Author: Ogochukwu Ndubuisi

Wike Appoints Galadima SSA Development Control, Planning Minister of the Federal Capital Territory (FCT), Nyesom Wike has appointed Mr Mukhtar Galadima as Senior Special Assistant on Development Control and Planning. Mr Lere Olayinka, Senior Special Assistant to the minister on Public Communications and Social Media, announced the appointment in a statement in Abuja on Wednesday. Olayinka described Galadima as a seasoned town planner with more than 30 years of experience in the Department of Development Control and Satellite Towns Development Agency of the FCT Administration. He added that Galadima rose through the ranks to become the Director, Department of Development…

Senate Summons Finance, Education Ministers Over Collapse of $30m Safe School Initiative The Senate, through its Ad hoc Committee investigating the collapse of Safe School Initiative, has summoned the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, to appear before it on Tuesday next week. Summoning of the Minister of Finance by the ad hoc committee headed by Sen. Orji Uzor Kalu (APC-Abia) for appearance followed the adoption of its work plan during the maiden meeting held on Wednesday. Aside from the Minister of Finance, other critical stakeholders of the collapsed initiatives, slated for summoning are the…

Local Contractors Protest at Finance Ministry Over Unpaid 2024 Projects The All Indigenous Contractors Association of Nigeria (AICAN) on Wednesday in Abuja staged a protest at the Federal Ministry of Finance over alleged unpaid funds for projects executed in 2024. The association claims the Federal Government owes contractors about N4 trillion, but is specifically demanding the release of N760 billion which it said the Minister of Finance, Mr Wale Edun, had earlier pledged to pay in September. The protesters placed a symbolic coffin at the entrance of the ministry, saying it represented the hardship and deaths experienced among members due…

Money Market Rates Diverge Amidst Robust System Liquidity In the money market, the short-term benchmark interest rates moved in different directions amidst an increase in the liquidity level in the financial system. The short-term benchmark interest rates tracked below 23% since the application of the adjustment made to the asymmetric corridor around the benchmark interest rate in November. The market liquidity opened the day with a surplus balance of N3.0 trillion, representing an increase of N847.7 billion from the previous level. The improvement was attributed to the N772.9 billion OMO maturity and N10.2 billion bond coupon inflows, according to AIICO…

CBN Directs Banks to Refund App Fraud Victim in 48 Hours UPDATED: The Central Bank of Nigeria (CBN) has unveiled draft guidelines that could compel banks and other financial institutions to reimburse victims of Authorised Push Payment (APP) fraud within 48 hours after investigations are concluded. APP fraud is a type of scam where the victim voluntarily sends money to a fraudster because they are tricked, persuaded or manipulated into doing so. Unlike traditional hacking, the victim’s account is not stolen or hacked; the victim authorises the payment themselves, but under false pretences. Because the victim authorises the transaction, traditional…

Seplat Energy Completes Inlet Gas Exchanger Replacement Project Seplat Energy Plc has announced that it has completed the replacement of the new Inlet Gas Exchanger (IGE) module on the East Area Project (EAP) platform, located in OML 67, offshore Nigeria. In an official statement, the company said the IGE module is an integral part of the Natural Gas Liquid (NGL) extraction process and was the main capital project on its offshore operations in 2025; the project was completed on budget. Since the EAP complex was restarted, the facility has been performing in-line with expectations. According to Seplat, gross NGL sales…

Auction: Treasury Bills Worth N700bn Set for Subscription The Central Bank of Nigeria (CBN) is now set to open N700 billion worth of local treasury bills for investors’ subscription on Wednesday.  The CBN is scheduled to offer Nigerian Treasury bills with 91 days to maturity totalling N100 billion for subscription midweek. At the belly of the curve, the authority will float treasury bills with 182 day bills totalling N150 billion for sales to investors, which include pension fund administrators, banks and other asset managers.  The CBN will also float NGN450.00 billion for the 364 days bills. Spot rates are expected…

Nigerian Exchange Grows by N1.29tn on Fresh Rally, New Listing Equity investors’ portfolio value expanded by about N1.29 trillion on Tuesday on a fresh rally, with new shares listed on the Nigerian Exchange (NGX) market. The market expansion followed the listing of 181.6 million and 5.38 billion ordinary shares of IMG (Industrial and Medical Gases Plc) and ETI (Ecobank Transnational Incorporated), respectively. The seller market was put on hold as investors sentiment was bolstered by Nigeria’s economic growth of about 4% in the third quarter of 2025 with investors showing interest in some oversold stocks. The Nigerian Exchange All-Share Index…

Tinubu Hosts Taraba Governor in Strategic Meeting President Bola Tinubu on Monday met Gov. Agbu Kefas of Taraba in a strategic meeting at the State House, Abuja. The Governor, accompanied by the APC National Chairman, Prof. Nentawe Yilwatda, met the president behind closed doors. ‎The visit was Kefas’s first to the Presidential Villa since defecting from the opposition Peoples Democratic Party (PDP) to the All Progressives Congress (APC). ‎His formal reception into the APC was earlier slated for Nov. 19 but was suspended after the abduction of the Kebbi schoolgirls, who had since been released. ‎Although the governor did not…

Nigeria, 144 Others Pay 2025 Dues in Full- UN chief UN Secretary General, António Guterres says wth less than five weeks remaining in the year, only 145 of UN’s 193 Member States, including Nigeria have paid their 2025 dues in full. Nigeria paid its full dues in September 25. Guterres told the Fifth Committee on Monday in New York that the UN was facing its most fragile cash position in years, in spite of sharp reductions already built into next year’s budget plans. Key contributors such as the United States and Russia have yet to pay what they owe, although…