Economy
PDP Wants Adeosun Sacked, Thoroughly Investigated
By Dipo Olowookere
President Muhammadu Buhari has been asked to immediately sack, arrest and arraign Minister of Finance, Mrs Kemi Adeosun for alleged criminal forgery of her NYSC certificate.
This request was made by the country’s major opposition party, the Peoples Democratic Party (PDP), following a report yesterday that the Minister forged an NYSC exemption certificate.
In a statement signed by its spokesman, Mr Kola Ologbondiyan, the party said Mr Buhari should not provide a cover for Mrs Adeosun.
The party said the revelation vindicates its stand that the Buhari Presidency is a haven of fraudsters, common thieves and persons of questionable character, adding that the recent revelation has cast a full-length dark shadow on the overall integrity of his administration.
“The world can now see how the Buhari Presidency has been concealing sharp practices under it. We can now see why there is humongous corruption under President Buhari’s watch and why Mr President has refused to take any concrete steps to check the sleazes in his administrations.
“Perhaps such ‘artful dodgers’ were deliberately hired and placed in revenue related agencies to perfect the pilfering of our common patrimony for interests in the Buhari Presidency,” the statement said.
The PDP challenged President Buhari to prove himself a man of integrity by allowing an open system-wide and independent inquest into all alleged corrupt practices in his presidency.
“We challenge President Buhari to be bold to allow an open independent inquest into the exact figures amounting to the trillions of naira oil revenue earned by the nation in the last three years and how he had spent same with Mrs Adeosun as minister of finance.
“Mr President should also allow an open inquest into his handling, with Mrs Adeosun, of all our depleted foreign financial instruments, including the Excess Crude Account (ECA), from which funds were taken without recourse to the National Assembly.
“President Buhari should also allow an inquest into his administration’s borrowing of over N10 trillion in 30 months, with Mrs Adeosun as minister of finance and the purposes for which the money was used.
“Furthermore, we challenge President Buhari to allow an inquest into the leaked memo at the Nigeria National Petroleum Corporation (NNPC) showing N9 trillion corrupt oil contracts as well as the alleged stealing of N1.1 trillion worth of crude oil, all in a sector under his direct purview as minister of Petroleum.
“We also demand for an open investigation into the N18 billion Internally Displaced Persons (IDP) intervention fund and the N10 billion National Health Insurance Scheme (NHIS) alleged to have been stolen from the Treasury Single Account (TSA) by APC officials and Presidency cabal.
“Finally, the PDP urges Nigerians to note the colossal corruption under President Buhari’s watch and hold him directly responsible for all the calamities that have befallen our nation in the last three years,” Mr Ologbondiyan said in the statement.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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