Author: Staff Editor

The foreign exchange (FX) market witnessed increased demand during Thursday’s trading session, driven by risk-off sentiment among Foreign Portfolio Investors (FPIs). The heightened demand tilted the market toward the bid side, exerting upward pressure on rates. As a result, benchmark rates weakened across the board, shedding ₦3.24 to settle at ₦1,341.35/$. The official window recorded increased dollar demand during the session, largely attributed to risk-off sentiment among FPIs. The stronger demand tilted the market toward the bid side, exerting additional pressure on the naira across official benchmarks. Throughout the session, intraday trades fluctuated between a high of ₦1,350.00 and a…

The Senate on Tuesday confronted the President’s economic team over the poor implementation of the 2025 budget and what it described as unrealistic assumptions underpinning the proposed ₦58.7 trillion 2026 budget, raising the possibility of reducing the estimate. During a tense budget defence session before the Senate Committee on Appropriations, several lawmakers expressed concern over widespread complaints from Ministries, Departments and Agencies (MDAs) regarding the non-funding of the 2025 budget. Some senators described the exercise as one of the worst budget defence sessions in recent times, citing unpaid contractors, a controversial centralised payment system, inadequate capital releases, and a rising…

Ahead of the Saturday, February 21 Area Council elections in the Federal Capital Territory (FCT), the FCT Minister, Nyesom Wike, has declared Friday a work-free day and announced a restriction of movement from 8 p.m. on Friday to 6 p.m. on Saturday. Wike made the announcement in a special broadcast on national television and radio stations on Thursday, urging residents of the FCT to come out en masse to vote for candidates of their choice. This was disclosed in a statement signed by the Senior Special Assistant on Public Communications and Social Media to the Minister, Lere Olayinka. In the…

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has confirmed that Nasir El-Rufai, former Governor of Kaduna State, is currently in its custody as part of an ongoing investigation. In a statement issued just before midnight on Wednesday, J. Okor Odey, Head of Media and Public Communications and spokesperson for the ICPC, said: “The Independent Corrupt Practices and Other Related Offences Commission (ICPC) writes to state that Malam Nasir El-Rufai, the former Governor of Kaduna State, is in our custody in connection with ongoing investigations.” The commission did not provide additional details regarding the nature of the probe…

The trial of former Kwara State Governor, Abdulfatah Ahmed, and his Commissioner for Finance, Ademola Banu, over the alleged diversion of ₦5.78 billion Universal Basic Education Commission (UBEC) funds resumed on Monday, February 16, 2026, with fresh revelations before Justice Mahmud Abdulgafar of the Kwara State High Court sitting in Ilorin. Testifying as the sixth prosecution witness, an investigator with the Economic and Financial Crimes Commission (EFCC), Stanley Ujilibo, told the court that funds released to the Kwara State Government for 2013, 2014, and 2015 were not utilised in line with the action plans submitted by the Kwara State Universal…

Justice Olubunmi Abike-Fadipe of the Special Offences Court sitting in Ikeja, Lagos, on Monday, February 16, 2023, convicted and sentenced one Henry Daniel to one year’s imprisonment for ₦37 million foreign exchange fraud. The convict was arraigned by the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, Ikoyi, on a two-count charge bordering on obtaining money by false pretence and stealing. Count one reads: “That you, Daniel Henry (trading under the name and style of Equigro Financial Services), sometime between January and October 2020, in Lagos within the jurisdiction of this Honourable Court, with intent to defraud, obtained…

The Federal High Court sitting in Lagos has granted sweeping interim orders freezing the assets and operations of FDGS Energy Group of Companies Limited over an alleged indebtedness of $7,999,405.19 and ₦399,893,550.44 to Keystone Bank Limited. Justice A. Lewis-Allagoa made the orders following an ex parte application filed by Mofesomo Tayo-Oyetibo, SAN, on behalf of the Plaintiffs/Applicants, who also moved the motion before the court. The suit, marked FHC/L/CS/2567/2025, lists FDGS Energy Group of Companies Limited (in receivership) and its Receiver/Manager, Mr. Paul Mgbeoma, as Plaintiffs/Applicants, while Chijioke Arinze Onyeagba and Tijjani Ahmad Aliyu, identified as current directors of the…

President Bola Tinubu on Wednesday signed the Electoral Act 2026 (Amendment) Bill into law, just days after the Independent National Electoral Commission (INEC) released the timetable for the 2027 general elections. The signing took place at the Presidential Villa in Abuja at about 5:00 p.m., with principal officers of the National Assembly in attendance. The National Assembly had passed the bill on Tuesday. The amendment reignites debate over the electronic transmission of election results. Civil society groups and some opposition figures have long advocated real-time transmission of results from polling units to INEC’s central server, arguing that it would curb…

The Chairman of the Dangote Group, Aliko Dangote, has predicted that the naira will strengthen to ₦1,000 to $1 before the end of the year. Dangote made this statement on Tuesday while speaking at the launch of the Nigeria Industrial Policy in Abuja. Although the naira currently trades at around ₦1,300 to the dollar, Dangote said the Federal Government’s reforms signal better days ahead. “I mean, today, if you look at it, Your Excellency, I believe with the policies that you have implemented in government, people have started seeing the results, and manufacturers are very, very happy,” he said at…

The Lagos State chapter of the National Union of Road Transport Workers (NURTW) is set to officially inaugurate a newly constructed motor park named after President Bola Ahmed Tinubu in Ebute Metta, Lagos. The facility, known as the Lagos State Council Motor Park, comprises the President Bola Ahmed Tinubu Motor Park and a dedicated Emergency Unit designed to provide rapid-response support for union members. It is located along Atitebi, Apapa Road, Ebute Metta. The commissioning ceremony will be led by Lagos State Governor Babajide Sanwo-Olu, while the Lagos NURTW Chairman, Alhaji Mustapha Adekunle, popularly known as Sego, is spearheading the…