Author: Ogochukwu Ndubuisi

CBN Did Not Recommend Naira Redesign to Ex-President Buhari – Witness A former deputy governor of the Central Bank of Nigeria (CBN), Kingsley Obiorah, on Thursday said the board of the apex bank never recommended the 2022 Naira redesign to former President Muhammadu Buhari. Obiorah said this while testifying virtually before the FCT High Court at the resumed hearing in the ongoing trial of the suspended governor of the CBN, Godwin Emefiele. Emefiele is standing trial before Justice Maryanne Anenih, on  four-count charge bordering on disobedience to the direction of law and illegal act causing injury to the public. Emefiele…

The Securities and Exchange Commission (SEC) says the Investments and Securities Bill (ISB) 2024 has proposed a penalty of N20 million or 10 years imprisonment or both for Ponzi scheme operators.

Money market rates climbed further over a depressed funding profile in the banking system. Due to the absence of significant inflows from maturing instruments, the money market liquidity level closed on negative territory again on Thursday.

The Nigerian National Petroleum Company Limited (NNPC Ltd) and its partners have revved up crude oil and gas production to 1.8 million barrels per day (mbpd) and 7.4standard cubic feet per day (scfd).

The Federal Government has secured a loan facility of 134million dollars from the African Development Bank (AfDB) to help farmers boost seeds and grain production in the country.

Access Holdings Plc has announced that its banking group’s, subsidiary, the Access Bank UK Limited has entered into a binding agreement to acquire a majority equity stake in Afrasia Bank Limited. In a statement, the group said Afrasia bank is Republic of Mauritius’ fourth largest bank by total assets.

Prices of crude oil decline over rising U.S dollar. The global commodity market trading bearish ahead of US Federal Reserve (Fed) Chairman Jerome Powell speech. The U.S Fed chair is scheduled to speak on the economic outlook after inflation surge triggered caution markets temperature. Strong dollar has raised energy costs for major importers –China, US and India amidst geopolitical tensions.

NNPC Board Makes Key Leadership Appointments, Gets New CFO The Board of Directors of Nigerian National Petroleum Company Limited (NNPC Ltd.), has announced the appointment of Mr Adedapo Segun as the oil outfit’s Chief Financial Officer (CFO). The board also appointed Mr Isiyaku Abdullahi as the Executive Vice President (EVP), Downstream, and Mr Udobong Ntia as the Executive Vice President (EVP), Upstream. Mr Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd., in a statement on Wednesday, said the strategic leadership appointments reflected continued dedication to improved corporate governance operational efficiency. Soneye said the key appointments would ensure long-term success in…

NNPC Signs 10-Year Deal to Supply Gas to Dangote Refinery The NNPC Gas Marketing Limited (NGML), a subsidiary of the Nigerian National Petroleum Company Ltd. (NNPC Ltd.), has executed a Gas Sale and Purchase Agreement (GSPA) with Dangote Petroleum Refinery and Petrochemicals FZE. Under the agreement, the NNPC Gas Marketing Limited will supply 100 Cubic Feet Per Day (MMSCF/D) gas to Dangote Refinery for an initial period of 10 years to boost local production and revamp industrial growth. The agreement was signed by the Managing Director, NGML, Mr Justin Ezeala and the President/CEO, Dangote Group, Aliko Dangote on Tuesday at…

Deutsche Bank Awards Ecobank Nigeria with Client Excellence Award Ecobank Nigeria, an affiliate of Ecobank Group, has been honored with the Client Excellence Award for outstanding performance in institutional cash management for the previous year by Deutsche Bank AG. During the award presentation in Lagos, Andreas Voss, Chief Country Representative of Deutsche Bank AG, Corporate Bank, congratulated Ecobank for this recognition. He emphasized that the award reflects Ecobank’s excellence in payment efficiency and cash management. Voss noted that the bank’s commitment to excellence, open communication, and proactive strategies have led to significant achievements for both institutions. Voss stated, “Ecobank’s dedication…