A money-laundering ring moved $4.2bn through a network of 60 HSBC accounts in Hong Kong, starting only two years after the bank promised to clean up its act, investigators have discovered. This is even as insiders have raised questions over whether HSBC management appropriately informed US monitors about the ring, which was uncovered by the […]
Barely 48 hours after the conclusion of its 136th Monetary Policy Committee’s (MPC’s) meeting, the Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) in the country to commence direct sale of foreign exchange (Forex) to needy customers in their branches nationwide. One of the key decisions taken at the end of the […]
The Federal Government on Thursday disclosed that the COVID-19 pandemic reduced by $5 billion, representing about 20 percent, the estimated $25bn Diasporan remittances to Nigeria last year The Chairman, Nigerians in Diaspora Commission (NIDCOM), Hon. Abike Dabiri-Erewa, gave this hint at a media briefing in Abuja to announce the 2021 Diaspora Day celebration scheduled for […]
As emerging markets around the world continue their recovery from Covid-19, a report by Oxford Business Group, a leading economic research organization, has indicated that the substantial drop in global remittances to Sub-Saharan Africa (SSA), is largely attributable to diversion of Nigeria’s foreign exchange inflows to informal, undocumented channels This is even when remittances are […]
More Americans think major technology companies should face more government regulation even as a majority say that these firms have too much economic power and influence. These findings were contained in a new Pew Research Center survey conducted April 12-18, 2021. But then, there’s not a strong consensus among the public that the government reducing […]
China on Tuesday projected that the number of 5G users would exceed 560 million by 2023. According to a recent guideline on the country’s telecom industry issued by 10 state agencies, including the Ministry of Industry and Information Technology, the 5G network is expected to be used by over 40 percent of personal mobile phone […]
Barely three days after it released a new regulatory framework guiding the operations of for Payment Service Banks (PSBs), the Central Bank of Nigeria (CBN) at the weekend released a new Regulatory Guidelines and Framework for Mobile Money Services (MMS) in the country. The apex bank stated that the introduction of mobile telephony in Nigeria […]
The Central Bank of Nigeria (CBN) has issued a Supervisory Framework for Payment Service Banks (PSBs) in furtherance of its sustained efforts to improve the efficiency of the nation’s banking system operations. The apex bank, in the framework published on Thursday, directed that the PSBs must operate mostly in the rural areas and unbanked locations […]
The Nigerian Civil Service Union (NCSU) has alleged that the secret recruitment of over 2,000 workers by the Federal Inland revenue Service’s (FIRS’) management over the past 18 months is negatively impacting the Service’s finance, thereby making it difficult for it to pay salaries at some point this year. In a letter dated June 21, […]
The Nigerian Communications Commission (NCC) has disclosed that it more than N150 billion from spectrum license fees within the first five months of 2021, indicating N36 billion higher than its raked in revenue projections for the period. The commission’s Director of Public Affairs, Dr Ikechukwu Adinde, made the disclosure in a statement issued at the […]