Category: Business

LAGOS, Nigeria (NPA) — Dr Umaru Kwairanga, Chairman of the Nigerian Exchange Group (NGX Group), says the first trading day under the newly extended market hours was smooth, with no operational hitches recorded.

The new schedule, which commenced on Monday, April 27, shifted trading hours from 9:30 a.m.–2:30 p.m. to 9:00 a.m.–4:00 p.m. as part of efforts to enhance market efficiency and liquidity.

Kwairanga told reporters in Lagos on Tuesday that feedback from staff confirmed the transition was seamless. “From my observation and feedback, the first day went smoothly. Operators may need a few days to adjust internal processes, but we have started a new trading era successfully,” he said.

Vice President of Highcap Securities Ltd., Mr David Adonri, also commended the debut session, noting that all schedules were met and systems functioned appropriately.

The seven‑hour trading window is designed to modernise the exchange, allowing more time to absorb macroeconomic data, corporate disclosures, and global financial developments. It is expected to improve price discovery, enable quicker responses to new information, and create better overlap with major international markets, making it easier for foreign portfolio investors to manage positions in real time.

UYO, Nigeria (NPA) — Akwa Ibom State Governor, Pastor Umo Eno, has announced the commencement of international flights from Victor Attah International Airport, Uyo, following Presidential approval for its upgrade to international status.

According to the governor, the maiden international flight is scheduled for Saturday, May 2, 2026, from Uyo to Kotoka International Airport, Accra, Ghana, with a return flight on Sunday, May 3, 2026. The historic flight will be operated by the state’s flagship carrier, Ibom Air.

“This milestone marks another major step in our commitment to expanding aviation capacity, improving global connectivity, and positioning Akwa Ibom as a preferred destination for tourism, trade, and investment,” Eno said.

The governor expressed appreciation to President Bola Ahmed Tinubu, GCFR, for granting the approval, and to the Minister of Aviation and Aerospace Development, Festus Keyamo, SAN, for his support in making the vision a reality.

He also acknowledged the contributions of past leaders of the state who laid the foundation for the growth of Akwa Ibom’s aviation sector.

The state’s aviation sector has continued to expand, earning accolades as a sustainable investment that has created jobs and positioned Akwa Ibom as an aviation hub in the West African subregion.

ABUJA, Nigeria (NPA) — The Pension Transitional Arrangement Directorate (PTAD) has completed the payment of outstanding arrears arising from the ₦32,000 pension increment for retirees under the Defined Benefit Scheme (DBS).

In a statement issued on Monday, PTAD said a total of ₦1.73 billion was disbursed to 54,206 eligible pensioners, marking the full settlement of the one-month balance of the increment approved by the National Salaries, Incomes and Wages Commission (NSIWC).

The agency explained that the arrears covered a 13-month period from August 2024 to August 2025, noting that 12 months had earlier been paid in phases between December 2024 and December 2025.

A breakdown of the payments showed that 25,804 pensioners under the Parastatals Pension Department received ₦825.7 million, while 28,402 beneficiaries under the Tertiary Education and Health Pension Department were paid ₦908.8 million.

With the latest disbursement, PTAD said all obligations tied to the ₦32,000 pension increment have now been fully settled.

The Directorate, however, clarified that pensioners from agencies such as the defunct Peoples Bank, NICON Insurance, Nigerian Telecommunications Limited, and others who had already benefited from earlier pension increases of 10.6 per cent and 12.95 per cent are exempted from the increment, in line with NSIWC guidelines.

PTAD reaffirmed its commitment to transparency and timely pension administration, stating that the payments align with the Renewed Hope Agenda of President Bola Ahmed Tinubu.

The agency added that it will continue to prioritise the welfare and dignity of pensioners through improved service delivery.

ABUJA, Nigeria (NPA) — The Nigeria Revenue Service (NRS) has disassociated itself from a flyer circulating online which falsely claims that the agency has introduced a new vehicle tax regime to take effect from July 1, 2026.

In a statement issued on Monday, the NRS described the flyer as fraudulent and urged members of the public to disregard it. The agency stressed that it had not issued any such notice.

A portion of the statement reads: “FAKE NEWS ALERT! A fraudulent flyer claiming a new vehicle tax takes effect July 1, 2026 is spreading online. The NRS did NOT issue this notice. If you receive it, delete it. If you’ve shared it, correct the record.”

The agency reaffirmed its commitment to transparent communication and advised citizens to rely only on official channels for verified information regarding tax policies.

ABUJA, Nigeria (Agency Report) —Bank customers in the Federal Capital Territory (FCT) have expressed frustration over the recent increase in Automated Teller Machine (ATM) card issuance and replacement fees, describing the move as insensitive amid Nigeria’s challenging economic climate.

The Central Bank of Nigeria (CBN), in a recent circular, announced that effective May 1, the fee for issuing or replacing debit and credit cards would rise from ₦1,000 to ₦1,500.

Speaking to the News Agency of Nigeria (NAN) on Sunday, several customers appealed to the apex bank to reconsider the decision and engage directly with stakeholders before implementing such policies.

Mr. Boniface Onne criticized the hike, noting that customers already face multiple transaction charges. “Bank charges are getting out of hand. We still get debits for transfers below ₦5,000 despite CBN’s directive,” he said.

Chief Ifeanacho Ubaka urged the CBN to hold regular forums with customers to understand their challenges. He lamented that almost every transaction attracts deductions, adding that the additional ₦500 fee was unfair.

Mrs. Sarah Onifade commended the scrapping of maintenance fees but recounted her experience of being charged twice for a faulty ATM card issued by her bank. “Imagine now that the CBN has added ₦500 to the fee and such issues persist,” she said.

Mr. Victor Agabi said the economic situation does not warrant any increase, while Miss Hafsat Aliyu, a student, called on the CBN to translate circulars into local languages to improve awareness among customers.

Economic experts warned that the policy could worsen financial strain. They stressed the need for transparency, customer engagement, and stronger regulation of banks to prevent excessive charges.

ABUJA, Nigeria (NPA) — Civil servants across Nigeria have expressed cautious optimism following the Federal Government’s approval of increased allowances and welfare benefits, aimed at easing the impact of rising living costs.

The Head of the Civil Service of the Federation, Didi Walson‑Jack, announced on Friday a major review of peculiar allowances and welfare packages designed to improve take‑home pay and morale across cadres.

Speaking to the News Agency of Nigeria (NAN) in Abuja on Sunday, workers welcomed the development but stressed the importance of prompt implementation.

Ms. Benita Solomon, a widow with three children, said the increase would help cushion the effects of subsidy removal and inflation. “I am very excited about this increase and hope sincerely it will be implemented accordingly,” she said.

Mrs. Esther Ibrahim, a Grade Level 12 officer, noted that past announcements had not always translated into actual benefits. “What matters now is the implementation. Food prices are rising daily, and salaries no longer meet basic needs,” she warned.

Mr. Musa Abu, a junior civil servant, said the increase in Duty Tour Allowance and other benefits could ease work‑related financial burdens. Miss Ifeoma Okeke added that the new exit benefit scheme could restore confidence in public service, provided it is faithfully implemented.

Others, however, expressed scepticism. Mr. Sunday Adeyemi recalled that previous approvals did not reflect in workers’ earnings, while Mrs. Zainab Isa stressed that rising food and transport costs demand urgent action.

Economic experts also weighed in. Dr. Gideon Maigida cautioned that inflation could erode the gains unless complementary policies targeting food supply and price stability are introduced. Public finance analyst Mrs. Adenike Adeusi said the reforms could boost morale and productivity but urged transparency and fiscal sustainability.

She highlighted the approval of full Duty Tour Allowance for training and the introduction of an exit benefit scheme as significant steps toward strengthening worker welfare.

The Federal Government has assured that the measures form part of broader reforms under President Bola Tinubu’s administration to support workers and stabilize the economy.

ABUJA, Nigeria (NPA) — The Group Chief Executive Officer of NNPC Limited, Bashir Bayo Ojulari, has highlighted the company’s performance over the past year, citing significant progress across oil and gas production, infrastructure, financial transparency, and organisational reforms.

Presenting the April 2025–April 2026 One Year Mandate Report Summary, Ojulari said the national oil company delivered “steady progress” with measurable results aligned with its strategic objectives.

“Over the past year, we have delivered steady progress against our mandate, with measurable results across production, financial performance, infrastructure, and organisational culture,” he said, describing the report as a demonstration of accountability to Nigerians.

A breakdown of achievements across its key areas of operation is as follows:

Oil and Production Growth

NNPC reported an increase in crude oil trading to 1.71 million barrels per day (bpd)—its highest level in five years. The company’s upstream subsidiary, the NNPC Exploration and Production Limited, also recorded a peak production of 365,000 bpd in December 2025.

The report noted the successful execution of Production Sharing Contracts (PSCs) for PPL 2000 and 2001, described as the first to include comprehensive terms aimed at unlocking deepwater non-associated gas resources.

NNPC further disclosed progress on the long-disputed OPL 245, stating that the issue had been resolved and converted into new PSCs covering PMLs 102 and 103, as well as PPLs 2011 and 2012.

Gas Infrastructure and Supply

In the gas segment, the company announced the completion of the River Niger crossing of the Ajaokuta–Kaduna–Kano Pipeline in July 2025, alongside the commissioning of the Assa North–Ohaji South Gas Processing Plant and its integration with the Obiafu-Obrikom-Oben (OB3) pipeline.

Gas supply reached 7.5 billion standard cubic feet per day (bscf/d) in 2025, supported by key agreements, including a Network Exit Agreement between NGIC and Dangote Fertilizer Limited, as well as supply deals involving Dangote Cement and the Dangote Refinery.

NNPC also advanced the Soku Pipeline optimisation project, launched its Gas Master Plan in January 2026, and signed additional gas supply agreements, including those involving compressed natural gas (CNG).

Refinery Reforms and Investments

On refining, NNPC said it introduced an Incorporated Joint Venture (IJV) model aimed at enabling its refineries to operate as self-financing, globally competitive entities.

The company also confirmed its 7.25 per cent equity stake in the Dangote Refinery, describing the investment as strategic to safeguarding national energy interests.

Partnerships and Market Expansion

The report highlighted expanded international and regional partnerships, including shipping agreements with global firms such as Stena Bulk and Sonangol.

NNPC also recorded the export of a new crude grade, Cawthorne, and the expansion of its Oleum lubricant brand across West Africa.

In addition, the company secured presidential approval for incentives under the OML 118 BSWAP project to support the Final Investment Decision on the Bonga South West Aparo project.

It also sustained crude oil supply to the Dangote Refinery under the “crude-for-naira” arrangement and signed a strategic Memorandum of Understanding with China Gas Holdings Limited and Peiyang Chemical Singapore Pte Ltd to boost gas development.

Financial Transparency and Remittances

On financials, NNPC said it reinstated monthly performance reporting and held its first-ever earnings call in November 2025.

The company also resumed full monthly remittances to the Federation Account Allocation Committee (FAAC), maintaining consistent payments since July 2025.

Workforce and Organisational Reforms

Ojulari noted improvements in health, safety, and environmental (HSE) performance, alongside the recruitment of 1,000 new employees, dubbed “The Tigers.”

The company also introduced a new performance management system to enhance efficiency and accountability and launched the Women in NNPC (WIN) programme to promote inclusion and leadership development.

On organisational restructuring, NNPC said it initiated a major transformation under its “Fit4Future” agenda, aimed at repositioning the company as a globally competitive, profit-driven enterprise focused on execution excellence, sustainable growth, and long-term value creation.

Ojulari reaffirmed NNPC’s commitment to transparency, operational efficiency, and delivering a sustainable energy future for Nigeria.