Author: Ogochukwu Ndubuisi

Veritas Kapital Records Strong Half-Year Growth Veritas Kapital Assurance Plc has reported an eight per cent rise in Gross Written Premium to N13.6 billion in the first half of the year. Dr Adaobi Nwakuche, Managing Director of Veritas Kapital Assurance, disclosed this in a statement on Wednesday in Lagos. Nwakuche said the performance reflected strong market presence and effective distribution channels. She noted that Net Insurance and Investment Income surged by 244 per cent to N5.2 billion, from N1.52 billion recorded in full year 2024. According to her, Profit After Tax reached N3.2 billion, already surpassing the company’s total earnings…

Reps Probe N1.06 billion Social Intervention Programme The House of Representatives has commenced an investigation into the N1.06 trillion Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) social intervention programme of the Federal Government. The Chairman, House Committee on NG-CARES, Rep. Abubakar Kusada (APC-Katsina), made this known while briefing newsmen in Abuja on Wednesday. He said that the investigation had become imminent since the masses were allegedly not feeling the impact of the social nets despite the federal government fulfilling its funding obligation. The lawmaker said that government had also provided the guidelines and the operational arrangements for the…

Germany Sees Shrinking Gap in Electric, Petrol Car Costs Repair costs for electric cars after accidents remain higher than for comparable petrol or diesel vehicles in Germany, but the gap is narrowing, industry data showed. Fully comprehensive insurance claims for fully-electric vehicles currently average 15per cent to 20per cent more than for similar combustion-engine models. This is according to the German Insurance Association (GDV). A year ago, the difference stood at 20per cent to 25 per cent. When it came to the frequency of claims, electric cars still have an edge, though a shrinking one. Battery-electric models generated around 10…

China Hits 2 European Banks With Sanctions In retaliation for European Union sanctions on two Chinese banks, China on Wednesday imposed counter-measures against two European lenders: UAB Urbo Bankas and AB Mano Bankas. Chinese organisations and individuals are now prohibited from conducting transactions or cooperating with these banks. Both banks are based in Lithuania, which had been in a diplomatic dispute with Beijing since 2021 over the opening of a Taiwanese representative office in Vilnius. At that time, China also imposed trade restrictions on the Baltic nation. The new measures are a direct response to an EU sanctions package targeting…

Fuel Consumption Drops 16% to 1.44bn Litres in June 2025 — NMDPRA The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has reported a significant decline in fuel consumption for June 2025, with total fuel evacuation falling to 1.44 billion litres. The Director of Public Affairs, NMDPRA, George Ene-Ita confirmed in a report on Wednesday that daily fuel consumption had averaged 48 million litres, correcting earlier reports that suggested a lower figure of 38.94 million litres. Ene-Ita said that the total fuel evacuation for June was precisely 1,440,768,129 litres, representing a 16.42 per cent decrease, compared to May’s total supply…

Zelensky `Has Lost This War,’ Hungarian PM Says Ahead of Trump-Putin Meeting Hungarian Prime Minister Viktor Orbán believed Ukraine has lost the war against Russia, as he looked ahead to a meeting between U.S. President Donald Trump and Russian President Vladimir Putin. “Ukrainian President Volodymyr Zelensky has lost this war,” he said in an interview published by far-right conservative news site mandiner.hu on Wednesday. “The Ukrainians have lost this war, Russia has won the war.” “We are talking like this was a situation of war with an open end,” the Hungarian leader said, adding that this assessment was false. Orbán,…

Interbank Rates Surge as DMBs Activities Squeeze Liquidity Interbank rates surged as deposit money banks’ (DMBS) activities squeezed liquidity level in the financial system, according to market reports. The funding level declined on Tuesday in the absence of additional inflows from maturing instruments; hence, there was zero primary market auction on Wednesday. System liquidity pulled back moderately by ₦151.1 billion, AIICO Capital Limited said in a note, from ₦313.9 billion in the prior session. Analysts explained that the decline in liquidity in the financial system was driven by a ₦72.5 billion drop in DMBs’ placements at the Central Bank of…

Gavi Pledges $3m to Boost Immunisation in Kaduna Gavi, the Vaccine Alliance, has announced a three million dollars investment over the next two years to strengthen routine immunisation and primary health care in Kaduna State. This is expected to accelerate progress towards universal vaccine coverage. Jessica Crawford, Gavi Senior Country Manager for Nigeria, disclosed this during a high-level field mission to the state. The visit included engagements with top state officials, health facility tours, and strategy meetings with partners. Crawford said Kaduna has shown strong leadership, coordination, and results in immunisation. She emphasised that the funding would help build on…

FG, Firms Set to Construct $60bn Speed Rail in Nigeria The Federal Government, De-Sadel Nigeria Ltd. and China Liancai Petroleum Investment Holdings Limited are set to commence construction of a 4000km high speed rail across six states of the federation. This was disclosed during the presentation of the $60 billion proof-of-funds to Secretary to the Government of the Federation (SGF), Sen. George Akume, by the two firms in Abuja on Tuesday. The occasion was attended by the Minister of Transportation, Mr Sa’idu Alkali and the Minister of State for Petroleum Resources (Gas), Mr Ekperikpe Ekpo as well as representative of…

Wale Edun Commends Lotus Capitals’s Leadership in Non-Interest Finance The Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun has commended Lotus Capital’s leadership in promoting non-interest finance in Nigeria, emphasising that collaboration between the public and private sectors will be essential to mobilising sustainable, long-term capital for national development. The Minister gave the commendation today in his office in Abuja when he received a high-level delegation from Lotus Capital Limited, led by its Managing Director Mrs. Hajara Adeola The meeting explores ways of expanding Nigeria’s non-interest finance sector as a driver of inclusive economic growth.…