Author: Ogochukwu Ndubuisi

South Africa rebukes U.S. for Boycotting G20, Opposing Consensus The United States’ absence negates its role over the Group of 20 (G20)’s conclusions. Chrispin Phiri, the spokesperson of South Africa’s Department of International Relations and Cooperation, said, reiterating that Pretoria would not be bullied. Phiri made the remarks in response to Washington’s decision not to attend the G20 Leaders’ Summit scheduled for Saturday and Sunday, as well as its objection to the issuance of any outcome document presented as a G20 consensus without U.S. consent. Earlier, South African G20 Sous-Sherpa Xolisa Mabhongo confirmed receiving a letter from the United States, in…

Court Sentences Nnamdi Kanu to Life Imprisonment The Federal High Court in Abuja on Thursday, sentenced Nnamdi Kanu, leader of the proscribed Indigenous People of Biafra (IPOB), to life imprisonment after he was found guilty of the terrorism offences. Justice James Omotosho, who earlier convicted Kanu in all the seven counts preferred against him, held that the Federal Government had been able to prove its case beyond reasonable doubt against Kanu in the terrorism offences. Justice Omotosho consequently sentenced the IPOB leader to life imprisonment in counts one, four, five and six, instead of death sentence penalty. According to the…

Africa’s Future at Risk from $80bn Annual Cybercrime, Corruption Drain -ICPC Dr Musa Aliyu, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) Chairman, has warned that cybercrime, corruption, and illicit financial flows draining Africa’s resources, undermined its future prospects. ICPC Spokesperson, John Odey, in a statement on Thursday in Abuja, quoted Aliyu as giving the warning in a keynote address delivered at the Realnews 13th Anniversary Lecture Series in Lagos. While speaking on the theme “Cybersecurity, Illicit Financial Flows and Achieving Agenda 2063 in Africa”, Aliyu painted a grim picture of the African situation with classrooms without teachers,…

CBN Keeps Rates on Nigerian Treasury Bills Unchanged The Central Bank of Nigeria (CBN) kept rates on Nigerian Treasury bills unchanged despite disinflation and widening real return on investment. The Apex Bank conducted a primary market auction (PMA) on Wednesday where N700 billion worth of Nigerian Treasury bills were offered to investors for subscriptions. Supported by a significant liquidity level in the financial system and a rising appetite for the naira asset, total subscription printed at N1.292 trillion for Treasury bills with 91 days to maturity, 182 days and 364 days. Investors maintained strong preference for long duration, with heavy…

GTCO Slides Amidst Multiple Block Transactions Guaranty Trust Holdings Company (GTCO) Plc share price declined slightly as investors traded huge volume on the Nigerian Exchange, including an off-market transaction. Data from the local bourse showed that GTCO.s share price settled at N84.60 on Wednesday as 18.726 million units valued at N1.591 billion exchanged ownership today.  Stockbroking firm Anchoria Securities Limited told investors in a note that multiple transactions involving a total of 9.00 million shares were executed at a price range of between ₦84.75 and ₦85.25 per share, amounting to a trade value of ₦765.75 million. Investors with substantial units…

TotalEnergies, Conoil Sign Deal on Oil Assets in Nigeria TotalEnergies has signed agreements with Conoil Producing Limited under which to acquire from Conoil a 50% interest in Oil Processing Licence (OPL) 257, a deep-water offshore oil block in Nigeria. The deal entails Conoil also acquiring a 40% participating interest held by TotalEnergies in Oil Minining Lesse (OML) 136, both located offshore Nigeria. Upon completion of this transaction, TotalEnergies’ interest in OPL257 will be increased from 40% to 90%, while Conoil will retain a 10% interest in this block. Covering an area of around 370 square kilometres, OPL 257 is located…

CGT to Make Market Competitive, Investors Friendly — Oyedele The new Capital Gains Tax (CGT) will make the capital market more competitive and investors friendly, the Presidential Fiscal Policy and Tax Reforms Committee says. Prof. Taiwo Oyedele, the Chairman of the committee, said this at an online public lecture organised by the Capital Market Academics of Nigeria (CMAN) on Wednesday. The News Agency of Nigeria (NAN) reports that CGT is a tax on the profit (gain) you make when you sell or dispose of an asset that has increased in value. The tax is levied on the gain itself, not…

China Overtakes U.S. as Germany’s Top Trading Partner China has again replaced the United States as Germany’s top trading partner, with foreign trade turnover nudging up 0.6 per cent in the year to 185.9 billion Euros (215.4 billion dollars). The Federal Statistical Office in Wiesbaden reported on Wednesday that the turnover from January to September was mainly due to large imports from China. Meanwhile, the trade volume with the U.S. shrank by 3.9 per cent to 184.7 billion Euros. China was Germany’s most important trading partner from 2016 to 2023, but was overtaken by the U.S. in 2024. From January…

Lagos Targets N400bn Annual Healthcare Financing Through Insurance The Lagos State Commissioner for Health, Prof. Akin Abayomi, says the state can inject over ₦400 billion annually into the healthcare financing system if 20 million residents enrol in the state’s health insurance scheme. Abayomi said this during the inauguration of the Lagos Private Health Partnership (LPHP), a reform initiative designed to restructure health financing, expand insurance coverage, and ensure equitable access to quality healthcare for residents. This , he said, the initiative aimed to achieve through a unified, transparent, public–private collaboration framework. The commissioner explained that the projected ₦400 billion annually…

Terrorism in Africa, a ‘Growing Global Threat’ – UN chief UN Secretary-General Antonio Guterres has said expanding terrorist networks, mass displacement, and the collapse of essential services in West Africa and the Sahel are a growing concern worldwide. Guterres told the UN Security Council at UN headquarters that the growth in terrorist groups was “not only a regional dramatic reality.” “Progressive links of its groups in Africa and beyond make it a growing global threat.” The vast Sahel region which stretches almost coast to coast across Africa, accounts for 19 per cent of terrorist attacks worldwide and for over half…