News Update

Careers | Crypto | Magazine | News Update

Nigerian Authorities Drop Charges Against Binance Executive Who Has Been in Detention Since April
ByIbson Bay October 25, 2024October 25, 2024

Nigerian authorities have officially dropped charges against Tigran Gambaryan, an executive at Binance Holdings, who had been facing allegations of money laundering. Gambaryan, who serves as the Head of Financial Crime Compliance for Binance, has been in detention since April 2024, but recent developments suggest the charges against him have been stepped down. Gambaryan, alongside…

Read More Nigerian Authorities Drop Charges Against Binance Executive Who Has Been in Detention Since April
Careers | Finance | Magazine | News Update

South Africa Tops Africa’s Largest Economies, Nigeria’s GDP Projected to Decline to $199.72 Billion by End of 2024 – IMF Report
ByIbson Bay October 22, 2024October 22, 2024

The International Monetary Fund (IMF) World Economic Outlook (WEO) report for October 2024 has projected that Nigeria will end the year with a Gross Domestic Product (GDP) of $199.72 billion. This development places Nigeria as the fourth largest economy in Africa, trailing behind South Africa, Egypt, and Algeria. Nigeria’s GDP projection reflects the ongoing economic…

Read More South Africa Tops Africa’s Largest Economies, Nigeria’s GDP Projected to Decline to $199.72 Billion by End of 2024 – IMF Report
Finance | Latest | Magazine | News Update

Nigeria Loses N13 Trillion to FX Subsidies, Says World Bank
ByIbson Bay October 22, 2024October 22, 2024

According to a new report by the World Bank, Nigeria incurred a staggering loss of N13 trillion due to foreign exchange (FX) subsidies over the past three years. The report emphasizes the importance of maintaining a unified exchange rate to correct the economic distortions caused by the previous administration’s multiple FX rates. The report reveals…

Read More Nigeria Loses N13 Trillion to FX Subsidies, Says World Bank
Business | Latest | Magazine | News Update

Oil Import Surge Challenges Dangote Refinery’s Capacity
ByZainab Yusuf October 21, 2024October 21, 2024

Over the weekend, at least four vessels carrying petroleum products arrived at Nigeria’s borders, raising questions about the capacity of the Dangote Refinery to meet local demand. According to a report by Punch, this development highlights a significant contradiction to earlier claims by Aliko Dangote, Africa’s richest man, that his refinery could service the entire…

Read More Oil Import Surge Challenges Dangote Refinery’s Capacity
Latest | Magazine | News Update

Blackout Across Nigerian Cities As National Grid Suffers Major Setback
ByIbson Bay October 19, 2024October 19, 2024

In a frustrating and familiar situation, Nigeria is grappling with a nationwide blackout following the collapse of its national grid on Saturday morning, marking the third grid failure within a week. Reports of power outages have come from major cities such as Abuja, Lagos, and various other parts of the country. As of now, there…

Read More Blackout Across Nigerian Cities As National Grid Suffers Major Setback
Finance | Latest | Magazine | News Update

BRICS Nations Expected to Surpass Global GDP Growth in 2024 – Putin
ByHassan Bar October 18, 2024October 18, 2024

Russian President Vladimir Putin has predicted that the BRICS nations will see higher economic growth than the global average by the end of 2024. Speaking at a plenary session of the BRICS Business Forum in Moscow, Putin stated that the BRICS nations’ Gross Domestic Product (GDP) growth rate is expected to reach 4% by the…

Read More BRICS Nations Expected to Surpass Global GDP Growth in 2024 – Putin
Careers | Finance | Magazine | News Update

African countries that have legalized cannabis cultivation for industrial, medicinal purposes
ByHassan Bar October 17, 2024October 17, 2024

As the global demand for medical cannabis continues to grow, several African countries have shifted their stance on cannabis cultivation. Although the plant remains widely banned for recreational use due to health concerns, many nations now permit its cultivation for industrial and medicinal purposes. With Africa producing some of the highest levels of cannabis globally,…

Read More African countries that have legalized cannabis cultivation for industrial, medicinal purposes
Latest | News Update

Niger Bans Cereal Exports to Protect Local Supply and Keep Prices Affordable, Exempts Mali and Burkina Faso
ByIbson Bay October 17, 2024October 17, 2024

In a bid to safeguard the nation’s food security and stabilize prices in local markets, the President of Niger has announced a ban on the export of essential cereals such as rice, millet, sorghum, cowpea, and corn. This move is intended to ensure that enough supply of these staple crops remains within the country to…

Read More Niger Bans Cereal Exports to Protect Local Supply and Keep Prices Affordable, Exempts Mali and Burkina Faso
Finance | Latest | News Update

Nigeria’s Foreign Reserves Surge by $2.35 Billion, Boosting Naira Stability
BySufi Umar September 19, 2024September 19, 2024

LAGOS – Nigeria’s foreign reserves have experienced a significant boost, with the Central Bank of Nigeria (CBN) recording an average net inflow of $2.35 billion each month, according to Wale Edun, the Minister of Finance and Coordinating Minister of the Economy. Edun made this announcement during the 2024 Access Bank annual corporate forum held in…

Read More Nigeria’s Foreign Reserves Surge by $2.35 Billion, Boosting Naira Stability
News Update

Tanzania’s President Samia Suluhu Hassan Rejects Western Interference in National Affairs
ByHassan Bar September 18, 2024

President Samia Suluhu Hassan of Tanzania has firmly called on Western countries to refrain from meddling in the country’s internal affairs, emphasizing that Tanzania has a robust constitution and is capable of handling its own challenges. The president’s statements came during the 60th anniversary celebration of the Tanzanian Police Force, where she responded to concerns…

Read More Tanzania’s President Samia Suluhu Hassan Rejects Western Interference in National Affairs