Author: Casey Ayodeji
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CBN Slams N150 Million Fine on Banks Aiding Naira Currency Hawkers
The Central Bank of Nigeria (CBN) has escalated its battle against currency mismanagement, imposing a hefty N150 million fine on Deposit Money Banks (DMBs) found complicit in facilitating the illicit flow of mint Naira banknotes to currency hawkers and unscrupulous economic agents. In a strongly worded circular dated December 13, 2024, the CBN’s acting director…
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Nigeria Issues N1.1 Trillion Sovereign Sukuk to Finance 124 Road Projects
The Nigerian Securities and Exchange Commission (SEC) has announced that the federal government has issued six Sovereign Sukuk bonds totaling N1.1 trillion ($657.6 million) to finance 124 federal road projects across the country’s six geopolitical zones. Speaking at the second International Islamic Capital Market Conference in Karachi, Pakistan, SEC Director-General Emomotimi Agama highlighted the significant…
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Nigeria’s Digital Tax Net Set to Expand, Targeting N230 Billion in 2025
The Nigerian federal government is poised to increase digital tax revenue, projecting N230 billion in collections by 2025 through an expanded Electronic Money Transfer Levy (EMTL) that now includes fintech operators. Initially introduced in the 2020 Finance Act, the EMTL imposes a N50 charge on electronic transfers of N10,000 and above. In September 2024, the…
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Coca-Cola Challenges FCCPC N186M Fine in Court
Coca-Cola Nigeria Limited has mounted a legal challenge against a N186,666,666.67 fine imposed by the Federal Competition and Consumer Protection Commission (FCCPC), citing a detailed 15-point argument contesting the regulatory penalty. The dispute stems from allegations of misleading marketing practices involving Coca-Cola’s Original Taste and Less Sugar drink variants. The FCCPC accused Coca-Cola and its…
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Courts Halt Sale, Publication of Dele Farotimi’s Book
Legal tensions are escalating as Nigerian High Courts have intervened to stop the publication and distribution of Dele Farotimi’s controversial book, “Nigeria and Its Criminal Justice System.” The Federal Capital Territory High Court, under Justice Peter Kekemeke, has granted a sweeping injunction that effectively silences the book’s distribution. The ex parte application, filed by Kehinde…
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German President Praises Nigeria’s Economic Reforms, Pledges Support
In a significant diplomatic meeting at the Presidential Villa in Abuja, German President Frank-Walter Steinmeier offered strong words of encouragement to Nigeria, highlighting the country’s ongoing economic reforms and expressing Germany’s full support during challenging times. Drawing from Germany’s own historical economic struggles, Steinmeier emphasized the critical role of courage and perseverance in national economic…
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FIFA Confirms Saudi Arabia as Host Nation of 2034 World Cup
FIFA has officially confirmed Saudi Arabia will host the 2034 World Cup. The announcement came during an online FIFA Congress, where the bid was ratified without opposition. The English, Scottish, and Welsh Football Associations supported the bid, which was the sole submission for the tournament. In an unprecedented arrangement, FIFA combined the decisions for both…
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Shallipopi Severs Ties with Dapper Music Over Alleged Financial Exploitation
In a dramatic turn of events that has sent ripples through the Nigerian music industry, Crown Uzama, better known as Shallipopi, has made a bold and public declaration of independence from Dapper Music and Dvpper Digital. The artist, who rose to prominence in 2023 with his hit single “Elon Musk”, has leveled serious allegations of…
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Ghana’s Economic Revival Hits 7.2% Growth in Breakthrough Quarter
Ghana has achieved its fastest economic growth in almost five years, posting a 7.2% increase in gross domestic product during the third quarter of the year. This impressive performance comes on the heels of a closely watched presidential election that has drawn international attention for its democratic process. Government Statistician Samuel Kobina Anni revealed the…
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Cyber Alert: NITDA Warns Nigerians of Dangerous Banking Malware Grandoreiro
The National Information Technology Development Agency (NITDA) has issued a warning to Nigerians about a sophisticated banking malware called Grandoreiro that is targeting users worldwide through complex phishing schemes. “Cyber threats like Grandoreiro are evolving, and users need to stay vigilant and adopt robust security practices to protect their information,” the agency warned through its…