Latest Articles
Fire razes Supreme Court building
Abuja, Sept. 25, 2023 – The Supreme Court building in Abuja has been engulfed by fire since early hours of the morning. The building is within the Three Arms Zone in Abuja, the federal capital. Sources said the fire affected the judges chambers within the building. The building is still on fire as at the time of this report. The cause of incident has not been ascertained. (GBN)
Oil prices rise, tight supply back in focus
London, Sept. 25, 2023- Oil prices rose on Monday as investors focused on a tighter supply outlook after Moscow issued a temporary ban on fuel exports while remaining wary of further rate hikes that could dampen demand. Brent crude futures climbed 71 cents, or 0.76%, to $93.98 a barrel by 0809 GMT after settling 3 cents lower on Friday. U.S. West Texas Intermediate crude futures extended gains for a second session, trading at $90.63 a barrel, up 60 cents, or 0.67%. “Crude oil prices have started the week on the …
China central bank adviser proposes reforms to revive economy
Shanghai, Sept. 24, 2023 – China has limited room for further monetary policy easing, and it should pursue structural reforms such as encouraging entrepreneurs rather than counting on macroeconomic policies to revive growth, a central bank adviser said on Sunday. Liu Shijin, a member of the People’s Bank of China’s (PBOC) monetary policy committee, told a financial forum in Shanghai that Beijing’s room for monetary policy easing was limited by widening interest rate differentials with the U.S. Fiscally, Chinese governments at various levels are under stress, he told the annual …
NGX traded N30bn worth of shares last week
Lagos, Sept. 25, 2023 – A total of 3.911 billion shares worth N30.379 billion were in traded in 38,536 deals on the Nigerian Exchange (NGX) last week. This is in contrast to the 2.933 billion shares valued at N47.449 billion that exchanged hands in 44,654 deals in the previous week. The Financial Services Industry, measured by volume, led the activity chart with 2.774 billion shares valued at N15.241 billion traded in 16,379 deals. The industry contributed 70.9 percent and 50.17 percent to the total equity turnover volume and value respectively. …
CPPE advises CBN to increase banks’ capital base
Lagos, Sept. 24, 2023 – The Centre for the Promotion of Private Enterprises (CPPE), a private think tank in Lagos, has called for upward review of the minimum capital requirements for banks. It said banks’ minimum capital requirements should be increased in view of the considerable loss of value amid depreciating domestic currency. Dr Muda Yusuf, the Chief Executive of CPPE, gave this advice on Sunday as part of the 10-point suggestions to the new management of CBN. The CPPE said the current N25 billion minimum capital for banks had …
Rashford crashes £700,000 Rolls-Royce after Burnley win
Abuja, Sept. 24, 2023 – Manchester United forward, Marcus Rashford, has been involved in a car accident after Saturday evening’s Premier League match against Burnley, The Sun reports. The Reds’ number 10 had left Burnley’s Turf Moor alongside his teammates aboard a team coach headed to United’s Carrington base. Rashford dented his £700,000 Rolls-Royce on the road while he remains uninjured. Teammate and captain, Bruno Fernandes, came across the scene and urgently stopped to offer help, the report says. Police rushed to the scene but no arrests were made, and …
SERAP urges Tinubu to probe missing $15bn oil revenue
Abuja, Sept. 24, 2023 -The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to probe the grim allegations that over US$15 billion of oil revenues, and N200 billion budgeted to repair the refineries are missing and unaccounted for between 2020 and 2021, It said Tinubu should set up a presidential panel of enquiry to promptly probe the allegations as documented by the Nigeria Extractive Industries Transparency Initiative (NEITI). SERAP urged him to name and shame anyone suspected to be responsible for the missing and unaccounted for public …
NDLEA intercepts 2,547Kg of laughing gas, 4 tons of skunk, others
Abuja, Sept. 24, 2023 – The National Drug Law Enforcement Agency (NDLEA) intercepted 1,194 cylinders of nitrous oxide (laughing gas) weighing 2,547.2 kilograms in two Toyota Sienna buses along Okene-Lokoja-Abuja expressway on Friday, Sept. 22. The seizure was part of over four tons of illicit and controlled drugs including skunk, codeine syrup, methamphetamine and tramadol during interdiction operations in Lagos, Kogi, FCT, Jigawa, Kaduna, Sokoto and Edo states. Femi Babafemi, the NDLEA Spokesman, disclosed this in a statement on Sunday. He said the two suspects, Onyebuchi Ikpozu and Kenneth Igwe, …
N/A will support executive through turbulent period – Akpabio
Ikot-Ekpene (Akwa Ibom), Sept. 23, 2023 – The National Assembly will support the executive arm of government through the turbulent economic situation in the country. Godswill Akpabio, the Senate President, made this promise on Saturday at a retreat for the leadership of the 10th National Assembly in Ikot Ekpene, Akwa Ibom State. He said the legislature would support the executive in steering the ship of state through the current stormy waters, adding that the executive would not walk alone. Akpabio stressed that the 10th National Assembly would walk hand in …
World Bank grants additional $700m loan to Nigeria
Lagos, Sept. 23, 2023 -The World Bank has granted additional $700m loan to Nigeria to enhance adolescent girl’s education, the bank announced on Friday. This is the third loan granted by the global lender to Nigeria under the President Bola Tinubu’s administration. According to the statement, the $700 million loan is to enhance adolescent girls’ learning and empowerment by providing additional funds to the ongoing project, Adolescent Girls Initiative for Learning and Empowerment (AGILE). “The World Bank approved additional financing of $700m for Nigeria to scale up the Adolescent Girls …