Author: Ogochukwu Ndubuisi

FG Tasks Insurance Industry on Improved Service Delivery The Federal Government on Thursday, urged key players and regulators in the insurance industry to step up efforts toward improving service delivery to Nigerians. The Minister of Interior, Dr Olubunmi Tunji-Ojo, made the call when he received the Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Ayo Omosehin, in his office in Abuja. Tunji-Ojo urged NAICOM as regulator of the insurance sector, to encourage insurance companies to create more innovative products that meet the needs of Nigerians. He said that adopting modern and creative solutions will boost both the national…

NCC Assures Nigerians of Safe, Accessible Digital Space The Nigerian Communications Commission (NCC) has assured Nigerians of accessible, resilient and safe digital space in the nation’s digital economy. The Executive Commissioner, Stakeholders Management, NCC, Rimini Makama, gave the assurance at the NCC’s Digital Economy Sensitisation Forum, with the theme, “Leaving No One Behind: Digital Access, Equity and Empowerment” on Thursday in Abuja. The event brought major stakeholders in the digital economy ecosystem together to create cybersecurity awareness. Makama, who was represented by the Head, Consumer Information and Education, Olasumbo Olawaiye, said that without access, there can be no opportunity. He…

FCCPC Sets January Deadline for Digital Lending Regulations Compliance The Federal Competition and Consumer Protection Commission (FCCPC) has set January 2026 as the deadline for full compliance with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025. Mr Ondaje Ijagwu, the Director of Corporate Affairs at the Commission, disclosed this in a notice on Thursday in Abuja. Ijagwu said the regulation aims to promote fairness, transparency, and accountability in Nigeria’s growing digital lending market. He said enforcement of the regulations would begin immediately after the expiration of the deadline. Ijagwu quoted the Executive Vice Chairman of the Commission, Mr…

SEC Begins T+2 Settlement Cycle Nov. 28 The Securities and Exchange Commission (SEC) says the Nigerian capital market will officially transition to a T+2 settlement cycle for equities transactions from Nov. 28. A notice signed by Mrs Efe Ebelo, Head of External Relations of SEC, said in Abuja on Thursday, that the move was designed to align with global best practices and enhance market efficiency. The T+2 settlement cycle is a standard for securities transactions where the final transfer of ownership and payment occurs two business days after the trade date. For example, a stock bought on a Monday would…

Nigerian Exchange Grows as Equity Investors Gain N1trn With N1 trillion in capital appreciation, a fresh rally keeps Nigerian Exchange (NGX) key performance indicators trending upward on Thursday, with the All-Share Index rising by 108 basis points. The Nigerian equity market closed in positive territory today, extending its rebound from the previous session, bolstered by renewed sentiment in stocks with rock-solid fundamentals. Stockbrokers reported that the uptick was influenced by investors’ sustained buying interest in some medium- and large-cap stocks, such as OANDO, CUSTODIAN, NAHCO, and AIICO, among others. Trading data revealed that the market index (All-Share Index) added 1,577.34…

Senate Approves N1.15trn Loan to Fund 2025 Budget Deficit The Senate on Wednesday approved President Bola Ahmed Tinubu’s request to establish a ₦1.150 trillion domestic borrowing programme aimed at closing the funding gap in the 2025 budget deficit. The decision followed the consideration and adoption of a report presented by the Senate Committee on Local and Foreign Debt, chaired by Senator Aliyu Magatakarda Wamakko. President Tinubu’s request, detailed in a communication dated October 31 and read during plenary on November 4, was made in line with the provisions of the Debt Management Office (Establishment) Act, 2003, and the Fiscal Responsibility…

Lagos to Establish Wealth Fund for Infrastructure, Innovation The Lagos State Government is set to introduce a bill to establish a Wealth Fund aimed at driving infrastructure development, innovation, and job creation for its growing population. Speaker of the House, Mr Mudashiru Obasa, confirmed this during a public hearing organised by the Assembly’s Committee on Finance on Wednesday in Lagos. The bill is titled: ‘A Bill for a Law to Establish the Lagos State Wealth Fund to Receive, Manage and Invest in a Diversified Portfolio of Medium- and Long-Term Assets for the Benefit of Lagos State and Future Generations.’ Obasa,…

FG Stops Implementation of 15% Import Duty on Diesel, Petrol The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Thursday said it is no longer considering implementing the planned 15 per cent duty on imported petroleum products. The development was announced by the Director, Public Affairs Department, NMDPRA, George Ene-Ita, in a statement while warning the public to shun panic buying. On the 29th of October, President Bola Tinubu approved an import tariff on petrol and diesel, a policy expected to raise the landing cost of imported fuel. The President’s approval was conveyed in a letter signed by his…

Reps to Probe Oil Companies for Failing to Pay 3% Host Trust Fund The House of Representatives has resolved to investigate alleged failure of oil companies to release 3 per cent of their annual operating expenditures to Host Communities Development Trust Fund (HCDTF). The resolution was a sequel to the adoption of a motion sponsored by Rep. Hart Godwin at plenary on Wednesday in Abuja. Moving the motion, Godwin said that in 2021, the Petroleum Industry Act, (PIA) was enacted to provide legal governance, regulatory and fiscal frameworks for the Nigerian Petroleum Industry and the development of host communities. He…

Nigerian Treasury Bills Yield Falls by 20 bps to 17% Average yield on Nigerian Treasury bills fell by 20 basis points to 17% as trading activities closed on a bullish note in the secondary market, reflecting sustained demand for naira assets ahead of inflation data for October. The market experienced buying interest across the short, belly, and long end of the curve in the absence of a primary market auction on Wednesday. Fixed income market analysts at CardinalStone Securities Limited observed yield contractions in most bills, especially the 25-DEC (-100bps) and 22-JAN (-118bps) bills. Across the curve, the average yield…