Vauld Suspends Trading, Withdrawals And Deposits Amidst ‘Financial Challenges’

Amid broader volatility in the crypto market due to several global macroeconomic factors and the recent collapse of multiple cryto-financial institutions, Singapore-based crypto-trading platform Vauld has suspended withdrawal and deposit options. The decision came as the platform was facing financial challenges and looking at a potential restructuring. In a statement released on the company website on Monday, Vauld founder and CEO, Darshan Bathija, said the startup is restructuring options and has engaged with Kroll for financial advice and Cyril Amarchand Mangaldas and Rajah & Tann for legal advice in India and Singapore.

NUPRC Set To Issue 57 Marginal Oil Field Licenses

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said it will issue Petroleum Prospecting Licenses (PPL) to successful investors of marginal oil fields in the 2020 bid round. Marginal oil fields are smaller oil blocks located onshore and in shallow waters which have not been exploited in the last ten years. They are usually developed by indigenous companies.

Sanwo-Olu Approves Hike In BRT Fares

Lagos State Governor, Babajide Sanwo-Olu has approved a flat rate increment of N100 in bus fares for all Bus Rapid Transit (BRT), and Standard routes as ways to sustain operations, due to the rising price of diesel which is affecting the performance of bus-operating companies. The Assistant Director of Corporate Communication, Lagos Metropolitan Area Transport Authority (LAMATA), Mr. Kolawole Ojelabi made this known in a statement on 30th June 2022, stating that the increase in fare is expected to take effect from 13th July 2022.

Carbonated Drinks: FG Commences Implementation Of N10/Litre Excise Duty

The Federal Government (FG) has begun the implementation of excise duty of N10/liter on all non-alcoholic, carbonated, and sweetened beverages. This was disclosed on Thursday by the Chief Superintendent of Customs, Department of Excise, Free Trade Zone, and Industrial Incentives, Dennis Ituma at a policy meeting.

President Buhari Reappoints DG DMO

President Muhammadu Buhari has approved the reappointment of Patience Oniha as the Director-General of the Debt Management Office (DMO) in accordance with Section IV (9-i) of the Debt Management Office (Establishment ETC) Act, 2003. This was disclosed on Thursday in a statement signed by the president’s Senior Special Assistant on Media and Publicity, Garba Shehu which stated that her reappointment is for a second term of 5 years and takes effect from July 1, 2022.

President Buhari Seeks Confirmation Of New RMAFC Chairman

President Muhammadu Buhari is seeking the Senate’s confirmation of his nomination of Mohammed Shehu as the Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC). The President’s request was contained in a letter read by the Senate President, Ahmed Lawan during Wednesday’s plenary.

FG Increases Tax On Cigarette, Shisha

The Minister of State for Health, Olorunnimbe Mamora has announced that the Federal Government (FG) has increased the tax on cigarettes from 20 to 30 percent to discourage Nigerians from tobacco consumption. The Minister made this known during the launch of the Tobacco Control Date Initiative Dashboard, which is a virtual (web-based) database that allows stakeholders and the public to access relevant and updated data on tobacco control policies in Nigeria.

Fuel Scarcity: NMDPRA Insists On N165 Pump Price

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) yesterday maintained that the pump price for Premium Motor Spirit (PMS) remains at N165 per litre. This is despite the position of some oil marketers that the current pump price for petrol in the country was unsustainable following long queues that have surfaced in some cities across the nation. NMDPRA’s position was made known by, Mr. Ugbugo Ukoha, Executive Director, Distribution Systems, Storage and Retail Infrastructure (NMDPRA) on Tuesday after visiting jetties in Apapa, Lagos. Ukoha noted that the crisis between Russia and Ukraine had led to an increment in the cost of Automotive Gas Oil (diesel), which is used in transporting petroleum products from the depots to the retail outlets.

NAICOM Revokes Operational Licenses Of 2 Insurance Companies

The National Insurance Commission (NAICOM) has cancelled the Certificates of Registration of Standard Alliance Insurance Plc and Niger Insurance Plc. This announcement was contained in a statement issued by the Head, Corporate Communications and Market Development, NAICOM, Rasaaq Salami.

FG Approves Freight Rate Increase To Reduce Fuel Scarcity

In a bid to reduce fuel scarcity in Nigeria, the Federal Government (FG) has approved an increase in freight rate for fuel transporters. Freight rate is the price at which petroleum products are delivered from one location to another. This was disclosed on Thursday in a statement issued by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).