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The Edo State governor, Mr Godwin Obaseki, has disclosed that 5,600 vehicles run on Compressed Natural Gas (CNG) in Benin City, the Edo State capital. The governor disclosed this in Benin while speaking to journalists on fuel subsidy removal. “Data from NIPCO Gas, a joint-venture company between NIPCO and Nigeria Gas Company Limited (NGC), indicate […]

The suspended Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, who is still in the custody of the Department of State Services (DSS) has refused to write statements at the secret police’s facility, According to SaharaReporters reports. Our correspondent further gathered that Bawa told investigators that the DSS had no right to detain […]

The absence of counsel for the Federal Government, on Wednesday, stalled the trial commencement of Tukur Mamu, who is being tried over his alleged relationship with terrorists that were involved in last year’s attack on a Kaduna-bound train. The matter, which was on number three on the cause list, was fixed for trial before Justice […]

Britain has applauded the ongoing economic reforms being carried out by the administration of President Bola Tinubu. The British High Commissioner to Nigeria, Richard Montgomery, who stated his home government’s position on Wednesday while on a courtesy visit to Vice-President Kashim Shettima at the State House, Abuja, commended Nigeria for its economic decisions, including subsidy […]

An High Court of the Federal Capital Territory sitting in Kuje has fixed Sept. 13 for definite hearing of a suit seeking over N40 million compensation against Pagmat Oil and Gas Nig. Ltd, Prudential Steps Savings & Loan and Fidelity bank. Justice Chinyere Nwecheonwu fixed the date on Wednesday after Ojonimi Apeh, counsel for the […]

Nigerian Exchange Gains N52bn as Seplat, GTCO Rally The equities market capitalisation of the Nigerian Exchange (NGX) inched higher by about N52 billion gain recorded from bargain hunting on Seplat, GTCO among other popular counters traded on Tuesday. Market data showed that Lagos bourse closed trading activities positively, as key performance indicators increased by +0.16%. […]

Naira Rallies, Rates Tally Across FX Markets The Nigerian local currency, the naira, rallied across the foreign exchange (FX) markets Tuesday as the decision to float wrecks forex market speculators and arbitrage activities in the economy. Data from FMDQ Exchange showed that the local currency appreciated against the United States (US) dollar at the Investors […]

Rates Swing as DMO Sells Old, New Bonds to Investors Nigeria’s bond rates; yield swung as the Debt Management Office (DMO) raised more than N427 billion from its auction sales on Monday, auction results posted on its website showed. This comes in addition to non-competitive allotment totaling N46 billion. Market participants in the secondary market […]

10 Nigerian Startups, 15 others set for $4m Google’s BFF Google for Startups (GfS) on Tuesday announced 10 Nigerian Startups and 15 other African-based startups selected for the 2023 $4million Black Founders Fund (BFF). Head of Startups Ecosystem, Africa at Google, Folarin Aiyegbusi, said in a statement that each selected startup would receive up to […]

T-Bills Yield Rises to 6.6% Despite Robust Liquidity Record Despite a surge in liquidity level in the financial system, the average yield on Nigerian Treasury bills (NTB) spiked by 32 basis points to 6.6% in the secondary market. Broadly, the fixed income securities market has sustained discounting impacts of significant economic events and development that […]

Chairman of Independent Corrupt Practices and Other Related Offences Commission (ICPC), Bolaji Owasanoye, has criticised Transparency International’s (TI) corruption perception index. Owansanoye, who spoke at a two-day training session for journalists organised by the commission in Abuja, said the TI’s reports typically paint a misleading picture of corruption in poor nations. He claimed that TI […]

An Appeal Court in Port Harcourt, the Rivers State capital, has set aside a bench warrant of arrest issued against the former Governor of the state, Rotimi Amaechi and two others. The others are the Governorship Candidate of the All Progressives Congress (APC) in the 2023 elections, Tonye Cole and the Commissioner for Power in […]