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CBEX Resumes Operations Despite SEC Ban

Crypto Bridge Exchange trading platform, CBEX
Despite the purported N1.2 trillion digital trading scam that allegedly impacted over 600,000 Nigerians, the troubled Crypto Bridge Exchange trading platform, CBEX, has reopened and announced new withdrawal alternatives in an effort to regain investor confidence. Despite continuing regulatory agency investigations, Punch reports that two traders on the CBEX platform have confirmed that the digital trading company has discreetly resumed operations, enabling new customers to register, trade, and withdraw winnings. The sources claim that in order to determine the amount lost in the scheme, which failed in April, an external audit of the company’s financial records and an insurance verificationRead More

EFCC Charges DNFBPs On New Anti-money Laundering Legislation

The Economic and Financial Crimes Commission (EFCC)
The Economic and Financial Crimes Commission (EFCC) yesterday urged Designated Non-Financial Businesses and Professions (DNFBPs) to conduct their dealings in line with the provisions of the newly enacted Money LaunderingRead More

FG Seeks To Bar Foreigners From Buying Food Commodities At Farm Gate

Minister of Industry Trade and Investment, Mr. Adeniyi Adebayo
Move may rein in food inflation The Minister of Industry Trade and Investment, Mr. Adeniyi Adebayo, yesterday inaugurated an Inter-Ministerial Standing Committee to oversee the implementation of a memo onRead More

Discos Alert On Nationwide Blackout As TCN Begs Workers To Suspend Planned Strike

Electricity Distribution Companies (Discos)
The Electricity Distribution Companies (Discos) have alerted Nigerians to a likely nationwide blackout as the Transmission Company of Nigeria (TCN) yesterday begged workers in the sector to suspend their proposedRead More

How FG’s Ejection Of SON At Ports Led To Influx Of Substandard Solar Systems Into Nigeria

Standard Organisation of Nigeria (SON)
Solar practitioners hail CBN, BOI, REA, others over support to growth of sector The Standard Organisation of Nigeria (SON) has blamed the proliferation of substandard solar systems and solutions intoRead More

FG Threatens To Sanction Chinese Firm Over Slow Pace Of Rail Project

China Civil Engineering and Construction Company (CCECC)
The federal government has threatened to sanction the China Civil Engineering and Construction Company (CCECC) over the firm’s alleged failure to provide 85 per cent counterpart funding for the railRead More

In Last 12 Years, Nigeria’s Electricity Grid Suffered Over 222 Partial, Total Collapses

Electricity power plants
Ministry advocates purchase of SCADA system Expert blames archaic, obsolete grid system*Report says Sub-Saharan Africa loses up to $28bn in GDP to power collapses In the last twelve and aRead More

Benin City Mall Project Will Boost Economy For Edo Residents

Edo State
The management of the Benin City Mall in Edo State has announced that barring any adjustments in time, the mall will open to customers in the first quarter of 2023,Read More

NNPC Urged To Fix Nigeria’s Ailing Refineries

Nigerian National Petroleum Corporation (NNPC)
The Chairman of DAS Energy Services Limited, Delta State, Chief Sunny Onuesoke, has said the commercialisation of Nigerian National Petroleum Corporation (NNPC) will make no sense, when the four refineriesRead More

Shell Posts Record Quarterly Profit Of $11.5bn, TotalEnergies $9bn

Shell Petroleum Development Company of Nigeria Limited
Nigeria misses out in oil windfall as NNPC spends revenue after oil theft on subsidies, leading to inability to remit funds to foreign reserves, thereby deepening Naira’s woes In US,Read More