President Bola Ahmed Tinubu will depart Abuja on Saturday for a multi-country visit to France, Kenya and Rwanda, where he is expected to participate in high-level engagements on economic growth, investment, climate action and strategic partnerships. The trip was disclosed in a statement issued on Friday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga. According to the statement, Tinubu’s first stop will be France before proceeding to Nairobi, Kenya, for the Africa–France Summit scheduled to begin next week. The summit, to be co-chaired by Emmanuel Macron and William Ruto, will focus on key issues including energy transition,…
Author: Abdoulaye Kay
Governor of the Central Bank of Nigeria, Olayemi Cardoso, has urged company directors to prioritise consolidation, confidence, and stability as the banking sector enters its post-recapitalisation phase. Cardoso gave the charge on Thursday in Lagos at the induction of new members of the Chartered Institute of Directors Nigeria, themed “Stewardship in Times of Reform: Consolidation, Confidence, and Stability in the Post-Banking Recapitalisation Era.” Represented by Dr Olubokola Akinniyi, Director of the Banking Supervision Department, the CBN governor described the recent recapitalisation exercise as a strategic step to strengthen financial system resilience, boost investor confidence, and support sustainable economic growth. He…
The President of the African University of Science and Technology (AUST), Prof. Peter Onwualu, says plans are underway to support winners of the AfricaX Summit pitch sessions in commercialising their innovations and bringing them to market. Onwualu disclosed this on Wednesday night in Abuja at the awards and dinner marking the end of the three-day 2026 Innovation and Investment (AfricaX) Summit. The summit was themed: “Reshaping the Future of Africa through Innovation, Investment, and Collaboration.” He explained that the summit represents the first phase in a broader strategy aimed at nurturing innovation across the continent. According to him, the next…
Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has disclosed that the agency investigated Jerry Eze, founder of Streams of Joy International, for six months over suspected money laundering linked to large foreign currency inflows. Olukoyede said the probe was triggered by intelligence reports of heavy deposits into a domiciliary account associated with the cleric, with funds arriving from multiple countries. Speaking on Wednesday in Abuja at the Jerry Eze Foundation Business Grant Award Ceremony, the EFCC chairman said the inflows raised red flags. “At some point, we saw a domiciliary account where dollars and pounds were…
Aliko Dangote, Africa’s richest man, has seen his net worth rise to $34 billion, according to the latest update from the Bloomberg Billionaires Index, underscoring sustained valuation gains across his industrial empire. The increase represents a $216 million gain in a single day (+0.6%), with his year-to-date wealth growth now standing at about 13.3%, reflecting continued investor confidence in assets linked to Dangote Industries. Dangote retains his position as Africa’s wealthiest individual, with his fortune largely driven by core investments spanning cement, oil refining and fertiliser production. At the heart of his portfolio is the Dangote Oil Refinery—Africa’s largest refining…
Nigeria’s currency, the naira, has emerged as one of the best-performing currencies in Africa in 2026, even as foreign exchange (FX) pressures and global uncertainties continue to weigh on markets. A report by investment firm United Capital Plc indicates that the naira has appreciated by about 6.7 per cent against the US dollar year-to-date as of April 24, outperforming several major African currencies. In contrast, currencies such as the Kenyan shilling, Angolan kwanza, South African rand, and Ghanaian cedi recorded declines over the same period. The relative strength of the naira comes amid heightened volatility in global currency markets, partly…
The House of Representatives on Tuesday approved a $516 million external loan request by President Bola Ahmed Tinubu to finance sections of the Sokoto–Badagry Superhighway project. The approval followed the presentation of a report by the Deputy Chairman of the House Committee on Aids, Loans and Debt Management, Abdullahi Rasheed, during plenary in Abuja. President Tinubu, in a letter dated April 23, had sought the National Assembly’s approval to secure a $516,333,007 syndicated loan from Deutsche Bank AG for the project. Lawmakers endorsed the request after considering the committee’s recommendations. The Senate had earlier taken up the request, with Senate…
The House of Representatives Committee on Finance has adopted a proposed N105.14 billion budget for the 2025 operations of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC). The decision was taken on Tuesday during a budget defence session with the commission’s management, led by its Chairman, Mohammed Shehu, in Abuja. Presenting the proposal, Shehu disclosed that N20.6 billion was allocated for personnel costs, while N8.9 billion was earmarked for overheads. He added that N75.5 billion—representing 71.8 per cent of the total budget—was dedicated to capital projects. He also commended the committee for facilitating the recent amendment of the RMAFC Act,…
A member of the House of Representatives, James Faleke, has obtained the N100 million nomination and expression of interest forms of the All Progressives Congress on behalf of President Bola Ahmed Tinubu, formally signalling the start of his re-election bid for the 2027 presidential race. Faleke, who represents Ikeja Federal Constituency, picked up the forms on Tuesday in Abuja after the party declared the process open through its National Organising Secretary, Suleiman Argungu. The lawmaker, also known for leading the Tinubu Support Groups, completed the purchase of the forms valued at N100 million, a move that effectively marks the president’s…
The Pension Transitional Arrangement Directorate (PTAD) has completed payment of the final one-month arrears of the N32,000 pension increment to eligible retirees under the Defined Benefit Scheme (DBS). The disclosure was contained in a statement issued on Monday by PTAD’s Head of Corporate Communications, Mr Olugbenga Ajayi. According to PTAD, the latest disbursement brings to a close all outstanding arrears linked to the pension increase approved to enhance retirees’ welfare. The increment, authorised by the National Salaries, Incomes and Wages Commission, took effect from July 29, 2024. Ajayi said a total of N1.734 billion was paid to 54,206 eligible DBS…