Author: Akintayo Adams

The local currency continued it’s recent recovery on Thursday by appreciating significantly against the dollar. This is in no small part thanks to recent interventions by the Yemi Cardoso-led Central Bank of Nigeria (CBN). From ₦1,536.83 on Wednesday, the naira appreciated to ₦1,382.35/$ within 24hrs at the Nigerian Autonomous Foreign Exchange Market (NAFEM). This marks the first time in a long while that the Nigerian currency would record such a huge gain. It happened barely 24 hours after the Central Bank of Nigeria (CBN) announced it had cleared $7bn valid foreign exchange claims while increasing the country’s forex reserves. The…

The WBC through its President, Mauricio Sulaiman has made it compulsory for Anthony Joshua to challenge the winner of the Oleksandr Usyk versus Tyson Fury bout. All the belts are up for grabs on the 18rh of May in Saudi Arabia when Fury takes to the ring against Usyk. A rematch is expected later in the year. According to Sulaiman, there is no obstacle preventing Joshua from fighting Usyk or Fury. “The WBC was presented a sanction request which was to fight for the undisputed. The WBC accepted that sanctioning and we accepted the rematch they have requested,” Sulaiman said…

A total sum of ₦1.152 trillion February revenue has been shared by The Federation Account Allocation Committee, (FAAC) to the Federal Government, States and Local Government Councils. The revenue was shared at the March meeting of FAAC chaired by the minister of Finance and Coordinating Minister for the Economy, Wale Edun on Thursday (Yesterday). “The ₦1.152 trillion total distributable revenue comprised distributable statutory revenue of ₦101.349 billion and distributable Value Added Tax, VAT revenue of ₦428.806 billion,” reads the FAAC press release. Also, it comprised Electronic Money Transfer Levy, EMTL revenue of ₦15.157 billion and Exchange Difference revenue of ₦607.444…

The Babaloja General of Oyo state, Alhaji Yekeen Abass has made known the decision to close some markets in Ibadan, the state capital, as the 8th day Fidau of late Olubadan of Ibadanland, Oba Mohood Lekan Balogun holds on Friday (Tomorrow). This was revealed in a statement made available to newsmen. Announcing on behalf of market leaders and elders, the Babaloja General said it is important for market men and women to give honour to the late Olubadan in remembrance of the roles he played in the development and growth of the historical city. Markets at Gate, Oje, Beere, Ojaaba,…

In a video making rounds on the internet, a young man is claiming to be one of the killers of the 16 soldiers attacked in Okwuma community while on peacekeeping mission over a communal clash between Okuama and Okoloba community in Bomadi and Ughelli South Local Government Area of Delta State. The young man, who failed to mention his name in the video, said two warring communities had a land dispute which led to a crisis. However, he blamed the government and leaders for failing in their duties to call both communities for a peaceful resolution. “This is the last…

The House of Representatives on Wednesday passed a bill sent by President Bola Ahmed Tinubu seeking enhanced salaries and allowances for judicial office holders in the country. The approved bill increases the total monthly package of the CJN to ₦5,385,047.26, ₦4,213,192.54 for other Supreme Court Justices and ₦4,478,415.78 for the President of the Court of Appeal. Justices of the Court of Appeal are to earn a total monthly package of ₦3,726,665.40, while ₦3,527,022.61 is the total monthly package of the Chief Judge of the Federal High Court, President of the National Industrial Court, Chief Judge of the FCT High Court,…

A draft UN resolution calling for an “immediate and durable ceasefire” in the Israel-Hamas war has been circulated by the United States amid the famine in besieged Gaza. Previous Security Council texts using the word “immediate” has been blocked by Washington, however, Blinken, the secretary of state confirmed a shift in position on Wednesday (Yesterday). Blinken, who is due to meet five Arab foreign ministers in Egypt on Thursday (Today), emphasized any immediate truce must be related to the release of hostages snatched by Palestinian militants during the October 7 attack that set off the war. The Israeli bombardment of…

An agreement for the acquisition of the entire issued share capital of the National Bank of Kenya has been reached between Access Holdings and Kenyan-based KCB Group Plc. The deal will see Access Holdings’ acquire Kenyan national bank totally from KCB which doubles as the holding company of KCB Bank Ltd, Kenya’s largest commercial bank. Access Holdings’ Secretary, Sunday Ekwochi, in a statement filed on the Nigerian Exchange Limited on Wednesday, said the transaction is a testament to the Bank’s African expansion strategy and will place it as a stronger and significant player in the Kenyan market whilst serving as…

President Bola Ahmed Tinubu has placed a ban on all public-fund sponsored foreign travels by ministers and other government officials, This was revealed in a directive via a letter by his Chief of Staff, Rt. Hon Femi Gbajabiamila, and addressed to the Secretary to the Government of the Federation, George Akume. In the letter, dated 12 March 2024, President Tinubu ordered an official ban on all foreign trips. However, according to the letter, “trips deemed absolutely necessary” might be exempted. In the letter, the President bemoaned the rising cost of foreign trips embarked upon by government officials amid Nigeria’s current…

Minister of Power, Adebayo Adelabu, yesterday, revealed how a private firm has refused to release ₦32bn paid into its account in 2003 for the supply of three million prepaid metres. This was disclosed through a statement Bolaji Tunji, the minister’s Special Adviser, Strategic Communications and Media Relations, on Wednesday. In 2003, the Olusegun Obasanjo-led administration entered a tripartite agreement with Messrs Ziklagsis Network Limited and Unistar International for the supply of three million meters to distribution companies in the country, for a period of three years. To get the ball rolling, a ₦32bn metering loan was released to Messrs Ziklagsis.…