Dangote Cement hits N10tn capitalisation as Otedola buys shares
The market capitalisation of Dangote Cement hit N10tn on Monday, emerging as the first company to achieve that milestone on the Nigerian Exchange. This is as billionaire businessman, Femi Otedola, who called the founder of the Dangote Group, Aliko Dangote, his “bestie”, had made a significant acquisition of Dangote Cement shares. The firm closed trading […]
CBN may raise banks capital base to N900bn
A new report has projected that the Central Bank of Nigeria may ask commercial banks with international banking license to raise their capital base to over N900bn. This came a few months after the Central Bank of Nigeria Governor, Olayemi Cardoso, said the apex bank would be asking lenders to raise more capital in order […]
Rumpus over relocation of federal agencies to Lagos
Outrage yesterday trailed Northern senators’ position on the relocation of federal agencies to Lagos from Abuja. The senators had, aside from expressing angst against relocation of the agencies, also protested what they described as lopsided allocation between the North and South in the 2024 budget, arguing that the development was designed to further under-develop the […]
President Sisi says Egypt will not allow any threat to Somalia or its security
Egypt will not allow any threat to Somalia, President Abdel Fattah al-Sisi said on Sunday after Ethiopia said it would consider recognizing an independence claim by Somaliland in a deal that would give it access to a sea port. The remarks were the strongest yet made on the issue by Egypt, which already has frosty […]
Silent Fury: Unveiling the Power of Shock Waves in Catastrophic Explosions
By Timothy Alor Is there anything faster than the speed of sound that can cause massive destruction to both lives and properties? The beginning month of the new dawn-2024 hasn’t been completely rosy and pleasant as a catastrophic event took place in Ibadan, Nigeria. According to the news reports, the blast was caused by explosives […]
Indicted Sierra Leone ex-president Koroma flies to Nigeria
Sierra Leone’s ex-president Ernest Bai Koroma left the West African country by plane and flew to Nigeria on Friday, two Reuters reporters said, after a court allowed him to travel abroad on medical grounds despite treason charges. On Jan. 3, 70-year-old Koroma was charged with four offences for his alleged role in a failed military […]
Naira depreciates to N1,370/$ in parallel market
The naira yesterday depreciated to N1,370 per dollar in the parallel market from N1,300 per dollar on Thursday.Similarly, the naira depreciated to N902.45 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N902.45 per dollar from N902.08 per dollar on Thursday, indicating […]
Nigeria accuses former central bank boss to $6.2 million fraud
Nigeria’s former central bank Governor Godwin Emefiele was on Friday charged with fraud, including obtaining $6.2 million in bank funds under false pretenses, part of 20 charges levelled against him by prosecutors. Emefiele entered a not guilty plea. The former Central Bank of Nigeria chief is the most high profile official to face corruption charges […]
Europe, Africa crude market tightens on Red Sea disruptions, China demand
The Brent crude market structure and some physical markets in Europe and Africa are reflecting tighter supply resulting partly from concern about shipping delays due to vessels avoiding the Red Sea, according to traders, LSEG data and analysts. The disruptions have combined with other factors such as outages and rising Chinese demand to increase competition […]
Nigeria central bank to hold policy meeting in Feb, first since July
Nigeria’s central bank will hold its next interest rate meeting in February – the first since last July – according to a schedule released on Friday. In a statement published on its website, the Central Bank of Nigeria has tentatively scheduled, opens new tab the Monetary Policy Committee (MPC) for Feb. 26 and 27, the […]
China’s population drops for 2nd year, with record low birth rate
China’s population fell for a second consecutive year in 2023, as a record low birth rate and a wave of COVID-19 deaths when strict lockdowns ended accelerated a downturn that will have profound long-term effects on the economy’s growth potential. The National Bureau of Statistics said the total number of people in China dropped by […]
FG saves N8tn from subsidy removal, FX reform –Tinubu panel
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said the Federal Government will be saving N8tn annually from the fuel subsidy removal and exchange rate unification policies. Oyedele spoke during a panel session at the Lagos Chamber of Commerce and Industry 2024 Economic Outlook and Budget Analysis. He, therefore, […]
Abduction epidemic: Anti-kidnapping protest holds in Abuja today as 10 suspects arrested
Members of the Middle-Belt Youth Forum will on Wednesday (today) in Abuja protest the rising cases of kidnapping in the region and the insecurity that has ravaged parts of the country. This is coming against the backdrop of the arrest of 10 suspected bandits by the military. The President of the forum, Brent Kane, disclosed […]
Shell to exit Nigeria’s troubled onshore oil after nearly a century
Shell (SHEL.L), opens new tab is set to conclude nearly a century of operations in Nigerian onshore oil and gas after agreeing to sell its subsidiary there to a consortium of five mostly local companies for up to $2.4 billion. The British energy giant pioneered Nigeria’s oil and gas business beginning in the 1930s. It […]
The Science of Happiness: Simple Habits for a More Fulfilling Life
Dorcas Omidoyin Introduction: In the hustle and bustle of modern life, the pursuit of happiness is a common goal shared by many. But what if there was a scientific approach to achieving lasting happiness? This featured article explores the science of happiness and uncovers simple habits that can lead to a more fulfilling life. The […]