Business

Stop implementation – CBN sends messages to all banks on Cybersecurity levy

Published

2 years ago

May 20, 2024

460 Views

The Central Bank of Nigeria (CBN) has instructed all banks to cease the implementation of a 0.5 per cent cybersecurity levy following a directive from President Bola Ahmed Tinubu’s administration. This withdrawal was communicated through a notice dated May 17, 2024, signed by Chibuzo Efobi, CBN’s director of Payment System Management, and Haruna Mustapha, the Director of the Financial Policy and Regulatory Department.

Initially introduced on May 6, the cybersecurity levy mandated all banks and financial institutions to impose a 0.5 per cent levy on all electronic transactions. However, the levy faced significant criticism from Nigerians, leading to its suspension by Tinubu’s administration.

Muhammed Idris, the Minister of Information and National Orientation, conveyed the government’s decision to suspend the levy after last Tuesday’s Federal Executive Council meeting. This move reflects a response to public concerns and aligns with the government’s commitment to effective policy implementation and public welfare.

Business

Dangote Performs Opening Gong Ceremony At NGX, Present Facts Behind the Offer

Dangote brings his Dangote Petroleum Refinery’s IPO for listing on the exchange.

Published

4 hours ago

September 14, 2026

OCHEFA

11 Views

The trading floor of the Nigeria Exchange Limited (NGX) is agog this morning as billionaire industrialist,Aliko Dangote, declared opened trading activities for the day.

Dangote brings his Dangote Petroleum Refinery’s IPO for listing on the exchange.

He is currently making the Facts Behind the Offer Presentation and unpacking the numbers, the offer and the significance of this transaction for Nigeria and the continent.

Details soon..

Business

Naira Exchange Rates To Dollar, Pound , Euro… September 14

Published

4 hours ago

September 14, 2026

OCHEFA

16 Views

BLACK MARKET

US DOLLAR ₦1385

POUND (GBP) ₦1880

EURO (EUR) ₦1580

CANADIAN DOLLAR (CAD) ₦1000

SOUTH AFRICAN RAND (ZAR) ₦90

UAE DIRHAM (AED) ₦370

CHINESE YUAN (CNY) ₦190

GHANA CEDI (GHS) ₦100

Central Bank of Nigeria Rates

DOLLAR (USD)₦1326.52

POUND (GBP)₦1794.52

EURO (EUR)₦1540.22

SWISS FRANC (CHF)₦1627.83

JAPANESE YEN (JPN)₦8.64

CFA FRANC (XOF)₦2.34

WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1811.58

CHINESE YUAN (CNY)₦197.74

SAUDI RIYAL (SAR) ₦353.20

SOUTH AFRICAN RAND (ZAR) ₦82.24

Business

Dangote Refinery’s IPO Officially Opens Today On NGX

Published

6 hours ago

September 14, 2026

OCHEFA

16 Views

Dangote Petroleum Refinery & Petrochemicals FZE today announced the commencement of its Initial Public Offering (IPO) to the investing public.

The offer will be formally launched at a ceremony on the trading floor of the Nigerian Exchange (NGX) Limited in Lagos.

The IPO, which opens today, September 14, 2026, consists of 4.1 billion new ordinary shares offered at N525 per share, with a minimum subscription of 10 shares valued at N5,250.

The offer is expected to remain open until October 13, 2026, subject to the terms outlined in the Prospectus. The transaction is targeted at retail, institutional, and eligible African investors, reinforcing Dangote Refinery’s commitment to broadening ownership and deepening participation in Nigeria’s capital market.

The public offer is expected to raise approximately N2.15 trillion, making it one of the largest equity offerings ever undertaken in Africa.

The proceeds will support the Refinery’s long-term growth plans, operational expansion, strategic investments, and the creation of additional value for shareholders and stakeholders alike.

Speaking on the significance of the IPO, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said:“Today marks the beginning of a new chapter in the history of Dangote Refinery and, indeed, in the economic future of our nation. This offering is about more than raising capital; it is about creating an opportunity for ordinary Nigerians, Africans, and investors across the globe to participate directly in one of the most transformative industrial projects ever built on the continent.

We established this refinery to transform Africa’s energy landscape, create jobs, conserve foreign exchange, and unlock shared prosperity. With this IPO, we are extending that vision by democratising ownership and ensuring that millions of people can benefit from the value being created.”