Author: Ogochukwu Ndubuisi

Edo Assembly Invites Obaseki, Ex Officials Over MOWAA, Radisson Deal Edo House of Assembly has invited former governor Godwin Obaseki and the Museum of West African Art (MOWAA) Director, Philip Iheanacho, for questioning over MOWAA and Radisson Hotel funding. In a statement on Thursday by Bekisu Oshone-Wilson, the Secretary to a committee set up by House, asked the invitees to appear before it on Dec. 4. Other persons invited by the Committee are a former Secretary to the State Government, Osarodion Ogie; a former Edo Finance Commissioner, Mr Joseph Eboigbe; the former Attorney General, Mr Oluwole Osaze-Uzzi; and the Managing…

Nigeria Has Met Obligations for Africa Energy Bank Take-Off – Lokpobiri Sen. Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), says Nigeria has completed all commitments required as the host country for the Africa Energy Bank (AEB), to fast-track its take off. Speaking during an inspection of the newly furnished AEB headquarters in Abuja on Thursday, Lokpobiri said the facility had been delivered in the best location and fully equipped to begin operations. “I came to inspect the headquarters furnishing of the Africa Energy Bank, and I am happy to disclose to Nigerians, Africans, and the world that Nigeria…

Arab-Africa Summit to Boost Trade Relations – Edun The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, says the Arab-Africa summit will boost trade relations. Edun said this at the 5th edition of B2B Agribusiness Matchmaking event, organised by the Arab Africa Trade Bridge (AATB), in Abuja on Thursday. He said that the AATB agribusiness matchmaking forum was expected to stimulate new partnerships, unlock financing opportunities and accelerate trade flows between Arab and African nations in the coming days. The minister said that the summit represented a shared commitment to transform Arab-Africa trade relations by moving…

Euro Holds Position Amidst Fed Rate Cut Expectations The euro steadied at $1.16 mark, hovering near its strongest level since November, as odds of US Fed rate cuts impact decisions in the forex market. Due to dollar selloffs, the Euro to Dollar (EUR/USD) exchange rate found support below 1.1500 this month and has rallied to just below 1.1600. The U.S. dollar headed for its steepest weekly drop in four months on Thursday as investors bet on further monetary easing, amid pressure from President Donald Trump to cut rates. The yen edged 0.10 per cent higher to 156.33 per dollar, helped…

MCR: NAICOM Sets Deadline for Issuance of Insurance Licence The National Insurance Commission (NAICOM) has set July 2026 as the deadline for issuance of licences 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 the…

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…