2 hours ago
The Central Bank of Nigeria (CBN) has extended the suspension of processing fees on deposits within some thresholds. This is according to a statement by Adetona Adedeji, acting director of the Banking Supervision Department, on Wednesday in Abuja. Adedeji said that the suspension of two per cent and three per cent previously charged on cash…
2 hours ago
Governor Sheriff Oborevwori of Delta State has announced the withdrawal of Nigerian Army troops from Okuama Community, Ughelli South Local Government Area. Oborevwori, in a statement on Wednesday, said he has spoken with the Chief of Army Staff, Lt. Gen. Taoreed Lagbaja, on Monday, May 6th, and as of today, May 8, 2024. Oborevwori said…
3 hours ago
The Presidential Committee on Fiscal Policy and Tax Reforms has recommended an increase in the value-added tax (VAT) rate. Nigeria's current VAT rate sits at 7.5%. The chairman of the committee, Taiwo Oyedele, made the recommendation during a policy session of the committee on Monday. Oyedele proposed a revision to the current VAT revenue-sharing formula…
5 hours ago
Residents in many Lagos districts are facing power outages due to faults in several electricity feeders, according to Eko Electricity Distribution Company (EKEDC). Eko Electricity stated that the service disruptions over the past two days caused faults affecting seven feeders across Mushin, Lagos Island, Urban Prime, Festac, Ojo, Ajele, and Orile districts. “There has been…
5 hours ago
The Nigerian government has denied the bribery allegations made by cryptocurrency exchange Binance. Binance Chief Executive Officer Richard Teng alleged that Nigerian government officials demanded bribes to resolve its case in the country. The Federal Ministry of Information and National Orientation, in a statement on Wednesday, called Binance's claim of a $150 million bribe demand…
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