Author: Ogochukwu Ndubuisi

NAICOM Sets July 2026 Deadline for New Capital Requirement Licence National Insurance Commission (NAICOM) has set a July 2026 as the deadline for issuance of licence to insurance and reinsurance companies that comply with the new Minimum Capital Requirement (MCR). Mr Olusegun Omosehin, the Commissioner for Insurance, said this in a notice on Thursday Abuja. Omosehin said the date was also the final MCR compliance deadline for companies. He said the commission would commence Risk Based Capital implementation for companies that have fulfilled the MCR, with adequate transition timelines given for compliance at the expiration of the deadline. Omosehin said…

AfDB Approves $500m Loan for Nigeria’s Economic Governance, Energy Transition Reforms The Board of Directors of the African Development Bank (AfDB) Group has approved a 500 million dollars loan to Nigeria. The loan is to enable the Federal Government to finance the second phase of its Economic Governance and Energy Transition Support Programme. Abdul Kamara, Director-General, Nigeria Country Department of the AfDB, said this in a statement on the bank’s website. According to Kamara, the policy-based operation will run across fiscal years 2024 and 2025 and is designed to deepen structural reforms, strengthen energy systems, and expand fiscal space for…

NNPC/Heirs Energies JV Doubles Gas Output The NNPC/Heirs Energies Joint Venture has delivered an industry-first rigless recompletion of a major non-associated gas well in OML 17. Chidimma Ugbojiaku of Heirs Energies said in a statement on Wednesday that the intervention doubled gas output to 135 million standard cubic feet per day. She said the increased supply is already strengthening domestic gas availability and supporting the nation’s energy security ambitions. Ugbojiaku noted that the enhanced output has significantly improved power generation across the eastern electricity network. She said TransAfam Power has quadrupled its generation, rising from about 50 megawatts to more…

Lagos to Unveil Greenhouse Gas Registry Q1, 2026 The Lagos State Government says it is on track to unveil the Lagos Greenhouse Gas Registry by the first quarter of 2026 as part of measures to reduce greenhouse gas emissions and promote a sustainable environment This, it said, would make Lagos the first African city to operate a functional, verifiable emissions registry. The Lead Consultant, TPHG Technologies Ltd., Dr Mofoluso Fagbeja, disclosed this during the second stakeholders’ engagement on the Lagos GHG Registry held on Wednesday in Lagos. Fagbeja said the registry would serve as the central infrastructure for carbon accounting…

Tinubu Unveils Electric Tricycle Scheme for Youth Empowerment ‎President Bola Tinubu has unveiled the Electric Tricycle Empowerment Initiative to support youth self-employment and national growth. Represented by Labour Minister Dr Muhammad Dingyadi, he formally inaugurated the programme during an event on Wednesday in Abuja. Tinubu said the initiative demonstrated government commitment to reducing transportation costs, lowering pollution, and expanding youth employment. He noted it aligned with the national energy transition plan aimed at promoting cleaner mobility and supporting Nigeria’s long-term environmental sustainability goals. He explained that the electric tricycles were projected to reduce transport costs by 40 per cent, providing…

Abdullahi Sule Presents N517.5bn 2026 Budget Proposal to Nasarawa Assembly Gov. Abdullahi Sule of Nasarawa State, on Wednesday presented a budget proposal of N517.5billion for 2026 fiscal year to the state House of Assembly for approval. Sule, while presenting the appropriation bill tagged: ” Budget of Strategic Consolidation” before the Assembly in Lafia, commended the legislature for their consistent support in passing appropriation bills. He explained that the theme of the 2026 budget was in line with his administration’s development agenda to consolidate on ongoing infrastructure projects, enhance connectivity and economic competitiveness among others. According to the governor, the sum…

NEPZA Generates N1.8bn in 10 Months The Nigeria Export Processing Zones Authority (NEPZA) on Wednesday said it generated more than N1.8billion in the first 10 months of the current year for the Federal Government. Its Managing Director, Dr Olufemi Ogunyemi, made this known at the opening of the 2025 Kano Free Trade Zone Investors and Stakeholders Forum in Kano, which has “Strengthening Partnerships for Efficient Service Delivery in the Free Trade Zone” as its theme. Ogunyemi, represented by the Head of Kano Free Trade Zone, Mr Richard Bassey, expressed confidence that the forum would produce workable strategies to enhance Free…

Nigeria Needs Clear EV Charging Roadmap Stakeholders in Nigeria’s energy and transport sectors on Wednesday said the country urgently needs a clear and realistic roadmap to develop a scalable electric vehicle (EV) charging network, if it must meet its mobility transition goals. They made the call at the Abuja EV Stakeholders Roundtable Dialogue organised by the Clean Technology Hub in commemoration of the World Sustainable Transport Day. The high-level dialogue is organised in partnership with the Policy Centre of the Abuja Chamber of Commerce and Industry (ACCI), the National Automotive Design and Development Council (NADDC), and Surge Africa. The theme…

Russia to Deepen Cooperation with Nigeria in Key Economic Sectors Amb. Andrey Pudelyshev, Ambassador Extraordinary and Plenipotentiary of the Russian Federation to Nigeria, has reaffirmed the country’s commitment to deepening cooperation with Nigeria in key sectors of the economy. Pudelyshev disclosed this at the commemoration of the 65th anniversary of the establishment of diplomatic relations between the Russian Federation and Nigeria on Tuesday night in Abuja. He said that the mutual turnover of trade between the two countries is yet to reach $1 billion dollars, adding that it did not reflect the real potential of both countries or the needs…

Otti Presents N1.016trn 2026 Appropriation Bill to Assembly Gov. Alex Otti of Abia, on Tuesday, presented a N1.016 trillion Appropriation Bill for the 2026 fiscal year to the state House of Assembly. Presenting the budget, christened “Budget of Acceleration and New Possibilities”, at the assembly complex in Umuahia, Otti said that the proposal represented a 13 per cent rise from the 2025 appropriation, which stood at N750.28 billion. He said that the budget had been designed to fast-track infrastructure expansion, boost social services and deepen ongoing reforms across the state. He allocated N811.8 billion, representing 80 per cent of the…