Author: Marketforces Africa

Pension Assets Rise to N23.33 Trillion in First Quarter The National Pension Commission (PenCom) says the total assets under the Contributory Pension Scheme (CPS) rose to N23.33 trillion as at March 31. Mr Saleem Abdulrahman, Director of Surveillance, PenCom, disclosed this in Lagos. Abdulrahman said that the figure represented an increase of N820 billion when compared with the N22.51 trillion recorded as of Dec. 31, 2024. He attributed the growth in pension assets to additional contributions from Retirement Savings Account (RSA) holders and investment income, including gains from the appreciation of equity prices and interest income on fixed-income securities. Breaking…

FG’s Reforms Prioritise, Enhance Ease of Doing Business- Tinubu President Bola Tinubu has said that his government would continue to prioritise reforms that enhance the ease of doing business, expand critical infrastructure, and stimulate sustainable growth in the real sectors. Tinubu gave the assurance on Thursday in Ilorin, at the 65th Annual General Meeting/ Conference of the Nigerian Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA). The president was represented by the Minister of State for Industry, Trade and Investment, Sen. John Eno. He identified market-driven and private sector-led economy with public private partnerships’ strategic reinforcement as the…

Tax: ‘Big Men’ Remain FCT’s Biggest Problem – Wike The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, says big men (rich people) residing in Abuja remain FCT’s biggest problem in voluntary tax compliance for development. Wike stated this during the inauguration of the newly constructed Collector Road CN2 (Zakari A. Kyari Street), in Abuja on Thursday, by President Bola Tinubu to celebrate his second year in office. The road, from Arterial Road N11 (Ahmadu Bello Way) in Mabushi to Katampe District, leading to Judges Quarters and other connecting roads were constructed by the FCT Administration. The minister…

Telecom Services Crucial for National Security- NCC The Nigerian Communications Commission (NCC) says that telecom services are crucial for ensuring national security, particularly in addressing issues that require effective communication. The Executive Vice-Chairman of NCC, Dr Aminu Maida, said this during an interactive session with the Nigeria Information Technology Reporters’ Association (NITRA) on Thursday in Abuja. He said that achieving national security would be impossible without effective telecommunication. Maida was represented at the event by Mrs Nnena Ukoha, Head, Corporate Communications Management, Public Affairs Department. He said NCC had resolved to work with security agencies to arrest and prosecute vandals…

Nigeria, Chinese Firm Sign MoU on Satellite Connectivity The National Space Research and Development Agency (NASRDA) has signed a Memorandum of Understanding (MoU) with Galaxy Space, a Chinese company, to deploy Direct-to-Device satellite communication connectivity for Nigerians. Galaxy Space is a Chinese company focused on developing and manufacturing low-cost and mass production of Low Earth Orbit (LEO) satellites for commercial broadband internet. Dr Matthew Adepoju, Director-General of NASRDA, said at the signing ceremony on Wednesday in Abuja that the collaboration was a milestone in Nigeria’s drive towards advancing space and communication technologies. Adepoju said the collaboration would revolutionise the telecommunications…

NUPRC Issues New Guidelines for Advanced Cargo Declaration The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has released new guidelines for the advanced cargo declaration regime, aimed at enhancing transparency, accountability, and efficiency in Nigeria’s crude oil and petroleum exports. A statement by the commission on Wednesday said the review was endorsed by the commission chief executive, Mr Gbenga Komolafe, on June 17. The guidelines, issued under the Nigerian Upstream Petroleum Advance Cargo Declaration Regulation 2024, are designed to establish a robust framework for declaring and tracking crude oil and petroleum product exports from Nigeria. They monitor and account for the…

Block Trades in Zenith Bank, Seplat Boost Market Index The Nigerian stock market experienced a significant surge due to strong interest in banking names and block trades. Huge transactions occurred on Zenith Bank, Nigerian Breweries, and Seplat Energy, boosting the Nigerian market index, which reached an all-time high. The local exchange saw new bullish momentum that lifted the All-Share Index (ASI) 1.63 % to close at 116,786.87 points. The Exchange has gained 13.47% year-to-date due to bargain hunting, as 37 gainers were recorded against 30 decliners. Despite a balanced breadth, interest in heavyweight stocks drove the rally. Banking stocks surged…

SOL: Fidelity Bank Reaffirms Commitment to Regulatory Compliance Fidelity Bank Plc has assured shareholders and stakeholders of its full compliance with the recent Central Bank of Nigeria (CBN) circular on Regulatory Forbearance for Single Obligor Limits (SOL) and credit exposures. The bank made this known in its response to the CBN through a circular sent to the Nigerian Exchange Ltd. (NGX) on Wednesday. The circular, referenced BSD/DIR/CON/LAB/018/008, granted temporary regulatory relief to banks to strengthen capital buffers and ensure financial stability. The bank said it remains committed to adhering to all regulatory directives aimed at enhancing prudence in the banking…

Investors Return to Position as Banks Douse Forbearance Tensions The banking index surged as investors returned to take positions after riotous selloffs in reaction to the Central Bank of Nigeria’s (CBN) forbearance directive. Deposit money banks’ market valuation rebounded as press releases were issued to address forbearance loans and Single Obligor Limit (SOL) positions, which helped ease initial market concerns. Precisely, GTCO (+4.43%) maintained its positive momentum, while ZENITHBANK (+5.32%), UBA (+5.59%), and ACCESSCORP (+4.49%) garnered heightened investor interest, further bolstering the market’s overall performance. Due to bargain hunting, banking (+3.25%) and insurance (+2.02%) indexes recorded big moves in the…

FG, States, LGs Share N1.65 Trillion Revenue The Federation Account Allocation Committee (FAAC) has shared N1.659 trillion, being May 2025 revenue, among the federal government, states, and the local government councils (LGCs). The revenue was shared at the June meeting of FAAC in Abuja on Wednesday. This is according to a communiqué issued at the end of the meeting, which was made available by Mr Bawa Mokwa, the Director, Press and Public Relations, Office of the Accountant-General of the Federation. The communiqué said that the N1.659 trillion total distributable revenue comprised statutory revenue of N863.895 billion and Value Added Tax…