Author: Ogochukwu Ndubuisi

WHO to Reduce Workforce Due to Lack of Fund The World Health Organisation (WHO) is forced to reduce the number of employees due to a lack of money, and the number of departments will be reduced from 76 to 34. The Director-General, Tedros Adhanom Ghebreyesus, said this on Monday. “As you know, we have been engaging in a major structural realignment, guided by an in-depth analysis of priorities. The prioritisation exercise has informed the development of a new streamlined structure for headquarters, which reduced the executive management team from 14 to 7. The number of departments from 76 to 34,…

UBA Wins Big at Development Bank Service Ambassador Awards Africa’s global bank, United Bank for Africa (UBA) Plc, has reaffirmed its leadership position in fostering economic growth and empowerment as it clinched four major awards at the 2025 Development Bank of Nigeria (DBN) Service Ambassador Awards held at the weekend in Lagos. The prestigious awards recognises financial institutions driving impactful support for micro, small, and medium enterprises (MSMEs) across Nigeria, and UBA emerges as the top performer, coming top in DBM with the Highest Impact on MSMEs in Nigeria;  DBM with the Highest Impact on Women MSMEs; PFI with the…

CBN to Offer Treasury Bills worth N500 billion for Sale The Central Bank of Nigeria (CBN) is scheduled to open N500 billion worth of Treasury bill instruments for investors’ subscription at the midweek auction. The Apex Bank will offer Nigerian Treasury bills with 91-day, 182-day, and 364-day maturities to investors at the primary market auction on Wednesday. In their separate market update, fixed income market analysts projected that demand will remain strong, supported by sustained appetite for the naira assets as seen at the recent past auctions. Banks and other authorised dealers have continued to park funds in the Nigerian…

AfDB Boosts Botswana’s Economy with $304 Million Loan The African Development Bank has approved a $304 million loan to support Botswana’s economic stability and reforms. The funding aims to help the country manage its fiscal challenges, triggered by declining diamond revenues, and advance critical reforms to enhance fiscal transparency and promote private sector growth. Botswana’s economy contracted by 1.7% in 2024 due to weak global demand for diamonds, which account for about 80% of the country’s exports. The loan will support measures to increase domestic revenue, curb illicit financial flows, and enhance public expenditure efficiency, while also promoting job creation…

LCCI Urges Inclusive Growth Amid Reforms The Lagos Chamber of Commerce and Industry (LCCI) has praised the Federal Government for its bold economic reforms stabilising the macroeconomic environment. LCCI Director-General, Dr Chinyere Almona, said on Sunday in Lagos that removing subsidies and unifying exchange rates helped rebuild investor confidence. She noted that these reforms contributed to Nigeria’s 4.6 per cent GDP growth in the fourth quarter of 2024 and 3.46 per cent annual growth. Almona stressed the need to deepen these gains through inclusive, job-creating strategies that support local industries and reduce poverty. In spite of positive macroeconomic trends, she…

Nigerian Exchange Grows by N614bn on Waves Bumps, Rallies Nigerian Exchange (NGX) market capitalisation grew by about N614 billion over waves of bumps and rallies in the local bourse. The market saw upward and downward movements in the equities segment driven by investor sentiment that pushed key performance indicators upward.   Investor sentiment was boosted as April 2025 inflation eased to 23.71%, reinforcing expectations of a more accommodative monetary policy stance ahead of the Central Bank of Nigeria’s Monetary Policy Committee (MPC) meeting scheduled for May 19–20. In its note, Cowry Asset Limited also hinted that the optimism was further supported…

Wema Bank Price Discount at N3.55, Sets to Draw Curtain on Offer As the market prepares to draw the curtain on Wema Bank Plc’s rights issue offer this week, there was increased market activity on the Nigerian small lender’s stock in the equities market, despite its rights offer price being N3.55 lower than the quoted price. With a market capitalisation of N300 billion, Wema Bank is seeking to raise N150 billion as part of an effort to keep its commercial banking license in the absence of merger or acquisition deals on the table for consideration. Its share price rose slightly…

FAAC: FG, States, LGs Share N1.681trn April Revenue The Federation Account Allocation Committee (FAAC), has shared N1.681 trillion, being April revenue among the Federal Government, states and the Local Government Councils (LGCs) . This is acccording to a communiqué made available by Bawa Mokwa, the Director, Press and Public Relations, Office of the Accountant- General of the Federation (OAGF). The communiqué said that the revenue was shared at the May meeting of FAAC on Friday in Abuja. It said that the N1.681 trillion total revenue comprised statutory revenue of N962.882 billion, Value Added Tax (VAT) revenue of N598.077 billion, and…

Global Economy Stands at Fragile Turning Point -UN The UN Department of Economic and Social Affairs (UN DESA) has said that the global economy stands at a fragile turning point amid escalating trade tensions and growing policy uncertainties. UN DESA, in a report published on Thursday, stated that tariff-driven price pressures were adding to inflation risks, leaving trade-dependent economies particularly vulnerable. It stated that higher tariffs and shifting trade policies were threatening to disrupt global supply chains, raise production costs, and delay key investment decisions – all of this weakening the prospects for global growth. The economic slowdown is widespread,…

Customs Intercepts N1.5bn Contraband in Lagos The Federal Operations Unit, Zone A, Ikeja said it intercepted contraband goods worth N1.5 billion and arrested four suspects within a three-week operation. Comptroller Muhammed Shuaibu, the Customs Area Controller, revealed this during a briefing in Lagos on Friday while handing over seizures to NDLEA and NAFDAC officials. Shuaibu, who assumed duty on April 23, confirmed the seizures with a Duty Paid Value of N1.5 billion were made between April 23 and May 16. He pledged to use his experience to manage the unit effectively, saying the command had stayed true to that goal.…