The National Pension Commission (PenCom) has issued a new directive requiring pension fund operators (PFOs) to report all dollar-denominated pension contributions or benefits exceeding US$10,000. The move is part of broader measures aimed at strengthening oversight, enhancing transparency in cross-border pension transactions, and curbing potential abuses in the pension sector. Under the new rule, any pension payments, disbursements, or holdings in foreign currency that surpass the US$10,000 threshold must be documented and submitted to PenCom. Operators are expected to provide details such as the beneficiary, the source of funds, the exchange rate applied, and the rationale for the foreign currency…
Author: Temitope Nlewemchi
The Nigerian National Petroleum Company Limited (NNPCL) has announced that its planned re-entry into the Ogoni oilfields in Rivers State will be conducted under the principles of justice, equity, and transparency. The company emphasized that the renewed effort to resume oil production in the area will not repeat the mistakes of the past, where decades of environmental degradation, neglect, and conflict strained relations between host communities and oil operators. Speaking on the issue, NNPCL officials explained that the company recognizes the historic sensitivities surrounding oil exploration in Ogoniland. They stressed that the focus this time is to ensure the people…
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has announced the suspension of gas and crude oil supply to the Dangote Petroleum Refinery, citing unresolved disputes that have strained relations between the union, government agencies, and the refinery management. The decision, revealed after an emergency meeting of the association, has raised concerns about possible disruptions in the supply of refined products across the country. PENGASSAN, one of Nigeria’s most influential oil and gas unions, said its action followed months of unresolved grievances bordering on workers’ welfare, regulatory compliance, and operational disagreements with the refinery. The association noted…
The Dangote Petroleum Refinery has temporarily suspended the sale of petrol in naira, a move that has generated intense discussions across Nigeria’s energy and financial sectors. The decision, confirmed by industry sources late Wednesday, marks a major shift in the way the refinery engages with marketers and could have far-reaching implications for fuel supply, pricing, and the wider economy. This suspension comes barely months after the refinery commenced petrol sales to the domestic market, with many viewing it as a relief to the country’s foreign exchange pressures and a step toward energy independence. However, stakeholders now worry that halting naira-based…
First City Monument Bank (FCMB) has expanded its SheVentures loan pool to N1 billion, reaffirming its commitment to supporting women entrepreneurs across Nigeria and promoting gender-inclusive growth. The initiative, designed to provide financial and business support to women-owned small and medium-sized enterprises (SMEs), marks a significant boost for female entrepreneurs who often struggle with limited access to funding and growth opportunities in the country’s competitive business landscape. Announcing the expansion, FCMB management explained that the increase from its previous funding pool underscores the bank’s recognition of women as crucial drivers of economic development. The SheVentures programme offers zero-interest loans, capacity-building…
Minister of Marine and Blue Economy, Adegboyega Oyetola, has declared the maritime sector a top priority for Nigeria’s economic diversification and long-term development, stressing that it holds the potential to generate significant revenue, create millions of jobs, and boost the country’s global competitiveness. Speaking during a recent engagement with industry stakeholders, Oyetola emphasized that the government is committed to unlocking opportunities in shipping, port development, inland waterways, and associated services, as part of efforts to strengthen non-oil revenue streams. The minister noted that Nigeria’s strategic geographic location, with its extensive coastline and proximity to key international trade routes, makes it…
The Nigerian National Petroleum Company Limited (NNPCL) has secured ₦318 billion in funding to boost new oil exploration projects across the country, a development that marks a significant step in the government’s drive to expand Nigeria’s hydrocarbon reserves and strengthen its energy security. The announcement has sparked discussions in both policy and industry circles, as stakeholders view the move as a bold statement of intent by NNPCL to revitalise exploration efforts at a time when the global oil market is undergoing major shifts. The funding is expected to finance a series of upstream exploration and appraisal activities across key oil…
Nigerian banks are bracing for fresh challenges as the Central Bank of Nigeria (CBN) rolled out new liquidity requirements that are already reshaping the financial landscape. The apex bank, in its latest policy move, raised the Cash Reserve Ratio on certain public sector deposits to an unprecedented 75 percent while lowering the reserve ratio on private sector deposits from 50 to 45 percent. This twin action has stirred mixed reactions across the banking industry, with analysts warning of tighter margins and stiffer competition for deposits in the months ahead. The CBN’s decision marks a strategic shift aimed at reducing the…
The House of Representatives has pledged strict monitoring of the Federal Government’s newly introduced crude-for-naira programme, assuring Nigerians that the scheme will not be allowed to fall into the pitfalls that undermined similar policies in the past. Lawmakers made it clear that their oversight role would be exercised fully to ensure transparency, accountability, and tangible economic benefits for citizens. The crude-for-naira initiative is one of the government’s latest responses to Nigeria’s foreign exchange crisis. Under the programme, crude oil will be allocated to trading partners in exchange for naira payments deposited directly into government accounts, rather than being settled in…
Polaris Bank has convened its Global Trade Forum in Lagos with a strong emphasis on enhancing Nigeria’s non-oil export sector and providing a platform for stakeholders to chart a path toward sustainable growth. The event, themed “Trade Export: Partnering for Growth”, brought together exporters, regulators, policymakers, and industry experts to discuss challenges and opportunities shaping the nation’s export landscape. Speaking at the forum, Polaris Bank’s Managing Director and Chief Executive Officer, Kayode Lawal, highlighted the critical role non-oil trade plays in diversifying Nigeria’s economy and creating long-term stability. He noted that for decades, the country’s heavy reliance on oil had…
The African Export‑Import Bank and the Central Bank of Egypt have taken a major step toward laying the foundations for a pan‑African Gold Bank, a strategic initiative aimed at transforming the continent’s gold sector and strengthening its economic resilience. The move is part of Afreximbank’s broader effort to ensure that Africa’s natural resources directly benefit its people and economies. Under the agreement signed on December 30, 2025, the two institutions will collaborate on commissioning a comprehensive feasibility study to explore the technical, regulatory and commercial framework required to establish an integrated Gold Bank ecosystem. The proposed institution is expected to…
The Central Bank of Nigeria has projected that the country’s foreign exchange reserves could rise to about $51 billion by 2026, driven by ongoing economic reforms, improved foreign exchange inflows and stronger macroeconomic management. The projection reflects growing optimism within the apex bank that recent policy adjustments will strengthen Nigeria’s external position over the medium term. According to the CBN, the expected growth in external reserves is anchored on reforms in the foreign exchange market, increased oil and gas earnings, improved non-oil exports and rising inflows from diaspora remittances and foreign investment. The bank said these factors, combined with tighter…
The Central Bank of Nigeria (CBN) has directed that all Point of Sale (PoS) terminals across the country be geo-tagged as part of renewed efforts to combat the increasing wave of electronic fraud. The policy, which is set to take effect in collaboration with banks, fintech operators, and payment service providers, aims to improve the monitoring of transaction points, enhance transparency in payment systems, and strengthen consumer protection. According to the CBN, the rise in electronic payment adoption has been accompanied by a surge in fraudulent activities, especially those perpetrated through PoS terminals. Criminal syndicates have taken advantage of weak…
The Nigerian Economic Summit Group (NESG) has urged the federal government to strengthen its reform momentum and prioritize economic stabilization strategies that will not only safeguard current gains but also set the stage for sustainable long-term growth. Speaking at the mid-year Private Sector Forum for 2025, the policy advocacy group outlined three key pillars that it believes are critical for Nigeria’s future: business continuity, improved productivity and job creation, and expanded social protection systems for vulnerable households. According to NESG, recent reforms have helped the country recover from years of volatility, with modest improvements recorded across various economic indicators. Reforms…
Nigeria has been ranked 116th in the 2025 edition of the Good Governance Index, underscoring the country’s ongoing struggles with governance challenges, economic instability, and institutional inefficiencies. The latest global ranking, which assesses the performance of 193 countries across key governance pillars, revealed that Nigeria fell short of making Africa’s top five despite being the continent’s largest economy and most populous nation. The Good Governance Index evaluates countries based on factors such as political stability, rule of law, economic management, institutional quality, transparency, human rights protection, public service delivery, and accountability. While Nigeria made slight improvements in a few categories…
China has announced a donation of $1 million to Nigeria to support ongoing efforts to assist victims of recent floods that have devastated several communities across the country. The donation, made through the Chinese government, underscores the growing ties between Nigeria and China, particularly in humanitarian cooperation, and aims to provide urgent relief for families affected by one of the most severe flooding incidents in recent years. The flooding, which has been worsened by heavy rains and overflowing rivers across multiple states, has displaced thousands of people, destroyed farmlands, and damaged critical infrastructure. Homes, schools, and healthcare facilities have been…
Dangote Group, Africa’s largest conglomerate led by Nigerian billionaire Aliko Dangote, has signed a landmark $2.5 billion deal with the Ethiopian government to construct a state-of-the-art fertilizer plant in the East African nation. The agreement, which represents one of the largest single private investments in Ethiopia’s history, underscores Dangote’s strategic vision of expanding beyond cement into other critical sectors that support Africa’s agricultural and industrial development. The project, expected to significantly boost Ethiopia’s agricultural productivity, will involve the establishment of a fertilizer manufacturing complex with the capacity to produce millions of tonnes of fertilizer annually. Ethiopia, a country with an…
Marketing experts have emphasized the critical role of data in driving business growth, urging Nigerian marketers to shift from intuition-based strategies to data-driven decision-making. This call came during a recent marketing and innovation forum held in Lagos, where industry leaders gathered to discuss trends shaping the future of the profession. Speakers at the event stressed that with the increasing complexity of consumer behavior and market dynamics, marketers who fail to integrate data into their strategies risk falling behind. The consensus was clear: data is no longer optional—it is a foundational tool for effective marketing in the digital age. According to…
Heirs Energies, one of Nigeria’s leading integrated energy companies, is preparing to showcase its growth plans at a major international gathering in South Africa, further positioning itself as a key player in the African energy landscape. The move underscores the company’s ambition to strengthen its footprint across the continent while reinforcing its vision of delivering sustainable and impactful energy solutions that align with Africa’s development priorities. The company, which has in recent years accelerated investments in oil, gas, and power, is expected to use the platform in South Africa to highlight its operational achievements and outline new strategies aimed at…
The Kaduna State Government has announced a comprehensive update of its tax laws as part of efforts to align with international best practices and strengthen the state’s fiscal framework. The move, according to officials, is aimed at creating a transparent, efficient, and investor-friendly tax system that will boost internally generated revenue (IGR) while supporting sustainable development. Governor Uba Sani, in a statement issued through his spokesperson, explained that the reforms were necessary to modernize Kaduna’s tax regime, eliminate outdated provisions, and ensure consistency with evolving global economic realities. He said the updated laws will help strike a balance between enhancing…