Author: Julius Alagbe

Uzodimma Signs N807bn 2025 Budget into Law Gov. Hope Uzodimma has assented to the N807 billion Imo Appropriation Bill for the 2025 fiscal year. The House of Assembly reviewed the amount from an initial N756 billion. Speaking shortly after signing the bill into law on Tuesday in Owerri, thr governor pledged “full and faithful implementation” of the budget. He said that the increase was based on an alignment between the Executive and the Legislature in providing essential services to the people. Uzodimma, who expressed his satisfaction over the expeditious passage of the bill, pledged to immediately commence the budget implementation.…

FCMB Public Offer Records 34.3% Over Subscription Diversified financial services group, FCMB Plc, has announced a decision to allot 19.802 billion ordinary shares of N0.50 each to its news shareholders following a public offer that was oversubscribed by 34.3%. In the results of the public offer launched as part of an effort to recapitalise its banking subsidiary, FCMB Limited, the group hints that it received more than the numbers of shares it intends to issue. Details from its regulatory filing revealed that 42,839 applications for 20,407,337,982 ordinary shares valued at N148,973,567,268.60 were received and processed. The financial services group reported…

Sokoto: Ahmad Aliyu Signs N526.9bn Budget into Law Gov. Ahmad Aliyu of Sokoto State on Saturday signed the state’s 2025 Appropriation Bill into law. While signing the bill, Aliyu pledged to deliver additional dividends of democracy and accelerate ongoing development initiatives in the state. Describing the state’s 2024 budget implementation as a resounding success, the governor reaffirmed his commitment to pursuing people-focused projects aimed at improving the quality of life for citizens. “In the outgoing year, we successfully executed numerous developmental projects that positively impacted our people. “We will, In Sha Allah, sustain this commitment by delivering even more dividends…

Innovation Key to Commodities Development – SEC The Securities and Exchange Commission (SEC) says it is committed to promoting innovation and collaboration to position commodities exchanges as vital drivers of economic growth. This is contained in a notice by the Director-General of SEC, Dr Emomotimi Agama, said on Sunday in Abuja. Agama said the commission would innovate in capacity building, infrastructure development and partnership with stakeholders to improve and sustain commodities markets. “Our role in sustaining commodities exchanges in Nigeria cannot be overlooked because at the heart of these exchanges’ functionality is the SEC whose regulatory oversight plays a pivotal…

Stanbic IBTC Bank has solidified its position as the leading Bank for capital importation in Nigeria, capturing an impressive 28.30% of total foreign capital inflows worth about $2 billion in the first nine months of 2024.

The naira strengthened to N1,537 per US dollar in the official window on Tuesday after the Central Bank of Nigeria’s (CBN) forex market intervention sales to authrosied dealer banks.

An International Monetary Fund mission led by Ivanna Vladkova Hollar and the Egyptian authorities have reached staff-level agreement on the fourth review under the Extended Fund Facility (EFF) arrangement.

Tax Reform Here to Stay, Tinubu Says President Bola Tinubu said, in his maiden media chat on Monday, that the tax reform bill before the National Assembly had come to stay. The president said his administration must retool the economy and that he had the capacity to focus on what the country needed. “We cannot continue to do what we were doing yesteryears in today’s economy; we cannot retool this economy with the old groping bolts. “I believe I have that capacity; I am focused on what Nigeria needs and what I must do for Nigerians. “It will not be…

Global cryptocurrencies market value jerked down as bitcoin and ether exchange-traded funds saw some

MTN Nigeria Seeks to Raise ‘More Money’ from Debt Market The telecommunications company, MTN Nigeria Plc, has moved to raise additional funds of up to N50 billion from the debt market to boost working capital through Series 15 and 16 commercial papers. The telecom company has shown preference for short-term funding via commercial paper offerings to reduce pressures from negative capital position. In a regulatory filing, the telecom company told the Nigerian Exchange it plans to issue commercial paper worth about N50 billion. This will be the third commercial paper issuance made by the company after FX pressure broke its…