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The Ogun State governorship election petition tribunal has struck out an allegation of vote buying levelled against Governor Dapo Abiodun and the All Progressives Congress (APC) by the Peoples Democratic Party (PDP) and its governorship candidate, Ladi Adebutu. Mr Adebutu is challenging the return of Governor Abiodun as the winner of the 18 March governorship […]

The Chief Justice of Nigeria, Hon. Justice Olukayode Ariwoola GCON on Monday 19th June 2023 swore in 6 new Judges of the National Industrial Court of Nigeria. The swearing-in ceremony of the judges was held at the main courtroom of the Supreme Court in Abuja, Federal Capital Territory. Administering the oath on the newly appointed […]

Billionaire businessman Aliko Dangote has encouraged African countries to be deliberate in liberalising integration and allow for easy entry and exit of Africans. The Dangote Group CEO, who spoke on Sunday at the 30th Afreximbank Annual Meetings held in Accra, Ghana, stated that if the continent was committed to boosting inter- and intra-African trade and […]

The leader of the outlawed Indigenous People of Biafra (IPOB), Nnamdi Kanu, has written to the State Security Service (SSS) to request permission to have access to his new doctor. Mr Kanu who wrote to the secret police through his lawyer, Mike Ozekhome, informed the service that his known medical doctor, Cfine Okorochukwu, is out […]

Treasury Bills Rates Crash, Demand Declines In the secondary, the average yield on Nigerian Treasury bills declined further as investors intensified bill buying, dragging yield lower despite rising headline inflation and declining stop rates. High inflation has clouded real return on investment in the fixed income market, generally. Most of the market participants in the […]

Fitch Keeps BOI Triple-A Ratings, Cites Solid Capital, Fund Profile Amidst rising needs to support the real sector to drive growth, Nigeria’s development finance agency, Bank of Industry Limited’s (BOI), creditworthiness has been affirmed at ‘B-‘ by Fitch Ratings with a stable outlook. Also, Fitch sustained Nigeria’s leading development finance institution’s national rating at ‘AAA […]

CBN Removes Restriction on Dom Accounts, Releases Updates The previous restrictions placed on domiciliary accounts of Nigerian deposit money bank (DMBs) customers have been relaxed as the apex bank issue further updates on foreign exchange (forex) transactions. Following the Central Bank of Nigeria’s (CBN) new guidelines in the Foreign Exchange (FX) market recently released, the […]

Fidelity Bank Rides on Waves of Diversified Shareholding Structure, Up 20% Nigeria’s sixth largest lender, Fidelity Bank Plc, has maintained a valuation uptrend, spiked by about 20% as investors continue to increase their equities positions in the financial service boutique ahead of the second quarter 2023 earnings season. The Tier-2 bank share gained popularity among […]

Stock Market Gains N1.7trn over Reforms Induce Rally The Nigerian Exchange (NGX) gains N1.7 trillion last week as economic reforms boosted investors’ sentiments. Due to the share buying festival, key market indicators rose, pushing year-to-date returns upward. The market saw increased investors’ position in banking names, telecom giants’ shares, and some other financial service companies’ […]

FCMB Value Ticks Amidst Cost, Earnings, Capital Concerns With a plan to deliver N12 billion profit in the third quarter of the financial year 2023, FCMB Plc’s market valuation cruised near N100 billion on Friday, according to data from the Nigerian Exchange. The bank share was rerated over improved sentiments in the local bourse driven […]

Putin Gives Reasons for Refusing African Leaders Peace Plan Russian President Vladimir Putin has given African leaders seeking to mediate in the war in Ukraine a list of reasons why he believed many of their proposals were misguided, pouring cold water on a plan already largely dismissed by Kyiv. The African leaders were seeking agreement […]

The World Bank Group has approved a loan of $750m to boost Nigeria’s power sector. The loan with project ID P174622 was approved on June 9, 2023, making it the first World Bank loan approved under the new administration of President Bola Tinubu. Information obtained from the website of the bank showed the fresh loan […]