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The Nigerian Exchange (NGX) rebounded from its recent bearish trend, as equities surged and market capitalization saw a significant gain. This positive turnaround was led by Transcorp and NASCON. The All-Share Index (ASI) closed 0.93% higher, while the market capitalization rose by N339 billion. DANGOTE SUGAR, NASCON, and NAHCO were among the top gainers, while COURTVILLE, ABC TRANSPORT, and TANTALIZER experienced losses. Despite lower trading activity in terms of volume, OANDO emerged as the most traded equity. ZENITH BANK and GTCO performed well, while BUA CEMENT, BUA FOODS, SEPLAT ENERGY, MTN NIGERIA, DANGOTE CEMENT, and AIRTEL AFRICA remained unchanged.
The Acting Comptroller-General of Customs, Bashir Adewale Adeniyi, has announced the commitment of the Nigeria Customs Service (NCS) to collaborate with the Benin Republic Customs in order to combat smuggling and enhance cross-border trade between the two countries. This strategic move seeks to strengthen the existing trade ties and cooperation, aiming to harmonize import prohibition lists and develop new strategies to boost the economy and revenue of both nations.
A recent report by a German publication claimed that President Bola Tinubu inherited the highest inflation rate in 20 years in Nigeria. However, a fact-check reveals that this claim is incorrect. The Central Bank of Nigeria's records show that Nigeria's highest inflation rate in the past 20 years occurred in August 2005, not in May 2023 when Tinubu took office. This article debunks the false claim and provides accurate information about Nigeria's inflation levels.
Nigeria joins the Invictus Games for the first time, offering participants who have experienced physical and mental trauma the opportunity to connect and find solace. Despite criticism regarding the event's cost and motive, team members see it as a chance for healing and camaraderie.
The National Assembly Elections Petitions Tribunal has ruled in favor of Osita Ngwu of the Peoples Democratic Party, upholding his election as the senator for Enugu West District. The tribunal dismissed the challenge brought by Oguerinwa Amadi of the Labour Party, citing errors in presenting the case. Ngwu's victory has been affirmed and the petitioner failed to provide sufficient evidence to prove their allegations beyond reasonable doubt.
Nigeria's central bank has issued a circular barring banks from using one-off foreign exchange gains to pay dividends or meet operating expenses. This move comes after several banks reported robust half-year earnings due to currency devaluation. President Bola Tinubu's reforms have allowed the currency to weaken by over a third, saving billions of dollars but exacerbating the cost of living crisis. The central bank has instructed banks to set aside the foreign currency revaluation gains as a buffer against potential adverse movements in the exchange rate. Despite this restriction, top tier lenders such as GT Bank and Zenith Bank have declared interim dividends, boosting sentiment in the stock market.
The Nigerian Exchange (NGX) closed in negative territory after equities fell by N294 billion due to the FTSE Russell downgrade of the Nigerian Stock Exchange. The downgrade prompted immediate selloffs, resulting in a plunge in equities. The All-Share Index (ASI) traded 0.80% lower, and the market capitalization of equities saw a loss of N294 billion. Several stocks experienced mixed trading sessions, with tier 1 banks recording negative sessions.
Ondo State Governor, Mr Oluwarotimi Akeredolu, has disbanded the media crew attached to the office of his Deputy, Lucky Aiyedatiwa. This move comes amidst alleged rift between Aiyedatiwa and his boss, Akeredolu, who recently returned from medical leave. The affected media aides have been directed to submit all government properties and report back to their various ministries and stations. The Ministry of Information and Orientation has been tasked with providing media coverage for the deputy governor's office going forward.
Senator Sadiq Umar has come out in defense of the controversial car and office allowances for members of the Nigerian National Assembly. Amid public criticism, the Senator argued that the funds are necessary to provide new senators with the tools they need to effectively carry out their duties. However, the allowances continue to be a topic of national discourse.
Despite the challenges faced by Nigeria, President Bola Tinubu's first 100 days in office have shown promising signs of progress and a commitment to the country's recovery. With bold decisions and a focus on governance, the administration has set the stage for a brighter future.
Surajudeen Olasinde recounts the harrowing incident of his wife and two daughters being kidnapped in Abuja. The kidnappers demanded a hefty ransom but were eventually paid a fraction of the initial amount. The family is now seeking help from authorities to ensure their safety.
The camp of PDP's flagbearer, Atiku Abubakar, has criticized calls for his suspension, terming it as baseless and unreasonable. This demand, made by FCT Minister Nyesom Wike, is seen as an attempt to establish his dominance within the party. Atiku's campaign organization insists that Wike should be called to order.
The wife of Ekiti State Governor, Dr. Olayemi Oyebanji, has distributed school materials to 400 indigent pupils from the 16 local government areas of the state. The initiative is part of her Education Empowerment Programme aimed at supporting vulnerable children. Mrs. Oyebanji reiterated her commitment to alleviating the suffering of vulnerable people in the state and called on individuals and organizations to support her project.
The Bauchi State Deputy Governor, Rt. Hon. Mohammed Auwal Jatau, has reaffirmed the commitment of the government to resolving the boundary dispute between communities of Itas-Gadau local government area in Bauchi State and Kafin Hausa local government area in Jigawa State. The case is currently before the National Boundary Commission, and the government urges the communities to maintain peace while the demarcation process progresses.
The Governor of Ondo State, Rotimi Akeredolu (SAN), has abruptly cut short his medical leave in Germany to return home, following an alleged plot by his deputy, Lucky Aiyedatiwa, and lawmakers of the State House of Assembly to impeach him. There are reports of a power struggle and a political crisis within the Ondo State government. Akeredolu's return has plunged the Deputy Governor's camp into disarray and sent shockwaves through the State Assembly, as the impeachment plans were thwarted.
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