The Pension Transitional Arrangement Directorate (PTAD) has reaffirmed its commitment to addressing outstanding issues affecting pensioners under the Defined Benefit Scheme (DBS), assuring retirees across Nigeria of improved service delivery, prompt payment of entitlements, and resolution of lingering verification and documentation challenges.The Directorate, responsible for managing the pensions of federal retirees who did not transition to the contributory scheme, said it has taken major steps to restore confidence among pensioners through reforms aimed at ensuring transparency, accountability, and the use of digital technology in pension administration. Speaking during an engagement session with retirees in Abuja, PTAD Executive Secretary, Dr. Chioma…
Author: Temitope Nlewemchi
In a significant step toward enhancing Nigeria’s energy capacity, Transnational Corporation Plc (Transcorp Group) has announced a strategic partnership with Heirs Energies, a company also chaired by renowned entrepreneur Tony O. Elumelu, to boost electricity generation and supply across the country. The collaboration is expected to strengthen Nigeria’s power infrastructure, improve grid reliability, and accelerate the nation’s transition toward a more sustainable energy future. The partnership aligns with the Federal Government’s agenda to expand national electricity generation beyond 10,000 megawatts and address chronic challenges of energy shortages that have constrained economic growth for decades. Both companies — key subsidiaries of…
Nigerians may spend an additional ₦1 trillion yearly on petrol consumption following the Federal Government’s decision to introduce a 15 percent import tariff on Premium Motor Spirit (PMS), according to industry stakeholders and economists who warn that the new policy could heighten inflationary pressures and worsen the cost of living. The tariff, announced as part of the government’s broader fiscal reforms to boost non-oil revenue, is aimed at reducing dependence on crude exports and strengthening local production through tariff adjustments. However, industry experts say the new levy will likely translate to higher fuel costs, as importers and marketers pass the…
The average depot price of Premium Motor Spirit (PMS), popularly known as petrol, has declined to ₦880.5 per litre as increasing competition among private importers drives down wholesale prices across the downstream petroleum market. Industry players say the price adjustment reflects improved fuel availability, stable foreign exchange access, and heightened rivalry among major importers and depot owners following the government’s deregulation policy. Market data from the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) and findings from several private depots in Lagos, Warri, and Port Harcourt indicate that depot prices, which recently ranged between ₦900 and ₦1,030 per litre,…
The World Bank has projected that Brent crude oil prices will average $60 per barrel in 2026, signalling a potential decline driven by increased global supply and slower demand growth. The forecast, contained in the Bank’s latest Commodity Markets Outlook report, suggests that oil markets are entering a period of relative stability after years of volatility triggered by geopolitical tensions, production cuts, and economic uncertainty. According to the report, the expected price decline reflects growing output from non-OPEC producers, particularly in the United States, Brazil, and Guyana, as well as a gradual easing of production constraints among OPEC+ member nations.…
The National Insurance Commission (NAICOM) has inaugurated the Nigeria Insurance Industry Repository and Archive (NIIRA) Implementation Working Groups, marking a major step toward enhancing transparency, efficiency, and digital transformation within Nigeria’s insurance sector. The move, according to the Commission, is part of its broader agenda to modernise regulatory operations and foster sustainable growth in the industry. Speaking during the inauguration ceremony in Abuja, the Commissioner for Insurance, Mr. Olusegun Omosehin, stated that the establishment of the working groups demonstrates NAICOM’s commitment to developing a robust and integrated data management system for the sector. He explained that the NIIRA initiative will…
As world leaders gather for the 2025 G20 Summit, economists and policy experts have sounded a dire warning that the widening gap between the rich and the poor poses a grave threat to global democracy and social stability. They urged G20 nations to prioritise equitable economic policies, wealth redistribution, and stronger social safety nets to prevent the erosion of democratic governance and trust in public institutions. Speaking ahead of the summit, which is focused on “Inclusive Growth and Sustainable Development,” experts from global think tanks, including the World Inequality Lab, the International Monetary Fund (IMF), and Oxfam International, emphasised that…
Cooking gas retailers across Nigeria have sounded the alarm over a looming scarcity of Liquefied Petroleum Gas (LPG), warning that the supply disruptions and rising prices may soon leave millions of households struggling to afford or access the essential commodity. The retailers, under the aegis of the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) and Cooking Gas Retailers Association of Nigeria (CGRAN), expressed concern that import delays, supply bottlenecks, and high foreign exchange costs are threatening the stability of the domestic gas market. According to the associations, the current market situation is unsustainable and may worsen if urgent government…
The Centre for the Promotion of Private Enterprise (CPPE) has warned that the recent remarks made by former United States President Donald Trump about possible military intervention in Nigeria could have far-reaching economic implications, particularly on investor confidence and capital inflows. According to the organisation, such comments, though speculative, can unsettle the financial market and create unnecessary uncertainty in the investment climate. Speaking through its Director, Dr. Muda Yusuf, the CPPE explained that international investors are highly sensitive to political rhetoric and threats, especially when they come from a figure with global influence like a former U.S. President. Yusuf noted…
Nigeria’s non-oil exports have maintained strong momentum, reaching $3.23 billion in value despite global trade disruptions and domestic economic pressures. The latest data, released by the Nigerian Export Promotion Council (NEPC), indicates that the country’s export diversification efforts are beginning to yield tangible results, driven largely by agriculture, manufactured goods, and solid minerals. According to the NEPC report for the third quarter of 2025, non-oil exports accounted for a growing share of Nigeria’s foreign exchange earnings, demonstrating resilience amid foreign exchange volatility, high logistics costs, and lingering inflationary trends. The report revealed that over 300 different export products were recorded…
The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, Engr. Gbenga Komolafe, has been listed among top African experts and policymakers scheduled to speak at the forthcoming Pan-African Parliament Session in Midrand, South Africa. The session, which will focus on strengthening Africa’s energy governance and promoting sustainable resource management, is expected to bring together legislators, regulators, and energy industry leaders from across the continent. Komolafe’s invitation was confirmed by the Committee on Energy, Infrastructure, and Mineral Resources of the Pan-African Parliament. His selection is seen as recognition of Nigeria’s leadership role in energy reform and the Commission’s recent…
Sterling Financial Holdings Company Plc (Sterling HoldCo), the parent firm of Sterling Bank and Alternative Bank Limited, has announced a robust N341.7 billion revenue for the third quarter (Q3) of 2025, reflecting sustained growth across its core banking and non-banking operations. The performance underscores the company’s strategic diversification following its transition into a holding company structure and its growing footprint in Nigeria’s evolving financial landscape. In a statement released to the Nigerian Exchange Group (NGX), Sterling HoldCo said the impressive revenue figure was driven by strong loan growth, increased transaction volumes, and improved returns from its digital banking platforms. The…
A new travel tax initiative introduced by the Federal Government, estimated to generate $1 billion annually, has triggered widespread protests from aviation stakeholders, travel agencies, and frequent flyers who argue that the move could further burden travelers and weaken Nigeria’s already fragile aviation industry. The controversial policy, unveiled jointly by the Federal Inland Revenue Service (FIRS) and the Nigerian Customs Service (NCS), aims to impose a new levy on both international and local air tickets, with the goal of increasing government revenue and supporting aviation infrastructure. However, the measure has been met with strong opposition from industry players who describe…
The Federal Government, in collaboration with key Nigerian banks, has unveiled plans to attract $20 billion in diaspora funds as part of a broader strategy to strengthen foreign exchange reserves, support infrastructure development, and drive economic recovery. The initiative, which forms a major component of the government’s economic stabilization plan, seeks to leverage remittances and diaspora investments as sustainable sources of external financing amid volatile global markets and fluctuating oil revenues. According to top government officials, the move aligns with President Bola Tinubu’s economic diversification agenda, which prioritizes the mobilization of private capital and diaspora resources to complement public sector…
Nigeria’s Minister of Marine and Blue Economy, Adegboyega Oyetola, has described the ongoing Lagos–Calabar Coastal Highway project as a major economic lifeline that will reshape the nation’s transport and maritime landscape, enhance trade, and drive inclusive development across the coastal states. Oyetola made the remark during an inspection tour of sections of the project and at a ministerial briefing in Abuja, emphasizing that the multi-billion-dollar infrastructure would serve as a strategic corridor for industrialization, tourism, and logistics. According to the minister, the coastal highway, which spans over 700 kilometres, is designed to connect Lagos in the Southwest to Calabar in…
A private consortium has secured a landmark $50 billion funding package to finance the development of a large-scale refinery project in Ondo State, alongside several other strategic energy and infrastructure initiatives across Nigeria. The funding, which is being described as one of the largest single private-sector investments in the country’s history, is expected to significantly boost Nigeria’s refining capacity, job creation, and foreign exchange savings. According to reliable industry sources, the funds will be channeled into the construction of a state-of-the-art refinery in Ondo, designed to refine over 300,000 barrels of crude oil per day (bpd) upon completion. The project…
Zenith Bank Plc has reported a remarkable financial performance for the nine months ending September 30, 2025, recording a profit after tax (PAT) of ₦917.4 billion, a 287 percent increase compared to ₦236.8 billion posted in the corresponding period of 2024. The tier-one lender’s unaudited financial statements filed with the Nigerian Exchange Limited (NGX) show that its gross earnings soared to ₦3.3 trillion, representing a 220 percent growth year-on-year, driven by robust interest income, foreign exchange gains, and improved non-interest revenue. The performance consolidates Zenith Bank’s position as one of Nigeria’s most profitable financial institutions, reflecting the success of its…
The Nigerian naira strengthened significantly in the foreign exchange market, hitting a 2025 peak of N1,421 per dollar on Friday, driven by a surge in foreign exchange supply and renewed investor confidence. This marks the highest value the local currency has attained this year, reflecting the Central Bank of Nigeria’s (CBN) sustained interventions and improving dollar inflows into the economy. According to traders, the appreciation was largely supported by increased foreign exchange liquidity in both the official and parallel markets, as well as rising remittances and export earnings. Data from the FMDQ Securities Exchange showed that the naira closed at…
Nigeria’s foreign exchange market has witnessed a steady improvement in liquidity and inflows, driven largely by the Central Bank of Nigeria’s (CBN) sustained reform measures, despite a downturn in global oil prices. The local currency, the naira, has shown signs of resilience in recent weeks as confidence strengthens among investors and exporters. Market reports indicated that foreign exchange inflows have increased across official channels, buoyed by the CBN’s efforts to enhance transparency, unify exchange rates, and clear outstanding backlogs owed to foreign investors and airlines. These reforms have restored trust and repositioned Nigeria as an attractive investment destination amid volatile…
Rex Insurance Plc has posted a resilient financial performance for the 2025 fiscal year, reporting profit growth despite a substantial ₦30.2 billion payout in insurance claims. The company’s ability to remain profitable amid the challenging macroeconomic environment underscores its robust risk management framework, prudent underwriting, and strategic focus on operational efficiency. According to its latest financial report submitted to the Nigerian Exchange Group (NGX), Rex Insurance achieved a gross written premium (GWP) of ₦94.8 billion for the period, representing a 26% increase compared to ₦75.3 billion recorded in the previous year. The company attributed the growth to expanding its retail…