Author: Ogochukwu Ndubuisi

China Mining Federation Rejects ‘Infiltration’ Claims The China Mining Federation of Nigeria has rejected allegations of “Chinese infiltration” in Nigeria’s solid minerals sector, describing the claims as false and misleading. The Federation gave the clarification in a statement issued Tuesday in Abuja, following renewed circulation of a report alleging illegal mining, environmental damage and terrorism financing. It said Chinese mining companies in Nigeria had consistently complied with mining laws and regulations, in line with guidance from the Chinese government. According to the group, the firms work closely with relevant Nigerian agencies to strengthen governance, promote transparency and ensure responsible mining…

FG Signs MOU With RSE Energy to Provide Off-Grid Power for Industrial Clusters The Federal Government has signed a Memorandum of Understanding (MOU) with RSE Energy Nigeria to provide off-grid and embedded power solutions for industrial clusters across the country. During the signing ceremony on Tuesday in Abuja, the Minister of State for Industry, Sen. John Enoh, said that the agreement marked the culmination of engagements that began before his posting to the ministry. “We are at a point where an MOU can be signed between our government and RSE. “This journey started even before I was posted here, and…

Imo Assembly Passes N1.43 trn Appropriation Bill for 2026 The Imo Assembly, on Tuesday, passed the Appropriation Bill for the 2026 fiscal year, totalling over N1.43 trillion. The bill, presented by Gov. Hope Uzodimma, on Monday, received accelerated consideration by the Committee of the Whole. The Majority Leader of the House, Mr Kanayo Onyemaechi, described the budget as a “people’s oriented budget”. He said that the budget would facilitate more developmental projects, which would help to take the state to greater heights. Supporting the immediate passage of the bill, the member representing Nkwerre State Constituency, Mr Chisom Ojukwu, said that…

UN Expresses Concern Over Indiscriminate Abductions by Bandits in Nigeria The United Nations has expressed concern over the spate of indiscriminate abductions of civilians by bandits in Nigeria. Spokesperson for the UN Secretary-General, Mr Stéphane Dujarric, said the continued attacks on civilians by bandits was unacceptable. “We are very much concerned at the fact that so many other students, young people, young men, young women, continue to be detained by armed groups,” Dujarric said. “And obviously, we’re continuing to see violence.” Armed men had in November abducted at least 25 students and killed a teacher in an attack on Government…

Naira Strengthens to N1,456/$ at Central Bank FX Window The naira strengthened against the US dollar at the official window on Monday, appreciating by 0.54% to ₦1,456.56/$ as FX liquidity pressures eased. The local currency rally was supported by positive effects of FX interventions conducted by the Central Bank of Nigeria (CBN) last week. The authority sold $150 million to authorised dealers and banks to absorb pressures from increasing demand for dollar. At the official window on Monday, the naira touched an intraday high of N1466, a significant improvement from N1469 quoted the previous time on Friday. Showcasing the absence…

Shareholders Back Guinea Insurance Plc’s Capital Raise Guinea Insurance Plc has reached a significant milestone in its transformation journey, as shareholders approved the Board’s capital raise plan at a recent Extraordinary General Meeting held virtually in Lagos. The meeting, conducted in full compliance with the Business Facilitation (Miscellaneous Provisions) Act 2022 and the Companies and Allied Matters Act (CAMA) 2020, saw strong participation from shareholders, regulators, and key stakeholders, reflecting broad confidence in the company’s strategic direction Following resolutions passed at its Extraordinary General Meeting (EGM), Guinea Insurance Plc is advancing a comprehensive recapitalisationprogramme designed to strengthen its financial foundation…

Oil Prices Rise over Escalating Tensions in Caribbean Oil prices rose on Monday amid reports that US authorities have begun tracking another oil tanker in international waters off the coast of Venezuela, while ongoing tensions in the Russia-Ukraine war have heightened supply concerns in global markets. International benchmark Brent crude was trading at $60.75 per barrel, up nearly 1% from the previous close of $60.16. US benchmark West Texas Intermediate (WTI) also increased by about 1% to $57.13, compared to $56.52 in the prior session. As part of escalating tensions in the Caribbean, US forces tracked another oil tanker sailing…

Naira Tumbles, FX Shortage Stokes Pressure on Spot Rate The Nigerian local currency, the naira, tumbled against the US dollar for international transaction settlement at the official window on Friday over extended liquidity shortfall. The exchange rate direction signal of fx pressure at the official window has become more obvious as the Apex Bank intervention sales failed to quell demand and supply dislocation. The spot fx rate touched an intraday high of N1469.9000 per dollar after the authority strengthened US dollar volume at the supply side, a significant day-on-day depreciation from the previously quoted N1462. The Central Bank of Nigeria…

Nigerian Exchange Booms as Equity Investors Gain N1.08trn The Nigerian Exchange (NGX) entered into a boom with a significant surge in equity portfolio value on Friday, according to trading data.  Stockbrokers said the momentum was driven by investors taking positions ahead of the fourth quarter of financial year 2025 earnings release. With the expectation of better earnings, there was a significant surge in consumer goods stocks, and the market reported increased demand for industrial names.  Financial stocks gained investors’ attention, but sell pressures were seen in oil and gas stocks. The NGX All-Share Index surging 1.13% to 152,057.38 points, while…

State Police: What I Told U.S, European Partners – Tinubu President Bola Tinubu on Thursday said that he had assured the United States and European partners that his administration would implement state police to boost security in Nigeria. He said this during the 14th National Caucus meeting of the All Progressives Congress (APC) held at the State House Conference Centre, Abuja. The president said he had a very long discussion with the country’s United States and European partners and assured them that state police would be used to improve security. ” They asked me if I’m confident and I said…