Author: Ogochukwu Ndubuisi

Africa Loses $40bn Annually to Illicit Financial Flows in Extractive Sector – ECA The United Nations Economic Commission for Africa (ECA) says Africa is losing an estimated 40 billion dollars annually to illicit financial flows (IFFs) in the extractive sector. Mr Antonio Pedro, ECA’s Deputy Executive Secretary, in a statement said the trend undermines development and deepens economic inequality on the continent Pedro spoke at a High-Level Policy Dialogue (HLPD) in New York, marking close of the 2025 African Dialogue Series (ADS), themed “Justice for Africans and People of African Descent through Reparations.” He said the massive financial losses due…

Ecobank Holds Fourth Adire Fair with 120 Exhibitors Ecobank Nigeria on Thursday unveiled the fourth edition of its annual Adire Lagos Fair, providing a direct solution for small and medium-sized enterprises (SMEs) seeking market access and growth. The exhibition, featuring over 120 exhibitors from across the nation, addresses key challenges faced by these businesses while also promoting Nigeria’s rich cultural heritage. The four-day event, held at the Ecobank Pan African Centre in Lagos, had in attendance vendors, fashion and cultural enthusiasts, creatives, and shoppers. Originating from Abeokuta, Adire textile is an indigenous indigo-dyed cloth that uses different wax-resistant methods to…

Anambra Crackdown on Illegal Internet Service Providers The Anambra government on Thursday said it has commenced a crackdown on unauthorised Internet Service Providers (ISPs) operating across the state. Mr Chike Maduekwe and Mr Chukwuemeka Agbata, managing directors of Anambra State Physical Planning Board (ANSPPB) and Anambra State Information Communication and Technology (ICT) Agency, respectively disclosed this in a joint statement. They said that the decisive action followed numerous reports of illegal road and sidewalk excavations, as well as the unauthorised erection of poles by several ISPs operating without the required approvals. They said that such activities not only compromised residents’…

WTC Unveils Export Launch Pad to Boost Nigeria`s Trade Competitiveness The World Trade Centre (WTC), Abuja, on Tuesday unveiled an export launch pad aimed at boosting Nigeria’s competitiveness in global trade. The pad was unveiled by its Vice-President, Mr Ahmed Adelaja, alongside the WTC Abuja Trade Desk shortly after its webinar. The webinar was on “Navigating Global Uncertainties and Breaking Barriers to Growth”, part of its series on `Nigeria`s Trade Competitiveness. Adelaja described the pad as WTC Abuja’s flagship business accelerator, designed to empower Nigerian exporters, particularly small and medium-scale enterprises to compete successfully in international markets. He said that…

Abia, Turkey Plan Investment Summit, Exhibition to Deepen Investment Ties The Abia Government has announced plans to host a Turkey-Abia Investment Summit and Exhibition in a strategic move to boost international trade and attract Foreign Direct Investments (FDI). Dr Green Amakwe, the Special Adviser to the Governor on Investment Promotion and Public-Private Partnerships, disclosed this at a news briefing in Umuahia on Wednesday. Amankwe said that the event would focus on a multi-faceted investment promotion drive to strengthen economic relations with Turkey and other key partners. He described the event as FDI exposition for international and local investors to explore…

Trump Bans Citizens of 12 Countries from Entering U.S. U.S. President Donald Trump has signed a proclamation on Wednesday evening banning citizens of 12 countries from entering the United States. The countries affected are Afghanistan, Myanmar, Chad, Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Somalia, Sudan and Yemen. Nationals from these countries will be “fully” restricted from entering the U.S., according to the proclamation. Similarly, the entry of nationals of Burundi, Cuba, Laos, Sierra Leone, Togo, Turkmenistan and Venezuela will be partially restricted. The proclamation is effective on June 9, 2025 at 12:01 am EDT (5:01am Nigerian time). Trump said…

GTCO, OANDO Intraday Rally Boost Market Index An intraday rally in GTCO, OANDO Plc, and some other mid-cap stocks boosted the Nigerian Exchange (NGX) All-Share Index, or the market index, on Wednesday. The market opened the trading session on Wednesday strong with some price uptick in banking and oil and gas names in the local bourse. The industrial index is making an uptrend, and stockbrokers anticipated the Nigerian Exchange could actually reach N79 trillion—its highest market cap ever. Apart from banking stocks, which have become attractive at the respective valuation, investors also show interest in Oando. The energy stock has…

Lagos Launches Informal Land Mapping Project Gov. Babajide Sanwo-Olu of Lagos has launched a new land mapping project aimed at identifying and putting informal lands across the state to better use. Sanwo-Olu, who was represented by his Deputy Chief of Staff, Dr Sam Egube, spoke at the handing over of three operational vehicles to the Lagos State Informal Space Management Agency (LASISMA) on Tuesday. LASISMA is the state government agency responsible for managing informal spaces and regulating informal businesses. The governor said that the initiative would help the government to map and define informal land. He added that the open…

FG Begins Payment of N44,000 Minimum Wage Arrears to Ex-Corps Members The Federal Government has commenced the payment of N44,000 minimum wage arrears to former members of the National Youth Service Corps (NYSC). The commencement of the payment fulfills an earlier promise tied to the recent upward review of corps members’ monthly allowance from N33, 000 to N77, 000. The payment applies to those who completed their service before the new allowance took effect earlier this year. Former corps members have taken to X (formerly Twitter) to confirm receipt of the payment, expressing their gratitude and relief. The payment, widely…

Gates Foundation Supports Nigeria with $7.5m for AI Scaling Initiative The Gates Foundation has agreed to support the Federal Government with  $7.5 million for Nigeria’s Artificial Intelligence (AI) Scaling Hub, a new initiative. This would accelerate the development and scale-up AI-driven solutions to improve lives and expand opportunities across key sectors such as health, agriculture, and education. The Special Adviser of Media and Communications, Ministry of Communications ,Innovation and Digital Economy, Isime Esene, made this known in a statement issued in Abuja on Tuesday. Esene said that the announcement was made during the Scaling Hub signing of Memorandum of Understanding…