E.U imports of Russian aluminum increased by 13% in Q2

Russian

Despite multiple waves of international sanctions on Russia following its invasion of Ukraine, the E.U. and U.S. have both increased their imports of Russian industrial metals compared to 2021. What are the figures?According to a report by Reuters, E.U. imports of Russian aluminum increased by 13% in the March-June period of this year, while U.S. … Read more

Flutterwave gets Switching and Processing License 

Flutterwave

The Central Bank of Nigeria (CBN) has granted a Switching and Processing License to the growing Nigerian Fintech company, Flutterwave.  What’s the License for?  With the license, which is regarded as the CBN’s most valuable payments processing license, Flutterwave will be able to offer transaction switching and card processing services to customers. It allows Flutterwave … Read more

No going back on Okada ban, Lagos State Government warns

Lagos state government has vowed that it would not go back on its decision to enforce the ban on motorcycle activities in the additional four Local Government Areas and six Local Council Development Areas in the state, warning that violators of the ban, whether motorcycle riders or passengers will be prosecuted in accordance with the … Read more

Federal government cautions network providers, fintech against providing services to loan sharks

loan sharks

In a bid to put an end to the unethical activities and exploitative practices of some digital money lenders, the Federal Competition and Consumer Protection Commission, FCPCP, says it has ordered Telecommunication/Technology companies, including Mobile Network Operators and Digital Payment Systems to stop providing services to digital money lenders, who are currently under investigation for … Read more

NBC revokes licences of AIT, STV, 50 other media houses.

nbc

National Broadcasting Commission says it has revoked the operating licenses of somemajor broadcasting media firms in the country over their refusal to renew their licenses.Announcing the revocation at a Press Briefing in Abuja, the Director-General of NBC,Balarabe Shehu Ilelah instructed the affected stations to shut down operations within thenext 24 hours. Which stations do the … Read more

Can no longer fly emirates 

emirates

Nigeria’s forex crisis was again brought to the fore yesterday as Emirates airlines announced the suspension of its operations in Nigeria from September 1, 2022.  Foreign airlines operating in the country have expressed concern over their inability to repatriate their earnings from Nigeria. There’s been no change in the situation despite efforts that included reaching … Read more

Stakeholders fear collapse of aviation sector 

Aviation industry players in Nigeria have expressed concern that the sector may soon collapse if current trends are not immediately halted.  What trends?  Industry stakeholders are growing anxious as a result of the ongoing increase in the price of aviation fuel, also known as jet A1, as they express concerns that the sector may collapse … Read more

Nigerian manufacturers express growing confidence in the economy 

Manufacturers in Nigeria have expressed increased confidence in the Nigerian economy.  Really?  This was revealed in the Manufacturers CEO’s  Confidence Index (MCCI) report for the second quarter of 2022. The Manufacturers’ confidence rose by 0.7% to 54.6 points in Q2 from 53.9 points in the previous (first) quarter of the year. The report, which was … Read more

MSMEs Bill passes second reading 

MSME

The Business Facilitation (Miscellaneous Provision) Bill 2022 is a step closer to becoming law after it passed second reading at the Nigerian Senate yesterday.  What’s the Bill about?  Also known as the “Omnibus Bill”, it seeks to consolidate and amend outdated legislative provisions in the Nigerian business environment, and remove bottlenecks for Micro, Small, and … Read more

The wealth of world’s wealthiest people is declining

The wealthy are struggling, comparatively speaking. Struggling, how? According to the annual ranking from Forbes Magazine that lists the world’s wealthiest people, the number of billionaires worldwide fell by 329 to 2,668 in 2021. The total value of their assets also fell from the $13.1t reported the previous year to $12.7t. What’s the cause of … Read more