LAGOS MARCH 21ST (NEWSRANGERS)-Dangote Group, Nestle Nigeria and MTN Nigeria, alongside four of Nigeria’s most capitalised companies, lost N1.7tn to the depreciation of the naira in 2023. According to an analysis of their financial statements published on the website of the Nigerian Exchange Group, the listed firms incurred significant losses in the 2023 financial year,…
LAGOS MARCH 20TH (NEWSRANGERS)-Nigeria’s securities watchdog proposed a 400% increase to registration fees for crypto firms as the country cracks down on the sector, according to a notice published Friday. The proposed amendments to the rules for crypto issuers, exchanges and custody platforms include increases to all supervision fees. Instead of a 100,000 naira ($64)…
LAGOS MARCH 16TH (NEWSRANGERS)-Major internet disruption has been reported in various countries across Africa. Widespread outages were reported on Thursday in countries including South Africa, Nigeria, Ivory Coast, Liberia, Benin, Ghana and Burkina Faso. Since then, services have largely been restored in Liberia and South Africa. The cause of the cable failures was not immediately…
LAGOS MARCH 14TH (NEWSRANGERS)-President Bola Tinubu has approved the appointment of Dr. Dayo Mobereola to serve as the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA) for a renewable term of four years. The appointment follows the exit of Mr. Bashir Jamoh, whose tenure recently expired. Dr. Mobereola holds a Ph.D, and an…
LAGOS MARCH 14TH (NEWSRANGERS)-Nigeria wants Binance to give information regarding its top 100 users in the country and all transaction history spanning the past six months, the Financial Times reported on Tuesday. The demand comes as Nigeria’s detention of Binance’s compliance head and Africa region manager moves into a third week. Binance’s Tigran Gambaryan and…
LAGOS MARCH 14TH (NEWSRANGERS)-Two senior Binance executives will remain detained in Nigeria at least through a March 20 hearing, according to a Wednesday report from the Wall Street Journal. The two men – American citizen Tigran Gambaryan, Binance’s head of financial crime compliance, and dual U.K.-Kenyan national Nadeem Anjarwalla, the exchange’s regional manager for Africa…
LAGOS MARCH 11TH (NEWSRANGERS)-Nigeria’s rising energy cost and prices of spare parts are threatening haulage business, with operators incurring more losses and struggling to break even. The removal of petrol subsidies and naira devaluation have caused a further surge in prices of vehicle spare parts and diesel, thereby worsening truckers’ woes. BusinessDay findings show…
LAGOS MARCH 11TH (NEWSRANGERS)-The Nigerian Maritime Administration and Safety Agency (NIMASA) said it has opened a maritime museum, which it said is the first in Africa. The museum is located within the new NIMASA head office building in Victoria Island, Lagos. The agency, in a statement issued weekend, affirmed that “all is set for…
