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CBN SLAMS N2 BILLION FINES EACH ON OPAY, MONIEPOINT

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* Four Other Fintech Start-ups Also Penalised

In a continuation of the Central Bank of Nigeria’s (CBN) increased scrutiny of fintech startups, two of the country’s most prominent unicorns, Moniepoint and OPay, were fined a combined N2 billion (N1 billion each) in the second quarter of 2024, according to sources with direct knowledge of the matter. While several other fintech companies were also penalized, the two firms were the hardest hit.

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WHAT FINANCIAL TIMES OF LONDON NEWSPAPER WROTE ABOUT TINUBU'S GOVT, NIGERIA

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Financial Times, a UK based Newspaper, wrote in it's Tuesday (July 17, 2024) edition, that Nigeria's President, Bola Ahmed Tinubu, has forced bitter pills down the throats of his fellow countrymen through thoughtless fuel subsidy removal, one of the benefits receive from the state; allowed the country’s currency, the naira, to enter a freefall, fuelling imported inflation and triggering the worst cost of living crisis in a generation. The newspaper posits that shock therapy alone will not cure Nigeria's economic ills. It counsels that Tinubu's reforms need to be bolstered by a national strategy for growth.

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NDIC HAILS RECAPITALIZATION OF BANKS BY CBN

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By Agency Reporter

The Nigeria Deposit Insurance Corporation (NDIC) has lauded the Central Bank of Nigeria (CBN) for its move to recapitalise banks to achieve economic resilience in the country.

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WE WON'T INCREASE TAX, FIRS BOSS ASSURES NIGERIANS, BUSINESS OPERATORS

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Acting Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has assured Nigerians and corporate organisations that the FIRS will not further increase taxes despite its resolve to increase the country’s tax-to-GDP ratio to 18 per cent from 10.86 per cent.

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PENCOM TO IMPLEMENT CONTRIBUTORY PENSION SCHEME

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By Agency Reporter

The National Pension Commission (PenCom) has reiterated its commitment towards the implementation of the Contributory Pension Scheme (CPS) through existing regulations, guidelines and the development of new ones.

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TINUBU NOMINATES YEMI CARDOSO, HIS EX-COMMISSIONER FOR BUDGET AND PLANNING, AS NEW CBN GOV

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* Forwards His List of New CBN Management Team to Senate For Approval

By Kayode Oguntola (Finance Correspondent, in Abuja)

Aston University trained Banker and chartered stockbroker, Dr Micheal Olayemi Cardoso, has been appointed as new Governor of the Central Bank of Nigeria (CBN) by President Bola Ahmed Tinubu.

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