Author: Vardiafrica

Russia’s Finance Ministry has announced an increase in VAT despite pledges by Vladimir Putin that he will not burden the Russian population with more taxes. The ministry said on Wednesday that it plans to raise VAT by two percentage points to 22% as part of a three-year strategy to address a growing budget deficit caused by the spiraling cost of the war on Ukraine. Research by the Stockholm International Peace Research Institute published in April found that Russia’s total military expenditure could hit 15.5 trillion rubles (€511 billion) this year. Last year, VAT made up over 15% of the government’s…

The Nigerian Safety Investigation Bureau (NSIB) on Wednesday said that malfunctioned switch mechanism was responsible for Abuja-Kaduna train derailment that occurred at Asham Station on August 26. This is contained in the bureau`s preliminary report made available to newsmen in Abuja. The derailment involving train number AK 1, operated by Nigerian Railway Corporation (NRC), with locomotive registration CDD5c2 2701, had persons on board, including NRC crew members, security personnel and service staff. According to the report, the Asham station automatic crossing point switch mechanism was found unserviceable. NSIB said that the NRC personnel had only initial training and no formal…

The Central Bank of Nigeria (CBN) has launched a nationwide sensitisation campaign to educate Nigerians on proper handling of the naira, warning against practices such as spraying, selling, writing on, or mutilating banknotes. The roadshow, themed “Naira Our Pride: Handle with Care,” kicked off in Abuja on Wednesday as part of the apex bank’s efforts to preserve the integrity of the national currency and reduce the huge costs of reprinting damaged notes. CBN’s Deputy Governor, Operations Department, Mr. Bala Bello, represented by Dr. Sikiru Adetona, urged Nigerians to keep the naira clean, avoid folding or crushing it, and to always treat it…

Malawi’s president, Lazarus Chakwera has conceded defeat in the country’s presidential election, calling former leader Peter Mutharika the “presumptive winner.”   In an address on national television on Wednesday just hours before the final results were announced, Chakwera said he had spoken with Mutharika to congratulate him. “This outcome is a reflection of your collective will to have a change of government, and so it is only right that I concede defeat out of respect for your will as citizens and out of respect for the constitution,” Chakwera said in his address to Malawians. Partial results released on Monday suggested…

First Bank is set to launch tailored financial services for people with disability and physically challenged customers across its operations. According to the bank, the initiative is part of its broader continuous commitment to promoting financial inclusion and diversity. It would benefit customers who are blind, and physically challenged across its operations. This initiative is part of FirstBank’s broader continuous commitment to promoting Financial Inclusion and Diversity, which is shown in its policies, partnerships and initiatives such as its employees’ ratio of female to male (about 41%:59%; and 37 per cent women in management roles) as well as the FirstBank…

More than 3 billion people in over 180 countries use WhatsApp, and we’re always working to keep our users closely connected, no matter where they are in the world. That’s why we’re excited to bring message translations to WhatsApp, so you can more easily communicate across languages. Now, when you want to translate a WhatsApp message to another language, you can simply long-press the message and tap Translate. Choose the language you want the message to be translated from or to, and download it to be saved for future translations. This works for 1:1 chats, groups, and Channel updates too.Android…

The interest rate was lowered by 50 basis points, from 27.5% in July to 27.5% now, by the Monetary Policy Committee of the Central Bank of Nigeria. Addressing newsmen, CBN Governor, Olayemi Cardoso, said the decision of the committee was to lower the monetary policy rate was predicated on the sustained disinflation recorded in the past five months. The CBN’s cautious attitude to market volatility was indicated by the retention of the asymmetric corridor around the MPR at +260 and -250 basis points, which served as a framework for managing liquidity. It also cut commercial banks’ cash reserve requirements to…

Nigerian Afrobeats superstar joins the Recording Academy as a voting member, strengthening African representation in the world’s most prestigious music awards Afrobeats global superstar Davido has achieved yet another career milestone, officially becoming a voting member of the Recording Academy, the organization behind the GRAMMY Awards. This recognition grants the Nigerian music heavyweight a decisive role in shaping the outcome of the 2026 GRAMMY Awards, where he will participate in both the nomination and final-ballot voting stages. The Recording Academy confirmed Davido’s induction in a video shared via Instagram on Tuesday, showcasing him alongside other new members of the 2026…

Excessive speeding, human error, and misapplication of emergency braking system were the major causes of the derailment of the Abuja-Kaduna train, the Nigerian Railway Corporation (NRC) has revealed. The accident happened on August 26, 2025, leaving 22 passengers wounded. This was revealed by the NRC Managing Director, Dr. Kayode Opeifa, in a statement issued on Monday. He said the revelation is following the conclusion of an internal investigation into the derailment that occurred near Asham. The accident saw several coaches of the Kaduna-bound passenger train overturn, causing panic among the 618 passengers onboard. Dr. Opeifa said the derailment was not linked…

Governor of the Central Bank of Nigeria, Olayemi Cardoso, said fourteen financial banks in Nigeria have already met their 2026 recapitalisation requirement. Cardoso disclosed this on Tuesday in a briefing after the 302nd Monetary Policy Committee meeting in Abuja. He said the Nigerian banking sector remained strong and resilient. Cardoso, however, did not mention the names of the banks that have met its recapitalisation requirements. “About 14 banks have met the regulatory capital requirements.” During the 301st MPC meeting in July 2025, Cardoso had said eight banks have met CBN’s minimum capital requirements. There are reports that banks like Zenith Bank, Access…