The Central Bank Of Nigeria (CBN) has issued a July 7, 2024 deadline for Point of Sales (PoS) operators to complete registration with the Corporate Affairs Corporation (CAC). This was revealed during a meeting between Fintechs and the Registrar-General/Chief Executive Officer (CAC) Hussaini Magaji (SAN) in Abuja on Tuesday. Speaking at the event, the […]
The Federal Government has decided to improve the domestic power supply by cutting the sales to cross-border in the Niger Republic, Niger Republic and Togo. The electricity regulator, Nigerian Electricity Regulatory Commission (NERC) ordered a department within the Transmission Company of Nigeria, the System Operator (SO), to cap power supply to the three neigbhouring […]
The FCCPC has said it will block loan app that harasses customers. This was disclosed on the Commissions X page on Saturday, 4 May 2024. The acting Chairman of FCCPC, Adamu Abdullahi, made it known that it won’t happen again as they have begun to address the issue. Adamu said, ” It would soon […]
Nigerian fintech companies have warned their customers against trading in cryptocurrency or any virtual currency on their apps, threatening to block any accounts found engaging in such activities. At least four fintechs—Opay, Moniepoint, PalmPay and Paga—have communicated this development to their customers on Friday. Last week, the Central Bank of Nigeria stopped major fintech […]
A federal high court in Kano has issued an order restraining the National Electricity Regulatory Commission (NERC) and the Kano Electricity Distribution Company (KEDCO) from implementing the new electricity tariff for Band A consumers. Ruling on an ex parte motion on Thursday, Abdullahi Liman, presiding judge, made an interim order restraining NERC and KEDCO […]
The Nigeria Customs Service (NCS) has increased the foreign exchange (FX) rate for import duties to N1,441.58 per dollar. The increase represents a 4.94 percent as against the N1,373.64/$ adopted on May 1. The rate adopted by customs was observed on Friday on the federal government’s single window trade portal. The customs typically adopts […]
The Nigeria Deposit Insurance Corporation (NDIC) has increased the maximum deposit insurance coverage for Deposit Money Banks (DMBs) from N500,000 to N5,000,000 and would provide full coverage of 98.98 per cent of the total depositors compared with the current cover of 89.20 per cent This was announced on Thursday by the Managing Director/Chief Executive […]
The Nigerian Electricity Regulatory Commission (NERC) has announced the deregulation of meter prices under the meter asset provider (MAP) scheme for end-user customers. This is contained in a circular issued by the commission on Monday. In September 2023, NERC approved an increase in the prices of single-phase electricity meters to N81,975.16 and three-phase meters […]
A Competition and Consumer Protection Tribunal sitting in Abuja, on Monday, issued a restraining order on Multi-Choice Nigeria Limited from increasing its tariffs and cost of products and services. Multi-choice had last week announced a price increment across its DStv and GOtv packages effective May 1, 2024. The pay-TV company claimed the price hike […]
Dangote group has denied news that its founder, Aliko Dangote created an Artificial intelligence (AI) tool that will assist Nigerians trade in the crypto and stock market. A fake video where Dangote announced this AI tool went viral on Sunday, April 28, with the business mogul presumably saying that the tool can be accessed […]
