Author: Olu Anisere

FAAC Distributes N1.818trn to FG, States, LGs The Federation Account Allocation Committee Committee (FAAC) has shared a total sum of N1.818 trillion, being June revenue to the Federal Government, states and the Local Government Councils (LGs). This is according to a communiqué from FAAC made available by Bawa Mokwa, Director , Press and Public Relations, Office of the Accountant-General of the Federation (OAGF). The revenue was shared at the July 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja on Friday night. According to the communiqué, the N1.818 trillion total revenue comprised statutory revenue of N1.018 trillion, Value Added…

Nigeria’s Fundamental issue not Its Constitution, Says Nwoko Nigeria’s fundamental issue was not the constitution, but the lack of patriot leadership and accountability. Sen. Ned Nwoko (APC-Delta), and member Senate Committee on Constitution Review, said this in an interview on Channels TV. Nwoko, who representis Delta North Senatorial District and Chairman Senate Committee on Reparations and Repatriation, said structural reforms were also important. He referenced the UK as a model, saying in spite of not having a single codified constitution, the UK operates on a system of Acts of Parliament, yet governance runs smoothly because the people and institutions prioritise…

How $12m was Swapped in 10 days in SunTrust Bank -EFCC Witness Mr Suleiman Ciroma, the Economic and Financial Crimes Commission (EFCC)’s witness, on Thursday, told the Federal High Court in Abuja how the sum of 12 million dollars was swapped in SunTrust Bank within 10 days. Ciroma stated this while being led in evidence by EFCC’s lawyer, Ekele Iheanacho, SAN, before Justice Emeka Nwite, in the ongoing trial of Halima Buba, the Managing Director/CEO of the bank. According to News Agency of Nigeria, Buba and her co-defendant, Innocent Mbagwu, the Executive Director/Chief Compliance Officer of SunTrust Bank, are being…

Exchange Rates Gap Collapses as Naira Falls to N1,533 The naira’s decline against the US dollar at the Nigeria Foreign Exchange Market (NFEM) has caused the official and parallel market rates to converge. At the close of the trading session on Thursday, the gap between the official and unofficial currency markets settled at about N2. Spot FX Data quoted by the Central Bank of Nigeria (CBN) on its platform showed that the naira depreciated to N1533.11 per dollar and touched an intraday high of N1538. It also traded at an intraday low of N1520 before it closed the day at…

UK Lowers Voting Age to 16 in Landmark Electoral Reform The UK government has announced plans to lower the voting age to 16 for general elections, marking a significant overhaul of the country’s democratic system. This move will grant approximately 1.5 million 16- and 17-year-olds the right to vote, aligning England and Northern Ireland with Scotland and Wales, where 16-year-olds can already participate in certain elections. The decision is part of a broader effort to modernize democracy and boost voter turnout. According to Democracy Minister Rushanara Ali, this change is “seismic” and will give young people a greater voice in…

Network International, Blu Penguin Enable Mobile Money Transactions in Ghana Network International (Network), a leading enabler of digital commerce across the Middle East and Africa, has announced a collaboration with Blu Penguin, a Ghana-based fintech and mobile money aggregator, to provide mobile money transactions via Network’s N-Genius™ payment terminals. This collaboration marks a significant milestone in expanding financial inclusion and driving payment innovation across Ghana and the broader West African region. Through this collaboration, Network’s clients in Ghana can now process mobile money payments from all providers using their current N-Genius point-of-sale terminals. This development strengthens Network’s role as a…

Nigeria Eurobond Maturing in Nov 2025 Faces Sell Pressure Offshore investors offloaded interest in Nigeria’s Eurobond maturing in November 2025 and the country’s other US dollar-priced dollar bonds at the international market. The market has started to react to declining yield across the sovereign borrowing papers, signaling weak investors’ sentiment despite improved macro indicators. Nigeria’s headline inflation rate declined to 22.22%, and some analysts said this signals the possibility the Central Bank of Nigeria (CBN) would start cutting back its elevated benchmark interest. But elevated yield on naira assets has been noted as the carrot that brought hot money into…

Nigeria’s Oil Production Rises Above OPEC Quota Nigeria exceeded its OPEC crude oil production quota of 1.5 million barrels per day (bpd) in June, marking the second time it has surpassed the allocation in 2025. OPEC’s Monthly Oil Market Report (MOMR) for July, 2025 revealed that Nigeria recorded 1,505mbpd crude oil production in June 2025. Nigeria for the second time exceeded the OPEC quota, first was in January and second in June. The Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) remarks on June production showed that Nigeria’s average daily crude production was 1.505,474 bpd, representing 100.4 per cent of the OPEC…

Atiku Resigns from PDP, Says Decision Heart-Breaking Former Vice-President Atiku Abubakar has formally resigned his membership of the Peoples Democratic Party, with immediate effect. Abubakar, in his resignation letter dated July 14 and addressed to the PDP Chairman, Jada 1 Ward, Jada LGA of Adamawa, described his decision as heart-breaking, attributing it to the irreconcilable differences within the party. He appreciated the party for the opportunities given him, saying, “serving two full terms as vice-president of Nigeria and being a presidential candidate twice has been one of the most significant chapters of my life. “As a founding father of this…

FPIs Trim Nigerian Eurobond Holdings, U.S Treasury Yield Steady Foreign portfolio investors (FPIs) trimmed Nigerian sovereign Eurobond holdings at the international market in reaction to a flurry of global trade headlines. Traders pull back from ramping up as global uncertainties increase with tariffs and extra tariffs on countries that join BRICs by the U.S. administration. Hence, the risk-off sentiment pushed the average yield on Nigerian sovereign US dollar-denominated papers upward by 10 basis points to 8.65%. The market witnessed sell-off pressure across the yield curve—most notably in the FEB 2038 Eurobond. On the other hand, the 10-year U.S. Treasury yield…