The Federal Government of Nigeria has said that it is aware of attempts by Binance to launder its “impaired image as an organisation that does not play by the rules and laws guiding business conduct in sovereign nations”. On Tuesday, the Chief Executive Officer of Binance, Mr. Richard Teng had described the detention of its employee, Tigran Gambaryan by the …

The Minister of Solid Minerals Development, Dr. Dele Alake has solicited the support of the Senate for increase in funding for the ministry to enhance its capacity to carry out detailed exploration of the nation’s vast mineral deposits. During the opening session of the investigative hearing of the Senate Committee on Solid Minerals, Alake identified the twin issues of poor …

The Socio-Economic Rights and Accountability Project (SERAP) has issued a warning to the Federal Government to reverse the 0.5 per cent cybersecurity levy imposed by the Central Bank of Nigeria (CBN). SERAP also threatened to engage in legal action against the government if it failed to reverse the levy within a 48-hour. The non-governmental organisation stated this Tuesday via its …

The Naira yesterday depreciated to N1,410 per dollar in the parallel market, from N1,395 per dollar last weekend. However, the Naira appreciated in the Nigerian Foreign Exchange Market (NAFEM), to N1,354.21 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,354.21 per dollar from N1,400.4 per dollar last week Friday, indicating N46.19 appreciation for …

The Federal Government may consider the suspension of the $56.7 billion peer-to-peer cryptocurrency market after a crucial meeting between the Securities and Exchange Commission (SEC), and digital asset operators scheduled for Monday. Nigeria’s volume of crypto transactions grew by nine per cent year-over-year to $56.7 billion between July 2022 and June 2023, according to the 2023 Geography of Cryptocurrency Report …

The global credit ratings agency, Fitch, has projected Nigeria’s external debt servicing to rise by $400 million to $5.2 billion next year. This is despite insistence by the current administration to focus more on domestic borrowings from the capital market. It also estimated that approximately 30 per cent of Nigeria’s external reserves are constituted by foreign exchange bank swaps. This …

Nigeria’s economy came under searchlight as economists, policy analysts and financial experts converged in Lagos last Tuesday at a colloquium to honour the Executive Director/Chief Operating Officer of FundQuest Financial Services Limited, Mr. Bisi Oni, on his 60th birthday. In his keynote message, Managing Director/CEO of Sterling Bank, Mr. Abubakar Suleiman said that for growth, the nation must focus of education, …

Lagos State Government generated N433,41 billion out of the estimated revenue in the 2024 budget, a revenue performance of 92 per cent in the first quarter. At the state’s ongoing 2024 Ministerial Press Briefing to mark the first year of the second term of the Babajide Sanwo-Olu administration, held at Alausa, Ikeja on Thursday, the Commissioner for Economic Planning and …

Lagos State contributes N41 trillion (20 per cent) to the country’s Gross Domestic Product (GDP), Commissioner for Economic Planning and Budget, Ope George, has said. According to him, despite many challenges, such as COVID-19 and Endsars protest, the state has devised strategies to keep its economy afloat and boost investor confidence. He said the state would continue to move based on world …

Increasing demand for the services of newly established Mining Marshals by mining firms confirm support of the industry for the policy. Delivering a keynote address at the mining conference, organised by the Nigerian Institute of Policy and Strategic Studies (NIPSS), the Minister of Solid Minerals Development, Dr. Oladele Alake said that not less than three firms requested for the services …