IN THE NEWS

Daily Watch – Interpol busts Nigerian cybergang, Zainab touts border reopening

Nigeria is ready to reopen its land borders to trade for the first time in more than a year, the finance minister said on Wednesday. Africa’s largest economy closed its land borders in late 2019 in an effort to stamp out smuggling from neighbouring West African nations. Finance, Budget and National Planning Minister Zainab Ahmed told journalists that the president would determine the date of reopening. Ahmed said a presidential committee set up on the matter has completed its job and recommended the reopening of the borders. The minister did not disclose when the report will be submitted and how soon the land borders will be reopened.  Following a year-long investigation led by Interpol, three members of a prolific cybergang with a confirmed victim count of about 50,000 organizations have been arrested recently in Lagos, Nigeria. The suspects are likely part of a larger organized group involved in business email compromise (BEC) attacks since at least 2017. Cybersecurity company Group-IB has been tracking the gang since 2019 and assisted the Interpol-led investigation, which received the code name Operation Falcon. The Nigerian Police Force apprehended the three suspects. Its cybercrime unit analyzing electronic devices belonging to the three suspects determined their ...
Read More
/ News

NEWS

Daily Watch – External reserves drop further, JVs get control of their budgets

Nigeria’s external reserves dropped to about $30.04 billion as at ...
Read More
/ News

Daily Watch – 40k manufacturing jobs may go, FG to reimburse states over roads

Analysts have warned that the federal government’s drive to create ...
Read More
/ News

Daily Watch – Inflation is 9.4%, Nigeria to ban rice importation in two years

The National Bureau of Statistics has released its September Inflation ...
Read More
/ News

Daily Watch – Osinbajo takes responsibility for economy, Work on Falomo Complex to resume

The Vice-President, Yemi Osinbajo said on Tuesday that he is ...
Read More
/ News

Daily Watch – NNPC denies reduction in petrol price, World Bank to help with IGR

The Nigerian National Petroleum Corporation (NNPC) has denied the rumours ...
Read More
/ News

Daily Watch – Nigeria loses almost $1 billion to oil swaps, Rice millers kick against Customs

The Nigeria Extractive Industries Transparency Initiative (NEITI) has announced that ...
Read More
/ News

Daily Watch – Interbank rate falls to 5-year low, BoI works on pilot solar grid

Nigeria's interbank overnight lending rate fell to a five-year low ...
Read More
/ News

Daily Watch – AMCON under the microscope, Rice back in import list

The House of Representatives have resolved to investigate what it ...
Read More
/ News

Daily Watch – IMF downgrades Nigeria’s growth forecast, Customer enumeration to begin for power

The IMF has downgraded growth its forecast for global growth ...
Read More
/ News

Daily Watch – CBN adjusts exchange rate, experts see NLNG as model for NNPC

The Central Bank has weakened its exchange rate peg slightly ...
Read More
/ News

Daily Watch – Fashola tipped to get Works, Bank profits go up

Though the list of ministers has not been made public, ...
Read More
/ News

Daily Watch – AMCON under fire over Aero, Osinbajo lends Emefiele a hand

The Asset Management Corporation of Nigeria (AMCON) may have lost ...
Read More
/ News

Daily Watch – IMF warns of slowing growth, manufacturers cry out over steel

Growth in Nigeria, and other developing economies that are primarily ...
Read More
/ News

Daily Watch – Manufacturing in trouble, ministers ahoy!

Some Nigerian manufacturing sub-sectors are said to be at their ...
Read More
/ News

Daily Watch – Collateral requirements for MSMEs ease, Pensions to be invested in infrastructure

The use of landed property will no longer be emphasized ...
Read More
/ News

Daily Watch – Interest rate remains unchanged, Nigeria one of the worst in tax compliance

The CBN kept its key interest rate unchanged at a ...
Read More
/ News

Daily Watch – MPC meet ends today, Soludo may be back in government

Big decisions around the distribution of foreign exchange, and the ...
Read More
/ News

Daily Watch – Non-oil sector surges, ExxonMobil calls FG out

Ratings service, S&P’s recent rating of the Nigerian economy is ...
Read More
/ News

Daily Watch – Nigerian banks amongst most regulated on earth according to CBN

The Deputy Governor of the Central Bank of Nigeria (Economic ...
Read More
/ News

Daily Watch – Buhari backs Emefiele, More manufacturers call for protection

President Buhari says he is opposed to a further weakening ...
Read More
/ News

Daily Watch – Manufacturing seeing hard times, Banks go in search of liquidity

According to the Manufacturing Association of Nigeria (MAN), investment in ...
Read More
/ News

Daily Watch – Tata asks Nigeria to sort itself before it invests, Analysts want CRR reduced

Tata Power is blaming the prevalence of lawlessness, corruption, policy ...
Read More
/ News

Daily Watch – FIRS booms in Q2, Insurance industry to become regional hub

The Federal Inland Revenue Service’s (FIRS) collection for the second ...
Read More
/ News

Daily Watch – Investors want Land Use Act reviewed, Piracy gulps $7 billion

Real estate investors are hoping that the age-old Land Use ...
Read More
/ News