Capital market

By Ikadolo Efosa In an effort to clean their books of questionable accounts and comply with regulatory orders, commercial banks in Nigeria closed a total of 2.021 million bank accounts in the first quarter of 2024 (Q1’24). This information is contained in a report by the Nigerian Interbank Settlement System …

Justice Okamgba, Eddidiong Ikpoto and Henry Falaye Some bank customers have expressed panic as the Central Bank of Nigeria bans mobile money operators including fintech firms from onboarding new customers. However, the Bank Customers Association of Nigeria backed the CBN directive. The new directive will affect fintech companies such as …

By Kayode Igundiran The Economic and Financial Crimes Commission (EFCC) has taken decisive action against popular Instagram celebrity Pascal Okechukwu, widely known as Cubana Chief Priest. The charges leveled against him revolve around the alleged mishandling of the Nigerian currency, the Naira. Mr. Okechukwu faces three charges filed by the …

By Temisan Omadeli Meta, the parent company of Threads, has clarified the temporary suspension of the Threads app in Turkey. The decision, announced by Meta, the parent company of Facebook and Instagram, is effective from April 29. This suspension follows a regulatory dispute with the Turkish Competition Authority (TCA) concerning …

Nigerian Breweries Plc, a key player in the HEINEKEN Group and the foremost brewer in Nigeria, has unveiled a comprehensive restructuring strategy to navigate the current economic headwinds. This strategy involves a temporary halt in production at two of its nine local breweries. The initiative, part of a broader business …

Social media celebrity, Bobrisky, has been sentenced to six months in jail for mishandling naira notes. The crossdresser received the sentence on Friday morning. More to follow…

By Onomiguren Agbamu The Special Adviser to Delta State Governor, on Trade and Export Chief Shimite Bello has revealed that the state will become a business hub for other states in Nigeria. Chief Bello disclosed this on Thursday 7th, December 2023, during a press conference at Asaba. Bello said the …

President Bola Tinubu has appointed Olanipekun Olukoyede as the Chairman of the Economic and Financial Crimes Commission (EFCC), in violation of the law establishing the anti-corruption agency. The president also approved the appointment of Muhammad Hammajoda as the Secretary of the EFCC on a renewable term of five years. Both …

A September 21, 2023, enterprise news report (i.e., a news report that’s not from a news release or a press conference) from the Daily Trust found that “Despite the numerous assurances by President Bola Ahmed Tinubu that… subsidy is gone… the federal government paid N169.4 billion as subsidy in August …

Bhadresh Gohil, a 58-year-old lawyer of Indian origin, was ordered by a UK court on Monday to pay more than £28 million in costs related to criminal activities. Gohil had previously been convicted of fraud and money laundering in a case involving corruption allegations against James Ibori, a former governor …