Finance
U.S. Court Fines Nigerian Tingo Group Founder $250m After SEC Lawsuit
A U.S. Federal Court has fined a Nigerian businessman, Dozy Mmobousi, over $250 million following his non-appearance in a civil suit filed against...
Nigerian Households to Spend Majority of Earnings on Food in the Next 6 Months — CBN
Nigerian households are expected to allocate a significant portion of their earnings to food purchases over the next six months due to the...
Libya’s Oil Production Drops by Half Amid Power Struggle Over Control of Central Bank
Libya’s oil production has dropped by 700,000 barrels daily, cutting output by half. Less than 600,000 barrels are now being produced daily. This...
FX Turnover Drops By 25% in August as Naira Struggles
The Nigerian official foreign exchange (FX) market experienced a sharp decline in activity in August 2024. Data from FMDQ reveals that FX turnover...
Air Travellers Condemn N2000 Vehicle Entry Fee at Lagos Airpor
Nigerians have lamented the N2000 fee imposed on vehicles picking up passengers at the Murtala Muhammed International Airport (MMIA) in Lagos. Vehicle owners...
NDIC Plans to Dissolve 87 Banks Following a 30-day Notice
The Nigeria Deposit Insurance Corporation (NDIC) has announced its intention to dissolve 87 microfinance and primary mortgage banks across Nigeria. This comes after...
Despite Persisting Inflation, Naira Volatility, Federal Agency Gives Traders One Month to Reduce Prices or Face Penalties
The Federal Competition and Consumer Protection Commission (FCCPC) has given traders and market stakeholders across Nigeria a one-month deadline to reduce the prices...
Burkina Faso Government Nationalises Two Gold Mines To End Legal Dispute Between Competing Companies
Burkina Faso has taken control of two major gold mines after reaching an agreement with mining companies Endeavour Mining and Lilium Mining. The...
Liberia, Ghana Central Banks Clarify $20 Million Cash Transfer Saga, Dismiss Rumours Of Money Laundering
The Central Bank of Liberia (CBL) and the Bank of Ghana (BoG) have issued statements clarifying the legality of a recent $20 million...
S’African Johann Rupert Overtakes Dangote To Become Africa’s Richest Man
South African billionaire Johann Rupert has overtaken Nigeria’s Aliko Dangote to become Africa’s richest person. This is according to the latest Bloomberg Billionaires...
South Africa Probes $7 Billion Corruption in State-Owned Companies
The Special Investigative Unit (SIU) on Tuesday revealed that it is investigating over $7 billion in alleged corruption across major state-owned companies in...
Liberian Government Denies Defaulting On Payments After World Bank Suspends Funding
The Liberian government has denied defaulting on payments after the World Bank suspended the country’s access to funding. The World Bank told FrontPage...