Author: Ogochukwu Ndubuisi

Yobe Govt. Defrays N15.4 Billion Gratuities Backlog The Yobe Government on Wednesday said it has spent over N15.4 billion to clear the backlog of gratuities of the state and local governments’ retirees. Alhaji Baba Wali, the Secretary to the State Government (SSG) disclosed this at a press briefing in Damaturu, marking Gov Mai Mala Buni’s six years in office. He said with the payment, the state and local governments no longer owed any gratuity. Wali said the state had provided 250 operational vehicles and 500 motorcycles to the various security agencies to enhance their operations since 2019. The SSG said…

U.S. Consumer Price Inflation Increases by 2.7% YoY U.S. Consumer Price Index (CPI) rose by 0.3% month on month (MoM) in December, according to the Bureau of Labor Statistics (BLS), matching the increases seen in June and September. The annual headline inflation rate held steady at 2.7%, the same rate as of November, indicating stable but persistent price pressures to close out the year. Shelter was the largest monthly contributor, up 0.4%, while food indexes surged 0.7% and energy rose 0.3%. Core CPI, excluding food and energy, increased 0.2% MoM, bringing the annual core rate to 2.6%. Notable monthly increases…

Eko Disco Names Wola Joseph-Condotti Interim Chief Executive Eko Electricity Distribution Company PLC (EKEDC) has officially announced Wola Joseph-Condotti as interim chief executive amidst significant leadership transition following Transgrid Enerco takeover. The previous board by the previous majority shareholder, West Power and Gas Limited (WPG), led by Chairman (Dr.) Dere Otubu, resigned today and gave way to the new board. EKEDC new board will now be headed by Engr. (Dr.) Olubunmi Peters as Chairman, Prof. George Nwangwu, Faruk Aliyu, Kolapo Joseph and Rasheed Olaoluwa, while Ayo Gbeleyi remains as the Director representing the BPE on the board. In similar vein,…

TotalEnergies Sells 10% Interest in Onshore Nigerian Assets TotalEnergies has signed an agreement to sell its 10% non-operated stake in the Nigerian onshore oil asset SPDC, renamed as Renaissance JV, to Vaaris, an official statement said. On Wednesday, TotalEnergies announces that its subsidiary TotalEnergies EP Nigeria signed a Sale and Purchase Agreement (SPA) with Vaaris for the sale of its 10% non-operated interest in the Renaissance JV licenses in Nigeria. The Renaissance JV, formerly known as the SPDC JV, is an unincorporated joint venture between Nigerian National Petroleum Corporation Ltd (55%), Renaissance Africa Energy Company Ltd (30%, operator), TotalEnergies EP…

Oil Prices Fall over Uneven Demand, Supply Outlook Oil prices declined in the international commodity market on Wednesday, undoing previous increases spurred by concerns over possible supply disruptions in Iran. Investors shifted their attention to data indicating a significant rise in US crude inventories. International benchmark Brent crude traded at $64.59 per barrel, down about 0.6% from Tuesday’s close of $64.98. The US benchmark West Texas Intermediate (WTI) stood at $60.48 per barrel, down around 0.57% from the previous close of $60.83. The American Petroleum Institute (API) reported that US crude inventories rose by about 5.3 million barrels last week,…

Nigerian Treasury Bills Yield Unshaken by Inflation Expectation The average yield on Nigerian Treasury bills closed steady in the secondary market on Tuesday, reflecting the mix of softer trading activity and selective positioning. Investors took profit at the short and belly of the curve and acted as core drivers of trading activities, but there were selective buying actions for long durations. Investors maintained a positive appetite for investment securities with longer tenors, while there was portfolio rebalancing action on short and mid tenors. The market is adjusting ahead of inflation data amidst expectations of a significant spike that can distort…

World Bank Projects Steady Global Growth in Spite of Uncertainties The World Bank says the global economy is showing greater resilience than earlier anticipated, in spite of persistent trade tensions and policy uncertainty. The bank said this in its latest Global Economic Prospects report, released on Tuesday, which projects global growth to remain broadly steady over the next two years. According to the report, global growth is expected to ease to 2.6 per cent in 2026 before rising slightly to 2.7 per cent in 2027, representing an upward revision from its June 2025 forecast. It said that the improved outlook…

Delta Govt. Boosts MSMEs with N1bn Revolving Loan Delta Government on Tuesday released the sum of one billion naira revolving loan to boost Micro, Small and Medium Enterprises (MSMEs) in the State. The Delta Government approval of the released was consolidated with a Memorandum of Understanding (MoU) signed with the Bank of Industry (BoI) for management of the fund. Gov. Sheriff Oborevwori, while addressing the audience during the ceremony at Government House, Asaba, said the initiative was a major milestone in his administration’s quest for inclusive growth and sustainable economic development under the M.O.R.E Agenda of his administration. Oborevwori said.…

Cooling US Core Inflation Strengthens Case for Fed Rate Cuts Cooling core inflation is strengthening the case for interest rate cuts, as the latest US price data points to easing price pressure across the world’s largest economy, warns the CEO of global financial advisory organisation deVere Group. The comments from Nigel Green follow today’s release of the December Consumer Price Index, which showed core inflation rising by just 0.2% on the month and 2.6% on an annual basis — both readings coming in below market expectations. The softer outcome reinforces growing evidence that underlying inflation pressures continue to moderate. Headline…

Lithium, Gold Plants Position Nigeria as Africa’s Minerals Hub – Alake The Minister of Solid Minerals Development, Dr Dele Alake, says new lithium processing and gold refining plants are positioning Nigeria as Africa’s leading minerals hub. He said the projects signal Nigeria’s shift from raw mineral exports to value-added processing, boosting revenue, jobs and competitiveness within the global mining industry. Alake spoke during a meeting with Saudi Arabia’s Minister of Industry and Mineral Resources, Mr Ibrahim Al-Khorayef, ahead of the Future Minerals Forum in Riyadh. The forum is scheduled to hold from Jan. 13 to Jan. 15, bringing together global…