Author: Ogochukwu Ndubuisi

Tinubu Attracted Over $450m into CNG Value Chain The Minister of Information and National Orientation, Alhaji Mohammed Idris, says the President Bola Tinubu-led administration has attracted over $450 million into the development of Nigeria’s Compressed Natural Gas (CNG) value chain. Idris stated this during his remarks at the Nigeria Public Relations Week (NPRW 2025) on Tuesday in Uyo, Akwa Ibom. The event with the theme, “Harnessing Public Relations for Nigeria’s Economic Renaissance,” was organised by the Nigerian Institute of Public Relations (NIPR) with support from stakeholders. Idris explained that Tinubu was able to achieve that through the Presidential CNG Initiative.…

FG to Sell Emefiele’s 753-Unit Housing Estate The Federal Government has announced plans to sell the 753 housing units recovered from former Central Bank Governor, Godwin Emefiele, as proceeds of crime. This development is contained in a statement issued on Tuesday in Abuja, by Salisu Haiba, Director Press and Public Relations, Ministry of Housing and Urban Development Haiba disclosed that the Ministry had taken delivery of the estate, consisting 753 units of duplexes recovered by the Economic and Financial Crimes Commission (EFCC) from Emefiele . He said the houses would be sold to the public and for special government needs.…

World Bank Urges Nigerian Cooperatives to Embrace Technology, Regulatory Reforms The World Bank has called on cooperative societies and regulators in Nigeria to address issues related to technology and regulations to align with global cooperative trends. According to Dave Grace, World Bank Lead Speaker, cooperatives in Nigeria can drive the economy and thrive with the adoption of technology. The Executive Secretary of the National Cooperative Financing Agency of Nigeria (CFAN), Emmanuel Atama, noted that the conference aimed to discuss ways to make cooperatives in the country conform to global best practices and ensure financial inclusion services to the grassroots. He…

NASS Set to Amend Pension Reform Act 2014 The Chairman of the House Committee on Pensions, Hussaini Jalo, says plans are underway to amend the Pension Reform Act (PRA), which was last reviewed in 2014. Jalo made the statement at a stakeholders engagement session on the review of the PRA 2014, organised by the House of Representatives Committee on Pensions in Abuja. He urged stakeholders to outline potential review areas for the committee’s consideration. The Clerk of the National Assembly, Kamoru Ogunlana, said the workers of the National Assembly Service Commission (NASS) were advocating for return to  Contributory Pension Scheme…

China’s Lending Benchmark Decline to Help Bolster Economic Recovery China’s benchmark lending rates declined on Tuesday, signaling renewed efforts by authorities to stimulate economic momentum amid global uncertainties. The one-year loan prime rate (LPR) was lowered from 3.1 per cent to 3.0 per cent, while the over-five-year LPR, which is widely used as a reference for mortgage rates, dropped from 3.6 per cent to 3.5 per cent, according to the National Interbank Funding Centre. This marks the first LPR cut in 2025 and is expected to reduce borrowing costs for businesses and consumers, boost market confidence, and support the steady…

Nigeria’s Banking Sector Stable, CBN Reassures Nigerians The Central Bank of Nigeria (CBN) has reassured the public, depositors, and stakeholders that the Nigerian banking sector remains resilient, safe, and sound. The CBN said this in a statement issued by its Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali According to Sidi-Ali, the attention of the CBN has been drawn to certain publications and social media reports containing misleading information regarding the operations of a regulated financial institution. “The CBN wishes to categorically reassure the public, depositors, and stakeholders that the Nigerian banking sector remains resilient, safe, and sound. “Like all…

UN Cuts Spending, Freezes Hiring, Scales Back Services The UN says it has been forced to cut spending, freeze hiring and scale back some services as the global organisation faces a worsening cash crisis. Member States on Monday, urged members to pay up, warning that the deepening financial crisis threatened the world body’s ability to carry out vital work. The General Assembly’s Fifth Committee met throughout Monday to discuss the multilateral organisation’s financial health. With a growing shortfall in contributions, member states owed $2.4 billion in unpaid regular budget dues and $2.7 billion in peacekeeping. Officials warned that the non-payment…

TotalEnergies to Drill in South Africa, Regulatory Reforms Gain Momentum TotalEnergies is set to begin offshore drilling in South Africa in 2026, pending final regulatory approvals. This move is part of the company’s plan to expand its energy operations on the continent. The announcement comes as South Africa’s government is making significant progress in reforming its oil and gas sector. The government has published draft regulations for the Upstream Petroleum Resources Development Act, which aims to create a more modern and investor-friendly framework for hydrocarbon exploration and production. This new framework will provide clearer guidelines for licensing, state participation, and…

ICIEC, Credendo Partner for Trade Growth The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Credendo have signed a significant partnership agreement aimed at boosting trade and investment in countries where ICIEC operates. This collaboration is designed to increase risk-sharing capacity, enabling larger and more complex trade transactions for multinational companies operating in these regions. By combining their expertise and resources, both organizations can provide stronger support for businesses, particularly in high-potential markets where trade and investment opportunities are vast but risks are also significant. The partnership will facilitate the sharing of risks, allowing for more…

Refinery: If we Understood Magnitude, we Might not Attempt it – Dangote Africa’s richest man and industrialist, Alhaji Aliko Dangote, has expressed commitment to empowering Nigerian engineers and building local capacity through large-scale industrial projects. Dangote gave the assurance while receiving a delegation from the Lagos Branch of the Nigerian Society of Engineers (NSE) at the Dangote Petroleum Refinery at Ibeju-Lekki, Lagos State, on Monday. He said that the scale of the refinery was more than initial expectations. He said: “Honestly, if we had fully understood the magnitude and challenges involved, we may not have even attempted it, but it…