The Somalian currency (SOS) is now stronger than the Naira. 1 SOS can buy N2.8, meaning 50,000 SOS is equivalent to 140,000 naira at the time of publication, just as a foreign exchange crisis envelops Africa’s biggest economy amid acute inflation. SOS gained 157.67 percent against the Nigerian currency from February 1, 2023, to February … Read more
The decision by Nigeria’s apex bank to relocate five of its departments from Abuja to Lagos in the middle of January 2024 sparked considerable uproar. Some Northern politicians and groups went so far as to threaten that such a move could have political implications for President Bola Tinubu’s second-term ambition. An internal memo obtained by … Read more
President Bola Tinubu’s directive for the Nigeria National Petroleum Company Limited (NNPC) to submit receipts of crude oil sales to the Central Bank of Nigeria (CBN) is not only bold but also signals the end of the era where the oil company served as its own auditor. The opacity of the NNPC has long posed … Read more
What is Yellow Pay? Yellow Pay is a cross-border payment product of Yellow Card Financial Inc. which uses blockchain technology in sending and receiving local currencies across African countries. I tested it by sending money to a colleague. It’s indeed faster than the conventional transfer system. It is faster and cheaper for cross-border payments in … Read more
The recent promise by the Governor of the Central Bank of Nigeria (CBN) Yemi Cardoso to introduce anti-inflation policies sounds like the “usual political talk”, it lacks the sufficient economic substance that is needed to fight Nigeria’s 27-year debilitating 28.9 percent inflation, which is largely driven by food. Nigerians have grown weary of such rhetoric. Speaking … Read more
Given the proliferation of fraudulent exchanges following the cryptocurrency boom, along with the prevalence of pump-and-dump practices, many individuals in the crypto trading community exercise caution when considering a new platform. In terms of novelty, the Yellow Card App is one such platform. However, the question remains: Is it a legitimate platform for Africans to … Read more
The Federal Inland Revenue Service (FIRS) collected at least N89.077 Trillion in 25 years, increasing its tax revenue by 1,936.48% between 1999 to 2023, Tax Revenue Statistics on the agency’s site reveals. FIRS is an agency of the Federal Ministry of Finance in Nigeria with the core functions of assessing, collecting, remitting, and accounting for … Read more
North Korea remains the most dangerous country to be a Christian, followed by Somalia, Libya, Eritrea, Yemen, and Nigeria. Christians in these countries are intimidated for their faith.
Nigeria has produced 25 Ministers of Health since the formation of the first cabinet in 1957 to present. From the appointment of Chief Ayo Rosiji as Nigeria’s first Minister of Health to the incumbent Muhammed Ali Pate, Nigeria’s Ministry of Health is headed by health practitioners except in a few cases when a pharmacist, teacher, … Read more
The National Identity Management Commission (NIMC) has released a fresh email address for the prospective candidates of 2024 Unified Tertiary Matriculation Examination (UTME) to fix their NIN problems. Exclusive for JAMB candidates In an update on the social media platforms of NIMC – the body in charge of NIN – instructed all prospective candidates of … Read more
Every year, billions of Naira find their way from Nigeria’s government accounts into personal accounts of senior officials of Federal Ministries, Departments, and Agencies (MDAs). Most of the transactions have vague descriptions, for instance, in a transaction to one Ayodele Elizabeth, the description was not specific, it only says, “…allowances to the Hon Minister”. The name of … Read more
If you live in Nigeria or you’re a registered person or entity, you need to have a Tax ID Number. So, this article covers everything you need to know about TIN, including how to obtain one, how to verify it and how to remit your tax to the government online. What is a Tax Identification … Read more
The Nigeria Customs Service (NCS) unveiled its revamped e-auction platform on Tuesday, January 16, 2024, for interested Nigerians to place bid on the available seized goods. It says italigns with its efficiency and fairness strategic move in the newly enacted Nigeria Customs Service Act, 2023. Auctioning is a way of decongesting the Nigerian ports and warehouses across the country. … Read more
Uncover the functioning of anti-money laundering in different industries in combating financial fraud while safeguarding the business’s reputation and well-being.
When an employee is injured on the job, a workers’ compensation claim is often necessary to ensure they get the medical treatment and compensation they deserve. But navigating the system can be daunting. Unlike Montana and Georgia, Hawaii doesn’t allow employees to recover twice and requires carriers to prove they made the worker whole before … Read more