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AFC Invests $60m to Boost Angola’s Indigenous Oil & Gas Production Africa Finance Corporation (AFC) has invested US$60 million in Etu Energias (formerly Somoil), the largest private Angolan oil company, as part of a drive to boost indigenous participation in the continent’s energy sector. The investment is part of a $190 million debt facility to […]

Foreigners Increase Bet on Nigeria US Dollar Bonds There was a serious shift away from selling to buying momentum across Nigeria’s US dollar bond in the international debt market following Q3-2023 growth record in Africa’s largest economy. Foreign portfolio investors ramp up Nigeria’s Eurobond instrument as authority seek approval for additional external loans to support […]

Supreme Court Approves Indefinite Use of Old, New Naira Notes The Supreme Court on Wednesday ruled that both the old and the redesigned naira notes remain valid legal tenders in the country beyond December 31. A seven-member panel of the court led by Justice Inyang Okoro, said the notes should remain in circulation, pending when […]

US Dollar Rebounds as Pressures Ease After staying low sugar, the dollar has found some support despite bullish sentiment on US bonds with Treasury yields breaking through key levels. When rates previously jumped in the US, the dollar proved highly sensitive to the initial move and less so as the bond sell-off continued: something similar […]

GCR Affirms Sovereign Trust Insurance Financial Strength Rating, Revised Outlook GCR Ratings has affirmed Sovereign Trust Insurance Plc’s national scale financial strength rating of A(NG); with the outlook revised to positive from stable- reflecting expectations of sustained levels in the insurer’s capitalisation and liquidity assessment over the next 12-18 months. In the rating note, GCR […]

Ondo state government has denied allegations that the signature of Governor Oluwarotimi Akeredolu was being forged by certain persons to loot the state treasury. It said the governor still attends to files. Two documents surfaced online with different signatures purportedly belonging to Governor Akeredolu. The state commissioner for Information and Orientation, Bamidele Ademola-Olateju, who addressed […]

The Akwa Ibom State Division of the High Court sitting in Uyo, the state capital on Thursday handed out a penalty of N20 million as damages against the Nigeria Police Force (NPF) for incessant and unlawful arrests and detention of innocent civilians. The latest victim is the Village Head of Ikot Oku Ikono in Uyo […]

The trial of an Abuja-based legal practitioner, Bob Chidozie and three others on a 7-count charge bordering on alleged forgery of title documents has been shifted to February 22, 2024 by a High Court of the Federal Capital Territory(FCT), Abuja. The development followed the absence of the trial judge, Justice Samira Umar Bature who was […]

Governor Godwin Obaseki of Edo State has broken his silence on the governorship ambition of Philip Shuaibu, his deputy. Shuaibu, who has had a long-running battle with Obaseki, formally declared his ambition on Monday. Recall how the declaration venue was changed at the dying-minute as the hotel where the event was to take place refunded […]

Governor Dapo Abiodun of Ogun State on Thursday presented to the state House of Assembly, an appropriation bill of N703.03billion for 2024. Christened, “Budget of Sustained Growth and Development,” Abiodun said the 2024 proposed budget has an increment of N230.78bn compared to the 2023 budget of N472.250bn. The governor, while presenting the budget, said, “A […]

A Court of Appeal sitting in Lagos has sacked Abia Labour Party (LP) lawmaker, Hon. Destiny Nwagwu, representing Aba North state constituency. Recall that in his reaction, Nwagwu took to the streets of Aba (Brass junction to be precise) to protest his sack after the appellate declared Aaron Uzodike of the Peoples Democratic Party (PDP) […]

The Federal Government on Thursday freed 150 inmates from the Maximum Security Custodial Centre Janguza in Kano State. The Minister of Interior, Dr Olubunmi Tunji-Ojo, made this known in Kano while releasing the inmates. Tunji-Ojo, represented by the Assistant Director in the Ministry of Interior, Dr Anayo Romanus-Nzekwe, said the release of 150 inmates out […]