Author: Vardiafrica

The Securities and Exchange Commission (SEC) says it has developed new guidelines for licensing, registration and screening of digital and virtual assets service providers (VASPs). According to the Central Bank of Nigeria (CBN), VASPs are entities that conduct exchanges between virtual assets (cryptocurrencies) and fiat currencies, and transfers of virtual assets. In a notice seen by TheCable dated March 4, 2024, the SEC said the new measures would ensure that “criminals are not registered as operators” in the capital market. The CBN had lifted the ban on crypto transactions in the country on December 22, 2023, and issued operational guidelines on virtual assets service…

The Edo State House of Assembly, during plenary on Wednesday, commenced proceedings to impeach embattled Deputy Governor of the state, Philip Shaibu. The majority leader of the state house of assembly and member representing Ovia North East 1, Charity Aiguobarueghian, announced this during sitting. He stated that the petition against the deputy governor which dated March 5, 2024 was endorsed by 21 out of the 24 lawmakers. The majority leader maintained that the number of lawmakers that signed the petition have met the required two – thirds as stipulated in the constitution. He noted that the petition was based on…

The Court of Appeal in Abuja has struck out the bid by the Federal Government to commence fresh prosecution of former Abia State Governor, Orji Uzor Kalu in the ₦7.6 billion fraud and money laundering brought against him. In delivering judgment, Justice Joseph Oyewole held that the record of appeal brought by the federal government was incompetent and unreliable for any court to use to grant the request of the government. Justice Oyewole said that the record of appeal was not compiled, signed, or certified by any person known to law. He added that the name of the person who…

US President Joe Biden and Donald Trump, his predecessor, cruised to victories in statewide Super Tuesday primaries. Trump won the Republican votes in 14 of 15 states, while Nikki Haley, former United Nations (UN) ambassador and his last remaining rival, won Vermont, denying the former president a full sweep. But Haley’s win did little to scupper Trump’s steady march to the Republican ticket. The only contest Biden lost was the Democratic caucus in American Samoa, a small US territory in the South Pacific Ocean, where he came short by a slim margin to Jason Palm Although not all states have concluded…

The Court Of Appeal in Abuja has affirmed Julius Abure as the Chairman of the Labour Party (LP). The Appellate Court also set aside the decision of the Federal Capital Territory (FCT) High Court which last year, restrained Abure and two others from parading themselves as national officers of the party. In the judgement delivered by Justice Hamma Barka, the Appellate Court held that the high court was wrong to have assumed jurisdiction on the matter. The Appellate Court also awarded a cost of One million Naira in favour of Abure and against the respondent, Lamidi Apapa. Justice Hamza Muazu…

The International Monetary Fund (IMF) says Nigeria must prioritise addressing food insecurity.  The IMF stated this in a report after its team, led by Axel Schimmelpfennig, IMF mission chief for Nigeria, visited Lagos and Abuja from February 12 to 23, 2024, to hold discussions for the 2024 Article IV Consultations with Nigeria. The IMF also said the decision by the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to further tighten monetary policy will help contain inflation and pressures on the naira. Nigeria is battling rising inflation, food inflation, forex crisis, economic hardship and high cost of…

A Federal High Court in Kano has issued a ruling preventing the Kano State Public Complaints and Anti-Corruption Commission (PCACC) from inviting or investigating Abdullahi Ganduje, the National Chairman of the All Progressives Congress (APC), regarding bribery allegations leveled against him. Presiding over the case, the judge highlighted that the alleged infractions fall under federal jurisdiction, deeming it outside the scope of the state anti-graft agency. The court emphasised that matters of this nature should be handled by federal agencies such as the Economic and Financial Crimes Commission (EFCC). Reacting to the judgment, Usman Fari, counsel for the PCACC, announced…

Nigeria’s Vice President, Kashim Shettima has launched the Outsource To Nigeria Initiative in Gombe State He also inaugurated the Business Process Outsourcing Centre, where about 2,000 job opportunities would be created for vibrant and talented youths in the State. Speaking during the official launch of the initiative on Monday March 4, 2024, VP Shettima said the initiative was aimed at positioning Nigeria as the top destination for large companies seeking operational optimization. He explained that the initiative would connect global companies with the abundant talents and capabilities inherent in the country According to him, the outsourcing initiative symbolizes a pivotal…

The Federal Government will begin the distribution of grains nationwide to cushion the impacts of the hardship in Nigeria.  Minister of Agriculture and Food Security Senator Abubakar Kyari disclosed this on Monday. “Dear Fellow Nigerians,” he wrote on his official X handle. “In these trying times, I extend my sincere compassion to those affected by the hardships in the country. I understand the gravity of the situation, especially with the unfortunate event of foodstuff warehouse looting. “Amidst these challenges, I want to assure you that our commitment to your well-being remains resolute. We shall commence the distribution of 42,000 metric…

The US Supreme Court on Monday removed a potential hurdle to Donald Trump’s bid to recapture the White House, unanimously dismissing a state court ruling that could have barred him from the ballot for engaging in insurrection. The high-stakes ruling in favor of the former president came on the eve of the Super Tuesday primaries that are expected to cement Trump’s march toward the Republican nomination to take on President Joe Biden in November. It was the most consequential election case heard by the court since it halted the Florida vote recount in 2000 with Republican George W. Bush narrowly…