Author: Ogochukwu Ndubuisi

Nigeria’s Eurobonds rallied in the international market, reversing foreign portfolio investors (FPIs) cold reactions

Diri Urge Renaissance Energy Not to be Like SPDC Gov. Douye Diri of Bayelsa, has advised the management of Renaissance Africa Energy Company Limited, that have acquired assets of Shell Petroleum Development Company (SPDC), to operate differently from the former owners. Diri stated this on Wednesday when he received the management of Renaissance Africa Energy, including its Chairman, Mr Layi Fatona, Managing Director and Chief Executive Officer, Chief Tony Attah, and other officials in Yenagoa. The governor explained that before SPDC divested its assets, host communities were short-changed because the proceeds that accrued to them were grossly inadequate and resulted…

ECOWAS Bank Appoints Cassiel Forson as New Chairman The ECOWAS Bank for Investment and Development (EBID) has appointed Dr Cassiel Forson, as the new Chairman of the bank. The appointment was made during the bank’s 23rd Ordinary Session held on April 14, in Banjul, The Gambia. Forson, the current Minister of Finance of the Republic of Ghana, and takes over from the Gambia’s Minister of Finance and Economic Affairs, Honourable Seedy Keita. Speaking on the appointment of the new Chairman of the Board of Governors, Dr George Donkor, President and Chairman of the Board of Directors of EBID, expressed his…

Dangote Refinery Slashes Petrol Price to N835 Per Litre The Dangote Refinery has announced another reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, from N865 to N835 per litre. Anthony Echiejina, the Group Chief Branding and Communications Officer of Dangote, disclosed this in a statement on Wednesday in Lagos. Echiejina said that the price slash came after the recent decline in global crude oil prices, which have dropped to $64 per barrel from over $70 per barrel in recent weeks. The new price is now set at N835 per litre, down from N865 per…

Nigeria Sovereign Investment Authority Posts Net Returns of N1.88T The Nigeria Sovereign Investment Authority (NSIA) says it posted a net return of N1.88 trillion for financial year 2024, up from the N1.18 trillion recorded in 2023. The managing director/CEO of NSIA, Aminu Umar-Sadiq, disclosed this while presenting its 2024 earnings at a media engagement on Wednesday in Abuja. Umar-Sadiq said the NSIA showed strong financial performance in spite of the volatile global economic landscape. He said the authority was able to achieve this through a dedicated and committed team that adopted four tactical and change strategies in 2024. “2024 was…

Chinese Yuan Weakens to 7.2133 Against Dollar The central parity rate of the Chinese currency Renminbi, or the Yuan, weakened 37 pips to 7.2133 against the dollar on Wednesday. This is according to the China Foreign Exchange Trade System. The central parity rate of the yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day. #Chinese Yuan Weakens…

FAAC: FG, States, LGs Share N1.578 trillion for March The Federation Account Allocation Committee (FAAC) shared N1.578 trillion among the Federal Government (FG) , states and the Local Government Councils (LGCs) for the month of March. A communiqué issued by Bawa Mokwa, the Director, Press and Public Relations, Office of the Accountant-General of the Federation (OAGF), said the revenue was shared at the April meeting of FAAC in Abuja. The communiqué said that the total revenue of N1.578 trillion comprised statutory revenue of N931.325 billion, Value Added Tax (VAT) revenue of N593.750 billion, and Electronic Money Transfer Levy (EMTL) revenue…

Access Holdings Grows Profit by 3.7% in 2024 Access Holdings Plc has reported a 3.7% year-on-year profit growth for the financial year 2024, according to the group’s audited financial statement. Details from its audited report showed that profit for the year climbed to N642.217 billion, up by 3.6964% year on year from N619.324 billion in 2023. The financial services group’s net interest income grew by 82% year on year to N1.268 trillion in 2024 on the back of a high interest rate environment that pushed the value of the loan book; from N695.360 billion reported in 2023. Net fees and…

Lagos Partners REA to Boost Renewable Energy Gov. Babajide Sanwo-Olu of Lagos has reaffirmed his administration’s commitment to renewable energy, especially in electricity, to stimulate economic activities across the state. He made this known on Monday at the Roundtable Meeting on Rural Electrification and Sustainable Energy Development, held at the Oriental Hotel, Victoria Island. The event was organised by the Lagos State Ministry of Energy and Mineral Resources (MEMR). Sanwo-Olu, represented by Deputy Governor, Dr Obafemi Hamzat, said the initiative was in partnership with the Rural Electrification Agency (REA). He stated the collaboration aims to tackle the power supply issue,…

Ericsson Reports Over N9trn Sales in Q1 2025 Ericsson, a multinational telecommunications company says its reported sales in the first quarter of 2025 were 55 billion sek (N9,060 trillion), with adjusted gross income increasing to 26.7 billion sek (N4,400 trillion). In a statement on Tuesday, Ericsson said that the reported sales and gross revenue were driven by sales growth and strong gross margin expansion. The company’s President and Chief Executive Officer, Börje Ekholm, said that the first-quarter 2025 results showcased solid momentum in technology leadership and programmable networks. He noted that the company’s adjusted gross margin was 48.5 per cent…