Author: Ogochukwu Ndubuisi

FAAC: FG, States, LGs Share N1.969 trn in December 2025 A total sum of N1.969 trillion, December 2025 federation account revenue has been shared to the Federal Government, states and the Local Government Councils (LGs). This is according to a communiqué from the Federation Account Allocation Committee (FAAC) made available by Mr Bawa Mokwa, Director. Press and Public Relations, Office of the Accountant-General of the Federation. The revenue was shared at the January FAAC meeting. The communiqué said that the N1.969 trillion total distributable revenue comprised statutory revenue of N1.084 trillion, Value Added Tax (VAT) revenue of N846.507 billion, and…

Aradel, Stanbic Drive NGX Index Up Amid FirstHoldco Selloff The Nigerian Exchange (NGX) recorded a thin gain at the beginning of the trading session due to positive price movement in Aradel Holdings, Stanbic IBTC and some lightweight insurance stocks. According to data obtained from the Lagos bourse, the market index gained a meagre 0.01% to settle at 165,384.63 points.  Hence, stock market capitalisation expanded by N11.5 billion to N106.2 trillion amidst earnings releases by listed companies. Price upticks in ARADEL (+5.10%) and STANBIC (+9.26%) marginally offset selloffs in FIRSTHOLDCO (-8.78%) and ETI (-8.33%). Overall market sentiment tilted bearish, with more…

The Central Bank of Nigeria (CBN) conducted three OMO auctions last week, all of which attracted strong investor participation

The naira strengthened by about 3.6% against the U.S. dollar at the foreign exchange market in January 2025

Indonesia Lifts Ban on Elon Musk’s Grok Chatbot After Compliance Pledge Indonesia has lifted its ban on Elon Musk’s Grok chatbot, just weeks after restricting access due to concerns over sexualised images generated by the AI tool. The Indonesian government announced that it would conditionally allow Grok to resume services, pending strict supervision and compliance with local laws . The ban was imposed in January after Grok was used to create non-consensual, sexualized imagery, including images of women and minors. X Corp, the operator of Grok, submitted a written commitment to improve services and prevent abuse, which led to the…

Meta Accused of Enabling Child Exploitation in Mexico, Profiting from It Meta is set to face trial in New Mexico over allegations that it exposed children and teens to sexual exploitation on its platforms, including Facebook, Instagram, and WhatsApp, and profited from it. The lawsuit, brought by New Mexico Attorney General Raúl Torrez, claims that Meta allowed predators to access underage users, connected them with victims, and enabled real-world abuse and human trafficking. The trial, which starts Monday in Santa Fe District Court, is expected to last seven or eight weeks. Meta denies the allegations, stating that it has extensive…

Stabilize Farm Prices with Rules-Based Approach – CPPE The Centre for the Promotion of Private Enterprise (CPPE) has urged Nigeria to urgently adopt a clear, rules-based and market-friendly farm price stabilisation and farmer income protection framework. The CPPE founder, Dr Muda Yusuf, made the call in a statement issued on Sunday in Lagos. Yusuf said the proposed framework must be transparent, fiscally sustainable and supportive of private enterprise participation. He said a stable agricultural market would protect farmers, strengthen food security, reduce inflationary pressures, expand rural employment and improve Nigeria’s overall economic resilience. According to him, the Federal Government’s recent…

Lagos Governor Pushes for Expanded World Bank Partnership Gov. Babajide Sanwo-Olu says Lagos State is ready to partner with the World Bank Group in energy, agriculture, tourism and human capital development. He said the state was open to deeper collaboration and investment partnerships to improve infrastructure and raise living standards across Lagos. Sanwo-Olu spoke on Sunday at Lagos House, Marina, while receiving a World Bank delegation led by Managing Director (Operations), Ms Anna Bjerde. The delegation also included the International Finance Corporation (IFC) Regional Vice President for Africa, Mr Ethiopia Tafara. The governor said Lagos remained committed to reforms that…

Disbursed Osun LG Funds to be Recovered, Says Assembly Speaker The Speaker, Osun House of Assembly, Mr Adewale Egbedun, has said the legislative would ensure the recovery of local government funds unlawfully disbursed by by a bank to some council executives. Egbedun stated this on Sunday during a news conference on the developments and status of the state local government funds. He said that the legislature had received reliable intelligence that the bank was illegally releasing local government funds in the state to the All Progressive Congress (APC) council chairmen and councillors. Egbedun also claimed that the disbursement was on…

Bonga FPSO Maintainance to Impact Nigeria’s Oil Production Nigeria’s oil exports will fall by 225,000 barrels per day in February following the shutdown of the Bonga FPSO for scheduled turnaround maintenance. Gas output will also decline by 150 million standard cubic feet per day during the maintenance period. Shell Nigeria Exploration and Production Company Ltd. (SNEPCo) confirmed the development in a statement issued on Sunday. Its Communications Manager, Mrs Gladys Afam-Anadu, said SNEPCo had begun turnaround maintenance on the Bonga FPSO. She described the exercise as a statutory integrity assurance programme designed to extend the facility’s operational lifespan. SNEPCo Managing…