The Nation Newspaper

Category: Business

  • Platform eyes 1m women traders

    Platform eyes 1m women traders

    A coalition of international business groups has unveiled the Global Trade Accelerator (GTA), a new digital platform designed to connect one million women-led enterprises to global markets.

    The initiative, launched under the Connecting One Million Women to Trade (C1WT) programme, is positioned as one of the most ambitious efforts to scale women’s participation in cross-border commerce.

    Organisers estimate that the platform could unlock up to $900 billion in new trade opportunities across Africa, the Caribbean, the Americas and diaspora markets, offering integrated tools for onboarding, market access, policy support, financing and global marketplace linkages.

    The platform made its debut at the GUBA Trade and Investment Conference in Barbados before a multi-country rollout in Accra, Ghana.

    The Barbados launch, held under the patronage of Prime Minister Mia Amor Mottley, drew high-level attendees including President Dame Sandra Mason of Barbados; Grenada’s Prime Minister, Dickon Mitchell; the Asantehene, Otumfuo Osei Tutu II; and senior representatives from Mastercard and the Barbados Chamber of Commerce & Industry.

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    Former Costa Rican Vice President, H.E. Epsy Campbell Barr, described the platform as “a collaborative framework to accelerate women-led trade across the Atlantic corridors.”

    A follow-up forum in Accra convened delegates from Ghana, the United States, Liberia, Nigeria, Jamaica and the United Kingdom. Hosting the meeting, Ghana National Chamber of Commerce & Industry (GNCCI) President, Stéphane Abass Miezan, said the initiative reinforces Ghana’s role in intercontinental trade.

    “This initiative positions Ghana as a critical bridge in global commerce. By supporting the rollout of the GTA, we are putting in place structures that enable women to participate competitively and confidently in international markets,” Miezan said.

    The U.S.-based National Black Chamber of Commerce also announced new financing tools to help women-owned businesses prepare for cross-border investment.

    C1WT founder, Dr. Ky Dele, said the platform marks a decisive transition from advocacy to infrastructure.

    “From Bridgetown to Accra, we are moving from symbolism to structure. C1WT exists to build an architecture where the grassroots connects with the grasstops, and where women-led enterprises finally have a unified global system that allows them to scale beyond borders,” she said.

    A live demonstration in Accra showcased the GTA’s multilingual onboarding, digital KYC tools, workflow dashboards and global marketplace linking women entrepreneurs across 102 countries. Messages of support also came from Senator Ireti Kingibe and former Nigerian Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, reinforcing the platform’s potential in boosting women-led trade across continents.

  • AfDB boosts Nigeria’s energy transition programme with $500m

    AfDB boosts Nigeria’s energy transition programme with $500m

    The African Development Bank (AfDB) Group has approved a $500 million loan to the Federal Government to finance the second phase of its economic governance and energy transition support programme (EGET-SP).

    EGET-SP is an initiative aimed at accelerating the transformation of the country’s electricity infrastructure and improving access to cleaner sources of energy.

    On August 24, 2022, the Federal Government launched Nigeria’s energy transition plan as a major pathway in achieving universal energy access by 2030 and a carbon-neutral economy by 2060.

    The government said the plan was designed to tackle energy poverty and the climate change crisis, as well as deliver sustainable development goal seven (SDG7) by 2030 and net zero by 2060.

    AfDB, on August 1, approved a loan of $500 million to Nigeria to finance the first phase of the energy transition programme.

    In a statement yesterday, AfDB said the scheme’s policy-based operation is for fiscal years 2024 and 2025.

     “The second phase of the programme aims to stimulate inclusive growth by accelerating structural reforms in the energy sector, while supporting progressive reforms of fiscal policy to boost non-oil revenues and expand fiscal space,” the bank said.

    According to the lender, the programme will place emphasis on three core areas.

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    “First, the programme will deepen fiscal policy reforms by strengthening public financial management systems and enhancing the transparency and efficiency of public spending,” AfDB said.

    “Second, it will accelerate the reform of the power engineering sector to reduce energy poverty, expand access to energy, improve sector governance, and attract private investment.

    “Third, it will support implementation of the energy transition plan through measures that promote climate change adaptation and mitigation, including the introduction of energy-efficiency standards for electrical appliances.”

    According to the financial institution, Nigeria’s nationally determined contribution (NDC) will also be updated for the 2026 to 2030 period.

    “The programme’s direct beneficiaries are the Federal Ministry of Power, the Federal Ministry of Finance, the Federal Inland Revenue Service, the Office of the Auditor General, the Debt Management Office, the National Climate Change Council of Nigeria (NCCC), the Federal Ministry of the Environment, the Nigerian Electricity Regulatory Commission (NERC), and other bodies responsible for social and economic policies,” the statement reads.

    “Benefits will also accrue to private businesses in the form of improved investment climate and opportunities in the energy sector at the level of individual states of the Federation, and from the creation of an environment more conducive to public-private partnerships.

    “As of 31 October 2025, the active portfolio of the African Development Bank Group in Nigeria comprised 52 projects with a total commitment of $5.1 billion.”

    Commenting on the development, Director-General of the office of the AfDB in Nigeria, Abdul Kamara, said the new phase will reinforce and build on the achievements of the first phase.

  • REAN to deploy renewable power solutions to 2,000 SMEs

    REAN to deploy renewable power solutions to 2,000 SMEs

    The Renewable Energy Association of Nigeria (REAN) aid it is taking decisive steps to improve energy access by deploying renewable power solutions to 2,000 Small and Medium Enterprises (SMEs) over the next two years.

    The association made this known while raising fresh concerns over Nigeria’s energy crisis, revealing that no fewer than 85 million citizens still live without electricity. 

    Speaking during Day 2 of the 2025 Renewable Energy Conference, themed “Stronger Together: Advancing Energy Access Through Policy, Finance, and Inclusion,” REAN President Ayo Ademilua said the gathering aims to spotlight the current state of the renewable energy sector and deepen engagement with policymakers and investors.

    Ademilua said the initiative, implemented in partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), is designed to ease the energy burdens facing small businesses across the country.

    He noted that a recent REAN survey of 1,026 MSMEs in Lagos and Abuja showed that over 90% of women-led enterprises suffered adverse effects from the 2023 fuel subsidy removal, stressing that SMEs contribute about 48% of Nigeria’s GDP.

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    According to him: “Nigeria is at a critical point in its energy development. With over 85 million citizens still without reliable electricity, the call for sustainable, affordable, and scalable energy solutions has become more urgent than ever. Today, REAN stands firmly committed to advancing the policies, partnerships, and innovations that will shape a cleaner and more inclusive energy future for our nation.”

    He described the 2025 conference as a defining platform that brings together policymakers, financiers, manufacturers, academia, civil society and energy users to explore pathways for unlocking finance, strengthening policy, and deepening inclusion across the renewable energy value chain.

    Ademilua highlighted several of REAN’s ongoing advocacy efforts, including a major milestone achieved through its partnership with Heinrich Böll Stiftung (HBS), which led to the development of a Policy Brief on Naira-Based Concessionary Loans for Renewable Energy Projects.

    He explained: “This policy proposal calls for single-digit interest loans, long-term local currency facilities, and improved risk-sharing frameworks that make clean energy more affordable for developers, SMEs, and especially women-led businesses.”

    He said REAN is pushing for accessible financing options, improved tariff structures, and sustainable business models to strengthen mini-grid viability, particularly in rural and underserved communities.

    The REAN President added that building local capacity remains a central priority, emphasizing ongoing efforts to equip Nigeria’s workforce with the relevant technical skills needed in the rapidly expanding renewable energy sector.

    Addressing issues around a possible solar importation ban, he said: “REAN is leading efforts to promote local manufacturing capability, reduce dependency on imports, attract investment, and ensure that any policy measures enable, rather than hinder, industry growth. Strengthening local content is crucial for job creation and long-term energy security.”

    Ademilua also reaffirmed REAN’s commitment to supporting SMEs through targeted financing and technical support, adding that the association is partnering with SMEDAN to deploy clean energy solutions in 1,000 SMEs nationwide through its network of developers and SMEDAN’s Common Facility Centres (CFCs).

    He further disclosed the association’s REAN Safe Solar Campaign, which promotes technical competence, safety, and best practices among renewable energy installers to ensure consumer protection and sector-wide standardization.

    He said the 2025 conference features policy dialogues, technical sessions, research presentations and exhibitions from innovators advancing mini-grid expansion, financing models for MSMEs, local manufacturing opportunities, and inclusive energy access.

    “As an association, we believe Nigeria’s renewable energy transition is not just a technical challenge, it is a collaborative mission,” Ademilua said.

    Meanwhile, Chairman/CEO of IRS Green Energy Limited, Alhaji Rabiu Isyaku Rabiu, disclosed that the company has successfully produced electric motorcycles for the Nigeria Police Force to support security operations. He added that it has also manufactured similar motorcycles for the Federal Road Safety Commission (FRSC) to help reduce road crashes.

    Rabiu said the company is also rolling out affordable electric motorcycles and solar-powered tricycles for public use to cushion the effects of fuel subsidy removal.

    Similarly, the President of the Electric Mobility Promoters Association of Nigeria (EMPAN), Engr. Dapo Adesina, urged Nigerians to adopt electric vehicles, describing them as more economical compared to fuel-powered alternatives.

  • FG restates support for private-sector Investments

    FG restates support for private-sector Investments

    The Federal Government has pledged continued support for private-sector investments capable of driving industrialisation, expanding supply chains and creating sustainable employment across the country.

    In a statement by the Ministry of Finance on Wednesday, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said the government was committed to working closely with local manufacturers whose investments are strengthening Nigeria’s productive base. 

    He gave the assurance during a meeting in Abuja with executives of Folay West African Limited, where the company presented its expansion plans aimed at boosting domestic manufacturing and deepening the agricultural value chain.

    Folay Industries, a Nigerian-owned fast-moving consumer goods manufacturer operating from the Lekki Free Zone, has invested more than N11 billion in local production. 

    According to the ministry, the company sources grains domestically and has continued to create employment opportunities through backward integration. It is also one of several indigenous manufacturers replacing imports with competitive products made in Nigeria.

    Edun, who welcomed the company’s progress, said: “Initiatives such as those undertaken by Folay Industries reflect the movement toward value-added production, which is vital for economic diversification and long-term growth.” He added that the administration would continue to encourage private-sector initiatives that strengthen Nigeria’s industrial capacity and contribute to national development.

    The meeting, the ministry noted, demonstrated the government’s steady support for the manufacturing sector at a time when the country is navigating the demands of diversification. “Partnerships with the private sector will be central to driving growth, creating jobs and building a resilient economy capable of securing a brighter future for Nigeria,” the statement added.

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    In a separate development,  Edun on Tuesday chaired the 64th Regular Meeting of the Nigeria Customs Service Board, where key leadership appointments and promotions were approved to enhance operational effectiveness and support the ongoing transformation of the Service.

    The Board confirmed five Deputy Comptroller-Generals and eight Assistant Comptroller-Generals in line with the Nigeria Customs Service Act, 2023 and the Federal Character principle. It also approved Special Promotions for ten officers who were recognised for what the ministry described as “exceptional professionalism and significant contributions to national revenue and security.”

    The ministry explained that the reforms form part of a continuing effort to modernise Customs operations, improve leadership succession and strengthen trade facilitation, transparency and border management. 

    As Nigeria expands non-oil revenue sources and promotes private-sector–driven growth, a more agile and technology-driven Customs Service is expected to play a critical role in reducing bottlenecks, improving clearance timelines and enhancing competitiveness under the African Continental Free Trade Area (AfCFTA).

  • Akinosho’s faulty view and a regulator’s achievements

    Akinosho’s faulty view and a regulator’s achievements

    • By Bukola Olasanmi 

    On the surface, the piece published in the online and PDF editions of the Africa Oil+Gas Report on 24 November 2025 under the title “The irregularities of the regulator will keep Nigeria’s upstream underachieving” wears the respectable garb of a professional intervention designed to stimulate debate and provoke corrective action.

    A closer, honest reading instantly betrays the personal grievance of the publisher, Toyin Akinosho, who disguised his private shopping list as an “editorial.” The deliberate distortion of facts, the selective deployment of half-truths, and the insertion of outright falsehoods disgrace the very idea of an editorial—an exercise that is meant to be impartial, disinterested and committed solely to the public good. For the remainder of this rebuttal, therefore, the article will be correctly described as Akinosho’s opinion piece, not as any official editorial of the Africa Oil+Gas Report.

    To dignify it with the label “editorial” would be an insult to every serious publication that has ever taken a principled stand on issues of national importance. Were he still resident in Nigeria rather than safely ensconced abroad, a strong case could be made for charging him with criminal defamation and cyber-stalking.

    Had he kept his resentments private, some people might still have mistaken his silence for wisdom. 

    One would not be surprised if, cornered by the collapse of his latest stunt, he resurrects his decade-old trick of claiming “assassination attempts”. His only plausible plea at this point is ignorance; everything else is already on full display.

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    Akinosho’s tirade against the NUPRC (and by extension its leadership) conveniently omits the elementary truth that attracting investment into any sector is never the responsibility of a single regulator acting in isolation. Global capital flows are shaped by security, fiscal policy, judicial certainty, infrastructure, and a dozen other variables. A responsible analyst would at least have acknowledged the devastating impact of Nigeria’s lingering insecurity on investor confidence. 

    Instead, Akinosho remained silent on the subject, preferring to train his guns exclusively on the Commission while pretending the broader context does not exist. Yet even within this hostile operating environment, the NUPRC under Engr. Gbenga Komolafe has delivered results that no honest observer can dismiss as modest. 

    The aggressive roll-out of improved metering infrastructure has driven crude-oil theft and losses to a 16-year low by mid-2025. The 2024–2025 divestment programmes and licensing rounds have been widely praised for transparency and competitiveness. The Project One Million Barrels incremental initiative has already added approximately 250,000 barrels per day of sustainable production. These are verifiable, quantifiable achievements—facts that sit uncomfortably with Akinosho’s narrative of failure and therefore had to be ignored entirely.

    The mask slips completely in the seventh paragraph, where he laments: “Hopes that NUPRC’s appointment earlier this year of a professional with business journalism experience and a track record of demanding transparency from powerful individuals and institutions as its head of communications would lead to predictable and timely release of data have been dashed.”

    Translation: “They should have given the job to me. I have a geology degree, industry exposure, and I run a newsletter. Fire the current spokesman and install me instead.” 

    It is a naked, pathetic job application dressed up as public-interest commentary. One sincerely hopes that the Commission Chief Executive, Engr. Gbenga Komolafe, treats this with the contempt it deserves. Intellectual laziness is the kindest explanation for such a shoddy, narrow-gauge outburst. 

    The days when Akinosho could simply harvest data from the NUPRC website, repackage it with minimal effort and flog it abroad as “exclusive insight” are over. The Commission now releases timely, detailed, world-class data directly to the public—cutting out the middlemen. That is the real source of his rage: the tap has been turned off.

    Let Toyin Akinosho understand this clearly: his attempt to denigrate an institution that has become a benchmark of competence and transparency in Nigeria’s public sector is doomed to fail—now and always.

    This November 2025 tantrum is not the cry of a wounded patriot; it is the death rattle of a business mode rendered obsolete by competence and openness. 

    • Olasanmi is a legislative writer with a focus in oil and gas
  • NUPRC’s decarbonization requirement for upstream project thrills IAE

    NUPRC’s decarbonization requirement for upstream project thrills IAE

    The International Energy Agency (IEA) has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for embedding decarbonization requirements into upstream project approvals.

    The commendation was when NUPRC hosted a high-level delegation from the International Energy Agency (IEA) at its Headquarters in Jabi, Abuja, during a courtesy visit aimed at strengthening strategic collaboration on data integrity, energy transition, investment climate, and upstream sector governance.

    The delegation was received by the Commission Chief Executive (CCE), Gbenga Komolafe, who reaffirmed the Commission’s unwavering commitment to transparent regulation, investor confidence, and sustainable development in line with the provisions of the Petroleum Industry Act (PIA) 2021.

    This was made known in a press statement issued by NUPRC, Head of Media and Strategic Communication, Mr. Eniola Akinkuotu issued yesterday.

    According to the statement, Komolafe noted that the PIA has created a predictable, rule-based fiscal and governance framework that continues to inspire renewed investor confidence. 

    He highlighted that the Commission has, within four years, developed and gazetted seventeen regulatory instruments in close consultation with industry stakeholders enhancing clarity, reducing discretion, and promoting an enabling environment for capital inflow.

    “The PIA provides a transparent, commercially-viable, and investor-friendly regulatory foundation. Our commitment is to sustain regulatory certainty, deepen stakeholder confidence, and align Nigeria’s upstream sector with global best practices,” the CCE stated.

    In her remarks, the IEA Africa Programme Manager, Rita Maderia, commended NUPRC for embedding decarbonization requirements into upstream project approvals, noting that the Commission’s policy of integrating green strategies into Field Development Plans (FDPs) aligns with global funding expectations for low-carbon projects.

    The IEA reiterated that Nigeria’s gas resources remain pivotal to closing Africa’s energy access deficit, where nearly 600 million people lack electricity. 

    The Agency emphasized that even if Africa fully develops its identified gas reserves, global emissions would rise by only 0.5%, underscoring the minimal climate impact and the continent’s right to energy development.

    The IEA also expressed readiness to:

    Provide Nigeria access to select market intelligence products such as the Monthly Oil Market Report.

    Host joint workshops on gas monetization and Africa’s energy transition.

    Expand technical-level data exchanges with NUPRC experts.

    Support Nigeria’s participation in high-level international energy forums.

    Engr. Komolafe highlighted the Commission’s efforts to safeguard the integrity and commercial value of upstream data. 

    He disclosed that the Commission is enhancing its digital data management systems.

    “Authoritative, professionally validated data remains essential for investor confidence and sector credibility. We are ensuring proper utilization, protection, and value optimization of Nigeria’s upstream data,” the CCE added.

    He emphasized that NUPRC will maintain an open-door policy to foster continuous engagement with the IEA and other development partners as Nigeria positions itself as a leader in Africa’s energy transition and upstream investment growth. 

  • Centre hails NUPRC, Komolafe for leading outstanding reforms in oil and gas sector

    Centre hails NUPRC, Komolafe for leading outstanding reforms in oil and gas sector

    The Centre for Energy Market Stability and Reforms (CEMSR) has praised the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for what it described as outstanding reforms that have restored confidence, improved governance and strengthened investment prospects in the nation’s oil and gas sector.

    In a statement issued on Wednesday, Dr. Musa Garuba, executive director of CEMSR, said the commission under Engr. Gbenga Komolafe has delivered some of the clearest gains seen in the upstream industry in recent years. 

    He noted that improved regulatory clarity, enhanced transparency and stronger field oversight have repositioned Nigeria as a more attractive upstream destination.

    Garuba said the commission has demonstrated what he called “effective and visionary leadership” by accelerating approvals, improving compliance frameworks and eliminating long-standing operational bottlenecks that previously discouraged investors.

    According to him, the upward movement in rig count, the rise in field development activities and renewed interest from global operators reflect the impact of the reforms.

    “The leadership of NUPRC has brought stability to a sector that was once defined by unpredictability. Investors are responding positively because they see a regulator that is firm, knowledgeable and committed to the long-term growth of the industry,” Garuba said. 

    The Centre noted that the commission’s work has produced significant operational improvements, including quicker decision-making, better monitoring of assets, and more reliable production data. 

    The group said these developments have been critical in restoring credibility to Nigeria’s upstream reporting system and encouraging capital inflows.

    Garuba added that the commission’s approach to licensing, particularly its emphasis on transparency and equal access, has rebuilt trust among domestic and international operators. 

    He said the forthcoming licensing round scheduled for December 2025 is expected to attract strong global participation because of the confidence NUPRC has cultivated.

    “The investment community watches closely, and what they are seeing is a regulator that is strengthening the rules, improving enforcement and communicating clearly. These reforms are already contributing to improved production performance and are laying the groundwork for meeting national output and reserves targets,” he said.

    The group also commended NUPRC for deepening the use of technology in regulatory operations, including digital reporting platforms and modern data management systems. It described these tools as essential for transparency, efficiency and global competitiveness.

    CEMSR urged state institutions, industry operators and partners to support the ongoing reforms so that the gains recorded in the past year are sustained. 

    The group said NUPRC’s leadership model demonstrates the role strong institutions can play in driving economic progress.

    “What the commission is doing is vital for the future of Nigeria’s oil and gas sector. NUPRC under Engr. Komolafe has shown that with professionalism, discipline and a clear vision, our upstream industry can compete globally and deliver meaningful benefits to the country,” Garuba added.

  • RSA enrolment nears 11 million

    RSA enrolment nears 11 million

    • Pension coverage remains low amid Nigeria’s expanding workforce

    Nigeria’s Contributory Pension Scheme (CPS) has recorded a total of 10,928,039 Retirement Savings Account (RSA) holders in September 2025, rising from 10,882,661 in August.

    This was shown in the latest summary report from the National Pension Commission (PenCom) and obtained by The Nation.

    The figure marks a steady increase in pension enrolment, further establishing the CPS as Nigeria’s most reliable long-term savings and retirement plan.

    Despite the growth, penetration remains significantly low, especially when compared to Nigeria’s estimated 70 million-strong workforce.

    This means less than 16 per cent of Nigerian workers are currently covered under the formal pension system.

    Experts said this figure reflects the challenges in onboarding the informal sector and enforcing compliance among small and medium enterprises (SMEs).

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    “We’ve made some progress, but clearly, a large portion of the labour force remains outside the pension net,”said.

    A Lagos-based pension analyst, Mr. Ladi Balogun said the Micro Pension Plan needs stronger incentives and more grassroots engagement to drive inclusion.

    The Micro Pension Scheme, introduced in 2019 to include artisans, traders, and other informal workers, has yet to achieve the scale necessary to significantly move the needle, he stated.

    Another CEO of TrustPension Ltd, Aisha Sule said they must go beyond awareness and adopt mobile and tech-driven platforms to reach Nigeria’s informal sector, where the real numbers lie.

    She noted that digital integration, ease of contribution, and trust will be key.

    The Director-general, PenCom, Mrs. Omolola Oloworaran has also reiterated its commitment to strengthening enforcement and encouraging voluntary contributions to boost overall pension assets and retirement income security.

    Speaking on improving contributor numbers and broadening worker coverage under the Scheme, she emphasised that the CPS must evolve beyond a narrowly formal‑sector focus

    “The success of this national reform rests on its implementation in every state, local government, and across the informal sector.

    “We will continue to enforce employer compliance. Every naira deducted must be remitted. Every contribution must be properly accounted for. Every worker must be assured their future is secure.

    “Our strategic inclusion through the Personal Pension Plan and informal‑sector access will continue. It is part of our expansion initiatives targeting self‑employed and informal workers, and nationwide sensitisation programmes across all six geopolitical zones”, she posited. 

  • IEI announces leadership transition

    IEI announces leadership transition

    International Energy Insurance Plc has announced the stepping down of Mr. Olasupo Sogelola from his role as Managing Director and Chief Executive Officer. The resignation took effect from November.

    In a statement in Lagos, the company stated that under Mr. Sogelola’s stewardship, IEI recorded significant achievements that underscored its turnaround story and renewed strength.

    According to the company, his tenure marked a remarkable chapter in the company’s history, defined by growth, resilience, and strategic progress.

    In his stead, the Board of IEI Plc has appointed Dr. Joyce Odiachi as Acting Managing Director, pending the appointment of a substantive Managing Director/CEO, the company disclosed.

    The statement read: “Dr. Joyce Odiachi is a multi-talented professional with proven expertise in strategic business process transformation.  She brings over two decades of cross functional depth in risk management, compliance, technical operations, relationship management, and corporate leadership.

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     Her career is distinguished by a consistent track record of strengthening operational frameworks, enhancing governance systems, and driving performance-led transformation within complex insurance environments. Renowned for her strategic clarity and technical sophistication, she has been instrumental in enabling organizational turnarounds and elevating professional standards across the industry.

    “She has served in various senior management roles within the insurance industry, bringing a wealth of expertise and strategic insight that will ensure continuity and stability during this transition period at IEI Plc

    “Notably, in the last few years, the company successfully relisted on the Nigerian Exchange (NGX), signalling restored investor confidence and compliance with market standards. The Company also achieved the full exit of the Daewoo loan, a major milestone in its financial restructuring journey, paving the way for a healthier balance sheet and sustainable operations”.

    In addition: “The company is actively preparing for its recapitalisation programme, with plans underway for an ambitious N22 billion capital raise, reinforcing its commitment to growth and market leadership. These strides have been made possible under the flagship of the Norrenberger Financial Group, IEI Plc’s parent company and major stakeholder, whose strategic support has been instrumental in driving innovation, operational efficiency, and long-term value creation.

    “IEI transformation has not gone unnoticed in the marketplace. The company has earned industry recognition through multiple awards for excellence in service delivery and corporate governance, further cementing its reputation as a trusted, forward-thinking and future ready insurer”, the company noted.

  • Odunaiya urges pension unions to strengthen dialogue, safeguard pensioners’ dignity

    Odunaiya urges pension unions to strengthen dialogue, safeguard pensioners’ dignity

    The Executive Secretary of the Pension Transitional Arrangement Directorate (PTAD), Tolulope Odunaiya has held an urgent meeting with the Nigerian Union of Pensioners (NUP) and the Federal Parastatals and Private Sector Pensioners Association of Nigeria (FEPPPAN) to address concerns about a planned protest by a faction of the Pensioner Unions.

    The meeting, which included PTAD senior management, aimed to reinforce unified communication and ensure the protection of Pensioners’ welfare and dignity.

    The Executive Secretary reaffirmed PTAD’s partnership with recognised Unions and highlighted key achievements, including the implementation of the N32,000 minimum wage pension increment, 10.66 per cent, 12.95per cent approved pension increments, and securing a N45 billion emergency budgetary allocation for implementation and payment of arrears.

    She further clarified that the widely discussed N25,000 palliative is under the mandate of the Federal Ministry of Humanitarian Affairs and Poverty Alleviation, not PTAD but confirmed that PTAD is following up with the Ministry and will provide updates when available.

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    She also cautioned that the proposed protest, particularly its planned “naked” demonstration could undermine the ongoing efforts being made to improve the welfare of pensioners.

    The NUP and FEPPPAN leaders who disassociated themselves from the protest, reaffirmed their commitment to peaceful dialogue, and encouraged Pensioners to channel their concerns through recognised structures.

    The Executive Secretary acknowledged their feedback and reiterated PTAD’s commitment to improved communication, structured engagement, while upholding the dignity and well-being of all Pensioners under the Defined Benefit Scheme.