Author: Ogochukwu Ndubuisi

ADC’s Mission Beyond Attaining Power in 2027 – Mark National Chairman of African Democratic Congress (ADC), Sen. David Mark, says the party’s mission extends beyond attaining power in 2027. Mark stated this during the inaugural meeting of the party’s National Working Committee (NWC) in Abuja on Tuesday. According to him, ADC’s primary goal is to establish a political legacy that future generations will be proud to inherit. He said that the party was not seeking power for its own sake, but to build a lasting legacy. “We are in a marathon; we must compete and win. Failure is not an…

Libya to Resume Local Elections in October Libya’s elections body on Monday said it will resume municipal polls on Oct. 20, covering dozens of local councils in towns across the country. The High National Elections Commission (HNEC) said the vote will take place in areas where councils’ terms have ended or where temporary committees are in charge. It said preparations for polling day are under way. The move to hold local polls came amid a prolonged stalemate in national politics. HNEC said the presidential and parliamentary elections planned for December 2021 collapsed due to disputes over electoral laws and the…

Nigeria Aims to Refine More Oil Locally – Lokpobiri Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, says the Federal Government is determined to ensure that every barrel of crude produced in Nigeria adds real value at home and abroad. He said this while speaking at the 2025 COREN Summit in Lagos on Tuesday. Lokpobiri, who was represented by his technical adviser, Ndah Adaba, said improving local refining capacity and energy security remains central to Nigeria’s development goals. The theme of the summit is “Refinery – Key to Energy Security in Africa”. It brought together engineers, policymakers, and energy…

FCCPC Withdraws Criminal Charge Against MultiChoice Chairman, MD The Federal Competition and Consumer Protection Commission (FCCPC), on Tuesday, withdrew the criminal charge filed against MultiChoice Nigeria Limited and its top officers after parties said they had resolved their differences. FCCPC’s lawyer, Daniel Amadi, told Justice James Omotosho of a Federal High Court shortly after the matter was called for arraignment of the defendants. According to Amadi, the matter is for hearing, but we have filed notice of withdrawal filed on Aug. 16. “Parties have settled and we agree to withdraw this suit,” he told the court. The defence counsel, Rolake…

Nigerian Treasury Bills Yield Dips, Excess Liquidity Fuels Rally The average yield on Nigerian government Treasury bills declined in the secondary market as buying momentum persisted via secondary market transactions. The yield contracted as excess funds in the banking system fuelled bargain hunting in the treasury bills secondary market ahead of Q4 issuances by the authority. Traders reported that investors were locking down yield on the expectation that the Central Bank of Nigeria (CBN) will reprice spot rates at the upcoming primary market auction. The recent interest rate cut is expected to impact how much the authority is willing to…

NIRSAL Unlocks N70bn Agriculture Financing to Boost Food Security The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc) has announced a remarkable rebound in its operations, which has resulted in the facilitation of over ₦70 billion in commercial financing for agribusiness as at Q3 2025, its strongest annual performance since inception. In operation since 2013, this result represents nearly a quarter of the organisation’s cumulative ₦270 billion facilitated for agriculture and agribusiness to date, an achievement that underscores the impact of NIRSAL’s revamped strategy under its new Board and Executive Management. The timing of this turnaround is critical:…

Interbank Rates Diverge as Liquidity Surplus Settles at N6.12trn Interbank rates diverged as money market liquidity closed at N6.12 trillion after an open market operation activity of the Central Bank on Monday. The market liquidity remained in a surplus position at ₦6.12 trillion level as commercial bank deposits with the CBN increased by ₦204.69 billion to ₦5.53 trillion. Hence, the short-term benchmark interest rate movements were mixed, reflecting the absence of significant funding pressures. The CBN floated N600 billion to mop up excess liquidity. At the OMO auction, the CBN offered a total of N600.0 billion in the 85-day bills,…

World Bank Raises China 2025 Growth Forecast to 4.8% The World Bank has raised its 2025 growth forecast for China as part of an overall boost in projections for East Asia and the Pacific, after a summer that saw U.S. tariff-led uncertainty rock the global economy. The World Bank now projects China’s economy to expand by 4.8%, compared with 4% predicted in April. The new forecast is closer to China’s official target of around 5% growth in gross domestic product in 2025. The economists did not provide a specific reason for the change in forecast from April, but noted that…

OPEC+ to Raise Output by 137,000 bpd in November The eight members of the Organisation of Petroleum Exporting Countries and allies (OPEC+) group, comprising Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, agreed to increase oil production further by 137,000 barrels per day (bpd) in November, according to an OPEC statement on Sunday. The output rise reflects a partial and gradual return of the 1.65 million bpd additional voluntary cuts announced in April 2023. The group cited a steady global economic outlook and healthy market fundamentals, supported by low oil inventories. The countries also reaffirmed their commitment…

Court Freezes Mars Aviation Account over Link to Alleged NNPCL Fraud The Federal High Court in Abuja has ordered a temporary freezing of Mars Aviation Ltd’s account domiciled in Fidelity Bank Plc over alleged link with Nigerian National Petroleum Company Limited (NNPCL)’s fraud. Justice Musa Liman gave the order following an ex-parte motion moved by the Economic and Financial Crimes Commission (EFCC)’s lawyer, Geraldine Ofulue, to the effect. Ofulue had told the court that the account was currently being investigated in a case of criminal misappropriation and money laundering. She prayed the court to make the order freezing the account…