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Uganda’s agriculture industry, a cornerstone of the nation’s economy, employs approximately 72% of the workforce and contributes around 24.1% to the GDP. The dairy sector alone is valued at US$3.8 billion, generating US$106.2 million in annual exports. Milk and dairy products play a crucial role in preventing hunger and ensuring food security in the region….
Nigeria’s national oil company, NNPC Ltd., has taken decisive action by declaring a state of emergency in the country’s oil and gas industry. Mele Kyari, NNPC’s Group Chief Executive Officer, made this announcement during a recent industry event, emphasizing the urgent need for Nigeria to address long-standing challenges plaguing its energy sector. Chief among these…
In a bid to combat poverty and provide immediate relief to vulnerable households across Nigeria, President Bola Tinubu has officially launched the Conditional Cash Transfer program, set to disburse N75,000 to 15 million households over three months. The launch took place during a commemoration event marking the International Day for the Eradication of Poverty, where…
The Nigeria Deposit Insurance Corporation (NDIC) has assured depositors of Heritage Bank Plc that they will receive their insured funds following the bank’s liquidation. This announcement came shortly after the Central Bank of Nigeria (CBN) revoked Heritage Bank’s commercial banking license and appointed the NDIC as the liquidator. NDIC spokesman Bashir Nuhu confirmed that depositors…
In a move aimed at safeguarding Nigeria’s financial system, the Central Bank of Nigeria (CBN) has taken decisive action by revoking the operating license of Heritage Bank Plc. The decision, announced by Hakama Ali, the Acting Director of Corporate Communications at the CBN, underscores the regulatory body’s commitment to upholding the integrity and stability of…
Niger has loaded its first crude oil shipment at Benin’s Seme port, marking a significant milestone after the completion of the $5 billion Niger-Benin pipeline project, according to sources and shipping data. This achievement places the landlocked country among Africa’s oil-exporting nations just a year after a military coup. S&P Global Commodities at Sea reported…
In a significant milestone for Nigeria’s industrial sector, President Bola Tinubu presided over the opening ceremony of the country’s largest lithium ore processing plant in Lafia, Nasarawa State. The event, held in Abuja on Friday, saw the participation of key stakeholders, including Zhenhua Pei, Chairman of Canmax Technologies; Governor Abdullahi Sule of Nasarawa State; 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…