Business

WORLD BANK SLAMS BUHARI’S ₦5,000 CASH TRANSFER, SAYS IT HAD LITTLE IMPACT ON HOUSEHOLDS The World Bank has said that the ₦5,000 cash transfer scheme implemented by the Nigerian Government had little impact on household consumption and women’s financial inclusion in the country. This global apex bank said this in a report titled, ‘Beta Don Come: Effects of Cash Transfers …

TINUBU’S REINSTATED FUEL SUBSIDY WILL DRAIN ALMOST HALF OF OIL REVENUE – IMF Nigeria’s reintroduction of a gasoline subsidy months after it was scrapped is expected to guzzle almost half of its projected oil revenue this year, according to the International Monetary Fund. The implicit subsidy will cost Africa’s largest crude producer an estimated 8.43 trillion naira ($5.9 billion) of …

SIX SAFEST BANKS IN NIGERIA When it comes to choosing a commercial bank in Nigeria, safety and stability are key factors to consider. You want to ensure that your hard-earned money is in good hands and that the bank you choose is financially healthy. In this article, we will explore the six safest and healthiest commercial banks in Nigeria. 1. …

CYBERSECURITY LEVY NOT FOR INDIVIDUALS – FALANA Senior lawyer Femi Falana, SAN, has said that the recently imposed 0.5 per cent cybersecurity levy is not meant for individuals. Falana made this known in a statement on Thursday, saying the circular of the Central Bank of Nigeria, CBN, wrongly interpreted the provisions of the Cybercrime (Prohibition, Prevention, etc.) Amendment Act 2024. …

HOTEL PRESIDENTIAL: ENUGU GOVT DISMISSES CAVEAT EMPTOR, SAYS CONTRACT WITH PRIMEVIEW HOTELS ALREADY REVOKED The Enugu State Government has dismissed a caveat emptor published on Hotel Presidential in various national dailies by Mr. Gbolahan Elias, SAN, on behalf of Primeview Hotels Limited. The state made its position known in a statement entitled “Setting the Record Straight: Re: Hotel Presidential”, issued …

BINANCE CEO INDICTS TINUBU’S GOVT, SAYS FG OFFICIALS SOUGHT SECRET CRYPTO SETTLEMENT Binance CEO Richard Teng has alleged that officials in Nigeria approached the exchange’s team and offered a secret crypto settlement proposal. Teng shared details of the development in a blog post that highlights the ongoing legal troubles around Binance official Tigran Gambaryan. Teng, who replaced former Binance CEO …

TINUBU’S SON, SEYI, DIRECTOR IN CDK, PRESIDENCY ADMITS The presidency has admitted that President Bola Tinubu’s son, Seyi Tinubu, joined the Board of Directors of CDK in 2018. Former Vice President Atiku Abubakar had in a statement on Sunday accused the President of conflict of interest in the award of the Lagos-Calabar Coastal Highway to Hitech Construction Company, which he …

FG ORDERS DOWNWARD REVIEW OF ELECTRICITY TARIFF FOR BAND A CUSTOMERS The Federal Government has approved a downward review in electricity tariff for Band A customers (those with a daily supply of minimum of 20 hours). Under the approved review, Band A customers that were hitherto charged N225/Kwh are now to pay N206.80/Kwh. The decision to crash the tariff may …

EEDC DERAUDING SOUTHEAST, IPOB TELLS AGENCY TO ENSURE ADEQUATE ELECTRICITY OR EXIT The Indigenous People of Biafra, IPOB, have charged the Enugu Electricity Distribution Company, EEDC, to ensure adequate power supply or vacate the Southeast for others who can light up the region. IPOB accused the EEDC of defrauding people of the Southeast through exorbitant billing and an estimated billing …

COURT STOPS IMPLEMENTATION OF NEW ELECTRICITY TARIFF A Federal High Court in Kano has issued an order restraining the National Electricity Regulatory Commission and the Kano Electricity Distribution Company from implementing the new electricity tariff for Band A consumers. The suit marked FHC/KN/CS/144/2024 was filed by Super Sack Company Limited and BBY Sacks Limited. Others are Mama Sannu Industries Limited, …