Author: Ogochukwu Ndubuisi

How AfDB Impacts Millions of Lives Under my Stewardship – Adesina Dr Akinwumi Adesina, outgoing President of the African Development Bank (AfDB) says hundreds of million lives were directly impacted during his 10-year stewardship of the regional development bank. Adesina disclosed this on Monday during a Media Welcome Breakfast that marked the beginning of the 2025 Annual Meetings of the Bank in Abidjan, Côte d’Ivoire. Specifically, he said the AfDB directly impacted the lives of over 565 million people through its “High 5s” strategy over the past decade. According to him, the High 5s, introduced in 2015, focussed on five…

Ex-CBN Aide Reveals no Records of Alleged $400,000 Received for Emefiele The seventh prosecution witness, Mr John Adetola, told an Ikeja High Court that he did not document the alleged $400,000 he handed to the former Central Bank Governor (CBN), Godwin Emefiele. Adetola, an executive assistant to the former CBN governor, said this on Monday while being cross-examined by Emefiele’s lead counsel, Mr Olalekan Ojo (SAN), in the ongoing trial of Emefiele. Emefiele is standing trial on a 19-count charge bordering on receiving gratification and corrupt demands. Emefiele’s co-defendant, Henry Omoile, is facing a three-count charge bordering on unlawful acceptance…

Equities Investors Gain N583bn as NGX Index Hits Historic High Equities investors gained N583 billion as the Nigerian Exchange (NGX) all-share index reached a historic high in a fresh rally that started on Monday. The local bourse opened the new week on a positive note with a 0.85% upswing in key performance indicators and improved year-to-date returns. Stockbrokers highlighted that the upbeat performance was driven by investors buying interest in fundamentally strong blue-chip and mid-cap stocks, such as ARADEL, BUAFOODS, and others. Their selective buying activity boosted investor wealth by approximately ₦583 billion. Consequently, the market index added 924.50 basis…

FCTA Seals FIRS, Access Bank, Others over Unpaid Ground Rent The Federal Capital Administration (FCTA) on Monday sealed the premises of the Federal Internal Revenue Service (FIRS), Access Bank, and Total Energy in Wuse over unpaid ground rent. The Director of Land, FCTA, Chijoke Nwankwoeze, explained during the exercise that the properties have reverted to the FCTA. Nwankwoeze said that the exercise marks the commencement of taking possession of more than 4,794 revoked properties by the FCTA. He explained that the FIRS building, located in Wuse Zone 5, owed the FCTA ground rent for 25 years. Nwankwoeze added that the…

FG Moves to Deepen Lekki Channel Beyond 16.5 Meters The Federal Government has approved maintenance dredging of the $1.5 billion Lekki Deep Seaport channel from 16.5 metres to 17 metres, targeting 19 metres eventually. Managing Director of Nigerian Ports Authority (NPA), Abubakar Dantsoho, disclosed this in a statement on Sunday by Mr Okechukwu Onyemekara, General Manager, Communication and Strategy, after a weekend visit. Dantsoho encouraged the Lekki Port management to strengthen transshipment operations to support neighbouring landlocked countries. He said the increase in cargo throughput at the port was highly encouraging and showed great potential for further growth. Lekki’s ability…

Nigerian Listed Companies paid N1.1trn Dividends in 2024 – SEC The Securities and Exchange Commission (SEC) says listed companies on the Nigerian Exchange Ltd. (NGX) declared N1.1 trillion in dividends to shareholders in 2024. The Director-General of SEC, Dr Emomotimi Agama, disclosed this in a statement on Sunday. Agama said that N1 trillion had already been paid to shareholders out of the N1.1 trillion declared. According to him, this reflects improved market confidence and investor returns. He said that the commission, between January and December 2024, had approved a total of N3.68 trillion in new issues. “This comprised N59.82 billion…

INEC Creates AI Division to Harness Elections The Independent National Electoral Commission (INEC) has approved the creation of an Artificial Intelligence (AI) Division under its Information and Communication Technology (ICT) Department. The commission disclosed this in a statement by Mr Sam Olumekun, the National Commissioner and Chairman, Information and Voter Education Committee, in Abuja. Olumekun said that the division was to allow the commission to continue to harness the positive aspects of AI and mitigate its negative impact on elections. He said that the commission at its regular weekly meeting, among other issues, considered the increasing relevance of AI to…

FG Begins Repairs on Lagos-Ibadan Bridges The Federal Controller of Works in Lagos, Mrs Olukorede Kesha, says the Federal Government will soon begin palliative repairs on failing expansion joints along key bridges. She listed Kara, Arepo, and Magboro bridges on the Lagos-Ibadan Expressway as critical points where urgent interventions are planned. Kesha spoke to journalists on Saturday while responding to a recent crash involving an 18-seater commercial bus at Arepo bus stop on Friday. Several passengers sustained serious injuries in the incident According to Kesha, the accident resulted from a structural failure at one of the expansion joints. She expressed…

NNPC Ltd Plans PH Refinery Maintenance Shutdown The Nigerian National Petroleum Company Limited (NNPC Ltd.) says the Port Harcourt Refining Company (PHRC) will undergo a maintenance shutdown. Mr Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd., said in a statement on Saturday that scheduled maintenance and sustainability assessment would commence on May 24, 2025. Soneye said the company was working assiduously with relevant stakeholders to ensure efficient maintenance. “We are working closely with all relevant stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), to ensure the maintenance and assessment activities are carried out efficiently and transparently. “NNPC…

Jaiz Bank Fluctuates as Audited Earnings Release Lingers Jaiz Bank Plc market value closed at about N145 billion in the equities market, according to trading details obtained from the Nigerian Exchange. The Nigerian domicile Islamic lender has been tagged for missing appropriate regulatory filling to keep investors, shareholders informed about earnings and related information. The non-interest bank board of directors had met in March 14 to consider 2024 audited financial statement, according to document reviewed by MarketForces Africa, without mentioning dividend payable to shareholders. Excluding Islamic Development, Jaiz Bank Plc has six influential shareholders with combined interest climbed to 74.82%…