admin

NGX Loses N63bn as Selloffs Hit Tier-1 Banks The Nigerian Exchange (NGX) equities market capitalisation dropped by about N63 billion on Monday as investors offloaded banks’ stocks after the regulator re-enforces of 65% loan-to-deposit ratio benchmark in the sector. Dragging market index lower, ZENITHBANK lost 2.57%, FBNH fell by 3.68%, ACCESSCORP went down by 1.15%, […]

Oil Prices Decline as Strong US Dollar Drags Demand Crude oil prices in the internal market responded negatively to a slowdown in demand attributed to improved US dollar strength and persistent market concerns over China’s sluggish economy. The market was greeted with a demand surge early last week before a bearish mood set in. In […]

Private Placement: Guinea Insurance Leads Top Performers on NGX Guinea Insurance’s share price surged significantly rising by 50% in the equities market last week following the completion of its private placement  In an announcement on August 10, 2023, Guinea Insurance Plc told the investing public that it had achieved a remarkable feat the company had […]

MTN Signs Deal to Sell Fintech Unit to Mastercard MTN Group has signed a memorandum of understanding with Mastercard for a minority stake in the Group Fintech based on an enterprise valuation of $5.2 billion, a development associated with tough economic conditions, and rising competition across its major markets. In its recently published financial scorecard, […]

FMDQ OTC Profit Jumps 5.46% in 2022 FMDQ OTC Plc’s profit jumped by about 5.46% to N9.667 billion in 2022, figures posted by the Central Bank of Nigeria (CBN) in its audited annual financial statement showed. In the comparable year in 2021, the company delivered N9.151 billion as net income.  The report showed that FMDQ […]Read More

Ethiopia Inflation Rate Eased to 28.8% The consumer price index that measures Ethiopia’s headline inflation rate eased slightly for a fourth consecutive month to a two-year low of 28.8% in July of 2023, down from 29.3% in the prior month. Like other peers in the region, economic performance has declined while the government continues to […]

NIBSS Profit Spikes 42% to N15.467 billion Nigeria Inter-Bank Settlement System (NIBSS) annual profit spiked more than 42% to N15.467 billion in 2022, the Central Bank of Nigeria (CBN) audited report showed. In 2021, the company reported that its profit came at N10.882 billion.   The proportion of the Bank equity interest to the total […]

By Prof Mike A. A. Ozekhome, SAN, CON, OFR, FCIArb, LL.M, LL.D., Ph.D, D.Litt. INTRODUCTION Politics and Law have been an age-long issue of discourse in governance and leadership. These are pivotal points revolving around every national question. The essence of law is to prescribe laid down standards, rules and regulations for controlling affairs within […]

*30 Bandits Killed, Several Injured In a tragic incident that unfolded in Zungeru, Wushshi Local Government Area of Niger state, a group of gunmen ruthlessly attacked and killed more than 10 soldiers and an unspecified number of local vigilantes. The armed assailants, believed to be around 70 in number and armed with advanced weaponry, engaged […]

The court, under Suit FHC/L/CP/1575/23, has issued an order titled: “NOTICE OF CONSEQUENCES OF DISOBEDIENCE TO ORDER OF COURT.” The notice states: “To: MR NNAMDI OKONKWO, THE GROUP MANAGING DIRECTOR OF FBN HOLDINGS PLC. “TAKE NOTICE that unless you obey the directions contained in this order attached, you will be guilty of contempt of court […]

Traders in Abia State have rejected the new tax imposed on traders in the state by the Government, saying the new tax regime contain all the sub-heads as introduced by previous administrations in the state which made them to drag the immediate past administration to court. The traders said they would be heading back to […]

The Court of Appeal in Benin, Edo State, has upheld Comrade Julius Abure’s position as the National Chairman of the Labour Party (LP). In the lawsuit brought forward by Lucky Shaibu, an LP member, against Abure and five others (reference number: CA/B/93/2023), Justices Theresa Abadua, Fatima Akinbami, and Sybil Nwaka-Gbagi, in a unanimous decision, dismissed […]