The Nation Newspaper

Category: Business

  • NUPRC prioritises technical, financial capacity in Licensing Round Guidelines

    NUPRC prioritises technical, financial capacity in Licensing Round Guidelines

    • Slash signature bonus

    The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reaffirmed its commitment to the transparent process for the 50 blocks in 2025 Oil Bid Round.  The commission also provided further clarification for the ongoing licensing round, especially for bidders interested in the 50 oil and gas blocks on offer.

    According to the Commission’s Chief Executive, Mrs. Oritsemeyiwa Eyesan, only applicants with strong technical and financial credentials will proceed to the critical stage of the bidding process. Eyesan said this at the 2025 licensing round pre-bid webinar held yesterday.

    She said: “The process follows five steps: registration and pre-qualification, data acquisition, technical bid submission, evaluation, and a commercial bid conference. Only candidates with strong technical and financial credentials, professionalism and credible plans move forward. Winners are chosen through a transparent, merit-based procedure.”

    The NUPRC boss noted that with the approval of President Bola Tinubu, signature bonuses for the 2025 licensing round are now set within a value range that reduces entry barriers and places greater weight on what truly matters- technical capability, credible work programs, financial strength and the ability to deliver production within the shortest possible time.

    READ ALSO: Fed Govt set to reclaim ungoverned spaces with re-engagement of military retirees

    “This has been done to increase competitiveness and in response to capital mobility,” the CCE stated.

    Eyesan described the licensing round as an open call for committed partners; those ready to invest capital, bring technical excellence, and accelerate Nigeria’s assets from license award to exploration, appraisal, and ultimately, full production.

    The NUPRC boss restated the Commission’s commitment to a transparent licensing round, insisting that Nigeria is “ready to be the beautiful bride to capital and playroom for advanced technological deployment for hydrocarbon recovery.”

    She added, “In this licensing round, 50 oil and gas blocks across Nigeria are available, allowing investors to access the country’s key basins and create long-term value.”

    Eyesan further assured the public that the bid process will comply with the Petroleum Industry Act, promote the use of digital tools for smooth data access and remain open to public and institutional scrutiny through the Nigeria Extractive Industries Transparency Initiative (NEITI) and other oversight agencies.

    “Let me emphasise that the Nigeria 2025 Licensing Round is not merely a bidding exercise. It is a clear signal of a re-imagined upstream sector, anchored in the rule of law, driven by data, aligned with global investment realities, and focused on long-term value creation,” the NUPRC boss said.

    Eyesan said that since December 1, 2025, all licensing materials have been posted on the Commission’s portal, dedicated support channels created to enable prompt response to enquiries from applicants, noting that the pre-bid conference has provided an opportunity to clarify the requirements to promote a transparent, well informed participation process.

  • Town Planners faults Land Use Committee

    Town Planners faults Land Use Committee

    The Association of Town Planning Consultants of Nigeria (ATOPCON) has raised concerns over a notice from the Office of the Surveyor-General of the Federation (OSGOF) announcing the inauguration of a “Land Use and Allocation Committee for Land Projects.”

    In a statement signed by ATOPCON President, Hakeem Olatunji Badejo, the association said that while it supports the modernisation of land administration through geospatial data, the attempt by the OSGOF to assume responsibility for physical planning, land-use zoning, land allocation and development enforcement is unprofessional, unethical and a clear case of legal and administrative overreach.

    Badejo said the composition of the proposed five-member committee is “indefensibly biased,” comprising four land surveyors and one quantity surveyor, while excluding estate surveyors and a legal practitioner, as expressly provided for under the Land Use Act.

    He noted that the power to constitute the Land Use and Allocation Committee (LUAC) is vested solely in the governor of a state and not in the Surveyor-General of the Federation.

    READ ALSO: Fed Govt set to reclaim ungoverned spaces with re-engagement of military retirees

    He added that the OSGOF had ignored other core professionals recognised under the Nigerian Urban and Regional Planning Law, saying it was contradictory to seek orderly development while excluding the very professionals empowered by law to guide it.

    Badejo stressed that the action of the OSGOF disregards Nigeria’s constitutional and administrative hierarchy, noting that the Supreme Court has long affirmed that urban and regional planning is a residual matter. He said that, except for the Federal Capital Territory, the Federal Government lacks the legislative competence to impose physical planning regulations on states.

    According to him, the Land Use Act clearly vests all land within a state in the governor and does not confer land management or allocation powers on the Surveyor-General of the Federation. He further stated that the Act mandates that physical development plans must be prepared and executed by duly constituted town planning authorities, adding that the laws establishing the Office of the Surveyor-General do not grant such powers.

    He described the committee constituted by the OSGOF as a direct affront to the existing legal framework governing land-use administration in Nigeria.

    On technical competence, Badejo explained that the core responsibility of land surveyors is the precise measurement and mapping of land, while land-use planning involves the strategic determination of how land is utilised for housing, commerce, industry and infrastructure. He said this requires the specialised training and expertise of town planners, not land surveyors.

    He described the OSGOF’s claim that it would “ensure compliance with land-use regulations” as fundamentally flawed, stating that while surveyors provide the spatial framework, town planners develop the legal, technical and visionary blueprint for land use. He warned that allowing one profession to encroach on the statutory functions of another could lead to professional disorder.

    Badejo also emphasised that professional ethics demand respect for statutory boundaries, noting that it is unethical for any profession to operate in a field where it is not trained, certified or licensed. He pointed out that the Town Planners Registration Council of Nigeria (TOPREC) Act grants the council sole authority to regulate and certify professionals for land-use planning, adding that the actions of the OSGOF violate this law and undermine professional harmony within the built environment.

    He warned that if the situation is allowed to persist, it could result in conflicting approvals from parallel land-use committees, widespread confusion in land administration, and enforcement actions vulnerable to judicial review. According to him, this could lead to a flood of costly lawsuits against the Federal Government.

    Badejo further warned that investors require legal certainty and that development permits issued by unauthorised bodies are void under Section 26 of the Land Use Act, potentially placing billions of naira in real estate investments at risk and setting a dangerous precedent for the erosion of Nigeria’s professional regulatory framework.

    He therefore called for urgent intervention by relevant authorities to avert what he described as an institutional crisis, stressing that Nigeria’s path to “Renewed Hope” must be built on respect for the rule of law, professional ethics and specialised expertise.

  • PenCom okays upward review for 2,116 retirees

    PenCom okays upward review for 2,116 retirees

    The National Pension Commission (PenCom) has approved an upward review of pensions for 2,116 retirees under the Nigeria Social Insurance Trust Fund (NSITF), increasing their total monthly pension payments from N12.56 million to N159.95 million.

    The adjustment represents an unprecedented 1,173 per cent increase in total monthly pension payouts and marks the first pension review for NSITF retirees in 21 years.

    Director-General of PenCom, Ms. Omolola Oloworaran, approved the review, which also included the payment of N8.7 billion in pension arrears to the affected retirees.

    According to PenCom, the move addresses long-standing disparities in NSITF pensions and restores the value of retirees’ benefits in line with statutory provisions and prevailing economic realities.

    In a statement, PenCom said the pension increase aligns with President Bola Ahmed Tinubu’s policy direction on improving the welfare of retirees, noting that the reform reflects ongoing efforts to strengthen Nigeria’s pension system.

    “The NSITF pension increase is yet another milestone in President Bola Ahmed Tinubu’s policy of enhancing the welfare of retirees in Nigeria, as the Director-General continues to champion landmark reforms that have transformed the landscape of the Contributory Pension Scheme,” the statement said.

    It stated that as part of the enhancement, the 2,116 retirees received a total of N8.70 billion in pension arrears, with an average payment of about N3 million per retiree.

    READ ALSO: Fed Govt set to reclaim ungoverned spaces with re-engagement of military retirees

    “In one instance, an NSITF retiree’s monthly pension was increased from about N18,000 to N206,000. In addition, the retiree received over N8 million as pension arrears,” the Commission stated.

    PenCom attributed the pension enhancement to the significant growth of the NSITF Fund, which expanded from N54 billion at the point of its transfer in 2005 to N195 billion as of December 2025.

    According to the Commission, the growth reflects prudent fund management under PenCom’s strict supervision and provided the financial capacity to implement the long-overdue pension review while safeguarding the sustainability of the scheme.

    PenCom further cited Section 39(3) of the Pension Reform Act (PRA) 2014 and Section 173(3) of the Constitution of the Federal Republic of Nigeria, which mandate periodic pension reviews at least every five years or in line with Federal Civil Service salary reviews.

    It also referenced the NSITF Benefits Payment Policy, which stipulates that the minimum retirement pension should not be less than 80 per cent of the prevailing National Minimum Wage.

    Despite these provisions, the Commission noted that the last review of NSITF pensions took place in 2005.

    “In response to this prolonged non-compliance, PenCom invoked Section 53 of the PRA 2014, which requires that benefits under the NSITF Scheme be administered in accordance with the Scheme’s governing terms,” the statement said.

    PenCom subsequently directed Trustfund Pensions Limited to submit a comprehensive proposal for pension enhancement, following which payments were made to verified NSITF retirees.

    To ease the burden associated with pension verification exercises, the Commission approved the deployment of the VerifyMe digital solution for the automated revalidation of NSITF pensioners.

    PenCom said the initiative eliminated the rigours of physical verification and significantly improved service efficiency for senior citizens.

  • CBN, UK investors chart path for long-term capital

    CBN, UK investors chart path for long-term capital

    The Governor of the Central Bank of Nigeria (CBN) Olayemi Cardoso, has held talks with a high-level delegation from British International Investment (BII) and the British High Commission as part of efforts to strengthen Nigeria’s financial sector and attract long-term foreign investment.

    The meeting, which took place on Wednesday, in Abuja, brought together the Chair of BII, Ms. Diana Layfield, and the British High Commissioner to Nigeria, Mr. Richard Montgomery, alongside senior executives of the UK-backed development finance institution.

    Speaking during the discussions, Cardoso said the Central Bank remains focused on building a stable and trusted financial system that can support economic growth and create more opportunities for businesses and ordinary Nigerians.

    He said the CBN is committed to keeping inflation under control, maintaining a credible monetary policy, and running a clear and transparent regulatory system that allows banks and other financial institutions to operate with confidence.

    He added that development finance institutions, which provide long-term funding and promote strong corporate governance, are important partners in Nigeria’s ongoing economic reforms.

    According to him, such institutions help bring in “patient capital” that supports banks, expands access to financial services for more Nigerians, and encourages sustainable growth in the private sector.

    READ ALSO: Senate to hold closed-door briefing on US airstrikes in Sokoto

    Layfield, said BII remains keen on investing in Nigeria’s financial services industry and supporting projects that can drive inclusive growth. She said a clear and predictable regulatory environment is important for investors to make long-term commitments.

    “Nigeria remains an important market for us, and we see strong opportunities in the financial services sector where long-term investment can support stability, inclusion, and private-sector development,” she said.

    The British High Commissioner, Mr. Montgomery, also welcomed the continued engagement between the UK and Nigeria, noting that strong financial systems play a key role in deepening trade and investment ties between both countries.

    The meeting was attended by members of BII’s board and management team, including its Chief Executive Officer, Mr. Leslie Maarsdorp; Non-Executive Directors, Mr. Andrew Alli and Mr. Simon Rowlands; Managing Director and Head of Africa, Mr. Chris Chijiutomi; and West Africa Regional Director and Head of the Nigeria Office, Mr. Benson Adenuga. Senior officials of the British High Commission were also present.

    British International Investment is the United Kingdom’s development finance institution and is fully owned by the UK Government through the Foreign, Commonwealth and Development Office. The institution manages assets worth about £9.9 billion and supports more than 1,600 businesses across emerging markets, with a strong focus on long-term investment, job creation, and sustainable development.

    The CBN said the engagement is part of its broader plan to deepen financial sector reforms, strengthen the banking system, and create a more attractive environment for both local and foreign investors to support Nigeria’s economic growth.

  • Nigeria–Türkiye agreements to unlock trade, investment opportunities — Business Council member

    Nigeria–Türkiye agreements to unlock trade, investment opportunities — Business Council member

    A member of the Nigeria–Türkiye Business Council, Dr. Ifeanyi Onukwubiri, has said the newly signed bilateral agreements between Nigeria and Türkiye will unlock fresh opportunities in trade, investment and private-sector collaboration for both countries.

    Onukwubiri, who is the Chief Executive Officer of TMT Travels and Tours Limited, said the agreements reached by Presidents Recep Tayyip Erdoğan and Bola Ahmed Tinubu during their recent meeting in Ankara reflect a renewed commitment to expanding economic relations and enhancing security cooperation.

    In a statement issued in Owerri on Wednesday, he noted that the accords and memoranda of understanding signed across critical sectors — including trade, investment, energy, education and defence — would create a more business-friendly environment and attract increased investor confidence from both nations.

    “The agreements represent a strategic step towards expanding bilateral trade, improving market access and encouraging stronger private-sector collaboration between Nigeria and Türkiye,” he said.

    Read Also: Nigeria, Türkiye to fast-track trade, energy, defence ties — Tinubu

    Onukwubiri described the reaffirmation of the $5 billion bilateral trade volume target as a clear indication of both governments’ determination to scale up commercial exchanges and long-term investment flows.

    According to him, the improved framework for cooperation would help Nigerian businesses tap into Türkiye’s manufacturing, construction and logistics strengths, while opening Nigeria’s large consumer market to Turkish investors.

    He added that the development aligns with the objectives of the Nigerian–Turkish Business Council, which focuses on promoting sustainable partnerships and investment-driven growth.

    Onukwubiri also pledged that TMT Travels and Tours Limited would continue to work with relevant authorities and stakeholders in both countries to support initiatives that deepen trade relations and strengthen economic cooperation.

  • PTAD: Resolving Pensioners’ Complaints

    PTAD: Resolving Pensioners’ Complaints

    BODUNDE: Dear Omobola, we the entire PaPD pensioners receiving monthly pension from Fidelity Bank are having issues with the bank. As at today, we are yet to be paid December monthly pension and arrears. Please we need your help Ma.

    MICAH: Good day, my complaint is on the non-implementation of my level 13 promotion after verification exercise was conducted in 2019. I was promoted to the rank of Controller Marketing and the effective date of my promotion was January 2019. My entry point on level 13 was Step 6 and my next incremental date is January 1, 2020. But my level 13 has not been implemented since my retirement. I have sent my complaints to you severally but no response. Kindly assist me. I am a FRCN pensioner

    SHERIFF: Dear Omobola, my name is Sheriff. Please, is PHCN & NITEL excluded in new pension increment?

    BOLA: Good day, my name is Bola. I am a PaPD pensioners receiving monthly pension from Fidelity Bank. But up till date, I am yet to receive my December and January monthly pension. Kindly help me.

    4.Why has ES PTAD, M s. Tolulope Abiodun Odunaiya, remained incommunicado over both 27months CP A and August, 2024 as effective date for N32000 minimum pension, even with N850b?-The Nation Newspaper, Wednesday, 10:12:2025.

    ANNONYMOUS: Good day, I have been complaining of deduction of N9000 from my pension allowance since September last year. Kindly use your office to rescue me from this situation. l have written several times for correction to no avail, why.

    PTAD: Dear PTAD PENSIONER, please send your verification slip to our email complaints@ptad.gov.ng to enable us to investigate and respond further. However, note that PTAD obtained a directive for the re-implementation of the CPA based on grade level in line with the clarification from the NSIWC before implementing the new 20 per cent / 28 per cent increment as applicable. The CPA which was as a result of the minimum wage approval in April 2019 was implemented in May 2021 based on pay-band application with subsequent payment of 24 months arrears covering from April 2019 to April 2021. It is, therefore, instructive to mention that arrears reconciliation arising from the re-implementation of the CPA based on grade level is set aside pending further directive.

    The clarification from the NSIWC which revised the implementation of the CPA to Grade level was taken into cognisance and accordingly implemented on the payroll before the application of the new pension increment of 20-28 per cent as applicable which will take effect from September 2024.

    Read Also: PTAD: Resolving pensioners’ issues

    Further to the above, the Executive Secretary gave directive to pay the 20/ 28 per cent pension increment arrears to only the pensioners whose monthly pension have been correctly computed and implemented as per the August payroll.

    In line with the directive of the Executive Secretary, the Department reviewed the August 2024 pension payroll to ascertain that only pensioners who are on their correctly computed monthly pension are paid the 20 – 28 per cent pension increment arrears and thereafter identified and excluded the following categories of pensioners:

    • Pensioners on the payroll with inherited monthly pension and whose monthly pension entitlement is yet to be computed to date;

    • Pensioners on the payroll with inherited monthly pension but whose monthly pension entitlement have been computed but not yet implemented;

    • Pensioners on the payroll with monthly pension figure that appears to be higher than the maximum monthly pension for their Grade Level.

  • Too frail to travel? Here’s how pensioners can get verified without visiting PTAD offices

    Too frail to travel? Here’s how pensioners can get verified without visiting PTAD offices

    Many pensioners and their families have questions about verification, complaints, and accessing benefits, especially when age, illness, or distance make travel difficult. The Nation explains clearly and simply pension verification, complaints and benefits

    I do not live close to any zonal office, I am frail and cannot travel. How do I get verified?

    Yes, you can still be verified.

    A pensioner who is unable to travel due to age or health conditions may apply for Mobile Verification. To do this, the pensioner should send the required documents through a third party with a formal request.

    The documents include: A full-sized recent photograph; complete contact details

    Career documents; a medical report confirming a condition that prevents travel

    Once the documents are reviewed and found satisfactory, a team of mobile verification officers will be deployed to verify the pensioner at home.

    My spouse is bedridden and cannot attend verification. What should I do?

    The same Mobile Verification process applies. You are required to gather all the documents listed above and proceed to the nearest zonal office to formally notify the Team Lead. Arrangements will then be made for officers to visit your spouse at home for verification and subsequent enrolment for Monthly Pension (MP).

    Read Also: PTAD: Resolving pensioners’ issues

    My husband was a pensioner but has passed away. The bank has frozen his account. How can I access his pension and outstanding benefits?

    The Next of Kin is required to formally notify the office of the pensioner’s death. A written notification should be addressed to the Executive Secretary, attention to the Director of the relevant Department, and accompanied by documents such as: Letter/Gazette of First Appointment; Letter/Gazette of Confirmation of Appointment; Letter of Last Promotion; Letter of Retirement; Death Certificate (from a Government Hospital or National Population Commission); Bank statement of the deceased from date of retirement to date of death; Letters of Administration issued by a court of competent jurisdiction; Computation sheet (for State pensioners with Federal share); Severance payslip (for downsized pensioners); Joint account statement of the Next of Kin; BVN printout of the Next of Kin; Recognisable means of identification; Affidavit of Next of Kin; Marriage certificate (where the claimant is the spouse).

    Where necessary, the Directorate will formally write to the bank to facilitate the release of any accrued funds. All outstanding benefits due to the deceased pensioner will then be computed and paid to the eligible Next of Kin.

    When will in-house verification start in all zonal offices?

    Plans are currently underway to extend in-house verification to additional zonal offices. For now, pensioners can access in-house verification services at the Abuja and Lagos offices.

    What bank statement period is required for verification or complaints?

    A duly stamped and signed NUBAN bank statement on the bank’s official letterhead is required.

    Where a complaint exists: From the date of retirement or date the complaint arose to the present.

    Where there is no complaint: Bank statement for the last six months only.

  • LASPEC takes pension awareness campaign to public servants

    LASPEC takes pension awareness campaign to public servants

    The Lagos State Pension Commission (LASPEC) on Friday held a day-long pension awareness programme to educate Lagos State public servants on terminal benefits options under the Contributory Pension Scheme (CPS).

    In a move that underscored its commitment to proactive engagement, LASPEC staff, alongside Pension Fund Administrators (PFAs) and annuity providers, took the awareness campaign beyond office walls, embarking on a walk from the Office of the Head of Service to the Budget Office at the Alausa Secretariat, Ikeja.

    As part of the exercise, LASPEC officials were deployed in groups to various ministries, departments and agencies within the Secretariat to engage workers directly, answer questions and clarify misconceptions surrounding pension administration.

    The awareness campaign extended beyond the secretariat as sound vehicles moved through the Ikeja environs, drawing public attention to pension matters and reinforcing Lagos State’s leadership role in pension administration across the country.

    The exercise, described by participants as both enlightening and innovative, attracted widespread attention and reaffirmed Lagos State’s reputation as a model for effective pension administration, which experts say should be understudied by other public and private institutions nationwide.

    Delivering a goodwill message at the programme, the Head of Service, Mr. Bode Agoro, described the awareness programme as a deliberate effort by the Lagos State Government to deepen understanding, transparency and trust in pension administration, noting that pension education should not be limited to officers nearing retirement but should begin early in service.

    Read Also: LASPEC: why public servants should embark on data recapture

    Agoro emphasised pensions represent security, dignity and continuity of care after years of dedicated service.

    Unfortunately, he said misconceptions and lack of awareness have sometimes undermined confidence in the system.

    This programme seeks to bridge those gaps through direct engagement and accurate information, he said.

    He encouraged LASPEC staff to see the assignment as an opportunity to serve as ambassadors of trust and accountability, adding that empathy, clarity and professionalism in their interactions would shape public perception of the pension system.

    The Head of Service reaffirmed the commitment of the Lagos State Government, under Governor Babajide Olusola Sanwo-Olu, to protecting the welfare of serving and retired public servants through continuous reforms and stakeholder engagement in line with global best practices and the THEMES+ Agenda.

    He further commended the Director-General of LASPEC, Mr. Babalola Obilana, and the Commission’s management and staff for their consistent and laudable initiatives.

    Speaking during the exercise, the Executive Director of LASPEC, who led the walk, said the pension awareness programme was the first of its kind in Lagos State and would be sustained.

    He explained that the programme was designed to sensitise public servants on their rights, responsibilities and available terminal benefits options under the CPS.

    He said: “The initiative was borne out of the need to address widespread gaps in pension knowledge among public servants. What we have discovered over time is that many officers are not fully informed about their pension rights and responsibilities under the Contributory Pension Scheme. Some do not even verify whether their monthly deductions are correctly remitted to their Retirement Savings Accounts,” Oshin said.

    He explained that the Commission decided to take pension education directly to workers in their offices to ensure early understanding and prevent challenges at retirement.

    “We want officers, even those who just resumed service one or two years ago, to understand that pension deductions are investments. They must regularly check that deductions are accurate and remitted promptly, because failure to do so could lead to loss of investment income over time,” he added.

    Oshin noted that LASPEC had previously focused on bi-annual pre-retirement workshops for officers within six months of retirement, but the Commission was now expanding its scope to reach officers at all stages of their careers.

    This awareness campaign complements our pre-retirement programmes. By starting early, we reduce anxiety, prevent delays at retirement and ensure a smoother pension process for our officers, he said.

    On the response from workers, Oshin said the turnout and engagement were encouraging.

    “The enthusiasm we saw today was remarkable. Officers were happy that LASPEC came to them. They asked questions that had bothered them for years, and with PFAs and annuity providers present, we were able to give immediate clarification,” he said.

    He assured that the awareness campaign would be sustained as part of LASPEC’s broader strategy to strengthen pension administration and safeguard the welfare of Lagos State public servants.

  • Mutual Benefits assures stakeholders of capital strength

    Mutual Benefits assures stakeholders of capital strength

    • Marks 30th anniversary

    Mutual Benefits Assurance Plc has assured stakeholders of its strong capital position and readiness to scale through the ongoing insurance industry recapitalisation exercise, as it celebrated its 30th anniversary with a thanksgiving service in Lagos.

    Speaking at the thanksgiving service, the Chairman of Mutual Benefits, Dr. Akin Ogunbiyi, said that the company has invested about $64 million in a producing oil asset, describing the move as a significant milestone for a firm that began operations three decades ago with an initial capital of about N5 million.

    Ogunbiyi said the investment reflects the company’s evolution, resilience and long-term growth strategy, noting that Mutual Benefits has successfully transformed from a modest local insurer into a diversified financial services group with regional footprints.

    He also highlighted the growing contribution of the company’s regional subsidiaries, revealing that Mutual Benefits’ operation in Niger Republic has emerged as the second-largest insurer in that market, with prospects of becoming the market leader following the exit of some francophone competitors.

    Reflecting on the company’s journey, Ogunbiyi recalled how Mutual Benefits navigated major financial and operational challenges, including a liquidity crisis in 2020, which was resolved through a $10 million capital injection from U.S. investors, as well as the successful resolution of a debt dispute at a London court.

    He paid glowing tribute to the company’s staff, recounting several storms the organisation weathered over the years, including the Daewoo loan crisis, which he said had threatened not only Mutual Benefits but other insurance firms in the industry.

    The chairman also traced the company’s humble beginnings and its expansion beyond Nigeria to countries such as Liberia and Niger, where it is steadily building a leadership position in the insurance market.

    On expansion strategy, the management of Mutual Benefits said the company remains cautious about mergers and acquisitions.

    The Managing Director/Chief Executive Officer, Mr. Olufemi Asenuga, explained that while acquisitions remain an option, they are not a priority at the moment, citing challenges encountered after the 2007 acquisition of Worldwide Insurance.

    Read Also: Mutual Benefits remains stable amid challenging economy, says Chairman

    Instead, Asenuga said the company is leveraging technology to revive and expand its microinsurance business, which had previously been constrained by high distribution costs.

    According to him, a technology-driven rollout is now being planned to deepen market penetration and improve efficiency in the segment.

    Asenuga assured stakeholders that Mutual Benefits is well positioned to navigate the ongoing recapitalisation exercise, having proactively strengthened its capital base long before the current regulatory push.

    He disclosed that despite several regulatory directives issued to the industry in the last five years, the company had already exceeded the capital thresholds of N10 billion for Life insurance and N15 billion for General insurance businesses.

    “By 2020, we had already complied with the initial directives. As we speak today, we have not only met the minimum requirements, we have surpassed them for both the Plc and the Life company,” Asenuga said.

    He added that the group’s focus has moved beyond regulatory compliance to injecting additional liquidity to support aggressive business growth and expansion.

    Beyond underwriting, Asenuga revealed that the group’s diversification into the energy sector serves as a hedge against domestic economic cycles.

    “It has not been easy for a company to stand this tall after 30 years, especially in an economy characterised by volatile government and regulatory policies,” he said.

    The thanksgiving service, held to mark Mutual Benefits Assurance Plc’s 30th anniversary with the theme “Fulfilling Purpose,” attracted industry stakeholders, financial sector leaders, staff, well-wishers and a former Commissioner for Insurance, Mr. Fola Daniel.

    The colourful event featured the presentation of long-service awards and cash gifts to staff in recognition of their dedication and loyalty to the company over the years, including the Managing Director/CEO himself, who has spent 30 years with the organisation.

    Asenuga emphasised the company’s commitment to customer satisfaction and a supportive work environment, noting that a strong workplace culture has played a key role in retaining talent and sustaining growth.

  • Fed Govt’s N501b power sector bond records 100% subscription

    Fed Govt’s N501b power sector bond records 100% subscription

    The Federal Government has successfully issued a N501 billion inaugural bond under the Presidential Power Sector Debt Reduction Programme (PPSDRP), recording 100 per cent subscription from pension funds, banks, asset managers and other investors. It also marked a significant step towards resolving legacy debts, restoring liquidity and strengthening confidence in the Nigerian Electricity Supply Industry (NESI).

    The initiative is designed to address long-standing payment arrears owed to power generation companies, which for over a decade constrained liquidity, weakened balance sheets and discouraged investment across the power sector value chain.

    The signing follows the successful completion of Series 1 Power Sector Bond Issuance by Nigeria Bulk Electricity Trading (NBET) Finance Company Plc. Series 1 issuance closed at N501 billion, comprising N300 billion raised from the capital markets and N201 billion in bonds allotted to participating power generation companies, reflecting strong investor confidence in the reform agenda.

    Under the Programme, verified receivables for electricity supplied between February 2015 and March 2025 are being settled through negotiated agreements with power generation companies. To date, five power generation companies representing 14 power plants nationwide: First Independent Power Limited (FIPL); Geregu Power Plc; Ibom Power Company Limited; Mabon Limited and Niger Delta Power Holding Company Limited (NDPHC)-  have executed Settlement Agreements with NBET. The total negotiated settlement amount for these companies stands at N827.16 billion, to be paid in four phased instalments.

    Proceeds from Series 1 issuance will fund the first and second instalment payments to participating power generation companies with signed settlement agreements, estimated at N421.42 billion, representing approximately 50 per cent of the total negotiated settlement amount. The payment for this initial phase will be made through a mix of cash and notes.

    When completed, the programme will impact 4,483.60MWh/h of electricity generation capacity by GenCos, effectively finalising settlement of payments for 290,644.84GWhr of electricity billed since February 2015 and providing a strong foundation for new investments into capacity enhancement and expansion by companies serving 12.03mn active registered customers across the country.

    Read Also: PTAD: Resolving pensioners’ issues

    Speaking at the bond issuance signing ceremony which held at the Grand African Ballroom, Lagos Continental Hotel, Victoria Island, Lagos, yesterday, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the ceremony marked a critical turning point in the collective efforts to address long-standing structural challenges in Nigeria’s power sector and to lay a stronger foundation for its long-term sustainability.

    Edun, who was represented by the Director-General, Debt Management Office, Patience Oniha, explained that for many years, legacy debts owed to generation companies (GenCos) have constrained liquidity across the electricity value chain, weakening balance sheets, discouraged investment and ultimately limited the sector’s ability to deliver reliable power to Nigerian homes and businesses.

    According to him, the federal government recognised that resolving these legacy issues was not optional but essential, giving rise to the Presidential Power Sector Debt Reduction Programme (PPSDRP) and subsequently to the N4 trillion Power Sector Multi-Instrument Issuance Programme, designed as a structured, credible, and fiscally responsible mechanism for settling these obligations.

     “This transaction sends a clear and reassuring signal to the power sector and to the wider economy that the Federal Government is committed to honouring its obligations. We are prepared to deploy innovative financial solutions to resolve systemic challenges and we remain focused on restoring liquidity, confidence, and discipline across the electricity market. By settling legacy debts in a structured manner, we are enabling Generation Companies to stabilise  operations, improve maintenance and attract new investment- all of which are critical to improving power supply nationwide,” Edun said.

    He disclosed that the programme is anchored on strong governance, transparency and fiscal prudence. The Ministry of Finance, working closely with NBET and other stakeholders, remains committed to ensuring that this initiative supports sector reform while safeguarding macroeconomic stability.

    Edun was emphatic that a sustainable power sector is not just an energy objective, but an economic imperative because reliable electricity underpins industrial growth, job creation, and improved quality of life for millions of Nigerians.

    In similar vein, the Special Adviser to the President on Energy, Olu Arowolo Verheijen, stated that the programme represents a decisive reset of the electricity market, combining debt resolution with broader financial and structural reforms.

    She noted that the country’s electricity sector has been constrained not by lack of demand or installed capacity, but by unresolved legacy liabilities and chronic liquidity shortfalls. Those pressures, she argued, weakened balance sheets across the value chain, constrained gas supply, reduced plant availability and ultimately limited the pace at which electricity could be delivered reliably to homes and businesses.

    Aware of this, Verheijen said the President Bola Tinubu administration conviction of having a viable power sector led to the establishment of the Presidential Power Sector Debt Reduction Programme, chaired by the Minister of Finance/Coordinating Minister of the Economy and technically led by her office.

     “This Programme was not conceived as a bailout. It is a balance-sheet reset. Its purpose is straightforward: to clear verified legacy obligations, restore liquidity, and re-establish the conditions under which operators can plan, operate, and invest on commercial terms. Over the past several months, we have worked closely with the Ministry of Finance, NBET, NERC, and power generation companies to reconcile claims and negotiate settlements based strictly on verified obligations. Today’s signing marks the outcome of that process.

     “Fourteen generation companies have executed Full and Final Settlement Agreements, with a total negotiated value of approximately N827 billion. These agreements reflect discipline, compromise, and a shared commitment to closing the chapter on legacy arrears,” Verheijen said.

    Therefore, she said, resolving these liabilities restores liquidity across the value chain, strengthens payment certainty for gas suppliers and creates the financial headroom required for operators to stabilise assets, improve availability and plan new investment.

    Also speaking at the signing ceremony, the NBET Managing Director, Johnson Akinnawo, described the programme as a historic and defining moment for Nigeria’s power sector.

    “This historic programme received the resolute approval of President Bola Tinubu and the Federal Executive Council. Mr. President’s decisive endorsement is not just a procedural step; it is the bedrock of this ambition. It signals the highest level of commitment to the total revitalisation of our nation’s power sector,” Akinnawo said, adding that the development would strengthen market disciplines while enabling growth across generation and the other segments of the electricity value chain.

    Akinnawo stressed the broader significance of reliable electricity for national development, saying, “Reliable electricity is not just an enabler of economic activity. It is the backbone of national development, social advancement and global competitiveness.”

    Group Managing Director, Sahara Power Group, Kola Adesina, who’s conglomerate owns five power plants, said: “Capital formation can only come when there is confidence, when you can truly see a line of sight in recovering investments previously made. Because we were being owed so much, it was a bit of a problem for us to put in more money. But last year we took the bull by the horns, based on President Bola Ahmed Tinubu’s commitment in resolving the legacy issues and I can say that once this process is over, construction will commence immediately on the second phase of our Egbin Power Plant. On behalf of the Generation Companies, I’d like to thank the President for this resolution.”

    By clearing historic arrears, the programme is expected to improve liquidity for power generation companies, strengthen their ability to meet operating and debt obligations, unlock new investment across the sector and support more reliable electricity supply to homes and businesses. It also reinforces fiscal discipline through validated claims, negotiated settlements and transparent capital market financing.

    CardinalStone Partners Limited, an Investment banking firm, led the consortium of appointed professional parties as Lead Financial Adviser and Lead Issuing House to successfully execute the Series 1 Bond Issue, working closely with NBET that acted as Sponsor on the Transaction, and the Office of the Special Adviser on Energy that led the settlement negotiations and engagements with the Generation Companies.