Author: Ogochukwu Ndubuisi

The Nigerian naira opens the new month strong, driven by robust foreign-currency

Tinubu Welcomes 4.43% GDP Growth President Bola Tinubu has welcomed Nigeria’s 4.43 per cent economic growth in the second quarter of 2026, saying reforms are delivering results. The National Bureau of Statistics (NBS) reported on Monday that GDP grew by 4.43 per cent, compared with 4.23 per cent recorded in Q2 2025. The latest performance reflected growth across agriculture, manufacturing, oil and gas, and services, which remained the largest contributor to aggregate GDP. This is contained in a statement issued by the President’s spokesperson, Mr Bayo Onanuga, on Monday in Abuja. In nominal terms, Nigeria’s aggregate GDP rose to N119.27…

Iran Seeks no War But ‘ll Respond to Aggressors – President Iranian President Masoud Pezeshkian said on Monday that Iran would not seek war but would respond with strength and decisiveness to any aggression. “We do not seek war, and this is a clear message that we have so far conveyed to the world. “However, we will never sit still in the face of aggression and will give a decisive response to aggressors,” he said in a statement issued by his office. Pezeshkian added that instability and unrest in the region were not in the interest of any country, saying…

EFCC Now Freezing Suspicious Funds in 72 Hours, Targets Crypto Wallets The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, says the commission is shifting focus from waiting for crimes to occur to preventing them through early detection and asset freezing. Olukoyede disclosed this on Monday in Abuja at a media interactive session marking his third year in office. He said the EFCC had established the Fraud Risk Assessment and Control Department (FRAC) to monitor suspicious financial movements and act within 72 hours. “Why must we be waiting for money to be stolen? When we see…

NSIA Insurance Shifts Focus to Non-Life Business, Pays N18bn Claims NSIA Insurance Ltd. says it will operate exclusively as a non-life insurance company following the transfer of its life insurance portfolio to CHI Life Assurance Ltd. The company disclosed this at a press conference in Lagos on Monday, after its 2026 Annual General Meeting (AGM). Its Chairman, Dr Adesegun Akin-Olugbade, said the proposed transfer had received approval in principle from the National Insurance Commission (NAICOM). He said the transaction would be concluded after the completion of the remaining legal and regulatory processes. Akin-Olugbade said the decision to focus solely on…

Tesla Tokenised bStocks (TSLAB) is up 3.64% to $363.68 in 24 hours, moving independent

African Traditional Medicine Key to Universal Health Coverage – WHO Africa on Monday marked the 24th African Traditional Medicine Day, with experts urging governments to invest more in research, regulation and innovation to unlock traditional medicine’s potential for universal health coverage. The World Health Organisation (WHO), in a post on its official X account on Monday, said the Aug. 31 observance focused on strengthening traditional medicine as a credible contributor to Africa’s healthcare systems. According to WHO, the theme, “Reflection on research and development efforts of traditional medicine towards achieving universal health coverage in the African Region,” underscores the need…

Oil Tops $90 as Iran Retaliates Against U.S. Strikes Oil prices surged, driven by renewed concerns over supply security in the region after the US attacked Lark Island near the Strait of Hormuz and Iran retaliated. International benchmark Brent crude futures for November delivery traded at $90.32 per barrel, up 4.8% from the previous close of $86.12. US benchmark West Texas Intermediate (WTI) crude futures for October delivery traded at $85.34 per barrel, up 2.3% from $83.4. US military carried out attacks on two targets on Lark Island last night. At least two people, including civilians, were killed and two…

Navy Disrupts 2 Illegal Refining Sites in Rivers The Nigerian Navy has sustained efforts to disrupt illegal refining activities in Rivers with personnel of Nigerian Navy Ship (NNS) PATHFINDER identifying and deactivating two illegal refining sites. This is contained in an operational report by the Director of Naval Information, Capt. Abiodun Folorunsho on Sunday in Abuja. According to Folorunsho, the operation was conducted around the Ohaji axis of Egbema-Ndoni Local Government Area on Friday. “The operation resulted in the recovery of approximately 34,000 litres of products suspected to be illegally refined Automotive Gas Oil (AGO) contained in dugout pits, sacks…

CPPE Raises Concern Over 234% Surge in Petrol Imports The Centre for the Promotion of Private Enterprise (CPPE) has raised concern over a 234 per cent surge in Nigeria’s petrol imports from May to July in spite of growing domestic refining capacity. The centre raised the concern on Sunday in a policy brief signed by its Chief Executive Officer, Dr Muda Yusuf, on rising petroleum product imports and the future of domestic refining. CPPE said average daily Premium Motor Spirit (PMS) imports rose from 5.9 million litres in May to 18.1 million litres in June, representing a 206.8 per cent…