself to the Economic and Financial Crimes Commission (EFCC) for investigation. Abiodun, accompanied by his lawyers, turned himself in at the EFCC headquarters at 4:00 p.m. on Monday and expressed his willingness …

150 MILLION FRAUD: COURT ISSUES FRESH ORDER TO ABUJA BUSINESSWOMAN, AISHA ACHIMUGU A Federal High Court sitting in Abuja has issued an order mandating a businesswoman, Aisha Achimugu to appear before the Economic and Financial Crimes Commission (EFCC). The court in its order directed Achimugu to honour the anti-graft agency’s invitation following her alleged involvement in a $150 million fraud …

PETROL PRICE DROP PUSHING COOKING GAS COSTS DOWNWARDS – IPMAN The Independent Petroleum Marketers Association of Nigeria has explained how the reduction in the price of Premium Motor Spirit pushed the price of liquefied petroleum gas, popularly known as cooking gas, down. The cost of refilling a 12.5-kilogramme cylinder of cooking gas has reduced to N16,250 from N17,500 in some …

PETROL PRICE DROP PUSHING COOKING GAS COSTS DOWNWARDS – IPMAN The Independent Petroleum Marketers Association of Nigeria has explained how the reduction in the price of Premium Motor Spirit pushed the price of liquefied petroleum gas, popularly known as cooking gas, down. The cost of refilling a 12.5-kilogramme cylinder of cooking gas has reduced to N16,250 from N17,500 in some …

ELECTRICITY TARIFF MORE THAN N70,000 NEW MINIMUM WAGE – NLC The Nigeria Labour Congress, NLC, on Friday, said Nigerians are paying electricity tariffs that are more than the new minimum wage of ₦70,000 that was approved by President Bola Tinubu’s administration. The NLC also said that inflation has eroded the new minimum wage, as it cannot take workers home at …

ENERGY COMMISSION DEFENDS ASO ROCK’S SWITCH TO SOLAR, SAYS ELECTRICITY BILL TOO EXPENSIVE The Director-General of the Energy Commission of Nigeria, Mustapha Abdullahi, has defended the federal government’s decision to install a N10 billion solar power grid at the Aso Rock Presidential Villa. This comes amid mounting public criticism over the cost and timing of the initiative, given Nigeria’s current …