Author: Editor
The Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission, EFCC, on Thursday, August 21, 2025, secured the conviction and sentence of the duo of Asimiyu Oluwaponmile Olatunji and Hassan Makinde for internet fraud before Justice D.I.Dipeolu of the Federal High Court sitting in Ikoyi, Lagos. They are among the 93 suspected fraudsters arrested during a sting operation on Sunday, August 10, 2025 at a hotel within the precincts of Olusegun Obasanjo Presidential Library, OOPL, Abeokuta, Ogun State. The suspects were arraigned on Thursday on one-count separate charges bordering on impersonation, identity and internet fraud. One of the…
The naira settled at N2,205/£ against the British pound sterling on the informal market on Sunday. The Nigerian unofficial FX band has remained between N2,000 and N2,400 to the pound, driven by sustained offshore demand for sterling amid global volatility. Currency traders believe that the direction of the naira depends on foreign capital sentiment. The Nigerian naira closed at N2,110/£1 in the last trading session at official market down from N2,095/£1 to N2,090/£1 against the British pound. The Nigerian Foreign Exchange Market (NFEM) reported intraday fluctuations between N1,529.75/$1- N1,535/$1.
Nigeria’s pension industry has grown tremendously over the past decade, playing a critical role in securing the retirement futures of millions of workers across the country. According to the latest data from the National Pension Commission (PenCom), Nigeria’s total pension fund assets rose to N24.11 trillion as of May 2025 a 1.91% increase from the previous month. This growth reflects steady contributions and market returns, despite inflationary pressures and foreign exchange fluctuations.
After 11 straight weeks of gains, the Nigerian All-Share Index retreated in the week ended August 15, 2025, shedding 1,126.71 points to close in the red. The index, which opened at 145,754.91, slipped by 0.77% to finish at 144,628.20, despite a rise in trading activity. Weekly trading volume improved to 8.5 billion shares, compared with 7.7 billion shares exchanged in the previous week.
Traders blame Naira’s fall on contractor payments, dollar diversion, weak supply, and inflation. Parallel market rate slipped to N1,560/$1 in mid-August, widening the gap with the official window. Speculation and hoarding fuel volatility, though CBN inflows and reserves offer some support. Currency traders have linked the recent depreciation of the naira at the parallel market to the supply challenges in the foreign exchange market and the huge demand for forex as a result of payments to contractors by the Federal Government agencies. They also cited diversion of forex, especially from diaspora remittances, as one of the major causes of distortion…
The Nigerian All-Share Index shed 671.81 points on Friday, August 15, 2025, closing at 144,628.20. This represents a 0.46% drop from Thursday’s 145,367.03 points and extends the market’s losing streak to a third consecutive day. Trading activity slowed sharply, with 1.37 billion shares changing hands, down from 2.4 billion shares the previous day. Market capitalization also reflected the bearish mood, slipping to N91.5 trillion from N92 trillion earlier in the week. On the gainers’ chart, Mutual Benefits Assurance (MBENEFIT) led with a 10% jump, followed closely by Ikeja Hotels (IKEJAHOTEL), which rose 9.95%. Conversely, the day’s biggest losers included Linkage…
Demo summary for Burna Boy’s ‘No Sign of Weakness’ fulfills his rock star dreams.
Demo summary for Toke Makinwa celebrates Toju Foyeh’s pregnancy, reflects on God’s timing.
Demo summary for Toke Makinwa reveals how God answered her prayer to become a mother at 40.
Demo summary for ‘My Father’s Shadow’ marks historic first for Nigeria at Cannes.