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The Federation Account Allocation Committee (FAAC) has shared a total sum of N1.1 trillion as August 2023 federation account revenue to the Federal Government, States and Local Government Councils. In a statement issued on Friday and signed by Bawa Mokwa, Director (Press and Public Relations) Office of the Accountant General of the Federation (OAGF), he […]

The Delta Election Petition Tribunal on Friday, September 29, dismissed the petition of All Progressives Congress (APC) governorship candidate, Ovie Omo-Agege, in his bid to overturn the March 18 governorship election victory of Governor Sheriff Oborevwori. Justice C.H Ahuchaogu, in a four-hour judgement, held that the petitioner was unable to prove the case of substantial […]

Nigerian Exchange Down By N111bn over Wild Mood Swings Due to sustained selloffs on major listed companies’ shares, the combined value of all the stocks listed on the Nigerian Exchange (NGX) went down by more than N111 billion on Thursday after the Islamic holiday.  The downturn in the market has been supported by investors’ mood […]

Naira Crashes as Markets Fail to Meet Forex Demand The Nigerian naira crashed further due to demand threat across foreign exchange markets. Both official and parallel markets experienced negative exchange rate movement a day after the Islamic holiday due to foreign currency shortage in the economy. The local currency continues to lose value due to […]

Oil Firm CEO Arraigns for Stealing Access Bank N4.4bn The Economic and Financial Crimes Commission (EFCC) on Thursday arraigned the Chief Executive Officer of Emee Oil And Gas Nig. Ltd., Florence Onojame, who allegedly defrauded Access Bank of N4.4 billion. Onojame appeared before an Ikeja Special Offences Court alongside her company, on a three-count charge […]

Google Opens Equity-Free Fund for Nigerian Businesses Google has opened applications for the Hustle Academy SMB Fund, which is its N75 million equity-free fund dedicated to Nigerian Small and Medium Businesses (SMBs). Head, Brand and Reputation, Sub Saharan Africa, Google, Mojolaoluwa Aderemi-Makinde, said in a statement that the initiative would offer N5,000,000 to 15 Nigerian […]

NUPENG to Join Nationwide Strike The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has directed its members to ensure “unwavering compliance” with the indefinite strike called by Nigeria’s two biggest workers union federations. Both the Nigeria Union of Labour (NUC) and Trade Union Congress (TUC) are pushing for a reversal of subsidy removal […]

FG Plans N75bn Intervention Fund for Businesses — Minister The Federal Government (FG) says it is putting in place a N75 billion intervention fund to support small businesses in response to the country’s current economic challenges. The Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, said this at the beginning of the 18th Abuja […]

Dollar Slides Ahead of GDP, US Fed Chair Comments The United States (US) dollar declined against its major trading partners early Thursday ahead of the release of an updated estimate for Q2 gross domestic product and the weekly jobless claims report. The National Association of Realtors pending home index for August is set to be […]

Civil Society Opposes NLC Planned Strike A Civil Society Organisation under the aegis of Civil Society and Workers Dialogue Forum (CSWDF) has expressed its disapproval of the proposed strike by the Nigeria Labour Congress (NLC) scheduled to commence on Tuesday, Oct. 3. The organisation in a statement issued by its Convener, Abubakar Ibrahim and Rafiu […]

External Support May Offset Fiscal Impact of Morocco’s Earthquake –Fitch Recovery efforts in the wake of the earthquake that struck Morocco in early September will drive higher public expenditure, widening fiscal deficits in the near term, but international assistance is likely to offset some reconstruction cost pressures, and higher remittances will provide further support to […]

Fake US Dollars, Cybercrime Increasing in Benue –EFCC The Economic and Financial Crimes Commission (EFCC) has decried the sudden rise of fake dollars and cybercrimes in Benue axis. Its Acting Chairman, Mr Abdulkarim Chukkol, who disclosed this on Thursday in Makurdi, said that the commission had taken measures to address the situation. The EFCC chairman […]