A startling revelation by the Auditor-General of the Federation has accused the Central Bank of Nigeria (CBN) of misappropriating ₦2.7 trillion in interests related to the controversial Ways and Means advances. The report, which sheds light on significant financial irregularities, has reignited concerns over accountability and fiscal management within one of the nation’s most critical institutions. The Ways and Means advances, a mechanism allowing the federal government to borrow directly from the CBN to cover budget shortfalls, have long been a subject of scrutiny. While this approach can provide short-term financial relief, it is meant to be tightly regulated to…
Author: Temitope Nlewemchi
The tenure of Mele Kyari as the Group Managing Director (GMD) of the Nigerian National Petroleum Company (NNPC) has sparked widespread anxiety and debate. As one of the most influential figures in Nigeria’s oil and gas sector, Kyari’s leadership has coincided with a period of significant transformation and turbulence. Appointed in July 2019, Kyari inherited a company undergoing profound structural changes, including its transition from a state-run enterprise to a commercially driven entity under the Petroleum Industry Act (PIA). This shift aimed to enhance transparency, efficiency, and profitability. However, the path has been anything but smooth, with economic pressures, fluctuating…
Telecommunications operators in Nigeria have issued a warning of potential service disruptions due to escalating operational costs that continue to pressure the sector. Rising energy prices, inflation, and foreign exchange challenges have compounded the difficulties faced by industry players, prompting urgent calls for intervention. Mounting Financial Pressures Energy Costs: The rising cost of diesel and electricity has significantly increased the expenses associated with powering base stations and maintaining network infrastructure. Foreign Exchange Rates: The depreciation of the naira has driven up the costs of importing critical equipment and technology. Inflation: General price increases have affected wages, logistics, and other operational…
Swift Telephone Network (STN), a leading telecommunications provider, has reaffirmed its commitment to corporate social responsibility by supporting a major health outreach program aimed at improving community healthcare access. This initiative underscores the company’s dedication to addressing pressing health challenges in underserved areas. Details of the Outreach The health campaign, which spans rural and urban locations, offers free medical services to thousands of beneficiaries. Key services provided include: Medical Screenings: Blood pressure checks, diabetes screenings, and general health assessments. Health Education: Sessions on preventive care, hygiene, and nutrition. Medication Distribution: Free essential drugs for common ailments. STN’s Role in the…
The Federal Capital Territory Internal Revenue Service (FCT-IRS) has announced a revenue collection of ₦252 billion for the fiscal year, reflecting a significant milestone in its efforts to enhance tax compliance and widen the revenue base in Abuja and its environs. Driving Factors Behind the Achievement Enhanced Tax Administration: The FCT-IRS implemented modern tax collection systems, including digital platforms, to improve efficiency and reduce leakages. Public Awareness Campaigns: Efforts to educate taxpayers on their obligations contributed to increased compliance. Widened Tax Net: The agency successfully brought more individuals and businesses into the formal tax system. Breakdown of Revenue Sources The…
The Federal Government has announced the establishment of the Lagos State Electricity Regulatory Commission (LASERC) to oversee and regulate the electricity market within Lagos State. This move aims to improve the state’s energy framework, ensuring efficiency, fairness, and transparency in electricity distribution, pricing, and consumption. Decentralizing Energy Regulation LASERC’s creation follows the recent constitutional amendment empowering states to regulate electricity generation, transmission, and distribution within their borders. Lagos, as Nigeria’s commercial hub, is the first to operationalize this provision. Objectives of LASERC Market Oversight: Monitor and regulate activities of electricity providers to ensure compliance with standards. Consumer Protection: Address billing…
Former Vice President Atiku Abubakar has urged the Federal Government to address the findings of recent reports by the National Bureau of Statistics (NBS) on insecurity, rather than politicizing their implications. The reports, which highlight rising crime rates and their socio-economic effects, have sparked debates about the government’s approach to tackling insecurity. Atiku’s Call for Action Atiku emphasized the importance of treating the NBS reports as a wake-up call for urgent action. He outlined key concerns: Rising Insecurity: Data showing an increase in kidnappings, armed robberies, and communal violence. Economic Impact: How insecurity disrupts livelihoods, deters investment, and exacerbates poverty.…
The Federal Airports Authority of Nigeria (FAAN), in partnership with United Bank for Africa (UBA), has completed the renovation of a terminal at the Murtala Muhammed International Airport in Lagos. The project, which reflects a public-private partnership model, aims to enhance passenger experience and align Nigeria’s busiest airport with global standards. Upgraded Facilities The renovation includes significant improvements to key areas of the terminal: Expanded Waiting Areas: More seating capacity and better-designed lounges for travelers. Modern Amenities: Installation of advanced cooling systems, upgraded restrooms, and improved lighting. Security Enhancements: Deployment of cutting-edge surveillance and screening equipment to ensure passenger safety.…
The Nigeria Customs Service (NCS) has announced the promotion of 4,291 officers across various ranks as part of its annual appraisal and capacity-building efforts. This significant development is aimed at motivating personnel and enhancing the efficiency of the agency in fulfilling its mandate of trade facilitation, revenue generation, and border security. Details of the Promotion The promoted officers include personnel from diverse departments and roles, reflecting the agency’s commitment to recognizing merit and performance. Key highlights include: Senior Officers’ Elevation: A substantial number of senior officers have been elevated to higher positions, reinforcing leadership within the service. Junior Officers’ Recognition:…
Singapore-based TSC Holdings and Nigeria’s Del-York Group have entered into a groundbreaking $4.5 billion agreement to develop Africa Creative City, a state-of-the-art hub aimed at fostering the continent’s creative and entertainment industries. This landmark deal underscores the growing recognition of Africa’s creative potential and its role as a global cultural powerhouse. Vision for Africa Creative City The project seeks to establish a world-class creative hub that will serve as a center for innovation, education, and production in areas such as film, music, fashion, technology, and media. Highlights of the plan include: Modern Facilities: Construction of cutting-edge studios, performance venues, and…
The United States Agency for International Development (USAID), in collaboration with its partners, has rolled out a significant initiative to equip 10,000 businesses across Nigeria with essential digital tools. This program aims to enhance the operational efficiency, growth potential, and competitiveness of micro, small, and medium enterprises (MSMEs) in an increasingly digital economy. Driving Digital Transformation for MSMEs This initiative is designed to bridge the digital divide among Nigerian businesses, particularly those in underserved areas. Key highlights include: Access to Digital Solutions: Providing free or subsidized access to software, platforms, and training that streamline business processes, from inventory management to…
The Pension Fund Operators Association of Nigeria (PenOp) has announced plans to onboard new pension service providers to enhance service delivery and expand the scope of pension management in the country. This move aims to foster competition, improve customer experience, and increase pension coverage among Nigeria’s working population. Expanding Pension Industry Access The introduction of new players is expected to bridge existing gaps in the pension industry, particularly in underrepresented sectors. Key objectives include: Increasing Coverage: Extending pension services to informal sector workers and small businesses traditionally excluded from formal pension schemes. Encouraging Innovation: Driving the adoption of cutting-edge digital…
The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has partnered with the Bank of Industry (BOI) to disburse a N75 billion fund aimed at empowering Micro, Small, and Medium Enterprises (MSMEs) across Nigeria. The collaboration is designed to provide financial support to MSMEs, fostering growth and development in this critical sector of the economy. Key Features of the MSME Fund The N75 billion fund is targeted at addressing the financing challenges faced by MSMEs, which are crucial to Nigeria’s economic development. The key features of the fund include: Affordable Interest Rates: Offering businesses access to low-interest…
A leading transport firm has pledged to deliver affordable and accessible mobility solutions to Nigerians, with a focus on addressing transportation challenges in urban and rural areas. The firm aims to enhance the convenience and affordability of public transport while contributing to sustainable development and reducing congestion in major cities. Focus on Affordability and Accessibility The company’s initiative seeks to make daily commuting easier for a wider range of people, particularly in underserved regions. Key elements of the pledge include: Affordable Fare Structures: Introducing flexible fare schemes that cater to different income groups, ensuring that transportation remains within reach for…
The National Pension Commission (PenCom) has announced plans to remodel the micro-pension scheme to enhance its adoption and impact on Nigeria’s informal sector. The initiative aims to address challenges limiting the scheme’s reach while providing a more inclusive framework for informal workers to secure their retirement. Enhancing Accessibility and Participation PenCom’s Director-General revealed that the remodeling efforts would focus on making the scheme more accessible and appealing to Nigeria’s vast informal workforce, which constitutes over 80% of the labor market. Key strategies include: Simplified Registration Processes: Streamlining the onboarding process to encourage greater participation among artisans, traders, and small business…
The National Insurance Commission (NAICOM) has expressed optimism that the newly proposed Insurance Bill will significantly enhance the growth and competitiveness of Nigeria’s insurance sector. The bill, which focuses on strengthening regulatory frameworks and expanding market participation, is poised to address longstanding challenges in the industry while unlocking its full potential. Enhancing Regulatory Frameworks The Insurance Bill introduces comprehensive reforms aimed at improving transparency and accountability in the sector. Key provisions include: Stronger Oversight: Enhancing NAICOM’s regulatory capacity to ensure compliance with global best practices. Risk Management Standards: Mandating insurers to adopt robust risk management frameworks to safeguard policyholders’ interests.…
Polaris Bank has been recognized for its exceptional contributions to sustainability and corporate responsibility, earning a prestigious award that highlights its commitment to environmental, social, and governance (ESG) principles. This accolade reinforces the bank’s position as a leader in driving positive change within the financial sector and beyond. Recognition for Impactful Initiatives The award celebrates Polaris Bank’s efforts in implementing impactful programs that align with global sustainability goals. Key initiatives include: Green Financing: Supporting environmentally friendly projects through tailored financing solutions. Community Engagement: Investing in education, healthcare, and skill development programs to uplift underserved communities. Operational Sustainability: Adopting eco-friendly practices,…
CIG Motors, a leading automotive distributor, has partnered with Stanbic IBTC to introduce a comprehensive vehicle ownership scheme aimed at making cars more accessible to Nigerians. The partnership leverages Stanbic IBTC’s financial services expertise and CIG Motors’ robust vehicle lineup to provide flexible and affordable options for prospective car buyers. Highlights of the Partnership The collaboration focuses on: Flexible Financing Plans: Offering tailored loan packages with competitive interest rates to suit different income levels. Wide Vehicle Range: Access to CIG Motors’ fleet, including sedans, SUVs, and commercial vehicles. Streamlined Application Process: A simplified and transparent loan approval system to ensure…
In a strategic move to address food insecurity, several firms have joined forces to implement initiatives aimed at strengthening agricultural production, reducing post-harvest losses, and improving food supply chains. This partnership underscores the growing recognition of collaborative efforts in tackling hunger and malnutrition, especially in regions vulnerable to food shortages. Key Objectives of the Partnership The alliance focuses on the following areas: Promoting Sustainable Farming Practices: Introducing innovative agricultural techniques to maximize yields while preserving environmental resources. Enhancing Supply Chains: Investing in infrastructure and logistics to ensure efficient distribution of food products from farms to markets. Empowering Farmers: Providing training,…
In a show of solidarity and corporate social responsibility, several banks have mobilized resources to support communities affected by recent floods across Nigeria. The initiative aims to alleviate the hardships faced by flood victims, many of whom have been displaced or have lost their livelihoods. Relief Efforts by the Banking Sector Responding to the widespread devastation caused by the floods, banks have taken proactive measures, including: Distribution of Essential Supplies: Relief packages containing food items, clean water, hygiene products, and clothing have been distributed to displaced families. Financial Assistance: Some banks have provided monetary support to affected communities to help…