Author: Ogochukwu Ndubuisi

Reps Decry Non-Remittance of 5% Petrol Price to FERMA Speaker of House of Representatives, Rep. Tajudeen Abbas, has decried the non-implementation and non-remittance of the five per cent of the petrol pump price to Federal Road Maintenance Agency (FERMA). Abbas stated this while declaring open an investigative hearing on non-implementation and remittance of the five per cent user charge in Abuja on Monday. The speaker, who was represented by represented by the Minority Leader, Rep. Kingsley Chinda, noted that the law was still being flouted by relevant authorities in spite of the efforts of the lawmakers. “Distinguished guests, it is…

CNG Sector Attracts $500m Investments – P-CNGI The Presidential Compressed Natural Gas Initiative (P-CNGI) says the CNG sector has attracted over 500 million dollars investments and created over 10,000 direct jobs. The P-CNGI said that 255 new conversion centers that did not exist in 2024 and 53 daughter stations existed currently. Mr Michael Oluwagbemi, Programme Director/Chief Executive Officer, P-CNGI on Monday emphasised that Nigeria is making progress in expanding the CNG infrastructure and investments. Oluwagbemi, however, said that engineering feats took time. He recalled that from May 2024, the P-CNGI set out to implement its mandate in line with the…

Nigeria Issues Upstream Executive Order, Prioritises High Returns for Oil & Gas Operators Nigerian President Bola Ahmed Tinubu has signed an executive order designed to lower costs and enhance revenue from oil and gas projects. The Upstream Petroleum Operations Cost Efficiency Incentives Order (2025) introduces performance-based tax incentives for upstream operators and is expected to play an instrumental role in attracting investment, driving development, and unlocking greater value from the country’s oil and gas resources. As the voice of the African energy sector, the African Energy Chamber (AEC) commends the Nigerian government’s continued commitment to not only improving the operating…

Zambia Inflation Rate Softens to Near 1-Year Low Zambia’s annual inflation rate fell to a near one-year low of 15.3% in May 2025, easing from 16.5% in each of the previous two months. Food inflation decelerated for the third month to 17.9%, from April’s 18.7%, as favourable rainfall helped bring down corn meal and vegetable prices. On a monthly basis, consumer prices rose by 0.3% in May, decelerating from a 1% increase in the prior month. Recall that the Central Bank of Zambia kept its benchmark interest rate unchanged at 14.5% during its regular meeting on May 23rd, 2025, after two…

South African Rand Weakened Against Dollar The South African rand weakened toward 18.1 per USD, after touching a five-month low of 17.75 on May 29, pressured by a firmer dollar and as prices of metal prices, particularly gold, declined. Meanwhile, traders continued to digest the South African Reserve Bank’s decision. The central bank resumed its easing cycle with a widely expected 25 basis point rate cut after pausing in March, aiming to support the economy amid subdued inflation. Governor Lesetja Kganyago noted that underlying inflation remained well contained and that both domestic and global conditions had improved since the March…

IATA Urges Governments to Release $1.3bn Airline Blocked Funds The International Air Transport Association (IATA) has urged governments to release 1.3 billion dollars airlines’ funds blocked from repatriation as at the end of April. The Director-General of the association, Mr Willie Walsh, in a statement on Sunday, said that timely repatriation of airlines’ fund was crucial. According to Walsh, 1.3 billion dollars is a significant amount although shows an improvement compared with the 1.7 billion dollars reported for October 2024. He urged governments to remove all barriers preventing airlines from timely repatriation of their revenues from ticket sales and other…

FG to Drive Energy Transition with 209trn ft³ Gas Reserves The Federal Government (FG) says Nigeria’s 209 trillion cubic feet (ft³) of proven gas reserves have been positioned as the nation’s key asset for energy transition and economy diversification, Mrs. Olu Verheijen, Special Adviser to President Bola Tinubu on Energy, said in an interview with the news agency in Abuja on Sunday. Verheijen, who was speaking on the second year anniversary of the Tinubu administration, said the government is leveraging the nation’s gas resources in diversifying the economy, achieving energy transition, and creating jobs. She said the administration built on…

NNPC Cooperative Members Decry Alleged Fraud, Misappropriation Some retired cooperative members of the Nigerian National Petroleum Company Limited (NNPC Ltd.), Lagos State Branch, have decried alleged misappropriation of their funds by the management committee of the multipurpose society. Speaking at a media briefing in Abuja on Friday, the members said that they were yet to access their monies after years of retirement. They called for a forensic audit of the NNPC Ltd. Lagos State cooperative account for transparency, justice, and accountability. Elder Ante Ante, the Leader of the Group and an NNPC Ltd. retiree, said that their colleagues were yet…

Wike Announces Plans to Overhaul FCT Transport’s Sector The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, says plans have been concluded to introduce reforms in the FCT transportation sector to improve safety and comfort. Wike said this in Abuja on Friday, after he inspected the completed Kugbo and Mabushi Bus and Taxi Terminals in preparation for inauguration to celebrate President Bola Tinubu second year in office. The minister also inspected the completed access road to Giri District, which is also ready for inauguration. Wike said that there would be a lot of reforms, adding that a lot…

Fitch Upgrades Fidelity Bank National Rating to A+ (nga) Fitch Ratings has affirmed Fidelity Bank Plc.’s credit or Long-Term Issuer Default Rating (IDR) at ‘B’. The bank’s National Long-Term Rating has been upgraded to ‘A+(nga)’ from ‘A(nga)’. According to Fitch, both the outlooks on the long-term ratings are accorded as stable. The upgrade reflects Fidelity’s strengthening capital buffers as a result of last year’s rights issue and public offer, alongside stronger internal capital generation. This is underpinned by a sharp improvement in profitability metrics since 2022, as the bank benefits from higher rates due to its heavy reliance on low…