Author: Julius Alagbe

The Nigerian naira recovered from the US dollar and other foreign currency demand invasions in the just concluded week…

FG Releases Funds for Payment of NASU, Retirees’ Entitlements The Federal Government (FG) has released funds for payment of withheld salary of Non-Academic Staff Union of Federal Universities (NASU). Mr Bawa Mokwa, the Director, Press and Public Relations, Office of the Accountant-General of the Federation (OAGF), made this known in a statement in Abuja on Saturday. According to Mokwa, the Federal Government also released funds for payment of benefits to retirees under the Nigerian Union of Pensioners Contributory Pension Scheme Sector (NUPCPS). He said that payments to NASU had commenced, adding that many members had confirmed receipt. He reiterated the…

Ruben Amorim has been confirmed as Manchester United’s new head coach and will take charge of the Premier League club on Nov. 11. Erik ten Hag was sacked on Monday following Sunday’s loss at West Ham continued.

IPMAN: Dangote Sets the Record Straight The Dangote Petroleum Refinery wishes to clarify that it has not received any payments from the Independent Petroleum Marketers Association of Nigeria (IPMAN) to purchase refined petroleum products. Although discussions are ongoing with IPMAN, it is misleading to suggest that they (IPMAN Members) are experiencing difficulties loading refined products from our Petroleum Refinery, as we currently have no direct business dealings with them. Consequently, we cannot be held responsible for any payments made to other entities. The payment in mention has been made through the Nigerian National Petroleum Company Limited (NNPCL), and not us.…

Oil prices rose on Friday following reports that Iran is preparing to attack Israel from Iraqi territory in the coming days. The lingering uncertainties due to geopolitical tensions keep increasing supply risks, though there is also downside to global demand due to Chinese lower imports.

In Nigeria’s sovereign Eurobonds market, sell pressure across the short, mid, and long end of the yield curve nudged the average yield…

GTCO Market Value Hits N1.58trn after Earnings Beat GTCO Plc has started clinging near its 52 week high after the financial services company’s earnings performance in the third quarter of 2024. The banking stock price climbed to N53.7 on the Nigerian Exchange trading platform, reflecting investors’ confidence on its earnings prospects and dividend expectations. GTCO market capitalisation surged to N1.58 trillion, making the orange branded financial services group the most valuable banking stock in the market. With the latest rally, the stock had breached N53.95 which was its initial highest price, and surged to N54.50. At the current market price,…

Fidelity Bank Grows Profit by 145% to N225 billion Fidelity Bank PLC grew profit after tax by 145% year on year to about N225 billion in 12 months, details from the tier-2 lender’s unaudited financial statement for the period ending Sept showed. Details from its financial statement showed that gross earnings surged by 101.5% year on year to settle at N802.4 billion from N398.3 billion in the equivalent period in 2023. The significant spike in topline performance was spurred by increased income from interest yielding assets and non-interest related revenue. Reflecting high interest rate environment, Fidelity Bank reported a 117,3%…

Oil theft: 7.68m Barrel Stolen/Lost, FG Tasks CSOs on Significant Answers The Federal Government says that 7.68 million crude oil barrels were either stolen or lost in 2023, urging Civil Society Organisations (CSOs) to focus on significant findings for environmental protections. Dr Orji Ogbonnaya Orji, Executive Secretary, Nigeria Extractive Industries Transparency Initiative (NEITI), said this at a CSOs Roundtable, in Abuja on Thursday. The programme was organised by the NEITI in partnership with Rule of Law and Anti-Corruption (RoLAC). Orji said that there was a 79 per cent drop in the crude oil theft in 2023 compared to 2022. According…

FG Apologises Over National Grid Collapse The Federal Government has apologised over the recent collapse of the national grid which caused power outages for several days in 17 states in the region. The Minister of Power, Chief Adebayo Adelabu, gave the apology on Thursday during a courtesy visit to Gov. Abba Yusuf of Kano State, describing the situation as “very unfortunate.” Adelabu said the Federal Government was overhauling the national grid to reduce the frequent disturbances in the system and improve power supply across the country. He said that the national grid was over 50 years old, with components that…