President Bola Tinubu has nominated six executive directors for the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), forwarding their names to the Senate for confirmation. The nominees comprise three serving directors being considered for another term and three new appointees. If confirmed, they will serve five-year terms. The returning directors are Abiodun Adeniji, Executive Director, Finance and Accounts; Ogbugo Kalu Ukoha, Executive Director, Distribution Systems, Storage and Retailing Infrastructure; and Dr Mustapha Lamorde, Executive Director, Health, Safety, Environment and Community. The three new nominees are Mobolaji Tajudeen Musa, nominated as Executive Director, Hydrocarbon Processing Plants, Installations and Transportation Infrastructure;…
Author: Abdoulaye Kay
President Bola Tinubu has approved a major pension intervention that has enabled the Federal Government to clear inherited pension liabilities dating back to 2007, according to the National Pension Commission (PenCom). PenCom Director-General, Omolola Oloworaran, said the government deployed a ₦758 billion Federal Government Pension Bond to settle outstanding obligations, benefiting 957,045 pension beneficiaries. Oloworaran disclosed this while outlining the administration’s pension reforms, which she said were aimed at improving retirees’ welfare and preventing fresh arrears from accumulating. She said the intervention had cleared liabilities carried over from previous administrations, marking a significant step towards ensuring that retirees receive their…
The naira has strengthened for three consecutive trading sessions, recovering N21 against the US dollar following the sharp depreciation recorded on October 23. The local currency closed at N1,349/$ on Wednesday, October 28, compared with N1,357/$ on Tuesday, according to data published by the Central Bank of Nigeria (CBN). The latest performance represents an N8 gain against the dollar in one trading session and extends the currency’s recovery from its October 23 closing rate of N1,370/$. The naira had traded between N1,365/$ and N1,357/$ on Monday and Tuesday before recording its latest appreciation. Market data showed that the currency traded…
Only 59 per cent of Nigerian banks, fintech companies and other financial institutions surveyed are prepared to meet the Central Bank of Nigeria’s (CBN) January 1, 2027 deadline for local storage of payment transaction data, raising concerns about implementation gaps across the financial sector. A survey by the National Information Technology Development Agency (NITDA) found that 26 of the 44 institutions that responded to questions on readiness had completed, or expected to complete, the necessary steps before the deadline. However, 15 institutions said they were unlikely or very unlikely to finish on time, while three were unable to assess their…
The naira remained relatively stable around N1,350 to the dollar on Wednesday, despite strong returns on US financial assets and continued pressure on foreign portfolio investment flows. Data from the Central Bank of Nigeria (CBN) showed that the local currency closed at N1,349/$ at the Nigerian Foreign Exchange Market (NFEM), maintaining its recent stability amid tight monetary conditions in the United States. The development comes after the US Federal Reserve retained its benchmark interest rate, signalling that borrowing costs could remain elevated for longer. US Treasury yields hovering around 5% continue to make dollar-denominated investments attractive to international investors, potentially…
The National Space Research and Development Agency (NASRDA) says approvals have been granted for additional satellite missions to strengthen Nigeria’s capacity in national security, communications, environmental monitoring and Earth observation. The Director-General of NASRDA, Prof. Matthew Adepoju, disclosed this in Abuja on Friday, saying the planned missions include optical satellites and Synthetic Aperture Radar (SAR) systems capable of capturing images at night and through cloud cover. Adepoju, represented by the agency’s Director of Media and Corporate Communications, Dr Felix Ale, spoke at the Press Week of the News Agency of Nigeria (NAN) Chapel of the Nigeria Union of Journalists (NUJ).…
Dangote Petroleum Refinery and Petrochemicals says its Initial Public Offering (IPO) attracted investor applications from 120 countries across six inhabited continents, including all 54 African countries. The company described the offer as the “People’s IPO,” saying it demonstrated the potential of African capital markets to mobilise investment and broaden ownership of strategic industrial assets. Beyond raising capital, the IPO was designed to expand retail investor participation by using digital technology and partnerships with banks, stockbroking firms, fintech platforms and other capital market institutions. For Dangote Industries Limited, the offer marks a shift towards broader investor participation in the refinery, which…
The naira strengthened by N8 against the US dollar at the Nigerian Foreign Exchange Market (NFEM) on Tuesday, recording its biggest single-day gain since August. The currency closed at N1,357/$, improving from N1,365/$ on Monday as it recovered some of its recent losses, according to data from the Central Bank of Nigeria (CBN). The appreciation followed a volatile trading period in the second half of October, during which the naira weakened from N1,337/$ on October 21 to N1,365/$ on October 22 and N1,370/$ on October 23, before recovering to N1,365/$ on October 26. During Tuesday’s session, the exchange rate fluctuated…
The Central Bank of Nigeria (CBN) is offering N800 billion in Treasury Bills as banks’ deposits with the apex bank approach N7 trillion, amid substantial liquidity inflows into the financial system. The auction, scheduled for Wednesday, October 28, is being conducted on behalf of the Debt Management Office (DMO), with banks’ placements at the CBN’s Standing Deposit Facility (SDF) reaching N6.98 trillion on Tuesday, according to market data reported by Nairametrics. The offer comprises N100 billion in 91-day bills, N100 billion in 182-day bills and N600 billion in 364-day bills. The one-year instrument accounts for 75 per cent of the…
An operative of the Economic and Financial Crimes Commission, EFCC, John Justice, on Tuesday, October 27, 2026, told the Federal Capital Territory, FCT, High Court in Maitama, Abuja, that most of the funds credited to the account of companies under investigation in the alleged ₦110.4 billion fraud case involving former Kogi State Governor Yahaya Bello came from local government accounts in the state on a monthly basis. Justice disclosed this while testifying as Prosecution Witness 20, PW20, in the ongoing trial of former Kogi State Governor, Yahaya Bello, before Justice Maryanne Anineh. Bello is being prosecuted alongside Umar Shuaibu Oricha…