Author: Ogochukwu Ndubuisi

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…

Digital Economy Attracts $191m Investment in Q1 2024 – Bosun Tijani Nigeria’s Communications and Digital Economy sector has witnessed massive growth under President Bola Tinubu, attracting $191 million in foreign direct investment (FDI) in Q1 2024 – a ninefold increase from $22 million in Q1 2023. The Minister of Communications, Innovation, and Digital Economy, Dr Bosun Tijani, said this in an interview for an upcoming State House documentary marking President Tinubu’s second anniversary, Mr Bayo Onanuga, the President’s Spokesman, said in a statement on Monday. Tijani highlighted the sector’s robust workforce development, driven by the 3 Million Technical Talent (3MTT)…

Capital Market Crucial for Nigeria’s $1trn Economy Goal- Wale Edun The Minister of Finance, Mr Wale Edun, has emphasised the crucial role of the capital market in achieving the nation’s ambitious goal of becoming a one-trillion dollar economy. Speaking at the Capital Market Committee (CMC) meeting, the minister highlighted the market’s transformation since 2015. He said that with improvements in governance structures, new products and platforms, a stronger regulatory environment, and growing investor participation, the capital market is capable of delivering Nigeria’s proposed one trillion dollar economy. Edun was represented by the Minister of State for Finance, Dr Doris Uzoka-Anite.…

CAC, NIBSS Inaugurate Platform for Effective Service Delivery The Corporate Affairs Commission (CAC) is partnering with the Nigeria Inter-Bank Settlement System (NIBSS) to inaugurate an Application Programming Interface (API) integration platform to enhance prompt and efficient service delivery. The Registrar-General of the CAC, Mr Hussaini Magaji, said this at the inauguration of the platform on Monday in Abuja. “What you are witnessing today is the integration of NIBBS into the CAC portal in response to our customers’ demand for prompt services. “We are giving our customers opportunities to have a solution via technology where they can achieve or consume the…