The National Hajj Commission of Nigeria (NAHCON) has dismissed claims suggesting that over 600 Nigerian pilgrims illegally remained in Saudi Arabia following the recent Hajj pilgrimage. Former Kaduna Central Senator Shehu Sani had raised concerns on social media, alleging that these pilgrims had stayed behind, which might lead Saudi authorities to impose stricter visa regulations. […]
Category archives: News
Nigerian Stock Market Update: Profit Taking and Mixed Sentiments Impact Year-to-Date Growth
Market Overview Sector Performance Key Factors Influencing the Market Corporate Updates Market Outlook Analysts expect the market to continue experiencing mixed sentiments, with opportunities for bargain hunting and profit-taking. Despite the market’s recent downtrend, some stocks are seen as undervalued, providing potential buy-low, sell-high opportunities for investors. Portfolio repositioning is likely to persist as investors […]
Rising Cement Prices in Nigeria: Factors and Impacts
Key Factors Behind Price Increase Impact on the Industry and End Users Outlook and Future Measures The ongoing economic pressures, smuggling activities, and exchange rate fluctuations indicate that the hope for lower cement prices in Nigeria remains uncertain, with both manufacturers and consumers bearing the brunt of these challenges.
Black Market Dollar to Naira Exchange Rate on August 26, 2024
As of today, August 26, 2024, the exchange rate for the US dollar to the Nigerian naira in the black market is as follows: It’s important to note that these rates are based on transactions in Lagos and might vary slightly depending on the location and the specific Bureau De Change (BDC) operators. Central Bank […]
Federal Government, Dangote Refinery Discuss September Petrol Rollout
The Federal Government’s committee, established to facilitate the sale of crude oil to local refineries in naira, is set to finalize discussions on the pricing of petrol from the Dangote Petroleum Refinery, scheduled to be released next month. The committee, led by Finance Minister Wale Edun, will focus on setting a benchmark price for the […]
Ex-BBC Editor Soyinka Released After Hours of DSS Detention at Lagos Airport
The Department of State Services (DSS) has released Adejuwon Soyinka, a former editor of the BBC Pidgin Service, after detaining him for several hours at Murtala Muhammed International Airport in Lagos. Soyinka, who is also the West African editor of The Conversation Africa, was arrested upon his arrival from the UK on Sunday morning. The […]
Struggling MSMEs Turn to Phone and Online Orders to Survive Economic Pressures
With the ongoing surge in prices severely impacting profits and capital, many Micro, Small, and Medium Enterprises (MSMEs) in Nigeria are finding innovative ways to stay afloat. Business owners like Mrs. Bolanle Rasheed and Mrs. Marvin Godonou have resorted to using phone calls and online messaging to maintain customer relationships and keep their businesses running. […]
Zimbabwean Bishop Arrested in Nigeria Amid United Methodist Church Leadership Crisis
A Zimbabwean bishop, Eben K. Nhiwatiwa, of the United Methodist Church, has been arrested in Yola, Adamawa State, Nigeria, during a visit aimed at initiating the process of electing a new bishop following the resignation of the former bishop, John Wesley Yohanna. Bishop Nhiwatiwa was reportedly detained by the Nigerian Immigration Service (NIS) and later […]
Okonjo-Iweala Criticizes Nigerian Politicians for Exploiting Insecurity, Calls for an End to the Practice
Ngozi Okonjo-Iweala, Director General of the World Trade Organisation (WTO), has strongly criticized Nigerian politicians for weaponizing insecurity for political gain. Speaking at the Nigerian Bar Association’s 2024 Annual General Conference in Lagos, Okonjo-Iweala emphasized that socioeconomic development is impossible without security and condemned political actors who instigate unrest to undermine their opponents. In her […]
Court Freezes 32 Bank Accounts Linked to #EndBadGovernance Protest, Orders Arrest of Account Holders
A Federal Court in Abuja has frozen the bank accounts of 32 individuals and companies linked to the #EndBadGovernance protest, pending investigation and prosecution. Justice Emeka Nwite ruled in favor of the motion filed by the Inspector-General of Police, Ibrahim Mohammed, directing banks to place a Post-No-Debit order on the accounts and to apprehend any […]