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Justice Emeka Nwite of a Federal High Court sitting in Abuja on Friday adjourned further proceedings in the case filed by the Deputy Governor of Ondo State, Hon. Lucky Aiyedatiwa pending the hearing and determination of the appeal filed by Ondo State House of Assembly at the Court of Appeal sitting in Abuja. Justice Nwite […]

The Magistrate Court sitting in Yaba axis of Lagos has granted Jerry Ironkwe, driver of the vehicle that crushed two sweepers of the Lagos State Waste Management Authority (LAWMA) to death along Apapa-Oshodi Expressway, bail. The Lagos Police Command arraigned Ironkwe after he turned himself in over the death of the two sweepers’ identified as […]

Governor Caleb Manasseh Mutfwang, has strongly condemned the baseless and defamatory allegations circulated by certain individuals, accusing judges of receiving a $5 million bribe for the nullification of his victory. In an official statement released in Jos, signed by his Director of Press and Public Affairs Mr Gyang Bere, Governor Mutfwang vehemently condemned the publication […]

Ecobank, African Guarantee Fund Sign $200m Risk Sharing Deal Pan-African banking group, Ecobank and the African Guarantee Fund (AGF), a specialized pan-African guarantee provider, have joined forces in a ground-breaking USD200 million risk-sharing agreement, aimed at catalyzing economic growth and supporting entrepreneurial ventures – including women-owned SMEs on the continent. The two organisations signed a […]

Naira Falls Sharply to N1105 at Official Market The Nigerian naira fell to a new record low of N1,105 to the U.S. dollar on the official market on Thursday down from N830 at its close on Wednesday, London Stock Exchange Group data showed, Reuters said in a report. Exchange rates have been swinging negative across […]

US Dollar Retraces Ahead of Import, Export Data The US dollar was mixed against its major trading partners — up versus the pound and Canadian dollar, down versus the euro and yen — early Thursday. However the USD index, which tracks the dollar versus a basket of six currencies, remains stuck below thick daily cloud […]

Money Laundering: Court Adjourns Trial of Ex-Lagos Speaker A Federal High Court in Lagos on Monday adjourned the trial of a former Speaker of the Lagos State House of Assembly, Adeyemi Ikuforiji, for alleged N338.8 million money laundering. The case which was earlier fixed for continuation of trial on Nov. 15, could not proceed as […]

Brent Price Drops to $80 as US Crude Inventories Rise Brent price declined by 0.5% to US$80.78 per barrel as US crude inventories rose. Also, West Texas Intermediate crude fell 0.5% to US$76.25 at last look early Thursday. Crude oil prices declined after the US Energy Information Administration’s latest inventory report showed mixed signals on […]Read More

Why We Suspended Nationwide Strike – Labour The Organised Labour has explained why it suspended the nationwide indefinite strike that commenced on Nov. 14. Mr Emmanuel Ugboaja, General Secretary of Nigeria Labour Congress (NLC), explained the action in a statement he jointly signed by Mr Nuhu Toro, Secretary General, Trade Union Congress(TUC), on Wednesday in […]

IMF, Kenya Reach Agreement on Policies to Unlock Fund The International Monetary Fund (IMF) and Kenya have reached a staff-level agreement on economic policies following the sixth review of extended credit fund facilities’ arrangement to unlock more funds for the government. In a statement, IMF said a staff team from the multilateral lender led by […]

Borrowing Costs Spike as Investors Dump Nigeria Bonds The Nigerian bonds benchmark yield hit about 15.8% as local investors offloaded their portfolio in reaction to accelerating consumer inflation in the country. Data from the statistics office showed the headline inflation rate rose to 27.33% amidst doubt about whether the monetary policy committee of the central […]

Money Market Rates Spike, CBN Claims Reform Works Money market rates spiked as liquidity in the financial system dropped significantly amidst accelerating inflation conditions in Nigeria. The increase in short-term benchmark interest rate was driven by further tightening in the funding profile as a result of a significant outflow in the financial system versus inflows. […]