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MTN Nigeria Declines in Value After Earnings Slump The market value of MTN Nigerian Plc declined as investors continued to sell their shares in the telecom company as a devaluation of the naira triggered foreign exchange losses that impacted its bottom line. Closed at N234 per share on Friday, the telecom company’s market value fell […]

Fitch Keeps Nigeria at ‘B-‘; Cites Downsides Fitch Ratings has affirmed Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B-‘ with a stable outlook on account of the country’s multiple downsides. According to the rating note, Nigeria’s ‘B-‘ rating is supported by a large economy, a developed and liquid domestic debt market, and large oil […]

Foreign Creditors Invest $140bn in African Debts –Report Foreign creditors invested an estimated sum of $140 billion in Africa’s sovereign international and domestic debts between 2015 and 2021, S&P Global Ratings said in a report citing data from the International Monetary Fund (IMF). According to the report, foreign investors were attracted by Africa’s enormous economic […]

NGX Expands to N38.6T as Equities Investors Gain N1.67T The Nigerian Exchange (NGX) recorded another big bang over its sustained sweet rallies on bellwether companies’ stocks. Last week, the local bourse expanded to about N38.6 trillion as equities investors gained N1.67 trillion. The positive price movements consolidated on October performance, though some market analysts projected […]

DIL Repatriates $688m from Pan-African Operations – Mgt In response to alleged FX fraud, Dangote Industries Limited (DIL), has revealed that the company has so far repatriated over USD576,008,672.41 through various banks in Nigeria, management said in a statement on Sunday. This is in addition to a USD$111,968,109.38 cash swap arrangement between Dangote Cement Plc […]Read More

A 44-year-old man from Osogbo, Mr. Kola Arike, recently suffered immense heartbreak after a DNA test revealed that he is not the biological father of his four children: Ayomide, 16, Sarah, 12, and two other kids aged 8 and 5 years, respectively. In an emotional radio interview, the distressed man recounted how he had catered […]

By Kenneth Okonkwo The Supreme Court (SC) delivered its judgment on the 26th day of October, 2023 in Abuja, on the appeal against the judgement of the Presidential Election Petition Court, brought before it by the Appellants, whose petition was dismissed by the Court of Appeal (COA), sitting as the trial court, for lacking in […]

Mrs. Rachel Ajuwa (Nee Yekovie), one of the children of late Pa Edward Ubu Yekovie, has approached a Delta State High Court, Effurun, praying the court to restrain her siblings from selling, alienating, dissipating the whole or part their father’s assets pending the issuance of a Letter of Administration by the Delta State Government. The […]

Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Bola Tinubu over “the failure to probe the grim allegations that over US$15 billion oil revenues, and N200 billion budgeted to repair the refineries in Nigeria are missing and unaccounted for between 2020 and 2021.” The allegations are contained in the 2021 report […]

FX: Dangote Rebuffs Alleged Illegal Deals, Accuses BUA Management of Dangote Industries Limited (DIL) has refuted allegations that it engaged in illegal foreign exchange deals, warning those peddling the allegation of economic sabotage against the company to desist from such underhand practices. It gave the warning following claims in some sponsored reports in the online […]

Nigerian Treasury Bills Yield Spikes to 14.4% In the secondary market, the average yield on Nigerian Treasury bills increased significantly due to strong selloffs in government borrowing instruments. Selloffs could persist as wealth, fund managers weighed the impacts of inflation and higher interest rates on naira assets to redesign their portfolio strategy, a pension manager […]

Lagos International Trade Fair: Tinubu Pledges Support to Unlock MSME Potentials President Bola Tinubu says his administration is committed to providing the necessary support for Micro, Small, and Medium Enterprises (MSMEs) to unlock their full potential and ensure their long-term success. Tinubu said this at the 2023 Edition of the Lagos International Trade Fair (LITF), […]