Author: Ogochukwu Ndubuisi

Moody’s Affirms Mauritius’ Ratings, Maintains Stable Outlook Moody’s Ratings has affirmed the Government of Mauritius’ long-term foreign and local currency issuer ratings at Baa3 and maintained a stable outlook. The affirmation of Mauritius’ Baa3 rating balances the country’s high and stable growth rates and political stability against an elevated debt burden and the economy’s small size, according to the rating note.  Moody’s stated that the rating reflects progress on fiscal consolidation as well as our expectations for a further reduction in the debt burden. However, Mauritius’ debt burden and debt affordability will remain weaker than those of similarly-rated peers. Effective…

Reps to Investigate Dangote Refinery, NMDPRA, NNPC rift The House of Representatives has said that it would investigate the ongoing spat between Dangote Petroleum Refinery and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The investigation would also include the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian National Petroleum Company Ltd (NNPCL). Rep. Philip Agbese, the deputy spokesperson of the House, said this while speaking with newsmen in Abuja on Saturday. The News Agency reports that the investigation is coming amid the biting fuel crisis across the country and the allegations that Dangote’s fuel is of low…

Fresh Queues: Hitch in Discharge Operations of Vessels Responsible – NNPC Ltd. The Nigerian National Petroleum Company Limited (NNPC Ltd.) says the tightness in fuel supply and distribution is caused by a hitch in the discharge operations of a couple of vessels. Mr Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd., made this known on Saturday in a statement while reacting to the current queues and scarcity being witnessed in some parts of Lagos and the FCT. The News Agency reports that queues started building up at fuel stations in the FCT on Friday, as motorists were seen lining up…

Kerber Starts her Final Olympics by Beating Osaka Angelique Kerber’s singles career will continue for at least one more game after she defeated Japan’s Naomi Osaka on Saturday. The victory was in the first round of the tennis tournament at the Paris Olympics. Germany’s Kerber, who announced earlier in the week that she would end her career after the Games, prevailed with a 7-6 6-3 win in over an hour. The German was gifted the last two points after Osaka made two consecutive mistakes. She now faces Romania’s Jaqueline Cristian in the second round and will also play in the…

Nigerian Boxer Ogunsemilore Provisionally Suspended The International Testing Agency on Saturday said it has provisionally suspended Nigerian lightweight boxer Cynthia Ogunsemilore after she tested positive for a banned substance. The suspension has come ahead of her opening fight at the Paris Olympics. Ogunsemilore tested positive for furosemide, a diuretic on WADA’s prohibited list, in an out-of-competition doping control collected on Thursday. “The athlete has been informed of the case and has been provisionally suspended until the resolution of the matter in line with the World Anti-Doping Code and the International Olympic Committee (IOC) Anti-Doping Rules,” the ITA said. This means…

Canadian Women’s Football Team Lose 6 Points, Coach Banned Over Drone Scandal Canada were deducted six points in the Olympic women’s football tournament and their head coach Bev Priestman banned for a year, global governing body FIFA said on Saturday. This is following a drone spying scandal that has tainted their gold medal defence. The Canadian Soccer Association, which said it was exploring how it could appeal the six-point deduction, was also fined 200,000 Swiss francs (226,346) in a case that rocked the Paris Games. Priestman has coached the team since 2020 and led them to the Olympic title in…

NDIC Leverages Technology for Prompt Payment of Heritage Bank Depositors The Nigeria Deposit Insurance Corporation (NDIC) has attributed its swift payment of depositors of the failed Heritage Bank to advanced technology and robust cybersecurity measures. The Managing Director of NDIC, Mr Bello Hassan, disclosed this at the 2024 Mid-Year Enterprise Risk Management (ERM) Conference in Lagos. The News Agency reports that the event was organised by the Association of Enterprise Risk Management Professionals (AERMP). It also featured induction of new members into emeritus category and induction of newly qualified members of fellows and associates. The theme of the conference, “Enterprise…

The naira value dropped 0.77% to N1,609.20 on Friday despite US dollar sales to authorised dealers banks in the official currency market.

Gov. Alex Otti of Abia, on Friday, inaugurated a 27-member Task Force Team on Petroleum, under the Abia State

Oando Plc gained 11.5% on the Nigerian Exchange (NGX) in a week while the energy company addressed alleged interest in a