The naira was strengthened to 1,494.03/$ at the official window on Thursday, according to data from FMDQ Securities Exchange Limited. Similarly, an appreciation to 1,510.00/$ was recorded in the parallel market, reducing the spread between the two markets to 15.5/$. The gap between the official and parallel foreign exchange rates has been narrowing due to various policies implemented by the...

MTN Nigeria reported a loss of N400.44 billion after tax for the year ending December 31, 2024, primarily due to the devaluation of the naira, which increased foreign exchange losses and negatively impacted the company's earnings.  This loss, revealed in the company's audited financial statements on Thursday, marks a 192% increase from the N137.02 billion loss recorded in 2023. The...

President Bola Tinubu has put the brakes on the National Population Commission’s (NPC) ambitious N942 billion budget for the long-awaited national housing and population census. The verdict? Too expensive. Insiders at the February 24, 2025, meeting at the State House revealed that Tinubu was firm on cost-cutting measures, suggesting a more budget-friendly approach. His solution? Deploy...

Nigerian music executive Jude Okoye has been remanded in prison over an alleged ₦1.3 billion fraud. The Economic and Financial Crimes Commission (EFCC) initiated the investigation following a complaint by Peter Okoye, Jude's younger brother and member of the music duo P-Square. Peter reportedly discovered that Jude had been diverting proceeds from P-Square's music into a secret company account...

The Edo State Governorship Election Petition Tribunal has reserved judgment in the case filed by the Peoples Democratic Party (PDP) and its candidate, Dr. Asue Ighodalo, challenging the results of the September 21, 2024 governorship election. The tribunal, led by Justice Wilfred Kpochi, concluded the proceedings on Monday, March 3, 2025, after both parties adopted their final written addresses....