Author: Ogochukwu Ndubuisi

Naira Falls as FX Intervention Fails to Ease Market Pressure The Nigerian naira fell at the Nigerian foreign exchange market, crossing an intraday high of N1462, suggesting mounting pressures from increased demand for US dollar payments. At the official window, the Central Bank reported that the naira fell by 0.16% to ₦1,457.84 per dollar, from N1455.49 the previous day. The Apex Bank supply, exporters, foreign portfolio investors and non-bank corporate inflows remained insufficient to redirect the exchange rate. The official rate touched an intraday high of N1462.9000 per dollar, the highest quote in December, suggesting pressure has refused to abate.…

UK Prepared to Share Risk of Using Frozen Russian Assets for Ukraine Britain is prepared to share with European allies the risks of using frozen Russian assets to aid Ukraine, UK Prime Minister Keir Starmer’s 10 Downing Street office has indicated. It comes after Belgium on Thursday said it would only back a loan for Ukraine if it receives firm assurances that it will be shielded from any Russian retaliation. At a crunch summit in Brussels, European leaders are mulling whether to use immobilised Russian money to underwrite a loan to fund Ukraine’s military and economic needs. Most of the…

Nigeria Customs to Penalise Banks over Delayed Revenue Remittance The Nigeria Customs Service (NCS) says it will begin enforcing penalties against banks that default on remitting customs revenue. NCS`s Comptroller-General (C-G), Bashir Adeniyi, gave the warning in a statement by the spokesperson of the service, Abdullahi Maiwada, on Wednesday in Abuja. Maiwada said the move was in line with the provisions of the Service Level Agreement (SLA) executed between the NCS and designated banks. He said the service had observed cases of delayed remittances by some designated banks after reconciling collections processed through B’odogwu, its digital platform. Such delays, he…

Petrol Regulator Chief Farouk Responds to Aliko Dangote Allegation Engr. Farouk Ahmed, Chief Executive Officer. Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has replied to corruption allegation claim by Aliko Dangote . Dangote who is hurting over what he called sabotage due to continue issuance of oil import licenses by NMDPRA despite the fact that his 650,000 capacity Refinery is working at full capacity. NMDPRA boss said, “Recent allegations regarding the financing of my children’s education have necessitated this response—not because I fear scrutiny of my finances, which I welcome, but because the timing and nature of these claims…

NOVA Bank Expands Footprint in South-South, Opens New Branch In a significant boost to the South-East and South-South regions, NOVA Bank Limited has officially opened its doors to customers in Imo State.  The event brought together esteemed guests, including the Governor of Imo State, Senator Hope Odidika Uzodimma, and other dignitaries. The branch opening signifies NOVA Bank’s commitment to providing innovative financial solutions and exceptional customer experience to individuals and businesses in the region. Speaking at the event, Mr. Phillips Oduoza, Chairman of NOVA Bank, expressed the bank’s enthusiasm for working with the people and businesses of the South-East and…

FG, States, LGs Share N1.928trn Revenue for November – FAAC A total sum of N1.928 trillion, being November Federation Account Revenue, has been shared among the Federal Government, States and the Local Government Councils (LGs) . The revenue was shared at the December Federation Account Allocation Committee (FAAC) meeting in Abuja on Monday. Thiis is according to a communique issued at the end of the meeting, which was made available by Bawa Mokwa, the Director, Press and Public Relations, Office of the Accountant-General of the Federation (OAGF.) According to the communiqué, the N1.928 trillion distributable revenue comprised statutory revenue of…

Federal Account Records N23trn Rise in 2025- RMAFC Boss The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) says Nigeria’s Federation Account recorded strong growth of N23.06 trillion within 10 months of 2025. The Chairman of the commission, Dr Mohammed Shehu, disclosed this at a two-day National Stakeholders’ Discourse on “Enhancing Fiscal Efficiency and Revenue Growth Under the Nigeria Tax Act, 2025” on Monday in Abuja. Shehu said that the 2025 performance was an improvement on the N11.93 trillion recorded in 2023 and N21.43 trillion in 2024. He attributed the revenue growth to fiscal reforms, improved coordination among revenue agencies, stronger…

Reps Summon Dangote Refinery, NMDPRA Over Downstream Tensions The House of Representatives Joint Committee on Petroleum Resources has invited Dangote Refinery and the NMDPRA to resolve disagreements threatening the downstream petroleum sector. Chairman Ikenga Ugochinyere said after an emergency Abuja meeting on Monday that rising tensions could undermine the fragile stability recently achieved. He said the committee must act swiftly, as efforts continue to stabilise supply, pricing and regulation in Nigeria’s post-subsidy petroleum era. “The key issue is the renewed tension arising from concerns and allegations raised by Alhaji Aliko Dangote against the NMDPRA. “We are guarding hard-won stability; sustainable…

Delta Assembly Passes 2026 Appropriation Bill of N1.729trn The Delta House of Assembly on Monday passed the state appropriation bill of N1.729 trillion for the 2026 fiscal year. The budget was approved by voice votes at a plenary presided over by the Speaker, Mr Dennis Guwor in Asaba. The passage of the appropriation bill followed the presentation of the report of the House Committee Chairman on Finance and Appropriation, Mrs Marilyn Okowa-Daramola (Ika North East). Gov. Sheriff Oborevwori, had on Nov. 26, presented the budget proposal Christened:”Budget of Accelerating The MORE Agenda ” of N1.664 trillion to the assembly for…

PDP’ll Come Out of Current Challenges Stronger Former Gov. Ahmed Makarfi of Kaduna State has said that the Peoples Democratic Party (PDP) would emerge better and stronger from its current challenges. Makarfi spoke at the Southern Kaduna PDP Stakeholders’ Summit in Kafanchan, Headquarters of Jema’a Local Government Area on Monday. The summit had the theme: ‘Get strengthened: “A wake-up call to PDP members’. According to him, no party can survive what the PDP has been through in the recent years, arguing that many would have since folded up by now. He urged the party’s members to remain resolute, focused and…