Author: Ogochukwu Ndubuisi

Minister of Power Bayo Adelabu Officially Declares Governorship Ambition for Oyo State Nigeria’s Minister of Power, Chief Bayo Adelabu, has declared his intention to contest the Oyo State governorship seat in the 2027 general elections. This announcement was made during strategic meetings with key All Progressives Congress (APC) stakeholders in Ogbomoso and Oyo zones. Adelabu expressed confidence in his ability to compete and emerge victorious, stating, “I’m up to the task. I want to demonstrate my ability to compete and emerge victorious”. He also appealed for unity and forgiveness from aggrieved party members, emphasizing the need for the party to…

Eliminate Tax Duplication on Freights, Centre Urges CRFFN The Sea Empowerment and Research Centre (SEREC), has urged the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) to cancel tax duplication on freights. The Head Researcher of the Centre, Mr Eugene Nweke, said this in an interview with the News men on Sunday in Abuja.Nweke said that the cost of doing business in the country was high due to tax duplication, adding that it called for concern. “There is a need to address too many taxes and charges and duplicated functions. “This is a major infraction to the regional…

Exchange Rates Gap Sinks in Nigerian Forex Markets EXCHANGE RATES: The naira traded strong against the US dollar during the week as the gap between the official and parallel market rates, the FX spread, significantly decreased to N2 by the end of trading on Friday. In the just concluded week, the local currency surged against the US dollar in four out of five trading sessions at the Nigerian Foreign Exchange Market (NFEM). After successive gaining streaks, the naira’s spot rate slipped to N1528.56 per dollar at the official window, while the parallel market quote settled at N1530. The reduced FX spread…

IMF Urges FG on Budget Adjustment to Reflect Low Oil Prices The International Monetary Fund (IMF) has advised the Nigerian government to adjust its 2025 budget to reflect the current low oil prices. The budget, pegged at N54.99 trillion, was based on a benchmark oil price of $75 per barrel, which is no longer realistic given the current global oil market trends. The IMF’s advice is aimed at ensuring that Nigeria’s economy remains stable and resilient in the face of external shocks. In its just-released ‘Article IV’ assessment of Nigeria’s economic policies, IMF said The country’s economy has been growing,…

Trump to Host 5 African Leaders to Discuss Commercial Opportunities U.S. President Donald Trump will host leaders from five African nations in Washington next week to discuss “commercial opportunities,” a White House official said. Trump will host leaders from Gabon, Guinea-Bissau, Liberia, Mauritania, and Senegal for a discussion and lunch at the White House on July 9, the official said. “President Trump believes that African countries offer incredible commercial opportunities which benefit both the American people and our African partners,” the official said, referring to the reasons why the meeting was arranged. Africa Intelligence and Semafor reported earlier that the…

TotalEnergies to Unveil New Gas Field Project in Nigeria TotalEnergies Limited says it will unveil its shallow-water 70,000 barrels per day (bpd) Ima gas field project in Nigeria by 2026. The Country Chairman/Managing Director, TotalEnergies Nigeria, Matthieu Bouyer, disclosed this in Abuja at the Nigeria Oil and Gas (NOG) Energy Week 2025. Speaking at a strategic panel session tagged “Pragmatically Achieving Energy Abundance’’, Bouyer said the project would feed the Nigeria Liquefied Natural Gas (NLNG), one of the largest LNG plants in the world. Bouyer said the company was committed to increasing oil and gas production in a sustainable manner.…

GTCO, Oando, Transcorp Boost NGX Index, Investors Gain N403bn Investors’ interest in GTCO, Oando, Transcorp, and other stocks that increased in value drove up the Nigerian Exchange All-Share Index, leading to over N403 billion in capital gains. Trading concluded positively for the second consecutive day on the Nigerian Exchange (NGX), with bulls taking charge following four consecutive days of losses. NGX saw its main performance metrics rise by 0.53%, pushing the year-to-date return to 17.5%, in anticipation of the second quarter earnings rush on the Nigerian stock exchange. The uptick in performance metrics was fuelled by ongoing interest in medium-…

ECOWAS Bank Approves €174m for Investment, $125m to Boost Trade The ECOWAS Bank for Investment and Development (EBID), development finance institution of the Economic Community of West African States (ECOWAS), has approved funding to boost trade, strengthen infrastructure and support social development in the region. The bank, on Thursday in Lagos in a report from its 92nd ordinary session, signed by its Head, Communication and External Relations Unit, Anita Somda. According to EBID, it approved €174 million for investments and $125 million for social development. The bank said the fundings were to finance projects aimed at stimulating economic growth and…

Meta to Appeal €200m EU Fine Over Data Privacy Concerns Meta, the owner of Facebook and Instagram, is set to appeal a €200 million fine imposed by the European Union (EU) for violating digital competition rules. The fine, announced in April, stems from Meta’s “pay or consent” system, introduced in November 2023, which requires users to either pay to avoid data collection or agree to share their data with Facebook and Instagram to continue using the platforms for free. The EU’s European Commission concluded that Meta failed to provide users with a less personalized but equivalent version of its platforms,…

Japan to Pioneer World’s First Deep-Sea Rare Earth Extraction. The Japanese government has announced plans to embark on a pioneering deep-sea mineral extraction project, aiming to tap into the vast mineral resources lying on the ocean floor. This ambitious initiative marks a significant milestone in the country’s quest to secure a stable supply of critical minerals and reduce its reliance on foreign imports. The project, expected to be the world’s first of its kind, will focus on extracting valuable minerals such as cobalt, nickel, and rare earth elements from the deep-sea floor. These minerals are crucial for the production of…