Author: Ogochukwu Ndubuisi

Lasaco Posts 81.5% Profit Growth in First Quarter Lasaco Assurance Plc has recorded 81.5 per cent growth in profit to N2.36 billion for the quarter ended March 31, 2026. This is compared with N1.30 billion reported within the same period under review of 2025. The company, in a statement on Wednesday, revealed this as contained in its unaudited results for the first quarter of the year. According to the company, this reinforced its position as one of the more resilient players in Nigeria’s insurance sector. It said the significant increase underscored improved operational efficiency, stronger underwriting performance, and disciplined execution…

Guinness Nigeria Ranks Third-Largest Guinness Market Globally Guinness Nigeria Plc says the country has emerged as the third-largest market for the Guinness brand globally, behind Ireland and the United Kingdom. The Finance and Strategy Director of the company, Mr Mayank Kabra, disclosed this during a media parley in Lagos on Wednesday. Kabra said the Guinness brand had become deeply rooted in Nigeria after 76 years of operations, with many consumers now identifying it as a local brand. “The most interesting thing for us is that Nigeria is the third-biggest market for Guinness globally after Ireland and the UK. “Guinness has…

Coinbase Slashes Its Workforce and Hands the Work to AI Coinbase announced on Tuesday that it is cutting roughly 700 employees, equal to 14 percent of its entire workforce, as CEO Brian Armstrong declared that artificial intelligence has permanently changed the way the company needs to operate. Armstrong broke the news in a post on X, framing the decision not simply as a cost-cutting move but as a full reimagining of how Coinbase works from the inside out. He described the vision as rebuilding Coinbase as an intelligence, with human workers positioned around the edges to guide and oversee AI…

Global Equity Markets Rally as Middle East Tensions Soften Global equity markets rallied as easing Middle East tensions and a retreat in oil prices buoyed sentiment, with Wall Street leading gains overnight. The S&P 500 closed up 0.81%, the NASDAQ advanced 1.03%, and the Dow Jones ended the session 0.73% higher, lifted by optimism over a potential US-Iran deal and robust tech earnings. In Europe, the Euro Stoxx 50 closed 1.84% higher, benefitting from a pullback in energy prices and upbeat corporate results, while the FTSE 100 fell 1.40% as investors maintained a cautious stance amid ongoing lingering inflationary concerns…

Trump Says op to Break Iran’s Strait of Hormuz Blockade to be Paused U.S. President Donald Trump on Tuesday said that “Project Freedom,” the initiative to secure shipping through the Strait of Hormuz, will be paused “for a short period of time” to see whether an agreement with Iran can be finalised and signed. Since the start of hostilities between the United States, Israel, and Iran in late February, Tehran has effectively halted shipping through the Strait of Hormuz through threats and attacks, while Washington has imposed a naval blockade on vessels entering or leaving Iranian ports. Trump said in…

Zenith Bank Appoints Engr.Mustafa Bello as Chairman at AGM Zenith Bank Plc has announced the appointment of Engr. Mustafa Bello as the Chairman of its Board of Directors. The appointment, which takes immediate effect, has been approved by the Central Bank of Nigeria (CBN) and ratified by shareholders at the Annual General Meeting held on May 5, 2026. Engr. Bello’s appointment represents a strategic step to ensure the continuity, stability, and sustained effectiveness of the Board, while reinforcing the high standards of corporate governance, regulatory compliance, and strategic oversight for which Zenith Bank is widely respected. He joined the Board…

Justin Sun and Trump’s Crypto Venture Take Their Feud to Court What started as a bitter argument on social media has turned into a full-blown legal war. Justin Sun, one of the biggest names in the global cryptocurrency world, and World Liberty Financial, the Trump family’s flagship crypto company, are now suing each other, and the fight is getting uglier by the day. World Liberty Financial fired the latest shot on Monday, filing a defamation lawsuit against Sun in a Florida state court in Miami-Dade County. The company accused the Chinese-born billionaire of running a deliberate online campaign to destroy…

Jim Ovia Retires as Zenith Bank Chairman After 12 Years Zenith Bank Plc has announced the retirement of its Founder and Group Chairman, Jim Ovia, following the expiration of his tenure in line with regulatory guidelines. The bank disclosed this in a corporate disclosure through the Nigerian Exchange Ltd. on Tuesday. The bank said the retirement complied with the corporate governance guidelines of the Central Bank of Nigeria(CBN) for commercial and other categories of banks. The guidelines stipulate a maximum tenure for non-executive directors and board chairmen. It said, “Having served the mandatory 12 years as a Non-Executive Director and…

LBIC Posts N1.66bn Profit in 2025, Plans Digital Expansion The Lagos Building Investment Company (LBIC) Plc has reported a 43 per cent increase in profit before tax to N1.655 billion for the 2025 financial year. The Chairman of the Board, Mr Hakeem Ogunniran, said this at the company’s 21st Annual General Meeting (AGM) on Tuesday in Lagos. Ogunniran said the performance reflected the company’s resilience in spite of macroeconomic headwinds. “Our year-end results reflect strong growth across key indicators, underscoring our resilience and market opportunities,” he said. He said LBIC’s gross earnings rose by 41 per cent to N3.565 billion…

Court Dismisses N3m Suit for Damages Against First Bank The National Industrial Court in Ibadan, on Tuesday, dismissed a suit by a former employee, Mr Oyetunji Ajao, against First Bank of Nigeria, seeking N3 million damages over the delay in payment of his retirement benefits. The News Agency of Nigeria reports that Ajao, who retired from First Bank of Nigeria on May 31, 2008, had filed a suit against the bank over his unpaid gratuity and other retirement benefits totaling N5 million The claimant, through his counsel, Mr Babatunde Samuel had urged the court to order the bank to pay…