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Otunba Balogun, FCMB founder, dies at 89
Lagos, May 19, 2023 – Otunba Subomi Balogun, the founder of First Monument Merchant Bank (FCMB), is dead. According to family sources, Otunba Balogun died on Friday morning. Balogun was a lawyer, investment banker and philanthropist who founded First City Merchant Bank which later became the First City Monument Bank (FCMB). Balogun was a long-time member of the council of the Nigerian Stock Exchange. He was born in Ijebu-Ode on March 9, 1934 He died at the age of 89 years. (GBN)
Oil rebounds on fading risk of US debt default
New York, May 19, 2023 – Oil prices rebounded on Friday from losses of more than 1% the previous day as investors turned cautiously optimistic over the fading risk of a U.S. debt default. Brent futures rose 73 cents or 1.0% to $76.59 a barrel by 0650 GMT, while U.S. West Texas Intermediate crude climbed 62 cents or 0.9% to $72.48. “I think markets have been pricing out the risks of a U.S. debt default, which translates to a more risk-on environment and some dip-buying in Brent crude from previous …
Group urges Buhari to sign independent candidate bill before May 29
Abuja, May 18, 2023 – The Human Rights Writers Association of Nigeria (HURIWA) on Thursday called on President Muhammadu Buhari to sign the independent candidate bill before leaving office on May 29. With the presidential assent, independent candidates can contest in the presidential, governorship, national and state assemblies as well as local government elections. The bill was sent by the National Assembly to the president this week for his assent. HURIWA made the call in a statement by its National Coordinator, Comrade Emmanuel Onwubiko, The group urged the President to …
Yemi Mobolade, Nigerian, becomes first black Mayor in Colorado
Colorado (USA), May 18, 2023 – A Nigerian immigrant and businessman, Yemi Mobolade, has made history by winning the mayoral election in Colorado Springs, a municipality in Colorado, USA. According to the Colorado Sun, Mobolade’s victory marks a significant political shift as he is the first Black man to be elected to lead the city. Despite having no prior political experience, Mobolade defeated Wayne Williams in the city’s runoff contest on Tuesday night to become the new mayor. Mobolade’s win signifies a significant shift in the political landscape of Colorado …
Ecobank Transnational’s shareholders approve resolutions at 35th AGM
Lomé (Togo), May 18, 2023 – Ecobank Transnational Incorporated (ETI), the parent company of Ecobank Group, held its 35th Annual General Meeting (AGM) and an Extra Ordinary General Meeting on Wednesday in Lomé, Togo. At the meeting, shareholders approved the accounts and the appropriation of profits of the group for the year 2022. In addition, the shareholders voted for the re-election of Mr Simon Dornoo, Professor Enase Okonedo, Dr George Donkor, Mr Deepak Malik and Ms Zanele Monnakgotla as directors of ETI. The co-option of the Managing Director, Mr Jeremy Awori, as …
Nigeria needs $12 billion to clean up Bayelsa oil spills – report
Lagos, May 18, 2023 – Nigeria needs $12 billion to clean up decades-old oil spills in southern Bayelsa state over a 12-year period, a new report said on Tuesday, and singled out Shell and Eni for being responsible for most of the pollution. Bayelsa is one of the major oil producing states in the Niger Delta, a region blighted by pollution, conflict and corruption related to the oil and gas industry. Oil majors in Nigeria have long faced legal challenges over Niger Delta spills, which they mostly blame on sabotage …
Oil prices ease as all eyes on US debt ceiling talks
New York, May 18, 2023 – Oil prices eased on Thursday as traders warily watched for signs of progress on talks to raise the U.S. debt ceiling, after surging in the previous session on optimism over U.S. fuel demand. Brent crude futures dipped 37 cents, or 0.5%, to $76.59 a barrel as of 0841 GMT. U.S. West Texas Intermediate crude dropped 34 cents, or 0.5% to $72.49 a barrel. A sharp plunge in U.S. gasoline inventories due to demand surging to the highest levels since 2021, and optimism surrounding negotiations …
Nigeria Sovereign Investment Authority earned N97bn in 2022 – official
Lagos, May 17, 2023 – Nigeria Sovereign Investment Authority (NSIA) earned N96.96 billion in revenue in 2022. The figure represented a decline of 34 percent from the N147 billion earned in 2021. due largely to strong macroeconomic headwinds. The company’s total assets, however, grew by 10.5 per cent to N1.02 trillion in 2022, up from the N919.73 billion recorded in 2021. Its revenue from infrastructure businesses and management fees earned from fiduciary activities also increased by 34.5 per cent (N15.7 billion) year-on-year. Its Chief Executive, Aminu Umar-Sadiq, told Bloomberg on …
Hardship forced 48% of Nigerians who travelled abroad in last 2yrs to return -NBS
Abuja, May 17, 2023 – About 48 per cent of Nigerians who travelled out of the country in the last two years have been forced to return due to hardship. The National Bureau of Statistics (NBS) reported this on Wednesday in its report titled “Awareness and Perception of Intending and Returned Migrants on the Dangers of Irregular Migration 2022”. It said that while hardship was the major reason for their return, deceit, unemployment, no papers, and crime were also major factors. NBS said the statistics were generated from 2,400 households …
Seme Customs Command seizes N27.8bn worth of drugs
Lagos, May 17, 2023 – The Seme Customs Command of Nigeria Customs Service (NCS) seized has unregistered pharmaceutical products with Duty Paid Value of N27. 861 billion along the Abidjan-Lagos border corridor. Dera Nnadi, the Area Controller, disclosed this to journalists in Seme on Wednesday. He said the unregistered pharmaceutical products were concealed in a truck with registration number GL 6663 GH belonging to one of the major conglomerates. “On the 9th of May 2023 at about 0830hrs, officers and men of Seme Command of Nigeria Customs Service, while conducting Stop …