Nigeria’s Debt Hits Record N142 Trillion Amid Rising Borrowing and Currency Depreciation
Nigeria’s total public debt surged to a staggering N142.3 trillion as of September 30, 2024, marking a 5.97% increase (N8.02 trillion) from N134.3 trillion recorded in June 2024. This rise, attributed to increased borrowing and exchange rate…
Warri Catholic Diocese Suspends Priest for Entering into Marriage
Rt. Rev. Anthony Ovayero Ewherido, Bishop of the Warri Catholic Diocese, has suspended Rev. Fr. Daniel Okanatotor Oghenerukevwe for entering into marriage, an act contrary to the vows of the priesthood. As a result, Oghenerukevwe is prohibited from…
Nigeria’s Inflation Rate Hits 34.8%: Rising Costs and Economic Concerns Spark Fears
The Organised Private Sector (OPS) has raised alarm over Nigeria’s rising inflation rate, warning that it could lead to increased production costs, higher consumer prices, and mounting economic hardship. On Wednesday, the National Bureau of…
NGX Group CEO Advocates Pan-African Market Synergy as Ethiopian Securities Exchange Launches
The launch of the Ethiopian Securities Exchange (ESX) marks a defining moment in Africa’s financial evolution, as the Group CEO of Nigerian Exchange Group Plc (NGX Group), Temi Popoola, calls for deeper collaboration across Pan-African markets. Speaking…
eNaira Value Soars by 57% to N18.32 Billion in 2024, CBN Plans Strategic Review
The eNaira, Nigeria’s digital currency introduced by the Central Bank of Nigeria (CBN) in October 2021, has recorded significant growth in value, rising by 57% year-on-year (YoY) to N18.32 billion in the first ten months of 2024, compared to N11.66…
Sharia Panel Controversy Sparks Heated Debate in South-West Nigeria
A fierce debate has erupted in South-West Nigeria over the establishment of Sharia panels, with supporters and critics locked in a war of words. Muslim leaders in the region assert their constitutional rights to establish arbitration panels for resolving…
CBN Halts Export Proceeds Extensions: Banks Mandated to Enforce Compliance
The Central Bank of Nigeria (CBN) has announced the suspension of banks extending export proceeds on behalf of exporters. This decision, aimed at enforcing stricter adherence to foreign exchange regulations, was conveyed in a circular issued by the…
Naira Gains Ground in Parallel Market, Weakens in Official FX Market
The Nigerian Naira recorded a mixed performance on Tuesday, showing slight appreciation in the parallel market while depreciating further in the official foreign exchange market. In the parallel market, the Naira strengthened, trading at N1,650 per…
Audit Report Accuses NNPCL of Diverting ₦514 Billion in 2021
A report from Nigeria’s Auditor-General’s office has raised serious concerns about the Nigerian National Petroleum Company Limited (NNPCL), accusing the state-owned oil company of misappropriating funds and diverting revenue intended for the…
Why Catholics Are “On Their Way to Hell” — Apostle Abel Damina
Nigerian Apostle Abel Damina has generated controversy with a viral clip in which he criticizes the Catholic Church, boldly claiming, “They are on their way to Hell.” The statement has provoked mixed reactions within the Christian community,…