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Category: Business

  • Access Holdings’ Aig‑Imoukhuede meets Cameroon Prime Minister as WTO Conference continues

    Access Holdings’ Aig‑Imoukhuede meets Cameroon Prime Minister as WTO Conference continues

    AFRICA (NPA) — 27 March 2026 — The Chairman of Access Holdings PLC, Aigboje Aig‑Imoukhuede CFR, on Friday was received by His Excellency Joseph Dion Ngute, Prime Minister of Cameroon, in Yaoundé.

    The meeting formed part of Aig‑Imoukhuede’s official visit to Cameroon, coinciding with the ongoing 14th Ministerial Conference of the World Trade Organisation (MC14), held from 26–29 March 2026. The high‑level gathering has brought together trade ministers and global stakeholders to deliberate on reforms, e‑commerce, investment facilitation, fisheries subsidies and agriculture.

    The WTO’s Ministerial Conference in Yaoundé is widely regarded as a pivotal event for global trade, placing Cameroon at the centre of international discussions. Decisions taken are expected to shape the future of the multilateral trading system, particularly in areas of reform, agriculture, fisheries and digital trade.

    According to a statement by Access Bank, discussions between the two leaders focused on strengthening collaboration with the Government of Cameroon in line with its economic transformation agenda. 

    Both leaders highlighted support for public finance management, improved access to foreign exchange for priority sectors, infrastructure financing, and the development of sustainable and resilient economic systems. The talks also underscored the importance of private‑sector partnerships in driving inclusive growth and ensuring that Cameroon’s economy remains competitive in the evolving global trade landscape.

  • Ukraine and Saudi Arabia sign defence cooperation pact

    Ukraine and Saudi Arabia sign defence cooperation pact

    INTERNATIONAL (NPA) — 27 March 2026 — Ukraine has signed a landmark defence cooperation agreement with Saudi Arabia, positioning itself as a global security partner following its battlefield experience in the war with Russia.

    The document, signed as part of the meeting between President Volodymyr Zelenskyy and Crown Prince Mohammed bin Salman Al Saud, establishes a framework for future contracts, technological collaboration and investment, while strengthening Ukraine’s role as a security donor.

    In a statement on Friday, Zelenskyy said Ukraine was ready to share its expertise and defence systems with Saudi Arabia to enhance the protection of lives. “Now into the fifth year, Ukrainians are resisting the same kind of terrorist attacks – ballistic missiles and drones – that the Iranian regime is currently carrying out in the Middle East and the Gulf region. Saudi Arabia also has capabilities that are of interest to Ukraine, and this cooperation can be mutually beneficial,” he noted.

    The Ukrainian leader added that discussions also covered the wider Middle East and Gulf situation, Russia’s support for Iran, developments in fuel markets and prospects for energy cooperation.

  • Nigeria’s Finance Minister meets IMF Africa Group III Executive Director

    Nigeria’s Finance Minister meets IMF Africa Group III Executive Director

    ABUJA, NIGERIA (NPA) — 27 March 2026 — Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Friday received Dr Quattara Wautabouna, Executive Director for the IMF Africa Group III (ECOWAS Constituency), during a courtesy visit in Abuja.

    According to a statement from the Ministry, discussions centred on strengthening regional economic coordination and enhancing collaboration within the ECOWAS constituency. The Minister emphasised the importance of continued engagement to support economic stability and shared growth objectives across the region.

    The IMF Africa Group III has been pivotal in supporting economic and institutional projects across West Africa. In Ghana, its US$3 billion Extended Credit Facility (ECF) programme is stabilising the economy through debt restructuring and fiscal reforms. Nigeria, though not under a lending programme, benefits from IMF-backed reforms, such as subsidy removal, improved functioning of the foreign exchange market, and fiscal discipline. Sierra Leone is implementing a 38‑month ECF arrangement worth SDR 187 million (about US$253 million), focusing on macroeconomic adjustment and climate resilience. Liberia has also received disbursements under its ECF programme, including US$26.5 million in October 2025, to strengthen fiscal management and infrastructure.

    Beyond individual countries, the IMF supports regional capacity building through AFRITAC West 2, which covers Nigeria, Ghana, Sierra Leone, Liberia, The Gambia and Cabo Verde. This initiative provides technical assistance and training in public finance, macroeconomic management and financial sector oversight. Collectively, these projects underscore the IMF’s commitment to stabilising economies, reinforcing reforms and building institutional resilience across West Africa.

  • FG, Access Bank reaffirm commitment to women empowerment in creative economy

    FG, Access Bank reaffirm commitment to women empowerment in creative economy

    ABUJA, NIGERIA (Agency Report) — 27 March 2026 — The Federal Government has reaffirmed its commitment to empowering women as key drivers of the creative economy, focusing on access to finance, skills development and leadership opportunities.

    Minister of Art, Culture, Tourism and the Creative Economy, Hannatu Musawa, stated this in Lagos at the International Women’s Day Conference organised by Access Bank Plc, which drew over 5,000 participants onsite and online.

    Represented by CBAAC Director-General Mrs Aisha Adamu, Musawa said women are increasingly leading in business, innovation and social change. She identified culture, capital and courage as critical factors, stressing that culture is both identity and an economic asset. She noted the ministry is repositioning culture through creative hubs, skills development and enterprise support targeting women in film, fashion, digital media and tourism. Women-owned businesses account for about 40 per cent of SMEs but face significant funding gaps.

    “Too many ideas remain small not because they lack potential, but because they lack access to capital,” she said, adding that government is working to unlock targeted funding, strengthen market access and promote women’s inclusion in leadership.

    Access Bank Chairman Mrs Ifeyinwa Osime urged deliberate investment in women as a catalyst for growth, stressing empowerment should be seen as a strategy, not charity. She noted women own 39 per cent of businesses and drive nearly 40 per cent of new enterprises, while SMEs contribute 48 per cent of GDP and over 80 per cent of jobs. Yet financing gaps persist, constraining productivity.

    “No economy can optimise its potential while underinvesting in half its population,” she said, highlighting Access Bank’s W Initiative and Womenpreneur Pitch-a-ton programme, which provides financing, training and healthcare support.

    Former Education Minister Dr Oby Ezekwesili stressed prioritising women’s inclusion, noting that societies transform when such issues are deliberately addressed. She said removing barriers could unlock vast potential, with agricultural output rising by up to 30 per cent if women had equal access to inputs. She commended Access Bank’s interventions and urged women to invest in knowledge, build partnerships and seek financing opportunities. In a one-on-one session, she emphasised shared values as “our internal currencies.”

    Mrs Nene Kunle-Ogunlusi, Group Head, Women Banking, Access Bank, said the bank remains committed to supporting women across all segments, citing a recent Women’s Day programme for market women in Oyingbo, Lagos, offering free health checks, beauty services and financial education.

    Stakeholders called for sustained collaboration between the government and the private sector to expand opportunities for women and drive inclusive growth. (NAN).

  • TCN commends SSAEAC executives for sustaining peace, security, and industrial harmony

    TCN commends SSAEAC executives for sustaining peace, security, and industrial harmony

    ABUJA, NIGERIA (NPA) — March 26, 2026 — The Transmission Company of Nigeria (TCN) has formally recognized and commended the Senior Staff Association of Electricity and Allied Companies (SSAEAC), CHQ Branch Executives, for their steadfast commitment to fostering peace, stability, and industrial harmony within the organization, even in the face of persistent challenges confronting the nation’s power sector.

    The commendation was delivered by Mrs Abiodun Afolabi, Executive Director of Human Resources & Corporate Services, during the First Quarter 2026 Consultative Committee Meeting between TCN Management and SSAEAC Branch Executives, held on Wednesday, March 25, at the company’s corporate headquarters in Abuja.

    Mrs Afolabi highlighted that the consultative forum served as a crucial platform for management and union leaders to engage in constructive dialogue on pressing issues affecting operations, security, and staff welfare across the country. She stressed that such collaborative engagements not only strengthen organisational resilience but also remain vital to sustaining peace within the transmission network and ensuring the continued preservation of industrial harmony nationwide.

  • Equities edge higher as ngx records gains, market bullish

    Equities edge higher as ngx records gains, market bullish

    LAGOS, NIGERIA (NPA) — March 25, 2026—Trading activities on the Nigerian Exchange (NGX) closed on a positive note today, March 25, 2026, with equities edging upward amid cautious investor sentiment. According to figures released by the NGX, the All Share Index (ASI) advanced slightly, closing at 200,925.75 points, representing a +0.11% gain.

    This modest uptick pushed the Equity Market Capitalization to ₦128.97 trillion, reflecting renewed investor confidence in select blue-chip stocks. Analysts noted that the upward movement, though marginal, underscores resilience in the equities market despite broader macroeconomic uncertainties.

    Meanwhile, the Exchange Traded Products (ETPs) market recorded a significant surge, climbing +7.29%. Market watchers attributed this sharp rise to increased demand for diversified investment instruments, as investors sought alternatives to traditional equities.

    In contrast, the Fixed Income market held steady at ₦48.12 trillion, showing no major shifts in bond prices or yields. This stability, experts say, reflects investor caution ahead of anticipated monetary policy decisions and global oil market volatility.

    Overall, today’s trading session highlighted a balanced performance across asset classes, with equities and ETPs driving momentum while fixed income remained stable. Market analysts expect continued cautious optimism as investors monitor both domestic economic indicators and international developments.

    The NGX emphasized its commitment to transparency and efficiency in reporting daily trading activities, noting that today’s gains, though modest, contribute to sustaining confidence in Nigeria’s capital market.

  • Ukraine’s drone offensive halves Russia’s oil shipments as global oil markets hangs in the balance

    Ukraine’s drone offensive halves Russia’s oil shipments as global oil markets hangs in the balance

    INTERNATIONAL (NPA) — March 25, 2026: Russia’s ambitions to cash in on soaring global oil demand amid Middle East turmoil have suffered a devastating setback, as Ukrainian drone attacks cripple nearly half of its export capacity.

    Massive fires erupted at Russia’s Baltic Sea ports, Primorsk and Ust-Luga, forcing the suspension of oil shipments for the second time in a week. The Ust-Luga terminal, which handles about 700,000 barrels of oil daily, was struck overnight, sparking an inferno that continues to rage. The port is a vital hub for petroleum products, coal, and fertilizers.

    Primorsk, Russia’s largest Baltic oil port with a capacity of 1 million barrels per day, was also targeted earlier on March 22. That strike ignited fuel storage tanks, halting operations and compounding the disruption.

    The scale of the damage is staggering: about 2 million barrels per day—roughly 40% of Russia’s export capacity—has been knocked offline. Novorossiysk, another critical port on the Black Sea, has also faced interruptions following a drone attack earlier this month.

    MarineTraffic data shows at least 50 vessels stranded in the Gulf of Finland, awaiting clearance to dock at the paralyzed ports. Local media, including Helsingin Sanomat, report that smoke from Ust-Luga’s burning fuel tanks—33 in total, with capacity exceeding 500 rail tank cars—is visible from Finland’s coastline, stretching for dozens of kilometers.

    Russia’s oil lifeline to global markets now hangs in the balance, as Ukraine’s precision strikes continue to dismantle Moscow’s export infrastructure.

  • Two regulators unite: CAC and NCC collaborate for transparency and economic growth

    Two regulators unite: CAC and NCC collaborate for transparency and economic growth

    ABUJA, NIGERIA (NPA) — March 25, 2026: The Corporate Affairs Commission (CAC) has entered into a strategic partnership with the Nigerian Communications Commission (NCC), aimed at boosting transparency and driving sustainable economic growth.

    The announcement was made in Abuja during a courtesy visit by the Executive Vice Chairman/CEO of NCC, Dr. Aminu Maida, to the Registrar-General/CEO of CAC, Hussaini Ishaq Magaji, SAN.

    According to a statement from CAC, the meeting focused on two key areas of collaboration. Dr. Maida commended CAC’s remarkable strides in digitization and expressed NCC’s readiness to leverage CAC’s expertise to strengthen its licensing processes. He emphasized the importance of ensuring compliance with the Nigerian Communications Act, 2003, particularly regarding shareholding and control structures within licensed companies.

    Dr. Maida stressed that closer collaboration with CAC would guarantee greater transparency and efficiency in NCC’s operations.

    Responding, CAC’s Registrar-General, Hussaini Ishaq Magaji, SAN, highlighted the shared ideals of both regulators in promoting economic growth. He noted that CAC, in line with the Renewed Hope Initiative of the current administration, is already partnering with other regulatory bodies to enhance service delivery. Magaji showcased several CAC products and services that NCC could adopt to improve its operations and pledged full support to NCC’s requests for enhanced collaboration.

  • IBEDC announces routine maintenance, Kwara communities to face power outage

    IBEDC announces routine maintenance, Kwara communities to face power outage

    IBADAN, NIGERIA (NPA) — March 25, 2026: The Ibadan Electricity Distribution Company Plc (IBEDC) has issued a formal notice of routine maintenance for the Kwara Region, announcing that the exercise will result in temporary power outages across several communities under its jurisdiction.

    In a statement released on Wednesday, IBEDC explained that the scheduled maintenance will affect the Omu Aran 33KV, Egbe 33KV, Oro-Ago 33KV, Isanlu Isin 33KV, and Landmark 33KV feeders. Consequently, the following communities are expected to experience interruptions in electricity supply: Landmark University, Omu Aran, Oke Agbede, Ipetu, Rore, Aran Orin, Ora-Igbomina, Ilofa, Owa, Osi, Eruku, Odo Owa, Odo Ere, Olla, Omugo, Thomas Adewumi University, Isin, Owu Isin, Ijara Isin, Oke Onigbin and surrounding environs on Thursday, March 26, 2026.

    The company emphasized that its technical team is already mobilized to ensure that power supply is restored as quickly as possible once the maintenance work is completed. IBEDC further reassured its customers of its commitment to improving service delivery and expressed sincere apologies for the inconvenience caused to its numerous consumers across the affected areas.

  • Akume inaugurates PENCOM Board, charges members on accountability

    Akume inaugurates PENCOM Board, charges members on accountability

    ABUJA, NIGERIA (NPA) — March 24, 2026 — Senator George Akume, Secretary to the Government of the Federation (SGF), has inaugurated the Board of the National Pension Commission (PENCOM), urging members to uphold accountability and transparency in safeguarding the retirement savings of Federal Government workers.

    Akume underscored the clarity of their mandate, which includes providing strategic direction, policy guidance, and effective oversight in line with the Pension Reform Act 2014. “Today’s inauguration underscores the Federal Government’s unwavering commitment to a pension system that is transparent, resilient, and trusted by all,” he said. He warned against encroaching on operational responsibilities, reaffirming President Bola Ahmed Tinubu’s commitment to addressing pension liabilities and ensuring retirees are paid with dignity and timeliness.

    The Board, chaired by Dr. Opeyemi Agbaje, includes Hon. Hafiz Muhammad Kawu Ibrahim, OON (Commissioner, Technical); Samuel Chigozie Uwanda, CPA (Commissioner, Inspectorate); Charles Efe Sylvester Emukowhate (Commissioner, Finance); Bello Abubakar Malabu (Commissioner, Administration); Dr. Abdul Sule Usman Garba (Permanent Secretary, Service Welfare Office); Mrs. Aderonke J. Jaiyesimi (Federal Ministry of Finance); Comrade Joseph Ajaero (Nigeria Labour Congress); Tajuddeen Ubayi (Trade Union Congress of Nigeria); Comrade Godwin Ikechukwu Abumisi (Nigeria Union of Pensioners); Adewale Smatt‑Oyerinde (Nigeria Employers Consultative Association); Dr. Muhammad Sani Abdullahi (Central Bank of Nigeria); Dr. Emomotitmi Agama (Securities and Exchange Commission); Dr. Umaru Kwairanga (Nigerian Stock Exchange); and Mr. Olusegun Ayo Omosehin (National Insurance Commission).

    Speaking on behalf of the Board, Dr Agbaje assured alignment with governance principles, pledging integrity, accountability, and a clear distinction between oversight and management. He thanked President Tinubu for the appointment and emphasised leveraging pension funds as a catalyst for national development.

    Earlier, Dr Ibrahim Abubakar Kana, mni, Permanent Secretary, General Services Office, noted that reforms have strengthened PenCom as a key institution safeguarding retirement savings, impacting both current retirees and serving public servants.