Author: Ogochukwu Ndubuisi

NDLEA Recovers $17.7m Travelers Cheques Concealed in Books The National Drug Law Enforcement Agency (NDLEA) said on Sunday that it has intercepted a total of 52 pieces of travelers checks concealed in children’s books worth $17.7 million. The cheques, according to a statement issued by the NDLEA spokesman, Femi Babafemi in Abuja, were en route to Malaysia through Istanbul on a Turkish Airlines flight. Babafemi, however, said that the cheques were intercepted by NDLEA operatives at the export shed of the airport on July 4. He said that the interdiction operation which occurred at Lagos airport had a freight agent…

Presco Plc Shareholders Set to Receive N42 Dividend as Company Thrives Presco Plc, Nigeria’s palm oil company, has declared a dividend of N42 per share for the year ended December 31, 2024. The dividend payment is scheduled for August 6, 2025. Shareholders who have completed the e-dividend registration and mandated the Registrar will receive their dividends directly into their bank accounts. The company’s audited financial statements show a 140% surge in after-tax profit to N77.79 billion in 2024, compared to N32.35 billion in 2023. Revenue doubled to N207.5 billion, representing a 102.6% increase from N102.4 billion in 2023. Presco’s profit…

Elon Musk Announces Formation of ‘America Party’ After Feud with Trump Elon Musk, the world’s richest man, has launched a new political party called the “America Party” after a dramatic break with US President Donald Trump. The party’s primary goal is to “give Americans back their freedom” and challenge the country’s existing two-party system, which Musk describes as a “one-party system”. Musk announced the party’s formation on July 5, 2025, after conducting a poll on his social media platform, X, which garnered over 1.2 million responses. Nearly 65% of participants supported the idea of creating a new party. Musk stated…

Court Lifts Suspension: Natasha Akpoti-Uduaghan to Return to Senate Senator Natasha Akpoti-Uduaghan will resume her duties at the National Assembly on Tuesday after a Federal High Court in Abuja nullified her six-month suspension. The court, presided over by Justice Binta Nyako, ruled that the suspension was excessive and unconstitutional, depriving her constituents of representation. In a video message, Akpoti-Uduaghan thanked her supporters and confirmed she would return to the Senate on Tuesday. However, the Senate has set conditions for her reinstatement, including payment of a N5 million fine for contempt and publishing apologies in two national dailies and on her…

Minister of Power Bayo Adelabu Officially Declares Governorship Ambition for Oyo State Nigeria’s Minister of Power, Chief Bayo Adelabu, has declared his intention to contest the Oyo State governorship seat in the 2027 general elections. This announcement was made during strategic meetings with key All Progressives Congress (APC) stakeholders in Ogbomoso and Oyo zones. Adelabu expressed confidence in his ability to compete and emerge victorious, stating, “I’m up to the task. I want to demonstrate my ability to compete and emerge victorious”. He also appealed for unity and forgiveness from aggrieved party members, emphasizing the need for the party to…

Eliminate Tax Duplication on Freights, Centre Urges CRFFN The Sea Empowerment and Research Centre (SEREC), has urged the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) to cancel tax duplication on freights. The Head Researcher of the Centre, Mr Eugene Nweke, said this in an interview with the News men on Sunday in Abuja.Nweke said that the cost of doing business in the country was high due to tax duplication, adding that it called for concern. “There is a need to address too many taxes and charges and duplicated functions. “This is a major infraction to the regional…

Exchange Rates Gap Sinks in Nigerian Forex Markets EXCHANGE RATES: The naira traded strong against the US dollar during the week as the gap between the official and parallel market rates, the FX spread, significantly decreased to N2 by the end of trading on Friday. In the just concluded week, the local currency surged against the US dollar in four out of five trading sessions at the Nigerian Foreign Exchange Market (NFEM). After successive gaining streaks, the naira’s spot rate slipped to N1528.56 per dollar at the official window, while the parallel market quote settled at N1530. The reduced FX spread…

IMF Urges FG on Budget Adjustment to Reflect Low Oil Prices The International Monetary Fund (IMF) has advised the Nigerian government to adjust its 2025 budget to reflect the current low oil prices. The budget, pegged at N54.99 trillion, was based on a benchmark oil price of $75 per barrel, which is no longer realistic given the current global oil market trends. The IMF’s advice is aimed at ensuring that Nigeria’s economy remains stable and resilient in the face of external shocks. In its just-released ‘Article IV’ assessment of Nigeria’s economic policies, IMF said The country’s economy has been growing,…

Trump to Host 5 African Leaders to Discuss Commercial Opportunities U.S. President Donald Trump will host leaders from five African nations in Washington next week to discuss “commercial opportunities,” a White House official said. Trump will host leaders from Gabon, Guinea-Bissau, Liberia, Mauritania, and Senegal for a discussion and lunch at the White House on July 9, the official said. “President Trump believes that African countries offer incredible commercial opportunities which benefit both the American people and our African partners,” the official said, referring to the reasons why the meeting was arranged. Africa Intelligence and Semafor reported earlier that the…

TotalEnergies to Unveil New Gas Field Project in Nigeria TotalEnergies Limited says it will unveil its shallow-water 70,000 barrels per day (bpd) Ima gas field project in Nigeria by 2026. The Country Chairman/Managing Director, TotalEnergies Nigeria, Matthieu Bouyer, disclosed this in Abuja at the Nigeria Oil and Gas (NOG) Energy Week 2025. Speaking at a strategic panel session tagged “Pragmatically Achieving Energy Abundance’’, Bouyer said the project would feed the Nigeria Liquefied Natural Gas (NLNG), one of the largest LNG plants in the world. Bouyer said the company was committed to increasing oil and gas production in a sustainable manner.…