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In a decisive move, the National Agency for Food and Drug Administration and Control (NAFDAC) has officially banned the production of alcoholic beverages in sachets less than 200ml. The enforcement of this prohibition commenced on February 1, 2024, following the expiration of the five-year window granted to manufacturers to cease the production of such drinks…
In a historic moment at the 66th Grammy Awards, South African singer Tyla emerged victorious in the newly introduced category, Best African Music Performance, beating out heavyweight contenders including Burna Boy, Davido, Asake, and Ayra Starr. Tyla’s sensational track ‘Water’ secured global success, reaching the top 10 charts in 16 countries, including the UK and…
The First Lady of Nigeria, Senator Oluremi Tinubu, has honored her commitment to support Nigerians in Diaspora, Sierra Leone Chapter (NIDO, SL) in their healthcare delivery efforts. She has donated $100,000 towards the establishment of a first-class medical center for Nigerians residing in Sierra Leone. This generous contribution fulfills her promise to assist in constructing…
In a bid to bolster revenue collection and ensure tax compliance, Nigeria’s Federal Inland Revenue Service (FIRS) has set its sights on social media content creators and influencers, asserting that they constitute a substantial group of tax evaders. Dare Adekambi, Special Adviser on Media to the FIRS chairman, revealed that skit makers, influencers, and other…
In a significant breakthrough, the Economic and Financial Crimes Commission (EFCC) has reportedly reclaimed over N30 billion linked to the alleged money laundering activities in the Ministry of Humanitarian Affairs. The funds were said to be part of the N37.1 billion transferred from government coffers to various bank accounts associated with contractor James Okwete during…
In a surprising turn of events, the Central Bank of Nigeria (CBN) has readjusted the exchange rate on the Customs platform from the previously increased N1,356.883/$1 to a new rate of N1,413.62/$1. This revision, coming less than 24 hours after the initial adjustment, follows vehement opposition from stakeholders and experts within the maritime industry. The…
The Central Bank of Nigeria (CBN) has implemented a staggering 1,900% increase in the application fee for international money transfer operators (IMTO), according to revised guidelines released on January 31, 2024. The application fee for an IMTO license has skyrocketed from N500,000 to N10 million. This significant adjustment, covering a 10-year period, has raised eyebrows…
In a thrilling encounter at the Africa Cup of Nations (AFCON) 2023, Nigeria’s Super Eagles secured a decisive 1-0 victory against Angola, securing their place in the semi-finals. Ademola Lookman, who had previously played a pivotal role in establishing a two-goal lead against Cameroon, once again demonstrated his prowess by scoring the opening goal in…
In a surprising move, the Central Bank of Nigeria (CBN) has approved a substantial 43% increase in the import duty rate, sending shockwaves through the business and trading communities. The exchange rate for duty collection, typically determined by the CBN, has witnessed a significant surge. As of December 2024, the exchange rate stood at N951.842…
The Economic and Financial Crimes Commission (EFCC) is intensifying efforts to ensure the presence of Tuoyo Omatsuli, a former Executive Director on Projects at the Niger Delta Development Commission (NDDC), at his trial over an alleged N3.6 billion fraud. The anti-corruption agency sought a warrant of arrest during the court proceedings at the Federal High…