Author: Ogochukwu Ndubuisi

Abia to Begin Gradual Payment of Over 20 Years Gratuity Gov. Alex Otti of Abia has said that his administration will begin the gradual payment of verified gratuity and pension arrears owed since 2001. Otti disclosed this during his monthly media chat with newsmen at the Government House, Umuahia, on Friday night. He said that the State Government had carefully reviewed all pending pension claims and worked closely with the pension union to verify outstanding gratuities before taking any payment decisions. He said: “The committee that we set up between the national body of the Nigerian Union of Pensioners and…

Guinea-Bissau Coup: Jonathan Clarifies his Return to Nigeria With Ivorian Aircraft Former President Goodluck Jonathan has thanked Nigerians and regional leaders for their show of love and concern during the Guinea-Bissau political upheaval while he was there observing the election. Jonathan spoke to newsmen on Friday in Abuja after returning from Guinea-Bissau where he was temporarily trapped in the country by orchestrated military coup announced by the sitting President, Umaro Mbalo. “You know, since I left office, I have always been scared talking to the media. But in this particular case, I decided to speak to the media. “First and…

Economic Reforms Have Driven Nigeria Into New Stability Phase – Cardoso Mr Olayemi Cardosso, Governor, Central Bank of Nigeria (CBN), says Nigeria has entered “a new phase of macroeconomic stability” after two years of difficult reforms. Cardoso stated this in Lagos on Friday while delivering the keynote at the Chartered Institute of Bankers of Nigeria’s 60th Annual Bankers’ Dinner. He said the reforms had restored investor confidence, strengthened the Naira, and placed the economy on a firmer path to sustainable growth. According to him, Nigeria’s turnaround reflects “disciplined choices and a commitment to transparency, data-driven policies and institutional rebuilding”. He…

First Holdco Completes Sale of FBNQuest Merchant Bank Financial services company First Holdco Plc has completed the divestment of merchant bank business FBNQuest Limited, according to an official statement. The financial services group said in a disclosure on the Nigerian Exchange that, in line with Rulebook, it has successfully completed the full divestment of its 100% ownership in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP. The group added that this transaction has been finalised after obtaining all necessary regulatory approvals from the Central Bank of Nigeria. In all its corporate disclosure as regards the transaction, First Holdco did not…

Nigeria Moves to T+2 Settlement Cycle Nigeria has formally shifted from a T+3 to a T+2 settlement cycle, marking a significant advance in the ongoing modernisation of its capital market. The T+2 settlement means securities and funds from trades will now be settled two business days after they are executed. Mr Temi Popoola, Chairman, Central Securities Clearing System (CSCS) said during a media briefing on Friday that the change represented a strategic and timely step toward global best practice. He described the transition as a historic milestone that would deepen liquidity, reduce settlement risk and strengthen confidence among domestic and…

First Lady hosts NASS members, urges passage of Gender Parity Bill The First Lady, Sen. Oluremi Tinubu, on Friday hosted members of the National Assembly to a special dinner at the State House Banquet Hall. The dinner also witnessed an interactive session focused on solutions to the state of the nation. Mrs Tinubu used the occasion to plead for the passage of the Gender Parity Bill, also known as the Reserved Seats for Women Bill, currently before the legislature. She also canvassed deeper engagement between the legislature and the presidency in order to promote national development. Amid the security challenges…

Oil Sees Weekly Prices Surge Ahead of OPEC+ Output Decision Oil prices surged week on week, lifted by optimism surrounding Russia-Ukraine peace efforts and growing expectations of a US rate cut, even as stronger supply signals and a surprise US stock build kept gains in check. The price swung ahead of OPEC+ output decision at the weekend. International benchmark Brent crude traded at $62.92 per barrel, up 1.6% from last Friday’s close of $61.93. US benchmark West Texas Intermediate (WTI) was at $58.96 per barrel, rising around 1.8% compared with $57.93 last week. Oil prices started the week largely steady…

Tinubu Approves Tax Policy Implementation Committee President Bola Tinubu has approved the establishment of the National Tax Policy Implementation Committee (NTPIC). ‎The committee, chaired by Mr Joseph Tegbe, would drive the implementation of the administration’s landmark tax reforms in line with national economic aspirations. ‎Presidential spokesperson, Mr Bayo Onanuga, announced this in a statement on Friday in Abuja. He said that the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, would supervise the committee’s activities. ‎The committee, he said, would conduct extensive consultations across the public and private sectors to ensure broad-based input into the implementation…

NGNUSD Falls on Weak FX Inflows, Rising Foreign Payments The Nigerian naira (NGN) lost against the US dollar (USD) due to a subtle FX shortfall in the foreign exchange market on Thursday, reflecting the absence of the Central Bank intervention. The local currency official rate has been supported by the Central Bank of Nigeria (CBN) US dollar supply to reduce rising demand for foreign payments by eligible companies and other market participants. The high US dollar upstreaming abroad places pressures on the naira, worsening the exchange rate to around N1450 per dollar. The market has seen signifciant decline in FX…

UN Chief Condemns Coup in Guinea-Bissau UN Secretary-General António Guterres has condemned the coup d’état perpetrated by elements of the military in Guinea-Bissau. In a statement issued on Thursday by Stéphane Dujarric, Spokesperson for the Secretary-General, Guterres condemned any attempt to violate constitutional order. Umaro Sissoco Embalo was deposed on Wednesday as President after military officers announced they had seized “total control” of Guinea-Bissau ahead of the expected release of presidential election results in the West African nation. Embalo had been vying for re-election against his main challenger, Fernando Dias and both had declared victory ahead of the release of…