Author: Mary Osisanya-Bello

Low-earning pensioners can now choose to withdraw their total retirement savings as a lump sum or continue receiving their monthly pension until the Minimum Pension Guarantee is approved. This new directive, issued by the National Pension Commission (PENCOM), follows a revision to the regulation governing retirement and terminal benefits. The change, outlined in a memo signed by A.M. Salem, Head of PENCOM’s Surveillance Department, was prompted by the recent increase in the National Minimum Wage to N70,000. Previously, retirees could only access one-third of their total Retirement Savings Accounts (RSAs). The memo, dated November 27, 2024, states that retirees whose…

The seventh edition of VerveLife, Africa’s leading wellness program, has deepened its focus on youth engagement and community building across Nigeria and the continent. Verve, a subsidiary of Interswitch Group, highlighted the initiative’s role in promoting healthier lifestyles, resilience, and social connections. Group CEO Mitchell Elegbe stated, “VerveLife was launched seven years ago to connect with Nigerians through wellness, a passion that resonated widely.” The program hosted activities in cities such as Lagos, Abuja, and Kampala, with a grand finale in Lagos featuring live performances by Afrobeats star 9ice and other entertainers, blending wellness and entertainment. Elegbe emphasized, “VerveLife empowers…

The Federal Inland Revenue Service (FIRS) has expressed its support for a partnership with the Nigerian Institution of Estate Surveyors and Valuers (NIESV) to enhance asset valuation processes. FIRS Chairman, Zacch Adedeji, emphasized that this collaboration would significantly improve tax administration and drive economic growth in Nigeria. He made the statement on Thursday during a visit by NIESV executives, led by President Victor Alonge, to the Revenue House in Abuja. Adedeji highlighted the critical role of asset valuation in the FIRS’s mandate to assess, collect, and account for revenue. He noted that accurate asset valuations, especially in areas such as…

Port-Harcourt Refinery MD Ibrahim Onoja has assured Nigerians of ongoing operations, dismissing claims of halted production at the refinery. The Managing Director of the Port Harcourt Refining Company Limited (PHRC), Ibrahim Onoja on Sunday dismissed an allegation that production at the refinery was halted, after it was inaugurated Tuesday last week. The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, had flagged off the rehabilitated plant at the Area 5 terminal of the refinery, with the national oil company saying that about 200 trucks would be loading out from the plant on a daily…

Holcim has announced the sale of its 83.8% stake in Lafarge Africa to China’s Huaxin Cement for $1 billion, marking its exit from the Nigerian market after 65 years. This move aligns with Holcim’s strategy to streamline operations and focus on high-growth regions and sustainable investments. The transaction, expected to close in 2025 pending regulatory approvals, reflects Holcim’s ongoing portfolio adjustments, including the planned spin-off of its North American business. Lafarge Africa has operated in Nigeria since 1959, with key plants in Ogun, Gombe, and Cross River states, and a production capacity of 10.5 million tons per year. The sale…

The Central Bank of Nigeria (CBN) has officially announced the launch of its redesigned website today. In a statement by the acting Director of Corporate Communications, Sidi Ali, the bank revealed that the new site is now live, offering an enhanced user experience. The CBN developed the website using a modern Web API powered by Microsoft .NET Core 8, ensuring faster navigation and a smoother user interface. The website features a completely in-house developed front-end and back-end design, with a variety of new content reflecting the Bank’s broader mandate. It is also fully optimized for mobile devices, ensuring seamless access…

The Federal Government, through the Securities and Exchange Commission (SEC), has reiterated its commitment to enhancing investor protection by reinforcing regulatory oversight in the rapidly evolving fintech sector. In a statement on Sunday, SEC Director-General, Emomotimi Agama, made the announcement during a one-day capacity-building training for financial journalists in Abuja. Agama assured stakeholders that the Commission would enforce stricter regulations to prevent fund mismanagement and ensure fintech operators adhere to capital market rules. “It is time for fintech operators to be held accountable to the capital market’s rules, especially when raising funds,” Agama emphasized, underscoring the need for a regulatory…

Nestlé Nigeria recently emerged victorious at the Employers’ Excellence Awards 2024, organized by the Nigeria Employers’ Consultative Association (NECA), securing the prestigious “NECA Excellence Award in Food & Beverages (Food) category.” The company was also honored with the “Visible Impact Award for Investment in SDG and Green Projects,” recognizing its outstanding commitment to sustainability. The Employers’ Excellence Awards celebrates businesses that have made significant contributions to Nigeria’s economy while prioritizing employee well-being, inclusivity, diversity, and sustainability in a challenging business environment. Adewale-Smatt Oyerinde, Director-General of NECA, remarked, “The Employers’ Excellence Award has become a beacon of inspiration for companies in…

A recent report by the Auditor-General of the Federation has uncovered tax irregularities totaling N14.33 billion across more than 30 Ministries, Departments, and Agencies (MDAs). These findings, published in the Auditor-General’s Annual Report on Non-Compliance and Internal Control Weaknesses, highlight critical lapses in tax deductions, remittances, and compliance with financial regulations for the years 2020-2021. The report reveals that six MDAs were responsible for N129.34 million in under-deduction of taxes, with the Federal Road Safety Corps (FRSC) Abuja being the highest offender, accounting for N90.57 million in shortfalls. Meanwhile, 21 other MDAs failed to deduct taxes amounting to N2.64 billion…

The House of Representatives has mandated its Committees on Digital and Electronic Banking, Finance, Banking Regulations, and Financial Crimes to summon the Governor of the Central Bank of Nigeria (CBN) and the Group Managing Directors (GMDs) of all commercial banks and financial institutions using point-of-sale (PoS) services. They are to appear before the Committees and propose immediate measures to address the issue of verifiable documentation of PoS users and fund recipients, with a report due within four legislative weeks. This resolution follows the adoption of a motion titled ‘Need to Implement Verifiable Documentation of PoS Users and Fund Recipients’ Identities…

The Major Energies Marketers Association of Nigeria (MEMAN) has revealed that its members sourced a total of 148 million litres of petrol from Dangote Refinery between September 16 and November 24, 2024, averaging 2 million litres daily over 10 weeks. This comes despite having licenses to import the product. MEMAN’s CEO, Mr. Clement Isong, disclosed the development during a quarterly webinar for energy reporters. He explained that, while members have import licenses, they have increasingly turned to Dangote’s refinery due to its competitive market framework. The supply is delivered via trucks and vessels to marketers’ facilities in Lagos, offering operational…

Maureen Ifada, Marketing Director at FrieslandCampina WAMCO, has been named one of WIMCA’s Top 50 Most Influential Women in Marketing and Communications in Nigeria. This prestigious recognition by Brand Communicator Magazine celebrates women who have significantly impacted the industry through leadership, innovation, and excellence. With over 20 years of experience, Maureen’s career exemplifies resilience and success. Starting as a Management Trainee at FrieslandCampina WAMCO in 2003, she rose to the Management Team by 2024. Her leadership has reshaped Nigeria’s dairy market, notably repositioning Three Crowns Milk with the “Healthy Mums, Happy Families” campaign, which redefined the brand and strengthened its…

The Black Founders Fund Alumni Summit has unveiled BFF Impact Report, highlighting the significant progress and success of Black-led startups across Africa. This annual event held at iHub in Nairobi, Kenya brought together 45-50 alumni from across the continent including Kenya, Nigeria, South Africa, Uganda to celebrate their achievements and discuss the future of Africa’s digital economy, with a spotlight on the role of these startups in driving innovation, job creation, and scalable business growth. The BFF Impact Report offers a comprehensive look at the remarkable impact that targeted support for Black entrepreneurs has had on the African tech ecosystem.…

Industry leaders are calling for immediate reforms and strategic policies to address the deterioration of Nigeria’s aviation sector, which they say is facing an existential threat. During a quarterly Business Breakfast Meeting in Lagos on Thursday, stakeholders, including members of the Aviation Safety Round Table Initiative (ARTSI), stressed the need for a conducive environment where aviation businesses can thrive, ensuring a return on investment. The President of ARTSI, Air Commodore Ademola Onitiju (rtd), urged the government to reassess its policies and reduce operational costs for airlines by eliminating multiple taxes, lowering interest rates, and enhancing safety and competitiveness. He acknowledged…

Udobong Ntia, the Executive Vice President (EVP) of Upstream at the Nigerian National Petroleum Company Limited (NNPC), has called for enhanced corporate governance, transparency, and operational efficiency within Nigeria’s upstream oil sector. Ntia made the call at the Upstream Governance, Risk, and Compliance Workshop, themed “Enhancing Governance, Risk, and Compliance in Nigeria’s Upstream Sector,” held in Lagos. The workshop brought together key stakeholders, including NNPC’s Chief Compliance Officer, Mr. Nasir Usman, and Chief Upstream Investment Officer, Mr. Bala Wunti. It also saw participation from regulators like the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Content Development and Monitoring Board…

Zenith Bank Plc has marked a significant milestone in its global expansion with the launch of its Paris branch, strengthening trade and financial ties between Europe and Africa. The official commissioning ceremony took place on Wednesday, November 27, 2024, at 21 Rue de la paix, Paris, France, and was officiated by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun. This new Third-Country Branch (TCB) of Zenith Bank (UK) Limited, a subsidiary of Zenith Bank Plc, underscores the bank’s commitment to serving clients in the European market and enhancing business relations across the Euro-African corridor.…

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has called on Lagos State to spearhead the expansion of Nigeria’s economic base, underscoring the state’s crucial role in driving national growth. Speaking at the two-day Eko Revenue Plus Summit, themed ‘Unlocking New Revenue Streams for Lagos State’, Edun, represented by Dr. Armstrong Takang, CEO of Nigeria’s Ministry of Finance Incorporated, urged Lagos to move beyond traditional tax compliance and adopt innovative strategies to expand its economic potential. “Lagos contributes at least 25% of Nigeria’s GDP,” Edun stated. “With a projected state budget of N3.5 trillion for 2025,…

At least 25 state governments will benefit from a newly approved $500 million World Bank loan aimed at improving water resource management, hydropower, and irrigation systems across the country. The Federal Government, through the Ministry of Water Resources and Sanitation and the Ministry of Power, signed a Memorandum of Understanding (MoU) with the World Bank on Tuesday to implement the Sustainable Power and Irrigation for Nigeria (SPIN) project. The signing ceremony was attended by the Minister of Water Resources and Sanitation, Prof. Joseph Utsev, and the Minister of Power, Adebayo Adelabu. The states set to benefit from the project include…

xcitement is reaching new heights as the Konga Yakata Black Friday shopping fiesta enters its final week. Shoppers across Nigeria are eagerly anticipating a flood of last-minute deals and irresistible offers, with the promotion set to end on Saturday, November 30, 2024. Since its launch on November 1, the month-long Konga Yakata campaign has delivered an exceptional shopping experience, offering jaw-dropping discounts, engaging events, and exclusive promotions. From major price slashes on a variety of products to exciting activities like Treasure Hunts, Flash Sales, and special Black Friday packages such as the Budget Store, Under 50k Store, and TGIF Epic…

After multiple delays, the Port Harcourt Refinery has finally resumed fuel production, releasing about one million liters on Tuesday, with plans to supply 200 trucks daily. The refinery, once producing 60,000 barrels per day, has been upgraded with modern equipment and is now operating at 70% of its capacity. The Nigerian National Petroleum Company Limited (NNPCL) unveiled the plant, stating that it aims to ramp up capacity to 90%. The Eleme refinery, with a 150,000 barrel capacity, is still under development, and no timeline for its completion has been provided. Mele Kyari, NNPCL’s CEO, confirmed that other refineries, including Warri…