Author: Ogochukwu Ndubuisi

NNPC Cooperative Members Decry Alleged Fraud, Misappropriation Some retired cooperative members of the Nigerian National Petroleum Company Limited (NNPC Ltd.), Lagos State Branch, have decried alleged misappropriation of their funds by the management committee of the multipurpose society. Speaking at a media briefing in Abuja on Friday, the members said that they were yet to access their monies after years of retirement. They called for a forensic audit of the NNPC Ltd. Lagos State cooperative account for transparency, justice, and accountability. Elder Ante Ante, the Leader of the Group and an NNPC Ltd. retiree, said that their colleagues were yet…

Wike Announces Plans to Overhaul FCT Transport’s Sector The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, says plans have been concluded to introduce reforms in the FCT transportation sector to improve safety and comfort. Wike said this in Abuja on Friday, after he inspected the completed Kugbo and Mabushi Bus and Taxi Terminals in preparation for inauguration to celebrate President Bola Tinubu second year in office. The minister also inspected the completed access road to Giri District, which is also ready for inauguration. Wike said that there would be a lot of reforms, adding that a lot…

Fitch Upgrades Fidelity Bank National Rating to A+ (nga) Fitch Ratings has affirmed Fidelity Bank Plc.’s credit or Long-Term Issuer Default Rating (IDR) at ‘B’. The bank’s National Long-Term Rating has been upgraded to ‘A+(nga)’ from ‘A(nga)’. According to Fitch, both the outlooks on the long-term ratings are accorded as stable. The upgrade reflects Fidelity’s strengthening capital buffers as a result of last year’s rights issue and public offer, alongside stronger internal capital generation. This is underpinned by a sharp improvement in profitability metrics since 2022, as the bank benefits from higher rates due to its heavy reliance on low…

Banking Names Drive Intraday Loss on Nigerian Exchange Spurred by weak investors’ sentiment, negative price movements in banking stocks like Access Holdings, First Holdco, GTCO, and Fidelity Bank are dragging the equities market capitalisation lower. Trading activities opened negative on Friday as investors continue to take profit. Banking stocks become profit-taking targets after a strong rally posted this week. With the change in buying appetite, both tier-1 banks and small lender stocks were not spared in the selloffs. Wema Bank Plc’s market value is in decline, while investors are also exiting positions in Sterling and Jaiz Bank Plc. International Breweries…

Sidi Ould Tah of Mauritania elected as AfDB President Sidi Ould Tah of Mauritania has been elected as the new President of the African Development Bank (AfDB). Tah was elected on Thursday by the Bank’s Board of Directors at the bank’s annual meetings held in Abidjan, Côte d’Ivoire. The board comprises Finance and Economy ministers, Governors of Central Banks across Africa and the 81 regional and non-regional members of the Bank. The keenly contested election saw Amadou Hott of Senegal scoring 3.5 per cent of the total votes casts, Samuel Maimbo of Zambia 20.26 per cent and Tah 76.18 per…

Glovo Generates N71bn Revenue for Nigeria Businesses Glovo, a leading technological multi- category platform has generated a revenue of N71 billion for its local partners in Nigerian since its inception in 2021. The General Manager, Glovo Nigeria, Mrs Lamide Akinola, made this known on Wednesday in Lagos at the 2025 Future of Commerce Summit. The summit gathered ecosystem leaders, restaurateurs, policymakers, fintech pioneers, digital marketers, and investors to explore the future of business in Nigeria’s fast-paced commerce landscape. Akinola said the platform since its journey in Africa in 2017 had invested over €200 million in building and growing the delivery…

We’ve Made Progress in Socio-Economic Devt. – Tinubu President Bola Tinubu on Thursday said his administration had made progress in returning the country to the path of socio-economic development. The President said this in a statement in Abuja to mark the second anniversary of his administration. “When we embarked on this journey, propelled by a burst of hope and abiding faith in Nigeria’s unity and progress, I made a pledge before God and fellow countrymen and women to confront Nigeria’s challenges head-on. “We have breathed new life into the Solid Minerals sector as part of our efforts to diversify the…

Senate Approves N1.8trn 2025 FCT Statutory Appropriation Bill The Senate has approved N1.8trillion for the 2025 Federal Capital Territory Administration (FCTA) Statutory Appropriation Bill. This followed the presentation of the report of Committees on FCT on the bill by Chairman of the Committee Sen.Bomai Ibrahim(APC-Yobe)at plenary on Wednesday. Ibrahim in his report said the Senate and the House Committee on FCT met with the Honorable Minister and other relevant officials of the FCT administration to deliberate on the appropriation bill. He said the breakdown of the budget includes personnel cost of N106 billion, overhead of N352 billion, total recurrent was…

EU Inaugurates Strategy to Stop Startups from moving to U.S. The European Commission inaugurated a strategy on Wednesday to promote small businesses and assist them grow in an attempt to keep these companies in Europe. “Startups and scaleups are essential to Europe’s future, driving innovation and sustainable growth, creating high-quality jobs, attracting investment and reducing strategic dependencies. “Yet, in spite of the strong foundations, too many still struggle to take ideas from the lab to market or grow at scale within the EU,’’ the commission said at the inauguration. While more startups were founded in the EU than in the…

Africa’s Short-Term Outlook Remains Resilient Amidst Global Uncertainty Africa’s economic growth is projected to rise from 3.3% in 2024 to 3.9% in 2025 and 4% in 2026, despite global economic and political challenges, according to the African Development Bank Group’s 2025 African Economic Outlook report. The report highlights the continent’s resilience, driven by effective domestic reforms and improved macroeconomic management. The report notes that 21 African countries are expected to achieve growth rates exceeding 5% in 2025, with four countries – Ethiopia, Niger, Rwanda, and Senegal – potentially reaching the critical 7% threshold required for poverty reduction and inclusive growth.…