Category: Business

  • Ghana deploys 100 new buses to boost public transport system

    Ghana deploys 100 new buses to boost public transport system

    ACCRA, Ghana (NPA) — Ghana’s Vice President, Jane Naana Opoku-Agyemang, has commissioned 100 new buses on behalf of President John Mahama as part of efforts to revitalise the country’s public transportation system.

    The commissioning ceremony, organised in collaboration with the Ministry of Transport and Metro Mass Transit Limited (MMTL), forms part of a broader government plan to deploy 300 buses nationwide to improve accessibility and reduce transportation challenges faced by commuters.

    According to a statement issued by the Ghana Presidency, the Vice President commended the management of MMTL led by Managing Director Kale Caesar, alongside partners including MAC Ghana, for supporting the initiative.

    Opoku-Agyemang stated that an efficient, reliable, and affordable transport system remains critical to Ghana’s national development and economic growth.

    She noted that the intervention is designed to improve commuter safety, affordability, convenience, and restore public confidence in mass transit services across the country.

    The Vice President also stressed the importance of proper maintenance culture and disciplined operations to ensure sustainability and value for public investment.

    She further highlighted the government’s long-term vision of expanding local participation in the manufacturing and assembly of transport components as part of efforts to strengthen Ghana’s industrial sector and create employment opportunities.

  • SEC announces transition to T+1 settlement cycle in Nigerian capital market

    SEC announces transition to T+1 settlement cycle in Nigerian capital market

    ABUJA, Nigeria (NPA) — The Securities and Exchange Commission (SEC) has announced that Nigeria’s capital market will adopt a T+1 settlement cycle for equities and commodities transactions starting Monday, June 1, 2026, marking a major step toward faster and more efficient trade settlements.

    In a public notice issued on May 14, 2026, the Commission said the move follows the successful implementation of the T+2 settlement cycle in November 2025 and forms part of its ongoing market modernization drive aimed at enhancing efficiency, reducing risk, and aligning Nigeria’s capital market with global best practices.

    Under the new system, all eligible trades executed in the Nigerian capital market will now settle one business day after the trade date (T+1). The SEC explained that the transition will improve liquidity, minimize counterparty exposure, and strengthen investor confidence.

    Implementation Highlights

    • The T+1 cycle takes effect June 1, 2026.
    • Friday, May 29, 2026, will be the last trading day under the T+2 cycle.
    • Trades executed on May 29 and June 1 will both settle on Tuesday, June 2, 2026.
    • All subsequent trades from June 1 onward will follow the T+1 settlement rule.

    The SEC urged capital market operators, exchanges, clearing and settlement infrastructure providers, registrars, issuers, and other stakeholders to ensure full operational readiness and compliance ahead of the transition.

    The Commission reaffirmed its commitment to market efficiency, investor protection, and global competitiveness, noting that the change will foster a more resilient and transparent trading environment.

  • NNPC accuses Dangote Refinery of seeking fuel market monopoly

    NNPC accuses Dangote Refinery of seeking fuel market monopoly

    LAGOS, Nigeria (Agency Report) — The Nigerian National Petroleum Company (NNPC) Limited has accused the Dangote Petroleum Refinery of attempting to monopolise Nigeria’s fuel market through a legal challenge against fuel import licences issued to rival marketers, according to a Reuters report on Friday.

    Reuters reported that court documents filed by NNPC at the Federal High Court in Lagos argued that granting Dangote Refinery’s request to void or restrict import permits could expose Nigeria to supply disruptions, fuel price instability, and broader national energy security risks.

    The legal dispute centres on a lawsuit filed in April by the Dangote Petroleum Refinery against the Attorney General of the Federation and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

    According to Reuters, the refinery is challenging the issuance and renewal of fuel import licences granted to marketers and NNPC, arguing that such approvals undermine local refining and violate provisions of the Petroleum Industry Act (PIA).

    However, NNPC rejected the claim, insisting that Nigerian law permits the issuance of import licences to companies with refining licences or established records in international crude oil and petroleum products trading.

    The state oil company also argued that regulators possess discretionary powers to manage fuel imports under Nigeria’s backward integration policy and maintained that there is no outright ban on imports except in situations involving domestic supply shortfalls.

    Reuters further reported that NNPC accused Dangote Refinery of failing to provide “credible, independent or verifiable evidence” that it could fully meet Nigeria’s fuel demand or guarantee an uninterrupted nationwide supply.

    The NMDPRA has also reportedly applied to join the case, further widening the legal battle over fuel import policy and Dangote Refinery’s growing market position.

    The dispute comes ahead of Dangote Refinery’s planned initial public offering (IPO) expected in September, raising concerns over future market regulations, fuel import competition, and investor confidence in the 650,000-barrel-per-day refinery project.

    Reuters reported that Dangote Refinery declined to comment on the matter while the case remains before the court.

    NNPC also denied allegations that it deliberately withheld crude oil supplies or sabotaged the refinery’s operations, stating that crude allocations were determined by operational, commercial, security, and logistical considerations.

    The court is expected to hear the matter in the coming weeks, while fuel marketers have also reportedly opposed Dangote’s suit over fears that it could weaken competition and threaten supply security.

    Source: Reuters

  • Africa losing billions annually over poor logistics, connectivity — CILT

    Africa losing billions annually over poor logistics, connectivity — CILT

    ABUJA, Nigeria (NPA) — The Chartered Institute of Logistics and Transport (CILT) Nigeria has warned that Africa is losing billions of dollars annually due to poor connectivity, weak transport infrastructure and inefficient logistics systems across the continent.

    The National President of the institute, Dr Boboye Oyeyemi, disclosed this on Thursday during the 2026 CILT Annual Lecture Series held in Abuja.

    Oyeyemi said inadequate road networks, underdeveloped rail systems, congested ports and limited innovation infrastructure continue to slow trade, discourage investment and hinder economic growth across Africa.

    According to him, despite Africa’s enormous natural resources, growing population, agricultural strength and entrepreneurial potential, poor connectivity remains a major obstacle to development.

    “The roads that should connect farmers to markets are inadequate. The railways that should move cargo across national borders are underbuilt or completely non-existent.

    “The ports that should serve as gateways to the continent are too expensive and congested, while innovation networks that should connect African cities remain too limited and costly,” he said.

    He further lamented that the continent’s logistics systems remain fragmented, underdeveloped and inefficient, making the movement of goods and people difficult and expensive.

    Oyeyemi warned that the connectivity deficit is costing Africa billions of dollars yearly in lost trade, investment opportunities, productivity and human potential.

    He called for stronger collaboration among African governments, institutions and stakeholders to improve transport infrastructure and unlock greater continental trade opportunities.

    Delivering a lecture at the event, the Minister of Aviation and Aerospace Development, Festus Keyamo, said no continent could achieve true economic integration while remaining physically disconnected.

    Represented by the Managing Director of the Federal Airports Authority of Nigeria (FAAN), Olubunmi Kuku, the minister described aviation as a critical economic infrastructure for Africa due to the continent’s vast geographical size and transport limitations.

    According to Keyamo, aviation remains essential because roads and rail systems alone cannot effectively connect many parts of Africa.

    He stressed the need for African countries to prioritise integrated transport infrastructure, policy harmonisation and strategic partnerships to address barriers limiting connectivity.

    “When connectivity improves, investment flows. When investment grows, jobs are created, poverty declines and prosperity expands,” he said.

    The minister urged African nations to transform the Single African Air Transport Market into a practical reality through more flight routes, affordable tickets, modern fleets, efficient airports and stronger regional cooperation.

    “Let us make the African sky a true space of opportunity — open, safe, connected, sustainable and prosperous for all,” he added.

    Keyamo also emphasised that Africa must collectively harmonise legal standards and improve judicial efficiency to build a competitive continental aviation market capable of attracting global investment.

    Speaking at the event, the Vice Chancellor of the Federal University of Transportation, Daura, Prof Umar Katsayal, said research, innovation and manpower development remain critical to advancing Africa’s transport sector.

    He urged governments and institutions to invest in technology-driven transport solutions and human capacity development to achieve sustainable growth.

    The News Agency of Nigeria (NAN) reports that highlights of the annual lecture included awards presented to distinguished guests for their contributions to the institute and the transportation sector.

  • NMDPRA issues compliance directive, warns of sanctions under Petroleum Industry Act

    NMDPRA issues compliance directive, warns of sanctions under Petroleum Industry Act

    ABUJA, Nigeria (NPA) — The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has issued a new industry circular directing all operators to ensure full compliance with the Petroleum Industry Act (PIA) 2021, warning that violators will face sanctions.

    In the circular dated 12 May 2026, Acting Chief Executive Abiodun Adeniji reminded managing directors and chief executives of oil and gas midstream and downstream companies, petrochemical and fertiliser firms, and import/export terminals that all operations — including refining, processing, storage, pipelines, gas networks, importation, exportation, and distribution — fall under the Authority’s regulatory oversight.

    The directive stressed that operating within free zones or export processing areas does not exempt companies from compliance. It further warned that no entity may establish, construct, or operate any midstream or downstream petroleum activity without a valid licence, permit, or authorisation issued by the Authority.

    Under section 48(1) of the PIA, ministries or agencies taking actions that directly impact petroleum operations must consult the NMDPRA before issuing regulations or directives. The circular also cited section 309, affirming that the PIA overrides any conflicting legislation.

    Adeniji cautioned that operators engaging in petroleum activities without proper authorisation will be subject to sanctions in line with the Act, urging all industry participants to ensure immediate compliance.

    “Any person engaging in midstream and downstream petroleum operations without an appropriate licence, permit or authorisation from the Authority shall be subject to sanctions in accordance with the relevant provisions of the PIA,” the circular stated.

  • FAAN assures travellers of enhanced Ebola surveillance at Nigerian Airports

    FAAN assures travellers of enhanced Ebola surveillance at Nigerian Airports

    ABUJA, Nigeria (NPA) — Federal Airports Authority of Nigeria (FAAN) has assured travellers and stakeholders that enhanced preventive measures have been activated across Nigeria’s international airports following recent concerns over the Ebola Virus Disease (EVD) situation in parts of Central Africa.

    According to a statement issued on Tuesday by Henry Agbebire, the authority said it is working closely with the Nigeria Centre for Disease Control and Prevention (NCDC), Port Health Services and other relevant agencies to strengthen surveillance and passenger monitoring at airports nationwide.

    FAAN disclosed that passengers arriving from high-risk regions are currently undergoing intensified health screening procedures as part of efforts to prevent the possible importation of the virus into Nigeria.

    The authority stated that travellers are being screened for symptoms associated with Ebola, while any suspected case would be immediately isolated and subjected to further medical examination in line with national and international health protocols.

    According to the statement, FAAN has also strengthened coordination among relevant stakeholders, intensified staff sensitisation and reinforced emergency response procedures to ensure swift intervention where necessary.

    “While there is currently no confirmed case of Ebola in Nigeria, FAAN remains vigilant and fully committed to safeguarding public health and maintaining safe airport operations,” the statement said.

    The agency advised passengers to remain calm, cooperate with health screening officials and promptly report any symptoms to relevant health authorities.

  • FAAN partners MMIA host communities to strengthen airport safety and security

    FAAN partners MMIA host communities to strengthen airport safety and security

    LAGOS, Nigeria (NPA) — The Federal Airports Authority of Nigeria (FAAN) has reaffirmed its commitment to safeguarding Nigeria’s busiest aviation hub, the Murtala Muhammed International Airport (MMIA), Lagos, by engaging directly with traditional rulers of surrounding host communities.

    Representing FAAN’s Managing Director/Chief Executive, Mrs Olubunmi Kuku, the Director of Public Affairs and Consumer Protection, Mr Henry Agbebire, met with royal fathers from Isolo, Ewu, Shasha, Ejigbo, and Orisumbare kingdoms in a strategic dialogue held earlier today.

    The meeting focused on strengthening collaboration between FAAN and local communities to address critical safety and security challenges. According to FAAN, the initiative underscores the principle that “safety and security are shared responsibilities.”

    Among the key issues discussed was environmental management, particularly the need to mitigate bird strike hazards caused by poor waste disposal practices near the airport. Bird strikes remain one of the most persistent threats to aviation safety, and FAAN emphasised that community cooperation in proper waste management is vital to reducing risks.

    The engagement also highlighted aviation security, with FAAN outlining collaborative strategies to protect lives, property, and critical national infrastructure. The Authority stressed that securing MMIA is not only about protecting passengers and airlines but also about safeguarding Nigeria’s reputation as a regional aviation hub.

    In response, the royal fathers pledged their full support, offering community insights to foster peaceful coexistence and enhance vigilance around the airport environment. They assured FAAN of their readiness to mobilise local structures to ensure compliance with safety directives and to discourage practices that could compromise airport operations.

    FAAN noted that the partnership with host communities is part of a broader effort to build a safer airspace and reinforce Nigeria’s aviation standards in line with global best practices. By involving traditional rulers, the Authority aims to strengthen grassroots participation in airport security, ensuring that communities closest to MMIA play an active role in protecting the facility.

    The Authority reiterated that the success of this initiative depends on sustained cooperation between FAAN and its host communities. “Together with our host communities, we are building a safer airspace,” FAAN stated, emphasising that the partnership is designed to deliver long‑term benefits for both aviation stakeholders and local residents.

    This latest engagement reflects FAAN’s evolving approach to airport management, where community relations are seen as integral to operational safety. With MMIA serving as Nigeria’s premier global gateway, the Authority believes that proactive collaboration with host communities will help secure the airport against environmental hazards, security threats, and other risks that could undermine its efficiency.

    By aligning traditional leadership structures with aviation safety goals, FAAN is positioning MMIA as not only a hub of international travel but also a model of community‑driven security cooperation.

  • CBN retains interest rate at 26.5% amid global economic uncertainty

    CBN retains interest rate at 26.5% amid global economic uncertainty

    ABUJA, Nigeria (NPA) — The Central Bank of Nigeria has retained the country’s Monetary Policy Rate (MPR) at 26.5 per cent following the conclusion of the 305th meeting of the Monetary Policy Committee (MPC).

    Briefing journalists after the meeting, CBN Governor, Olayemi Cardoso, announced that the committee voted to maintain all key monetary policy parameters amid prevailing global economic uncertainties.

    According to Cardoso, the MPC retained the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks, 16 per cent for merchant banks, and 75 per cent for non-Treasury Single Account (non-TSA) public sector deposits.

    The committee also retained the asymmetric corridor around the MPR at +50 and -450 basis points.

    The next meeting of the MPC is scheduled to be held on July 20 and 21, 2026.

    Speaking on efforts to improve access to financing for Small and Medium Enterprises (SMEs), Cardoso said supporting the sector requires collaboration among multiple institutions, including commercial banks, the Bank of Industry, the Ministry of Finance and other stakeholders.

    He said the apex bank sees itself as a catalyst, using available policy tools to encourage financial institutions that previously avoided SME lending to increase support for the sector.

    According to him, the volume of credit extended to SMEs has continued to rise as banks begin to diversify their lending portfolios.

    “In April 2026, the amount of new credit increased to about N199 billion from N153 billion recorded in March, particularly at the retail end of the market. Banks are now more willing to diversify their lending positions,” Cardoso said.

    The CBN Governor also spoke on efforts to protect banking customers from fraud, disclosing that the apex bank recently signed a Memorandum of Understanding with the Nigerian Communications Commission (NCC).

    He explained that the collaboration is aimed at strengthening monitoring systems, reducing operational bottlenecks and improving fraud prevention mechanisms within the financial ecosystem.

    “Between the NCC and the CBN, we can jointly monitor the system and create a more enabling environment that encourages investment,” he stated.

    On the newly launched foreign exchange manual, Cardoso said the initiative is part of broader reforms already introduced through the FX code to improve transparency and stability in the foreign exchange market.

    He noted that the manual, scheduled to take effect from June 1, 2026, is expected to improve consistency, transparency and investor confidence in the market.

    “It is important that all stakeholders have a copy. It will bring consistency and transparency. It will also make it easier for exporters to repatriate their foreign exchange earnings into the system because they will have easy and unfettered access to their funds,” he added.

  • BOI, IFC partner on Abuja Conference and Exhibition Arena project

    BOI, IFC partner on Abuja Conference and Exhibition Arena project

    LAGOS, Nigeria (NPA) — Bank of Industry has signed a cooperation agreement with the International Finance Corporation (IFC) to advance the development of the Abuja Conference and Exhibition Arena (ACE Arena), a proposed world-class conference and exhibition facility in Nigeria’s capital city.

    The multimillion-dollar project, conceived under a Public-Private Partnership (PPP) framework, is expected to strengthen tourism, create jobs, attract private sector investment and unlock long-term economic opportunities in Nigeria.

    According to BOI, the partnership will see IFC provide advisory support for the project’s early-stage development, helping to establish infrastructure that meets international standards of quality, sustainability and global competitiveness.

    The development finance institution stated that the ACE Arena project is part of broader efforts to position Abuja as a major destination for international conferences, exhibitions and business events.

    BOI noted that the collaboration reflects its commitment to supporting transformative infrastructure projects capable of stimulating economic growth and enhancing Nigeria’s global economic profile.

    The bank added that the proposed arena is expected to serve as a strategic platform for investment promotion, business networking and international engagements, while also supporting growth in the hospitality and tourism sectors.

  • Kenyan Government reduces diesel price, suspends transport strike amid fuel crisis talks

    Kenyan Government reduces diesel price, suspends transport strike amid fuel crisis talks

    NAIROBI, Kenya (NPA) — The Government of Kenya has announced a reduction in the price of diesel by KSh 10 per litre as part of measures to cushion citizens from the rising cost of fuel triggered by the ongoing Middle East crisis. The decision follows negotiations between the government and public transport sector stakeholders aimed at easing tensions over high fuel prices.

    In a statement issued on Tuesday, May 19, 2026, the Ministry of Interior and National Administration said the government remains committed to addressing the challenges faced by Kenyans due to global fuel price hikes. It noted that the administration had earlier reduced VAT on petroleum products by 8% and utilised the Petroleum Development Levy to stabilise prices. Despite these interventions, fuel costs remained high, prompting further action.

    The government also adjusted the price of kerosene to bridge the gap with diesel and deter adulteration by unscrupulous dealers. However, public transport stakeholders continued to demand deeper cuts. Following a meeting held on Tuesday morning, both sides agreed to suspend the ongoing strike for one week to allow room for further negotiations.

    The statement, signed by Cabinet Secretary Hon. Kipchumba Murkomen, confirmed that the transport representatives condemned the violence and destruction witnessed during Monday’s protests, distancing themselves from the unrest. The government reiterated its commitment to peaceful dialogue and urged Kenyans to use legal means to express grievances.

    “The Government remains fully committed to addressing concerns raised by Kenyans at all times and calls for peaceful and legal means of airing grievances,” Murkomen said.

    The latest measures, according to the authorities, are part of broader efforts to stabilise fuel prices and maintain public order amid economic pressures.