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A contentious legal battle has emerged between cryptocurrency platform Binance and Nigerian authorities, with allegations of a $150 million bribery demand surfacing amidst accusations of money laundering and tax evasion. The saga unfolded with accusations levied by Binance against top Nigerian government officials, claiming they demanded a staggering $150 million in cryptocurrency to resolve a…
After a two-week absence, Nigeria’s President Bola Tinubu has returned to the nation’s capital, Abuja, amid speculation and anticipation. The President’s arrival at the Aso Rock Villa, his official residence, early Wednesday morning marked the end of his overseas engagements, as reported by PUNCH Online. Tinubu’s return was eagerly awaited, especially after his Special Adviser…
In a significant operation aimed at quelling the activities of criminal elements, troops of Joint Task Force Operation UDO KA successfully neutralized an IPOB/ESN commander in Imo State, Nigeria. Following the seizure of the notorious IPOB/ESN stronghold at Mother Valley, the criminal elements had been attempting to establish alternative camps in the surrounding areas and…
In a bid to bolster cybersecurity measures within the financial sector, the Central Bank of Nigeria (CBN) has mandated a 0.5% transaction fee on cybersecurity for Nigerian deposit money banks. The levy, announced via a circular issued to all commercial, merchant, non-interest, and payment service banks, as well as mobile money operators and payment service…
The Central Bank of Nigeria (CBN) has introduced a 0.5% cybersecurity fee on electronic transactions, effective from May 6, 2024. However, this levy does not apply to certain banking transactions, as outlined in a recent circular obtained by PUNCH Online. The circular, signed by Chibuzo Efobi and Haruna Mustafa, Directors of the Payments System Management…
In response to legal requirements and Central Bank of Nigeria (CBN) guidelines, Point of Sale (PoS) companies are mandated to register their agents, merchants, and individuals with the Corporate Affairs Commission (CAC) within a two-month period. The directive was issued during a meeting between Fintech representatives and Hussaini Ishaq Magaji, the Registrar-General of CAC, held…
In a bold move aimed at curbing dollar speculation and combatting exchange rate manipulation, the Federal Government of Nigeria plans to delist the Naira from all peer-to-peer cryptocurrency platforms. This development comes amidst the government’s ongoing efforts to regulate Nigeria’s estimated $57 billion cryptocurrency market. During a recent meeting with representatives from Nigeria’s blockchain industry,…
In a staggering revelation, the Economic and Financial Crimes Commission (EFCC) has alleged that over a 25-year period, at least 58 former governors have been involved in the misappropriation, embezzlement, or laundering of approximately N2.187 trillion. This astronomical figure excludes the billions of Naira worth of properties that have been seized globally or are currently…
The Lagos State Police Command has apprehended a group of alleged ritualists involved in killing people and harvesting their body parts for sale in various states. Among the ten suspects arrested are a community chief, an Ifa priest, an Islamic cleric, an Osun priestess, and a traditional medicine practitioner. According to Benjamin Hundeyin, the spokesperson…
In a landmark case of financial malpractice, former manager of First City Monument Bank (FCMB), Nwachukwu Placidus, has been sentenced to a total of 121 years in prison for his involvement in a N112,100,000 fraud scheme. Judge S. N. Odili of the Anambra State High Court, located in Onitsha, Anambra State, delivered the verdict, marking…