The Enugu State Government has announced that the concession process for Akanu Ibiam International Airport is over 70% complete, with full completion expected by the second quarter of 2025. Dr. Obi Ozor, the State Commissioner for Transportation, stated that the Federal Government, through the Ministry of Aviation, is collaborating with private sector investors to finalize the concession. Upon completion, the new operators will undertake significant upgrades, including the completion of the international terminal, cargo terminal, maintenance, repair and overhaul (MRO) facilities, construction of aircraft hangars, and extension of the existing runway. In addition to the airport concession, the Enugu State…
Author: Temitope Nlewemchi
The Nigerian pension industry has significantly bolstered the nation’s real sector by allocating a substantial ₦5.51 trillion towards long-term financing initiatives. These investments span critical areas such as infrastructure, private equity, real estate, and subnational infrastructure projects, underscoring the industry’s pivotal role in economic development. Growth in Pension Assets The National Pension Commission (PenCom) reported a remarkable 22.65% increase in the industry’s Net Asset Value (NAV), rising from ₦18.36 trillion as of December 31, 2023, to ₦22.51 trillion by December 31, 2024. This growth is attributed to additional contributions and investment income, reflecting a robust and expanding pension sector. Strategic…
Investors on the Nigerian Exchange Limited (NGX) experienced a significant upswing on April 8, 2025, as the market rebounded from previous losses. The All-Share Index (ASI) increased by 159.86 points, representing a 0.15% growth, closing at 104,376.73 points. This positive movement added approximately ₦100 billion to the market capitalization, bringing it to ₦65.589 trillion. Key Drivers of the Market Rebound The resurgence was largely driven by renewed investor interest in banking stocks. Notable performers included Zenith Bank, FBN Holdings, and United Bank for Africa (UBA), which recorded gains of 3.3%, 3.7%, and 2.6% respectively. Sectoral Performance Despite the overall market…
Access Holdings Plc has announced a potential delay in releasing its audited financial statements for the year ending December 31, 2024, due to pending approval from the Central Bank of Nigeria (CBN). The company submitted the financial statements to the CBN for review, a prerequisite before public disclosure. Public holidays have further impacted the review process, making it unlikely for Access Holdings to meet the extended filing deadline with the Nigerian Exchange Limited (NGX). Consequently, the NGX has granted an additional extension, allowing the company to file the results on or before April 20, 2025, subject to CBN’s approval.…
The Nigerian National Petroleum Company (NNPC) Limited’s recent suspension of crude oil deliveries to the Dangote Refinery has significantly influenced Nigeria’s oil production figures, contributing to a decline in the Organization of the Petroleum Exporting Countries’ (OPEC) overall output. Background of the Suspension In October 2024, NNPC initiated a naira-for-crude arrangement, allowing local refiners, including the Dangote Refinery, to purchase crude oil using the Nigerian naira instead of U.S. dollars. This initiative aimed to bolster domestic refining capacity and reduce reliance on imported petroleum products. However, by March 2025, NNPC suspended this arrangement, citing prior commitments of its crude oil…
The United States’ recent imposition of a 14% tariff on Nigerian exports has sent ripples through the country’s trade and economic sectors, threatening up to ₦323.96 billion in non-oil exports. The tariff, announced by former U.S. President Donald Trump on April 3, is part of a broader trade policy aimed at correcting what he describes as “unfair trade imbalances” between the U.S. and its partners. Trump’s new policy applies a general 10% tariff on all U.S. imports, with increased rates for countries that impose steeper duties on American goods. Nigeria, which reportedly levies a 27% tariff on U.S. exports, has…
In response to a recent lead poisoning crisis in Zamfara State, Nigerian authorities have intensified efforts to combat illegal mining activities, which are often linked to such health emergencies. The Zamfara State government confirmed the lead poisoning incident in Bungudu Local Government Area on March 19, 2025, prompting immediate intervention. Governor Dauda Lawal has taken decisive action by banning illegal mining in the state and directing security operatives to adopt stringent measures against violators. He emphasized that illegal mining significantly contributes to the rampant banditry and criminal activities plaguing Zamfara. Law enforcement agencies have been instructed to take bold action…
The Nigerian-American Chamber of Commerce (NACC) is set to host a high-profile gala this April to mark its 65th anniversary, and the lineup of attendees reflects the importance of the occasion. Vice President Kashim Shettima will serve as the Special Guest of Honour, while Lagos State Governor Babajide Sanwo-Olu will act as Chief Host. The event, scheduled to take place on April 12 at the Lagos Continental Hotel, Victoria Island, promises to be a landmark celebration of bilateral relations and business development between Nigeria and the United States. This year’s gala will not only celebrate the chamber’s legacy but also…
In a move designed to protect consumers and improve transparency in the telecom sector, the Nigerian Communications Commission (NCC) has proposed a new policy that will give subscribers a 12-month grace period to reclaim unused airtime on deactivated SIM cards. The new guideline, currently under review, could mark a significant shift in how telecom operators manage dormant lines and prepaid balances. At the heart of the proposal is the goal of addressing the longstanding issue of unclaimed airtime and prepaid credits, especially in cases where lines become inactive due to long-term non-use. Under current practices, once a SIM card is…
Petroleum marketers have projected that the pump price of petrol could reach N800 per litre despite a decline in the landing cost of imported fuel. The projection comes amid concerns over foreign exchange fluctuations, supply chain issues, and ongoing uncertainties in Nigeria’s downstream sector. Industry sources indicate that while the cost of importing petrol has dropped due to a slight reduction in global crude oil prices, the impact has been offset by the depreciation of the naira and high operational costs. Marketers argue that without a stable exchange rate and government intervention in refining capacity, fuel prices will continue to…
The Nigerian Meteorological Agency (NiMet) has issued a warning about imminent heat stress in 19 states across the country, urging residents to take precautionary measures to avoid health complications. According to NiMet, rising temperatures and high humidity levels could expose people to heat-related illnesses, particularly vulnerable groups such as children, the elderly, and those with preexisting medical conditions. The affected states include parts of the North, Central, and Southern regions, where temperatures are expected to remain significantly high in the coming days. NiMet attributed the looming heat stress to changing weather patterns driven by climate change, which has led to…
The Nigeria Customs Service (NCS) has stated that its intensified crackdown on smuggling activities has led to significant financial losses for smugglers, as enforcement measures continue to disrupt illegal trade across the country’s borders. Customs officials revealed that recent operations have resulted in the seizure of contraband goods worth billions of naira, dealing a major blow to smuggling networks operating within and around Nigeria. According to the NCS, a series of intelligence-driven operations have targeted the smuggling of goods such as rice, frozen poultry, illicit drugs, petroleum products, and other prohibited items. These efforts, the agency noted, are part of…
Nigeria’s crude oil production has declined to 1.47 million barrels per day (bpd), raising concerns over the country’s ability to meet its revenue targets and sustain economic stability. The latest figures, released by industry regulators, indicate a drop from previous production levels, highlighting ongoing challenges in the oil and gas sector. The decline in output has been attributed to several factors, including pipeline vandalism, crude oil theft, and operational setbacks affecting major production sites. Additionally, regulatory uncertainties and underinvestment in oil infrastructure have continued to hamper efforts to boost production. Industry experts warn that without urgent intervention, Nigeria’s oil sector…
The House of Representatives has urged the Central Bank of Nigeria (CBN) to suspend the recent increase in Automated Teller Machine (ATM) transaction charges, citing concerns over its impact on Nigerians already struggling with rising inflation and economic hardship. Lawmakers argued that the hike in fees would place an additional financial burden on citizens who rely on ATM withdrawals for daily transactions. The resolution followed deliberations on the economic implications of higher banking charges, with lawmakers emphasizing the need to protect consumers from excessive fees imposed by financial institutions. They noted that many Nigerians, especially those in rural areas with…
Higher Education Initiative (HEI) has announced the appointment of a new member to its Board of Trustees (BoT) as part of its ongoing efforts to strengthen governance and strategic direction. The newly appointed board member brings a wealth of experience in education policy, institutional leadership, and capacity development, which is expected to enhance HEI’s mission of advancing higher education in Nigeria and beyond. The appointment comes at a critical time when HEI is expanding its initiatives to improve access to quality education, promote research, and support academic institutions in tackling emerging challenges. With a focus on policy advocacy, funding opportunities,…
The Federal Government has expanded its bond offerings on the Nigerian Exchange (NGX) with the listing of over 900 million units, reinforcing its commitment to deepening the country’s debt market and attracting more investors. The move is part of efforts to raise capital for infrastructure projects, manage fiscal obligations, and provide stable investment options for institutional and retail investors. The newly listed bonds include various tenors, offering investors diversified options based on their risk appetite and investment horizon. With competitive yields and government backing, these bonds are expected to attract significant demand from pension funds, asset managers, and individual investors…
The Chief Executive Officer of PressPayNg has been honored with a prestigious African banking award in recognition of his contributions to financial inclusion and innovation in the fintech sector. The award, which celebrates excellence in banking and financial technology across the continent, highlights the CEO’s leadership in driving digital payment solutions and expanding access to financial services in Nigeria and beyond. PressPayNg, a leading fintech company, has been at the forefront of developing seamless payment solutions, particularly in the education sector. Under the CEO’s leadership, the company has introduced innovative financial products aimed at easing tuition payments and promoting access…
The Federal Ministry of Transportation has dismissed allegations that the $3 billion South-East railway project has been diverted, assuring the public that the funds remain intact and the project is progressing as planned. The ministry’s clarification follows growing concerns over the status of the railway initiative, which is expected to boost economic activities and improve transportation in the region. According to ministry officials, the project, which is part of Nigeria’s broader railway modernization program, is still on track, with feasibility studies, funding arrangements, and preliminary works ongoing. The government emphasized that delays in execution should not be mistaken for mismanagement…
PANA Holdings has announced the appointment of a new Vice President as part of its strategic leadership restructuring aimed at driving growth and operational efficiency. The newly appointed executive is expected to play a key role in strengthening the company’s market position, enhancing corporate governance, and spearheading new business initiatives. The appointment comes at a crucial time for PANA Holdings, which has been expanding its portfolio across various industries. The company has expressed confidence that the new Vice President’s expertise and experience will contribute significantly to its long-term vision and operational success. Industry analysts view the leadership change as a…
The Standards Organisation of Nigeria (SON) has launched a Product Identification Scheme aimed at curbing the proliferation of substandard goods in the Nigerian market. The initiative is designed to enhance product traceability, protect consumers from counterfeit items, and ensure compliance with national quality standards. Under the new scheme, manufacturers and importers will be required to register their products with SON and obtain unique identification codes. These codes will allow consumers, regulators, and stakeholders to verify the authenticity of goods through a digital platform. The move is expected to strengthen quality control measures across various industries, particularly in sectors prone to…