Author: Julius Alagbe

FG Fails to Remit Niger Delta Gas Flare Revenues – Diri Governor of Bayelsa State, Senator Douye Diri, has bemoaned the failure of the Federal Government to remit to Niger Delta states revenues from gas flare fines and royalties paid by oil firms to its coffers. Governor Diri said the oil producing states and indeed the communities in the region that bear the brunt of gas flaring have been deprived of the revenue accruing to the Federal Government over the years. He again lamented the situation where oil companies situate their administrative offices far from their operational bases and shortchanging…

BUA Cement Falls by 10% as Investors Sell Shares over Weak Earnings BUA Cement Plc plunged by 10%, or N373.507 billion, on the Nigerian Exchange (NGX) at the beginning of the week as investors dumped the company shares after a weak third quarter of 2024 earnings performance. The company’s profit after tax expenses fell by 35.62% year on year to N48.970 billion at the end of nine months of financial year 2024, from N76.065 billion in the comparable period in 2023. The highly capital intensive cement industry’s players have been operating under tight market conditions in Nigeria with multiple pressures,…

FBN Holdings Falls after Rights Issue Pricing FBN Holdings Plc share price retreated on Monday after the financial services group announced N150 billion capital raise with rights issue. The financial services group share price fell by more than 6% on Monday on the trading platform of the Nigerian Exchange (NGX) to settle at N27 from N28.75 close price on Friday. This happened after the oldest listed financial group announced its decision to price its rights issue to shareholders at N25, targeting to raise N150 billion from existing shareholders.  FBN Holdings has, in a notice, told the Nigerian Exchange plan to…

Bresson, IBEDC sign N180bn PPA for Magboro Power Bresson AS and Ibadan Electricity Distribution Company (IBEDC) have signed a N180 billion Power Purchase Agreement (PPA) for a 30-megawatt power plant to serve customers in Magboro and Mowe communities in Ogun. Mr Gbenga Hashim, Chairman of Bresson Nigeria Ltd., at the event on Monday, expressed excitement about the project, highlighting its potential to improve power supply in the communities. “This agreement marks a major milestone in our efforts to improve electricity availability for residents. “The initiative aims to provide 24-hour uninterrupted electricity to local customers within the next 11 months at…

Tinubu Approves N10bn for Youth Empowerment in FCT The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, says President Bola Tinubu has approved a N10 billion Youth Development Fund to empower youths in FCT. Wike disclosed this at the inauguration of the upgrading of War College/Army Checkpoint Road and other ancillary roads in Ushafa, Bwari Area Council, Abuja, on Monday. He said that the youth empowerment programme, which would be inaugurated on Thursday, was in line with the current administration’s youth empowerment policy. The minister said that the gesture was possible due to the priority accorded to women…

Erik ten Hag Sacked as Manchester United Manager Erik ten Hag has been dismissed as manager of Manchester United, the club confirmed Monday. The decision came in the wake of a 1-0 Premier League defeat to West Ham United, which marked the end of the Dutchman’s two-and-a-half-year tenure at Old Trafford. Under Ten Hag’s leadership, United struggled in the early stages of the 2024–25 season, managing just three wins from nine league games. The team’s form in all competitions also faltered, with only four victories in 14 matches, leaving them in 14th place in the Premier League table, a troubling…

Polaris Bank, Nigeria’s leading digital retail commercial bank, again at the weekend proved its digital dominance in the Nigerian banking industry, winning the most-coveted award as the best in digital banking and the entire ecosystem for micro, small and medium enterprises (MSMEs).

The Federal Government of Nigeria (FGN) is pressing for a $750 million loan from the World Bank.

The global crypto market cap rose by 2.28% on Monday to settle at $2.33 trillion as top cryptocurrency assets, especially Bitcoin and Ethereum, opened the week on a positive note.

The African Development Bank (AfDB) and the Asian Development Bank have signed a $1 billion exchange exposure agreement (EEA) aimed at enhancing the African Development Bank’s capital position and its capacity for sustainable lending across Africa.