Governments demand refunds from $10bn NIPP investments

Governors from several states have demanded a return of their entire equity interests in the $10 billion National Integrated Power Projects, which are managed by Niger Delta Power Holding Company. The governors under the Nigeria Governors’ Forum, its umbrella organization, also stated that the Federal Government need to reimburse an adequate rate of return for…

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CBN To Sanction MFBs, others against late rendition of returns

The Central Bank of Nigeria has indicated that it would sanction development finance institutions (DFIs), primary mortgage banks (PMBs), and microfinance banks (MFBs) in Nigeria over late submission of regulatory returns  through the Financial Institutions Returns Automation (FinA) application. In separate letters to the institutions dated March 5, 2024, the apex bank expressed strong disapproval…

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LASG to sanction Uber for non-adherence to data sharing agreements

Propelled by an unyielding commitment to the safety and security of its residents, and failure to comply with essential data sharing agreement, the Lagos State Government is set to sanction Uber Technologies System Nigeria Limited. Expressing deep dismay at Uber’s continuous defiance of established regulations, particularly regarding critical Application Program Interface (API) integration for enhanced…

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