Author: Ogochukwu Ndubuisi

Reps to Investigate Nigeria’s €1.2M Debt to OACPS The House of Representatives says it will investigate Nigeria’s outstanding debt of 1.2 million Euros to Organisation of African, Caribbean and Pacific States (OACPS). Nigeria, like other member-states, is expected to contribute financially to the OACPS budget and various development programmes. However, reports suggest that Nigeria has struggled to meet these financial obligations consistently, potentially hindering the organisation’s operations and the implementation of projects. The decision to carry out an investigation on the outstanding debt was taken, following a motion under matters of urgent national importance moved by Deputy Chief Whip, Ibrahim…

Dangote Refinery Reduces Ex-depot Price by N40 Dangote Refinery has reduced ex-depot price as more market joined to lift output. New marketers signed on the partnership deal with Dangote Refinery just as the Refinery management announced a reduction in its ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N880 to N840 per litre. The new pricing took effect on 30 June 2025. Dangote Group’s spokesperson, Mr. Anthony Chiejina, confirmed the price adjustment in Lagos, stating: “PMS price has been reduced from N880 to N840 per litre effective 30th June.” The previous increase to N880 per litre…

Nigeria Seeks Trade, Investment Relations with Saint Lucia Nigeria has expressed interest in expanding trade and investment relations with Saint Lucia, focusing on key growth areas such as agriculture, tourism, manufacturing, renewable energy and ICT. The Minister of Foreign Affairs, Amb. Yusuf Tuggar, made this known on Monday during a meeting with Saint Lucia’s Minister for External Affairs, International Trade, Civil Aviation, and Diaspora Affairs, Alva Romanus Baptiste. This is contained in a statement issued by Alkasim Abdulkadir, the Special Assistant on Media and Communications Strategy to the minister. The meeting took place during President Bola Tinubu’s state visit to…

NGX Group, DEG launch N-Zero climate initiative in Germany The Nigerian Exchange Group (NGX Group) has launched its ambitious Net Zero Programme (N-Zero) in collaboration with the German Investment and Development Company (DEG). DEG is a subsidiary of the German Government Investment Corporation. The launch and signing ceremony, which took place at DEG’s headquarters in Cologne, marked a major milestone in the NGX Group’s efforts to promote sustainable finance, responsible investing, and climate action across Africa. Dr Umaru Kwairanga, Chairman of the NGX Group in a statement on Tuesday, said the partnership symbolised a shared commitment to driving transformative change…

CAC Launches AI-Driven Portal for Seamless Business Registration The Corporate Affairs Commission (CAC) has announced the pilot take-off of its new Artificial Intelligence (AI)-powered registration portal. The Registrar-General of the CAC, Malam Hussaini Magaji, in a statement, made the announcement said during the 2025 Stakeholders Forum held in Port Harcourt. Magaji described the initiative as a major milestone in Nigeria’s business facilitation drive. He said the upgraded portal marks a complete overhaul of the Company Registration Portal (CRP), with advanced features designed to simplify and speed up business registration. According to him, the new system allows for instant name reservation…

Nigerian Exchange Shrinks as Equities Investors Wealth Falls Equity market capitalisation declined due to an abundance of sell-side transactions on the Nigerian Exchange (NGX) platform. Stockbrokers processed substantial sell orders, resulting in a downturn in market performance on Monday. The local stock market declined for three consecutive trading days. Broadstreet analysts believe the market has been excessively bought. Stockbrokers predict that trading on the Nigerian stock market this week will be influenced by cautious optimism, as there are no significant catalysts other than sentiment. Trading details revealed that key performance indicators posted slight declines of 0.01% apiece, and year-to-date return…

FG to Construct 250 Units Housing Scheme in Calabar- Minister The Federal Government of Nigeria has announced plans to construct 250 housing units in Calabar, Cross River State, as part of the Renewed Hope Housing Scheme. This initiative aims to address the country’s housing deficit and provide affordable housing options for Nigerians. The Minister of Housing and Urban Development, Mr. Ahmed Dangiwa, made this announcement during a courtesy visit to the Obong of Calabar, Edidem Ekpo Okon Abasi-Otu V, in Calabar. The housing project will feature one-bedroom, two-bedroom, and three-bedroom apartments, designed to be expandable to suit the needs of…

FRC Amendment Act 2023: FG Suspends Implementation The Federal Government of Nigeria has suspended the implementation of the Financial Reporting Council (FRC) Amendment Act 2023, following extensive consultations with major industry bodies. Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, disclosed that the decision was made after stakeholders raised concerns about the Act’s potential impact on the private sector. The controversy surrounding the Act stems from its reclassification of large private companies as Public Interest Entities (PIEs), subjecting them to annual dues ranging from 0.02% to 0.05% of their turnover without a cap. In contrast, publicly listed companies have…

UBA, BUA Foods Drive Intraday Rally in Stock Market Buying interest in UBA, BUA Foods, Access Holdings are pushing the Nigerian Exchange (NGX) key performance indicators higher during intraday trading session on Monday. The Nigerian Exchange (NGX) market capitalisation expended by N1.43 trillion net gain last week on mix of bulls and bear traders display. BUA Foods Plc has climbed while First Holdco started a new uptrend. Access Holdings has popped higher during intraday trading and Dangote Sugar Plc is uptrend with support from International Breweries, Transcorp and Oando. At mid-day, the NGX All Share Index posted a gain of…

Green Energy International Launches Operation at Nigerian Onshore Terminal Green Energy International has started operations at its Otakikpo onshore terminal near Port Harcourt, Nigeria, marking a significant milestone in the country’s energy sector. The terminal, which is the first indigenous onshore terminal constructed in Nigeria in over five decades, received its maiden cargo via a vessel chartered by Shell in June 2025. The Otakikpo terminal has a storage capacity of 750,000 barrels, with plans to increase it to three million barrels, and is expected to play a crucial role in processing crude from marginal fields. This development supports Nigeria’s goal…