Author: Ogochukwu Ndubuisi

Nigerian Exchange Crosses N74trn as Investors Gain N445bn Reflecting improved confidence, the Nigerian Exchange (NGX) market capitalisation crossed N74 trillion mark on Thursday as investors gained about N445 billion over increased bargain hunting. The domestic equities market sustained its bullish momentum, closing in the green for the second consecutive day after a bear touch on Tuesday. NGX data showed that key market performance indicators advanced by 0.60%, building on the previous day’s positive sentiment. Trading activity was upbeat, driven by heightened buying interest in both mid- and large-cap stocks, such as BETAGLASS, ETERNA, STANBIC, and 39 other gainers across major…

Guterres Renews Call for Israel-Iran Ceasefire UN Secretary-General António Guterres has renewed his calls for a ceasefire between Israel and Iran, and the de-escalation of hostilities between the two countries. Guterres said on Wednesday that he remained “profoundly alarmed” by the ongoing military escalation between Israel and Iran, as both sides continued to trade airstrikes. “I reiterate my call for immediate de-escalation leading to a ceasefire,” Guterres said in a statement in which he strongly appealled against any further internationalisation of the conflict. “Any additional military interventions could have enormous consequences, not only for those involved but for the whole…

U.S. Mediates Peace Talks Between DRC, Rwanda The U.S. has mediated peace talks between the Democratic Republic of the Congo (DRC) and Rwanda as part of a process of ending the violent conflict in DRC. This is contained in the text of a joint statement released on Wednesday by the Governments of the United States, the DRC and the Republic of Rwanda. The Office of the Spokesperson, U.S. Department of State, said the peace talks held this week in Washington, D.C. and Observed by the State of Qatar. “On June 18, technical teams from the Democratic Republic of the Congo…

U.S. Resumes Student Visas for Foreigners, Demands Social Media Access The U.S. has announced that it is resuming the suspended process for foreigners applying for student visas but will now require monitoring of the social media activities of the applicants. The U.S. Department of State said all applicants will now be required to unlock their social media accounts for review in an attempt to expand screening and vetting for visa applicants. The government had, in May, temporarily halted the scheduling of new visa interviews for foreign students hoping to study in the U.S. The department’s spokesperson in a statement, said…

Iran Cut off From Global Telecoms, Internet Monitor Says The London-based NetBlocks organisation that monitors cybersecurity said Iranians are largely cut off from global communications after their internet went down. “Metrics show Iran has now been offline for over 12 hours as authorities impose a nation-scale internet shutdown, citing Israel’s alleged ‘misuse’ of the network for military purposes,” The non-profit organisation posted on X early on Thursday. The measure continued to hinder residents’ access to information at a critical time, it added. On Wednesday, Netblocks posted that live network data showed Iran was now in the midst of a near-total…

Access Bank to Exit CBN’s Forbearance by June 30 –Official Access Bank says it is on track to comply with the CBN’s June 30 directive on regulatory forbearance while maintaining dividend plans. In a statement issued by its parent company, Access Holdings Plc, and signed by Company Secretary Sunday Ekwochi on Wednesday, the bank said it remains fully committed to the apex bank’s directive, which affects dividend payments, bonuses, and investment in foreign subsidiaries. “The bank will comply with the apex bank’s directive by June 30, 2025, while maintaining strong capital buffers and paying dividends to its shareholders,” the statement…

GTCO Begins Deduction of USSD Fee From Airtime Balance Guaranty Trust Holding Company (GTCO), says it will begin the deduction of Unstructured Supplementary Service Data (USSD fee from the airtime balance of its customers from June 18. The bank in a message to its customers on Wednesday, said the N6.98 fee would no longer be deducted from customers’ bank account balance. ”Dear Customer, please be informed that effective June, 18, the N6.98 USSD fee will be deducted from your airtime balance, no longer from your bank account”. The Nigerian Communications Commission (NCC) had directed deposit money banks (DMBs) to stop…

Naira Gains N5 as Foreign Investors Top Up FX Inflows The Nigerian local currency, the naira, rallied against the US dollar, with data showing that foreign portfolio investors (FPIs) dominated the supply side. According to data from the Central Bank platform, the spot FX rate appreciated to N1544.62, gaining about N5 on the day FX liquidity eclipsed today’s demand. In the parallel market, the naira also gained N10 to close at ₦1,570 per dollar as the market awaits the Central Bank’s final decision on FX sales to Bureau de Change operators at the official rate—which the authority planned to end…

Alleged $6bn Mambilla Power Fraud: EFCC Tenders Obasanjo’s Statement The Economic and Financial Crimes Commission (EFCC) in an Abuja high court on Monday tendered the statement made to it by former President Olusegun Obasanjo in the trial of Dr Olu Agunloye. Agunloye,  a former Minister of Power and Steel is charged infractions in the award of contract for Mambilla Hydropower Station in Taraba . Agunloye is standing trial on an a seven-count charge bordering on forgery, disobeying presidential directive and gratification brought against him  before Justice Jude Onwuegbuzie, of Apo high court. In the charge, marked FCT/HC/CR/617/2023, EFCC alleged that…

Nigeria Deepens Climate Finance Commitments with New N50bn Green Bond Dr Patience Oniha, Director-General of the DMO, says Nigeria is taking a significant step in tackling climate change with the planned issuance of a N50 billion Sovereign Green Bond. Oniha said this at an investors meeting for the Series III Sovereign Green Bond issuance on Monday in Lagos. She said that the initiative aimed to fund environmentally sustainable projects and reinforce the nation’s commitment to the Paris Agreement. According to, the offer is a continuation of Nigeria’s climate financing journey following earlier issuances in 2017 and 2019 that raised N25.69…