LAGOS JUNE 30TH (NEWSRANGERS)-MoMo Payment Service Bank, the new financial services subsidiary of telecoms company MTN Nigeria, suffered a breach in the last week of May just days after launch, reportedly losing 22 billion naira ($53 million.) Nigerian payment service banks operate with a mobile money license reserved for non-bank institutions. They offer deposits and…
LAGOS JUNE 19TH (NEWSRANGERS)-Experts in the nations financial sector have identified gaps in the set objectives by the Central Bank of Nigeria, CBN, to significantly reduce the number and percentage of adult Nigerians who are excluded from the formal Financial System of the country. Speaking at the inaugural conference of Oriental News Nigeria with theme…
LAGOS JUNE 17TH (NEWSRANGERS)-A major air accident was averted when an Overland Airways aircraft made an emergency landing at the Murtala Muhammad International Airport, Lagos, from Ilorin International Airport in Kwara State. The incident happened on Wednesday night when one of the engines caught fire mid-air as the plane was approaching the airport. 33 passengers…
LAGOS JUNE 14TH (NEWSRANGERS)-Nigeria has announced plans to regulate internet companies like Facebook, WhatsApp, Instagram (all owned by Meta), Twitter, Google and TikTok in a draft shared by the country’s internet regulator. This information, released by the National Information Technology Development Agency (NITDA) on Monday, can be viewed on its website and Twitter page. Just…
LAGOS JUNE 11TH (NEWSRANGERS)-Operatives of the Economic and Financial Crimes Commission (EFCC) stormed the head office of NOVA Merchant Bank Limited to arrest the Chairman of the institution, Phillips Oduoza and its Managing Director/Chief Executive Officer, Nath Ude, SaharaReporters has reported. NOVA Bank is an investment-grade merchant bank in Nigeria which offers an integrated suite…
LAGOS JUNE 11TH (NEWSRANGERS)-The Russian fast food chain that was formerly McDonald’s in the country has revealed its new logo as it prepares to reopen its restaurants from Sunday. The new branding features a circle and two lines, which are said to represent a burger and two French fries. The company has not yet…
LAGOS JUNE 10TH (NEWSRANGERS)-As major Nigerian political parties decide their presidential candidates for the 2023 general election, the WorldStage Economic Summit 2022 (WES) is set to hold on Wednesday, June, 22, 2022 in Lagos with strong expectations that the next administration will focus on bridging the multibillion dollar infrastructural gap in the country. According to…
LAGOS JUNE 3RD (NEWSRANGERS)-Regardless of age or social class, (almost) every Nigerian appears to be affected by the inflation rate, which rose by 16.82% year-on-year (YoY) in April 2022. Among the affected groups, small business owners seem to have it worse. Most of them don’t make as much as they used to, as their customers…