Category: Business

CBN lifts ban on cryptocurrency transactions

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The Central Bank of Nigeria has asked banks to disregard its earlier ban on crypto transactions. This is according to a circular dated December 22, 2023, with reference number FPR/DIR/PUB/CIR/002/003, and signed by the apex bank’s Director, Financial Policy and Regulation Department, Haruna Mustafa. The circular is titled ‘Circular to all Banks and other Financial Institutions Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers (VASPS).’ The apex bank stated that current trends globally have shown the need for crypto regulation. It said, “The CBN, in February 2021 …

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How Emefiele fraudulently acquires Union, Keystone and Polaris Banks…Titan Trust Bank connection

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Private investigator employed to look into the activities of the Central Bank of Nigeria under its immediate past governor, Godwin Emefiele, says the former banker used ill-gotten wealth to acquire banks for himself through proxies. The report says, Emefiele used proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited, as well as Keystone Bank without any evidence of payment. The special investigator, Jim Obazee, submitted the report of his investigations into the acquisition of Union Bank and Keystone Bank to President Bola Tinubu in two separate letters…

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Shoprite to stop operating Kano branch January 2024

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Shoprite Mall has announced that it is stopping operation in its Kano State branch from January 14, 2024. The popular mall attributed its decision to financial difficulties and high production costs combating business establishment in the country in a circular made available on Thursday. This development is coming on the heels of the current announcement by Jumia Food to cease operation in Nigeria by the end of this month, citing growing economic challenges. In the circular, the supermarket noted that the decision is regrettable, however necessary, hinting that all the…

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Slow economic growth: Spotify to sack 17% staff members

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In a bid to cut costs amid “dramatically” slower economic growth, Spotify, Music streaming giant on Monday said it will reduce the number of its employees by around 17%. Spotify in October posted a rare quarterly operating profit of 32 million euros, compared to a loss of 228 million for the same period a year earlier, on the back of 26% growth in active users for the third quarter. “I realise that for many, a reduction of this size will feel surprisingly large given the recent positive earnings report and…

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Fidelity Bank set to host 2 days of Family Entertainment …….announces maiden edition of its Fidelity Family Weekend Fiesta

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In the spirit of the Yuletide, leading financial institution, Fidelity Bank Plc, has announced plans to host the maiden edition of the Fidelity Family Weekend. Scheduled to hold on Saturday, 16 and Sunday, 17 December 2023 at the Fidelity Grounds, Oniru, Victoria Island, Lagos, the event is designed to create a fun and relaxed atmosphere for children to play, parents to relax and young adults to unwind during the festive season. “The Yuletide season is all about coming together and spending quality time with loved ones especially as we wind…

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How Dangote Group tried to ruin our business -BUA alleges

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It’s with a profound sense of responsibility and a heavy heart that we address the claims and very cheap attempts at blackmail levelled against BUA by Aliko Dangote in a recent 7-page editorial following months of sponsored campaigns of calumny against us using third-party platforms. To put things in perspective, it’s imperative to revisit history—a history not of rivalry but of resilience; not of enmity, but of endurance. In August 1991, a young BUA was doing its commodities trading business just as Nigeria faced a scarcity of sugar. As sugar…

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Lagos State Government Seals Alaba International Market and Trade Fair Market

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The Lagos State government has taken action to seal certain sections of Alaba International Market and Trade Fair Market due to reported sanitation issues. Traders arriving at the markets on Monday were surprised to find that they were denied access by officials from the Lagos State Waste Management Authority (LAWMA). In Alaba International Market, the electronics, fancy, and furniture sections were sealed. The Trade Fair Market was also affected, with the sealing taking place the day before. One vendor, known as Gift, mentioned that they recorded the sealing of the…

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Golf Ball Factory Fire Claims Lives and Injures Many in Taiwan

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A tragic incident occurred at a golf ball factory in southern Taiwan, where more than 100 people sustained injuries and five individuals lost their lives due to a fire and subsequent explosions. The fire began on Friday night in Pingtung County and continued overnight, leaving five people still missing. Among the casualties, three were brave firefighters who responded to the emergency. An investigation has been initiated to determine the cause of this devastating incident. Taiwan’s President Tsai Ing-wen expressed her heartfelt condolences to the victims’ families during a speech in…

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Elon Musk Considers Monthly Fee to Battle Bots on Platform X

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Elon Musk, the owner of the online platform X (formerly Twitter), announced on Monday his consideration of implementing a monthly fee for all users to combat the issue of bots on the platform. Since acquiring X for $44 billion in October last year, Musk has enacted significant changes, including employee layoffs, the introduction of a premium paid option, reduced content moderation, and the reinstatement of banned accounts, including that of former US President Donald Trump. In July, Musk revealed that X had experienced a substantial decline in advertising revenue. The…

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Nigeria Customs Announces Agreement for Nigerian Importers to Clear Goods in Cotonou Ports

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The Acting Comptroller-General of the Nigeria Customs Service, Adewale Adeniyi, has announced that Nigerian importers will soon be able to clear their goods in the ports of Cotonou, Benin Republic. This development comes after a two-day meeting between customs officials from both countries to strengthen trade relations and combat smuggling. Adewale Adeniyi explained that this agreement builds trust in the customs systems of Benin Republic, allowing Nigerian importers to use Cotonou ports and clear their goods there. They will have the opportunity to pay duties for taxable goods in Cotonou,…

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