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Abuja, March 1, 2024 – The Federal Government has imposed a $10 billion fine on the crypto trading platform, Binance, over allegations of influencing the country’s forex crisis. Bola Onanuga, The Special Adviser to President Tinubu on Information and Strategy, disclosed this to the BBC on Friday. Onanuga alleged that Binance profited substantially from its “illegal transactions” in Nigeria, while the nation suffered huge losses. He said Binance was not registered in Nigeria and had no presence in the country, but people used the platform to arbitrarily fix dollar-naira rates, …

Singapore, Feb. 29, 2024 – Oil prices fell on Thursday after a larger-than-expected build in U.S. crude stockpiles stoked worries about slow demand, while signs that U.S. interest rates could remain elevated added to pressure. Brent crude futures for April fell 43 cents, or 0.5%, to $83.25 a barrel by 0830 GMT, after rising 3 cents in the previous session. The April contract expires on Thursday and the more active May contract was down 33 cents at $81.82. U.S. West Texas Intermediate crude futures were down 26 cents, or 0.3%, …

By Paul Ejime Dakar, Feb.6, 2024 – Senegal, one of the few African countries not to have experienced a military coup since its independence from France in1960, joined the infamous undemocratic ranks on Monday Feb. 5. In a televised parliamentary session on Monday to consider President Macky Sall’s controversial decision to postpone the country’s presidential election fixed for 25th of February, state para-military police (gendarmes) were seen ejecting oppostion MPs from the legislative chambers This paved the way for the ruling party and former President Abdoulaye Wade’s PDS to approve …

Abuja, Feb. 6, 2024 – The Economic and Financial Crimes Commission (EFCC) has arrested Abubakar Ahmad Sirika over an alleged N8.06 billion contract fraud in the Federal Ministry of Aviation. Abubakar is a brother to Hadi Sirika, a former Minister of Aviation under President Muhammadu Buhari. Abubakar was arrested on Sunday over allegations of conspiracy, abuse of office, diversion of public funds, contract inflation, criminal breach of trust and money laundering. Accoding to the EFCC source, “In connection with the ongoing probe of the Ministry of Aviation during Hadi Sirika’s …

Lagos, Jan. 24, 2024 – OPay, a fintech company, plans to block all customers’ accounts not linked to the National Identity Number (NIN) by March 1, 2024. Ikponmwosa Odiase, a director in the company, said this in Lagos on Wednesday at a media briefing. He said, already, customers on tier 1 account had been barred on its mobile app until they link their accounts with their NIN. Odiase said the move was in line with the directive of the Central Bank of Nigeria on the Know-Your-Customer (KYC) practices in the …

Lagos, Jan. 20, 2022- The National Agency for Food and Drug Administration and Control (NAFDAC) says it will investigate media reports of woman allegedly caught frying plantain chips with oil and melted polyethylene. NAFDAC said in a statement on Saturday that its attention had been drawn to the report and was taking a science-based approach by conducting necessary laboratory investigation into it.    “It is important to mention that the viral post began circulating on a date pre-dating the day it was said to have been observed and that it …

Abuja, Jan. 17, 2024 – The Central Bank of Nigeria will start prosecuting defaulters of foreign exchange rules. Mrs. Sidi Ali, the CBN Acting Director of Communication, disclosed in a statement in Abuja on Wednesday. Sidi said that a recent independent forensic review by a reputable firm into look into the forex exchange issues in the country, revealed grave infractions, gross abuse, and significant non-compliance with market regulations . She said that appropriate sanctions would, henceforth, be enforced in collaboration with relevant agencies. The acting director said Nigeria had nearly …

Abuja, Jan. 17, 2024 -The Federal Executive Council (FEC) has set up a committee to review the laws guiding the control of explosives in the country. The move is to determine whether the laws were being violated by ubscruplous elements. .Mohammed Abubakar, the Minister of Defence, disclosed this while addressing journalists after the first FEC meeting.  He warned the public against crowdfunding to pay ransoms for kidnapped victims, saying it will only worsen the spate of abductions. “The first question has to do with the Ibadan explosion where the governor …

Lagos, Jan. 15, 2024 – Seven oil marketers have registered as distributors of Dangote Refinery products. The refinery, which commenced operation on Friday, would be producing diesel as its main product for now. The marketers would start lifting the product as soon as they finalise the registration process. The Independent Petroleum Marketers Association of Nigeria (IPMAN) said it was meeting the refinery management this week to negotiate the terms of loading the product. The seven marketers approved are 11 Plc, Conoil Pl, Ardova Plc, MRS Oil Nigeria Plc, OVH Energy …