Author: Ogochukwu Ndubuisi

Spot FX Rate Drops to N1,455 at Nigerian Currency Market The naira spot rate fell at the Nigerian foreign exchange market (NFEM) to N1455 per dollar as pressure on liquidity continues to linger. The market is in apparent shortage of US dollars, causing the exchange rate to hover above N1450. The exchange rate has failed to improve despite sustained FX support the Central Bank is providing, funding international payments. The Apex Bank is fuelling demand for the naira by selling dollars to banks amidst huge OMO bills participation by foreign investors. The Central Bank reported on Wednesday that Naira depreciated…

NGX Index Slips, Investors Lose N34bn with NIDF New Listing The Nigerian Exchange (NGX) All-share index (ASI) slipped by 0.05%, while investors lost about N34 billion amidst the listing of Nigerian Infrastructure Debt Funds. The stock market closed trading activities on a negative note, with key performance indicators showing mixed outcomes. The NGX ASI dropped by -0.05% over tightened investors’ sentiment. Meanwhile, stock market capitalisation was down by -0.04%. The difference in the market indicators is attributed to the Listing of Chapel Hill Denham Management Limited’s Series 11 Nigeria Infrastructure Debt Fund of 140,100,000 Units of N100.00 each at N109.50…

51-Year-Old Kayode Kolade Wins Inaugural Heirs Insurance Retirement Dream Competition Heirs Insurance Group, Nigeria’s fastest-growing insurance group, has announced the winners of its inaugural Retirement Dream Competition, a nationwide initiative launched to empower retired and soon-to-retire Nigerians to realise their long-held aspirations. The competition, introduced in August 2025 with a total prize pool of ₦5 million, invited senior citizens aged 50 to 75 to submit a one-minute video describing their retirement dream and how the grant would help make it a reality. After a thorough review process, Mr. Kayode Kolade, a 51-year-old former public servant from Rivers State, emerged as…

Senate Summons Aviation Minister, NCAA, FAAN, Airline Owners Over Soaring Airfares The Senate has summoned the Minister of Aviation, Nigeria Civil Aviation Authority (NCAA), Federal Airports Authority of Nigeria (FAAN) and Association of Airline Owners to appear before its Committee on Aviation. The summon is over what the senate described as an “astronomical hike” in domestic flight ticket prices. The upper chamber condemned the sharp rise in air fares, noting that it had brought more burden on Nigerians travelling for the festive season. The resolution followed a motion sponsored by Sen. Abdulfatai Buhari (APC–Oyo) during Tuesday’s plenary. Buhari, who is…

Osun 2026: Adeleke Joins Accord Party Gov. Ademola Adeleke of Osun has formally joined the Accord Party to seek re‑election in the Aug. 8, 2026 governorship election in the state. A statement by Malam Olawale Rasheed, spokesperson for the governor on Tuesday in Osogbo, said that Adeleke made the announcement at the Banquet Hall of the Government House in the presence of national and state leaders of the party. Adeleke resigned his membership of the People’s Democratic Party (PDP) on Dec. 2. He made this known in a letter dated Nov. 4 addressed to the chairman of the party in Sagba Abogunde, Ward 2, Ede…

Fubara Announces Defection to APC Gov. Siminalayi Fubara of Rivers, on Tuesday, announced that he has defected to the ruling All Progressives Congress (APC). Fubara who was elected governor under the platform of the People’s Democratic Party (PDP), announced the decision at a stakeholders’ meeting in Government House, Port Harcourt. No fewer than 15 members of the state House of Assembly recently defected to the ruling party. The lawmakers who were led by the Speaker, Martin Amaewhule, ascribed their defection to the division within the PDP. Reacting to the defection, the Minister of the Federal Capital Territory, Nyesom Wike, attributed…

FG Woos Investors with Mining Incentive at London Expo The Minister of Solid Minerals Development, Dr Dele Alake, says investors should consider Nigeria’s mining sector to take advantage of seamless profit transfers and duty waivers on imported mining machinery. Alake, at the Resourcing Tomorrow Annual Exhibition and Conference held in London, told global mining companies that the country was ready for investment in the sector. This is contained in a statement issued by the Minister`s Special Adviser, Kehinde Bamigbetan, on Tuesday in Abuja. Alake said Nigeria had made significant strides in its mineral sector, highlighting investment breakthroughs in mineral processing,…

Nigeria Shippers Council Unveils Digital Enterprise Content Management System The Nigeria Shippers Council has unveiled its Digital Enterprise Content Management System (ECMS) to strengthen efficiency, transparency and service delivery within the maritime and blue economy sector. This marks a major step in Nigeria’s maritime digital transformation. Dr Pius Akutah, Executive Secretary of Shippers Council, said this during the unveiling on Tuesday in Abuja. Akutah described the ECMS as a transformative tool and core pillar of the council’s digitalisation agenda. The Shippers’ Council ECMS is the first comprehensive, organisation-wide digital content-management system in the Nigerian maritime regulatory space. It focuses on…

Governors Lift 2025 Education Budgets to ₦3.6trn The Nigeria Governors’ Forum (NGF) says all 36 states have raised their 2025 education budgets to ₦3.6 trillion, reflecting a 53 per cent increase from 2024. NGF Chairman, Gov. AbdulRahman AbdulRazaq of Kwara, disclosed this at the opening of the Nigeria Education Forum in Abuja on Tuesday. He described the development as “a strong commitment to sector reform,” according to remarks delivered on his behalf by the Forum’s Director-General, Dr Abdulateef Shittu. He said Nigeria’s youthful population created “an extraordinary opportunity for strategic and systemic investment” if states maintained consistent policy direction. AbdulRazaq…

Reps Accuse Commercial Banks of Perpetrating Illegal Charges, Deductions The House of Representatives on Tuesday accused commercial banks of perpetrating illegality by deducting inexplicable monies from customers without remittances. The House Ad-hoc Committee Chairman, investigating deduction of taxes from civil and public servants earnings and bank charges on customers account, Rep. Kelechi Nwogu, said this during an investigative panel in Abuja. Nwogu reiterated the panel’s mandate to ensure that all deductions or charges by banks on accounts of customers must be deducted rightly, fined rightly and used rightly. “Commercial banks are perpetrating illegality by deducting inexplicable charges from civil servants,…