The Director-General of the Securities and Exchange Commission (SEC), Dr. Emotimi Agama, has hinted that some crypto companies, that have applied to be registered by the Commission may not meet the requirements to get its approval.Agama stated this at a meeting with applicants under its Regulatory Incubation (RI) and Accelerated Regulatory Incubation Programme (ARIP) its two regulatory windows for crypto players in Nigeria.Nairametrics recalls that two crypto exchanges, Quidax and Busha were recently granted an approval-in-principle by the SEC to operate as legally recognised exchanges in Nigeria under its ARIP program.At the time, the Commission also noted that there were…
Author: Oladi Samuel
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President Bola Ahmed Tinubu has reaffirmed his administration’s stance on the removal of fuel subsidies, describing the decision as a necessary and forward-looking policy to safeguard Nigeria’s economic future.Speaking during his first presidential media chat on Monday night, Tinubu maintained that he has no regrets about taking the bold step, despite the controversies and challenges it has generated.“I have no regret removing the subsidy. Not just for us but for our children. Where is the inheritance?” Tinubu stated, emphasizing the long-term benefits of the policy over immediate relief.The president argued that the subsidy system had become an unsustainable drain on…
Funke Akindele’s latest blockbuster, Everybody Loves Jenifa, is dominating the Nigerian box office, earning a staggering N511 million just 12 days after its release.The film, which premiered on December 13, 2024, has captivated audiences, selling over 71,700 tickets within its first week and quickly becoming the fastest Nollywood movie to cross the N500 million mark.According to box office data, Everybody Loves Jenifa grossed an impressive N355.1 million in its first seven days, generating over N72 million in ticket sales on December 16 and 17 alone.Its weekend earnings further cemented its position as the highest-grossing Nollywood film of the season, as…
Planet A Foods, a German-based food-tech company, has successfully raised $30 million in Series B funding to enhance the production of Chivova, a groundbreaking alternative to traditional chocolate.This announcement comes amid rising chocolate prices in the commodities market, likely driven by supply struggles in major cocoa-producing countries like Ivory Coast and Ghana.In 2024, adverse weather conditions heightened market volatility, causing global cocoa prices to spike 180%, with the futures rising from $4,209 in January to $11,800 by mid-December.In response to these challenges, Planet A is introducing Chivova, an organic cocoa-free chocolate substitute made from a blend of sunflower seeds and…
The Federal Inland Revenue Service (FIRS) has officially commenced its recruitment exercise, seeking experienced professionals to fill specialized roles and bolster its workforce.This was announced on Monday, as part of FIRS’s ongoing efforts to consolidate its operations and enhance its service delivery.The advertised positions include assistant manager and deputy manager roles in key areas such as tax (investigation), PRS (research), public relations, and ICT (cybersecurity and AI management).Additionally, the agency is recruiting for assistant manager and deputy manager roles in PRS (risk management) and legal, as well as senior manager and assistant director positions in tax (audit).Eligibility Criteria FIRS emphasized the…
FCMB Group Plc has secured shareholder approval for a 340 billion naira capital raise. The approval, granted during an extraordinary general meeting held in Lagos and virtually, is crucial for its banking subsidiary, First City Monument Bank Limited, to comply with the Central Bank of Nigeria’s international license requirements. The approved measures include increasing the authorized additional capital raise from N150 billion to N340 billion, which empowers the Group to explore a diverse mix of financial instruments, such as ordinary and preference shares, convertible and non-convertible securities, bonds, and loans. Shareholders also endorsed the divestment of stakes in one or more subsidiaries,…
The Lagos State government is set to receive new rolling stock to bolster train operations on the Red and Blue Line corridors in 2025.Engr. Mrs. Abimbola Akinajo, Managing Director of the Lagos Metropolitan Area Transport Authority (LAMATA), outlined these plans, along with the agency’s season’s greetings to Lagosians, in a video clip.The video, posted on the Authority’s X (formerly Twitter) page, also highlighted her plans for new buses to join the regulated fleet operated under LAMATA to better serve the transport needs of Lagos residents.“In 2025, we promise to serve you better. New buses will join our regulated fleet. New…
Binance founder and Ex CEO Changpeng Zhao has increased speculation around a growing chatter that the United Arab Emirates holds up to $40 billion worth of Bitcoin.Changpeng Zhao via his official X handle shared an article while tweeting that the UAE holds about $40 billion in Bitcoin.His X post sparked a debate on the authenticity of the information despite the UAE being known for trying to position itself as the cryptocurrency capital of the world.“The United Arab Emirates (UAE) has allegedly made a significant move in the cryptocurrency space, reaching an impressive $40 billion in Bitcoin holdings. The country’s embrace of…
New data from the Department of Education shows that international student enrolments in Australia surpassed one million for the first time in the year 2024.A total of 1,018,799 enrolments were recorded, marking an increase of 128,447 from the previous year, Macrobusiness informs.This growth is attributed to both universities and Vocational Education and Training (VET) institutions, which saw significant rises in enrolment numbers.Growth driven by universities and VET institutions According to the latest figures, the surge in international student enrolments was primarily driven by the university and VET sectors. Enrolments in higher education increased by 64,217, while VET enrolments rose by 63,876.Additionally,…
Telecommunications group, Airtel Africa has announced the commencement of a second share buyback, which would see the company return $100 million to its shareholders.The company announced this on Monday via a statement published on the Nigeria Exchange Group, (NGX) website.This followed the conclusion of an initial $100 million share buyback, which the company started in March this year.According to the company, the second buyback, which starts on Monday is in line with the Company’s existing capital allocation policy and reflects the Board’s confidence in the company’s continued growth potential, the strength of its balance sheet, and the consistent cash accretion…