Days after a train imported from Poland crashed during a test run, the government has stated that the manufacturer will repair the damaged parts within the next three to four weeks. The Railways development minister, John Peter Amewu, explained that only the fenders were damaged, while the electronic and mechanical systems with the engine remained…
A Binance executive who escaped Nigerian custody has been arrested in Kenya and faces extradition to Nigeria this week, according to unnamed Nigerian government sources. Nadeem Anjarwalla, Binance’s regional manager, was detained in Kenya and is set to be extradited. Discussions are ongoing between Nigerian authorities, the International Criminal Police, the Nigeria Police Force, and…
The National Bureau of Statistics (NBS), which provides official data for Nigeria, has released the inflation figures for March 2024, showing an increase to 33.20% from 31.70% in February 2024. This is happening despite the consistent appreciation of the naira against the dollar over the past month, to the extent that some bureau de change…
In recent weeks, Nigeria has witnessed a remarkable turnaround in its currency dynamics, with the naira rebounding from record lows against the dollar. However, this resurgence has come at a cost, as the country’s foreign exchange reserves experience a significant decline, raising concerns about the sustainability of this recovery. Nigeria is burning through foreign exchange…
Are you seeking a reliable payment infrastructure for bill payments across Africa? Look no further than Bito.ng. Bito is more than just a platform; it’s a comprehensive solution offering services ranging from airtime and internet data to electricity subscriptions and utility bills. What Sets Bito Apart? Bito’s mission is clear: to provide access to reliable,…
In a bid to bolster the entrepreneurial landscape and foster economic growth, the Federal Government of Nigeria proudly introduces the Presidential Conditional Grant to Nano Businesses under the Presidential Palliative Program. With the aim of providing vital support to small-scale enterprises across the nation, this initiative marks a significant step towards inclusive economic development. About…
Brent crude surged to $87.92 per barrel following reports that crude oil output dipped in key OPEC members Nigeria and Iraq. The rise in Brent’s price comes amidst concerns over supply shortages exacerbated by reduced exports from these oil-producing giants. According to a recent survey conducted by Reuters, OPEC’s oil output declined in March due…
Alpha Shop is an online marketplace that allows sellers and buyers to transact via escrow. The buyer simply place their order, and their funds is held in escrow until the seller delivers whatever they ordered and they are satisfied with the quality of items delivered. In this comprehensive review, I’ll delve into my experience with…
In a bold move aimed at addressing Nigeria’s ongoing forex crisis, the Federal Government has levied a staggering $10 billion fine on Binance, one of the world’s largest cryptocurrency trading platforms. The announcement came through Bayo Onanuga, the special adviser to President Bola Tinubu on information and strategy, in an exclusive interview with the BBC…
The recent financial disclosures by MTN Nigeria Plc paint a stark picture of the economic challenges gripping the nation. The telecommunications giant, a cornerstone of Nigeria’s digital infrastructure, reported a staggering loss before tax of $118.5 million, equivalent to N177.8 billion, a stark contrast from its pre-tax profit of N518.8 billion just a year prior….