The President General of Ohanaeze Ndigbo, Emmanuel Iwuanyanwu, is dead. This was confirmed in a statement on Thursday by Jide Iwuanyanwu, the son of the late Emmanuel. According to the statement, the 82-year-old Iwuanyanwu died on Thursday after a brief illness. “The Iwuanyanwu family of Umuohii Atta, in Ikeduru Local Government Area of Imo State announces the demise of our patriarch, Emmanuel Chukwuemeka Iwuanyanwu-Ahaejiagamba Ndigbo,” the statement read. “Iwuanyanwu died on Thursday July 25, 2024 after a brief illness. He was aged 82. Iwuanyanwu before his death was President General of Ohanaeze Ndigbo worldwide and President of Owerri Peoples Assembly.”…

The report from the Nigerian Exchange Limited (NGX) reveals significant insights into the behaviour of foreign portfolio investors in the Nigerian capital market during the first half (H1) of 2024. Here are the key points and their implications: Foreign Liquidations Outpace Purchases The report underscores that foreign investors liquidated N311.41 billion worth of portfolio investments in H1 2024. This liquidation figure is markedly higher than the N73.06 billion recorded in the same period in 2023. This significant increase in liquidations suggests a few potential factors: 1. Market Sentiment: Increased liquidations indicate growing apprehension or negative sentiment among foreign investors towards…

On Tuesday, the senate and house of representatives passed the new minimum wage bill. The bill scaled first, second and third readings — all within an hour — in the upper and lower legislative chambers. The legislation amended two key issues in the National Minimum Wage Act 2019, increasing the minimum wage from N30,000 to N70,000 and shortening the review period from five to three years. Speaking at plenary after the bill was passed, Godswill Akpabio, the senate president, claimed that Nigerians can no longer pay any domestic worker below N70,000. “The bill says that if you are a tailor…

Nigeria's central bank on Tuesday raised its benchmark interest rate for the fourth time this year, as inflation surged to a 28-year high and the naira came under renewed pressure on both the official and parallel markets. Central Bank of Nigeria Governor Olayemi Cardoso said the rise in the bank's main lending rate to 26.75% from 26.25% was needed to tackle inflation. "While monetary policy has been moderating aggregate demand, rising food and energy costs continue to exert upward pressure on price development," Cardoso told a press conference. Tuesday's decision by the bank's Monetary Policy Committee to hike the rate…