There are concerns that the controversy between the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and Dangote Petroleum Refinery may lead to Nigeria incurring a daily loss of about ₦14.7 billion. Development economist Professor Ken Ife said Nigeria can’t afford to be losing such an amount daily due to the PENGASSAN strike, …
As Nigeria marks 65 years of Independence on Wednesday, October 1, a renowned economist, Muda Yusuf, said there are critical areas the government must prioritise to drive economic growth that would positively impact the lives of the masses for the next decade. Yusuf, chief executive officer (CEO) of the Centre for the Promotion of Private …
Economist and energy expert, Mr Kelvin Emmanuel, has warned that the actions of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) against the Dangote Petroleum Refinery pose a threat to national security. Mr Emmanuel, the CEO of Dairy Hills, who appeared …
The Bureau of Public Enterprises (BPE) recently hinted at a plan to list two electricity distribution companies (DisCos) and one generation company (GenCos) on the Nigerian Exchange (NGX). Similarly, the Nigerian National Petroleum Company (NNPC) Limited has been nursing this idea since the state-owned oil firm transitioned into a private-driven enterprise. As desirable as their …
The National Pension Commission (PenCom) has raised the minimum capital requirement for Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) to ₦20 billion from ₦2 billion. It said the revised capital requirements are to take effect immediately for new licences, while existing operators have until December 31, 2026, to comply. The commission announced the …
For the first time since the beginning of this year, the Central Bank of Nigeria (CBN) acted dovishly, cutting the benchmark interest rate to rein in inflation as investors' appetite trended northward at the stock and foreign exchange (FX) markets. On Tuesday, September 23, after its two-day bi-monthly Monetary Policy Committee (MPC) meeting, CBN Governor …
Shareholders have approved the merger of Unity Bank Plc with Providus Bank Limited. They gave their consent at a court-ordered Extraordinary General Meeting (EGM) on Friday, September 26. The approval, expected to enable the banks to consolidate their assets as well as liabilities, represents a major step toward building a larger, more competitive financial institution …
First HoldCo Chairman Olufemi Otedola has acquired an additional ₦2.01 billion shares, raising his stake to 16.1 per cent to remain the largest individual shareholder of the company. The acquisition now increased his shareholding units to 6,742,471,831 of the company's issued share capital of 41,877,841,590 units. In a corporate disclosure dated Wednesday, September 24, to …
Vice President Kashim Shettima has restated the Federal Government’s determination to place micro, small, and medium enterprises (MSMEs) at the heart of Nigeria’s economic renewal agenda. He described MSMEs as the “lifeblood of the nation’s economy,” constituting about 80 per cent of businesses in the country. Shettima stated this while delivering his remarks at the …
The National Pension Commission (PenCom) has asked Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) to report all foreign currency pension contributions above $10,000 to the Nigeria Financial Intelligence Unit (NFIU) within 24 hours of receipt. The directive is contained in the 'Guidelines on Foreign Currency Pension Contributions' released early this week. "In line …
