Author: Ogochukwu Ndubuisi

Iran Vows to Maintain Tighter Control Over Strait of Hormuz A senior Iranian diplomat has said Tehran will not allow the Strait of Hormuz to return to its pre-war status, warning that any European warship approaching the strategic waterway would be considered a “legitimate target.” Kazem Gharibabadi, Iran’s Deputy Foreign Minister for Legal and International Affairs, made the remarks while outlining Tehran’s position on the future management of the strait and its broader security strategy. According to Gharibabadi, restoring the strait to its previous status would mean Iran had failed to fully achieve its objectives during the conflict. “If the…

IMF Commends Zimbabwe’s Economic Resilience After Programme Review The International Monetary Fund (IMF) has commended Zimbabwe’s economic resilience in spite of a challenging external environment, following the successful completion of the first review under its 10-month Staff-Monitored Programme (SMP). The IMF, in a statement, said Zimbabwe’s economy grew by 8.3 per cent in 2025 and remained strong in early 2026, driven by improved agricultural production, robust mining activity and favourable gold prices. It said inflation had remained low, supported by tight monetary policy and exchange rate stability, adding that the country’s macroeconomic performance had continued to improve. According to the…

Afreximbank, Gebeya unveil $50,000 CANEX Create-thon for African creatives Afreximbank, through its Creative Africa Nexus (CANEX) programme, has partnered with pan-African technology company Gebeya, to unveil the CANEX Create-thon 2026. A statement issued by Vincent Musumba, Communications and Events Manager, Afreximbank, on Wednesday, said the competition aims to support African creatives with funding, technology and technical resources. According to the statement the competition with a total prize pool of 50,000 dollars, is designed to help creators transform original ideas into viable creative projects across music, video and gaming. The statement said participants would have access to Gebeya’s Dala Studio platform,…

United Capital Microfinance Bank grows capital to N5.6bn United Capital says its microfinance bank has grown its capital base from N200 million at inception in 2024 to N5.6 billion, as it pursues a national banking licence and positions for deeper expansion across Nigeria. The Group Chief Executive Officer of United Capital, Mr Peter Ashade, disclosed this during the Group’s Investor Relations Roundtable with the theme “Decoding Performance: Insights into United Capital’s Growth Drivers and Outlook” on Wednesday in Lagos. Ashade said the bank had applied for a national microfinance banking licence and expressed confidence that it would emerge as a…

AVA Capital Lists on Nigerian Exchange by Introduction AVA Capital Plc, an integrated financial services group, says it will be admitted to the Nigerian Exchange Ltd. (NGX) on July 31 through a Listing by Introduction, marking its transition into the public market. The company disclosed this in a statement on Tuesday, noting that the admission represents a strategic milestone in its corporate growth and is not intended to raise fresh capital. The Managing Director of AVA Capital, Mr Olukayode Fadahunsi, said that unlike an Initial Public Offering (IPO), the Listing by Introduction would not involve the issuance of new shares.…

Investors in the Nigerian stock market gained N481 billion as renewed demand for insurance stocks lifted the market ahead of the July 31 insurance recapitalisation deadline.

The Court of Appeal in Abuja on Tuesday set aside a judgment directing the Independent National Electoral Commission (INEC) to deregister the African Democratic Congress (ADC) and four other political parties.

Italy Slashes Diesel Tax Again to Counter High Fuel Prices Italy has approved a temporary cut to diesel tax in response to rising fuel prices, passing a decree to reduce the price of diesel by 0.17 euros (0.19 dollars) per litre until Aug. 6. Finance Minister Giancarlo Giorgetti said the measure would cost the state around 125 million euros and does not apply to petrol. The move was justified by rising diesel prices resulting from the currently tense situation in the Middle East and the near-total closure of the strategically important Strait of Hormuz. Giorgetti said the government would examine…

Rwanda to Phase Out 2G, 3G Mobile Networks Rwanda has announced plans to phase out its 2G and 3G mobile networks as part of efforts to accelerate the deployment of advanced digital infrastructure across the country. The Ministry of Information and Communication Technology and Innovation (MINICT) said that the 3G services would be discontinued nationwide by June 30, 2027, while 2G services would be retired subsequently. It said the move would allow mobile network operators to redirect resources towards expanding 4G services and laying the foundation for wider 5G deployment. According to the ministry, the transition is expected to improve…

NLNG Generates $149.6bn, Moves to Expand LNG Capacity Nigeria LNG Limited (NLNG) says it has generated 149.6 billion dollars in revenue since inception and has begun exploratory activities for additional LNG trains beyond the ongoing Train 7 project. The Chief Executive Officer of NLNG, Mr Adeleye Falade, disclosed this on Tuesday in Lagos during the unveiling of the company’s Facts and Figures 2026 publication. Falade said NLNG had paid 47.2 billion dollars in dividends to its shareholders and 10.8 billion dollars in taxes to the federal government since becoming tax compliant in 2009. He said the company currently operates six…