New Post Africa

Category: Business

  • NNPC warns public against fraudulent claims on refinery scrap sales, reaffirms commitment to transparency

    NNPC warns public against fraudulent claims on refinery scrap sales, reaffirms commitment to transparency

    ABUJA, Nigeria (NPA) — The Nigerian National Petroleum Company (NNPC) Limited has alerted the public to the circulation of false information suggesting that the Company is selling scrap materials, equipment, or components from its refineries to individuals and private firms.

    In a statement issued by Chief Corporate Communications Officer, Andy Odeh, NNPC categorically denied the claims, stressing that it has not issued any request for bids, tenders, expressions of interest, or approvals for the sale of refinery assets.

    The Company disclosed that it has received reports of individuals falsely presenting themselves as NNPC representatives or agents, claiming to facilitate the sale of “scrap metals” or refinery equipment. NNPC emphasized that such persons are unauthorized and are attempting to mislead unsuspecting members of the public.

    NNPC therefore advised the public, corporate organizations, and industry stakeholders to disregard any such solicitations and exercise caution in dealing with individuals making these representations. For clarity, the Company stated that it is not conducting, nor has it authorized, any sale of scrap metals, refinery equipment, or components from any of its facilities.

    According to Odeh, any legitimate disposal of assets by NNPC will only be carried out through established and transparent processes, publicly communicated via official channels and in line with applicable regulations.

    Members of the public who encounter individuals or entities making such claims are encouraged to report the matter to law enforcement authorities.

    NNPC reaffirmed its commitment to transparency, accountability, and the responsible management of Nigeria’s energy assets.

  • FG to grant local airlines discount on debts owed aviation agencies

    FG to grant local airlines discount on debts owed aviation agencies

    ABUJA, Nigeria (NPA) — The Minister of Aviation and Aerospace Development, Mr Festus Keyamo, says the Federal Government has decided to grant domestic airlines discounts on debts owed aviation agencies.

    Keyamo said this in Abuja during a meeting with the Minister of State for Petroleum Resources (Oil), airline operators and other aviation stakeholders.

    The News Agency of Nigeria (NAN) reports that the Airline Operators of Nigeria (AON) had earlier planned to suspend flight operations and increase airfares due to the high cost of Jet A1 fuel.

    According to the minister, the percentage of the discount for domestic airlines will be determined by President Bola Tinubu.

    He said the president had directed airlines to urgently submit formal requests regarding the proposed debt relief.

    Keyamo added that the president had also approved the establishment of a committee to review multiple taxes, levies and charges imposed on domestic flight tickets.

    He said the committee was aimed at reducing the cost burden on both operators and passengers.

    The minister said the federal government intervened swiftly to prevent disruption to air travel following the operators’ warning.

    “A generous discount on debts owed to agencies such as the Nigerian Airspace Management Agency (NAMA), Federal Airports Authority of Nigeria (FAAN), and the Nigerian Civil Aviation Authority (NCAA) is under consideration,” he said.

    The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, said a meeting would be held with oil marketers on Thursday to address pricing concerns.

    Lokpobiri was represented by the Permanent Secretary in the ministry, Mrs Patience Oyekunle.

    Speaking on behalf of AON, the Chief Executive Officer of Air Peace, Mr Allen Onyema, requested a total waiver of debts owed by airlines.

    Onyema also urged the federal government to strengthen the Bank of Industry (BOI) to enable airlines access loans at lower interest rates.

    He described the reported 300 per cent increase in aviation fuel price as abnormal and called for caution by oil marketers. (NAN).

  • Tinubu pledges stronger UK ties as British Airways marks 90 years in Nigeria

    Tinubu pledges stronger UK ties as British Airways marks 90 years in Nigeria

    ABUJA, Nigeria (NPA) — President Bola Ahmed Tinubu has reaffirmed Nigeria’s commitment to deepening economic relations with the United Kingdom, particularly in aviation and other mutually beneficial sectors, as British Airways celebrates 90 years of service to Nigeria.

    The President made the pledge on Wednesday during a meeting with a British Airways delegation led by the UK High Commissioner to Nigeria, Dr Richard Montgomery, and the airline’s Commercial Officer, Mr Colm Lacy, at the Presidential Villa, Abuja.

    Tinubu highlighted the longstanding partnership between Nigeria and Britain, recalling his recent visit to the UK and the warm reception he received from King Charles III. He described the milestone as a testament to enduring ties and assured that the relationship would continue to create opportunities for growth, investment, and shared prosperity.

    “We celebrate with you your remarkable 90 years of operation in Nigeria, and we hope to continue enhancing that relationship for a stronger and more rewarding partnership,” Tinubu said. He noted that one of his administration’s early achievements was settling outstanding liabilities owed to foreign airlines, restoring confidence in Nigeria’s aviation sector.

    British Airways’ Colm Lacy praised Nigeria as a valued market, stressing that the airline has supported trade, investment, education, and cultural exchange since 1936. He commended Nigerian aviation authorities and the Central Bank for reforms that have strengthened safety and resolved foreign exchange challenges.

    Aviation Minister Festus Keyamo added that British Airways now operates new aircraft on the London–Nigeria route and complies with government policy by serving local dishes on outbound flights.

    UK High Commissioner Richard Montgomery expressed delight at the 90-year relationship, noting that Tinubu’s recent state visit yielded significant investment agreements, including financing for the rehabilitation of Lagos Ports.

    The celebration reinforces the role of aviation in fostering economic and people-to-people connections between Nigeria and the UK, while both sides pledged to build on the historic partnership for future growth.

  • WTO DG Okonjo-Iweala celebrates Lord Nick Stern at 80, highlights trade’s role in sustainability

    WTO DG Okonjo-Iweala celebrates Lord Nick Stern at 80, highlights trade’s role in sustainability

    INTERNATIONAL (NPA) — The Director-General of the World Trade Organization (WTO), Dr Ngozi Okonjo-Iweala, has joined global leaders in celebrating Lord Nick Stern, renowned economist and Chair of the Grantham Research Institute on Climate Change and the Environment at the London School of Economics (LSE), who recently marked his 80th birthday.

    In a statement, Okonjo-Iweala described Lord Stern as one of the foremost intellectuals and practitioners who has worked tirelessly to demonstrate the compatibility of growth, jobs, and climate action through the New Climate Economy initiative.

    She also participated in a high-level panel at LSE alongside Christine Lagarde, President of the European Central Bank, and Kristalina Georgieva, Managing Director of the International Monetary Fund.

    Okonjo-Iweala noted that despite global disruptions, trade can be part of the solution to sustainability and environmental challenges. She extended her appreciation to Professor Larry Kramer, President and Vice Chancellor of LSE, for moderating the session.

    Reflecting on Earth Day, the WTO chief emphasised the role of communities worldwide in driving lasting change to make the planet more liveable. “We cannot achieve this without aligning trade to sustainability and environmental stewardship,” she said.

    Okonjo-Iweala stressed that WTO members are working together to ensure that open and fair trade accelerates a green and just transition, particularly for vulnerable populations.

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  • Court affirms FCCPC’s authority over banks, fines UBA ₦2m

    Court affirms FCCPC’s authority over banks, fines UBA ₦2m

    ABUJA, Nigeria (NPA) — Consumer rights advocacy in Nigeria’s banking sector received a major boost as the Federal High Court in Abuja dismissed a suit filed by United Bank for Africa (UBA) Plc challenging the jurisdiction of the Federal Competition and Consumer Protection Commission (FCCPC).

    In its ruling, presiding Justice James Omotosho affirmed the Commission’s statutory authority to investigate consumer complaints involving banks and other financial institutions. The court held that the FCCPC is the proper agency to handle such matters, citing Sections 1, 2, 17(e), and 104 of the FCCPC Act, 2018.

    UBA had sought to rely on Section 251(1)(d) of the 1999 Constitution and Section 65(1)(a) of the Banks and Other Financial Institutions Act (BOFIA) 2020 to argue that the FCCPC lacked jurisdiction. Justice Omotosho rejected this argument, stressing that neither BOFIA nor the Central Bank of Nigeria Act confers consumer complaint powers on the CBN.

    Consequently, the court fined UBA ₦2 million for filing what it described as a “frivolous and unmeritorious case.”

    Reacting to the judgment, FCCPC Executive Vice Chairman/CEO, Mr Tunji Bello, hailed the decision as a significant milestone for bank customers. “This ruling reinforces confidence that consumers in every sector of the economy, including financial services, are entitled to accessible channels for complaint resolution and lawful redress,” he said.

  • Shettima calls on PR professionals to foster public trust at NIPR Week

    Shettima calls on PR professionals to foster public trust at NIPR Week

    ABUJA, Nigeria (NPA) — Vice President Kashim Shettima has called on public relations practitioners in Nigeria to communicate government policies with clarity and professionalism, stressing that effective communication is vital to fostering public confidence and trust.

    Speaking on Tuesday at the 3rd Nigerian Institute of Public Relations (NIPR) Week in Kaduna, hosted by Governor Uba Sani, Shettima underscored the indispensability of public relations in governance. He warned that policies and reforms that are poorly explained often lead to public distrust and resistance.

    “As a government, we regard public relations as a strategic function of governance. It is integral to building trust, managing uncertainty, and sustaining reform,” the Vice President said. He emphasised that practitioners must not only explain what government is doing, but also why it is being done, how it serves the public good, and the role of citizens in its success.

    Shettima highlighted that reforms undertaken by President Bola Ahmed Tinubu’s administration can only succeed if citizens understand their purpose and benefits. He urged PR professionals to frame government initiatives in ways that resonate with the public, thereby strengthening democratic governance and reform outcomes.

    During the event, the Vice President also commissioned the newly built Brigadier Abba Kyari Banquet Hall at the Sir Kashim Ibrahim House (Government House), Kaduna. He commended the NIPR for its role in advancing professional standards in communication and for providing a platform to discuss the evolving responsibilities of public relations in national development.

    Shettima’s remarks reinforced the government’s recognition of communication as a cornerstone of reform. He noted that effective engagement with citizens is essential to sustaining confidence in governance, particularly at a time when Nigeria is undergoing significant economic and social transformation.

    The NIPR Week 2026 brought together practitioners, policymakers, and stakeholders to deliberate on the role of public relations in shaping public perception and strengthening national unity. The Vice President’s charge is expected to galvanise PR professionals to adopt more strategic approaches in communicating reforms and policies to the Nigerian public.

  • FCCPC warns against breach of merger rules, vows to protect public interest

    FCCPC warns against breach of merger rules, vows to protect public interest

    ABUJA, Nigeria (NPA) — The Federal Competition and Consumer Protection Commission (FCCPC) has cautioned firms, legal advisers, transaction parties, and other stakeholders against violating statutory obligations relating to mergers, acquisitions, and business combinations under the Federal Competition and Consumer Protection Act (FCCPA), 2018.

    In a statement, the Commission reiterated that it has the authority to review, approve, approve subject to conditions, or prohibit mergers and qualifying business combinations once they are duly notified. This framework, it explained, is designed to preserve fair competition, prevent harmful market concentration, and protect the public interest in Nigeria’s economy.

    The FCCPC emphasised that any transaction meeting the thresholds set out in the Notice of Threshold for Merger Notification, issued pursuant to Section 93(4) of the FCCPA, must be reported to the Commission for prior review and approval before implementation. This requirement applies to a wide range of transactions, including share acquisitions, asset acquisitions, joint ventures, and other arrangements that fall within the legal definition of a merger under the Act and relevant regulations.

    The Commission noted that the notification process enables it to assess whether a proposed transaction is likely to substantially prevent or lessen competition in any relevant market in Nigeria, or raise public interest concerns. It also supports the Commission’s responsibility to monitor market developments and maintain an informed understanding of competitive dynamics across sectors.

    FCCPC encouraged parties and their advisers to engage with the Commission at an early stage where a contemplated transaction may be notifiable. Early engagement, including pre‑notification consultations, can provide regulatory clarity, support efficient review timelines, and assist parties in meeting compliance requirements.

    The Commission stressed that failure to notify a notifiable transaction constitutes a contravention of the FCCPA and may attract administrative penalties or other enforcement action. Accordingly, it advised firms and transaction parties to take all necessary steps to ensure compliance before implementing any transaction that may fall within its merger review jurisdiction.

    Stakeholders seeking further clarification were directed to contact the Commission or visit its website. The FCCPC reaffirmed its commitment to promoting fair competition, protecting consumers, and supporting a transparent, efficient, and competitive business environment in Nigeria.

  • Cows now cost more than cars as prices hit N2.5M, butchers cry out

    Cows now cost more than cars as prices hit N2.5M, butchers cry out

    LAGOS, Nigeria (NPA) — The Lagos State Butchers Association has decried the persistent surge in cow prices, which have climbed to as high as N2.5 million, surpassing the cost of some used cars. The association’s patron, Bamidele Kazeem, disclosed this in an interview in Lagos, attributing the spike to insecurity, rising transportation costs, and delays in local ranching initiatives.

    “Cows that sold for about N1.7 million last year are now going for between N2.3 million and N2.4 million. At one point, a cow was priced at N2.5 million in the market,” he said.

    Kazeem said the sharp increase had placed significant pressure on both butchers and consumers, with many traders struggling to stay afloat.

    “The car I bought in 2020 for N2.1 million is now cheaper than the price of a cow. That shows how expensive cows have become,” he added.

    He noted that cows previously sold for around N1 million had become increasingly scarce.

    “If you find a cow for N1 million now, it’s surprising. What we complained about last year is nothing compared to the current situation,” he said.

    Kazeem linked the trend partly to insecurity affecting livestock movement across parts of the country, as well as rising fuel prices.

    “Supply has dropped due to insecurity, and the recent increase in fuel pump prices has pushed transportation costs through the roof,” he said.

    He added that higher diesel and petrol costs had worsened logistics challenges, particularly for cattle transported from northern Nigeria, the primary source of livestock for Lagos markets.

    Kazeem also said local producers had been unable to meet demand, as planned feedlot and ranching programmes in the state were yet to take off.

    “We still rely heavily on suppliers from the northern states because local production cannot meet demand. The state’s feedlot and ranching programmes have not commenced,” he said.

    He urged the government to fast-track implementation of the Eko Ranching Project, noting that it would boost local supply, reduce transport costs, and help stabilise meat prices.

    “The benefits of the ranch are enormous. It will create jobs for our youths and likely bring down the cost of meat,” he said. (NAN)

  • TCN declares force majeure on Ikeja West–Osogbo line after storm damages tower

    TCN declares force majeure on Ikeja West–Osogbo line after storm damages tower

    ABUJA, Nigeria (NPA) — The Transmission Company of Nigeria (TCN) has declared a force majeure on the Ikeja West–Osogbo 330kV transmission line following a severe rainstorm that brought down a transmission tower.

    The incident occurred on April 16, 2026, when the line tripped during the storm due to a fault detected about 14.9 kilometres from the Ikeja West (Ayobo) end of the line.

    In a statement signed by the General Manager, Public Affairs, Ndidi Mbah, on April 19, 2026, TCN said further inspection by its maintenance crew revealed that Tower No. 515 had collapsed, with the structure giving way at its midsection.

    The company said it is mobilising materials and personnel for the re-erection of the fallen tower, while engineers are currently working to dismantle the damaged structure.

    TCN assured that efforts are underway to restore flexibility and redundancy along the corridor, noting that an alternative line remains in service to evacuate bulk power.

    It added that updates would be provided as work progresses.

    As of the time of filing this report, it is unclear how long repairs will take or the extent of areas that may experience blackout as a result of the disruption.

  • Tinubu signs ₦68.32tn 2026 budget, extends 2025 capital spending deadline

    Tinubu signs ₦68.32tn 2026 budget, extends 2025 capital spending deadline

    ABUJA, Nigeria — 18 April 2026 (NPA) — President Bola Ahmed Tinubu has assented to the 2026 Appropriation Act, approving a total expenditure of ₦68.32 trillion, while also signing legislation to extend the implementation of the 2025 budget’s capital component to 30 June 2026.

    The newly signed budget provides for ₦4.799 trillion in statutory transfers, ₦15.8 trillion for debt servicing, and ₦15.4 trillion for recurrent expenditure. A further ₦32.2 trillion has been allocated to the Development Fund for capital expenditure, representing roughly half of the total budget and signalling a strong focus on infrastructure and long-term growth.

    According to a statement issued by presidential spokesman Bayo Onanuga, the allocations are designed to balance statutory obligations, debt commitments and operational costs with investments aimed at boosting productivity and improving living standards.

    The President also signed the Appropriation (Repeal and Enactment) (Amendment) Act, 2026, which extends the capital spending timeline under the 2025 budget from 31 March to 30 June 2026. The extension is intended to allow for the completion of key infrastructure and development projects already at advanced stages.

    The presidency said the additional time would enable Ministries, Departments and Agencies (MDAs) to consolidate ongoing work, improve project delivery rates and ensure more effective use of public funds.

    With the 2026 budget taking effect from 1 April, the Federal Government is set to begin full implementation in line with its Renewed Hope Agenda. President Tinubu directed MDAs to ensure disciplined, transparent and efficient use of resources, with emphasis on value for money and timely execution of projects.

    He also commended the National Assembly of Nigeria for what he described as its diligence and cooperation in the swift passage of the budget, stressing the importance of continued collaboration between the executive and legislative arms of government.

    The President reaffirmed his administration’s commitment to fiscal reforms, improved revenue generation and targeted investments aimed at stimulating economic growth, creating jobs and strengthening social protection programmes.