Author: Ogochukwu Ndubuisi

CBN Sanctioned for Stalling Hearing in Aggrieved Ex-Workers’ Suits The National Industrial Court of Nigeria (NICN), on Thursday, awarded a fine against the Central Bank of Nigeria (CBN) for stalling the hearing of the suits filed by 62 disengaged staff members. Justice Osatohanmwen Obaseki-Osaghae, in a short ruling on the oral application of the counsel to the ex-workers, Ola Olanipekun, SAN, ordered the CBN to pay an aggregate sum of N620, 000. The 62 ex-staff, who are claimants, had filed separate suits against the nation’s apex bank as the sole defendant. In one of the originating summons marked NICN/ABJ/26x/2024, dated…

Equity Investors Gain N111bn as Nigerian Market Rebounds Equity investors gained N111 billion on Thursday as the Nigerian Exchange (NGX) rebounded after losing N444 billion on Wednesday due to intense selloffs. The Nigerian market’s positive movement pushed key market performance indicators upward by 12 basis points, and the year-to-date return also advanced. The All-Share Index climbed by 174.66 basis points to close at 143,239.23, fuelled by renewed buying interest in selective medium and large-scale stocks, such as IKEJAHOTEL, MTNN, ACCESSCORP, VERITASKAP and others across key market sectors. Stock market capitalisation gained ₦111.08 billion, representing an increase of 0.12%, settling at…

S/Africa Criticises U.S. for Barring it From 2026 G20 Summit South Africa have criticised U.S. President Donald Trump’s intention to block the country from attending the Group of 20 (G20) summit in Miami, Florida, in 2026. Trump said earlier that he will not invite South Africa to attend next year’s G20 summit and will halt all U.S. aid to the country. In a statement, the G20’s current South African Presidency said it was “regrettable” that in spite of President Cyril Ramaphosa’s efforts to reset relations with Washington, Trump continued to take punitive measures against Pretoria, “based on misinformation and distortions…

XRPUSD Climbs to $2.18 on ETF Supply Tightening Ripple (XRPUSD) is struggling to keep its current price due to fluctuations. XRP price ticks up by approximately 1% in 24 hours to $2.18% in very slowest crypto market momentum despite increase of odds of December Fed rate cut. On Thursday, XRP rose 0.8% to $2.18 in the past 24h, underperforming the broader crypto market (+3.04%). The market is up by 3% with total cryptocurrency market capitalisation settling at $3.09 trillion in 24 hours as major digital assets facing price restrictions The modest gain reflects ETF-driven supply tightening and technical support, though…

AfDB, UN Agencies Raise Alarm Over Climate-Driven Insecurity in Africa The African Development Bank (AfDB), United Nations agencies and the African Union have warned that climate change is accelerating insecurity and fragility across Africa. The AfDB in a statement on its website, said the institutions called for urgent and coordinated global action to address the growing crisis. Speaking at a roundtable on the sidelines of COP30 in Belém, climate and security experts said Africa was now facing some of the world’s most severe climate-linked threats. They said this included terrorism, inter-community clashes and forced displacement. Dr Al Hamndou Dorsouma, Manager…

NAICOM Sets July 2026 Deadline for New Capital Requirement Licence National Insurance Commission (NAICOM) has set a July 2026 as the deadline for issuance of licence to insurance and reinsurance companies that comply with the new Minimum Capital Requirement (MCR). Mr Olusegun Omosehin, the Commissioner for Insurance, said this in a notice on Thursday Abuja. Omosehin said the date was also the final MCR compliance deadline for companies. He said the commission would commence Risk Based Capital implementation for companies that have fulfilled the MCR, with adequate transition timelines given for compliance at the expiration of the deadline. Omosehin said…

AfDB Approves $500m Loan for Nigeria’s Economic Governance, Energy Transition Reforms The Board of Directors of the African Development Bank (AfDB) Group has approved a 500 million dollars loan to Nigeria. The loan is to enable the Federal Government to finance the second phase of its Economic Governance and Energy Transition Support Programme. Abdul Kamara, Director-General, Nigeria Country Department of the AfDB, said this in a statement on the bank’s website. According to Kamara, the policy-based operation will run across fiscal years 2024 and 2025 and is designed to deepen structural reforms, strengthen energy systems, and expand fiscal space for…

NNPC/Heirs Energies JV Doubles Gas Output The NNPC/Heirs Energies Joint Venture has delivered an industry-first rigless recompletion of a major non-associated gas well in OML 17. Chidimma Ugbojiaku of Heirs Energies said in a statement on Wednesday that the intervention doubled gas output to 135 million standard cubic feet per day. She said the increased supply is already strengthening domestic gas availability and supporting the nation’s energy security ambitions. Ugbojiaku noted that the enhanced output has significantly improved power generation across the eastern electricity network. She said TransAfam Power has quadrupled its generation, rising from about 50 megawatts to more…

Lagos to Unveil Greenhouse Gas Registry Q1, 2026 The Lagos State Government says it is on track to unveil the Lagos Greenhouse Gas Registry by the first quarter of 2026 as part of measures to reduce greenhouse gas emissions and promote a sustainable environment This, it said, would make Lagos the first African city to operate a functional, verifiable emissions registry. The Lead Consultant, TPHG Technologies Ltd., Dr Mofoluso Fagbeja, disclosed this during the second stakeholders’ engagement on the Lagos GHG Registry held on Wednesday in Lagos. Fagbeja said the registry would serve as the central infrastructure for carbon accounting…

Tinubu Unveils Electric Tricycle Scheme for Youth Empowerment ‎President Bola Tinubu has unveiled the Electric Tricycle Empowerment Initiative to support youth self-employment and national growth. Represented by Labour Minister Dr Muhammad Dingyadi, he formally inaugurated the programme during an event on Wednesday in Abuja. Tinubu said the initiative demonstrated government commitment to reducing transportation costs, lowering pollution, and expanding youth employment. He noted it aligned with the national energy transition plan aimed at promoting cleaner mobility and supporting Nigeria’s long-term environmental sustainability goals. He explained that the electric tricycles were projected to reduce transport costs by 40 per cent, providing…