Category: Business

Neimeth Pharmaceuticals commends NAFDAC’s reforms, backs local drug manufacturing

LAGOS, Nigeria (NPA) — Neimeth International Pharmaceuticals Plc has commended the National Agency for Food and Drug Administration and Control (NAFDAC) for its ongoing regulatory reforms and renewed efforts to strengthen local pharmaceutical manufacturing in Nigeria.

The commendation came during a courtesy visit by the company’s Board of Directors to NAFDAC’s Lagos office, where members of the delegation met with the agency’s Director-General, Prof. Mojisola Adeyeye.

According to a statement issued by NAFDAC on Sunday, the Neimeth board expressed appreciation for the agency’s initiatives aimed at promoting local drug production, improving regulatory efficiency and supporting pharmaceutical manufacturers to attain international Good Manufacturing Practice (GMP) standards.

The company also reaffirmed its commitment to working closely with NAFDAC to advance the growth and competitiveness of Nigeria’s pharmaceutical industry.

Receiving the delegation, Prof. Adeyeye thanked the board for the visit and reiterated the agency’s commitment to building a globally competitive pharmaceutical sector through transparent, science-based regulation and sustained collaboration with industry stakeholders.

She said NAFDAC would continue implementing reforms designed to strengthen Nigeria’s regulatory framework and improve international confidence in locally manufactured medicines.

The Director-General highlighted the agency’s ongoing efforts to secure membership of the Pharmaceutical Inspection Co-operation Scheme (PIC/S) and its continued progress towards attaining higher levels under the World Health Organization’s Global Benchmarking Tool.

According to her, the initiatives are expected to enhance the quality and global acceptance of Nigerian pharmaceutical products while expanding export opportunities for local manufacturers.

The meeting concluded with both NAFDAC and Neimeth reaffirming their shared commitment to strengthening local pharmaceutical manufacturing, improving the quality of medicines and ensuring a sustainable supply of safe, effective and quality-assured medicines for Nigerians.

Both parties also pledged to sustain collaboration in promoting regulatory excellence, supporting industry growth and enhancing Nigeria’s competitiveness in the global pharmaceutical market.

July 12, 2026
JUST IN: Kenya’s Omollo says sovereign wealth fund and nuclear project will drive long‑term growth

NAIROBI, Kenya (NPA) — Kenya’s Principal Secretary for Internal Security and National Administration, Raymond Omollo, has said the country’s newly established Sovereign Wealth Fund is designed to preserve revenues from natural resources for future generations while supporting long-term economic stability and strategic investments.

Omollo made the remarks in a statement on Sunday as he outlined the government’s plans to maximise the economic benefits of Kenya’s mineral resources and strengthen the country’s energy infrastructure.

According to him, the Sovereign Wealth Fund will receive a portion of revenues generated from natural resources, including minerals and petroleum, to build national savings and finance strategic investments.

“The recently established Kenya Sovereign Wealth Fund is designed to preserve a portion of revenues generated from the country’s natural resources, including minerals and petroleum, for the benefit of future generations while supporting long-term economic stability and strategic investments,” Omollo said.

He noted that Siaya County, which is endowed with mineral resources and hosts ongoing gold mining activities, stands to benefit significantly from the initiative through increased investment, economic growth and job creation.

“For the people of Siaya County, the Fund holds considerable promise. The county is endowed with mineral resources, including ongoing gold mining activities, whose future revenues could contribute to national savings while driving local economic growth and job creation,” he added.

Omollo also disclosed that plans to construct Kenya’s first nuclear power plant in Siaya County continue to advance.

According to him, the project is expected to strengthen the country’s energy security by providing a stable and reliable electricity supply to support industrial growth and economic transformation.

“At the same time, plans to develop Kenya’s first nuclear power plant in Siaya County continue to gather momentum. The project is expected to strengthen the country’s energy security, provide reliable electricity for industry and accelerate Kenya’s broader industrialisation agenda,” he said.

The Kenyan government has identified energy security, industrialisation and the sustainable management of natural resource revenues as key pillars of its long-term economic development strategy.

July 12, 2026
FG begins free registration of 250,000 small businesses under Renewed Hope Agenda

ABUJA, Nigeria (NPA) — The Federal Government has commenced the free formalisation and registration of 250,000 Micro, Small and Medium Enterprises (MSMEs) across Nigeria in a major initiative aimed at expanding the country’s formal business sector and supporting entrepreneurship.

The programme, approved by President Bola Tinubu under the Renewed Hope Agenda, is being implemented through a partnership between the Corporate Affairs Commission (CAC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).

Under the initiative, the Federal Government will waive all statutory business registration fees, removing one of the biggest financial barriers preventing many small businesses from formalising their operations.

According to the government, the programme is open to eligible entrepreneurs in all 36 states and the Federal Capital Territory on a first-come, first-served basis.

To qualify, applicants must own an unregistered business and register it as a Business Name under either a sole proprietorship or a partnership.

The scheme does not cover Limited Liability Companies (Ltd) or Non-Governmental Organisations (NGOs).

Eligible businesses include retail shops, fashion and tailoring enterprises, farms, technology service providers, artisan businesses and other genuine nano, micro and small enterprises.

Applicants are required to register on the SMEDAN portal using a valid email address and telephone number before completing their business profile with details including their proposed business name, business sector, owner’s information and National Identification Number (NIN).

Upon submission, applicants will receive a SMEDAN Unique Identification Number (SUIN), after which their applications will be transmitted electronically to the Corporate Affairs Commission for business name reservation and registration at no cost.

Successful applicants will receive their digital CAC Certificate of Registration by email.

The Federal Government said formal business registration would enable entrepreneurs to access government grants and intervention programmes, open corporate bank accounts, benefit from business development support and technical training, improve access to finance and investment opportunities, and enhance their credibility in local and international markets.

Government estimates indicate that approximately ₦3 billion in registration fees will be waived under the programme, enabling 250,000 nano, micro and small enterprises to join Nigeria’s formal economy.

The government also assured entrepreneurs that registration under the initiative does not automatically impose immediate tax obligations, noting that eligible small businesses will continue to benefit from existing tax exemption thresholds under Nigeria’s updated tax framework.

According to the Federal Government, the initiative forms part of broader efforts to promote entrepreneurship, create jobs, improve financial inclusion and strengthen the contribution of small businesses to Nigeria’s economic growth.

July 11, 2026
South Africa defends withholding funds from 69 municipalities over financial mismanagement

PRETORIA, South Africa (NPA) — South African Finance Minister Enoch Godongwana has defended the government’s decision to withhold the July 2026 equitable share allocations to 69 municipalities, saying the move is aimed at enforcing financial discipline, ensuring compliance with the law and improving service delivery.

Godongwana made the remarks on Friday during a media briefing after the National Treasury announced that the affected municipalities had failed to meet key financial and governance obligations.

According to the Treasury, the municipalities were sanctioned for adopting unfunded budgets, accumulating unauthorised, irregular, fruitless and wasteful expenditure (UIFWE), and failing to meet statutory payment obligations to entities including Eskom, water boards, the South African Revenue Service (SARS), the Auditor-General and pension funds.

“We have been doing it every year, but on a smaller scale. Of this size, we last did it in 2016,” Godongwana said.

“Every year, we are fighting with municipalities. Sometimes we take money from one municipality to another because a municipality is not performing. It is precisely this that will enhance service delivery because we are forcing municipalities to perform.”

The minister explained that the withholding of funds is temporary and that municipalities could regain access to their allocations once they demonstrate credible plans to address the deficiencies identified by the Treasury.

He said municipalities with unfunded budgets would be required to work with Treasury officials to develop sustainable funding plans, while those owing creditors must submit realistic repayment schedules.

For municipalities with high levels of unauthorised, irregular, fruitless and wasteful expenditure, Godongwana said Municipal Public Accounts Committees (MPACs) must review the findings of the Auditor-General, recommend corrective measures and ensure appropriate consequence management.

He disclosed that some municipalities had already complied with Treasury requirements and would have all or part of their equitable share released next week.

The minister stressed that broader government reforms would only succeed if all public institutions embraced accountability and improved performance.

“Reforms must be accompanied by making sure that people are performing. If you have reforms and you don’t have willing partners to participate, the reforms are not going to be effective,” he said.

In a statement, the National Treasury described the state of municipal finances as “sobering.”

The Treasury said municipalities had accumulated R24.12 billion in fruitless and wasteful expenditure since the 2021/22 financial year, R145.21 billion in irregular expenditure, including R40.14 billion recorded in 2024/25, and R118.13 billion in unauthorised expenditure.

According to the Treasury, the growing financial mismanagement threatens the sustainability of essential service providers, disrupts basic services and weakens public confidence in local government.

“South Africans deserve municipalities that are financially sound, accountable and capable of delivering services. By invoking the Constitution, we are signalling seriousness about governance, fiscal responsibility and the rule of law,” Godongwana said.

July 10, 2026
BREAKING: Air Peace announces flight disruptions as heavy rain hits Lagos, Benin

LAGOS, Nigeria (NPA) — Air Peace has announced disruptions to its flight operations following heavy rainfall affecting Lagos, Benin City and other parts of its domestic network.

In a statement issued on Friday by the airline’s spokesperson, Osifo-Whiskey Efe, Air Peace said adverse weather conditions had affected flight schedules, stressing that passenger safety remains its highest priority.

“Due to the heavy downpour of rain in Lagos and Benin, some flights across our operating network will be disrupted,” the airline said.

Air Peace appealed to passengers for understanding as it works to minimise the impact of the weather and restore normal operations.

“While weather is beyond our control and safety remains our utmost priority, we appeal for your understanding as we manage the disruptions as best as we can and get you to your destinations safely,” the statement added.

The airline advised passengers requiring information on flight schedules or other enquiries to contact its customer service channels for updates.

Air Peace reaffirmed its commitment to maintaining the highest safety standards for passengers and crew, noting that operational decisions would continue to be guided by prevailing weather conditions and established aviation safety procedures.

The airline thanked customers for their patience, understanding and continued support while the disruptions persist.

July 10, 2026
Air Peace completes fourth South Africa evacuation, brings home 1,085 Nigerians

LAGOS, Nigeria (NPA) — As xenophobic attacks against African foreign nationals continue to generate concern in South Africa, Nigeria’s flagship carrier, Air Peace, has completed another humanitarian evacuation flight, bringing home more Nigerians caught up in the violence.

The airline on Thursday concluded the fourth phase of its evacuation operation from South Africa, airlifting 284 Nigerian nationals in collaboration with the Federal Government.

The latest mission, operated with Air Peace’s Boeing 777-200 wide-body aircraft, brings the total number of Nigerians evacuated by the airline to 1,085 across four humanitarian flights.

According to Air Peace, the evacuation forms part of its corporate social responsibility and continued support for national emergency response efforts aimed at assisting Nigerians affected by the recent wave of xenophobic attacks in South Africa.

“West Africa’s largest airline and Nigeria’s premier carrier, Air Peace, has successfully completed the fourth phase of its humanitarian evacuation operation from South Africa, safely bringing home another 284 Nigerian nationals in collaboration with the Federal Government of Nigeria,” the airline said in a statement.

The airline disclosed that it had previously evacuated 262 Nigerians on June 11, 271 on June 30, and 268 on July 3, before completing the latest operation on July 9.

With the completion of the latest mission, Air Peace said it had successfully repatriated 1,085 Nigerians, reaffirming its readiness to deploy its fleet and operational capabilities whenever required in the national interest.

The airline described the evacuation exercise as more than a transportation mission, saying it reflected its commitment to humanitarian service, patriotism and the welfare of Nigerians abroad.

“More than an airlift, the ongoing evacuation exercise reflects Air Peace’s unwavering humanitarian philosophy, one rooted in compassion, patriotism and an abiding commitment to ensuring that Nigerians, regardless of where they may be, can always count on a safe journey home in times of crisis,” the statement said.

Air Peace added that it would continue to support government efforts whenever necessary, stressing that its mission extends beyond commercial aviation to connecting families and providing hope during emergencies.

The airline said it remains committed to deploying its resources whenever Nigerians require assistance, both within and outside the country.

July 10, 2026
JUST IN: Ruto launches second phase of NYOTA Programme, disburses KSh3bn to young entrepreneurs

NAIROBI, Kenya (NPA) — Kenyan President William Ruto has launched the second phase of the business support component of the National Youth Opportunities Towards Advancement (NYOTA) programme, approving the disbursement of more than KSh3 billion to over 122,000 young entrepreneurs across the country.

Under the initiative, each beneficiary will receive a KSh25,000 business grant to support the establishment or expansion of small enterprises.

The nationwide rollout was launched from Nairobi and linked live to multiple locations across Kenya.

In Marsabit County, 1,680 young people benefited from the programme during an event held at Marsabit Stadium. The beneficiaries included participants receiving a second tranche of support as well as first-time entrants into the scheme.

The grants were presented by the Principal Secretary for Internal Security and National Administration, Dr Raymond Omollo, alongside the Principal Secretary for Petroleum, Kello Harsama, and Marsabit Deputy Governor Solomon Gubo.

Officials said the exercise recorded strong participation by young women, reflecting growing interest in entrepreneurship and small business development.

The NYOTA project is a five-year youth empowerment programme implemented by the Kenyan Government with support from the World Bank.

The initiative aims to empower more than 820,000 unemployed young people through entrepreneurship financing, employability training, digital skills development and financial inclusion programmes.

The project targets young people aged 18 to 29 years, and up to 35 years for persons with disabilities, particularly those with secondary education or below.

According to the programme framework, NYOTA seeks to improve employment opportunities by supporting young entrepreneurs with start-up capital, mentorship and access to financial services while also promoting apprenticeships, skills acquisition and digital literacy.

The programme also encourages financial resilience through youth savings initiatives and institutional reforms designed to strengthen the delivery of youth development programmes.

The Kenyan Government said the initiative forms part of its broader strategy to reduce youth unemployment, expand economic opportunities and position young people as drivers of innovation, entrepreneurship and sustainable economic growth.

July 10, 2026
JUST IN: NAFDAC DG Mojisola Adeyeye receives African Leadership Award in London

LONDON, United Kingdom (NPA) — Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC), Prof. Mojisola Adeyeye, has received the Special African Leadership Commendation Award at the 16th African Business Leadership Awards (ABLA) held at the House of Lords, Palace of Westminster, London.

The award, presented by the African Leadership Organisation (ALO), recognises her leadership in transforming NAFDAC through institutional reforms, regulatory excellence and digital innovation.

According to NAFDAC, the recognition followed an assessment of the agency’s performance since Adeyeye assumed office in November 2017.

The agency said her administration eliminated inherited debts, modernised laboratories and regulatory infrastructure, digitised about 90 per cent of its regulatory processes, strengthened quality management systems and secured ISO 9001 certification.

NAFDAC also attained the World Health Organisation (WHO) Global Benchmarking Maturity Level 3 in 2022 and successfully retained the status following a re-benchmarking exercise in 2025.

The agency further highlighted milestones, including the WHO prequalification of its Central Drug Laboratory, Nigeria’s Pre-Accession Pre-Applicant status in the Pharmaceutical Inspection Co-operation Scheme (PIC/S), and membership of the International Council for Harmonisation (ICH).

NAFDAC said Adeyeye’s reforms have also strengthened local pharmaceutical manufacturing through the implementation of the Five Plus Five Regulatory Directive, which promotes domestic drug production and reduces reliance on imported medicines.

Speaking after receiving the award, Adeyeye dedicated the honour to NAFDAC staff, describing it as recognition of their professionalism and commitment to safeguarding public health.

She reaffirmed the agency’s commitment to strengthening Nigeria’s regulatory systems and advancing internationally recognised standards to support healthcare delivery and economic development.

The award ceremony formed part of the two-day African Business Leadership Awards programme, themed “From Vision to Velocity: Driving Africa’s Next Wave of Growth and Leadership.”

Adeyeye also delivered a keynote address on innovation, digitisation and regulatory excellence, highlighting the role of effective medicines regulation in advancing public health and economic development across Africa.

July 10, 2026
Afreximbank, FEDA launch drive to mobilise $1 bn for Africa’s film industry

BUSINESS (NPA) — The African Export-Import Bank (Afreximbank), through its development impact investment arm, the Fund for Export Development in Africa (FEDA), has appointed One Street Studios as Co-General Partner of the Pan-African Film Fund, a major initiative targeting up to US$1 billion in investment for Africa’s film and creative industries.

The announcement, made on Tuesday, marks a significant step in Afreximbank’s efforts to strengthen Africa’s creative economy and position the continent as a global hub for film, television and immersive media production.

Launched in May 2025 under the bank’s Creative Africa Nexus (CANEX) programme, the Pan-African Film Fund is designed to mobilise long-term capital to finance the growth of Africa’s audiovisual sector.

According to Afreximbank, the fund will invest across the industry’s value chain, supporting film and television production, digital streaming platforms, cinema exhibition, production studios, post-production infrastructure and global distribution networks.

The initiative will provide equity, quasi-equity and structured financing for export-oriented creative projects with strong international market potential, while partnering with global studios, streaming services and distributors to expand the reach of African content.

Afreximbank said the appointment of One Street Studios combines financial expertise with industry experience to create a scalable investment platform capable of accelerating the growth of Africa’s creative industries.

One Street Studios will work alongside FEDA as Co-General Partner, bringing an integrated model that finances, develops and produces African-owned stories while connecting creators on the continent with the African diaspora and international audiences.

President and Chairman of the Board of Directors of Afreximbank, Dr George Elombi, described the partnership as a strategic milestone for the continent’s creative sector.

“The partnership between FEDA and One Street Studios is both timely and strategic. It strengthens the bridge between Africa and its diaspora while empowering our creative economy to take ownership of our narratives, enabling us to produce what we consume and consume what we produce,” Elombi said.

Chief Executive Officer of the Pan-African Film Fund and Managing Partner at One Street Studios, Lavaille Lavette, said the initiative would unlock long-term financing needed to transform the continent’s creative industries.

“Africa’s creative industries are entering a defining moment. Through the Pan-African Film Fund, we will mobilise long-term capital that supports creators, strengthens production capacity and builds sustainable global distribution pathways for African storytelling,” she said.

FEDA Chief Executive Officer Emmanuel Assiak said the fund would enable African creators to produce globally competitive content while connecting them with international audiences and investment capital.

Afreximbank said the initiative forms part of its broader CANEX strategy aimed at transforming Africa’s creative industries into a major driver of economic growth, job creation and cultural influence across the continent.

July 9, 2026
CAC to enforce Company Business Letter requirements from August 1

ABUJA, Nigeria (NPA) — The Corporate Affairs Commission (CAC) has announced that it will begin full enforcement of statutory requirements governing the information companies must display on their business letters from August 1, 2026.

In a public notice issued on Wednesday, the commission said the enforcement would be in line with Sections 304(1) and (2), and 729(1)(c) of the Companies and Allied Matters Act (CAMA) 2020.

According to the CAC, all companies registered under CAMA 2020, or under any repealed legislation, are required to include specified information on their business letters in clear and legible characters.

The required details include the company’s registered name, registration number and registered office address, as well as the present forename or initials and surname of every director.

The commission added that companies must also disclose any former forename and surname of directors and, where applicable, the nationality of directors who are not Nigerian citizens.

The CAC warned that sanctions would apply to companies that fail to comply with the requirements after the August 1 enforcement date.

The commission said the measure forms part of its commitment to promoting transparency, accountability and a more responsive corporate regulatory environment.

July 9, 2026