Author: Akintayo Adams

Claims that the cryptocurrency behemoth Binance Holdings Ltd. is in talks with the Nigerian authorities about possible fines of up to $10 billion have been denied. This runs counter to what Bayo Onanuga said earlier in a Friday interview with the BBC. Onanuga, President Bola Tinubu’s special adviser on information and strategy, claimed later that the media had misconstrued his remarks when they stated that the Nigerian government had fined Binance $10 billion in an effort to preserve the value of the naira. This was reported by the BBC on Friday. According to a Binance official quoted by Pressmen, “We…

4,173 Bureaux De Change Operators had their licenses withdrawn by the Central Bank of Nigeria (CBN), which cited noncompliance with regulations as the reason for the action. Sidi Ali Hakama, the bank’s acting director of corporate communications, made this revelation in a statement on Friday. The action is a component of attempts to rebuild trust in the country’s foreign exchange market, according to the central bank. The CBN stated that it is updating the regulatory and supervisory rules for Bureau de Change activities in Nigeria, noting that the list of impacted BDC operators is published on its website. It further…

Five projects under phase one of the Presidential Power Initiative (PPI) have been inaugurated by Chief Adebayo Adelabu, Minister of Power. These projects are located in Okene, Kogi State; Amukpe, Delta State; Potiskum, Yobe State; Apo in Abuja; and Ihovbor, Edo State. The first phase of the PPI aims to increase Nigeria’s wheeling capacity by 272 megawatts, which will result in a more reliable supply of energy to all of the country’s users. Adelabu stated that the four further sites were being remotely inaugurated by the federal government as he was speaking at the commissioning of the 60 MVA power…

Jose Peseiro, a Portuguese manager, has announced his resignation from the Super Eagles after his contract officially ended on Thursday. Peseiro, who guided the Eagles to a second-place result at the 2023 African Cup of Nations, expressed his satisfaction in his role as coach of the West African country. “Yesterday, we concluded our contract with the NFF. It was a pride and honor to coach the Super Eagles. It has been 22 months of immense dedication, sacrifice, emotion, and enormous enthusiasm. We feel a sense of fulfillment. “We would like to express our gratitude to Sir Amaju Pinnick (the president…

The 2012 Steve Oronsaye Report was deemed out of date by the House of Representatives on Thursday, and President Bola Tinubu was urged to carefully examine it before implementing its recommendations. As a result, the House established a 23-member committee led by House Leader Julius Ihonvbere to suggest suitable actions to lessen the probable effects of the Oronsaye Report study. In an effort to reduce the cost of governance, the Oronsaye study suggests merging ministries, departments, and agencies. The Federal Government has announced preparations to put this recommendation into action on Monday. The Presidential Committee on Rationalization and Restructuring of…

Of the $1.3 billion in debt owed to gas companies, the federal government has already paid $120 million for the supply of gas needed to operate gas-fired power plants around the nation. Due to the Gencos’ debt to gas-producing companies, certain gas providers have curtailed their supply, while others have stopped providing the commodity to power-generating companies, resulting in Nigeria currently experiencing a low power supply. Chief Adebayo Adelabu, the minister of power, recently disclosed that the reason for the decline in power generation and consequent low supply since January was that gas providers ceased providing gas for electricity generation…

For the year ending in December 2023, Lafarge Africa’s Board of Directors has proposed a dividend of N1.90 per unit of its shares, or N30.60 billion. Compared to the N32.22 billion dividend it gave out the year before, this was less. According to a corporate notice submitted on Thursday to the Nigerian Exchange Limited, shareholders must first approve the proposed dividend at the company’s next annual general meeting. “A final dividend of 190 kobo per unit of 50 Kobo ordinary share, payable from the Pioneer Reserve, will be paid to shareholders whose names are in the register of members as…

Shina Peller, a former member of the House of Representatives, and thousands of other members of the Accord Party in Oyo State’s Oyo North Senatorial District defected to the People’s Democratic Party on Thursday, the state’s ruling party. The state governor, Seyi Makinde, who was accompanied by his deputy, Bayo Lawal, gave him a formal welcome in Ode-Oba, Iseyin, in the state’s Iseyin Local Government Area. Peller left the All Progressives Congress in 2023 to obtain the Accord Party’s senatorial ticket for Oyo North. However, he was defeated by APC candidate Fatai Buhari. Peller had been elected in 2019 under…

On Thursday, President Bola Tinubu slammed the nation’s labor unions and urged them to uphold peace. Two days after the Nigeria Labour Congress (NLC) staged a statewide protest against the nation’s economic suffering, the President took aim at the unions in Lagos on Thursday during the state’s Red Line Rail service’s inauguration. Speaking to the inauguration attendees, President Tinubu first requested permission to make a jab before sending a message to the Trade Union Congress (TUC) and the NUC, which make up the majority of the Organized Labour. “The Labour Union should understand that no matter how long we cling…

On Thursday, President Bola Tinubu reaffirmed the administration’s efforts to combat the nation’s problems with corruption and smuggling. Speaking on Thursday at the inauguration of the Lagos Red Line Train, Tinubu stated that his administration’s economic policies cannot be reversed. “I agree smugglers will fight back, corruption will fight back. We will fight them to ruin. Corruption will go away, save the money for you to educate our children, to pay for the healthcare system of our people, to pay for the modern transportation system that works for highest number of people, not those few smugglers,” Tinubu said. “We said…