The Corporate Affairs Commission (CAC) is set to introduce an artificial intelligence (AI)-powered portal designed to expedite business registrations to just 30 minutes, a significant reduction from the current 24-hour to three-day timeframe. Registrar-General Hussaini Ishaq Magaji announced that the new system, slated for launch next week, will eliminate human interference, ensuring a faster, more…
The Central Bank of Nigeria (CBN) has announced a new daily cash withdrawal limit of N100,000 per customer for point-of-sale (PoS) transactions. This directive, outlined in a circular titled “Cash-out Limits for Agent Banking Transactions,” was sent to deposit money banks (DMBs), microfinance banks, mobile money operators, and super-agents. According to the CBN, the policy…
In a dramatic development, workers at the Ondo State Internal Revenue Service (ODIRS) have shut down the agency’s office in protest over the non-payment of the newly approved minimum wage. The protest erupted this morning, with staff members taking to the streets in front of the ODIRS office, demanding the immediate implementation of the new…
The Central Bank of Nigeria (CBN) has reaffirmed its dedication to controlling the nation’s inflation rate, which it described as “unacceptably high.” This was highlighted by the CBN Governor, Olayemi Cardoso, during the 2024 Annual Bankers’ Dinner organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos. According to the latest report from…
SaharaReporters has uncovered that the Port Harcourt Refinery in Rivers State, recently announced as operational, is not the newer facility built in 1989 with a capacity of 150,000 barrels per day. Instead, the Nigeria National Petroleum Company Limited (NNPCL) has resumed operations at the older refinery, constructed in 1965, which produces only diesel and has…
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has defended the need for additional borrowing to fund the federal budget, even as the country’s public debt exceeds N134 trillion. Edun made the statement during an interactive session with the Senate Joint Committees on Finance, National Planning, and Economic Affairs, focused on…
The Dangote Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), or petrol, to ₦970 per litre, down from ₦990 per litre. This decision was shared in a statement by the refinery’s Chief Branding and Communications Officer, Anthony Chiejina, on November 24, 2024. The move is described as a gesture…
Today, we have the privilege to celebrate the birthday of a true visionary and leader in the fashion industry. The CEO of ALEMAX CREATIONS FASHION, a brand known for its creativity and innovation, is an inspiration to us all. On this special day, we want to extend our heartfelt birthday wishes to the talented CEO….
Guaranty Trust Bank (GTB) has notified its customers of an impending migration of its core banking application system to a new one, which would cause a temporary disruption in banking services. The transition to a new and robust suite of Finacle Core Banking Application Systems is set to commence on Friday, October 11, 2024, and…
Days after empowering 20 young entrepreneurs with N3m each, the Ondo State Government has announced plans to hold a comprehensive youth retreat aimed at empowering young people across the state. The initiative, which will bring together youths irrespective of their political affiliations, is designed to equip participants with skills and knowledge for self-reliance, while also…
