Author: Ogochukwu Ndubuisi

Naira Gains N5 as Foreign Investors Top Up FX Inflows The Nigerian local currency, the naira, rallied against the US dollar, with data showing that foreign portfolio investors (FPIs) dominated the supply side. According to data from the Central Bank platform, the spot FX rate appreciated to N1544.62, gaining about N5 on the day FX liquidity eclipsed today’s demand. In the parallel market, the naira also gained N10 to close at ₦1,570 per dollar as the market awaits the Central Bank’s final decision on FX sales to Bureau de Change operators at the official rate—which the authority planned to end…

Alleged $6bn Mambilla Power Fraud: EFCC Tenders Obasanjo’s Statement The Economic and Financial Crimes Commission (EFCC) in an Abuja high court on Monday tendered the statement made to it by former President Olusegun Obasanjo in the trial of Dr Olu Agunloye. Agunloye,  a former Minister of Power and Steel is charged infractions in the award of contract for Mambilla Hydropower Station in Taraba . Agunloye is standing trial on an a seven-count charge bordering on forgery, disobeying presidential directive and gratification brought against him  before Justice Jude Onwuegbuzie, of Apo high court. In the charge, marked FCT/HC/CR/617/2023, EFCC alleged that…

Nigeria Deepens Climate Finance Commitments with New N50bn Green Bond Dr Patience Oniha, Director-General of the DMO, says Nigeria is taking a significant step in tackling climate change with the planned issuance of a N50 billion Sovereign Green Bond. Oniha said this at an investors meeting for the Series III Sovereign Green Bond issuance on Monday in Lagos. She said that the initiative aimed to fund environmentally sustainable projects and reinforce the nation’s commitment to the Paris Agreement. According to, the offer is a continuation of Nigeria’s climate financing journey following earlier issuances in 2017 and 2019 that raised N25.69…

Season Rush: FIRS Directs Opening of Tax Offices on Weekends Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has directed the extension of tax office operations to weekends for the month of June. The directive, according to a statement by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, is part of Adedeji’s commitment to matching the agency’s customer-centric policy with tangible action. With the directive, tax offices are expected to open for business from 10:00 a.m. to 4:00 p.m. on Saturday and 12:00 p.m. to 4:00 p.m. on Sunday throughout the month of June. The statement…

Investors Dump Banks’ Stocks as CBN Ends Forbearance Regime The Nigerian Exchange (NGX) All-Share Index declined during the intraday trading session as investors exited positions in bank stocks on Monday in reaction to the Central Bank’s (CBN) decision to end the forbearance regime. The stock market trading direction appears to have switched to bear mode, with a bucket of sell orders already executed by brokers ahead of the inflation data release. Banks have been posting strong earnings amidst pressure on asset quality, with some of these loans unlikely to bear fruit but ringfenced by forbearance granted in the post-COVID-19 era.…

NDLEA Arrests Iran-Bound Businessman for Ingesting 53 Wraps of Cocaine The National Drug Law Enforcement Agency, (NDLEA), has arrested a businessman, 44-year-old Ezemokwe Chukwuebuka for ingesting 53 wraps of cocaine at the Port Harcourt International Airport (PHIA). In a statement by the NDLEA Director, Media and Advocacy (NDLEA), Mr Femi Babafemi on Sunday in Abuja, the suspect was arrested while on his way to Tehran, Islamic Republic of Iran. Babafemi said that the arrest came barely two weeks after operatives of the NDLEA at the Mallam Aminu Kano International Airport (MAKIA) Kano, intercepted a 60-year-old businessman Chinedu Okigbo with 65…

Dangote Refinery to Begin Distribution of PMS, Diesel Nationwide Dangote Petroleum Refinery is pleased to announce the commencement of a significant national initiative designed to transform Nigeria’s fuel distribution landscape. Effective 15th of August 2025, the Refinery will begin the distribution of Premium Motor Spirit (PMS) and diesel to marketers, petrol dealers, manufacturers, telecoms firms, aviation, and other large users across the country, with free logistics to boost distribution network. To ensure smooth take-off of this scheme, Dangote Refinery has invested in the procurement of 4,000 brand-new Compressed Natural Gas (CNG)-powered tankers. This phase of the programme will continue over…

Ghana Drives Intra-African Trade Under AfCFTA Ghana is accelerating efforts to boost intra-African trade through the African Continental Free Trade Area (AfCFTA) agreement. The country recently hosted the Ghana Intra-African Trade Fair (IATF) 2025 Business Roadshow, which brought together government officials, businesses, investors, and executives from the African Export-Import Bank (Afreximbank). Ghana’s Minister for Trade, Agribusiness, and Industry, Hon. Elizabeth Ofosu-Adjare, highlighted the government’s commitment to creating an enabling environment for businesses to thrive under AfCFTA. The government is providing firm-level support to over 2,000 MSMEs, including sensitization, market readiness training, and trade finance initiatives. The event focused on promoting…

NNPC Ltd. Records N5.8trn Revenue, N748bn PAT in April The Nigerian National Petroleum Company Limited (NNPC Ltd.) has announced a revenue of N5.89 trillion and a Profit After Tax (PAT) of N748 billion for the month of April. The NNPC Ltd. disclosed this in its Monthly Report Summary for April, released on Thursday. The report highlights key statistics, including crude oil and condensate production, natural gas output, revenue, profit after tax, and strategic initiatives during the period. The report said that NNPC Ltd made statutory payments of N4.22 billion between January and March. According to the report, crude oil and…

UBA PoS: The Town is Red and Here is Why While Fintechs have held sway in the e-payment space for a while now, especially with POS, commercial banks have risen to the game to prove what it means to be fast and reliable. Lately, if you’ve noticed a certain red glow across the corners of retail stores, restaurants, salon, supermarkets and many more places in your city, here is why: UBA has stepped back into the POS scene, and it’s doing so with style, speed, and something known as the foundation of relationships that can’t be faked, trust. Point-of-Sale (POS)…