Author: Ogochukwu Ndubuisi

Russia Expels German Diplomat in Tit-for-Tat Move Russia has declared a staff member of the German embassy in Moscow persona non grata in response to Germany’s expulsion of a Russian diplomat from Berlin. In a statement released on Thursday, Russia’s Foreign Ministry said the German ambassador’s representative had been summoned and informed of the decision. German Foreign Minister Johann Wadephul criticised the move, calling the expulsion of the diplomat “completely unacceptable” and lacking any factual basis. Speaking on the sidelines of a visit to Brunei, Wadephul said the expelled staff member was part of the military attaché staff at the…

FG Seeks Increased Local Tyre, Battery Production to Cut Imports The Federal Government has called for increased local production of tyres and batteries to reduce Nigeria’s dependence on imports and conserve foreign exchange. The Director-General, National Automotive Design and Development Council (NADDC), Mr Joseph Osanipin, made the call at a Sensitisation Workshop for Nigeria Tyre and Battery Industry, on Thursday in Abuja. The theme of the workshop was, ” Revitilising the Automotive Value Chain in Nigeria: Strategies for Growth in the Tyre and Battery Sectors”. Osanipin said that Nigeria had the capacity, raw materials and market size to produce tyres…

Nigeria’s Senate Rejects Mandatory E-Transmission of Election Results The Nigerian Senate has rejected proposals for the electronic transmission of election results and a 10-year ban on vote buyers, opting instead to maintain existing sanctions of fines or jail terms. The Senate retained the provision for electronic transfer of election results as contained in the Electoral 2022 Act, rejecting a proposal that would have made real-time electronic transmission compulsory . The rejected provision, recommended by the Senate Committee on Electoral Matters, proposed sanctions ranging from a fine of ₦5 million to a two-year imprisonment and a 10-year ban from contesting elections…

MTN to Acquire Controlling Stake in IHS Holdings, Eyes Full Ownership MTN Group, Africa’s largest mobile network operator, is in advanced discussions to acquire the remaining 75% stake in IHS Holdings Limited, aiming to gain full ownership of the tower infrastructure company. The potential deal could be priced near IHS’s last trading value on the New York Stock Exchange as of February 4, 2026. MTN, like many operators, has relied on third-party tower companies such as IHS to host its network equipment. IHS Towers, founded in Nigeria in 2001, has grown from a homegrown startup into one of the world’s…

Downstream Deregulation, Forex Reforms Save Nigeria N6trn Fuel Import Losses – NMDPRA The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says the cumulative impact of full downstream deregulation and forex reforms has saved Nigeria over N6 trillion in fuel import losses. Mr Saidu Mohammed, Chief Executive, NMDPRA, who made this known at the ongoing Nigeria International Energy Summit (NIES) 2026, in Abuja, said this was in first nine months of 2025. Delivering a keynote address at the Mid/Downstream Transformation Debate with the theme ”Driving Nigeria’s Downstream Renaissance: Regulation, Investment, and Market Confidence”, Mohammed attributed much of the sector’s progress…

NGX Climbs by N1.37trn as Investors Ramp Up Oversold Stocks The Nigerian Exchange (NGX) ended the trading session on a positive note on Wednesday, reflecting increased bargain-hunting stocks that recently nosedived. Investors re-entered positions in oversold stocks across sectoral indices amidst earnings announcements. Hence, the All-Share Index (ASI) edged higher by 1.28% to 168,030.18 points, supported by gains in BERGER, DAARCOMM, FTGINSURE, RTBRISCOE, and FIRSTHOLDCO. Due to bargain hunting, market capitalization expanded by 1.28%, gaining ₦1.37 trillion to close at ₦107.86 trillion. Market sentiment was favorable at 2x, with 53 gainers outpacing 26 losers. The gainers list was led by…

Dangote Refinery Denies Finished Petrol Product Imports Claim Dangote Petroleum Refinery & Petrochemicals (DPRP) has denied reports suggesting that it imports finished petroleum products, describing the claims as incorrect and based on a misunderstanding of global refinery operations. As a state-of-the-art, large-scale merchant refinery, DPRP said it refines crude oil and processes intermediate feedstocks into premium petroleum products and petrochemicals that meet the highest international standards. Speaking during a media briefing at the refinery, the Chief Executive Officer and Managing Director, David Bird, explained that processing intermediate or semi-processed materials is a standard practice within the global refining industry. He…

FBNQuest Merchant Bank Rebrands as Quest Merchant Bank FBNQuest Merchant Bank has officially changed its name to Quest Merchant Bank Limited, following the receipt of all necessary corporate and regulatory approvals. This move marks a significant milestone in the bank’s history, reflecting its resilience, strong track record, and long-term growth ambitions. According to Acting Managing Director and CEO, Afolabi Olorode, the name change is part of a deliberate strategic repositioning to strengthen the bank’s identity, reinforce its market presence, and support long-term growth. The rebranding doesn’t affect the bank’s legal status, operations, management structure, or scope of services, and it…

Tin Can Customs Generates N1.61trn, Exceeds 2025 Revenue Target The Tin Can Island Port Command of the Nigeria Customs Service (NCS) has set a new benchmark in revenue generation, recording N1.61 trillion in 2025, exceeding its annual target. The Customs Area Controller (CAC) of the command, Comptroller Frank Onyeka, said the revenue performance underscored renewed efficiency and reforms driving Nigeria’s maritime trade operations. Onyeka made this known in a statement issued through the command’s Public Relations Officer (PRO), Chief Superintendent of Customs, Oscar Ivara, and made available to newsmen in Lagos on Tuesday. Ivara said the milestone was celebrated at…

U.S. Deploys Special Forces in Nigeria to Tackle Terrorism —AFRICOM The U.S. government says it has deepened its military partnership with Nigeria by deploying a special force team in the country to flush out terrorists. Gen. Dagvin Anderson, Commander of the United States Africa Command (AFRICOM) disclosed this during a digital news conference on Tuesday. He said the decision follows the talks he earlier held in Rome with President Bola Tinubu, who later approved the Christmas Day U.S. airstrikes against Islamic State (ISIS) terrorists in Nigeria. Anderson said that he and Tinubu had agreed that both countries needed to coordinate…