Author: Ogochukwu Ndubuisi

PenCom Urges States to Adopt CPS to Ensure Security The National Pension Commission (PenCom), has urged states and local governments to implement the Contributory Pension Scheme (CPS) for a pension-secure Nigeria. This is contained in a statement issued by the management of the commission in Abuja. The Pension Reform Act (PRA) 2014, in Section 2(1), stipulates that the CPS applies to all public sector employees across the Federal Capital Territory (FCT), states, local governments, and private sector. According to the statement, the 1999 Constitution of the Federal Republic of Nigeria (as amended), state governments have the constitutional right to legislate…

INEC Notifies Natasha of Petition to Recall Her from Senate The Independent National Electoral Commission (INEC) has notified the suspended Sen. Natasha Akpoti-Uduaghan about the receipt of a petition to recall her from the National Assembly. The commission disclosed this in a statement issued by Sam Olumekun, INEC National Commissioner and Chairman, Information and Voter Education Committee, on Wednesday in Abuja. Olumekun also confirmed that further to the statement issued by INEC on Tuesday, the commission had received contact addresses of representatives of the petitioners seeking to recall Natasha. He stated that the telephone numbers and e-mail addresses of the…

U.S. Tariff Policies to Hit Own Economy, German Economist Warns U.S. new trade policies and tariff hikes will heighten uncertainty and weigh on world economy, with the U.S. economy likely to face severe consequences, a German economist has warned. Holger George, a professor of International Economics at University of Kiel, told Chinese News Agency (Xinhua) that “the U.S. economy is likely to be the economy that will be hit the hardest by America’s new policies. “Although it remains unclear whether the U.S. tariffs will lead to strong recession or just an economic downturn, it is very clear the U.S. will…

Africa’s Economic Growth will Reach 3.8% in 2025- ECA Report The Economic Commission for Africa’s (ECA) Economic Report on Africa (ERA), says the continent’s economic growth will recover gradually, reaching 3.8 per cent in 2025 and 4.1 per cent in 2026. According to the report, the growth is driven by increased private consumption and improved trade performance. The report warned that in spite the rebound, growth remained below the level required to enhance living standards and achieve the Sustainable Development Goals (SDGs). The ECA reiterated multiple downside risks threatening the continent’s growth prospects, including global economic tensions, an escalated U.S.-China…

MTN, Airtel Africa Agree to Share Network in Uganda, Nigeria Telecommunication giants, MTN Group and Airtel Africa have agreed to share network in two African countries, Uganda and Nigeria in efforts to manage costs effectively. With a drive to extend digital and financial inclusion across Africa, the two telecom company said they entered into agreements to share network infrastructure in Uganda and Nigeria, while ensuring compliance with local regulatory and statutory requirements. “These sharing agreements target improved network cost efficiencies, expanded coverage and the provision of enhanced mobile services to millions of customers, particularly those in remote and rural areas…

Sterling, Euro Rise Against US Dollar in FX Market The US dollar fell against its major trading partners, Sterling and Euro, early Tuesday ahead of a busy schedule of economic data releases and Federal Reserve appearances. US consumer confidence data is due to be released and is anticipated to show further deterioration. “We are slightly more pessimistic than consensus expecting 93.0, and we mostly see downside risks for the dollar today”, ING analyst Francesco Pesole said in a note. Purchasing Manager Index surprised on the upside in the US while jumping less than expected in the euro area, helping the…

UBA Grows Profit by 26% to N766.6 Billion in FY2024 United Bank for Africa (UBA) Plc has recorded N766.6 billion as profit after tax for the financial year 2024. This represents a 26.14 per cent increase when compared to N607.7 billion posted same period of 2023. This was made known in the bank’s audited financial results filed with the Nigerian Exchange Ltd. (NGX) on Monday. The increase is driven by the growth in the gross earnings of the bank, which rose by 53.6 per cent to N3.19 trillion. The total assets of the bank also experienced a 46.8 per cent…

Oil Price Rise Ahead of Reciprocal Tariffs Implementation Oil prices rose on Tuesday in the global commodities market ahead of April implementation of U.S. reciprocal tariffs, supply risks that followed sanctions on Iranian crude exports, and geopolitical tensions. Brent crude rose by around 0.3% trading at $72.71 per barrel, up from $72.48 at the previous session’s close. The US benchmark, West Texas Intermediate (WTI) increased by 0.4%, reaching 69.30 per barrel, compared to its prior session close of $69.05. On Friday, Trump signalled that there would be ‘flexibility’ regarding the reciprocal tariffs set to take effect on April 2. Addressing…

Zenith Bank Climbs by 5% to N1.967 Trillion Zenith Bank Plc climbed by 5.04% in the equities market as investors rushed Ajose Adeogun-headquartered financial service shares on the Nigerian Exchange (NGX). Its share price surge, in addition to renewed demand in other competing financial services stocks, lifted banking index performance in the local bourse. Market analysts said Zenith latest rally was spurred in anticipation of the group 2024 earnings release, with investors taking positions ahead of the final dividend announcement. By pattern, stockbrokers said they anticipate a spike in demand for Zenith Bank shares when the group announces its profit…

Naira Rallies as FX Inflow Grows by 8.2% to $1.19 Billion The naira rallied across foreign exchange (FX) markets as data revealed that US dollar inflows improved by about 8.2% week on week to $1.19 billion. The spot FX rate faced pressures in the recent past weeks due to a foreign currency shortfall at the official FX window despite sustained intervention by the monetary authority. The Central Bank of Nigeria (CBN) intervened in the forex market eight consecutive trading sessions to keep the supply side strong as thin FX dollars stoked pressure on the naira. According to spot FX data…