Author: Ogochukwu Ndubuisi

Nigerian Navy Locks Down Calabar-Oron Waterway Over Kidnapping Surge The Nigerian Navy has taken direct control of one of the country’s most dangerous waterways. A 13-hour daily curfew is now in force along the Calabar-Oron water channel in Cross River State, a route that has become a hunting ground for kidnappers, pirates, and armed militants in recent weeks. The announcement came from Navy Captain Abiodun Folorunsho, Director of Naval Information, who confirmed that all vessel movement along the channel is now restricted from 5:00 p.m. to 6:00 a.m. every day. No boats, ferries or commercial watercraft are permitted to operate…

Universal Insurance Unveils N3.2bn Rights Issue for Shareholders Universal Insurance Plc has concluded arrangements for its proposed N3.2 billion rights issue, following the execution of transaction documents at a signing ceremony held in Lagos on Thursday. The ceremony marked the completion of the preparation phase for the offer and cleared the path for existing shareholders to participate in the capital raise. This is pending final approval by the Securities and Exchange Commission (SEC). Under the proposed rights issue, the company plans to offer 2,666,666,667 billion ordinary shares of 50 kobo each at N1.20 per share, based on one new ordinary…

Equities investors lost N1.92 trillion on Thursday in the Nigerian stock market as sell pressure hit some high-cap stocks, reversing the previous rally.  Major losers include BUACEMENT (-6.51%), DANGCEM (-4.89%), WAPCO (-5.07%), and ZENITHBANK (-3.10%).

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

NITDA Warns of Potentially Dangerous Malware Targeting Banks, Agencies, Others The National Information Technology Development Agency (NITDA) has warned of an active, AI-powered malware named “DeepLoad”. The agency warned that the new harmful malware is targeting Nigerian government Agencies, financial institutions, businesses and individuals. In a tweet on its verified X handle, NITDA revealed that once the virus is executed, DeepLoad silently installs itself, it harvests stored user credentials and sensitive data from browsers, evading antivirus software by leveraging on AI. NITDA further stated that upon infection, the malware can result in unauthorized access to bank accounts, mobile money services,…

Macron Urges Instant Reopening of Hormuz Strait French President Emmanuel Macron has called for “all parties” to lift the blockade of the Strait of Hormuz “without delay and conditions” after a telephone talk with Iranian President Masoud Pezeshkian. “We must return permanently to the regime of full freedom of navigation that prevailed before the conflict,” Macron said on social media platform X. He added that the future multinational escort mission launched by France and Britain would contribute to the goal. This Franco-British initiative “will by its nature be separate from the warring parties. The pre-positioning of the aircraft carrier Charles…

Lasaco Posts 81.5% Profit Growth in First Quarter Lasaco Assurance Plc has recorded 81.5 per cent growth in profit to N2.36 billion for the quarter ended March 31, 2026. This is compared with N1.30 billion reported within the same period under review of 2025. The company, in a statement on Wednesday, revealed this as contained in its unaudited results for the first quarter of the year. According to the company, this reinforced its position as one of the more resilient players in Nigeria’s insurance sector. It said the significant increase underscored improved operational efficiency, stronger underwriting performance, and disciplined execution…

Guinness Nigeria Ranks Third-Largest Guinness Market Globally Guinness Nigeria Plc says the country has emerged as the third-largest market for the Guinness brand globally, behind Ireland and the United Kingdom. The Finance and Strategy Director of the company, Mr Mayank Kabra, disclosed this during a media parley in Lagos on Wednesday. Kabra said the Guinness brand had become deeply rooted in Nigeria after 76 years of operations, with many consumers now identifying it as a local brand. “The most interesting thing for us is that Nigeria is the third-biggest market for Guinness globally after Ireland and the UK. “Guinness has…

Coinbase Slashes Its Workforce and Hands the Work to AI Coinbase announced on Tuesday that it is cutting roughly 700 employees, equal to 14 percent of its entire workforce, as CEO Brian Armstrong declared that artificial intelligence has permanently changed the way the company needs to operate. Armstrong broke the news in a post on X, framing the decision not simply as a cost-cutting move but as a full reimagining of how Coinbase works from the inside out. He described the vision as rebuilding Coinbase as an intelligence, with human workers positioned around the edges to guide and oversee AI…

Global Equity Markets Rally as Middle East Tensions Soften Global equity markets rallied as easing Middle East tensions and a retreat in oil prices buoyed sentiment, with Wall Street leading gains overnight. The S&P 500 closed up 0.81%, the NASDAQ advanced 1.03%, and the Dow Jones ended the session 0.73% higher, lifted by optimism over a potential US-Iran deal and robust tech earnings. In Europe, the Euro Stoxx 50 closed 1.84% higher, benefitting from a pullback in energy prices and upbeat corporate results, while the FTSE 100 fell 1.40% as investors maintained a cautious stance amid ongoing lingering inflationary concerns…