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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

EU Intensifies Pressure On Nigeria To Supply Gas To Europe

Minister of State for Petroleum Resources, Chief Timipre Sylva
Sylva proposes multi-pronged approach to tackle crude oil theft Port Harcourt to begin refining of 60,000bpd in 2023 The European Union (EU) has intensified pressure on Nigeria to supply gasRead More

Nigeria’s Debt Service Cost Hits N1.94trn, Overwhelms Revenue By N310bn

Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed
Petrol subsidy may gulp N6.72trn in 2023 Projects N17.99trn aggregate expenditure, N373.17bn oil revenue The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed yesterday sounded the alarm bellsRead More

Nigeria in Darkness As National Power Grid Suffers Sixth Collapse In 2022

Electricity power plants
The national electricity grid yesterday suffered its sixth system collapse in 2022, throwing many homes and businesses across the country into total blackout. The system failure, which occurred at aboutRead More

New Senate Bill Allows States To Generate, Distribute Electricity

Nigerian Senate
Lawmakers pass Nigeria Start-up bill Confirm Joe Ohiani as ICRC DG The Senate yesterday passed a bill that would allow states to generate and distribute electricity. The bill’s passage wasRead More

Report: Nigerian Businesses Turn To Solar As Diesel Costs Bite

Solar panels
Nigeria’s solar companies are seeing a surge in demand for mini-grids and equipment as businesses in Africa’s biggest oil producer look for alternative power sources, a Reuters report disclosed. TheRead More

Cocoa Will Be Sustainably Produced In Ondo, Says Akeredolu As 150,000 Farmers Get Seedlings, Inputs

Cocoa
Ondo State Governor, Mr. Oluwarotimi Akeredolu yesterday expressed his administration’s determination to ensure that cocoa production and the income generated from the produce remains stable and sustained in the state.Read More

NIPOST Clamps Down On 28 Illegal Courier Operators In Lagos

Nigerian Postal Service (NIPOST)
In a bid to sanitise the courier and logistics industry, the Courier and Logistics Regulatory Department (CLRD) of the Nigerian Postal Service (NIPOST), last week, raided 28 illegal courier operatorsRead More

African Fintech Has Potential To Attract Investors, Says Fintech NGR

Financial technology (fintech)
The Fintech Association of Nigeria (FintechNGR) has further stated that the African Fintech has huge potential to attract more investors, given its growing investors’ confidence, which it said was aRead More

4-Year Blackout: Court Orders Benin Electricity Distribution Company, BEDC To Pay Delta Community N20 Million Compensation, Reconnect Electricity

Law court
A Delta state High Court sitting at Oghara, Ethiope East Local Government of the state has ordered the Benin Electricity Development Company (BEDC) to pay N20 million as compensation toRead More

Komolafe: Nigeria Lost $1bn Revenue To Crude Oil Theft In Q1

Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr. Gbenga Komolafe
World’s richest billionaires lose $1.4tn in worst half-year ever Nigeria lost $1 billion in revenue during the first quarter of this year due to crude oil theft, the Chief ExecutiveRead More