Tuesday, February 17, 2026
25.6 C
Lagos
Home Blog Page 3

PenCom, PFAs to Unveil PENCAP – Data Recapture Self-Service Platform Feb 1

0

The National Pension Commission (PenCom), in collaboration with Pension Fund Administrators (PFAs), will launch a self-service online data recapture application known as the Data Recapture Self-Service Platform (PENCAP) on February 1, 2026.

The platform enables Retirement Savings Account (RSA) holders to remotely update their personal records (recapture), without necessarily visiting their PFAs.

PENCAP targets RSA holders who joined the Contributory Pension Scheme (CPS) on or before 1 July 2019 and have not undergone the data recapture process. This initiative marks another key step by PenCom to enhance data integrity, improve service delivery, and modernise pension administration through responsible digitalisation.

Rationale for the Data Recapture Exercise

Accurate and up-to-date data remains fundamental to the efficient administration of retirement savings under the CPS. Over time, data inconsistencies arising from legacy records and incomplete documentation have posed challenges during verification and benefit processing.

PENCAP provides a proactive solution by offering contributors a secure and convenient channel to recapture their data. By improving the quality and reliability of contributor records across PFAs, the platform will support faster benefit processing, smoother verification exercises, and an overall improvement in service experience for RSA holders.

The Data Recapture Exercise (DRE) commenced in August 2019 for both active contributors and retirees. The DRE complies with the Federal Government’s directive that all data-generating organisations should harmonise their databases with the National Identity Management Commission (NIMC). It is also consistent with the need for a credible database of all RSA holders in Nigeria with the National Identification Number (NIN) as the unique identifier. In that regard, PenCom designed, developed and deployed an Enhanced Contributor Registration System (ECRS), which has been integrated with the NIMC database to authenticate the uniqueness of individuals seeking to register under the CPS and existing RSA holders who have not recaptured.

Before now, RSA holders were required to physically visit their PFAs in order to recapture. This has not achieved the needed outcome with many eligible RSA holders yet to be recaptured for over six years.

Overview of the Self-Service Process

The recapture process is fully online and requires a phone, a computer or other devices with a camera and internet access to enable live image capture. RSA holders will access the portal at https://pensionrecap.pencom.gov.ng/ and create a secure user profile using a personal email address.

Contributors will then complete the online Data Recapture Form and, where applicable, upload supporting documents to validate requested updates. The process also involves biometric verification through live facial capture and the provision of a digital signature to confirm authenticity.

Processing, Validation and Notifications

Following submission, the contributor’s PFA reviews the application and takes appropriate action within the defined processing period. Throughout this stage, RSA holders receive email notifications acknowledging receipt of their request and providing updates on approval or rejection, including reasons where applicable. This ensures transparency, accountability, and continuous communication.

The rollout of PENCAP, aims to speed up the Data recapture process which has been ongoing since the launch of the ECRS but without significant progress. By providing the self-service option, it is expected that more RSA holders will be encouraged to participate due to its convenience.

Importance of Compliance for RSA Holders

RSA holders who enrolled on or before 1 July 2019 and are yet to undergo recapture are required to take advantage of the online window to confirm and update their records. This is a necessary step to migrate their date onto the ECRS, which uniquely identifies RSA holders via their National Identification Number (NIN).

Completion of the data recapture exercise is also essential for participation in the Retiree Enrolment and Verification Exercise and for accessing key pension transactions. These include processing of retirement benefits, eligibility to utilise part of RSA balances as equity contribution for residential mortgages, withdrawal temporary job loss, and the transfer of RSAs between PFAs. Eligible RSA holders who fail to complete the data recapture will not be able to access any of the aforementioned services.

Alignment with PenCom’s Strategic Objectives

The deployment of PENCAP aligns with the PenCom’s broader commitment to innovation, transparency, and operational efficiency within Nigeria’s pension industry. By embracing technology-driven solutions, PenCom continues to enhance public confidence in the CPS and ensures seamless access to retirement benefits.

RSA holders who prefer physical recapture may still visit their PFA branches, as the self-service platform is designed to complement existing service channels.

CBN Boss, Cardoso, Hosts BII, Reaffirms Commitment to Financial Sector Reform, Long-Term Capital

0

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, on Wednesday, January 28, 2026, hosted a delegation from British International Investment (BII), led by its Chair, Ms. Diana Layfield, alongside the British High Commissioner to Nigeria, Mr. Richard Montgomery, as part of ongoing efforts to deepen financial sector reforms and attract long-term investment.

The Governor reaffirmed the CBN’s commitment to macroeconomic stability, credible monetary policy, and a transparent, data-driven regulatory framework aimed at strengthening the resilience of the banking system and improving financial intermediation.

Discussions focused on developments in the financial services sector, BII’s investment outlook, and opportunities to deploy patient capital in support of banking sector stability, financial inclusion, and sustainable private-sector growth.

The Governor noted that DFIs providing long-term capital and strong governance remain key partners in Nigeria’s reform agenda.

Ms. Layfield reaffirmed BII’s continued interest in Nigeria’s financial services sector, emphasising the importance of regulatory clarity and sustained engagement to support investment and inclusive growth.

The meeting was attended by members of BII’s Board and Executive Management, including Mr. Leslie Maarsdorp, Chief Executive Officer; Mr. Andrew Alli, Non-Executive Director; Mr. Simon Rowlands, Non-Executive Director; Mr. Chris Chijiutomi, Managing Director and Head of Africa; and Mr. Benson Adenuga, West Africa Regional Director and Head of the Nigeria Office, alongside senior officials of the British High Commission.

British International Investment is the UK’s development finance institution, wholly owned by the UK Government through the Foreign, Commonwealth and Development Office (FCDO), with total assets of £9.9 billion supporting over 1,600 businesses across emerging markets.

 

NNPC Unveils Gas Master Plan 2.0, Milestone Represents Nigeria’s Dev’t Aspirations, Says Ekpo

0

L-R: Executive Vice President, Gas, Power & New Energy, Mr. Olalekan Ogunleye; Chairman of the Oil Producers Trade Section (OPTS) and MD of TotalEnergies Upstream Companies in Nigeria, Matthieu Bouyer; Permanent Secretary, Ministry of Petroleum Resources, Mrs. Patience Oyekunle; Board Chairman, NNPC Ltd, Engr. Ahmadu Musa-Kida; Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo; GCEO NNPC Ltd, Engr. Bashir Bayo Ojulari and Chairman of the Independent Petroleum Producers Group (IPPG) and CEO of Aradel Holdings, Mr. Adegbite Falade during the Official Launch of the NNPC Gas Master Plan 2026 in Abuja on Friday.

As part of ongoing efforts to reposition Nigeria’s gas sector as the engine room of national industrialisation, energy security, and sustainable economic growth, the Nigerian National Petroleum Company Limited (NNPC Ltd) has officially unveiled its Gas Master Plan (GMP) 2026, tagged NGMP 2026.

The unveiling, held at the NNPC Towers in Abuja on Friday, January 30, 2026 marks a strategic inflection point in Nigeria’s energy transition journey, underscoring government’s resolve to translate the nation’s vast gas endowment into tangible economic value, infrastructure expansion, and global competitiveness, in alignment with its long-term development aspirations.

Speaking at the event, the Honourable Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, described the Gas Master Plan as a deliberate pivot from policy articulation to disciplined execution, anchored on commercial viability and integrated sector-wide coordination.

“Today’s launch is not merely the unveiling of a document; it represents a deliberate shift towards a more integrated, commercially driven, and execution-focused gas sector, aligned with Nigeria’s development aspirations. Nigeria is fundamentally a gas Nation. With one of the largest proven gas reserves in Africa, our challenge has never been potential, but translation: translating resources into reliable supply, infrastructure into value, and policy into measurable outcomes for our economy and our people. The Gas Master Plan speaks directly to this challenge.”

Hon. Ekpo further noted that the Plan’s strong focus on supply reliability, infrastructure expansion, domestic and export market flexibility, and strategic partnerships aligns seamlessly with the Federal Government’s Decade of Gas Initiative, positioning natural gas as the backbone of Nigeria’s energy security, industrialisation, and just energy transition.

In his address, the Group Chief Executive Officer, NNPC Ltd, Engr. Bashir Bayo Ojulari, described the NNPC Gas Master Plan 2026 as a bold, effective execution-anchored roadmap designed to unlock Nigeria’s immense gas potential and elevate the country into a globally competitive gas hub.

Ojulari noted that with about 210 trillion cubic feet (Tcf) of proven gas reserves and an upside potential of up to 600 Tcf, Nigeria possesses one of the most consequential hydrocarbon basins in the world; one reinforced by the Petroleum Industry Act (PIA) and the Federal Government’s gas-centric energy transition agenda.

“The Plan is structured not just to deliver – but to exceed- the Presidential mandate of increasing national gas production to 10 billion cubic feet per day by 2027 and 12 billion cubic feet per day by 2030, while catalysing over 60 billion dollars in new investments across the oil and gas value chain by 2030.”

He explained that the Plan prioritises cost optimisation, operational excellence, and systematic advancement of resources from 3P to bankable 2P reserves, while strengthening gas supply to power generation, CNG, LPG, Mini-LNG, and critical industrial off-takers.

Reaffirming his personal commitment as Chief Sponsor of the initiative, the NNPC Ltd GCEO stressed that the Company has adopted a more collaborative, investor-centric approach in shaping the NGMP 2026, with strong alignment to industry stakeholders, partners, and investors.

In a goodwill message at the occasion, the Chairman of the Independent Petroleum Producers’ Group (IPPG) and CEO of Aradel Holdings, Mr. Adegbite Falade, said: “This is giving a shot in the arm to the economy which will bridge the gap between intent and reality. Gas thrives on value chain, from upstream to offtakers. As IPPG members, we reiterate our commitment and support to this initiative.”

Also lending his voice to the initiative, the Chairman of the Oil Producers Trade Section (OPTS) and MD of TotalEnergies Upstream Companies in Nigeria, Matthieu Bouyer, thanked the NNPC Ltd for the ambition behind the NNPC GMP, stressing that his organisation supports the core operating principles of the Plan.

The Gas Master Plan 2026 is expected to serve as the definitive framework for coordinated gas sector development, execution discipline, and value creation over the next decade.

The Gas Master Plan 2026 is an offshoot of the Nigerian Gas Master Plan (NGMP) 2008, which is a strategic framework aimed at maximizing the economic benefits from the country’s abundant gas resources.

Another significant dimension to the NGMP 2026 is the utmost attention to full alignment with the Nigerian Decade of Gas Programme.

 

 

 

NLNG Rebrands The Nigeria Prizes with New Visual Identities

0

L–R: Dr. Sophia Horsfall, GM, External Relations & Sustainable Development, NLNG; Prof. Barth Nnaji, Advisory Board Chairman, The Nigerian Prize for Science & Innovation; Prof. Akachi Adimora-Ezeigbo, Advisory Board Chairman, The Nigeria Prize for Literature, other Prizes’ Advisory Board members and NLNG management staff at The Nigeria Prizes refreshed logos unveiling held in Lagos on Thursday.

NLNG has unveiled the new visual brand elements for The Nigeria Prize for Literature, The Nigeria Prize for Science, and the newly introduced The Nigeria Prize for Creative Arts at a press conference in Lagos, marking a new phase in the evolution of these Nigeria’s foremost platforms for intellectual and creative excellence.

Speaking at the unveiling, General Manager, External Relations and Sustainable Development at NLNG, Sophia Horsfall, described the new visual identities as a strategic repositioning of the prizes to ensure sustained relevance and global resonance. She noted that the refreshed logos reinforce NLNG’s commitment to the promotion of intellectual and creative capital as critical drivers of sustainable development.

“For over two decades, The Nigeria Prizes have stood as independent symbols of excellence and national aspiration. This redesign is deliberate and forward-looking. It protects the legacy of the prizes while positioning them to be more visible, more iconic, and aligned with global standards of distinction into the future,” Horsfall said.

She added that novel ideas remain central to national progress, “Ideas shape societies, and societies that invest in ideas secure their future. These new identities reaffirm our belief that literature, science, and innovation are not optional; they are foundational to Nigeria’s development.”

The logo for The Nigeria Prize for Literature draws inspiration from the turning pages of a book. Rendered in layered green forms, it symbolises imagination in motion, stories unfolding, voices rising, and ideas taking flight. The fluid curves reflect storytelling in all its forms, including fiction, poetry, drama, and prose, while the green palette represents renewal, learning, and the fertile landscape of Nigerian literature. The gradient suggests growth, tracing the journey of ideas from seed to story, with a sense of calm dynamism that speaks to reflection, dialogue, and the enduring vitality of the written word.

Commenting on the symbolism, Chairperson of the Advisory Board for The Nigeria Prize for Literature, Prof. Akachi Adimora-Ezeigbo said the logo captures the enduring power of Nigerian storytelling.

“The turning pages remind us that our stories are continuous, rooted in history yet constantly renewed. Nigerian literature has never been static, and this identity affirms its role as a dynamic force shaping thoughts, conscience, and cultural memory,” she said.

She added that the design sends a strong message to writers and thinkers that their voices matter and that imagination remains central to our collective destiny.

The Nigeria Prize for Science and Innovation logo is formed from intersecting blue orbits, evoking atomic energy, electron pathways, and celestial motion. Its circular composition conveys continuity and the boundless nature of scientific inquiry, while the blue-lime palette reflects curiosity, intelligence, and the pursuit of truth. The identity celebrates Nigeria’s commitment to evidence-based inquiry and innovation, honouring those who push beyond the known to build a future powered by knowledge and imagination.

The Chairman of the Advisory Board for The Nigerian Prize for Science and Innovation, Prof. Barth Nnaji, described the Science and Innovation logo as a reflection of the discipline, rigour, and ambition required for national transformation.

“Science is about movement, questioning, testing, and pushing boundaries. The energy captured in this identity reflects the spirit Nigeria must embrace to industrialise, compete, and solve complex challenges.  The Prize remains a vital platform for recognising continuous and purposeful innovation,” he said.

Completing the trio, the Nigerian Prize for Creative Arts logo is anchored by a lime-green spiral that represents innovation, continuity, and creative momentum. Its fluid form reflects the breadth of artistic disciplines encompassed by the Prize and the dynamic nature of the creative process. The spiral’s motion conveys rhythm, progress, and interconnectedness, while the lime-green palette signals freshness, optimism, and originality.

The redesign follows NLNG’s recent corporate brand refresh and the alignment of its visual assets with a modern design approach. Collectively, the redesigned logos articulate a unified vision that celebrates intellectual rigour, creative excellence, and the transformative power of ideas, positioning The Nigeria Prizes for the future, while reinforcing their role as beacons of thought leadership, cultural relevance, and national pride.

Since the inception of The Nigeria Prize for Literature and The Nigeria Prize for Science in 2004, they have maintained a consistent visual identity that helped establish strong brand equity. Building on this strong legacy, the refreshed identities reflect a deliberate evolution that strengthens the Prizes’ role as leading drivers of intellectual, creative, and national impact.

 

Linkage Assurance Reports 24% Rise in Insurance Revenue to N27.6bn in FY 2025

0

Underwriting giant, Linkage Assurance Plc, delivered a robust operating performance in the 2025 financial year, driven by strong premium growth across its insurance portfolios.

The company’s unaudited financial statements for the period ended December 31, 2025, made available to shareholders and investors on the NGX, show a 24 percent increase in insurance revenue to N27.6 billion, compared with N22.2 billion recorded in the same period in 2024.

The insurance service result also grew to N1.7 billion as at December 2025, from N766.9 million reported in the prior year.

According to the company, performance was driven by increased insurance revenue of N5 billion and improved reinsurance optimisation.

Indicating significant expansion in revenue and service results, the performance highlights sustained momentum in core operations and enhanced service delivery.

Profit before tax (PBT) at the end of the review period stood at N4.32 billion, while profit after tax (PAT) was N4.02 billion for the 2025 financial year.

Looking ahead, Linkage Assurance Plc said it will continue to execute its strategy in line with its strategic focus and theme for the year.

“Our theme for 2025 was Consolidation, and that informed our strategic intent across four pillars: business growth, operational excellence, financial excellence, and customer and people development,” the company said.

“Consequently, during the year, the identified strategic focus served as a compass in our quest to navigate the highly competitive insurance market, increase our market share in the most profitable sectors, and deliver excellent customer experience to all our clients,” the company further stated.

“As part of our agile strategy, we leveraged on technology to improve our products and services, especially for our direct and personal clients. This formed part of our broader digital transformation initiatives.”

“In addition, having recognised the impact of certain product lines, such as motor insurance, on our portfolio, we are positioned to offer clients different motor insurance options based on their risk exposure, willingness, and ability to pay.”

“We will also continue to leverage the positive impact of our ongoing brand rejuvenation and awareness campaigns targeted at the insuring public. This will be reinforced by our customer value propositions.”

 

 

PenCom Raises NSITF Pensions, Pays N9bn Arrears to 2116 Retirees

0

The National Pension Commission (PenCom) has approved an upward review of pensions for 2,116 retirees under the Nigeria Social Insurance Trust Fund (NSITF), increasing their total monthly pension payments from ₦12.56 million to ₦159.95 million. The upward review translated to an unprecedented 1,173% enhancement in the total monthly payout.

The NSITF pension increase is yet another milestone in President Bola Ahmed Tinubu’s policy of enhancing the welfare of retirees in Nigeria. The payments were recently approved by the Director General of PenCom, Ms. Omolola Oloworaran, who continues to champion landmark reforms that have transformed the landscape of the Contributory Pension Scheme.

This marks the first pension increase for NSITF retirees in 21 years, addressing long-standing disparities and restoring the value of benefits in line with statutory provisions and prevailing economic conditions.

Additionally, as part of the enhancement, the 2,116 NSITF retirees have received ₦8.70 billion in pension arrears. The average arrears payment amounted to about ₦3 million per retiree.

In a particular instance, an NSITF retiree’s monthly pension was enhanced from about ₦18,000 to a whopping ₦206,000. In addition, the retiree was paid over ₦8 million as pension arrears.

The enhancement was supported by the significant growth of the NSITF Fund, which grew from ₦54 billion at the point of transfer in 2005 to ₦195 billion as of December 2025.

This growth reflects prudent fund management under the strict supervision of PenCom and provided the financial headroom necessary to implement the long-overdue review while safeguarding the Scheme’s sustainability.

The NSITF was established in 1993 as the successor to the National Provident Fund (NPF), managing pension benefits for private sector employees prior to the introduction of the Contributory Pension Scheme (CPS) under the Pension Reform Act (PRA) 2004.

Following the reform, pension assets under the defunct NSITF Scheme were transferred to Trustfund Pensions Limited, which was mandated to manage the Scheme’s assets and administer benefits to existing and deferred pensioners.

Section 39(3) of the PRA 2014, together with Section 173(3) of the Constitution of the Federal Republic of Nigeria, mandates periodic pension reviews at least every five years or in line with Federal Civil Service salary reviews. Furthermore, the NSITF Benefits Payment Policy provides that the minimum retirement pension should not be less than 80% of the prevailing National Minimum Wage.

Despite these provisions, the last review of NSITF pensions occurred in 2005.

In response to this prolonged non-compliance, PenCom invoked Section 53 of the PRA 2014, which requires that benefits under the NSITF Scheme be administered in accordance with the Scheme’s governing terms. PenCom consequently directed Trustfund Pensions Limited to submit a comprehensive proposal for pension enhancement.

So far, payments have been made to verified NSITF retirees. To ease the burden associated with pension verification exercises, PenCom approved the deployment of the “VerifyMe” digital solution for automated revalidation of NSITF pensioners. This initiative eliminated the rigours of physical verification requirements and thereby improving service efficiency for the senior citizens.

ITU Sets Path to Drive Digital Benefits for Citizens Worldwide

0

Member States of the International Telecommunication Union (ITU) agreed on a roadmap to bring connectivity to everyone around the world at the recent World Telecommunication Development Conference (WTDC-25).

The Baku Action Plan agreed at WTDC-25 sets the agenda for human-centred digital development driven by telecommunications and information and communication technologies with focus on the needs of developing countries, underserved communities and vulnerable populations.

With an estimated 2.2 billion people worldwide still offline, the four-year plan spanning 2026 to 2029 supports efforts to advance universal, meaningful and affordable digital connectivity for an inclusive and sustainable digital future.

“WTDC-25 has brought us closer to our goal of making connectivity universal, meaningful and affordable for everyone, everywhere in this decade,” said ITU Secretary-General Doreen Bogdan-Martin. “The Baku Declaration and Action Plan is our roadmap towards human-centred digital development that leaves no one behind.”

Organised by ITU and hosted in Baku by the Government of Azerbaijan, the two-week conference brought together about 2,000 participants representing 153 Member States and the State of Palestine under Resolution 99. Broad global representation at WTDC helped ensure a wide consensus on the priorities and approaches to extend the benefits of digital technology to all.

“As conveyed to the WTDC-25 Opening Ceremony on behalf of the President of the Republic of Azerbaijan Ilham Aliyev, Baku became the place where Member States and partners agreed on practical outcomes to guide ITU’s development work for the next four years,” said Rashad Nabiyev, Azerbaijan’s Minister of Digital Development and Transport.

“Working alongside our partners, Azerbaijan has contributed to shaping these outcomes. The adoption of the Baku Declaration, which includes a reference to the COP29 Declaration on Green Digital Action, reflects our shared commitment to an inclusive and sustainable digital future.”

Key Outcomes for the Digital Future

The Baku Action Plan, the principal outcome document of WTDC-25, includes new and revised resolutions to guide ITU’s digital development work, recommendations for ITU’s Telecommunication Development Sector (ITU-D), and new initiatives addressing key digital development priorities in ITU-D regions. The plan also sets out new and revised questions on issues to be addressed by expert ITU-D study groups.

“The outcomes of WTDC-25, contained in the Baku Action Plan, reflect the needs, priorities and the aspirations of our membership in a forward-looking and results-oriented agenda for digital development and impact,” said Cosmas Luckyson Zavazava, Director of ITU’s Bureau of Telecommunication Development.

“The Plan outlines the roadmap of action to bridge the remaining digital divides, while addressing the unique needs of Least Developed Countries, Landlocked Developing Countries and Small Island Developing States. We look forward to delivering tangible results and accelerating digital transformation by working with governments and regulators to create an enabling policy and regulatory framework that paves the way for industry and private sector to invest and contribute to our efforts to close infrastructural gaps so we may achieve meaningful connectivity and bring everyone online.”

Rallying the Global Development Community

During the conference, ITU issued the Global Connectivity Report 2025, offering recommendations to accelerate progress toward universal and meaningful connectivity.

Based on ITU’s newly released Facts and Figures 2025 data, the Global Connectivity Report provides policy guidance, measurement frameworks and detailed analysis across the key dimensions of universal and meaningful connectivity: quality, availability, affordability, devices, skills and security.

The following agreements were signed at WTDC-25:

  • A two-year project to enhance the sustainability of national Smart Villages and Smart Islands programmes in the Asia-Pacific region: This project with Australia’s Department of Infrastructure, Transport, Regional Development, Communications, Sport and the Arts (DITRDCSA) will serve as a model to enhance digital skills and access to digital services in rural and remote communities, directly benefitting seven countries and 3,000 people.
  • A project to promote capacity building and digital skills in the Commonwealth of Independent States (CIS) region: This project with Intersputnik will benefit 300 professionals in the field of satellite communications and broadcasting technologies.
  • A new partnership to strengthen gender-inclusive digital trade: This project with the Telecommunications and Postal Regulatory Authority of Senegal will empower young women entrepreneurs in textile and food processing with digital and soft skills to grow their businesses.
  • With digital divides mirroring economic development challenges, WTDC-25 featured a High-Level Dialogue for Least Developed Countries, Landlocked Developing Countries, and Small Island Developing States, where countries in those groups shared their plans to expand broadband coverage, advance people-centred sustainable development and ensure a secure future for all.

 

 

 

IMPI: Nigeria’s Economic Model under Tinubu to Deliver 5.5% GDP in 2026

0

One of Nigeria’s notable policy groups, the Independent Media and Policy Initiative (IMPI) has said that the new economic model deployed by the President Bola Tinubu administration is bound to drive the country’s GDP higher in 2026 and beyond.

In a policy statement signed by its Chairman, Dr. Omoniyi Akinsiju, IMPI projected that the economy would hit 5.5% in 2026, higher than the forecast of the World Bank and the International Monetary Fund (IMF).

It said: “We made it clear in that statement that the Nigerian economy under the current administration had engendered a paradigm shift from perennial dependency on crude oil earnings to policy-driven economic facilitation.

“This refers to the deliberate use of governmental policies, regulations, and institutional frameworks to reduce obstacles, lower costs, and speed up economic activities, particularly in trade and investment.

“The facilitation, in this context, aims to foster sustainable, inclusive growth by improving efficiency and reducing red tape.

“Seven months after that questionable projection by the International Monetary Fund (IMF), we have seen a volte-face.  In an epiphany-like realisation, the IMF now speaks of a resurgent Nigerian economy as reflected in the global multilateral institution’s revised Nigerian economic outlook to a projected 4.4 per cent economic growth for 2026.

“This is the highest GDP growth projection by IMF over the last 17 years, a real expression of confidence in the Nigerian economy.”

The think tank also referenced the general consensus on Nigeria’s growth prospects which it attributed to the economic model adopted by the President Bola Tinubu administration.

“Beyond the IMF’s new GDP projection, we have observed a consensus around a higher than 4 percent economic growth performance expectation of the Nigerian economy by virtually all known individual and public economic commentators.

“While the Nigerian Government projected 4.68 percent growth in 2026, the Lagos Chamber of Commerce and Industry (LCCI) projected a massive 7 percent, 1.5 percent higher than the Nigeria Economic Summit Group’s 5.5 percent for the year.

“PwC sustained the conservative threshold by projecting a 4.3 percent growth conditioned on higher oil price while the World Bank also revised its earlier 3.7 percent projection to 4.4 percent.

“The agglomeration of these positive economic growth outlooks by domestic and global institutional players points to an emerging economic paradigm that emphasises increased production and productivity momentum, foreign exchange stability, dis-inflation, galvanised foreign direct investment and inflow, and unobtrusive regulatory environment, anchored in policy-driven economic facilitation,” it added.

Standard Bank Closes $250m Strategic Financing for Aradel Energy

0

Stanbic IBTC Capital Limited, Stanbic IBTC Bank Limited and The Standard Bank of South Africa Limited have successfully achieved financial close on a landmark $250 million financing facility for Aradel Energy Limited.

The facility was structured to support Aradel Energy’s strategic growth agenda, including the acquisition of an additional 40% equity interest in ND Western Limited from Petrolin Trading Limited, the refinancing of existing loan facilities, and the funding of increased production from the Company’s existing asset base.

Aradel Energy is a wholly owned subsidiary of Aradel Holdings Plc and the operator of the Ogbele and Omerelu onshore marginal fields, as well as OPL 227 in shallow water terrain. Prior to the transaction, Aradel Energy held a 41.67% equity interest in ND Western. Following the completion of the acquisition, its shareholding in ND Western has increased to 81.67%.

ND Western holds a 45% participating interest in OML 34 and a 50% equity interest in Renaissance Africa Energy Company Limited.

Renaissance is the operator of the Renaissance Joint Venture and a 30% owner of one of Nigeria’s largest and most strategic energy portfolios. As a result of the transaction, Aradel Energy’s indirect equity interest in Renaissance has increased to 53.3%, significantly strengthening the company’s upstream position and long-term value creation potential.

Standard Bank acted as Global Coordinator and Bookrunner, leading the structuring, execution, and funding of the facility. The transaction affirms the Bank’s deep sectoral expertise and reinforces its position as a leading financier in Africa’s energy industry.

Eric Fajemisin, Executive Director, Corporate and Transaction Banking, Stanbic IBTC Bank stated: “As Aradel Energy consolidates its position as one of Nigeria’s leading oil and gas companies, Stanbic IBTC Bank is proud to serve as a trusted long-term partner supporting the Company’s growth ambitions.”.

“The transaction illustrates Standard Bank’s ability to deliver large-scale, tailored funding solutions and further demonstrates our support to the fast-growing indigenous companies of Nigeria’s oil and gas sector,” added Cody Aduloju, Regional Head, Energy & Infrastructure Finance, West Africa at Standard Bank.

Commenting on the transaction, Adegbite Falade, Chief Executive Officer of Aradel Holdings Plc, stated: “The acquisition bolsters Aradel Energy’s competitive positioning across Nigeria’s oil and gas value chain and supports our commitment to strategic growth, asset optimisation, and enduring value creation. We are pleased to have partnered with Standard Bank, who supported us and delivered a fully funded solution under very tight timelines.”

This transaction reinforces Standard Bank Group’s commitment to providing strategic capital to clients as they execute on their transformative growth objectives.

By delivering tailored financing solutions that enable sustainable value creation, the Bank remains a trusted partner to leading corporations across Africa’s evolving energy landscape.

 

First Asset Management Receives Upgraded Ratings from Agusto & Co, DataPro

0

First Asset Management, a subsidiary of FirstHoldCo Plc has recorded a significant milestone as its rating was upgraded to ‘AA’ from ‘AA-’ by DataPro, reflecting the firm’s strong fundamentals and sustained resilience in Nigeria’s Asset management landscape.

The rating upgrade, issued in DataPro’s latest rating report, underscores First Asset Management’s diversified income base, high-quality investment portfolio, and experienced team, all of which continue to support the firm’s long-term stability, sound governance framework, and consistent performance.

The improved rating highlights the organisation’s ability to maintain strong operational fundamentals while effectively navigating market cycles. It further reflects First Asset Management’s disciplined investment philosophy, prudent risk management practices, and commitment to delivering value-driven solutions to its clients.

Speaking on the upgrade, Ike Onyia, Managing Director/CEO of First Asset Management, stated, “We are pleased with DataPro’s decision to upgrade our rating to ‘AA’. This recognition affirms the depth of our investment expertise, and the consistency of our governance and risk management processes. We remain focused on sustaining strong performance while delivering reliable investment outcomes for our clients.”

In a related development, Agusto & Co. has upgraded the rating of the First Asset Money Market Fund to ‘Aa-(f)’ from ‘A+(f)’, further reinforcing the strength of First Asset Management’s product offering.

According to Agusto & Co., the upgraded rating reflects the fund’s consistent low exposure to interest rates and liquidity risks, as well as the fund manager’s commendable professionalism and prudent investment approach. The rating affirms First Asset Money Market Fund’s position as a formidable investment vehicle for capital preservation and steady income generation.

First Asset Management continues to maintain a strong position within Nigeria’s asset management industry, supported by its disciplined investment framework, experienced investment professionals, and a growing suite of products designed to meet the evolving needs of retail and institutional investors.

DataPro and Agusto & Co. are both recognized leaders in ratings and investment research in Nigeria, with extensive experience providing independent assessments across multiple sectors. Their ratings are widely accepted as benchmarks for evaluating financial strength, risk management, and business sustainability.

About First Asset Management

First Asset Management is a leading Nigerian investment manager within the FirstHoldCo Group. The firm has evolved into a full‑service investment platform, offering integrated wealth and portfolio solutions across the Group.

First Asset Management manages diversified strategies spanning fixed income, equities, alternatives, passive and quantitative products, in multiple currencies for a variety of individual, intermediary and institutional clients.

Our approach prioritizes understanding client goals and risk profiles, supported by deep research, strong expertise and modern technology to deliver disciplined investment management and value‑driven insights.

 With over 15 years experience, First Asset Management has built a solid record of long‑term value creation and reliable partnership through evolving market conditions.

SERAP Sues Adelabu, NBET over ‘Failure to Account for Missing N128bn in Power Ministry’

0

Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Minister of Power, Mr. Adebayo Adelabu and Nigerian Bulk Electricity Trading Plc (NBET), Abuja “over the failure to account for the missing or diverted N128 billion of public funds from the Ministry of Power and NBET.”

The grave allegations are documented in the latest annual report published by the Auditor-General on 9 September 2025. Corruption contributes significantly to the frequent grid collapses, as Nigerians last week witnessed the first grid collapse of 2026, plunging the country into darkness.

In the suit number FHC/ABJ/CS/143/2026 filed last Friday at the Federal High Court in Abuja, SERAP is seeking: “an order of mandamus to direct and compel Mr. Adelabu and NBET to account for the missing or diverted ₦128 billion from the ministry of power and NBET.”

SERAP is also seeking: “an order of mandamus to direct and compel Mr Adelabu and NBET to disclose details of how the missing or diverted ₦128 billion was spent including the dates of disbursement and the purported beneficiaries or contractors, who received the money as well as their registered business names and addresses.”

SERAP is seeking: “an order of mandamus to direct and compel Mr Adelabu and NBET to disclose the full names, official designations, and offices of all public officers who authorized, approved, or otherwise participated in the release of the missing or diverted ₦128 billion in the ministry of power and NBET.”

In the suit, SERAP is arguing that: “Nigerians continue to pay the price for the widespread and grand corruption in the power sector. There is a legitimate public interest in ensuring justice and accountability for these grave allegations.”

SERAP is also arguing that, “Granting the reliefs sought would contribute to tackling corruption in the power sector and addressing the persistent breakdown of transmission lines in the country, as well as improving access of Nigerians to regular and uninterrupted electricity supply.”

SERAP is arguing that, “granting the reliefs sought would also strike a blow against the impunity of those responsible for the missing or diverted public money meant to provide Nigerians with access to regular and uninterrupted electricity supply.”

According to SERAP, “Ordinary Nigerians continue to pay the price for corruption in the electricity sector–staying in darkness, but still made to pay crazy electricity bills.”

The lawsuit filed on behalf of SERAP by its lawyers, Kolawole Oluwadare, Kehinde Oyewumi, and Andrew Nwankwo, read in part: “These grim allegations by the Auditor-General suggest a grave violation of the public trust, the Nigerian Constitution 1999 [as amended] and international anticorruption standards.”

“According to the recently published 2022 audited report by the Auditor-General of the Federation, the Federal Ministry of Power failed to account for over N4.4 billion [N4,404,647,938.53] ‘transferred to Mambilla, Zungeru and Kashimbilla project accounts by the Ministry.’”

“There was ‘no evidence of how the funds were expended.’ The Auditor-General fears ‘the money may have been diverted.’ He wants the money recovered and remitted to the treasury.”

“The Ministry also paid over N95 billion [N95,415,183,701.83] to ‘some contractors for various projects.’ But ‘there was no document on the payments, and no evidence that the projects existed and were executed.’ The Auditor-General fears ‘the money may have been diverted.’ He wants the money recovered.”

“The Ministry paid over N33 million [N33,557,959.00] ‘for foreign travels’, but ‘without any approvals.’ The money ‘was paid as estacode, flight tickets, visa fees and other allowances to enable the minister and his aides to attend the World Utilities Congress at Abu Dhabi and Huawei innovation land exhibition in Dubai.”

“The travels ‘were never approved by the Secretary to the Government of the Federation or the Head of Civil Service.’  The Auditor-General fears ‘the money may have been diverted.’ He wants the money recovered and remitted to the treasury.”

“The Ministry failed to account for over N230 million [N230,795,255.27] being ‘expenditure on the GIGMIS platform.’ The Auditor-General fears ‘the money may have been diverted.’ He wants the money recovered and remitted to the treasury.”

 

“The Ministry also paid over N282 million [N282,672,576.53] as ‘non-personal advances to various staff of the ministry for the procurement of goods and services.’ But the ‘payments were beyond the statutory threshold of N200,000.00.’ The Auditor-General fears ‘the money may have been diverted.’ He wants the money recovered.”

“The Nigerian Bulk Electricity Trading Plc., (NBET) Abuja also ‘irregularly awarded contracts for over N427 million [N427,491,866.16]. There was ‘no evidence of advert placements in the procurement journal’.”

“The Auditor-General fears ‘the contracts may have been awarded to incompetent contractors’, resulting in ‘loss of government funds.’”

“NBET ‘irregularly transferred over N7 billion [N7,620,840,000.00] into purported sub-accounts of unnamed beneficiaries.’ There was also ‘no authority for such payment, contrary to the Financial Regulations.’”

“NBET claimed it paid over N9.3 billion [N9,336,986,697.17] to Egbin Power PLC ‘as outstanding payment on GenCos for Power Sector Reform Programme.’ But there ‘was no document to authenticate the genuineness of the transactions.’  The Auditor-General fears ‘the money may have been diverted.’ He wants the money recovered.”

“NBET paid over N8 billion [N8,027,355,487.20] ‘to some beneficiaries’ but ‘without entering the transaction into the payment vouchers register and the vote book.’ The Auditor-General fears ‘the money may have been diverted and misapplied.’ He wants the money recovered and remitted to the treasury.”

“NBET also reportedly ‘awarded contracts of over N420 million [N420,665,525.65] to eleven ineligible consultants.’ The payments ‘were for various consultancy services such as technical support on power plant capacity testing of 5 power plants.’ But there was ‘no evidence that the services paid for were rendered.’”

“The ‘engagement of the consultants also failed to meet due process as required by the Procurement Act.’ The Auditor-General fears ‘the money may have been diverted.’ He wants the money recovered and remitted to the treasury.”

“NBET also failed to account for ‘payments of over N45 million [N45,851,647.92] as contingency, logistics and security charges for six contracts.’ The payments were ‘made without any application from the contractors and without any approval.’”

“There was ‘no breakdown of the expenditure’. The Auditor-General fears ‘the money may have been diverted’ or the payments ‘may be for work not done.’ He wants the money recovered and remitted to the treasury.”

“NBET spent over N61 million [N61,775,659.75] from the capital vote on consultancy services but without any provision made for it in the approved capital budget of the company.’ The ‘payments were also made without any approval for virement.’ The Auditor-General fears ‘the money may have been diverted’ or ‘may have been misapplied.’ He wants the money refunded to the treasury.”

“NBET also ‘irregularly awarded contract of over N39 million [N39,661,081.83] for the supply and installation of a video conferencing solution to the NBET office.’ But ‘there was no evidence of any work done.’”

“The same contract ‘was re-awarded to another contractor without any open competitive bidding, such as advertisement, quotations, and financial bid evaluation.’ There was also ‘no evidence that any job was completed.’’”

“NBET ‘paid over N49 million [N49,995,000.00] for the supply of three units of Toyota Corolla, 2019 model’, but the contract was awarded without any approval.’ There was ‘no Bureau of Public Procurement approval, minutes of tenders board approvals and technical and financial evaluation reports.’”

“NBET also ‘paid over N8 million [N8,744,186.05] as legal fees to a legal practitioner.’ But the payment was ‘without the approval of the Minister of Justice and Attorney General of the Federation.’”

“NBET also ‘irregularly paid over N8.9 million [N8,928,000.00] for the professional development program of five officers working in the organization.’ The payment ‘was made as reimbursement of the balance of the course fee.’ The Auditor-General fears ‘the money may have been diverted.’ He wants the money recovered.”

“NBET also spent over N1 billion [N1,100,279,895.20] ‘as extra-budgetary spending’, but without any approval from the Minister of Finance and the National Assembly.’  The Auditor-General fears ‘the money may have been misappropriated and misapplied.’ He wants the money refunded and remitted to the treasury.”

 

“NBET also ‘paid over N110 million [N110,556,502.00] to companies and retail supermarkets for staff to pick items and promotion packages for Easter and Salah between 2021 and 2022.’ The payments ‘were made without any document.’’”

“Section 13 of the Nigerian Constitution imposes responsibility on the ministry of power and NBET to conform to, observe and apply the provisions of Chapter 2 of the constitution. Section 15(5) imposes the responsibility on the ministry and NBET to abolish all corrupt practices and abuse of power.”

“Article 26 of the UN Convention against Corruption which Nigeria has ratified requires the ministry of power and NBET to ensure ‘effective, proportionate and dissuasive sanctions’ in cases of grand corruption.”

“Article 26 complements the more general requirement of article 30, paragraph 1, that sanctions must take into account the gravity of the corruption allegations.”

No date has been fixed for the hearing of the suit.

NGX Group, Lagos State, HEI Expand Project BLOOM to Alimosho, Building on Measurable Social Impact

0

Nigerian Exchange Group Plc (NGX Group), in partnership with the Lagos State Government and the Health Emergency Initiative (HEI), has extended Project BLOOM (Bringing Life to Our Overlooked Minors) to Alimosho Local Government Area, continuing efforts to address child malnutrition in underserved communities across Lagos State.

The third outreach under the initiative, held in Alimosho within Lagos State Health District I, reached over 120 malnourished children, providing nutritional support, medical screening, and caregiver education.

This follows earlier interventions in Yaba and Ajegunle, which have collectively supported over 320 children and 300 caregivers, with monitoring data showing that more than 50% of beneficiaries in the first two phases entered recovery.

NGX Group staff volunteers worked alongside Lagos State health workers and HEI facilitators during the outreach, assisting with screenings and data recording. Structured follow-up visits are scheduled after four weeks to monitor recovery and provide extended care where necessary.

Temi Popoola, Group Managing Director and CEO of NGX Group, linked the initiative to broader economic resilience.

“Sustainable capital markets are built on strong social foundations,” he stated. “The recovery rates we see with Project BLOOM prove that targeted, collaborative action between the public sector, civil society, and the private sector can deliver tangible impact.”

Executive Director of HEI, Achunine Pascal, said child malnutrition remains a major contributor to under-five mortality in Nigeria, adding that Project BLOOM is designed to go beyond immediate food support through structured follow-up and continued care.

Also speaking, the Chairman of Alimosho Local Government Area, Honourable Akinpelu Ibrahim Johnson, said the initiative supports the council’s long-term strategy for improving child nutrition through early detection, prevention, and effective management of malnutrition.

Representing the Permanent Secretary, Lagos State Health District I, Dr. Solomon Adeyanju commended NGX Group for its commitment to child health, describing Project BLOOM as a valuable complement to the state’s primary healthcare efforts.

With additional outreaches planned, the partners reaffirmed their commitment to reducing preventable child mortality while strengthening the social foundations required for sustainable economic growth.

NDIC, EFCC Strengthen Collaboration to Enhance Asset Recovery, Prosecution of Bank Failure Offences

0

L-R: MD, Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Oludare Sunday receives a commemorative plaque from the Chairman of Economic & Financial Crimes Commission (EFCC), Mr. Olanipekun Olukoyede during the NDIC Management’s visit to EFCC Headquarters in Abuja.

The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to strengthening collaboration with the Economic and Financial Crimes Commission (EFCC) to enhance the recovery of failed banks’ assets and debts as well as the investigation and prosecution of persons who contribute to the failure of banks.

The Managing Director and Chief Executive of the NDIC, Mr. Thompson Oludare Sunday, made this known during a courtesy visit by the Management of the Corporation to the Executive Chairman of the EFCC, Mr. Olanipekun Olukoyede, at the Commission’s Headquarters in Abuja. The delegation included the Executive Director, Corporate Services, Mrs. Emily Osuji, the Executive Director, Operations, Dr. Kabir Katata, as well as other key Directors of the Corporation.

Sunday explained that effective collaboration with the EFCC is critical to the successful liquidation of failed banks, which involves asset realisation and debt recovery, the proceeds of which are applied to the payment of uninsured deposits. He noted that addressing cases of asset stripping and concealment of assets requires close partnership with the EFCC through enhanced asset tracing, recovery and enforcement actions. He also identified areas of collaboration in the Corporation’s efforts in addressing banking fraud and financial crimes in the banking system and the prosecution of individuals who contribute towards bank failure.

Sunday emphasised that, through the effective implementation of its four core mandates of Deposit Guarantee, Bank Supervision, Distress Resolution and Bank Liquidation, the NDIC contributes significantly to ensuring the stability of the financial system.

He added that the ultimate objective of the Corporation is the protection of depositors’ funds, prompt payment of depositors in the event of bank failure and strengthening public confidence in the financial system. Noting that the NDIC and the EFCC share core values of integrity, professionalism and collaboration, he described the visit as a formal engagement towards strengthening institutional partnership, particularly in areas where EFCC’s investigative and prosecutorial capabilities are crucial to the achievement of NDIC’s mandates.

In his response, the Executive Chairman of the EFCC, Mr. Olanipekun Olukoyede, reaffirmed the Commission’s strong working relationship with the NDIC in addressing financial crimes in the banking sector. He acknowledged the longstanding cooperation between both institutions, especially in investigations and capacity building on the intricacies of banking operations.

Olukoyede informed the delegation about key departments within the Commission, including the Bank Fraud Section, which handles NDIC-related cases.

He urged the Corporation to bring forward any pending cases for prompt review to ensure better traction and effective monitoring of progress.

He also highlighted the role of the EFCC’s Fraud Risk Assessment and Control Department, which focuses on proactive monitoring of compliance, promotion of sound risk management processes, and internal controls within public and private sector institutions. He described this as part of the EFCC’s broader efforts to support and safeguard the Nigerian economy.

The EFCC Chairman pledged the Commission’s continued commitment to deepening collaboration and strengthening synergy with the NDIC in combating financial crimes, enhancing asset recovery, and prosecuting those whose actions undermine the stability and integrity of Nigeria’s banking sector.

 

ONEDOSH Raises $3m Pre-Seed to Build Global Stablecoin Payment Rails

0

Money should move without borders. It doesn’t, yet.

OneDosh has closed a $3m pre-seed to build the stablecoin-powered payment infrastructure the global economy has been waiting for.

Founded in February 2025 by Jackson Ukuevo—Co-Founder & CEO, Godwin Okoye — Co-Founder

Babatunde Osinowo – Co-Founder.

OneDosh wasn’t built from theory. It was built from friction, blocked cards, frozen accounts, slow cross-border transfers, and currency constraints experienced firsthand by the founding team while living and traveling globally. The conclusion was clear: the problem isn’t demand. It’s infrastructure.

Today, OneDosh is live in the United States and Nigeria, two of the most active remittance and stablecoin corridors in the world.

Users can move money from the U.S. to Nigeria, store value in stablecoins, and spend globally using stablecoin-powered cards on Apple Pay and Google Pay, anywhere Visa is accepted.

But this is just the beginning.

Under the hood, OneDosh is building foundational stablecoin rails, infrastructure that connects wallets, cards, and countries into a single, programmable infrastructure. As stablecoins become the default settlement tool for global payments, these rails become inevitable.

The OneDosh team brings experience with executing innovative solutions, with experience at organisations like Zero Hash, Plaid, and Amazon, spanning compliance, payments, and

large-scale product development.

This pre-seed accelerates corridor expansion, deepens liquidity partnerships, and enables senior hires, positioning OneDosh at the intersection of stablecoins, global spending, and real-world payments.

The opportunity is not speculative. The behavior already exists.

The rails are being laid now.

Borderless money isn’t a vision anymore.

It’s happening, and OneDosh is building it.

Unity Bank Unveils Enhanced Unifi Mobile App to Deepen Digital Banking Experience

0

Nigeria’s retail lender, Unity Bank Plc, has launched an upgraded version of its mobile banking platform, Unifi, as part of ongoing efforts to improve customer experience on the Bank’s digital Banking platform and reinforce its proposition in ebusiness.

The latest update, Unifi version 2.3, introduces a suite of improved features designed to enhance usability, security, and convenience for customers.

Key upgrades include enhanced security protocols, expanded quick-action functionalities, improved bill payment options, and an updated Nigeria Quick Response (NQR) feature to support faster and more secure QR code transactions.

A key aspect of the rollout builds on the Bank’s continued investment in digital and security infrastructure, aimed at safeguarding customer data, ensuring secure payments and enabling safe, real-time transactions across channels.

Speaking on the upgrade, Adenike Abimbola, Divisional Head, Retail, SME, Digital Banking & Fintech Partnerships at Unity Bank, said the improvements are built on the back of continuous interrogation of the platform to be more responsive to customer feedbacks which are being received overtime in our interactions and engagements.

“Digital banking has become an integral part of everyday life, particularly for retail customers who expect speed, dependability, convenience, and security as standard. With the latest upgrade to Unifi, we are responding directly to these expectations by enhancing functionality, strengthening security, and simplifying key payment and transaction journeys. Our goal is to ensure that customers can carry out their banking activities seamlessly, confidently, and without friction, anytime and anywhere.”

She added that the Bank remains committed to continuous improvement of its digital channels in line with evolving customer needs and emerging industry trends.

“As mobile banking increasingly defines how people interact with financial services, Unifi is central to our strategy of delivering intuitive, reliable, and inclusive digital solutions. We will continue to invest in technology partnerships and platform enhancements that support financial inclusion, drive adoption, and improve overall customer experience.”

Originally introduced as part of Unity Bank’s strategic push to expand its retail footprint, particularly among young and digitally savvy customers, Unifi has grown into a core engine of the Bank’s retail banking expansion. The platform plays a critical role in driving customer acquisition, deepening engagement, and reinforcing Unity Bank’s broader digital transformation agenda.

The Unifi mobile app is available for download on Android and iOS devices, offering customers access to a wide range of services, including transfers, bill payments, airtime purchases, and QR-enabled transactions.