Bill Gates Pledges To Donate 99% Of Fortune, Shut Gates Foundation By 2045
Bill Gates, the co-founder of Microsoft, has announced that he will give away 99% of his fortune—over $100 billion—to the Bill & Melinda Gates Foundation. He also shared that the foundation will close on December 31, 2045. Earlier, the plan was to shut it down 20 years after his death, but now he wants to […]
Naira continues depreciation against dollar across official, black FX markets
The Naira’s struggle against the dollar continues, with its value dropping on Thursday in both the official and black market exchange rates. According to the latest data from the Central Bank of Nigeria (CBN), the official exchange rate saw the Naira fall further to N1609.64 per dollar, compared to N1,608.60 the day before. This means […]
Banks’ borrowings from CBN drop 97% to ₦380 billion in April
In April 2025, banks’ borrowing from the Central Bank of Nigeria (CBN) dropped sharply by 97.6%, falling to ₦380 billion from ₦16.5 trillion in March. This significant decline suggests that the liquidity situation in the banking sector has improved. Data from the CBN shows that banks borrowed a total of ₦50.46 trillion in the first […]
‘Cabals’ still fighting against our refinery — Dangote
The Chairman of Dangote Group, Alhaji Aliko Dangote, has revealed that certain powerful individuals in Nigeria’s oil and gas sector are still working against the success of his $20 billion refinery project. Despite these challenges, Dangote remains optimistic about overcoming them. He expressed his unwavering commitment to ensuring the refinery succeeds, stating that he is […]
CBN’s Gold Reserves Gain Over N1 Trillion In 2024 As Prices Hit Record Levels
The Central Bank of Nigeria (CBN) reported a significant rise in its gold reserves in 2024. By the end of December 2024, the value of its gold holdings reached N2.77 trillion, up from N1.28 trillion at the close of 2023. This growth was primarily due to a sharp increase in global gold prices. While the […]
NNPCL reduces fuel price to N910 per litre
The Nigerian National Petroleum Company Limited (NNPCL) has lowered the price of petrol at its stations. The new pump price is now N910 per litre, down from N935. This change was noticed at several NNPCL outlets in Abuja, including Kubwa Expressway, Zone 4, and Gudu. The N20 price drop has attracted many drivers to NNPCL […]
Naira records highest depreciation against dollar at official market
The Naira saw a significant drop against the dollar in the official foreign exchange market on Friday, closing the week on a negative note. According to data from the Central Bank of Nigeria, the Naira fell to N1,602.18 per dollar on Friday, down from N1,596.68 on Thursday. This shows a daily decline of N5.492, marking […]
Meta threatens to shut down Facebook, Instagram in Nigeria
Meta, the company behind Facebook and Instagram, has indicated that it might stop offering its services in Nigeria. This announcement follows substantial fines imposed by several regulatory agencies in the country. The Nigerian government has issued nearly $300 million in fines to Meta. The company referred to these penalties as “unrealistic,” emphasizing that they could […]
Bank Customers Weigh Options Over Hike In SMS Alert Charges
Many bank customers in Nigeria are unhappy with the latest increase in SMS alert fees. From May 1, 2025, banks started charging ₦6 per SMS alert instead of the previous ₦4. Banks say this is because telecom companies have raised their prices by 50%, and they are passing the cost to customers. Nigerian bank users […]
EFCC traces CBEX funds to four countries
The Economic and Financial Crimes Commission (EFCC) has found that money from the failed CBEX crypto exchange was sent to at least four countries. The EFCC chairman, Ola Olukoyede, shared this news during an interview on Channels Television on Wednesday, April 30. Olukoyede said the agency had frozen several bank accounts linked to the fraud […]