Author: Gbenga Olaleye

The Nigerian Exchange Limited (NGX) recorded a major milestone on Thursday as investors gained N1.806 trillion in a single trading session. This followed a sharp increase in the All-Share Index (ASI), which rose by 2,457.13 points, or 2.01%, to close at 124,446.80 the highest level in the history of the exchange. The ASI had previously closed at 121,989.67. Thursday’s rise pushed the index beyond the 124,000 mark for the first time. Similarly, market capitalisation rose by 2.35%, settling at N78.726 trillion, compared to N76.970 trillion recorded on Wednesday. Market analysts attributed the gains to improved investor confidence, better liquidity conditions,…

Africa’s richest man and President of the Dangote Group, Alhaji Aliko Dangote, has delivered a scathing assessment of Nigeria’s state-owned oil refineries, declaring that the facilities in Port Harcourt, Warri, and Kaduna may never function properly again despite an estimated $18 billion spent on their rehabilitation. Speaking at the Dangote Petroleum Refinery during a visit by members of Global CEO Africa, Dangote revealed that his decision to build the 650,000-barrel-per-day refinery stemmed from the government’s refusal to sell him the existing refineries under the late President Umar Musa Yar’Adua’s administration. “We bought the refineries in January 2007, but had to…

Justice has finally begun to take shape for Ivan Onose Omhonrina, the two-year-old boy who was tragically killed by a stray bullet during a drug raid in Delta State last year. In a significant move, the Nigerian Senate has recommended the payment of ₦200 million in compensation to his grieving family. The heart-wrenching incident occurred on 13 July 2023, when operatives of the National Drug Law Enforcement Agency (NDLEA) stormed a suspected drug hotspot in Okpanam, located in the Oshimili North Local Government Area of Delta State. During the chaotic operation, a stray bullet allegedly fired by an NDLEA officer…

Former Benue State governor, Samuel Ortom, has stated that all lingering disputes within the Peoples Democratic Party (PDP) have been amicably resolved, positioning the party to successfully conduct its forthcoming National Convention and prepare for the 2027 general elections. Ortom made the remarks on Thursday during a media briefing in Makurdi, emphasising that the PDP is not currently in any coalition with another political party. “To the best of my knowledge, there is nothing like a coalition and my party is not into any coalition with any political party,” he said firmly. The ex-governor reiterated his support for a Southern…

The National Working Committee (NWC) of the African Democratic Congress (ADC), led by Interim National Chairman Senator David Mark, has assured the party’s state chairmen of their full inclusion in the coalition aiming to challenge President Bola Tinubu in the 2027 general elections. The assurance came during a meeting on Thursday at Senator Mark’s Abuja residence, attended by the ADC NWC, state chairmen, and key stakeholders. This meeting followed earlier tensions when Dumebi Kachikwu, the party’s 2023 presidential candidate, alongside some state chairmen, accused Mark and Interim National Secretary Rauf Aregbesola of being imposed on the party and plotting to…

The Nigerian Senate has expressed strong displeasure over the repeated failure of the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, to appear before the Senate Committee on Public Accounts. The committee is probing massive financial discrepancies totalling ₦210 trillion discovered in the company’s audited accounts from 2017 to 2023. At the latest hearing held on Thursday, Ojulari failed to honour the Senate’s summons, sending company representatives instead. The committee, chaired by Senator Aliyu Wadada, declined to entertain the delegates, stating that only the GCEO himself could respond to the critical audit queries. Senator…

Vice President Kashim Shettima has opened up about the intense political pressure and personal attacks he faced during the final years of former President Goodluck Jonathan’s administration, revealing that he was widely regarded as the most criticised and demonised public figure in that period. Speaking on Thursday at the public unveiling of the book OPL 245: Inside Story of the $1.3bn Nigeria Oil Block, authored by former Attorney General of the Federation Mohammed Adoke, Shettima recounted his experiences while serving as governor of Borno State under a challenging political climate. “In the last four years of former President Goodluck Jonathan’s…

The Federal Government has revealed that over one million Nigerians have benefited from various loan and grant schemes under the administration’s Renewed Hope Agenda, with funds from the removal of the petrol subsidy being reinvested into major infrastructure projects across the country. Minister of Information and National Orientation, Mohammed Idris, disclosed this on Thursday while addressing State Commissioners of Information at the Progressive Governors’ Forum conference in Minna, Niger State. According to a statement by his Special Assistant on Media, Rabiu Ibrahim, over 900,000 small businesses have accessed the Presidential Conditional Grant and Loan Scheme, while more than 350,000 students…

The Nigerian Senate on Wednesday initiated a comprehensive investigation into the surge of Ponzi schemes across the country, sparked by the recent collapse of the Crypto Bridge Exchange (CBEX), a digital investment platform that reportedly defrauded Nigerians of over N1.3 trillion. Described as one of the largest financial scams in Nigeria’s history, the CBEX debacle has exposed glaring weaknesses in financial regulation and oversight. Senators expressed deep concern over the social and economic fallout, including rising suicide rates and diminishing public trust in financial institutions. The motion to investigate was jointly sponsored by Senators Tokunbo Abiru (Lagos East) and Osita…

The Secretary to the Government of the Federation (SGF), Senator George Akume, has firmly dismissed rumours suggesting he is seeking the position of National Chairman of the All Progressives Congress (APC), calling such reports false and distracting. A statement issued by Akume’s Special Adviser on Media and Publicity, Yomi Odunuga, on Thursday, responded to a publication by a national news outlet which named Akume among top politicians allegedly vying for the APC chairmanship. “The attention of the Secretary to the Government of the Federation, Senator George Akume, has been drawn to a publication indicating that he is one of the…