SECTORS

NCC Suspends Issuance Of Virtual Operators Licence, Two Others

The Nigerian Communication Commission (NCC) has temporarily suspended new licence issuance to operators in three categories. The categories affected include Mobile Virtual Network Operator Licence, Interconnect Exchange Licence and Value Added Service Aggregator Licence. According to the NCC, the suspension is in line with…

18/05/2024

CBN Launches Strategy To Double Remittances, Grants AIP To 14 New IMTOs

The Central Bank of Nigeria (CBN) has activated plans to double foreign-currency remittance flows through formal channels by granting 14 new International Money Transfer Operators (IMTOs) Approval-in-Principle (AIP). ADVERTISEMENT This was disclosed in Abuja on Wednesday by the Bank’s Acting Director of Corporate Communications,…

16/05/2024

NMDPRA Meets With Petrol Marketers, Pledges To Clear ₦200bn Debt

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), on Tuesday, met with key major oil marketers to address the issues of incessant scarcity of petroleum products in the country. ADVERTISEMENT NMDPRA Chief Executive Officer, Farouk Ahmed, who briefed newsmen on the outcome of…

15/05/2024

SEC To Cooperate With EFCC On Forex Crisis

The Securities and Exchange Commission (SEC) has pledged to work with the Economic and Financial Crimes Commission (EFCC) in a bid to ensure that trading manipulations are reduced in the virtual space. Acting director-general of SEC, Dr. Emomotimi Agama stated this while receiving…

15/05/2024

American Express Launches First Business Credit Card In Nigeria

American Express Co. has unveiled its first business credit card in Nigeria through a collaboration with local neobank O3 Capital, potentially enhancing dollar accessibility for businesses in the West African nation. The new card, introduced on Thursday in Lagos, Nigeria’s commercial capital, offers…

10/05/2024

Hassan-Odukale Steps Down As First Bank Chairman, Olufowose Appointed

Tunde Hassan-Odukale has stepped down as the Chairman of First Bank of Nigeria Limited. Updating the Nigerian Exchange Group of recent development within the bank, the company’s Secretary, Adewale Arogundade, in a notice on Thursday, said Hassan-Odukale’s exit followed the completion of the…

10/05/2024

Access Holdings Vests 23.8m Shares On Senior Executives

In line with the disclosure requirements of the Securities and Exchange Commission (SEC) and the Nigerian Exchange (NGX) Limited, Access Holdings Plc has announced the award of 23.8 million ordinary shares to some of its senior executives and executives of Access Bank,…

09/05/2024

Microsoft Shuts Down Nigeria’s Africa Dev’t Centre, Sacks Workers

Microsoft, the American tech giant, has reportedly closed its Africa Development Centre (ADC) in Lagos, Nigeria, and laid off all its workers at the facility. The ADC was part of Microsoft’s ambitious initiative in Africa, focused on developing local solutions with global impact…

09/05/2024

Oil Bloc: FG Removes Signature Bonus to Woo Investors

In a bid to attract fresh investments and ramp up oil output, the Federal Government yesterday, announced the removal of the signature bonus requirement in bidding for oil blocks. Minister of State for Petroleum Resources, and Oil, Mr Heineken Lokpobiri, disclosed this on the…

08/05/2024

16 Bank Transactions Exempted From CBN’s New Cyber Security Charges

In a significant move, the Central Bank of Nigeria (CBN) has issued a directive for all banks to implement a 0.5% cybersecurity levy on all electronic transactions to bolster cyber defences. However, in a bid to mitigate the impact on essential services…

07/05/2024