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Africa’s Diaspora Remittance To Drop By $3Bn In 2021 – Report

The latest Continental Migration Report 2021 published by the Economic Commission for Africa (ECA) in partnership with the African Union Commission (AUC) has projected that remittances to African countries will decrease by 5.4 percent from $44 billion in 2020 to a projected total of $41 billion this year. The report titled ‘African regional review of […]

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SEC Charges Media Firms With Illegal Stock, Digital Assets Offerings

The U.S. Securities and Exchange Commission on Monday charged three media outfits, namely the New York City-based GTV Media Group Inc., Saraca Media Group Inc., and Phoenix, Arizona-based Voice of Guo Media Inc., with conducting an illegal unregistered offering of GTV common stock. The commission also announced charges against GTV and Saraca for conducting an […]

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FG Approves National Policy On 5G Networks

The Federal Executive Council (FEC) on Wednesday approved the National Policy on Fifth Generation (5G) Networks for Nigeria’s digital economy. The 5G Policy approval was sequel to the presentation by the Minister of Communications and Digital Economy, Prof. Isa Ibrahim Pantami, at the meeting. The FEC also directed that the implementation of the National Policy […]

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Amazon Pays £492Mn Tax In UK As Sales Hit £20.6Bn

Amazon, a leading online shopping company, has paid £492 million in taxes on sales which rose 50% to £20.63 billion, as COVID-19 pandemic continues to trigger demand for its services. The company, which said it had invested £32bn in UK infrastructure since 2010, disclosed the tax payment in its latest financial results It stated: “We […]

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Nigeria’s Telecoms Sector Attracted $3.9Bn FDI Inflows In 6 Yrs – Augusto & Co

Augusto & Co, one of Nigeria’s leading rating agencies, has reported that the nation’s telecommunications sector attracted a total of $3.9 billion foreign direct investments (FDIs) between 2015 and 2020. This is even as the credit rating firm predicted that moves by Nigeria to deploy 5G technology would attract more foreign direct investments (FDIs) into […]

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U.S. SEC Files Action Against BitConnect, Others Over Alleged $2Bn Fraud

The Securities and Exchange Commission (SEC) has filed an action against BitConnect, an online crypto lending platform, its founder Satish Kumbhani, and its top U.S. promoter and his affiliated company. The commission’s action was based on allegation that the defendants defrauded retail investors out of $2 billion through a global fraudulent and unregistered offering of […]

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South Africa, Australia, Malaysia, Singapore Launch Digital Currency Scheme

Barely 72 hours after the Central Bank of Nigeria (CBN) unveiled its partnership with a financial technology (fintech) company – Bitt Inc – on its digital currency initiative, the Central banks in South Africa Australia, Singapore and Malaysia on Thursday unveiled plans to conduct a cross border payments trial using different central bank digital currencies […]

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SAFCOIN Unveils Listing Plan On HotBit Cryptocurrency Platform

SAFCOIN, Africa’s first Proof of Work (POW) cryptocurrency coin, which launched exclusively to South African buyers in 2018, has unveiled plans to go global with its listing on HotBit, one of the world’s leading cryptocurrency trading platforms. News report on the plans indicated that the list date had bee scheduled for 8-9 September 2021 As […]

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CBN Orders Banks To Publish Forex Rules Violators’ Names, BVNs

The Central Bank of Nigeria (CBN) has directed deposit money banks (DMBs) to publish the names of customers who breach the rules on foreign exchange (Forex) acquisition on their websites. The apex bank gave this directive on Monday through its circular (BSD/DIR/PUB/LAB/14/059) to all banks, recalling that it has “received and noted with concern reports […]

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CBN Partners Bitt Inc On Digital Currency Project

The Central Bank of Nigeria (CBN) has announced the engagement of Barbados-based global fintech company, Bitt Inc., as technical partner for Nigeria’s digital currency – eNaira – project. The apex bank’s Director, Corporate Communications, Mr. Osita Nwanisobi, made this disclosure in a statement on Monday, stating that the Central Bank Governor, Mr. Godwin Emefiele, gave […]