Author: Aishat Olalere

Five blood brothers allegedly siphoned monies from the Kwale county government after using their private companies to win tenders fraudulently. According to the Ethics and Anti-Corruption Commission (EACC), the suspects forged documents, which they won the lucrative tenders. They were arraigned at the Mombasa Anti-Corruption Court to face charges related to fraud and uttering of false document(s). The Ethics and Anti-Corruption Commission (EACC) officers are holding five people accused of defrauding the Kwale county government of millions of shillings. They are said to have received KSh 48.9 million fraudulently through their private companies. The five are blood brothers working in…

On Tuesday, February 27, Nairobi – Gender and Culture Cabinet Secretary Aisha Jumwa met with ODM leader Raila Odinga at his offices in Nairobi. Jumwa explained that the progressive report on the two-thirds gender rule is what took her to Raila’s office, her praise for ODM’s efforts to realising gender fairness notwithstanding .The gender rule proposals were presented to the National Dialogue Committee (NADCO), co-founded by Raila and President William Ruto. The CS revealed that the agenda of the meetup was the two-thirds gender principle whose proposals were presented before the National Dialogue Committee (NADCO) last year. Jumwa and her…

After Monetary Policy Committee (MPC) bimonthly meeting today, CSL stockbrokers limited predicted the MPC of the central Bank of Nigeria (CBN) to likely satisfy its hawkish mood with a 100 basis point rate hike. The CBN will conclude its first Monetary Policy Committee (MPC) meeting under the CBN Governor Yemi Cardoso today and in a commentary note, analysts said they anticipate sustenance of its contractionary monetary measures. Despite the administration’s preference for a low-interest rate environment, CSL Stockbrokers said it expects a 100bps increase in the Monetary Policy Rate (MPR). “We believe price pressures and the need to attract foreign…

Ecobank International has won the Best Bank for SMEs in Africa 2024 award in the annual SME Bank Awards of the Global Finance. The win reflects Ecobank’s commitment to meeting the specialised needs of SMEs across its diverse markets. The award ceremony which took place at Glaziers Hall in London, also saw one of its affiliates, Ecobank Nigeria, emerging Best FX Bank under the Country & Territory Awards category for Nigeria. Global Finance says Ecobank Nigeria emerged winner based on transaction volume, market share, breadth of offerings, and global coverage, as detailed in public company documents and media reports from Nigeria.…

Despite the liquidity crunch in the financial system, the market experienced increased demand for Nigeria treasury bill at the start of the week. Due to buckets of demand for treasury bills in the secondary market on Monday, the average yield declined by 4 basis points to 16.6%. The raft of buying interest was experienced as analysts forecasted that the Central Bank (CBN) monetary policy committee (MPC) would aggressively hike the benchmark interest rate. The local banks was forced to borrow N1.4 trillion from the central bank’s standing lending facility on Friday due to the recent auction sales conducted by the…

High-level representatives from TotalEnergies, Shell and Chevron all confirmed multi-million-dollar investment projects in the pipeline, from driving frontier exploration to delivering gas from mature markets. There is a positive indication for service providers, drilling contractors and the industry at large. Now is the time for investors to capitalize on a renewed pledge toward developing Africa’s oil and gas resources with the Invest in African Energy (IAE) forum in Paris fast approaching this May. TotalEnergies, one of Africa’s most historic producers, is continuing to prioritize integrated energy projects that span the entire value chain, with an emphasis on improved connectivity and…

The Nigeria Equity Market lost N51billion due to decline suffered by Nestle Plc, Eterna and Fidson Healthcare PLC. Nestle PLC dipped by 10 percent and close by N990, Eterna dipped by 9.97 percent and close by 15.80 while Fidson Healthcare Plc dipped by 9.82 percent and closed by N15.5 each All-Share Index of the local bourse and market capitalisation depreciated by 0.09 per cent to 101,995.53 and N55.81tn, respectively at the close of trading on Monday. Researchers at Cowry Asset Management Limited had projected that bearish sentiment would continue in the new week as the market sought catalyst and policy…

The National Public Relations Officer, Mr Abdullahi Maiwada announced the suspension of sales of seized food by the Nigeria Custom on Monday. He said the suspension was as a result of the stampade that claimed about seven lives on Feb 23. The incident occured during the distribusion of 25Kg bag of rice at its Zonal Headquarters, Yaba, Lagos State. Maiwada said that the suspension was part of the service’s resolve to ensure the safety of Nigerians and to enable it to properly articulate its next line of action in order not to defeat the vision of the initiative. The distribution…

In accordance with the policy of reducing cost of Governance, the Federal Executive Council (FEC) has approved the merging, scrapping and subsuming of some Ministries, Departments and Agencies (MDAs) of government Special Adviser to the President on Policy Coordination, Hajiya Hadiza Bala-Usman, made this known at the end of the second FEC meeting of the year. She said that decision was based on the Steve Oronsaye Report on civil service report inaugurated under former President Goodluck Jonathan’s administration since 2014. Bala Usman said agencies that would undergo merger include the Federal Radio Corporation of Nigeria is to be merged with…

On Monday, Feb 23 , Oil marketers declared that they are still awaiting the supply of refined petroleum product from the $20bn Dangote petroleum refinery, four weeks after the launch of production at the multi-billion dollar plant. On January 12, 2024, Dangote refinery announced that it had commenced the production of Automotive Gas Oil, popularly called diesel, and aviation fuel or JetA1. The President, Dangote Group, Aliko Dangote, in a statement issued by his firm at the time, thanked President Bola Tinubu for his support, encouragement, and thoughtful advice towards the actualisation of the project. Dangote also thanked the Nigerian…