Author: Ogochukwu Ndubuisi

GTCO, Oando, Transcorp Boost NGX Index, Investors Gain N403bn Investors’ interest in GTCO, Oando, Transcorp, and other stocks that increased in value drove up the Nigerian Exchange All-Share Index, leading to over N403 billion in capital gains. Trading concluded positively for the second consecutive day on the Nigerian Exchange (NGX), with bulls taking charge following four consecutive days of losses. NGX saw its main performance metrics rise by 0.53%, pushing the year-to-date return to 17.5%, in anticipation of the second quarter earnings rush on the Nigerian stock exchange. The uptick in performance metrics was fuelled by ongoing interest in medium-…

ECOWAS Bank Approves €174m for Investment, $125m to Boost Trade The ECOWAS Bank for Investment and Development (EBID), development finance institution of the Economic Community of West African States (ECOWAS), has approved funding to boost trade, strengthen infrastructure and support social development in the region. The bank, on Thursday in Lagos in a report from its 92nd ordinary session, signed by its Head, Communication and External Relations Unit, Anita Somda. According to EBID, it approved €174 million for investments and $125 million for social development. The bank said the fundings were to finance projects aimed at stimulating economic growth and…

Meta to Appeal €200m EU Fine Over Data Privacy Concerns Meta, the owner of Facebook and Instagram, is set to appeal a €200 million fine imposed by the European Union (EU) for violating digital competition rules. The fine, announced in April, stems from Meta’s “pay or consent” system, introduced in November 2023, which requires users to either pay to avoid data collection or agree to share their data with Facebook and Instagram to continue using the platforms for free. The EU’s European Commission concluded that Meta failed to provide users with a less personalized but equivalent version of its platforms,…

Japan to Pioneer World’s First Deep-Sea Rare Earth Extraction. The Japanese government has announced plans to embark on a pioneering deep-sea mineral extraction project, aiming to tap into the vast mineral resources lying on the ocean floor. This ambitious initiative marks a significant milestone in the country’s quest to secure a stable supply of critical minerals and reduce its reliance on foreign imports. The project, expected to be the world’s first of its kind, will focus on extracting valuable minerals such as cobalt, nickel, and rare earth elements from the deep-sea floor. These minerals are crucial for the production of…

FG Creates 37 New Evacuation Routes to Curb Oil Theft The Federal Government has created 37 new evacuation routes for crude oil to tackle oil theft and spur production. Mr Gbenga Komolafe, Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed this at the ongoing 2025 Nigeria Oil and Gas (NOG) Energy Week in Abuja. He said that protection of assets was also paramount. “With 37 new evacuation routes approved and working closely with security agencies, we are curbing theft and boosting accountability. “Meanwhile, our drive on Domestic Crude Supply Obligation is guaranteeing feedstock for local refineries, strengthening domestic…

Yobe State Gets N3.8bn for Climate Farming From World Bank No fewer than 101 communities in Yobe received 25,000 U.S dollars each (about N38.3 million) as non-interest World Bank loan throught Agro-Climatic Resilience in Semi-Arid Landscapes (ACRESAL) Project. The ACRESAL’s state Coordinator, Alhaji Shehu Mohammed, made this known at the signing of a Memorandum of Acceptance with 101 scale-up communities to enable them access a non-interest Community Revolving Fund (CRF) loan in Damaturu. Mohammed said that the current phase would benefit 482 farmer and community groups comprising 7,340 direct beneficiaries involving 4,857 males and 2,483 females. He said that each…

Oil Production Boost: Tinubu Orders Immediate Reactivation of Dormant Oil Fields President Bola Tinubu has directed all holders of dormant oil assets across Nigeria to immediately reactivate them to boost the country’s dwindling crude oil production and revenue. This directive was announced by the Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, during the 2025 Nigeria Oil and Gas Energy Week in Abuja. The Federal Government aims to increase crude oil production to 2.1 million barrels per day and generate approximately N84.67 trillion in crude oil revenue, based on an oil price of $75 per barrel. However, the country has…

Renewable Energy Gets Boost as NCC, REA Inaugurate Joint Committee  The Nigerian Communications Commission (NCC) has formally inaugurated the NCC–REA Collaboration Committee, marking a pivotal step towards advancing Nigeria’s digital and energy inclusion objectives by developing modalities for the deployment of renewable energy to support telecom infrastructure in Nigeria.   The inauguration, held at the NCC Headquarters in Abuja on Friday, 27th June 2025, was presided over by the Executive Vice Chairman and Chief Executive Officer of the Commission, Dr. Aminu Maida, who was joined by the Managing Director of the Rural Electrification Agency (REA), Abba Abubakar Aliyu, along with senior…

Chinese President not Going to BRICS Summit for the 1st time Chinese President Xi Jinping will not be going to the upcoming summit of the BRICS group of emerging economies, Foreign Ministry spokeswoman Mao Ning announced in Beijing on Wednesday. Prime Minister Li Qiang will travel to this year’s meeting in Brazil, she said. No reason was given for Xi’s absence. The Kremlin has announced that Russia President Vladimir Putin would also not attend the meeting. His absence is linked to the arrest warrant issued by the International Criminal Court, which Brazil as a signatory to the Rome Statute would…

UN Approves $5.4bn Peacekeeping Budget for 2025-2026 The UN General Assembly on Monday approved a $5.38 billion budget for peacekeeping operations for the 2025-2026 fiscal year. The approved budget is down slightly from the 2024-2025 year, which stood at $5.59 billion for 14 operations. The approval followed weeks of negotiations by delegates amid warnings about persistent funding challenges. The 2024-2025 peacekeeping budget, which reflects a modest decrease, followed final settlements of former missions in Côte d’Ivoire and Liberia. Acting on the recommendation of its Fifth Committee (Administrative and Budgetary), the Assembly endorsed the budgets for 12 missions. It also endorsed…