Author: Ogochukwu Ndubuisi

Jim Ovia Retires as Zenith Bank Chairman After 12 Years Zenith Bank Plc has announced the retirement of its Founder and Group Chairman, Jim Ovia, following the expiration of his tenure in line with regulatory guidelines. The bank disclosed this in a corporate disclosure through the Nigerian Exchange Ltd. on Tuesday. The bank said the retirement complied with the corporate governance guidelines of the Central Bank of Nigeria(CBN) for commercial and other categories of banks. The guidelines stipulate a maximum tenure for non-executive directors and board chairmen. It said, “Having served the mandatory 12 years as a Non-Executive Director and…

LBIC Posts N1.66bn Profit in 2025, Plans Digital Expansion The Lagos Building Investment Company (LBIC) Plc has reported a 43 per cent increase in profit before tax to N1.655 billion for the 2025 financial year. The Chairman of the Board, Mr Hakeem Ogunniran, said this at the company’s 21st Annual General Meeting (AGM) on Tuesday in Lagos. Ogunniran said the performance reflected the company’s resilience in spite of macroeconomic headwinds. “Our year-end results reflect strong growth across key indicators, underscoring our resilience and market opportunities,” he said. He said LBIC’s gross earnings rose by 41 per cent to N3.565 billion…

Court Dismisses N3m Suit for Damages Against First Bank The National Industrial Court in Ibadan, on Tuesday, dismissed a suit by a former employee, Mr Oyetunji Ajao, against First Bank of Nigeria, seeking N3 million damages over the delay in payment of his retirement benefits. The News Agency of Nigeria reports that Ajao, who retired from First Bank of Nigeria on May 31, 2008, had filed a suit against the bank over his unpaid gratuity and other retirement benefits totaling N5 million The claimant, through his counsel, Mr Babatunde Samuel had urged the court to order the bank to pay…

The South African rand weakened against the dollar to R16.80 but held steady against the euro at R19.63 and the pound at R22.70, First National Bank (FNB) said in its brief on Tuesday.

Defections: ADC Loses 18 Reps to NDC, APC Seventeen members of the House of Representatives on Tuesday defected from the African Democratic Congress (ADC) to the National Democratic Congress (NDC). In separate letters read by the Deputy Speaker, Rep. Benjamin Kalu at plenary, the members cited the ongoing leadership crisis in the ADC as a reason for their actions. Mr Peter Obi, the presidential candidate of Labour Party (LP) in 2023 general election and former Kano Governor, Dr Rabiu Kwankwaso had defected from ADC to the NDC last Sunday, citing internal crisis. The members who joined NDC are Rep. Yusuf…

Senate Defections: Umeh, Abaribe Dump ADC Sen. Victor Umeh(ADC-Anambra) and Sen.Enyinnaya Abaribe (ADC-Abia) on Tuesday announced their defections from the African Democratic Congress (ADC) to different political parties, citing leadership crises and internal disputes. Umeh, who represents Anambra Central Senatorial district, defected to the Nigeria Democratic Congress (NDC), while Abaribe, who represents Abia South Senatorial  District, defected to the Labour Party (LP). President of Senate, Godswill Akpabio, announced the defections in separate letters at plenary. Umeh, in his letter, said the decision was reached after extensive consultations with key stakeholders, including his family, constituents, and political allies. “I have taken…

Nigeria Unveils Long-Term Energy Plan –NUPRC Mrs Oritsemeyiwa Eyesan, Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), says Nigeria has introduced a long-term energy plan aimed at balancing economic growth, expanding energy access, and addressing climate concerns. Eyesan said this would also strengthen and position the country as a pivotal force in the evolving global energy landscape. She disclosed this at the ongoing 2026 Offshore Technology Conference (OTC) on Monday in Houston, Texas, where she presented Nigeria’s “Energy Evolution” roadmap, a plan combining fossil fuel strength with long-term sustainability goals. She said the framework outlined a 2030…

PETAN Urges Nigeria Oil Push Amid OPEC Uncertainty The Petroleum Technology Association of Nigeria (PETAN) has urged Nigeria to raise oil and gas output as shifting OPEC+ dynamics threaten global price stability. Its chairman, Mr Wole Ogunsanya, spoke with energy correspondents at the 2026 Offshore Technology Conference in Houston, Texas, on Monday. He reacted to developments within OPEC+, including reports of the United Arab Emirates (UAE) imminent exit. Ogunsanya said: “OPEC and OPEC+ have historically acted as stabilising forces. “Their role is protecting consumers from excessive prices and producers from damaging declines. Any major shift by a key player could…

Top 10 Brokers Trade N949.9bn on NGX in April Ten stockbroking firms on the Nigerian Exchange Ltd. recorded transactions worth N949.899 billion in April 2026. The performance reinforced their dominance in the equities market during the review period. According to the NGX broker performance report, the firms accounted for 52.37 per cent of total trade value. The leading firms were Cardinalstone Securities, Cordros Securities, Stanbic IBTC Stockbrokers, EFG Hermes Nigeria and Meristem Stockbrokers. Others included First Securities Brokers, Coronation Securities, United Capital Securities, Lambeth Capital and QCapital Ltd. The report stated, “Cardinalstone Securities led the market with transactions valued at…

The NNPC Ltd has signed a Memorandum of Understanding (MoU) with two Chinese companies, Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd, for collaboration through a potential Technical Equity Partnership in support of the completion and operation of the Port Harcourt and Warri Refineries.