Author: Ogochukwu Ndubuisi

Oil prices eased more than 4% in 5 days as recovering flows through the Strait of Hormuz

FG Approves N185bn to Clear Legacy Gas Debts The Federal Government says the National Economic Council (NEC) has approved N185 billion to settle validated legacy debts owed to upstream gas producers. The Minister of State for Petroleum Resources (Gas), Dr Ekperikpe Ekpo, disclosed this at a news conference on Friday in Abuja. Ekpo said settling the debts would improve gas supply to power plants and strengthen investor confidence in Nigeria’s gas sector. “This is not merely about settling debt. It is about restoring commercial discipline, improving supply reliability and rebuilding investor confidence,” he said. The minister said the approval…

Tinubu Reforms Revive Oil Industry Investment, Says Shettima Vice President Kashim Shettima says economic reforms under President Bola Tinubu have renewed investment and strengthened performance across Nigeria’s oil industry. Shettima stated this on Friday while inaugurating the corporate headquarters of Northwest Petroleum and Gas Company Ltd. in Victoria Island, Lagos. He said the removal of petroleum product subsidies and foreign exchange market reforms had addressed distortions that discouraged productive investment. “The stabilisation of the market is restoring the confidence businesses need to commit capital beyond the next quarter,” Shettima said. He added that greater exchange-rate predictability would strengthen procurement,…

The Nigerian Exchange (NGX) All-Share Index (ASI) fell 16 basis points on Friday as risk-off sentiment

AI Poses Risks to Financial Markets, Bank of England Chief Warns The Governor of the Bank of England, Mr Andrew Bailey, has warned that Artificial Intelligence (AI) could trigger shocks in financial markets. A report by the BBC quoted Bailey as saying the central bank was watching huge investments in AI very carefully. He said not everyone investing in AI would come out a winner, warning that asset prices of some companies could fall. “You could see some correction of asset prices at some point “Everybody is currently priced to be a winner, but if you look back at…

Tax Reforms Target Prosperity, not Poverty – NRS Boss The Executive Chairman, Nigeria Revenue Service (NRS), Dr Zacch Adedeji, says the service’s tax reforms are aimed at supporting businesses and promoting economic growth. Adedeji said this at the 21st Abuja International Trade Fair (AITF) in Abuja on Thursday. The fair, which was organised by the Abuja Chamber of Commerce and Industry (ACCI), had the theme, “Resilience: Trade, Taxation and the Economy”. Adedeji said the theme was timely, emphasising the need for stronger government-private sector partnerships. According to him, the reforms are focused on making taxation simpler, fairer, more transparent…

‎29 Nigerian Universities Make Times 2027 World University Rankings Nigeria has increased its presence in the global higher education system, with 29 Nigerian universities featuring in the 2027 Times Higher Education (THE) World University Rankings. ‎This is contained in a statement issued on Thursday by Mrs Folasade Boriowo, Director, Press and Public Relations, Federal Ministry of Education.  ‎Boriowo said Nigeria recorded the highest number of ranked universities among countries in Sub-Saharan Africa. ‎According to her, five Nigerian universities entered the global rankings for the first time, while another 32 institutions were listed under the THE Reporter category.  ‎This brings the total…

Swift Telephone Network Secures NCC Licence to Operate Nationwide   ‌‍⁠‌‍⁠⁠‌⁠⁠‍ Swift Telephone Network Ltd. (STN) has secured a Unified Access Service Licence (UASL) from the Nigerian Communications Commission (NCC). Oluwole Adetuyi, Chief Executive Officer of STN, in a statement on Thursday, said the licence would enable STN to provide telecommunications services, including voice, data and access services across Nigeria. Adetuyi said the development marked STN’s transition from a telephone call service operating under an umbrella structure to an independent telecommunications company. He described the licence as a new chapter in the company’s evolution. “This UASL is not just a…

US Pressures France, Germany to Release Emergency Diesel Stocks or Face Export Ban  The Trump administration has told Germany and France to draw down emergency diesel inventories to help ease global fuel prices or face a potential US diesel export ban, according to three people close to the discussions. The warning was delivered as diesel prices surged to record levels, becoming a political headache ahead of midterm elections. US officials have raised the issue with the International Energy Agency to urge the release of emergency stocks.  Diesel hit a record $6.53 per gallon in the US last week, more…

Global equities markets indexes were down as elevated oil prices and U.S. Treasury yields…