Author: Ogochukwu Ndubuisi

FG to Launch Boat Manufacturing, Phase Out Rickety Vessels –Shippers Council The Federal Government says plans are ongoing to begin manufacturing of boats in the country in a bid to phase out rickety vessels and curb incidence of boat mishaps. Mr Pius Akutah, the Executive Secretary of the Nigeria Shippers Council (NSC) said this in an interview with the News men in Abuja. Akutah said that the Ministry of Marine and Blue Economy and the Nigerian Inland Waterways Authority (NIWA) were working tirelessly to minimise the level of accidents on the inland waterways. According to him, the minister is looking…

G7 Reaches Deal to Exempt US Multinationals from Global Minimum Tax The Group of Seven (G7) nations has agreed to exempt US multinational companies from a global minimum tax imposed by other countries. This win for President Donald Trump’s government allows US companies to benefit from a “side-by-side” solution, where they’ll only be taxed at home on both domestic and foreign profits According to the G7 statement, the agreement acknowledges existing US minimum tax regulations and seeks to enhance stability in the international tax framework. US Treasury Secretary Scott Bessent signaled Thursday that a deal was forthcoming among G7 nations,…

GTBank to Close Branches Early for Half-Year Audit on Monday Guaranty Trust Bank (GTBank) Ltd. has announced that all its branches across Nigeria will close earlier than usual on Monday, June 30. The bank made this known in a customer email sent on Saturday, informing clients of the temporary change in operation hours. According to the message, the early closure is to allow for the bank’s scheduled half-year audit activities. The statement read, “Please be informed that our branches nationwide will close to customers early on Monday, June 30, 2025 for our half-year audit.” It also specified different closure times…

Dangote Refinery to Debut on Stock Market by 2026 Aliko Dangote, President of Dangote Group, has announced plans to list his $20 billion oil refinery on the Nigerian Stock Exchange by the end of 2026. The refinery, located outside Lagos, is Africa’s largest and can process 650,000 barrels of crude oil per day, producing aviation fuel, naphtha, diesel, and gasoline. The decision to list the refinery aims to broaden the company’s investor base and counter concerns about monopolistic dominance in Nigeria’s energy sector. Dangote said, “It’s important to list the refinery so that people will not be calling us a…

Trump Warns of Further Action: “We’ll Bomb Iran Again Without Question” Donald Trump has warned Iran that the US would bomb the country “without question” if it doesn’t agree to a new nuclear deal. Trump’s statement comes after Iran rejected direct negotiations with the US, although Iranian President Masoud Pezeshkian has left the door open for indirect talks. Trump’s threat is part of his administration’s efforts to pressure Iran into negotiating a new nuclear agreement. The US had withdrawn from the 2015 Joint Comprehensive Plan of Action (JCPOA) during Trump’s first term, reimposing sanctions that severely impacted Iran’s economy. Iran…

Ecobank Nigeria Launches New Premier Branch in Victoria Island, Lagos Ecobank Nigeria has announced the opening of a new branch dedicated solely to Premier Banking clients. This branch located No 25. Akin Adesola Street in Victoria Island is dedicated to serving high-net-worth individuals, providing personalized world-class banking services and amenities. This location offers a bouquet of carefully curated premium banking services enjoyed in the comfort of an exclusive VIP Lounge staffed with dedicated team of relationship managers and supported by a 24X7 contact centre. Announcing this in Lagos, Adeola Ogunyemi, Head, Distribution Channels/Sales, Consumer & Commercial Banking at Ecobank said…

Ganduje Resigns as APC National Chairman The All Progressives Congress (APC) National Chairman, Dr Abdullahi Ganduje, has resigned from his position. Ganduje turned in his resignation letter to the party’s National Working Committee (NWC), through its National Secretary, Sen. Ajibola Bashiru, on Friday. The former Kano State governor, in the letter, hinged his decision to throw in the towel on health grounds. Ganduje, who was elected as the sixth APC National Chairman on Aug. 3, 2023, said he had to step aside to enable him take care of his health. In line with the APC constitution, the Deputy National Chairman…

Equities Investors Lost N516bn over Sustained Market Correction Equities investors lost more than N516 billion due to the second day market correction after monster rallies that pushed key indexes to all-time highs. The Nigerian Exchange closed the week on a bearish note with key performance indicators moderating by 0.68% on the back of huge profit taking activities.  The selloffs on Friday marked the second consecutive day of losses, largely attributed to profit-taking in recently appreciated medium- and blue-chip stocks across key sectors. The Exchange had maintained an uptrend for six straight sessions. As a result of the trading pattern, the…

US Hits Mexican Banks with Sanctions Over Fentanyl Trafficking Claims The US Department of the Treasury has slapped sanctions on three Mexican financial institutions, accusing them of laundering millions of dollars for notorious drug cartels involved in the fentanyl trade. The move is part of a broader US crackdown on organized crime in Latin America. The Treasury Department named CIBanco, Intercam Banco, and brokerage firm Vector Casa de Bolsa as institutions that have allegedly played a crucial role in helping cartels move funds and facilitate payments for chemicals used in fentanyl production. These banks are accused of working with powerful…

Tinubu Brokers Peace Between Wike, Fubara President Bola Tinubu, on Thursday night, hosted a high-stakes reconciliation meeting between suspended Rivers Governor Siminalayi Fubara and FCT Minister Nyesom Wike. ‎The closed-door meeting, held at the State House in Abuja, included Rivers Assembly Speaker Martins Amaewhule, lawmakers, and key political stakeholders. ‎This latest peace meeting is seen as a last-ditch attempt by the presidency to end the political feud in the state. Wike, in brief remarks after the meeting, said that all parties had agreed to work together in the interest of the state. ‎”We have all agreed to work together with…