New Post Africa

Category: Business

  • 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.

  • Ikeja Electric explains recent drop in power supply in parts of Lagos

    Ikeja Electric explains recent drop in power supply in parts of Lagos

    LAGOS, NIGERIA (NPA) — March 24, 2026 — Nigeria’s power distribution company, Ikeja Electric, has issued a public notice to customers explaining the reason behind the recent decline in electricity supply to homes and businesses.

    In the notice dated March 23, 2026, the company clarified that the ongoing reduction in supply is primarily due to a nationwide drop in power generation, caused by limited gas availability to thermal power plants. This challenge has significantly reduced the energy available on the national grid and, consequently, the allocation to Ikeja Electric and other distribution companies across the country.

    As a result, the volume of electricity available for distribution has been severely impacted, leading to noticeable shortages in many communities. The company emphasised that the situation is beyond its direct control, as distribution companies can only share the power allocated to them from the national grid.

    While tendering its apologies for the inconvenience caused, Ikeja Electric expressed appreciation for customers’ patience and understanding during this period. It reiterated its commitment to distributing the available power as efficiently and equitably as possible, ensuring that no area is disproportionately affected.

    The company also assured customers that it is working closely with relevant stakeholders in the power sector to monitor developments and provide timely updates. Ikeja Electric reaffirmed that once gas supply improves and generation levels rise, customers will begin to experience better service delivery.

  • Tony Elumelu’s Foundation commits $16m to empower 3,200 young African entrepreneurs

    Tony Elumelu’s Foundation commits $16m to empower 3,200 young African entrepreneurs

    LAGOS, NIGERIA (Agency Report) — March 24, 2026 — The Tony Elumelu Foundation (TEF) on Sunday unveiled 3,200 new beneficiaries of its 2026 cohort, each receiving a $5,000 empowerment grant for young African entrepreneurs.

    The Foundation said the entrepreneurs would be funded via Heirs Holdings Group Companies, the European Commission, Seme City Development Agency, DEG (German Development Agency), and the IKEA Foundation. Other partners include UNICEF, the Dutch Government, UNDP, and the Rwandan Ministry of Youth and Arts.

    Founder Tony Elumelu described the initiative as vital in providing access to funding, mentorship, coaching, training, and resources to catalyse businesses, drive job creation, and reduce poverty. “With policy clarity and commercial autonomy under President Bola Ahmed Tinubu’s leadership, NNPC Limited is positioned to pursue long-term, value-driven solutions,” he said, stressing that Nigeria remains a credible destination for energy and investment.

    TEF CEO Somachi Chris-Asoluka noted that since 2015, the foundation has disbursed over $100 million to 24,000 entrepreneurs, creating 1.5 million jobs, generating $4.2 billion in revenue, and lifting 3.1 million Africans above the poverty line. She added that 4.1 million households have been positively impacted.

    Chris-Asoluka said TEF will disburse $16 million to support, train, fund, and mentor the 3,200 selected entrepreneurs. Agriculture, retail, AI, ICT, green economy, recycling, education, and healthcare were highlighted as priority sectors.

    The event also introduced six high-achieving alumni from the Democratic Republic of Congo, South Africa, Kenya, Algeria, Mali, and Nigeria, who have transformed TEF’s support into leading businesses across Africa.

  • Nigeria-NNPC’s Ojulari shines as global energy leaders gather in Houston for CERAWeek 2026

    Nigeria-NNPC’s Ojulari shines as global energy leaders gather in Houston for CERAWeek 2026

    INTERNATIONAL (NPA) — March 24, 2026 — Engr. Bashir Bayo Ojulari, Group Chief Executive Officer of NNPC Limited, has been spotlighted at the ongoing CERAWeek 2026 in Houston, themed “Convergence and Competition: Energy, Technology and Geopolitics.”

    CERAWeek 2026, organised by S&P Global, is the world’s premier energy conference, drawing more than 10,000 participants from 89 countries, including top executives, ministers, and innovators. The five‑day event focuses on energy security, the transition to cleaner fuels, and the role of technology in reshaping global markets.

    Other key speakers include Amin Nasser of Aramco, Patrick Pouyanné of TotalEnergies, and Vicki Hollub of Occidental, alongside senior U.S. officials. Discussions highlight the impact of Middle East instability on oil supplies, the growing importance of renewables, and the integration of artificial intelligence into energy systems. The Innovation Agora segment showcases emerging technologies and startups driving the energy transition.

    Widely regarded as the “Davos of energy,” CERAWeek sets the agenda for investment, policy, and innovation at a time when global fuel markets face unprecedented volatility.

    In his presentation, Ojulari reaffirmed Nigeria’s strategic direction, stressing that the government’s approach is deliberate and grounded—anchored on realism, strengthened by partnerships, and driven by disciplined execution.

    “With the policy clarity and commercial autonomy provided under President Bola Ahmed Tinubu’s leadership, NNPC Limited is firmly positioned to pursue long‑term, value‑driven solutions,” he said. Ojulari emphasised that Nigeria today stands as a credible, competitive, and dependable destination for the energy investment the world requires.

  • Strait of Hormuz blockade forces Australia to lower diesel standards amid deepening fuel shortages

    Strait of Hormuz blockade forces Australia to lower diesel standards amid deepening fuel shortages

    INTERNATIONAL (NPA) — March 24, 2026 — Australia has temporarily lowered its diesel standards for six months in a bid to ease nationwide fuel shortages, as hundreds of petrol stations report running out of key fuel types.

    Energy Minister Chris Bowen confirmed that the “flashpoint” for diesel has been reduced from 61.5 to 60.5 degrees Celsius, a move designed to expand supply options from international refiners in the United States, Canada, and Europe. He stressed that the adjustment would have no impact on engines or emissions, while giving Australian refineries greater flexibility to meet demand.

    The decision comes amid mounting pressure on fuel reserves following instability in global energy markets linked to the war in the Middle East. Bowen revealed that 20 per cent of the country’s fuel reserve has already been released, but six scheduled shipments for April were cancelled, forcing reliance on alternate sources.

    Latest figures show widespread shortages: in New South Wales, 164 stations are without diesel and 289 without at least one fuel type; Queensland has 55 stations without diesel and 35 without unleaded; Victoria reports 162 stations with outages; South Australia has 46 affected, while Western Australia and Tasmania report smaller disruptions. The Northern Territory and ACT remain unaffected, though flooding has impacted supply in some areas.

    Reports of informal rationing have emerged, with service stations limiting purchases or restricting jerry can refills. The government has urged Australians to buy only the fuel they need, while the opposition has launched a website, nofuelhere.com.au, to collect community reports of shortages.

    Shadow ministers have called for biofuels to be prioritised as a backup supply, while truck drivers are set to receive new protections under amendments to the Fair Work Act to shield them from rising costs.