Author: Olu Anisere

Court Fixes Nov. for Ex-Gov Obiano Alleged N4bn Money Laundering Trial The Federal High Court (FHC) in Abuja on Thursday, fixed Nov. 25 for the trial of former Anambra Governor, Willie Obiano, in the alleged N4 billion money laundering case. The court adjourned the case after the new trial judge, Justice Mohammed Umar, rose after taking three judgments and a number of cases on the cause list. The nine-count charge, preferred against the former governor by the Economic and Financial Crimes Commission (EFCC), was re-assigned to Justice Umar recently. The former judge, Justice Inyang Ekwo, had fixed May 26, for…

Nigeria, Egypt to Deepen Economic Ties with Joint Investment Council The Federal Government of Nigeria has reaffirmed its commitment to fostering a deeper, more strategic economic partnership with the Arab Republic of Egypt. This commitment was underscored by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who proposed the establishment of a Nigeria-Egypt Joint Investment Council during the Nigeria-Egypt Business Forum in Abuja on Monday. The proposed council will serve as a dedicated platform to identify investment opportunities, mitigate risks, and align public and private sector efforts toward their shared economic growth. This partnership…

GCR Upgrades Geregu Power Plc.’s Rating Outlook to Positive African markets-focused rating agency GCR Ratings has affirmed Geregu Power Plc’s national scale long-term and short-term issuer ratings of A(NG) and A1(NG), respectively. In a rating note release, GCR said it also affirmed the national scale long-term issue rating of A(NG) accorded to Geregu Power Plc’s N40 billion Series 1 bond. The outlook was revised to positive from stable, according to the rating note. The positive outlook is anchored on the potential for a rating uplift for Geregu Power Plc, if the strong earnings and sound leverage metrics are sustained over…

Dangote Decries Africa’s Fuel Import Paradox Alh. Aliko Dangote, President of Dangote Group, says it is troubling that Africa exports crude oil but imports over 120 million tonnes of refined fuel annually. He stated this on Tuesday in Abuja during the maiden West African Refined Fuel Conference, organised by NMDPRA in collaboration with S&P Global Commodity Insights. Dangote noted that although Africa produces around seven million barrels of crude daily, it only consumes about 4.3 million barrels of refined petroleum products per day. He lamented that only 40 per cent of this consumption is refined locally, in spite of the…

Namibia Inaugurates Development Plan Toward Vision 2030 Namibia has officially launched its Sixth National Development Plan (NDP6), the final strategic framework aimed at achieving Vision 2030, the country’s long-term goal to become a developed and industrialised nation. Speaking at the launch held in Windhoek, President Netumbo Nandi-Ndaitwah said the NDP6 would serve as the blueprint for her administration and guide national efforts over the next five years. “With only four and a half years remaining to Vision 2030, this NDP6 is the final installment aiming to transform Namibia into a developed and industrialised nation,” she said. The plan, structured around…

Craneburg EKSG Lists N32.5bn Bonds on NGX Craneburg EKSG Motorway Company Plc has listed its N32.5 billion Senior Guaranteed Fixed Rate Infrastructure Bonds on the Nigerian Exchange Ltd. (NGX). The NGX confirmed the listing in a statement issued on Tuesday. These 20-year bonds, carrying an interest rate of 22 per cent, were admitted for trading on Monday and are set to mature in 2045. According to NGX, the bond issuance opened on March 4 and closed on April 7, with an official issue date of April 23. Named 22.00 per ce CEMC GTEED APR 2045 and trading under the symbol…

AstraZeneca Unveils $37bn U.S. Investment Plan Amid Tariff Threats British-based drug maker AstraZeneca has announced plans to invest 50 billion dollars in the United States over the next five years amid the looming threat of President Donald Trump’s trade tariffs. The Cambridge-headquartered firm said on Tuesday that the investment will fund a new “state-of-the-art” manufacturing facility in Virginia set to be its largest single manufacturing investment in the world. It will also expand research and development (R&D) and cell therapy manufacturing in Maryland, Massachusetts, California, Indiana, and Texas. The announcement marks the latest by a global pharmaceutical giant to expand…

Oil Prices Slip as EU Targets Russian Energy in New Sanction Oil prices slipped slightly on Monday as investors and markets focused on fresh European Union (EU) sanctions targeting Russian oil and awaited progress in trade talks ahead of the August 1 US tariff deadline. Prices of crude oil have remained range-bound, hovering around $70 per barrel across grades amidst US tariff pressures and a bearish outlook on global economic growth in 2025. China’s economic outlook faces significant pressures, and the EU’s export performance has been projected to retreat over higher US tariffs on exports. The international benchmark Brent crude…

US Dollar Slides as Markets React to Fed Dovish Comment The U.S dollar fell against trading partners in the forex market as uncertainties weighed on investors actions amidst the Fed’s dovish comments. Investors liquidated positions in dollar assets, with surging interest in safe havens amidst untamed tariff threats to sentiment. Investors sold off dollar assets, showing increased interest in safe havens amid ongoing concerns about tariff threats. Across the global markets, investors are reacting to U.S. President Donald Trump’s tariff threat, which some analysts said has become weapon against America’s perceived enemies rather than a policy recalibration. With investors rotating…

Chevron Hess Acquisition Sealed After Exxon Fight Chevron has successfully completed its $55 billion acquisition of Hess Corporation, overcoming a prolonged arbitration challenge from Exxon Mobil. The deal, which was delayed by over a year, grants Chevron access to Hess’s 30% stake in Guyana’s lucrative Stabroek block, one of the fastest-growing oil production regions globally, with over 11 billion barrels of oil. Chevron CEO Michael Wirth expressed satisfaction with the outcome, stating that the merger brings together two great American companies, combining the best in the industry. The acquisition is expected to drive significant free cash flow and production growth…