Author: Marketforces Africa

The naira appreciated by about 6% at the Nigerian Autonomous Foreign Exchange Market (NAFEM)a as demand

The Nigerian Exchange (NGX) equities market capitalisation backpedalled …

The Vice President of the Federal Republic of Nigeria, Senator Kashim Shettima, has said…

We’ll Deepen Broadband Penetration in Rural Areas – NIGCOMSAT Boss The Nigerian Communications Satellite Ltd. (NIGCOMSAT) says that it will further deepen broadband penetration in the rural and underserved areas of the country using satellite. The newly appointed Managing Director of the NIGCOMSAT, Mrs Jane Egerton-Idehen, gave this assurance while addressing the media, after a tour of the organisation’s hub and office in Lagos. Egerton-Idehen said the agency was aware of how technology was evolving and as an infrastructure provider, it would intensify efforts to reach underserved areas. The NIGCOMSAT boss noted that the agency was poised for business and…

Court Stops N18.4bn Compensation for 34 Rivers Oil Communities A Federal High Court, Abuja, on Wednesday, declared that the Senate acted illegally in awarding N18.4 billion as compensation to 34 oil producing communities of Obiafu, Soku to Bonny in Rivers over Nigeria NLG Ltd’s acquisition of right of way (ROW). Justice Inyang Ekwo, in a judgment held that the plaintiff, Nigeria LNG Ltd, had successfully demonstrated that the defendants acted ultra vires and its case succeeded on merit. The Senate had, in a resolution dated Oct 4, 2022, mandated the LNG to pay the 34 communities within 60 days, following…

Hamas Not Terrorist Organisation, Erdogan Says Turkish President Tayyip Erdogan, in his strongest comments yet on the Gaza conflict, on Wednesday said the Palestinian militant group Hamas was not a terrorist organisation. Erdogan however described the Hamas group as a liberation group fighting to protect Palestinian lands and people. NATO member Turkey condemned the civilian deaths caused by Hamas’ Oct. 7 rampage in southern Israel but also urged Israeli forces to act with restraint. As the violence and the humanitarian crisis in Gaza have worsened, Ankara has strongly criticised Israel’s bombardment of the territory. Erdogan made the proclamation while speaking…

Navy Deploys 10 Warships, Helicopters to Fight Oil Theft The Nigerian Navy on Wednesday deployed 10 warships, two attack helicopters and 500 ballistic boats in a special amphibious exercise to curb crude oil theft and sea robbery in Nigeria’s waters. Rear Adm. Umar Chugali, Flag Officer Commanding (FOC) Central Naval Command (CNC), headquartered in Bayelsa flagged off the exercise code-named “Exercise Sea Guardian” in a short ceremony in Onne, Rivers. He said the joint military exercise conducted by both the Navy’s CNC and Eastern Naval Command (ENC), Calabar, was launched to reduce insecurity to its barest in the nation’s territorial…

The House of Representatives has asked the Economic and Financial Crime Commission …

Social Media tools are becoming weapons of mass destruction in the hands of youths, Associate Professor Desmond Okocha,

Africa’s Global Bank, United Bank for Africa (UBA) Plc, hosted stakeholders and industry regulators to its Fraud