Business

The Special Assistant to President Bola Tinubu on Social Media, Dada Olusegun, has clarified that the Nigerian government has not imposed a ₦500,000 limit on card payments. Olusegun explained that the Central Bank of Nigeria (CBN) only sets limits on ATM cash withdrawals and certain POS/card transactions. These measures are intended for risk management, fraud prevention, and system integrity, and are not meant to restrict legitimate spending. “The CBN policy on ATM withdrawal limits was announced on December 2, 2025. To be clear, there is no ₦500,000 cap on card payments in Nigeria. The limits exist only for ATM withdrawals and certain POS/card transactions for safety and system integrity,” he wrote on his 𝕏 account, attaching the official communique. This clarification follows a ...

The Nigeria Deposit Insurance Corporation, NDIC, has declared a first liquidation dividend of N46.6 billion in April 2025, at a rate of 9.2 kobo per N1.00, following the disposal of physical assets, recovery of debts, and realisation of investments of the defunct Heritage Bank Limited. The Central Bank of Nigeria, CBN, had on June 3, 2024, revoked the operational banking license of the defunct bank, triggering section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Sections 55(1 & 2) of the NDIC Act 2023. Following the revocation, the Corporation initiated procedures for claims and payments of insured deposits up to the statutory limit of N5 million from its Deposit Insurance Fund. A statement signed by the Head, Communication & Public Affairs of t...

Indonesia has become the first country to block Elon Musk’s Grok chatbot over concerns that the artificial intelligence tool is generating non-consensual s@xual deepfake imagery, including r!sky and p0rn0graphic depictions of women and children. Authorities said the decision was taken to protect citizens from what they described as a rapidly escalating digital harm. In a statement, Indonesia’s communication and digital affairs minister Meutya Hafid said the government was responding to “the practice of non-consensual s@xual deepfakes,” calling it “a serious violation of human rights, dignity, and the security of citizens in the digital space.” Hafid added: “In order to protect women, children, and the public from the risks of fake p0rnographic content generated using the artif...

A popular “Big Mama” has captured attention online after joining a trend usually dominated by younger people, impressing many viewers with her effort. The challenge, which has gone viral across Ghana, Nigeria, Kenya, South Africa, and now Uganda, has seen participation from students, lecturers, co-workers, and musicians—all eager not to miss out. Big mamas are also stepping in, surprising audiences while gradually improving their performances. One woman, in particular, has emerged as the latest sensation after appearing in a video alongside an energetic young man as they tackled a physically demanding activity together. Judging by her appearance, some speculate she may be from Uganda, Kenya, or South Africa. Despite looking slightly fatigued at times, she gave the challenge her fu...

The Nigerian Exchange Limited (NGX) recorded its strongest single-day performance on Friday, January 9, 2026, as rallying prices in five major stocks pushed market capitalization higher by N953 billion. The surge was driven by notable gains in Industrial and Medical Gases, McNicholas, SCOA Nigeria, May and Baker, and FTN Cocoa Processors, supported by price increases in 43 other equities. Following the rally, total market capitalization advanced by 0.93 percent, rising from N102.822 trillion at the opening of trade to N103.775 trillion at the close, adding N953 billion to investors’ portfolios. The All-Share Index also appreciated by 0.93 percent, gaining 1,491.52 points to settle at 162,298.08, compared with 160,806.56 recorded in the previous session. Market breadth closed fi...

The Central Bank of Nigeria (CBN) has projected that the price of Premium Motor Spirit (PMS), commonly known as petrol, could rise to about N950 per litre in 2026.  Currently, the Dangote Petroleum Refinery has fixed its ex-gantry price at N699 per litre, while the retail price at MRS Oil, an authorised distributor, stands at N739 per litre.  In its 2026 Macroeconomic Outlook, the CBN based its projection on an assumed average crude oil price of $55 per barrel in 2026. The bank also assumed an average exchange rate of N1,451.63 to the dollar in the fourth quarter of 2025 and N1,400 to the dollar in 2026. These assumptions are supported by expectations of improved foreign exchange market efficiency, stronger capital inflows, and a current account surplus.  The ou...

Some businesses and traders across the country appear to be exploiting Nigeria’s newly implemented tax laws to arbitrarily increase the prices of goods and services, findings by Saturday PUNCH have revealed. Since the tax reforms took effect in January, the Federal Government has repeatedly insisted that the new laws are designed to lower certain tax burdens and stimulate economic growth, without generating immediate revenue increases. However, recent developments suggest that some business owners have begun hiking prices, attributing the increases to the tax reforms. Investigations show that the adjustments are being imposed mainly through Value Added Tax (VAT) charges and general price mark-ups on goods and services. The controversial tax regime came into force on June 26 after ...

The dollar exchanged at the Lagos black market on Friday, January 9, at ₦1,480 per dollar for selling and ₦1,477 for buying, according to Bureau De Change sources. At the official market, the Central Bank of Nigeria (CBN) recorded rates between ₦1,420 and ₦1,430 per dollar. The CBN has reiterated that it does not recognize the parallel market and advises forex users to transact through banks, noting that rates may vary by location.

Concerns have emerged over Nigeria’s newly implemented tax regime after KPMG Nigeria identified what it described as major “errors, inconsistencies, gaps, and omissions” in the tax laws that came into effect on January 1, 2026. The professional services firm warned that leaving these issues unresolved could undermine the objectives of the reforms. Nigeria’s tax overhaul is anchored on four major laws: the Nigeria Tax Act (NTA), the Nigeria Tax Administration Act (NTAA), the Nigeria Revenue Service (NRS) Establishment Act, and the Joint Revenue Board (JRB) Establishment Act. Signed into law by President Bola Ahmed Tinubu in June 2025, the reforms officially commenced in 2026 but have remained controversial since their introduction in October 2024. Despite the criticism, government off...

Pope Leo XIV has expressed concern that war is once again becoming commonplace, warning that the global order is drifting away from dialogue toward the use of force. Speaking on Friday, January 9, in his New Year address to diplomats at the Vatican, the pontiff criticised the weakening of multilateralism and said diplomacy rooted in dialogue was increasingly being replaced by what he described as “diplomacy based on force.” He pointed to rising tensions in the Caribbean and the Pacific as a source of deep concern, singling out Venezuela following the recent seizure of its president by US forces. His remarks came hours after US President Donald Trump announced plans for land operations against drug cartels after maritime attacks in the eastern Pacific and Caribbean. Pope Leo called...