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The Supreme Court has scheduled judgment for January 26, 2024 in the appeal by jailed former member of the House of Representatives, Farouk Lawan. A five-member panel led by Justice John Okoro chose the date on Thursday after lawyers to parties made their final submissions and adopted their written briefs. Lawan’s appeal, marked: SC/CR/616/2022 is […]

Private Sector Activity Slumps as Input Costs Worsen The Nigerian private sector dipped into contraction in October as a record increase in input costs impacted customer demand. Sharply rising prices also discouraged firms from purchasing inputs and caused delays in the completion of orders. On a more positive note, employment continued to rise amid company […]

US Dollar Strengthens Ahead of Fed Meeting, Data Release The US dollar rose against its major trading partners early Wednesday, except for a small pullback against the yen, as markets prepare for the Federal Open Market Committee’s statement at 2:00 pm ET and Federal Reserve Chairman Jerome Powell’s press conference. The CME FedWatch tool shows […]

Nigerian T-Bills Yields 10.9% amidst Squeezed Liquidity Amidst a shift in risk sentiment in the fixed income market, the average yield on Nigerian Treasury bills was unchanged as trading activities in the secondary market ended on a quiet note yesterday. The market witnessed lower trading deals as liquidity pressures continued to worsen after the apex […]

BUA Foods Profit Jumps by 54% to N105.62bn BUA Foods Plc delivered an impressive 54% year-on-year growth in net profit, up about 54% year on year to N105.82 billion.  In its unaudited statement for nine months in the financial year 2023, the food company reported 81% year-on-year increase in revenue. BUA revenue surged to N524.4 […]

COVID-19: Nigeria Has Met 70% Vaccination Target – Official Nigeria successfully met its ambitious target of fully vaccinating 70 per cent of its population against the COVID-19 pandemic. Dr Bassey Okposen, Director of Disease Control and Immunization in the National Primary Health Care Development Agency (NPHCDA), said this in an interview with News Agency of […]

Canada Pledges $18m For Poverty, Humanitarian Response in Nigeria The Canadian Government will support humanitarian and poverty alleviation in Nigeria with 18 million dollars. The Canadian High Commissioner to Nigeria, Mr Jamie Christoff, made this known when he visited the Minister of Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu in her office in Abuja. […]

Oil Rallies Ahead of US Fed Meeting Oil prices increased ahead of the US Federal Reserve (Fed) meeting. Brent crude traded at $85.72 per barrel, a 0.82% increase from the closing price of $85.02 a barrel in the previous trading session on Tuesday. The American benchmark West Texas Intermediate (WTI) traded at the same time […]

Stanbic IBTC Bank Re-registered as a Private Company Stanbic IBTC has ceased to be a public company as the financial institution announced its decision to re-register as a private company. In a regulatory filing submitted to the Nigerian Exchange, Stanbic IBTC Holdings PLC told the investing public about the banking arm identity alteration. It said […]

Bond Yield Spikes to 15% as Risk Sentiment Shifts Benchmark yield on Nigerian bonds spiked to 15.33% due to a shift in risk sentiment driven by macroeconomic uncertainties. Fixed interest securities investors have seen their returns eclipsed by Nigeria’s running inflation rate. Untamed pressure in the local economy has shifted risk sentiment as naira assets […]

Passport Applicants Allege Massive Extortion By NIS Officials In Abuja Some Nigerians who applied for international passports have accused personnel of the Nigerian Immigration Service (NIS) Abuja passport office, of massive extortion. The passport applicants said despite a recent directive of the Minister of Interior, Dr Olubunmi Tunji-Ojo to the immigration authorities to sanitize the […]

The Court of Appeal sitting in Abuja on Wednesday dismissed an appeal brought before it by former Senator Philip Aduda of the Peoples Democratic Party (PDP) against the election of Senator Ireti Kingibe, as the Senator representing the Federal Capital Territory (FCT) on the platform of the Labour Party. In the judgment delivered via Zoom, […]