The Nation Newspaper

Category: Business

  • Senate invites Keyamo over rising airfares

    Senate invites Keyamo over rising airfares

    The Senate yesterday summoned the Minister of Aviation and Aerospace Development, Festus Keyamo (SAN), alongside key industry stakeholders for an urgent meeting.

    The summons followed widespread public outcry over the sharp rise in domestic airfares.

    During plenary yesterday, the senators decried the rise in the prices of airfares on major routes, including Abuja–Lagos, Abuja–Enugu, and Abuja–Ilorin, saying these have surged to between N400,000 and N650,000, a range many Nigerians can no longer afford.

    In its resolutions, the Senate: “Condemned the sudden and excessive rise in airfares nationwide, mandated the immediate summoning of all relevant aviation stakeholders.

    “Called for urgent measures to prevent exploitation and ensure affordable travel during the yuletide season.

    “Directed aviation committees to present recommendations at the next plenary”.

    Presenting the motion, the Chairman of the Senate Committee on Aviation, Abdulfatai Buhari (Oyo North), stated that preliminary investigations indicated a growing number of Nigerians were unable to travel due to the drastic fare hikes.

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    “Mr. President, from Abuja to Lagos is now between 400,000 and 650,000 naira. Abuja to Enugu is about 500,000. Even Abuja to Ilorin is around 450,000,” he told the chamber.

    The committee chairman noted that with Christmas fast approaching, it had become necessary for the Senate to intervene to ease the financial burden on citizens.

    He added that while it had begun informal engagements with airline operators, no formal meeting had yet been held.

    The committee urged the Senate to summon all major aviation stakeholders, including airline owners and regulatory agencies, to explain the fare increase and propose immediate relief measures.

    Senator Peter Nwebonyi (Ebonyi North) said a flight which previously cost N150,000 to Enugu had jumped to N500,000, while another ticket from Lagos to Abuja was purchased at N560,000.

    Senator Solomon Adeola (Ogun West) noted that airline operators had already received multiple concessions, particularly on spare parts, and should therefore be held accountable for the current price surge.

    While Senator Orji Uzor Kalu (Abia North) attempted to justify the increases, citing rising operational costs, inflation, expensive spare parts, and forex challenges, many other lawmakers insisted that the fares represented exploitation.

    Senate President Godswill Akpabio said: “The minimum wage is N70,000. A civil servant would need to save six months’ salary to afford a one-way ticket. This is glaring exploitation.”

    Akpabio added that no corresponding increase in airport levies or aviation service charges could justify a 200–300 per cent spike in airfares.

    Following an extensive debate, the Senate resolved to summon all key stakeholders in the aviation sector, including the Minister of Aviation, the Federal Airports Authority of Nigeria (FAAN), the Nigerian Civil Aviation Authority (NCAA), and airline operators, for an emergency meeting this week.

    The Red Chamber also urged the Minister of Aviation to “rise to the occasion” and curtail what it called an “unwarranted extortion”.

    The Chairman of the Senate Committee on Aviation was instructed to notify all stakeholders and ensure the emergency meeting is convened without delay.

  • NCDMB concludes training on structural steel fabrication in oil sector

    NCDMB concludes training on structural steel fabrication in oil sector

    The Nigerian Content Development and Monitoring Board (NCDMB) has concluded a three-week training on capacity building in structural steel fabrication for oil and gas projects in Port Harcourt.

    The training, which drew participants from diverse backgrounds, was aimed at equipping them with critical skills in structural steel fabrication, a key component in the oil and gas industry.

    The representative of the NCDMB, Prince Zubai, urged participants to maximize the skills acquired, highlighting the board’s dedication to developing local content and capacity in the oil and gas sector.

    He emphasised that the training aligns with the NCDMB’s mandate to ensure that Nigerians are equipped to participate meaningfully in the industry.

    Key highlights of the training include skill development, where participants gained hands-on experience in structural steel fabrication, to enhance their employability in the oil and gas sector.

    Another highlight was industry partnership, which underscored NCDMB’s commitment to fostering collaborations with industry stakeholders to drive local content development.

    Speaking at the programme, Director of Kinetium, Ulari Nwaogazie, expressed gratitude to NCDMB for the opportunity to partner in the training.

    She emphasised the importance of capacity building in driving the growth of Nigeria’s oil and gas industry.

    The training is part of NCDMB’s broader initiative to train over 10,000 youths in high-demand skills in the oil and gas industry, as announced earlier by the board’s Executive Secretary, Felix Omatsola Ogbe.

    The initiative aimed at bridging the skill gap and preparing Nigerian youths for emerging opportunities in the sector.

  • Ekundayo named president of corporate secretaries international association

    Ekundayo named president of corporate secretaries international association

    Governance expert and seasoned corporate executive Funmi Ekundayo has been announced as the new President of the Corporate Secretaries International Association (CSIA), the foremost body representing governance professionals and corporate secretaries across more than 4 continents.

    The announcement which was made over the weekend on the Association’s offficial website marks a major milestone for Nigeria’s governance community and reinforces Ekundayo’s standing as one of the country’s most accomplished voices in corporate governance, law, and the financial services sector.

    Ekundayo currently serves as Group Managing Director of STL Capital Group, a role in which she has led strategic transformation and strengthened the firm’s position as one of Nigeria’s leading trust and fiduciary services institutions.

    An alumna of the Harvard Business School, Ekundayo holds Bachelor and Master of Laws degrees from the University of Lagos and is a Fellow of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), where she serves on the Governing Council. 

    She recently completed her term as President and Chairman of the Governing Council of ICSAN (2023–2025), becoming the first female to hold the position in the Institute’s 57-year history, a tenure remembered for significant institutional reforms, capacity building, and unprecedented visibility.

    With more than 29 years of professional experience, Ekundayo began her career at Bentley, Edu & Co (in association with Irving & Bonnar), spending nearly a decade in legal practice before transitioning into the financial services and capital markets sector. 

    She later held senior roles at Sterling Asset Management & Trustees and United Capital Trustees, before joining STL Trustees where she rose through the ranks to become MD/CEO and later Group Managing Director of STL Capital Group.

    Her professional influence spans multiple sectors and sub sectors. She is a Past President of the Association of Corporate Trustees of Nigeria and previously served as Honorary Treasurer and Vice President of CSIA before assuming its presidency. 

    She is also a Fellow of the Chartered Institute of Bankers of Nigeria; Institute of Capital Market Registrars; the Chartered Institute of Directors; the Institute of Investment Advisers and Portfolio Managers; and the Association of Enterprise Risk Management Professionals. 

    Ekundayo is an Associate of both the Chartered Institute of Stockbrokers and the Chartered Institute for Securities & Investment (CISI).

    In a statement, STL Capital Group said, “We are pleased to share the exciting news that, this afternoon, our MD/CEO was officially announced as the new President of the CSIA. Congratulations are in order as we celebrate this remarkable achievement.”

    Funmi on her part, stated that she looks forward to working with member Institutes across the globe to strengthen corporate governance standards, expand professional capacity-building programmes, and further position CSIA as a global leading voice for governance professionals.

  • Fed Govt reduces signature bonus to $3m, $7m

    Fed Govt reduces signature bonus to $3m, $7m

    The Federal Government has reduced the signature bonus to between a minimum of $3 million to a maximum of $7 million in the 2025 bid round, as against the $10 million per block charged in the 2024 oil block bid round.

    This is an indication of 70 per cent and 30 per cent crash, according to the “FAQ’s on the Nigerian Upstream Petroleum Regulatory Commission (NUPRC’s) 2025 Licensing Round.”

    The document was released virtually yesterday said: “The Nigerian government has graciously reduced the signature bonus to between $3 million and $7 million.”

    The document noted that the Minister of Petroleum Resources has approved the new signature bonus in order to reduce entry barriers.

    “All Bidders shall be required to submit a bid within a range of $3 million and $7 million as approved by the minister of petroleum for the reduction of entry barriers,” said NUPRC.

    The document explicitly stated that the designated signature bonus account is United States dollar- denominated, an indication that it is not dominated in local currency (Naira).

    NUPRC said the exercise is a score based approach, taking into consideration the following parameters: Signature bonus (provided it is within the prescribed limit), and Work programme.

    It also said the score based approach considers unit cost per barrel with reference to the work programme, professionalism, human and technical capacity.

    It also looks into percentage of bank guarantee made available Balance sheet,  Turnover, Green story and decarbonisation programme and Corporate governance structure.

    On the minimum financial requirement for an entity to participate in the licensing round,  NUPRC said an average $100 million is required for deep offshore blocks while an average &40 million is required for onshore and shallow water blocks.

    The document said the requirements include the following:   “Average annual turnover of $100,000,000.00 for deep offshore blocks and $40, 000,000 for onshore and shallow water blocks or

     “Minimum Cash in bank of $100,000,000.00 for deep offshore blocks and $40,000,000.00 for onshore and shallow water blocks or Bank Guarantee  to  the  tune  of  $100,000,000.00 for  deep offshore, $40,000,000.00 for onshore, and shallow water blocks or

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    “For newly incorporated companies, a parent company guarantee to the tune of USD$100,000,000.00 in deep offshore, $40,000,000.00 in onshore and shallow water.”

    NUPRC said no bidder, whether participating individually or as a member of any consortium, shall submit applications for more than two assets in total across all applications.

    It stressed that “participation in more than one consortium shall count towards this limit. For the avoidance of doubt, where a company has equity, direct or indirect ownership, or management involvement in multiple consortium vehicles, all such applications shall be aggregated and treated as a single bidder’s applications.”

    The document said the applicant’s Technical Competence will be evaluated using work experience across the under-listed work areas:      Geological and geophysical capabilities;    Drilling and well engineering; Reservoir evaluation and management;   Production engineering and technology;   Development planning and Facilities engineering and management.

  • Detty December: Bolt announces surge in airport trips

    Detty December: Bolt announces surge in airport trips

    Ride hailing outfit, Bolt, has announced a significant surge in airport trips, signaling increased arrivals of Nigerians in the diaspora, tourists, and holiday travellers into major cities.

    This, the outfit said, is in preparation for the festive period globally celebrated as ‘Detty December’.

    According to internal mobility data from Bolt, airport trips grew sharply between November 20 and December 5, with Lagos recording a 14.9per cent increase and Abuja seeing a rise of 17.56per cent within the period.

    The trend reflects the beginning of one of the busiest travel windows of the year as travellers fly in for concerts, weddings, festivals, nightlife, and family reunions.

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    With more travellers arriving daily, the company says it has ensured increased driver availability around airports, improved pick-up efficiency, and strengthened safety communication for both riders and drivers.

    Head of Regulatory & Policy Africa, Bolt, Weyinmi Aghadiuno, noted that the growth underscores the platform’s role as a trusted mobility partner during peak travel seasons: “We’re excited to see more people coming into Nigeria to enjoy Detty December, and our goal is to make their arrival as smooth as possible. Whether its riders heading from the airport to their hotels, events, or family homes, Bolt remains committed to providing reliable, convenient, and safe mobility throughout the festive season. “This season is all about connection, reuniting with loved ones and experiencing the best of Nigerian entertainment. Bolt is here to help people get to the heart of that experience, starting from the moment they land.”

  • Nigeria local content peaks at 61%

    Nigeria local content peaks at 61%

    Nigeria’s drive toward deeper local participation in its oil and gas industry gained new momentum as the Nigerian Content Development and Monitoring Board (NCDMB) unveiled a landmark $100 million Equity Investment Scheme, alongside several other initiatives designed to accelerate indigenous capacity, strengthen local value retention, and position the country for growth amid rising industry investment.

    Its Executive Secretary, Engr. Felix Omatsola Ogbe, disclosed this during his keynote address at the 14th Practical Nigerian Content (PNC) Forum, in Bayelsa State. Beyond financing, Ogbe also said that Nigeria’s oil and gas industry has achieved a significant milestone—61per cent Nigerian Content—by the third quarter of the year across projects monitored by the Board. The achievement he said reflects progress in manufacturing, fabrication, engineering, local asset ownership, and indigenous human capacity.

    The high-level gathering drew an influential audience, including three Ministers of State, members of the National Assembly’s Local Content Committees, a representative of the Bayelsa State Governor, presidential advisers, former NCDMB chief executives, the Managing Director of the Bank of Industry (BOI), and top executives from across the oil and gas value chain.

    Engr. Ogbe explained that the new Equity Investment Scheme aims to “provide equity financing to high-growth indigenous energy service companies while diversifying the income base of the Nigerian Content Development Fund (NCDF).”

    To signal immediate implementation, the NCDMB signed a Memorandum of Understanding (MoU) with the Bank of Industry during the event. The MoU—signed by Engr. Ogbe and BoI Managing Director, Olasupo Olusi—will guide management of the scheme, which becomes a major addition to the Nigerian Content Intervention Fund (NCI Fund).

    Olusi described the $100 million Equity Fund as a catalyst for high-impact growth, explaining that BOI will deploy equity and quasi-equity capital to support promising indigenous companies, with a single obligor limit of $5 million. He added that the structure is designed to strengthen access to long-term risk capital, boost competitiveness, and deepen value creation.

    The Executive Secretary also disclosed that the Board is preparing to onboard a new set of Project 100 Companies—a signature initiative launched in 2019 to nurture 100 indigenous oil and gas companies toward global competitiveness.

    With the first cohort nearing completion and an exit plan scheduled for April 2026, Ogbe said the programme’s success has warranted a fresh phase targeted at new high-potential indigenous firms.

    According to Ogbe, the NCDMB will: launch the NCDMB technology challenge in Q1 2026, host a national research and development (R&D) fair in Q2 2026 and undertake a comprehensive review of its seven core guidelines between Q1 and Q2 2026

    Implement a new NCDF Compliance Certificate by January 1, 2026, which will confirm adherence to the mandatory 1percent NCDF remittance required for obtaining key permits and regulatory approvals.

    He also highlighted recent operational feats, including over 94 community contractor disbursements in 2025 under the Community Contractors Scheme, and the transformation of the Nigerian Content Academy into a full-fledged division with seven lecture series already delivered.

    Responding to the surge in Final Investment Decisions (FIDs) on major projects and over 20 Field Development Plans recently approved by the Nigerian Upstream Petroleum Regulatory Commission, the Board has launched an Oil and Gas Field Readiness Training Programme. The programme focuses on the top 10 in-demand technical skills to ensure Nigerians are ready to take up roles as new projects come on stream.

    Ogbe also provided updates on the long-awaited Oloibiri Museum and Research Centre (OMRC), noting that construction has commenced following the contract award to Julius Berger in December 2024 and mobilisation to site in July 2025.

    Jointly funded by PTDF, NCDMB, Renaissance Africa Energy (formerly SPDC), and the Bayelsa State Government, the project is expected to be delivered within 30 months.

    In separate remarks, the Chairman of the Senate Committee on Local Content, Senator Joel Thomas, raised concerns that some indigenous companies continue to violate provisions of the NOGICD Act, particularly the mandatory 1percent NCDF remittance.

    His House of Representatives counterpart, Boma Goodhead, commended the NCDMB for sustaining the PNC Forum and for guiding Nigeria’s local content aspirations.

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    Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, described investment as “the lifeblood” of the sector and praised the Forum’s theme—Securing Investments, Strengthening Local Content, and Scaling Energy Production—as aligning with national priorities. He reaffirmed the government’s commitment to stable policies and incentives that attract long-term capital while strengthening local capacity.

    Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, celebrated the revival of investor confidence following the enactment of the Petroleum Industry Act (PIA) and President Tinubu’s 2024 directives. He noted that oil rigs increased from 14 to over 60, with 40 currently active—evidence of renewed momentum. Nigeria, he said, has also fulfilled all obligations to the African Energy Bank, whose Abuja headquarters is fully operational.

    Also speaking, Minister of State for Industry, Senator John Owan Enoh, observed that Nigeria is undergoing a profound energy and industrial transition, shifting from import dependence to domestic production and from raw resource extraction to value creation.

    In her goodwill message, Presidential Adviser on Energy, Olu Verheijen, lauded NCDMB for sustaining the PNC Forum and driving global competitiveness. She highlighted the growing success of indigenous operators, noting that the transfer of onshore assets from IOCs to Nigerian firms demonstrates the maturity of local capacity.

    She cited examples of successful indigenous footprints—from SHI-MCI fabrication yards to Waltersmith’s modular refinery and the NLNG Train 7 project—underscoring the impact of supportive policies.

  • NECA bags PEBEC’s award

    NECA bags PEBEC’s award

    The Nigeria Employers’ Consultative Association (NECA) has bagged the Business Advocacy and Partnership Award from the Presidential Enabling Business Environment Council (PEBEC).

    The award was presented to NECA during the PEBEC annual Award and Gala night at the Banquet Hall, Aso Villa, Abuja, in recognition of its steadfast commitment, constructive engagement, and strategic collaboration, which have strengthened Nigeria’s business environment and supported the government’s reform agenda.

    Speaking shortly after receiving the award, Director-General of NECA, Adewale-Smatt Oyerinde, expressed deep appreciation to the President Bola Ahmed Tinubu-led administration for the recognition, as well as PEBEC’s continued efforts to improve the business climate for all Nigerians.

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    Oyerinde described the award as a testament to the association’s longstanding commitment to supporting enterprises, advancing regulatory improvements, and promoting a more predictable and growth-enabling economic landscape.

    He noted that the award serves as renewed motivation for the organisation to deepen its role in national development, strengthen institutional partnerships, and support reforms that deliver sustainable economic progress for Nigeria.

    “We are honoured by this recognition and remain fully committed to deepening constructive dialogue, driving evidence-based advocacy, and championing reforms that unlock the full potential of the private sector. NECA will continue to work with government and key stakeholders to deliver enduring solutions that strengthen institutions, attract investment, and support national development,” he said.

  • NDPHC restores 450Mw to national grid

    NDPHC restores 450Mw to national grid

    The Niger Delta Power Holding Company (NDPHC) has successfully restored additional 450MW of generation capacity to the national grid following the completion of scheduled maintenance on the Geregu NIPP plant. The four-week extended minor inspection, undertaken by Siemens Energy, was executed to enhance the facility’s operational reliability, performance and efficiency, thereby extending the plant’s Equivalent Operating Hours (EOH) and operational life span.

    In a statement signed by the Head, Corporate Communications and External Relations, NDPHC,  Emmanuel Ojor, the Managing Director/Chief Executive Officer, Jennifer Adighije, an engineer, confirmed that in the last one year the company has recovered six previously dormant gas turbines across the NDPHC fleet of gas turbines.

     He listed these to include GT4 at the Calabar NIPP, GT1 at Omotosho II, GT1 and GT2 at Benin NIPP, GT4 at Sapele NIPP, and currently GT3 and GT4 at Alaoji NIPP on standby for pre-commissioning after gas supply remedial works. These restored units collectively would have cumulative 875MW additional capacity to NDPHC’s mechanical available generation; adding significant boost to national power generation capacity.

    Adighije further announced the commencement of restoration works on the 225MW Gbarain NIPP plant, which has been out of service since 2020. He described the effort as a major step toward recovering dormant national power in a bid to commercialise the output of the plant to serve critical commercial and industrial clusters within the Niger Delta region.

    Still, he further explained that despite persistent sector-wide challenges, NDPHC has recorded several operational and financial milestones.

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    These include the recovery of 110 containers with critical turbine parts and HRSG components, abandoned at Onne Port for over nine years, commencement of the Light Up Nigeria – Agbara industrial cluster project to connect the Agbara Industrial Estate to the grid and a 10MW embedded solar project for an industrial area in Kano, Completion of key transmission and distribution projects in Borno and Delta States, as well as the completion of Afam–Ikot Ekpene 330kV double circuit transmission lines.

    Other success stories include recovery of over $10 million in legacy debts from bilateral customers, securing $15 million in insurance claims for the Alaoji plant fire incident, advanced engagements with NERC on recovering NDPHC’s investments in TCN’s transmission expansion projects, resolution of longstanding commercial issues with ACCUGAS, leading to an amendment of gas supply agreement which reduces government’s exposure.

    To strengthen accountability and staff welfare, the management of NDPHC has introduced a procurement benchmarking desk for streamlining procurement practices, Computer-Based Testing (CBT) for enhanced staff performance management, and a management support allowance to cushion the impacts of fuel subsidy removal.

    Engr. Adighije reaffirmed NDPHC’s commitment to “restoring dormant capacity, stabilizing operations, and supporting Nigeria’s goal of a more reliable and sustainable power supply value chain.”

    She said NDPHC’s management remains committed to transparency, accountability and constructive engagement with stakeholders in its quest for unlocking universal access to electricity for powering businesses and households across the country.

  • Fed Govt outlaws use of physical cash for transactions

    Fed Govt outlaws use of physical cash for transactions

    The Federal Government has taken steps to digitalise all forms of government revenue from January 1, 2026, signalling one of the most sweeping public finance reforms the country has witnessed in recent times.

    The Office of the Accountant General of the Federation (OAGF) has issued a series of circulars to Ministries, Departments and Agencies (MDAs) spelling out new rules, timelines, and sanctions for non-compliance.

    In the first circular titled “Enforcement of ‘No Physical Cash Receipt’ Policy” dated November 24, 2025, the Accountant General of the Federation (AGF), Dr. Shamseldeen B. Ogunjimi, directed all MDAs to stop the collection or acceptance of physical cash for government revenue.

    He stated that “collection and acceptance of physical cash, whether in Naira or other currencies, for any revenue due to the Federal Government is strictly prohibited,” adding that all payments must now be made through electronic channels.

    Dr. Ogunjimi explained that physical cash collection by MDAs had continued to violate existing e-payment and Treasury Single Account (TSA) policies, and had weakened the integrity of the government’s revenue systems.

    The OAGF then directed MDAs to sensitise staff and the public immediately, and to display notices bearing “No Physical Cash Receipt” and “No Cash Payment” at all payment points.

    MDAs currently using cash methods must deploy functional Point of Sale (PoS) terminals or approved electronic devices within 45 days.

    According to the circular, “Accounting Officers will be held personally accountable for any breach arising from their MDAs’ transactions.”

    The policy means that all Federal Government revenue will now be collected without physical cash, ending cash-based fraud and manual leakages that have long plagued public finance.

    MDAs will no longer be permitted to use customised front-end applications running on unapproved Payment Solution Service Provider (PSSP) platforms.

    No deductions—whether fees, commissions, or charges—can occur at the point of collection, and the entire amount paid must be remitted directly into the TSA.

    A second circular titled “Immediate Cessation of Direct Deductions” and dated November 25, 2025, mandated MDAs and Federal Government-Owned Enterprises (FGOEs) to stop unauthorised deductions from government revenues collected through portals or PSSPs.

    Dr. Ogunjimi said “the Gross Amount of all revenues must be remitted directly to the designated TSA or Sub-TSA account without any deduction.” Charges or fees due to service providers will now be paid directly from a designated TSA Sub-account, rather than being removed at source.

    The circular ordered all portals, PSSPs, and service providers engaged by MDAs to regularise their operations with the OAGF by December 31, 2025. It warned that non-compliant MDAs and FGOEs “shall have all their access on GIFMIS and TSA Sub-accounts disabled.”

    In another directive dated November 26, 2025, the OAGF introduced the Federal Treasury e-Receipt (FTe-R) as the only valid and legally recognised receipt for all federal government transactions.

    The circular stated that issuance of the new electronic receipt will begin on January 1, 2026. Dr. Ogunjimi explained that “the FTe-R shall be centrally generated and issued to the payer on the RevOP platform under the authority and control of the OAGF.”

    He added that the e-receipt will serve both as the official receipt for citizens and businesses making payments and as the mandatory proof of revenue collection for MDAs.

    The adoption of the Federal Treasury e-Receipt represents a fundamental shift in how Nigerians will pay for government services and how MDAs will verify and record such payments.

    Government believes the transition will eliminate widespread abuse associated with unauthorised deductions, commissions, or charges taken before remittance to the TSA.

    According to OAGF projections, the new rules could save the country billions of naira by closing revenue leakages associated with manual payment systems and unapproved digital channels.

    An official at the Federal Ministry of Finance described the reforms as a major step in Nigeria’s anti-corruption and fiscal transparency agenda, saying “they will reduce human discretion, eliminate cash handling, enforce full audit trails, and strengthen accountability through real-time digital monitoring.”

    The final circular in the series, titled “Rollout and Implementation Guidelines on the Adoption of the Revenue Optimization (RevOP) Platform” and dated November 27, 2025, announced the deployment of a service-wide platform that will unify billing, reconciliation, treasury visibility, and automation of revenue processes.

    The circular stated that “the Revenue Optimization and Assurance Platform is adopted as the approved platform for the Federal Government’s end-to-end revenue management.”

    According to the OAGF, the RevOP platform will integrate seamlessly with the TSA, GIFMIS, the Central Bank of Nigeria (CBN), Nigeria Inter-Bank Settlement System (NIBSS), the Federal Inland Revenue Service (FIRS), and revenue-collecting banks.

    It will also provide automated disbursement, revenue splitting, and real-time monitoring of both local and foreign currency accounts of MDAs.

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    MDAs have been directed to nominate three RevOP focal personnel—including one support officer and two Finance and Accounts staff—within seven working days. They must also integrate their Enterprise Resource Planning (ERP) and financial systems into the RevOP platform.

    Only CBN-licensed PSSPs recommended by NITDA and approved by the OAGF will be allowed to operate under the new arrangement. Full compliance is required within 60 days.

    The OAGF maintained that the combined directives mark the beginning of the largest consolidation of Nigeria’s digital public finance infrastructure in ten years. “TSA, GIFMIS, CBN, NIBSS, FIRS, and MDAs will now speak to each other in a unified digital environment through RevOP,” an official noted.

    With these reforms, citizens and businesses are expected to experience a more transparent payment process, while MDAs will now need official approval before deploying any digital payment platform.

    The measures also introduce stricter controls on revenue streams that historically suffered from opacity, fragmentation, and weak oversight.

    The federal government expects the transition to full digital revenue collection to strengthen trust in its fiscal processes, improve efficiency, and deepen accountability across public institutions as the January 1, 2026 implementation date approaches.

  • Companies raise N1.5tr for infrastructure, agriculture

    Companies raise N1.5tr for infrastructure, agriculture

    Companies have raised about N1.5 trillion in debt capital in the past two quarters as businesses seek to deepen investments in key sectors of the economy.

    Securities and Exchange Commission (SEC) yesterday gave outline of corporate debt capital raising activities within the second and third quarters.

    Director-General, Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, who spoke during the second Capital Market Committee (CMC) meeting for 2025 yesterday in Lagos, said there had been strong capital-raising activities between April and October 2025 with significant transactions approved across debt, equity, and commercial paper markets.

    He listed notable debt raising programmes to include the N500 billion Climate Funding SPV and the N200 billion Elektron Finance bond.

    He added that commercial paper market also remained active, with over N753 billion issued across sectors such as manufacturing, energy, and agriculture.

    He said these figures demonstrated sustained confidence in the market’s regulatory framework.

    According to him, the debt raising activities reflected growing investor interest in infrastructure and sustainable finance.

    He also announced a series of wide-ranging reforms aimed at strengthening market efficiency, deepening investor confidence, and accelerating the digital transformation of Nigeria’s capital market.

    He also confirmed Nigeria’s move toward a T+1, and eventually T+0 settlement cycle.

    Agama noted that the transition from T+3 to T+2 settlement for equities, implemented on November 28, marked a major milestone for the Nigerian capital market and aligned it more closely with global best practice.

    He explained that shorter settlement cycles will enhance liquidity, reduce counterparty risk, and accelerate capital reinvestment.

    The reform now applies across the Nigerian Exchange, NASD OTC Securities Exchange, and Lagos Commodities and Futures Exchange.

    He outlined broader market developments since the last CMC meeting in May, including the upgrade of Nigeria’s sovereign credit rating and the country’s removal from the FATF grey list. He said these achievements have boosted investor confidence and improved prospects for capital inflows. Inflation has also moderated, with the headline rate easing to 16.05 per cent year-on-year in October, the lowest level since March 2025.

    Despite these positives, the market faced headwinds in November when the Nigerian Exchange recorded its steepest monthly decline on record. Market capitalization fell by N6.54trn, while the All-Share Index dropped nearly seven per cent. The downturn was driven by profit-taking ahead of the planned 30 per cent Capital Gains Tax, weakened sentiment in banking stocks, and broader policy and global uncertainties.

     However, Agama noted that the market has since shown resilience, with modest recovery following government reassurances on fiscal and tax policy, and remains significantly positive year-to-date.

    The SEC is intensifying its market development and financial inclusion efforts through education-based initiatives, including the integration of capital market studies into the national secondary school curriculum in collaboration with the Nigerian Educational Research and Development Council.

    At the tertiary level, the Commission partnered with Nnamdi Azikiwe University for a conference focused on leveraging capital market opportunities for SME growth.

    Regionally, the SEC continues to reinforce Nigeria’s leadership in non-interest finance.

     The Commission recently engaged a Bank of Ghana delegation on regulatory frameworks for non-interest capital markets, highlighting Nigeria’s N1.4trn  sovereign Sukuk issuances and the growth of Islamic mutual funds. Planning is also underway for a Municipal Bond and Sukuk Summit scheduled for the first quarter of 2026.

    Agama emphasized ongoing efforts to deepen the commodities and derivatives ecosystem.

    The SEC is collaborating with the Standards Organisation of Nigeria to update commodity standards, working with insurance brokers to enhance risk mitigation, and partnering with the Ministry of Solid Minerals to unlock funding for mining companies. It is also engaging the Central Bank of Nigeria to secure liquidity status for warehouse receipts while strengthening oversight of commodity exchanges through inspections and financial reviews.

    The Commission is advancing new rules under the Investments and Securities Act (ISA) 2025 to support commodity exchanges, collateral managers, warehouse operators, and warehouse receipt issuers. Study tours of exchanges and clearing agencies are informing updated regulatory frameworks, while work continues on harmonizing rules to align with ISA mandates. Engagements with commodity exchanges such as Gezawa and NCX have also helped revive their operations.

    In the derivatives market, the SEC is collaborating with stakeholders to deploy a real-time surveillance system to reinforce market integrity. Updated rules on central counterparties, derivatives trading, online forex, and NG Clearing operations have been submitted to the Rules Committee. A draft systemic risk management rule is also being developed to require stronger risk governance frameworks across regulated entities.

    Agama highlighted the Commission’s technology-driven regulatory reforms, including automation through the Digital Transformation Portal, which now allows capital market operators to submit applications, upload documents, and track approvals online. A commercial paper issuance module has been launched, with automation of quarterly and annual returns underway. The SEC is upgrading IT infrastructure and strengthening cybersecurity to support these reforms.

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    He also presented findings from the Technology Adoption Survey conducted in May 2025, which revealed that while cloud computing and cybersecurity tools are gaining traction, adoption of advanced technologies such as artificial intelligence and big data remains below 10 percent. Yet more than 70 percent of firms plan to adopt AI, blockchain, and regulatory technology within three years. Challenges include high implementation costs, skill shortages, and legacy system integration.

    Agama stressed that innovation must go hand-in-hand with ethical and responsible deployment. He reminded operators that safeguarding investor data, preventing market abuse, and maintaining operational resilience are essential to building trust—the foundation of any capital market.

    He also announced that the SEC will implement a Harmonized Corporate Governance Reporting Template for public companies to streamline disclosures, eliminate duplication, and reduce compliance burdens. The template will unify reporting across SEC regulations, the Nigerian Code of Corporate Governance 2018, and the Business Facilitation Act 2022.

    Looking ahead, the renewal of registration for capital market operators will take place from January 1 to 31, 2026, while electronic receipt and processing of registration applications will commence in the first quarter of 2026.

    Agama concluded by reaffirming the SEC’s commitment to building a resilient, transparent, and innovation-driven capital market that can serve as a catalyst for sustainable economic growth. He said the Commission remains guided by the principle that “a strong capital market is not built in a day; it is shaped by vision, collaboration, and resilience.”