NEWS AGENCY OF NIGERIA
Stanbic IBTC Holdings to pay shareholders N38.87bn as dividend in 2024

Stanbic IBTC Holdings to pay shareholders N38.87bn as dividend in 2024

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By Taiye Olayemi

Stanbic IBTC Holdings has announced plans to pay N38.87 billion in dividends to its shareholders for the financial year ended Dec. 31, 2024.

This is a 36.3 per cent surge from N28.505 billion paid to its shareholders in 2023.

The company disclosed this in a corporate disclosure through the Nigerian Exchange Ltd., on Friday.

The disclosure reads: “A Final Dividend of N3.00 per ordinary share of 50 kobo each, that is N38,870,991,489.00

“Subject to deduction of appropriate withholding tax and approval will be paid to shareholders whose names appear in the Register of members at the close of business on Friday 11 April 2025.

“This is in addition to the Interim Dividend of N2.00 paid in September 2024, thus bringing the total of 2024 dividend to N5.00.

“The Register of Shareholders will be closed from Monday 14 April to Friday 18 April 2025.

“On Friday May 16, 2025, dividends will be paid electronically to shareholders whose names appear on the register as at the close of business on Friday April 11, 2025.

“It will be paid to those who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.(NAN) (nannews.com.ng)

 

Edited by Kevin Okunzuwa

Tinubu’s transformative agenda reinvigorating Nigeria’s economy, strengthening institutions – Adelabu

Tinubu’s transformative agenda reinvigorating Nigeria’s economy, strengthening institutions – Adelabu

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By Constance Athekame

The Minister of Power, Mr Adebayo Adelabu, says President Bola Tinubu’s transformative agenda has reinvigorated Nigeria’s economy, strengthened institutions and restored hope in the hearts of Nigerians.

Adelabu said this on Saturday in Abuja, in his congratulatory message to the president on his 73rd birthday.

He commended Tinubu’s visionary leadership and unwavering commitment to national development.

He said that remarkable strides and bold reforms implemented by the president have set the country on the path of sustainable growth and prosperity.

“From ground-breaking reforms in the power sector to infrastructural advancements and economic revitalisation, his administration has demonstrated an unyielding dedication to progress,” he said.

Adelabu particularly commended the president’s focus on the power sector, noting significant improvements in electricity generation, transmission, and distribution, which have positively impacted businesses and households across the nation.

He said that under his leadership, the country had witnessed unprecedented investments and policy innovations in the energy sector, paving the way for a brighter, more electrified Nigeria.

“His support has been instrumental in driving our mandate to ensure stable and affordable power for all Nigerians,” he said.

Adelabu wished the president good health, wisdom, and continued success in steering Nigeria toward greater heights.

“On this special day, I join millions of Nigerians at home and abroad in celebrating a true statesman and nation-builder.

“May God grant you many more years of impactful service to our beloved country,” he said. (NAN)(www.nannews.ng)

Edited by Kadiri Abdulrahman

Tinubu signs Investments, Securities Act 2025 into law

Tinubu signs Investments, Securities Act 2025 into law

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By Taiye Olayemi

President Bola Tinubu has assented to the Investments and Securities Act (ISA) 2024, which repeals the Investments and Securities Act No. 29 of 2007.

This landmark legislation strengthens the legal framework of the Nigerian capital market, enhances investor protection and introduces critical reforms to promote market integrity, transparency and sustainable growth.

The Securities and Exchange Commission (SEC) on Saturday said the enactment of the ISA 2024 reaffirms the authority of SEC as the apex regulatory authority of the Nigerian Capital Market.

The new Act also introduces transformative provisions to further align Nigeria’s market operations with international best practice.

“The Securities and Exchange Commission (SEC) is pleased to announce that resident Bola Tinubu has assented to the Investments and Securities Act (ISA) 2024, which repeals the Investments and Securities Act No. 29 of 2007.”

Commenting on the development, Dr Emomotimi Agama, Director-General of the SEC, lauded the President’s assent as a transformative step for the capital market.

Agama said, “The ISA 2024 reflects our commitment to building a dynamic, inclusive and resilient capital market.

“By addressing regulatory gaps and introducing forward-looking provisions, the new Act empowers SEC to foster innovation, protect investors more efficiently and reposition Nigeria as a competitive destination for local and foreign investments.

“We commend all stakeholders within and outside the capital market community for their unwavering solidarity towards the achievement of this historic milestone.

“We solicit their continued collaboration in respect of the effective implementation of the ISA 2024 for the benefit of our economy.

“SEC extends its profound appreciation to the National Assembly for its patriotism and dedication in enacting this new legal framework for the Nigerian capital market.”

Agama said that the meticulous deliberations, extensive stakeholder engagements and bi-partisan support demonstrated throughout the legislative process highlighted the National Assembly’s resolve to foster economic growth and enhance investor confidence.

“We also commend the Honourable Minister of Finance and Coordinating Minister of the Economy of Nigeria as well as the Minister of State for Finance for their invaluable contributions to the realisation of this groundbreaking project.

“Their strategic guidance, policy expertise and steadfast support have ensured that the ISA 2024 aligns with Nigeria’s broader economic objectives.

“The SEC would continue to engage with market operators, investors, and all stakeholders to ensure a seamless transition from the repealed ISA 2007 to the new legal regime established under the ISA 2024,” he said.

The News Agency of Nigeria reports that the Act enhances the regulatory powers of SEC in a manner comparable with benchmark global securities regulators.

These enhanced powers and functions ensure full conformity with the requirements of IOSCO’s Enhanced Multilateral Memorandum of Understanding (EMMoU), enabling SEC to retain its “Signatory A” status and enhancing the overall attractiveness of the Nigerian capital market.

Other notable provisions of the ISA 2024 include: classification of Exchanges and inclusion of provisions on Financial Market Infrastructures.

The Act classifies Securities Exchanges into Composite and Non-composite Exchanges.

A Composite Exchange is one in which all categories of securities and products can be listed and traded, while a Non-composite Exchange focuses on a singular type of security or product.

There are also new provisions on Financial Market Infrastructures such as Central Counter Parties, Clearing Houses and Trade Depositories.

The Act explicitly recognises virtual/digital assets and investment contracts as securities and brings Virtual Asset Service Providers (VASPs), Digital Asset Operators (DAOPs) and Digital Asset Exchanges under the SEC’s regulatory requirements.

It introduces provisions that exempt transactions facilitated through or otherwise involving Financial Market Infrastructures from the application of general insolvency laws.

The Act introduces provisions for the monitoring, management and mitigation of systemic risk in the Nigerian capital market.

The Act expands the categories of issuers, as a key step towards the introduction of a wide range of innovative products and offerings as well as the facilitation of “commercial and investment business activities”, subject to the approval of the Commission and other controls stipulated in the Act.

It contains a new part which provides for the regulation of Commodities Exchanges and Warehouse Receipts. These provisions are essential to allow for the development of the entire gamut of the Commodities ecosystem.

Salient provisions of the Act address existing restrictions in respect of raising of funds from the capital market by Sub-Nationals to allow for greater flexibility in this regard.

The Act introduces the mandatory use of Legal Entity Identifiers (LEIs) by participants in capital market transactions. This stipulation is designed to improve transparency in the conduct of securities transactions.

The Act expressly prohibits Ponzi Schemes and other unlawful investment schemes, while prescribing stringent jail terms and other sanctions for the promoters of such schemes.

It amends some key provisions in the repealed ISA 2007 pertaining to the Composition of the Tribunal, Constitution of the Tribunal, qualification and appointment of the Chief Registrar as well as the Jurisdiction of the Tribunal to enhance the ability of the Tribunal to optimally discharge its mandate. (NAN) (www.nannews.ng)

Edited by Olawunmi Ashafa

Naira appreciates by 0.11% against Dollar

Naira appreciates by 0.11% against Dollar

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By Grace Alegba

The Naira appreciated on Friday in the official market, trading at N1,536.82 to a dollar.

Data from the Central Bank of Nigeria (CBN) website showed that the Naira gained N1.84.

This represents a 0.11 per cent increase compared to the N1,538.66 per dollar recorded on Thursday.

The gain followed four days of slight depreciation between Monday and Thursday.

On Monday, March 24, the Naira closed at N1,531.19 per dollar. On Tuesday, it traded at N1,532.39, and on Wednesday, it exchanged at N1,537.62.

In spite of these slight losses, the Naira has remained relatively stable against the US Dollar since December 2024 due to CBN’s reforms promoting transparency in the foreign exchange market. (NAN)(www.nannews.ng)

Edited by Kamal Tayo Oropo

2025: Expert estimates real estate market potential in Africa at .64 trn

2025: Expert estimates real estate market potential in Africa at $17.64 trn

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By Rukayat Moisemhe

Mr Hakeem Ogunniran, a thought leader in real estate, has projected Africa’s real estate market potential to reach $17.64 trillion by 2025.

Ogunniran said this at the Nigerian-British Chamber of Commerce (NBCC) Real Estate Summit on Friday in Lagos.

The summit, with the theme, “The Future of Real Estate: Floating Cities, Skyscrapers & Tech-Driven Living,” explored innovations shaping the industry.

The Eximia founder highlighted that the residential segment alone was valued at $14.87 trillion, with a projected annual growth rate of 5.58 per cent from 2024 to 2029.

According to Ogunniran, Nigeria’s real estate sector presents enormous opportunities, estimating its market value at $2.61 trillion in 2025, with residential real estate accounting for approximately $2.5 trillion.

He identified key drivers shaping the future of Nigeria’s real estate sector, including, strong compliance and regulatory frameworks, adoption of property technology and digital transformation.

Others are, sustainability and green building practices, integrated urban planning, innovative financial solutions, and affordability and accessibility.

To maximise these opportunities, he urged Nigeria to stay ahead of industry shifts and leverage emerging trends in housing and construction.

Ogunniran pointed out potential areas for investment to include, student hostel, accommodation, card homes, co-living and co-working spaces and crowdfunding in real estate.

Also listed are, logistics warehouses and data centres, digitised real estate assets, and neighbourhood retail centres.

“The key pillars of a modern real estate framework are livability, sustainability, resilience, and affordability,” he said.

Mr Akin Opatola, President of the International Real Estate Federation (FIABCI Nigeria), stressed the need for innovation to address Nigeria’s evolving real estate landscape.

He advocated for exploring floating cities and skyscrapers as solutions to land shortages and climate risks.

“The future of real estate development requires professionals to embrace blockchain for property transactions, AI-driven property management, and public-private partnerships,” Opatola said.

Mrs Udo Okonjo, CEO of Fine & Country West Africa, highlighted the importance of long-term sustainable development.

She emphasised that floating cities could be resilient to flooding, space-efficient with vertical density, and incorporate smart infrastructure to drive sustainability and innovation.

Mr Ray Atelly, President of the NBCC, noted that the real estate and construction sectors were at a critical turning point, driven by rapid urbanisation, climate adaptation, and technological advancements.

He highlighted how the industry is shifting towards vertical megacities, floating urban centres to combat rising sea levels and tech-driven and sustainable living solutions.

“The summit is a call to action for stakeholders in construction, real estate, and urban planning to rethink traditional development models,” Atelly said.

“Nigeria, as Africa’s largest economy, has the potential to lead the way in shaping future-forward cities that are smart, resilient, and inclusive.”

He, however, emphasised the need to tackle challenges such as infrastructural deficits, sustainability concerns, and technology adoption.

“The time is now to reimagine how we build, innovate, and create spaces that serve both present and future generations,” Atelly added. (NAN)(www.nannews.ng)

Edited by Kevin Okunzuwa

ACCI pledges to boost women’s role in business

ACCI pledges to boost women’s role in business

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By Vivian Emoni

The Abuja Chamber of Commerce and Industry (ACCI), has reaffirmed its commitment to boost women’s participation in business and trade for economic growth.

Its Director-General, Mr Agabaidu Jideani, disclosed this at a virtual meeting to commemorate the International Women’s Day (IWD) 2025 in Abuja on Wednesday.

The News Agency of Nigeria (NAN) reports that the event was organised by the chamber’s Women in Business Trade Group (WIB-TG).

The theme of the meeting was “Invest in Women: Unleashing Economic Potential for a Sustainable Future”.

Jideani said ACCI decided to celebrate the IWD through virtual meeting with relevant stakeholders to demonstrate the importance of women in the country.

He reaffirmed the chamber’s dedication to advocating for policies that support women-led enterprises.

Jideani said that women were at the heart of economic transformation, innovation and development.

According to him, many women still face barriers to accessing opportunities, capital and leadership roles, in spite of their undeniable economic contributions.

“That is why today’s event is crucial; it is a platform to empower, educate and engage women in business, trade and entrepreneurship,” he said.

Similarly, Mrs Nonye Ayeni, Director-General of Nigeria Export Promotion Council (NEPC), said the council has engaged women in various training programmes, to support and enhance their business.

According to her, such programmes include market access initiatives and certification opportunities under the SheTrade Hub, aimed at strengthening female participation in global trade.

Ayeni was represented by Mrs Evelyn Obidike, Director, Product Development Department of the NEPC.

Also, the Director-General of the Small and Medium Enterprises Development Agency (SMEDAN), Mr Charles Odii, said the agency had initiated various initiatives to ensure that women entrepreneurs thrive.

The Vice President Legal of ACCI, Mrs Aisha Abdullahi emphasised creating opportunities and building a more inclusive economic landscape to improve women’s participation in decision-making.

“Investing in women is not just an economic imperative; it is a necessity for building a sustainable and prosperous future,” she said.

NAN reports that the participants emphasised on the need for stronger public-private partnerships to enhance financial accessibility, market integration and capacity building programmes for women in business. (NAN)

Edited by Maureen Ojinaka/Oluwafunke Ishola

Experts list ways to sustain family business

Experts list ways to sustain family business

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By Rukayat Moisemhe

Business experts have emphasised the importance of stewardship in sustaining family businesses across generations.

They spoke at the Lagos Business School (LBS) International Family Business Conference on Thursday in Lagos.

The experts also highlighted the need to build resilient governance structures, foster intergenerational collaboration, and prepare future leaders to uphold and expand family business vision.

Mr Aigboje Aig-Imoukhuede, Co-Founder, Tengen Family Office, stressed the importance of balancing family values with business growth to ensure a lasting legacy.

Aig-Imoukhuede, also former Managing Director, Access Bank Plc, said family-owned businesses accounted for 60 to 80 per cent of private businesses worldwide.

He, however, noted that in Africa, family business rarely survive one generation due to weak succession planning and governance frameworks.

Aig-Imoukhuede said the concept of stewardship, a leadership philosophy, placed family members as enterprise caretakers focused on preserving growth for future generations.

According to him, stewardships nurtures successors, preserving them for strategic, tactical, and operational responsibilities, while preserving family relationships.

He said the culture of stewardship flourished where family cohesion was high, with a commitment to long-term value creation.

“The challenges in stewardship and legacy building include the burden of legacy, managing growing responsibilities and interpersonal conflicts, among others.

“In addressing this, there must be well laid out communication strategies, open dialogue practices, establishing clear roles and responsibilities.

“A conflict and dispute resolution mechanism must be in place with expectations properly managed,” he said.

Prof. Yinka David-West, Dean, LBS, said family businesses were not just enterprises, but living legacies as backbones of economies, custodians of tradition, and innovation pioneers.

David-West noted that sustaining a family business across generations was one of the most significant leadership challenges.

She said while many first-generation businesses thrived, fewer survived into the second, and only a fraction make it to the third.

She stated that the difference between those that endured and faced was stewardship—the art of nurturing wealth, wisdom, succession, and a lasting legacy.

“That is why this year’s theme: “Preparing the Next Generation for Stewardship: Building a Lasting Legacy for Family Businesses,” is so critical.

“The LBS mission is to illuminate the principles of stewardship as the foundation for enduring success.

“We are committed to equipping next-generation leaders with the mindset and skills to lead with heritage and innovation.

“This event would also bridge gap between tradition and transformation, ensuring family businesses remain competitive, cohesive, and future-ready,” she said.

The Founder, Coscharis Motors, Dr Cosmas Maduka, noted that if everything a person lived for dies when the individual dies, such person has not lived successfully.

Maduka said the child with the most burning desire for the business with the proper structure in place should be one to take the baton of leadership in family business succession.

Mrs Adeolu Idowu, Partner, Aluko and Oyebode, urged business owners to employ the services of business advisors to provide evaluation on risk and family governance in the business.

Dr Chiedu Nwuke, Founder, Periwinkle Residences Ltd., noted that the most important focus must be on brand creation and passing the vision of the brand across generations.(NAN)

Edited by Chinyere Joel-Nwokeoma

FG inaugurates committee for effective implementation of AfCFTA

FG inaugurates committee for effective implementation of AfCFTA

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By Vivian Emoni

 

 

 

The Federal Government has inaugurated a committee to ensure strong implementation of the African Continental Free Trade Area (AfCFTA) to strengthen trade and economic growth.

 

 

 

The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, while inaugurating the AfCFTA Central Coordination Committee, in Abuja on Tuesday, said that the committee would drive Nigeria’s strategic implementation of the AfCFTA.

 

 

 

 

 

Oduwole said that the committee was made up of both government and private stakeholders, adding that AfCFTA was one of the most transformative trade and economic initiatives in Africa’s history.

 

 

 

She said that AfCFTA represented more than a trade agreement, as it was a bold vision of integration, prosperity and inclusive growth across the Africa continent.

 

“With a market value of 1.4 billion people, and a combined Gross Domestic Product (GDP) of 3.4 trillion dollars, AfCFTA offers Nigeria and, indeed, the whole of Africa, an unprecedented opportunity to reposition itself in a global economy.

 

“In advancing Nigeria’s implementation of the AfCFTA, we have been acknowledged regionally and globally for this impressive prioritisation.

 

“The work ahead of us is both urgent and essential. The world is watching how Africa rises, and Nigeria must lead by example,” the minister said.

 

She said that the AfCFTA agreement was signed on March 2018, and officially came into force on May 2019, giving momentum to Africa’s already dynamic investment and trade landscape.

 

Oduwole said that the agreement was a pivotal step toward establishing a single continental market for goods and services, with goals that included facilitating investment and trade.

 

According to her, it will promote sustainable and inclusive development, adapting gender policy and structural transformation, enhancing competitiveness, and stimulating industrial development across African economies.

 

“To achieve these goals, the agreement has been structured around several protocols. The first protocol, phase one, include trading goods, trading services, and business development procedures.

 

“While the phase two protocols involved investment, intellectual property rights, competition policy, digital trade, women and youth in trade,” she said.

 

Oduwole said that the President had directed her to coordinate diverse information of the AfCFTA agreement to strengthen the important mandate and ensure coordinated strategic implementation.

 

She urged all the committees and other relevant stakeholders to be committed to ensure a strong and effective implementation of AfCFTA.

 

“We will hold each other accountable as we create a roadmap for Nigeria’s implementation, and we actually speak to see what we are going to be able to deliver, even this year.

 

“We will track transparency to make sure that what we are going to deliver will bring a great achievement,” the minister said.

 

Mrs Nonye Ayeni, the Director-General of Nigeria Exports Promotion Council (NEPC), who spoke on behalf of the committee, said that the committee members would be committed and focused, to ensure positive result.

 

Also, the Special Adviser to the Minister, Mrs Patience Okala, said that AfCFTA was aimed at creating job opportunities and to boost economy in the continent. (NAN)(www.nannews.ng)

 

Edited by Florence Onuegbu/Vivian Ihechu

Nigeria Customs to deploy E-currency declaration form to curb money laundering

Nigeria Customs to deploy E-currency declaration form to curb money laundering

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By Martha Agas

The Nigeria Customs Service (NCS) says it will deploy an Electronic-Currency (E-Currency) declaration form as part of its anti-money laundering measures for travellers carrying cash into and out of Nigeria.

The service spokesperson, Abdullahi Maiwada announced this in an interview with the News Agency of Nigeria (NAN) on Thursday in Abuja.

Maiwada said that the form was designed to help travellers declare any currency exceeding the legal threshold before arrival or departure.

NAN reports that the Anti-Money Laundering (Prevention and Prohibition) Act 2022 and the NCS Act 2023 mandate that travellers carrying over $10,000 (about N15. 4 million) ( or its equivalent in negotiable instruments) must declare it to the NCS.

Maiwada explained that the electronic system would improve monitoring by allowing the NCS to share information with relevant authorities.

“We have developed a system where, even before leaving your point of origin, you can scan a QR code, access the form, fill it out, and we will be able to see it from here.

“The NCS is set to deploy this very soon,” he said.

According to Maiwada, the NCS is working with airline operators to include announcements about the declaration requirement for sums exceeding the stipulated amount.

Maiwada emphasised that the NCS was enhancing awareness on money laundering regulations and reinstating airport signage in English and French.

He noted that recent currency seizures at airports and borders were a result of increased vigilance by the NCS.

“We have reinforced searches at all airports, entry, and exit points identified as high-risk areas for currency movement.

“It is not illegal to move any amount of currency, but when carrying more than $10,000 or its equivalent, travellers must declare it. If you conceal it, the law will take its course.

“In Kano Airport, a lady arriving from Saudi Arabia was caught with undeclared cash. Another case at Nnamdi Azikiwe International Airport, Abuja, involved $193,000 concealed in a yogurt carton.

“We have also intercepted undeclared CFA currency at Idiroko border,” he said.

Maiwada further disclosed that the reinforcement of cargo scanning points had been instrumental in detecting smuggled cash.

“Density variations in scanned images serve as red flags, prompting further physical examination,” he explained.

NAN reports NCS recently intercepted undeclared 1.1 million U.S. dollars and 135,900 Saudi Riyals at the Mallam Aminu Kano International Airport, Kano.

With these measures, NCS aims to strengthen Nigeria’s financial integrity and support efforts to remove the country from international financial grey lists. (NAN)

Edited by Kevin Okunzuwa

Nigeria’s economy achieving stability – Edun

Nigeria’s economy achieving stability – Edun

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By Nana Musa

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, says Nigeria’s economy has achieved relative stability over the past 18 to 20 months.

Edun said this during a Zoom dialogue meeting in Abuja on Thursday.

According to him, the economy narrowly avoided collapse, having survived on illegally borrowed central bank funds far beyond regulatory limits.

“Where we are now is that, in the last quarter of 2024, the economy grew at roughly 3.84 per cent, which is close to the annual target of 3.4 per cent.

” Looking at the metrics, inflation has started to slow down.

“It dropped by 1.3 percentage points between January and February, and food inflation is also declining.

“Additionally, the cost of petroleum and energy is down due to sectoral dynamics,” he said.

Edun noted that stabilising the exchange rate had positively impacted imported goods and services, such as healthcare and education.

He further revealed that the balance of trade was positive, with government revenues increasing by 20 per cent in 2024.

Edun said the economy was stabilising, the budget deficit was reducing, and debt servicing as a percentage of revenue had dropped.

“All economic indicators are moving in the right direction, and most importantly, the cost of living is gradually improving.

“With this progress, the government is now focusing on further stabilisation and creating an environment that encourages private sector investment.

“We are also leveraging technology to enhance revenue generation from government-owned enterprises,” Edun explained.

The minister stated that the tax reform bill was set to increase the top-end personal income tax rate from 18.6 per cent to 25 per cent, while also tightening government expenditure.

He said that economic growth would be driven by agriculture, housing and infrastructure.

On agriculture, he said government would continue to ensure good harvests through improved dry and wet season farming techniques.

According to him, on imroved housing, introduction of a 25-year low-interest mortgage with single or low double-digit interest rates to address the housing deficit.

“The Highways Management and Development Initiative (HMDI) would facilitate the concessioning of major highways to improve road infrastructure,” he said.

Edun said the government was transitioning from concessional and bilateral financing to cheaper sources of funding, including a domestic bond issue.

He also reiterated the government’s commitment to resolving pensioners’ legacy debt, revealing that over N700 billion in bonds had been issued for pension payments.

Acknowledging that Nigeria remains an oil-dependent economy, Edun stressed that the government was making efforts to, create a safe and investor-friendly environment for oil operations.

“Maximise revenue from fossil fuels while it remains viable, encourage public-private partnerships, joint ventures, and privatisation o boost investment.

“Now is the time for equity, revenue generation, and private sector participation, both domestically and internationally,” he said.(NAN) (www.nannews.ng)

Edited by Dorcas Jonah/Kevin Okunzuwa

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