Business

UPDATE: House of Reps Meets With CBN Governor Cardoso, Economic Team

Published

3 years ago

February 6, 2024

591 Views

The Central Bank Governor, Olayemi Cardoso, is currently meeting with the House of Representatives, speaking on the state of the economy.

Appearing before the lawmakers during plenary in Abuja, Cardoso briefed them on the free fall of the naira and other issues affecting the monetary side of the economy.

He was summoned alongside the Minister of Finance and Coordinating Minister for the Economy, Wale Edun; the Minister of Budget and National Planning, Atiku Bagudu and the Chairman of the Federal Inland Revenue Service, Zacch Adedeji.

Earlier, the lawmakers expressed worry about the continued fall of the nation’s currency.

Cardoso said the economy must earn through exports to boost the naira, stating that the CBN plans to instil Confidence through stability in consumer prices and foreign exchange market.

He believes that the policy measures of the bank are expected to impact positively on inflation.

In his remarks, the finance minister said the country is in a better place economically than it was on May 29, 2023.

Edun said the country was on the road to disaster before President bola Tinubu came into office, but agreed that there has been a rise in the cost of living.

Noting that there will be further interventions to assist the poor in the country, the minister stated that special attention is being paid to the power sector to boost investors’ confidence.

Last week, Speaker Abbas Tajudeen announced that the sectorial debate for the financial sector “will assess the nation’s readiness to mobilise the necessary financial resources for implementing the budget.”

Business

Cybercriminals cloning DStv, other brands to steal bank accounts across Africa

According to cybersecurity company NordVPN, the campaign distributes Remote Access Trojans (RATs) and banking trojans, forms of malware that can give criminals control over infected devices and access to sensitive information.

Published

3 days ago

August 21, 2026

OCHEFA

31 Views

Cybercriminals are impersonating popular companies and government agencies across Africa in a campaign designed to take over smartphones and bank accounts.

More than 100 fake websites linked to the malware campaign have been identified since August 2025.

Brands including DStv, Takealot and South African Airways, as well as the South African Revenue Service (SARS), are being used to make fraudulent messages and websites appear legitimate.

The attacks are particularly concerning in South Africa, where Android dominates the mobile operating system market.

NordVPN said the attacks typically begin with social engineering, where criminals send convincing messages through SMS, WhatsApp or social media.

The messages may contain urgent offers or requests involving job opportunities, tax refunds, identity renewals or pension verification.

Victims are then directed to fake websites designed to closely resemble the official websites of trusted organisations.

The sites encourage users to download an Android application. Once installed, the malicious software can operate quietly in the background, including after the smartphone is restarted.

Business

Cement price hits N16,000 per bag

The current cement prices mark a steep rise from late 2024, when a bag sold for around N7,500.

Published

3 days ago

August 21, 2026

OCHEFA

39 Views

• Chairman of BUA cement, Abdul Samad Rabiu (ASR)

Cement dealers across Nigeria have announced fresh price increases, with a 50kg bag now selling for as much as N16,000 in some markets, up from N13,000 recorded by buyers just days earlier.

The current cement prices mark a steep rise from late 2024, when a bag sold for around N7,500.

By the third quarter of 2025, that had risen to about N9,000 before reaching the N12,000 to N16,000 range now seen across different locations.

Other building materials have followed a similar upward path. Blocks have climbed from around N600 to N1,100 each.

Sand has gone from N165,000 to N250,000 per 30 tonnes. Granite has risen from N530,000 to N780,000 per 30 tonnes.

Reinforcing steel now costs N1.15 million per tonne, up from N850,000.