BREAKING NEWS

Telecommunications giant, MTN Nigeria, has said it will list its shares on the Nigerian Stock Exchange in 2017. The company said in a statement on Thursday that the listing was part of a settlement arrangement with the Federal Government. “The Board of Directors has resolved to proceed with preparations for a listing of MTN Nigeria on the NSE as soon as commercially and legally possible, and has established a management task team with the responsibility to guide the company towards a listing,” it said in the statement. “ At present, MTN Nigeria is targeting that the listing takes place during 2017, subject to suitable market conditions.” The statement was signed by MTN Nigeria’s Public Relations and Protocol Manager, Mr. Funso Aina. ‎The telecoms firm said it had appointed Stanbic IBTC Capital Limited (together with its affiliates, The Standard Bank of South Africa Limited and Standard Advisory London Limited) (collectively “Stanbic”) and Citigroup Global Markets Limi

Sacked chairman of the House of Representatives committee on Appropriation, Abdulmumin Jibrin, has released a new statement indicting speaker of the House of Representatives, Yakubu Dogara. According to Jibrin, Dogara fraudulently diverted  a Federal government water project to his farm in Nasarawa state. Read his statement below  Good morning fellow Nigerians, Everyday I will give additional allegation against Mr Speaker and the 3 others until the law catches up with them. Allegation no21 to MrSpeaker: why did you fraudulently divert a Fed Govt water project to your farm in Nasarawa and how are you funding the farm?  When a new Speaker emerges and the other principal officers replaced, I will write to the presiding officers of both chambers to commence a radical internal reform in the entire NASS beyond budget to cover performance assessment, running cost and allowances, investigations etc  If the reform so done on NASS is not made public latest by December, I shall take it up a

Africa's richest man, Aliko Dangote, has dropped out of the list of top 100 richest people in the world. This is largely due to the devaluation of the Naira. Dangote who owns the second largest sugar-refinery in the world, remains richer than American billionaires, Donald Trump, and Oprah Winfrey who ranks as the second richest black woman in the world. Dangote is now worth $11.1 billion, while Trump and Oprah are estimated at $4.5 billion and $3.1 billion, respectively. The devaluation of the Naira against the dollar from about 198 to about 300, has eroded about a quarter of Dangote’s wealth as he continues to invest heavily in Nigeria. At the launch of the new foreign exchange regime on June 23rd, Dangote fell from number 46 on the world billionaire list to 71 and has continued to drop as the Naira continues to crash. According to Bloomberg billionaires, Dangote, who was worth $15.4 billion (N3.05 trillion) in March, is now worth $11.1 billion (N3.3 trillion) - richer in naira

Emir of Kano, Muhammadu Sanusi II has just added a Rolls Royce Phantom to his fleet of exotic cars. He drove the car around Kano state yesterday July 27th. More photos after the cut...

Heavy rain and strong winds reportedly destroyed and swept some vehicles into a small river, after Kantoma Brigde, in Suleja, Niger state. According to an eyewitness, most of the cars were in a motor park and belonged to a car dealer. See more photos of the damaged vehicles as you continue.

\ US-based Chierika Ukogu will be making history at the 2016 Olympics Games, being the first rower to represent Nigeria. Born on October 1992, Okogu, who is a graduate of Stanford University, said in a recent interview that the sport had been challenging but she will put in her best, adding that her training with members of the U.S. team at the Vesper Boathouse at Schuylkill, Philadelphia had helped develop her skills. "It is my ultimate goal to be the 1st Nigerian to row at the Olympic Games. Heading into Rio, it's a really wonderful opporunity for Nigeria. This is the first time we've had an athlete at the Olympics in the sport of Rowing," said Ukogu  

Brexit is official! With 16,737,273 votes for Leave, Britain has voted to leave the EU, breaking the winning post in the referendum. Leave won 52% to 48%, with England and Wales voting for Leave while Scotland and Northern Ireland voted for 'Stay'. This exit has plunged the pound against the dollar to its lowest level since 1985 as Britain lurched towards Brexit. Sterling has crashed nearly 10% to $1.34, and by more than 6% against the euro. Gold is up nearly by 6% this morning. US markets were expected to open down 550 points on Friday morning. Trading in Tokyo was halted after stocks plunged nearly 7 per cent, while South Korea's Kospi tumbled about 4 per cent. Crude oil prices also took a hit. As results poured in, a picture emerged of a sharply divided nation: Strong pro-EU votes in the economic and cultural powerhouse of London and semi-autonomous Scotland were countered by sweeping anti-Establishment sentiment for an exit across the rest of England, from sout

Man U manager Jose Mourinho is set to increase the bad blood between him and Arsenal coach Arsene Wenger as he has tabled a £35m bid for Arsenal and Wales midfielder Aaron Ramsey. According to the Sun UK, Mkhitaryan of Dortmund is Mourinho's first choice, but after watching Ramsey at the Euros, has ordered Man U executive Ed Woodward to trash out a deal for Arsene Wenger's prized asset.  Mourinho wants him to be Manchester United’s answer to Frank Lampard, and believes he could achieve for Man U what Lampard achieved for Chelsea. Raiding Premier league rivals Arsenal for Ramsey  would be one of Mourinho’s boldest ever transfer moves as he knows he would face fierce resistance from Gunners boss  Wenger.

UK Prime Minister David Cameron resigned today after his devastating defeat in the EU referendum. He had fought strongly for Britain to remain in the EU but lost. He said he will stay in post till about October this year when a new Prime Minister is chosen. He said the country requires fresh leadership. Cameron's voice broke as he spoke outside Downing Street this morning with his wife Samantha in tears next to him. “We should aim to have a new prime minister in place by the start of the Conservative Party conference in October," he told the media after the country voted to leave the European Union. The Brexit campaign officially passed the winning post in the EU referendum at around 6am today, triggering a political earthquake and panic in the markets. Nigel Farage earlier declared it to be 'independence day' and a 'victory for real people' as the Leave campaign racked up votes across England and Wales - defying the verdict of London, Scotland and most of the

The unveiling of the new foreign exchange guidelines for the country by the Central Bank of Nigeria has prompted stock investors to pump huge amount of funds into the market, STANLEY OPARA writes The Nigerian Stock Exchange reacted positively to the news of the unveiling of the new foreign exchange guidelines by the CBN last Wednesday as the market capitalisation soared by over N760bn, with investors committing huge sums to acquire more shares. The move by investors to acquire more stocks at this time is hinged on their desire to re-enter the market when share prices are at their lowest, as the market is expected to recover after months of persistent fall. Prior to the three-day straight gains last week, the NSE market capitalisation had stood at N9.284tn on Tuesday. But as of the last day of trading last week on Friday, the value of the market had soared to N10.044tn. Other variables like the All-Share Index, market turnover, share volume and deals also recorded signi