The National Pension Commission (PenCom) has announced a major leap in enforcement activities as it recorded ₦972.12 million in recoveries from defaulting employers in the first quarter of 2025. The figure, representing a 503.7% increase from the ₦161.03 million recovered in the fourth quarter of 2024, underscores the regulator’s deepened resolve to protect workers’ retirement savings under the Contributory Pension Scheme (CPS). According to data released by the Commission, the recoveries in Q1 2025 were sourced from 19 defaulting employers, with penalties totalling ₦381.88 million, compared with ₦246.94 million recorded in the previous quarter. Analysts note that the sharp increase…
Author: Temitope Nlewemchi
The Central Bank of Nigeria has reported a significant drop of $276 million in foreign exchange inflows from International Money Transfer Operators, reflecting ongoing pressures in Nigeria’s external sector despite recent reforms aimed at boosting foreign currency supply. According to the apex bank, IMTO inflows declined within the latest reporting period compared with the preceding cycle, underscoring persistent challenges affecting remittance flows into the country. Remittances from Nigerians in the diaspora have historically been a major source of foreign exchange, supporting household consumption, balance of payments stability and liquidity in the foreign exchange market. The CBN explained that the decline…
Nigeria’s trade surplus declined by 10 per cent in the third quarter of 2025, according to the latest foreign trade statistics released by the National Bureau of Statistics. The drop reflects a combination of weaker export earnings and sustained import demand, underscoring ongoing structural challenges in the country’s external trade performance. Data from the NBS showed that while Nigeria maintained a positive trade balance during the period, the margin narrowed compared to the previous quarter. The bureau attributed the contraction largely to fluctuations in crude oil exports, which remain Nigeria’s dominant source of foreign exchange earnings. Crude oil and related…
The Nigerian insurance industry is on the brink of major transformation as the Nigerian Insurance Industry Reform Act Bill, 2025, awaits presidential assent. Having cleared both chambers of the National Assembly, the bill introduces wide-ranging reforms that seek to overhaul the regulatory landscape, strengthen corporate governance, and enhance the overall integrity of the industry. As the sector stands poised for this significant shift, insurance brokers, in particular, are being urged to prepare for the forthcoming changes that will reshape how they operate and compete. One of the bill’s most notable features is the drastic revision of capital requirements for insurers…
British heavyweight boxing star Anthony Joshua was involved in a serious road accident on Tuesday, sparking widespread concern among fans and the sporting community after reports emerged that two people are feared dead. The accident reportedly occurred along a major highway, with eyewitnesses describing a violent collision involving multiple vehicles. Emergency responders were said to have arrived at the scene shortly after the crash, cordoning off the area as rescue operations and investigations began. While details remain sketchy, sources at the scene claimed that the impact was severe, leading to extensive damage to at least one vehicle. Anthony Joshua, a…
The Petroleum Products Retail Outlets Owners Association of Nigeria has renewed calls for the privatisation of the Nigerian National Petroleum Company Limited’s refineries, urging the Federal Government to complete the process by the first quarter of 2026. The association said decisive action is needed to end decades of inefficiency, repeated rehabilitation failures and financial losses associated with the state-owned refineries. PETROAN argued that despite huge public spending on turnaround maintenance and rehabilitation, Nigeria’s refineries have largely remained non-functional or operated far below installed capacity. According to the association, continuing to fund the refineries with public resources is no longer sustainable,…
Polaris Bank has reinforced its commitment to delivering improved customer experience while scaling up its environmental sustainability initiatives, as part of efforts to align business growth with responsible banking practices. The bank said the dual focus reflects its strategy to enhance service delivery, deepen customer trust and contribute meaningfully to environmental protection and sustainable development. The lender explained that customer-centricity remains at the core of its operations, with continuous investments in digital banking infrastructure, service quality improvement and staff capacity building. According to the bank, these efforts are designed to ensure seamless, secure and efficient banking services across all customer…
The African Development Bank Group has intensified efforts to mobilise private capital as part of a broader strategy to close Africa’s widening financing gap and accelerate sustainable economic development across the continent. The multilateral lender said leveraging private sector resources has become increasingly critical as public finances across many African countries come under pressure from debt, climate shocks and global economic uncertainties. According to the AfDB Group, Africa faces an annual financing gap running into hundreds of billions of dollars, particularly in infrastructure, energy, agriculture, healthcare and climate adaptation. The bank noted that public funding and traditional development assistance alone…
The Lagos Chamber of Commerce and Industry has raised concerns over persistent engineering capacity deficits and unreliable power supply, warning that these challenges continue to undermine Nigeria’s industrialisation drive and limit the competitiveness of local industries. The chamber said unless these structural issues are urgently addressed, the country risks falling short of its industrial development ambitions. The LCCI made this position known while assessing the state of Nigeria’s manufacturing and industrial sectors, noting that engineering and power infrastructure form the backbone of industrial growth. According to the chamber, weaknesses in these critical areas have constrained productivity, increased production costs and…
Seplat Energy Plc, one of Nigeria’s leading indigenous energy companies, has announced a bold move to invest significantly in the country’s power sector. The initiative is part of the company’s broader strategic shift to diversify its operations and contribute to bridging the huge energy access gap in Nigeria, particularly in off-grid communities. According to the company’s CEO, Roger Brown, Seplat’s investment in the power sector is aimed at complementing its role as a major gas supplier in the country while also addressing the systemic electricity shortages that continue to hinder economic growth and development. Nigeria, despite being Africa’s most populous…
The Nigeria Customs Service has announced plans to phase out routine physical examination of cargo at the Apapa Port as part of efforts to modernise port operations, enhance trade facilitation and reduce delays associated with manual inspection processes. The move aligns with broader reforms aimed at improving efficiency, transparency and revenue collection within Nigeria’s maritime sector. Customs officials explained that the initiative is anchored on increased deployment of non-intrusive inspection technologies, particularly modern cargo scanning systems. By relying more on scanners and digital risk assessment tools, the Service said it intends to significantly reduce human contact with cargo, thereby speeding…
The Federal Inland Revenue Service has accredited PricewaterhouseCoopers as a system integrator for Nigeria’s electronic invoicing initiative, marking a significant step in the country’s efforts to modernise tax administration, improve compliance and enhance revenue mobilisation. The accreditation positions PwC to support businesses and the tax authority in the implementation of the national e-invoicing framework. The e-invoicing initiative is a core component of the FIRS’s digital transformation agenda, designed to automate transaction reporting, improve transparency and reduce revenue leakages. By accrediting system integrators, the tax authority aims to ensure that businesses can seamlessly connect their accounting and enterprise resource planning systems…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority has clarified that the Port Harcourt Refining Company has been supplying diesel to the domestic market despite the refinery not being fully operational. The regulator said the development reflects interim arrangements put in place to support fuel availability while rehabilitation works at the facility continue. NMDPRA explained that the diesel being supplied from the Port Harcourt refinery complex is sourced through ancillary and blending operations within the facility, rather than from full-scale crude oil refining. According to the authority, these activities are permissible under existing regulatory provisions and are aimed at easing…
The Nigerian equities market on Monday witnessed a significant dip as profit-taking activities among investors dragged the overall performance of the Nigerian Exchange Limited (NGX). The bearish trend resulted in a loss of about N325 billion in market capitalization, signaling a pullback after weeks of sustained rallies that had pushed the stock market to new highs. Analysts attributed the downturn to cautious sentiment among investors who sought to lock in gains amid ongoing economic uncertainties. Data from the NGX showed that the All-Share Index (ASI) slipped by 0.57 percent, closing at 98,552.76 basis points, compared to the previous trading session’s…
The Nigerian Exchange (NGX) has disclosed that domestic investors accounted for transactions worth ₦5.46 trillion between January and August 2025, highlighting a growing shift in market participation amid fluctuating foreign interest. This surge reflects increasing confidence in Nigeria’s capital market despite economic headwinds, currency volatility, and global uncertainties. According to NGX’s latest market data, domestic participation far outweighed foreign transactions during the eight-month period. Analysts suggest that the trend signals renewed trust by local institutional and retail investors, particularly at a time when the Central Bank of Nigeria (CBN) is rolling out reforms to stabilise the naira and tame inflation.…
Nigeria’s capital market has posted a remarkable turnaround under President Bola Tinubu’s reform agenda, with the volume and value of transactions nearly tripling in just two years, according to the Chairman of the Nigerian Exchange Group (NGX), Umaru Kwairanga. Speaking during a diplomatic visit to Brazil, Kwairanga credited Tinubu’s wide-ranging interventions—particularly in the oil and gas sector, foreign exchange policy, and tax administration—for restoring stability and investor confidence in the financial markets. He described the surge in activity as a direct outcome of bold reforms that have positively transformed both the economy and the capital market. Building on his remarks,…
The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has renewed its call for the adoption of ground rent as a key strategy for revenue generation and housing affordability in Nigeria. Speaking during the 2025 Estate Surveyors’ Week held in Lagos, the Lagos State Chapter Chairman, Gbenga Ismail, emphasized that the implementation of a well-structured ground rent system could significantly boost government income while simultaneously promoting access to affordable housing for ordinary Nigerians. Ground rent refers to the periodic payment made by leaseholders to landowners—usually government—in exchange for the right to occupy and develop a parcel of land. Ismail highlighted…
The Lagos State Government has announced the cancellation of the Greater Lagos Fiesta 2025, a major end-of-year entertainment event traditionally held across key locations in the state, citing the need for reflection and prayers as the year draws to a close. In a statement released on Monday, the state government said the decision was taken after careful consideration of prevailing circumstances, emphasizing the importance of unity, solemn reflection, and collective prayers as Lagosians prepare to enter 2026. The government urged residents to use the period to pray for peace, progress, and prosperity for the state and the nation at large.…
The collection of empty containers at the Apapa Port has been suspended indefinitely by APM Terminals, one of the key terminal operators in Lagos. This move, which took effect earlier this week, has already started causing concern among importers, truck operators, and other port users. According to industry sources, the suspension is due to congestion at the terminal, with a high volume of empty containers reportedly overwhelming available space. APM Terminals has not released an official statement detailing the exact reasons for the suspension or how long it is expected to last, but stakeholders say the backlog has become increasingly…
The Federal Airports Authority of Nigeria (FAAN) has announced plans to implement cashless payment systems at the Murtala Muhammed International Airport (MMIA), Lagos, and the Nnamdi Azikiwe International Airport (NAIA), Abuja, as part of its modernization drive to enhance transparency, accountability, and efficiency in airport operations. The initiative is expected to kick off before the end of the year and will serve as a pilot phase for a nationwide rollout. According to FAAN management, the adoption of cashless transactions will align the nation’s airport operations with global best practices, reduce leakages in revenue collection, and improve the ease of doing…