Author: Julius Alagbe

African Eurobonds have been heated up with increased demand as some central bankers began to slide rates….

Russia Fines Google $2.5 Decillion Over YouTube Bans Russia has fined Google a world record-breaking fine of $2.5 decillion after years of refusing to restore the accounts of pro-Kremlin and state-run media outlets, the RBC news website reported, citing an anonymous source familiar with court rulings against the tech company. According to RBC’s sources, Google began accumulating daily penalties of 100,000 rubles in 2020 after the pro-government media outlets Tsargrad and RIA FAN won lawsuits against the company for blocking their YouTube channels. Those daily penalties have doubled each week, leading to the current overall fine of around 2 undecillion…

Stable liquidity balance in the financial system kept movement of money market rates in check.

Senate Confirms 7 Ministerial Nominees The Senate has confirmed the appointment of seven ministerial nominees forwarded to it by President Bola Tinubu. The nominees were confirmed after hours of screening during the Senate plenary on Wednesday. However, some of them who had served the country in different capacities in the past, and were confirmed by the Senate were simply asked to introduce themselves and take a bow and go. The ministerial appointees who were screened and confirmed are: Dr Nentawe Yilwatda, Minister of Humanitarian Affairs and Poverty Reduction, Muhammadu Dingyadi, Minister of Labour and Employment and Bianca Odumegwu-Ojukwu, Minister of…

The Nigerian Exchange (NGX) market capitalisation lost by more than N21 billion due to sell pressure on MTN Nigeria, PZ Cussons and Jaiz Bank among others.

Senate Passes NDIC Bill to Safeguard Bank Depositors’ Fund The Senate at plenary passed  a bill to strengthen the capacity of  the Nigeria Deposit Insurance Corporation’s (NDIC) to safeguard depositors funds and strengthen financial institutions in Nigeria. This followed the adoption of the report of the Senate Committee on Banking, Insurance, and Other Financial Institutions on the bill titled “Nigeria Deposit Insurance Corporation Act 2023″. The bill was sponsored by Sen. Adetokunbo Abiru (APC-Lagos) and all the members of the Committee. Abiru while presenting the report said the bill would make the NDIC, more effective, safeguard its independence, autonomy and…

Moody’s Ratings has revealed that deposit money banks hold unknown quantities of legacy exposures after the Central Bank of Nigeria’s (CBN) forbearance that was granted during COVID-19.

Nestle Nigeria Net Loss Increases by 328% to N184bn Nestle Nigeria’s net loss widened by 328% year on year to N184 billion from N43.068 billion, details from its unaudited financials for nine months of financial 2024 revealed.  In its unaudited financial results for the nine months of 2024, the consumer goods company reported foreign exchange losses of N285.29 billion. From N396.592 billion in 9 months of 2023, the company experienced a substantial increase in revenue, which rose by 67.8% year on year to N665.29 billion.  The improved topline was driven by 66.8% rise in domestic sales and an impressive 861.7%…

FG Overhauling National Grid to Improve Power Supply –Official The Federal Government (FG) says it is overhauling the national grid to reduce the frequent disturbances and improve power supply across the country. The Minister of Power, Mr Adebayo Adelabu said this in Abuja on Tuesday at a media briefing. Adelabu said that the national grid was over 50 years old with components that were weak, obsolete, and dilapidated, which included the lines and substations with old transformers. He said that most of the towers installed a long time ago were falling due to effect of weather and climate changes, adding…

President Bola Tinubu, on Tuesday, commended the Implementation Committee on the Naira-based sales of crude oil and refined products and asked the members to resolve any teething problems.