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Article 'EFCC, INTERPOL Hunt Down CBEX Fraudsters After ₦1.3 Trillion Ponzi Collapse'- Nigeria News
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The Nigerian House of Representatives has summoned 48 oil companies over N9.4 trillion in unpaid debts owed to the federal government. The investigation concerns unpaid royalties, gas flare penalties, and obligations under production-sharing contracts. Hearings are set for March 3-7, 2025, to...
The Nigerian Naira strengthens against the Dollar following CBN reforms, trading at N1,492.49. Experts urge caution, highlighting the need for increased production to sustain the gains. Despite improvements, foreign exchange reserves decline, and analysts suggest that long-term stability depends...
Nigeria's aviation minister, Festus Keyamo, mandates that foreign airlines partner with local caterers for onboard meals to receive approval for their summer schedules. This policy aims to boost the local economy. Keyamo also announced ongoing airport upgrades and safety measures to improve...
Starting March 1, 2025, Nigerian banks will charge N100 for N20,000 withdrawals at on-site ATMs and N600 for off-site withdrawals. The fees apply to transactions from ATMs outside a customer’s bank, while international ATM withdrawals will be subject to cost recovery charges.
As of March 1...
The 2025 Henley Passport Index ranks Singapore as the world’s most powerful passport, granting visa-free access to 195 destinations. Japan, Germany, France, and South Korea follow closely, while the UAE climbs the rankings. The UK and US see declines, impacted by Brexit and shifting global visa...
Nigeria was absent from Africa’s major oil discoveries in 2024, as Namibia and Côte d’Ivoire secured 2.9 billion barrels of new reserves. Deepwater exploration dominated global finds, with companies drilling up to 3,000 meters. While Nigeria struggles with investment shortages, new projects by...
Air Peace flights were disrupted after three bird strikes in 24 hours, forcing aircraft groundings for safety checks. The airline assured passengers of ongoing maintenance and rescheduling efforts. Air Peace emphasized its commitment to safety, apologizing for travel inconveniences and seeking...
The Federation Account Allocation Committee (FAAC) distributed ₦1.703 trillion among the federal, state, and local governments for January 2025. VAT revenue rose by ₦122 billion, while gross statutory revenue increased by 33.6%. The federal government received ₦552.6 billion, states ₦590.6...
Nigeria’s Minister of Communications, Bosun Tijani, has defended the 50% telecom tariff hike, stating it was necessary to prevent company shutdowns and job losses. He emphasized government efforts to improve service quality and expand connectivity, while Airtel’s Sunil Mittal warned that further...
The Federal Government plans to review electricity tariffs for Band B and C customers, citing an unsustainable N3 trillion subsidy. Power Minister Adebayo Adelabu stressed the need for infrastructure investment and a balanced pricing structure to ensure service improvements while maintaining...
Fraudsters have stolen over ₦1 billion using BVNs illegally registered for minors, according to NIBSS. With bank staff and agents aiding these scams, funds were funneled through fraudulent accounts. Authorities are investigating, while NIBSS calls for stricter verification and fraud detection to...
The naira appreciated to ₦1,490/$ in the parallel market, while the official rate strengthened to ₦1,499.8/$. Experts link the gains to forex inflows and CBN policies. However, concerns persist over market stability. Nigerians react as the exchange rate gap widens to ₦9.8/$ amid ongoing economic...
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