Author: Ogochukwu Ndubuisi

CPPE Lauds CBN Rate Pause, Seeks Future Reductions The Centre for the Promotion of Private Enterprise (CPPE) has commended the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) for pausing rate hikes. Dr Muda Yusuf, the Chief Executive Officer of CPPE, gave the commendation in an interview with the News Agency of Nigeria (NAN) on Friday in Lagos.He, however, called for future reductions and expressed reservations regarding the Cash Reserve Ratio (CRR) rates. Yusuf said that the CBN’s decision to pause rates aligned with the centre’s expectations. “This is within the context of the fact that, given…

NDIC Auctions Defunct Heritage Bank’s Assets The Nigeria Deposit Insurance Corporation (NDIC) said that it has successfully and transparently auctioned the defunct Heritage Bank’s assets which included landed properties and chattels . Its Managing Director, Bello Hassan, made the disclosure during the corporation’s special day at the ongoing 46th Kaduna International Trade Fair, Kaduna. He said that the auction was in line with its statutory mandate under Section 62 (1)(d) of the NDIC Act, 2023. “The proceeds from the ongoing sales would be applied towards settling depositors with balances above the insured limit of N5 million, with additional payments to…

Naira Rises to N1,494 as FX Market Remains Liquid The naira rallied further in the foreign exchange market as the supply side became heavier versus total amount of US dollar logged for foreign transactions. Spot FX rate appreciated by 1.04% to N1,494.03 per US dollar in the official window, according to data obtained from the FMDQ platform. The local currency has been relatively stable as foreign investors confidence in the financial market improved due to FX reform that ended capital control era, and allow for liberalisation. On Thursday, the Nigerian Foreign Exchange Market (NFEM) maintained relative stability, supported by successive…

Microsoft Invests $1m in AI Skilling for 1m Nigerians Microsoft on Wednesday announced a one million dollars investment to equip one million Nigerians with Artificial Intelligence (AI) skills. The Managing Director, Microsoft Nigeria and Ghana, Ms Ola Williams, said at a Microsoft AI Tour media briefing in Lagos that the AI skill training would reach one million Nigerians by 2026. Williams said that the investment was part of Microsoft’s commitment to advancing digital skills and AI capabilities in Nigeria. She said that at Microsoft, it was believed that AI had the potential to transform the economy and societies. According to…

FG Bans 60,000 Litres Petrol Tankers From March 1 The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has banned 60,000 litres petroleum tankers from operating on Nigerian roads, effective March 1, to mitigate truck-in-transit incidents. Mr Ahmed Farouk, Authority’s Chief Executive, NMDPRA, announced the ban on Wednesday in Abuja, while briefing newsmen shortly after its Stakeholders Technical Committee Meeting. He added by fourth quarter of 2025, no truck with 45,000 litres capacity would be allowed to load petroleum products. The meeting had in attendance the officials of the Department of State Services (DSS), Federal Fire Service, Federal Road Safety…

U.S. Ambassador Denies USAID Involvement With Boko Haram The U.S. Ambassador to Nigeria, Richard Mills Jr, has said that there’s no evidence to back allegations that the United States Agency for International Development (USAID) funded the Boko Haram terrorist group in the country. Mills made the calcification while speaking with newsmen shortly after his presentation at the Nigerian Governors’ Forum (NGF) meeting on Wednesday night in Abuja. Mills said that Boko Haram had been designated as a Foreign Terrorist Organisation since 2013, assuring that robust monitoring systems were in place to ensure that US assistance reach intended recipients. He challenged…

Banking Stocks Drive Intraday Momentum in Nigerian Bourse Banking stocks, including FBN Holdings, FCMB, and other smaller lenders, are currently trading higher in the equities market on renewed investors’ interest in companies with strong potential upsides. The Nigerian Exchange, NGX, is tracking higher during the midday trading session as bargain hunting is more likely to upturn the negative performance posted on Wednesday. The market reactions to the sharp decline in Nigeria’s headline inflation have been mixed amidst ongoing monetary policy meeting. Stockbrokers are of the view that more funds will pass through equities due to fast changing debt market dynamics.…

EU to Introduce New Rules to Cut Food, Textile Waste The Representatives of European Union member states and European Parliament on Wednesday agreed on new rules to reduce food and textile waste. Waste generated during food processing and manufacturing would be cut by 10 per cent by 2030, and waste from retail, restaurants, food services and households by 30 per cent. According to the negotiators, these are the first EU-wide reduction targets for food wastes. The new rules are also to incentivise donations of unsold but safe food. Polish EU lawmaker, Anna Zalewska, who led the negotiations for the European…

FG Calls on Traders to Lower Food Prices The Federal Government has called on retailers to reflect the reduction in food prices and shun exploiting consumers. Abubakar Kyari, the Minister of Agriculture and Natural Resources, stated this on Tuesday during the 2025 Wheat Farmers Green Field Day, at Dabi village in Ringim Local Government Area of Jigawa. He decried the nonchalant attitude of retailers to reflect the reduction in their sales in spite of drop in prices, describing it as unpatriotic and unacceptable. “The federal government is aware of the significant drop in the prices of food items across major…

Lagos Lawmakers Commend LIRS on Historic N1trn Revenue Milestone Legislators in Lagos State have commended the Lagos State Internal Revenue Service (LIRS) for achieving an unprecedented milestone in revenue generation, surpassing ₦1 trillion. This landmark accomplishment positions LIRS as the first subnational revenue agency in Nigeria to attain such a feat, reflecting its professionalism, efficiency, and commitment to transparent tax administration. Former Chairman of the House Committee on Economic Planning and Budgeting, Hon. Lukman Sa’ad Olumoh, alongside Hon. Femi Saheed, former Chairman of the House Committee on Finance, lauded LIRS and its Executive Chairman, Mr. Ayodele Subair, for their exemplary…