Author: Ogochukwu Ndubuisi

Shippers’ Council Seeks Abia Govt. Support to Revive Isiala Ngwa Inland Dry Port The Nigerian Shippers’ Council has called on Abia Government to support the revival of the Isiala Ngwa Inland Dry Port (IDP) and boost trade under the African Continental Free Trade Area (AfCFTA). The Executive Secretary of the Council, Dr Akutah Ukeyima made the call on Wednesday during a visit to Gov. Alex Otti of Abia in Nvosi , Isiala Ngwa South Local Government Area. Ukeyima said that the initiative would facilitate the positioning of Abia as a trade hub under the AfCFTA. He commended the present administration’s…

UK to Recognize Palestinian State in September Unless Israel Commits to Peace Process The UK government has announced plans to formally recognize the state of Palestine by September, unless Israel takes significant steps to address the humanitarian crisis in Gaza and commits to a long-term peace process. British Prime Minister Keir Starmer made this announcement after an emergency cabinet meeting, emphasizing that the UK’s decision is aimed at promoting a two-state solution. According to Starmer, Israel must take several key steps, including agreeing to a ceasefire in Gaza, making clear that there will be no annexation in the West Bank,…

August 1 Deadline for India-US Trade Deal or Face Higher Tariffs – Trump US President Donald Trump has warned India of potential tariffs as high as 25% on Indian imports if a long-pending trade agreement isn’t reached before the August 1 deadline. Trump expressed frustration with India’s high tariffs on American products, citing a significant trade deficit between the two nations. According to the Commerce Department data, the US imported $87 billion worth of goods from India in 2024, while exporting $42 billion. Key imports from India include pharmaceuticals, smartphones, and apparel. Trump emphasized that India charges more tariffs than…

NNPCL Has 3 Weeks to Address N210 Trillion in Audit Discrepancies – Senate The Senate Committee on Public Accounts has given the Nigerian National Petroleum Company Limited (NNPCL) a three-week deadline to respond to 19 audit queries related to unaccounted funds totaling N210 trillion. The queries, extracted from the company’s audited financial statements from 2017 to 2023, consist of N103 trillion in liabilities and N107 trillion in assets. NNPCL’s Group Chief Executive Officer, Bayo Ojulari, appeared before the committee and apologized for previous absences and also explained to its members that for satisfactory response from him on the 19 queries…

CAC to Delist 100,000 Dormant Companies The Corporate Affairs Commission (CAC) has announced plans to strike off approximately 100,000 inactive and non-compliant companies from its register. According to Section 692(3) and (4) of the Companies and Allied Matters Act 2020, these companies have failed to file annual returns and disclose beneficial ownership details for over 10 years. The CAC has given affected companies a 90-day ultimatum to regularize their status by filing outstanding annual returns and submitting necessary documents. Companies must also send activation emails to activation@cac.gov.ng where applicable. Failure to comply will result in removal from the register, rendering…

Equity Investors Gain N400bn, MRS Delists from Nigerian Exchange The Nigerian equities market sustained its bullish run on Monday, gaining about N400 billion as the local bourse opened the week’s trading on a positive note, despite mixed outcomes in key performance indicators. The Nigerian Exchange (NGX) all-share index climbed by 0.53%, adding 713.58 basis points to close at a new all-time high of 135,166.51. As a result of sustained hunting for stocks with strong fundamentals, equity market capitalization surged by ₦399.88 billion, representing a 0.47% increase to settle at ₦85.46 trillion. This gain lifted the year-to-date (YTD) return to 31.32%,…

Shareholders Get N5.2bn as FMDQ Declares First-Ever Cash Dividend FMDQ group has announced its frst-ever cash dividend for financial year 2024 following an improved earnings performance, the platform said in a statement at the annual general meeting. The group shareholders get N5.2 billion as total dividends, as against scrip dividend payments offered previously. In 2024, the global economic landscape remained fragile, shaped by easing inflation, cautious monetary policies, and ongoing geopolitical and climate-related disruptions, and in the same vein, Nigeria’s financial markets faced exchange rate volatility, elevated inflation, high interest rates, and constrained capital flows. Despite these headwinds, FMDQ Group…

Nigeria Losing $15bn Annually to Broadband Gap – FibreOne Fibre One, a broadband provider in Nigeria says that the country’s significant broadband access gap was costing it an estimated $15 billion annually. The Chief Experience Officer of FibreOne, Yinka Isioye, said this during his keynote address at the 21st Titans of Tech Conference, Expo and Awards in Lagos on Friday evening. The theme of the event was “Game Changers: Shaping the Future of Technology.” Isioye emphasised the critical importance of broadband, describing it to be as important as oxygen and the foundational infrastructure for all digital ambitions, including education, healthcare,…

Google Unveils $37m Cumulative Funding to Support Africa’s AI Devt. Google on Thursday announced $37 million in cumulative funding, including previously committed but unannounced funding for Artificial Intelligence (AI) support, research, talent development, and infrastructure across Africa. Mr James Manyika, Senior Vice-President for Research, Labs, and Technology and Society, Google, said in a statement that Africa was home to some of the most important and inspiring work in AI today. Manyika said that Google was committed to supporting the next wave of innovation through long-term investment, local partnerships and platforms that helped researchers and entrepreneurs build solutions that matter. He…

Oando, NGX Group Drives Intraday Rally in Equity Market The Nigerian stock market is getting puffy during the intraday trading session, with Oando and the Nigerian Exchange Group, among other early risers, leading the momentum. The local bourse has been on first for most of the second half of 2025 amidst declining yield on naira assets in the fixed income market. Disinflation and stable exchange rates have triggered yield repricing, and tight supply of fixed-interest securities assets continues to drag rates lower. With huge free funds, the equity market has gained investors attention, and partly, fear of missing out has…