The Pension Transitional Arrangement Directorate (PTAD) has announced a change in the date for implementing the deduction of check-off dues from the monthly pension payments of retirees under its management. The agency disclosed this development in a recent statement, explaining that the decision was made to ensure thorough stakeholder engagement and proper alignment of administrative and financial processes before the policy takes effect. The PTAD, which oversees the pension administration of Federal Government retirees under the Defined Benefit Scheme (DBS), stated that the new implementation date will provide ample time for all necessary consultations with pension unions, relevant ministries, and…
Author: Temitope N.
The Federal Government has announced plans to inject an additional 7,000 megawatts (MW) of electricity into the national grid as part of its comprehensive energy reform agenda aimed at transforming Nigeria’s power sector and ensuring reliable electricity supply across the country. The Minister of Power, Chief Adebayo Adelabu, disclosed this during a press briefing in Abuja, reaffirming the government’s determination to address the persistent challenges undermining power generation and distribution. According to Adelabu, the initiative aligns with President Bola Tinubu’s economic renewal strategy, which places energy security at the heart of industrial and economic revitalization. He explained that the government’s…
The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has reiterated the apex bank’s unwavering commitment to achieving and maintaining price stability as a cornerstone of Nigeria’s economic recovery efforts. Speaking during an engagement with financial stakeholders in Abuja, Cardoso emphasized that the CBN remains resolute in implementing monetary policies aimed at curbing inflation, stabilizing the exchange rate, and restoring confidence in the financial system. According to the CBN governor, the institution’s priority remains taming inflation, which has been a major challenge for the Nigerian economy, as well as ensuring macroeconomic stability that supports sustainable growth. Cardoso…
Access Bank Plc has once again demonstrated its commitment to customer empowerment and financial inclusion by awarding a ‘Salary 4 Life’ prize and distributing N6.62 billion to winners across various categories in its ongoing AccessMore Mega Reward campaign. The initiative, which seeks to reward loyal customers who actively use the AccessMore app, continues to reinforce the bank’s reputation for innovation and customer engagement in Nigeria’s competitive financial landscape. The bank, during a special reward event held in Lagos, celebrated the latest round of winners who emerged through a transparent, digitally driven draw process supervised by relevant regulatory authorities. The highlight…
The Nigerian Exchange Limited (NGX) closed the week on a bullish note as renewed investor interest in insurance and banking stocks lifted the overall market capitalisation by N92 billion. The positive performance, which followed days of cautious trading, reflected improved investor confidence and optimism surrounding the financial sector’s recovery prospects. Data from the NGX showed that the market capitalisation increased from N56.372 trillion to N56.464 trillion, representing a 0.16 percent gain. Similarly, the All-Share Index (ASI) advanced by 163.08 points, closing at 99,962.84 points compared to 99,799.76 points previously. Analysts attributed the uptrend to gains in key insurance and banking…
Air Peace Limited, one of Nigeria’s leading airlines, has firmly refuted claims circulating online that it has slashed its airfares by 30 percent. The airline described the information as false and misleading, warning the public to disregard any social media posts or websites advertising such discounts. The alleged promotion, which spread widely across various online platforms, claimed that Air Peace was offering a massive 30 percent reduction on flight tickets across its local and regional routes. In a strongly worded statement released by its spokesperson, Osifo-Whiskey Efe, the airline stated that the publication was fraudulent and not initiated by the…
The World Bank has expressed doubts over Nigeria’s ability to achieve its ambitious goal of bringing inflation down to single digits in the near term, citing persistent structural challenges, policy inconsistencies, and global economic pressures. The global financial institution made this observation following recent statements by Nigerian policymakers that ongoing fiscal and monetary reforms could lower inflation to below 10 percent within a few years. In its latest economic outlook on Nigeria, the World Bank noted that while the country has made significant strides in implementing macroeconomic reforms — including the unification of the foreign exchange rate and removal of…
Ecobank Nigeria has unveiled an upgraded version of its mobile banking application, designed to offer customers a faster, smarter, and more secure digital banking experience. The latest enhancement reflects the bank’s continued commitment to technological innovation and customer-centric service delivery in the rapidly evolving digital financial ecosystem. The new app, according to Ecobank’s management, integrates advanced features aimed at simplifying financial transactions and improving accessibility for users across Nigeria and the wider African continent. With this upgrade, customers can now enjoy a more intuitive interface, personalized banking options, enhanced security protocols, and improved transaction efficiency — all optimized for both…
The Seme Area Command of the Nigeria Customs Service (NCS) has reaffirmed its commitment to strengthening trade facilitation by collaborating with key stakeholders to address existing trade barriers along the Nigeria–Benin border. This move, according to the Command, is in line with the Federal Government’s policy to enhance regional economic integration and promote seamless cross-border commerce in West Africa. Comptroller Timi Bomodi, the Customs Area Controller of the Seme Command, disclosed this during a stakeholders’ meeting held at the Seme Border. He noted that the partnership with border communities, transport unions, freight forwarders, and other regulatory agencies aims to eliminate…
The United Bank for Africa (UBA) Plc has reaffirmed its commitment to delivering exceptional customer service and financial innovation by deepening its investments across key business areas. The bank said this strategic move is aimed at ensuring sustained customer satisfaction, operational efficiency, and technological advancement in a rapidly evolving financial landscape. As part of its renewed focus, UBA has invested significantly in digital transformation, infrastructure upgrades, and staff training to enhance service delivery across all its subsidiaries in Africa and beyond. The Group Managing Director and Chief Executive Officer of UBA, Mr. Oliver Alawuba, stated that customer satisfaction remains at…
The Federal Government has announced plans to revoke the operating licences of electricity distribution companies (DisCos) that fail to meet performance benchmarks by 2028, signaling a major shift toward accountability and efficiency in Nigeria’s power sector. The announcement, made through the Minister of Power, Chief Adebayo Adelabu, comes amid growing concerns over the persistent challenges of poor electricity supply, billing inefficiencies, and technical losses across several distribution zones. Chief Adelabu, speaking during a media briefing in Abuja, explained that the federal government would no longer tolerate inefficiency or complacency among the DisCos. He said that each company’s licence renewal in…
The Central Securities Clearing System (CSCS) Plc has reiterated its commitment to maintaining excellence and driving innovation in Nigeria’s capital market as it joined the global securities community to commemorate the 2025 Customer Service Week (CSW). The event, themed “Igniting Excellence Through Service,” provided an opportunity for the company to celebrate its clients, partners, and employees who continue to contribute to the growth and resilience of Nigeria’s financial market infrastructure. CSCS, the sole licensed Central Securities Depository (CSD) in Nigeria, emphasized that customer satisfaction and operational efficiency remain at the core of its mission. During the celebration, the Managing Director…
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has linked the recent sharp increase in the price of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, to the ongoing strike action by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN). The state-owned oil company stated that the industrial action has disrupted gas supply logistics across several depots and terminals, creating scarcity and driving up prices nationwide. In the past week, the price of cooking gas has surged by over 30 percent in parts of the country, with a 12.5kg cylinder now selling for between ₦14,000 and…
The Nigerian Economic Summit Group (NESG) has issued a strong warning that Nigeria must create at least 27 million new jobs by the year 2030 to avert a possible unemployment and underemployment rate surge to 30 percent. The group stated that with the population of working-age Nigerians projected to hit 168 million by the end of the decade, the economy needs to produce an average of 4.5 million formal jobs annually to sustain economic stability and prevent a labour market crisis. This was contained in the NESG’s new report titled “From Hustle to Decent Work: Unlocking Jobs and Productivity for…
Nigeria’s equities market opened the week on a strong bullish note, with the Nigerian Exchange (NGX) recording a total market capitalization gain of ₦786.24 billion. The rally was largely driven by significant gains in the oil and insurance sectors, with Seplat Energy and AXA Mansard Insurance emerging as standout performers. The NGX All-Share Index rose by 0.86 percent, adding 1,238.74 points to close at 144,822.78, up from 143,584.04 recorded at the end of the previous week. In tandem, the market’s total value increased to ₦91.92 trillion. Market breadth favored gainers, with 49 stocks advancing, 23 declining, and 74 remaining unchanged.…
President Bola Ahmed Tinubu has approved the issuance of a ₦4 trillion bond to settle longstanding debts owed to power generation companies (GenCos) and gas suppliers across Nigeria. The move is part of the government’s broader plan to address the persistent liquidity crisis in the country’s electricity sector and restore financial stability to the power value chain. The Minister of Power, Adebayo Adelabu, announced the development during the Expert Forum on “Uninterrupted Power: The Industrial Imperative” in Abuja. He explained that the bond is a strategic step under the administration’s Renewed Hope Agenda to revive the electricity industry, enhance investor…
The Federal Government of Nigeria is currently in advanced discussions with the Export-Import Bank of China to secure a $2 billion loan aimed at financing the construction of a new high-capacity power transmission infrastructure, widely referred to as the “super grid.” The project is expected to significantly boost the nation’s electricity transmission capacity, support industrial growth, and address the persistent power supply issues that have hindered Nigeria’s economic development for years. Minister of Power, Adebayo Adelabu, disclosed this during the recent Nigerian Economic Summit in Abuja, explaining that the super grid is designed to link major industrial zones and population…
At the Africa Energy Week (AEW) 2025 conference in Cape Town, industry leaders, including those from TotalEnergies and Chevron, called for major improvements in how oil and gas exploration is managed across Africa. Their key demands centered on speeding up the permitting process and providing higher quality seismic and subsurface data—a combination they see as essential to unlocking the continent’s untapped frontier basins. Emmanuelle Garinet, Vice President of Exploration Africa at TotalEnergies, highlighted that many frontier basins on the continent contain significant oil and gas potential, but current risk levels remain high largely because of limited data and slow regulatory…
JMG Limited has renewed its dedication to advancing innovative and sustainable energy solutions for homes, businesses, and industries across Nigeria. During the nation’s 65th Independence Day celebrations, Group General Manager Rabi Jammal emphasized that the company remains focused on supporting national development by driving energy efficiency and innovation. He explained that JMG’s goal goes beyond providing power solutions — it aims to create reliable systems that contribute to Nigeria’s overall progress and prosperity. Since 2018, JMG has consistently expanded its renewable and hybrid energy portfolio to meet the growing demand for cleaner power alternatives. The company introduced Lithion inverters and…
Lafarge Africa Plc has taken another major step in its commitment to women’s empowerment and inclusion in the construction industry with the launch of its 2025 Female Tilers and Block Laying Training Programme, under the theme “BuildHer by Lafarge”. The initiative targets 100 women from low-income communities in Lagos, Ogun, and Cross River states, aiming to provide them with both technical skills and entrepreneurial tools to pursue sustainable livelihoods in tiling and block production. This year’s programme will run for eight weeks and is being implemented in partnership with relevant state government agencies. In Lagos State, partners include the Ministry…