The National Pension Commission (PenCom) has issued a strong warning to Pension Fund Administrators (PFAs), directing them to avoid investing workers’ retirement savings in banks’ Additional Tier-1 (AT1) capital instruments. The caution follows heightened concerns over the risk profile of such assets, which have come under global scrutiny after recent financial sector shocks. According to industry sources, PenCom’s advisory stems from its mandate to safeguard the N20 trillion pension assets under management in Nigeria’s Contributory Pension Scheme (CPS). The regulator emphasised that PFAs must exercise extreme caution in evaluating investment opportunities, particularly those that may expose pension contributions to unnecessary…
Author: Temitope N.
The Federal Government of Nigeria has successfully raised N136 billion through the issuance of medium-term bonds as part of its domestic borrowing strategy to finance the 2025 budget and support ongoing infrastructure development projects. The Debt Management Office (DMO), which oversees the issuance and management of the country’s debt instruments, confirmed that the latest bond auction attracted strong participation from both local and foreign investors, underscoring confidence in the Nigerian capital market despite global economic uncertainties. According to market reports, the bonds were issued across multiple tenors, with investors showing high demand for maturities in the five, ten, and twenty-year…
President Bola Ahmed Tinubu has commissioned a 40,000 cubic meter Liquefied Petroleum Gas (LPG) vessel built for the West Africa Gas Limited (WAGL), a joint venture between the Nigerian National Petroleum Company Limited (NNPCL) and Sahara Group, in Ulsan, South Korea. The new carrier, which represents one of the most significant investments in Nigeria’s gas infrastructure, is expected to bolster the country’s energy transition plan and deepen its LPG penetration across Africa. The state-of-the-art carrier, named Akintoye 1, was built by Hyundai Heavy Industries, one of the world’s leading shipbuilders, and is part of a larger initiative to increase Nigeria’s…
The Federal Government has announced a strategic collaboration with PalmPay, a leading fintech platform, to train one million Nigerian youths in digital safety. The initiative is aimed at equipping young people with the knowledge and tools to navigate the digital economy securely while curbing rising cases of cybercrime and fraud in the country’s financial sector. Speaking at the launch of the programme in Abuja, Minister of Youth Development, Ayodele Olawande, said the partnership underscores the Federal Government’s commitment to empowering young Nigerians with critical skills for the digital era. He noted that while technology has opened new doors of opportunity…
Schneider Electric has introduced a suite of new energy management and power solutions aimed at boosting the efficiency and growth potential of small and medium-sized enterprises (SMEs) across Africa. The initiative reflects the company’s ongoing commitment to addressing the continent’s persistent energy access challenges while empowering local businesses to become more competitive in an increasingly technology-driven global economy. Announcing the new solutions at a regional event, Schneider Electric executives emphasized that inadequate and unreliable electricity supply remains one of the biggest hurdles for African entrepreneurs. Many small businesses spend a significant portion of their operating costs on alternative energy sources…
The Nigeria Customs Service (NCS) has issued a 14-day deadline for the owners of 905 overtime cargoes currently abandoned at various seaports across the country to clear their consignments or risk outright seizure. The directive, which comes amid concerns over congestion at ports and loss of potential government revenue, is aimed at decongesting terminals and improving efficiency in cargo clearance. The Service, in a notice signed by Comptroller General of Customs, Adewale Adeniyi, explained that the affected containers and cargoes have overstayed the statutory period allowed for clearance and therefore qualify as overtime cargo under extant laws. He stressed that…
The Nigerian Communications Commission (NCC) has announced the disconnection of unregistered and improperly registered Subscriber Identification Module (SIM) cards from the nation’s telecoms networks, in a move aimed at bolstering national security, improving service integrity, and safeguarding citizens against criminal exploitation of mobile lines. The decision, which follows several warnings and deadlines issued by the regulator, is part of ongoing efforts to ensure full compliance with SIM registration guidelines and the mandatory linkage of National Identification Numbers (NIN) to mobile lines. The NCC emphasized that the action is in line with government policy to secure Nigeria’s digital space and to…
The National Pension Commission (PenCom) has blacklisted seven mortgage banks in Nigeria for breaching regulatory guidelines on housing loan schemes tied to the Contributory Pension Scheme (CPS). The move, which industry experts describe as a bold step toward strengthening transparency and protecting pension contributors, underscores PenCom’s resolve to ensure that the housing component of the pension framework is managed in line with laid-down standards. PenCom confirmed that the affected institutions were found guilty of various infractions, ranging from improper documentation to mismanagement of contributors’ Retirement Savings Accounts (RSAs) linked to housing loan withdrawals. The regulator explained that while the Contributory…
The Nigerian Civil Aviation Authority (NCAA) has officially granted approval for the Ogun State Airport to commence commercial flight operations, marking a major milestone in the state’s ambition to become a regional aviation and economic hub. The clearance, which followed rigorous inspections and compliance checks, paves the way for airlines to begin scheduled passenger and cargo flights into and out of the facility. Located along the Iperu-Ilishan axis of the state, the airport—popularly referred to as the Gateway International Agro-Cargo Airport—has been under development for several years as part of Ogun State’s vision to harness its strategic location between Lagos,…
The Federal Government’s major revenue-generating agencies, including the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service (NCS), have collectively generated a total of ₦21 trillion in the first half of 2025, surpassing initial projections and underlining the importance of ongoing fiscal reforms. According to official data made available from the Ministry of Finance and coordinating agencies, five key institutions contributed significantly to the government’s revenue drive within the six-month period under review. These included the FIRS, NCS, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian National Petroleum Company Limited (NNPC Ltd.), and the Nigerian Ports Authority (NPA). The breakdown…
Afrinvest (West Africa) Limited has cautioned that Nigeria’s aspiration of growing its economy to a $1 trillion Gross Domestic Product (GDP) by 2030 could be derailed by persistent inflationary pressures, fiscal imbalances, and structural weaknesses that continue to undermine macroeconomic stability. The investment and research firm made this known in its latest economic outlook report, noting that while the government’s ambition is laudable, the realities of Nigeria’s economic environment present formidable obstacles. Afrinvest highlighted that unless urgent reforms are undertaken to address these challenges, the target may remain elusive. According to the firm, inflation remains one of the most pressing…
US-based oil company Vaalco Energy is preparing to re-enter Nigeria’s oil and gas sector as part of its renewed strategy to expand operations in Africa. The independent energy firm, which previously held assets in the country, has indicated that it is exploring fresh opportunities in Nigeria’s upstream sector, leveraging ongoing reforms and government initiatives aimed at attracting more foreign investment into the petroleum industry. Industry insiders suggest that Vaalco’s renewed interest is driven by recent policy changes under the Petroleum Industry Act (PIA), which has provided greater clarity on fiscal terms, royalties, and production-sharing agreements. Nigeria remains Africa’s largest oil…
Experts and industry stakeholders have emphasized that for the Nigerian fashion industry to reach its full potential and compete globally, it must embrace innovation and prioritize sustainability. Speaking at a recent fashion and creative economy forum in Lagos, designers, policymakers, and business leaders stressed the need for technological integration, eco-friendly practices, and better support systems for emerging talents. According to industry insiders, the global fashion landscape is rapidly evolving, with increased consumer demand for ethical production, sustainable materials, and unique cultural expressions. Nigerian designers, who are renowned for their creativity and vibrant styles, must align with these trends to stay…
The Nigerian Railway Corporation (NRC) has confirmed that passenger train operations along the Warri-Itakpe corridor will resume soon, following months of suspension due to a derailment incident and other operational disruptions. The Corporation disclosed that comprehensive repair works and safety checks have been carried out on the rail infrastructure to ensure a smooth and secure restart of services. The Warri-Itakpe standard gauge rail line, which connects Ujevwu in Delta State to Itakpe in Kogi State, is a key transport link for both passengers and freight. It serves as a critical component of Nigeria’s rail modernization agenda, aimed at boosting connectivity…
Nigeria’s Minister of Solid Minerals Development, Dele Alake, has reiterated that Africa, with its vast mineral wealth and growing infrastructure needs, remains the world’s greatest destination for mining investments. Speaking at a recent international mining conference, Alake noted that the continent possesses abundant deposits of critical minerals needed for the global energy transition, and Nigeria is strategically positioned to benefit from the rising demand. He explained that Africa’s vast resources—including lithium, cobalt, gold, iron ore, and rare earth elements—are increasingly attracting the attention of global investors, particularly as the world accelerates toward cleaner energy and advanced technology production. According to…
Nigeria’s foreign reserves have reached a level that could finance up to 10 months of the nation’s import bill, according to the latest data from the Central Bank of Nigeria (CBN). The reserves, which currently stand above $37 billion, have been boosted by improved crude oil receipts, tighter monetary policies, and increased foreign portfolio inflows triggered by ongoing economic reforms. CBN officials noted that the steady accretion in reserves over the past months is largely due to a rebound in global oil prices, enhanced production, and increased remittances from Nigerians in the diaspora. Recent figures from the Nigerian Upstream Petroleum…
A recent mid-year performance assessment by PricewaterhouseCoopers (PwC) has revealed that only about 36 percent of Nigeria’s targeted 15 million households have benefitted from the federal government’s conditional cash transfer programme. This scheme, launched as part of the Renewed Hope Agenda, was designed to cushion the impact of economic reforms such as subsidy removal and foreign exchange liberalisation. However, the latest findings highlight deep implementation gaps and structural bottlenecks that have slowed its full rollout. According to PwC’s report, just 5.6 million households received at least one payment between the programme’s commencement and mid-2025. Out of this number, only 2.4…
The African Export-Import Bank (Afreximbank) has reaffirmed its commitment to expanding financing support for new energy projects across Africa, aiming to accelerate the continent’s transition towards cleaner and sustainable energy systems. The move comes as global energy dynamics shift toward low-carbon solutions, with African economies seeking to diversify their energy mix while addressing infrastructure gaps and energy poverty. Speaking recently on the initiative, Afreximbank executives noted that the bank is working closely with African governments, private sector players, and international partners to facilitate investments in renewable energy, energy storage, and other emerging technologies. The bank’s strategy is focused on providing…
The Nigerian Meteorological Agency (NiMet) has forecast significant thunderstorms and rainfall across various parts of the country between Friday and Sunday, urging residents and relevant agencies to take precautionary measures against potential weather-related disruptions. In its latest weather outlook, NiMet indicated that the weather systems will affect several states across the North, Central, and Southern regions, driven by increased moisture influx and atmospheric instability. According to the agency, parts of the North including Sokoto, Kano, Katsina, Kebbi, and Zamfara are expected to experience thunderstorms beginning on Friday, which could extend into the weekend. The Central region comprising Abuja, Niger, Plateau,…
After weeks of tension that stalled a major power transmission line project in northern Nigeria, the Transmission Company of Nigeria (TCN) and Kano State Government have reached a comprehensive agreement to jointly move forward with the stalled infrastructure initiative. This resolution marks a turning point in efforts to bolster electricity delivery for millions of households and businesses in the Kano region. The dispute began when the power project—designed to carry electricity from the national grid to underserved areas across Kano State—ran into bureaucratic obstacles and disagreements over right-of-way, compensation for affected communities, and coordination between federal and state stakeholders. When…