NEWS AGENCY OF NIGERIA
Pension Fund Assets rise to N23.33trn in Q1 2025 — PenCom  
Economy/Business

Pension Fund Assets rise to N23.33trn in Q1 2025 — PenCom  

122 total views today

 

 

 

By Taiye Olayemi

 

 

 

National Pension Commission (PenCom) says the total assets under the Contributory Pension Scheme (CPS) rose to N23.33 trillion as at March 31.

 

 

 

Mr Saleem Abdulrahman, Director of Surveillance, PenCom, disclosed this on Thursday in Lagos.

 

 

 

Abdulrahman said that the figure represented an increase of N820 billion when compared with the N22.51 trillion recorded as of Dec. 31, 2024.

 

 

 

He attributed the growth in pension assets to additional contributions from Retirement Savings Account (RSA) holders and investment income, including gains from the appreciation of equity prices and interest income on fixed-income securities.

 

 

 

Breaking down the pension assets, he said the Retirement Savings Account Funds I–VI accounted for N17.90 trillion or 76.73 per cent of the total pension assets.

 

 

 

He said Existing Schemes accounted for N2.77 trillion or 11.87 per cent while Closed Pension Funds accounted for N2.66 trillion or 11.40 per cent.

 

 

 

“The Pension Fund Assets were mainly invested in Federal Government Securities which accounted for 62.09 per cent of the total Pension Assets as at March 31.

 

 

 

“This is followed by domestic ordinary shares with 11.02 per cent and money market instruments which accounted for 8.91 per cent.

 

 

 

“The Industry portfolio reported annualised year to date performance of 19.29 per cent as at 31 March 2025.

 

 

 

“The commission in collaboration with Financial Sector Deepening Africa (FSD Africa) is organising a workshop on Investment in Alternative Assets, for Chairpersons of the Board Investment Strategy and Risk Management Committees of PFAs.

 

 

 

“The workshop is part of the strategic initiative of the commisison to promote a diversified and safer pension fund investment portfolio in order to enhance the performance of the pension portfolios,” he said. (NAN)

 

Edited by Olawunmi Ashafa

Redefining tourism key to Nigeria’s economic growth – Experts
Economy/Business

Redefining tourism key to Nigeria’s economic growth – Experts

172 total views today

 

 

By Rukayat Moisemhe

Experts have stressed the need to redefine Nigeria’s tourism sector citing its potential to reduce the country’s dependence on oil, boost foreign exchange earnings, and drive long-term socioeconomic development.

They made the call at the Lagos Chamber of Commerce and Industry (LCCI) Hotel and Tourism Group seminar on Wednesday in Lagos.

The News Agency of Nigeria (NAN) reports that the theme of the event was: “Redefining Tourism and Hospitality Industry for Sustainable Economic Development.”

 

The Executive Director, West Africa Tourism Organisation, Mr Hassan Zakari, said tourism and hospitality offered a key path to sustainable growth and jobs.

 

Zakari quoted that the sector had the potential to tap into a global market supporting over 41 million jobs, according to the World Travel and Tourism Council.

 

Zakari said Nigeria had a unique opportunity to reshape tourism by embracing sustainable, technology-driven models and moving beyond outdated approaches.

 

He noted that the country’s hotel revenue was projected to reach $1.67 billion by end of 2025, representing a robust recovery and expansion from pandemic lows.

 

“This figure demonstrate the sector’s remarkable resilience and growth potential, with strong demand fundamentals supporting continued investment despite macroeconomic challenges,” he said.

 

Zakari said key challenges facing the sector included exchange rate volatility, insecurity perceptions, skill gaps and infrastructure deficits.

 

He called for coordinated action from government, private stakeholders, and international partners to unlock its full potential.

 

“With coordinated efforts, the Nigerian Tourism Development Authority expects the sector to surpass $12 billion in annual revenue by 2026, significantly boosting national economic growth,” he said.

 

The President, LCCI, Mr Gabriel Idahosa, represented by the Deputy President, LCCI, Mr Leye Kupoluyi, said tourism and hospitality had emerged globally as key economic drivers.

 

He said they contributed to not only to Gross Domestic Product but also to employment, cultural preservation, and foreign exchange earnings.

 

Idahosa, however, noted that in spite of Nigeria’s rich cultural heritage, vast landscape, and entrepreneurial population, its tourism sector remained under-leveraged.

 

He said Nigeria must begin with a candid assessment of the structural and operational challenges impeding progress to redefine the tourism and hospitality industry.

 

He said the country must have a unified tourism brand or digital strategy to showcase its unique assets, improve infrastructure and shore up its security architecture to boost tourists’ interests.

 

“There should be a global media campaign branded “Destination Nigeria: Safe, Diverse, Beautiful.”

 

“We also call for the enactment of governance reforms by creating a National Tourism Council under the Presidency to harmonise policies and streamline investment approvals, while also introducing a Tourism Investment Promotion Act with fiscal incentives.

 

“Nigeria must embrace technology by supporting tourism-tech startups, offering smart tourism portals, and digital booking systems that enhance traveler experience and collect valuable data for decision-making, ” he said.

 

Dr Iyadunni Gbadebo, Director, Sales and Marketing, Eko Hotels and Suites, said to awaken the huge tourism potential, Nigeria must embrace a new approach rooted in authenticity, driven by innovation, and fortified by strategic collaboration.

 

Gbadebo noted that Nigeria’s story had largely been told by others, often painted with a brush of sensationalism and negativity, meanwhile the nation was bursting with stories of resilience, creativity, and triumph.

 

“We have a globally influential music and

film industry, a fashion scene that sets trends worldwide, and a rich, diverse history that is as compelling as any other civilization on earth and these are the assets we must leverage,” she said.

 

Gbadebo added that young Nigerians must henceforth be empowered to see tourism as a career path that spanned hotel management, culinary arts, digital marketing and policy development.

 

She emphasised the need to work with universities and vocational schools to align curriculum with market realities, ensuring that Nigeria was building the workforce of tomorrow, today.

 

Mrs Abiola Ogunbiyi, Chairperson, Hotel and Tourism Group, represented by Dr Tunde Lawrenson, the group’s Deputy Chairman, said Nigeria must begin to globally noise about its tourism offers and potential.

 

Ogunbiyi noted that the country’s movie industry, Nollywood, was where it was today because of its awareness drive and information about its rewards and possibilities.

 

She also emphasised the need to shore up shortages in tourism infrastructure, saying that a sustainable tourism sector could provide sustainable alternative to the country’s oil dependency.(NAN)(www.nannews.ng)

 

Edited by Chinyere Joel-Nwokeoma

Artisans key to inclusive economic growth, says BOI
Economy/Business

Artisans key to inclusive economic growth, says BOI

158 total views today

By Lucy Ogalue

The Bank of Industry (BOI) has described Nigerian artisans and technicians as the backbone of inclusive economic growth and key to the country’s future industrial development.

The Managing Director of BOI, Dr Olasupo Olusi, said at the Nigerian Artisans Leadership Summit 2025, on Wednesday in Abuja.

Olusi said that with more than 12 million artisans nationwide, the sector held immense potential for grassroots enterprise and national transformation.

The News Agency of Nigeria (NAN) reports that the summit was themed “Unlocking the Inherent Potential of Nigerian Artisans and Technicians”.

It brought together artisan leaders, development partners, government officials, and other stakeholders to discuss challenges and opportunities within the informal sector.

Olusi was represented by Ms Mabel Ndagi, Executive Director, Public Sector and Intervention Programmes of the bank.

He said that the bank’s vision for inclusive development was centred on enabling artisans to thrive through better access to finance, training and integration into formal economic systems.

“The theme of this summit goes to the heart of inclusive development.

“It reflects a vision of Nigeria where talent is not wasted due to lack of support and where informal skills are not excluded from formal opportunities,”he said.

Olusi identified several key challenges artisans faced, including limited access to affordable finance, outdated equipment, poor business structures, lack of export participation and inadequate research and development.

To address these issues, Olusi said that BOI had structured its 2025 to 2027 corporate strategy around six thematic pillars.

“These include supporting Micro, Small and Medium Enterprises (MSMEs), youth empowerment and skills development and digital economy expansion.

“It also includes advancing climate sustainability, investing in critical infrastructure and promoting gender inclusion.

“These focus areas are not just bureaucratic categories, they are lenses through which we are re-imagining support for artisans and grassroots entrepreneurs,” he explained.

Olusi reaffirmed BOI’s commitment to providing both financial and advisory support to Nigerian enterprises that sustain local economies and spur national growth.

“Our vision as a development finance institution is to transform Nigeria’s industrial landscape by empowering the enterprises that power this nation.

“At the heart of this vision are artisans and grassroots entrepreneurs like you.

“And true national development cannot be outsourced or imported, but must be built by skilled hands and passionate hearts,” he said.

The Artisan Leadership Summit marks another step in BOI’s broader drive to deepen financial inclusion, unlock the potential within the informal sector and promote sustainable livelihoods across the country. (NAN)

Edited by Francis Onyeukwu

FG, states, LGs share N1.65trn May revenue
Economy/Business

FG, states, LGs share N1.65trn May revenue

117 total views today

By Kadiri Abdulrahman

The Federation Account Allocation Committee (FAAC) has shared N1.659 trillion, being May 2025 revenue among the Federal Government, States and the Local Government Councils (LGCs).

The revenue was shared at the June meeting of FAAC in Abuja on Wednesday.

This is according to a communiqué issued at the end of the meeting, which was made available by Mr Bawa Mokwa, the Director, Press and Public Relations, Office of the Accountant-General of the Federation.

The communiqué said that the N1.659 trillion total distributable revenue comprised statutory revenue of N863.895 billion and Value Added Tax (VAT) of N691.714 billion.

“It also comprised Electronic Money Transfer Levy (EMTL) of N27.667 billion and Exchange Difference of N76.614 billion,” it said.

The communiqué said that total gross revenue of N2.942 trillion was available in the month of May.

It said that total deduction for cost of collection was N111.908 billion, while total transfers, interventions and refunds was N1.171 trillion.

“Gross statutory revenue of N2.094 trillion was received for the month of May. This was higher than the sum of N2.084 trillion received in the month of April by N10.023 billion.

“Gross revenue of N742.820 billion was available from VAT in May. This was higher than the N642.265 billion available in April by N100.555 billion,” it said.

The communiqué said that from the N1.659 trillion total distributable revenue, the Federal Government received the sum of N538.004 billion and the state governments received total sum of N577.841 billion.

“The LGCs received N419.968 billion, while the sum of N124.076 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

“On the N863.895 billion distributable statutory revenue, the Federal Government received N393.518 billion and the state governments received N199.598 billion.

“The LGCs received N153.881 billion and the sum of N116.898 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

The communiqué further said that from the N691.714 billion VAT revenue, the Federal Government received N103.757 billion, the state governments received N345.857 billion and the LGCs received N242.100 billion.

It said that N4.150 billion was received by the Federal Government from the N27.667 billion EMTL, adding that the state governments received N13.833 billion and the LGCs received N9.683 billion.

“From the N76.614 billion Exchange difference revenue, the Federal Government received N36.579 billion and the state governments received N18.553 billion.

“The LGCs received N14.304 billion, while the sum of N7.178 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

“In May, Companies Income Tax (CIT), VAT and Import Duty increased significantly while CET Levies, Petroleum Profit Tax (PPT), Oil and Gas Royalty and EMTL recorded decreases.

“Excise Duty increased only marginally,” it said. (NAN)(www.nannews.ng)

Edited by Ese E. Eniola Williams

Experts call for infrastructure company to drive investments
Economy/Business

Experts call for infrastructure company to drive investments

169 total views today

By Okeoghene Akubuike

Experts have called on the Federal Government to expedite the establishment of an Infrastructure Company (Infra-Co) dedicated to critical infrastructure investments.

They made the call at the ongoing Nigeria Public-Private Partnership (PPP) Summit organised by the Infrastructure Concession Regulatory Commission (ICRC) in Abuja on Wednesday.

The experts, in a panel discussion on “Maximising Nigeria’s Economic Potentials in the Transport Sector Using PPPs: Focus on Rail and Road Infrastructure”, explored the benefits of PPPs in improving the state of socio-economic infrastructures and addressing the challenges facing the transportation sector.

Rowland Ocholi, Managing Director, Bethlehem Rail Infrastructure Limited, said the call for an Infrastructure Company aimed to drive critical infrastructure investments, by leveraging PPPs to bridge Nigeria’s infrastructure gap.

“We call for the setting up of an infrastructure company, which we have christened the Nigerian Railway Infrastructure Company, which will own the fixed infrastructure.

“It will grant maintenance concessions, and build new railway infrastructure, which it will also concession to an operation company.

“It will also develop property consistent with the Hong Kong MTR model. It will have a core investor with at least a 50 per cent stake.

“The government may, over time, reduce its stake further or eventually exit through market floatation.

“Now the operations company could be separated into a freight operator and train operator,” he said.

Ocholi expressed concern that there was too much emphasis on road transportation in PPPs, while rail transportation was being overlooked.

Nasir Alli, Past President, Permanent International Association of Road Congress, suggested centralising the road sector in a semi-autonomous agency to improve efficiency and resolve conflicting interests.

“I think centralising is key, and that is what we are trying to achieve with our reform, which is to create a road authority to oversee the sector,” he said.

On his part, Opuiyo Oforiokuma, Senior Partner, Africa 50 Infrastructure Acceleration Fund, expressed delight with the progress made on the HMDI project, noting that at least one contract was operational and another was under construction.

Oforiokuma was optimistic that the Federal Roads Maintenance Agency (FERMA) could serve as a foundation for creating a well-structured organisation to manage federal roads, utilising private sector expertise and financing.

“I do believe that you have the foundation to set up a well-structured agency to deal with the federal roads in terms of using FERMA as the foundation to build on the institution,” he said.

Similarly, Lai Are, Managing Director, Catamaran Nigeria Limited, emphasised the importance of technology in implementing efficient toll payment solutions, requiring banks to support systems like ‘Park and Go’.

Are, whose company is tolling the 220 kilometres Keffi-Akwanga-Lafia-Makurdi Expressway, suggested that roads should be viewed as economic development assets rather than just utilities.

“Technology is very important as we move forward with tolls, payment solutions. We need the banks to come to the forefront in Park and Go so that we can provide efficient service to the people.

“I want us to view roads as an economic development asset rather than a utility; that way, we will be willing to pay and derive long-term benefits from it,” he said.

Adeniran Ajakaiye, Managing Director, Africa Plus Ltd., the concessionaire for the reconstruction of the 125km Benin-Asaba Expressway, said investors were wary of political instability.

Ajakaiye called for proper transitioning of governments to restore investors’ confidence.

He advised the Nigerian government to create a favourable environment for private sector investments to flourish and to involve subnational governments in the process.

The experts, which consisted of international investors and private sector leaders in infrastructure, also urged the Nigerian government to signal that it was open for business and committed to fostering a favourable investment environment.

This, they noted, would involve streamlining regulatory processes, providing incentives, and ensuring a stable economic framework to attract private sector investment in infrastructure development.

The experts commended the ICRC for its efforts in promoting PPPs in Nigeria.

The News Agency of Nigeria (NAN) reports that the summit has the theme “Unlocking Nigeria’s Potential: The Role of Public-Private Partnerships in Delivering the Renewed Hope Agenda.” (NAN)(www.nannews.ng)

Edited by Vivian Ihechu

Strategic investment in youths key to Nigeria’s trn economy- Entrepreneur 
Economy/Business

Strategic investment in youths key to Nigeria’s $1trn economy- Entrepreneur 

145 total views today

 

 

By Taiye Olayemi

 

 

Mr Sunny Akhigbe, an entrepreneur and philanthropist, has called for strategic investment in Nigerian youths as a critical pathway to unlocking the nation’s ambition of becoming a one-trillion dollar economy.

 

Akhigbe, founder of “A Boy and His Dream Foundation”, made the call during a media parley in Lagos.

 

The U.S.- based entrepreneur stated that Nigeria’s youth population remains the country’s most valuable economic asset.

 

He emphasised that for Nigeria to achieve its one- trillion dollar target, youths, with a special focus on women and children, must be nurtured through appropriate education, entrepreneurship, and mentorship.

 

He stressed that without a deliberate commitment to developing the potential of young Nigerians, especially women and children, the country’s economic aspirations may remain unattainable.

 

“Nigeria cannot grow into a trillion-dollar economy without investing in the people who will build it. That means prioritising our youths, especially women and children,” Akhigbe asserted.

 

Akhigbe urged Nigerian youths to take active responsibility in helping the Federal Government achieve its one trillion dollar economy target by developing their talents and using them to create sustainable wealth.

 

He highlighted that Nigeria’s economic transformation depends largely on the creative energy, resilience, and innovation of its young population, noting that these individuals must take ownership of their future and become productive contributors to national development.

 

“The road to a trillion-dollar economy begins with every Nigerian youth realising the value of their talent and transforming that talent into enterprise.

 

“We cannot wait for the government alone. The youth must step up through entrepreneurship, digital innovation, and skill development. This will help the nation to achieve the coveted one-trillion dollar economy,” he said.

 

Through his foundation, Akhigbe stated he had impacted thousands of young people across Nigeria and U.S. with scholarship programmes, microenterprise support, and mentorship initiatives aimed at building leadership and self-reliance.

 

 

 

“We have empowered young people with skills and seed funding to start businesses in Lagos, Abuja, and Nasarawa states. Many of them are now employers of labor,” he noted.

 

Akhigbe called on philanthropists and corporate organisations to collaborate with him to expand his initiatives.

 

He also mentioned he is building software to expose children in Nigeria and the U.S. to success and inspiring stories capable of spurring children and women to leave their comfort zones and create wealth.

 

He further detailed his contributions, stating, “I have built over 100 playgrounds in Edo State to ensure children are allowed to express themselves, an opportunity I never had.

 

“I have invested in agriculture to cater for children in terms of food security, and I am investing in recycling. I want philanthropists to partner with me to expand this.”

 

Speaking on his aspirations, Akhigbe said he is looking forward to producing more inspiring movies and writing more books that would further encourage women and children to be their best.

 

He added that proceeds generated from the sales of these materials would be used to impact more lives.(NAN) (www.nannews.ng)

 

 

Edited by Olawunmi Ashafa

World Bank, Afreximbank, AfDB commend FG on infrastructure development through PPP
Economy/Business

World Bank, Afreximbank, AfDB commend FG on infrastructure development through PPP

199 total views today

By Okeoghene Akubuike

Development Financial Institutions have commended the Nigerian Government for its commitment to infrastructure development through Public Private Partnerships (PPPs), calling for more collaboration from the private sector.

They made the call during the Nigeria Public Private Partnership (PPP) Summit hosted by the Infrastructure Concession Regulatory Commission n(ICRC) in Abuja.

The two-day summit has the theme “Unlocking Nigeria’s Potential: The Role of Public-Private Partnerships in Delivering the Renewed Hope Agenda.”

Dr Dahlia Khalifa, the Director for Central and Anglophone West Africa, International Finance Corporation (IFC), commended the Nigerian government for its commitment in creating a transparent and predictable business environment.

Khalifa said the government was doing this through recent efforts such as updating PPP guidelines by the ICRC and publishing a transparent project pipeline on its website.

According to her, a strong framework sends a message that Nigeria is open to business and serious about the results, and it has no time to lose.

She, however, said red tape should be reduced while speeding up delivery timelines and enhancing competition, which would improve performance, boost investor confidence and unlock new flows of investment.

She, however, said red tape should be reduced while accelerating delivery timelines and enhancing competition, which would improve performance, boost investor confidence and unlock new flows of investment.

Khalifa emphasised that Nigeria should enhance its institutional and regulatory environment to fully realise PPP potential, focusing on transparency, efficiency, and investor-friendly policies throughout the project cycle.

She said the IFC was proud to partner with Nigeria by providing advisory services and investments in delivering bankable projects.

Khalifa highlighted the Asset Monetisation Programme which the IFC was working with the Nigerian government, aimed at turning underutilised state and public assets into engines of economic growth.

“We are also very happy to be discussing programmes with the Ministry of Budget and Economic Planning to develop PPP projects aligned with the National Integrated Infrastructure Master Plan, which envisions up to 2.3 trillion dollars in projects in Nigeria by 2043.”

“In 2024, IFC brought in five billion dollars to Nigeria in investments and financing; 1.3 billion dollars bond for IHS Towers and 1.3 billion dollars for LME Fertiliser.”

Mr Zitto Alfayo, the Director and Head of Project Preparation at Afreximbank, commended President Bola Tinubu’s administration for the market reforms, which he said had positioned the country to withstand external shocks and make Nigeria an attractive investment destination.

Alfayo said with the commitment from the Federal Government, the onus was on the Development Financial Institution to complement the government’s efforts and scale up their intervention.

“We, too, need to be bold and put at the disposal of the private sector to provide our full array of products and services to draw in the much-needed investment into Nigeria.

“Working closely with the private sector allows us to access capital, harness innovation, create quality jobs, boost exports, and promote overall economic development.

He said Afreximbank had disbursed 50 million dollars in Nigeria, catalysing investments in various sectors, including energy, transport and logistics, manufacturing, healthcare, and financial services.

Alfayo highlighted some PPP projects undertaken by the bank in Nigeria including the African Medical Centre of Excellence and the African Quality Assurance Centre in Lagos.

Solomon Quaynor, Vice President for Private Sector, Infrastructure and Industrialisation, AfDB, emphasised the importance of collaboration to address the infrastructure financing gap, estimated at 70 to 110 billion dollars annually across all sectors.

Quaynor said that PPPs were complex, long-term contracts which needed to be designed properly to survive different political administrations.

“We should focus on designing and implementing low-hanging fruit. If investors see success in these early projects, they will have more confidence in future ones,” he said.

He highlighted several PPP projects that the bank was carrying out in Nigeria, including the Lagos-Abidjan corridor, Lekki Toll Road, the Metro Rail and the bus rapid transport system in Lagos, and industrial parks across 28 different states.

“We are also really looking to deliver solutions in Nigeria to harness the private capital embedded in the pension funds, the life insurance investment pools, and other savings pools.”

Quaynor said the AfDB, along with the Nigeria Sovereign Investment Authority, had mobilised about 500 million dollars equivalent in Naira for funding infrastructure bonds in Nigeria. (NAN)(www.nannews.ng)

Edited by Ese E. Eniola Williams

Global shocks: Experts urge digital resilience for organisations
Economy/Business

Global shocks: Experts urge digital resilience for organisations

121 total views today

 

 

 

 

 

 

 

 

By Rukayat Moisemhe

 

Economic experts on Tuesday urged organisations to embrace technology and build digital resilience to protect against volatility, uncertainties, and global disruptions.

 

 

 

The advice was given in Lagos during the Chartered Institute of Directors (CIoD) 2025 Biennial Lecture, held in honour of outgoing president, Alh. Tijjani Borodo.

 

 

 

The News Agency of Nigeria (NAN) reports that the event was themed: ‘Building Digital Resilience: Governance, Risk and Compliance.’

 

 

 

Digital resilience refers to an organisation’s ability to withstand and recover from both expected and unexpected disruptions, using digital technologies and processes.

 

 

 

Dr Tayo Aduloju, Chief Executive Officer of the Nigerian Economic Summit Group (NESG), said Nigeria had improved its Cyber Risk Index, reflecting stronger defences.

 

 

 

However, he noted that Nigeria remains among the world’s 15 most targeted countries, currently ranking 46th on the National Cyber Security Index.

 

 

 

Aduloju highlighted that global digital adoption has surged, with 125 million new consumers in the US and Europe embracing digital channels since the COVID-19 pandemic.

 

 

 

In Africa, digital transformation is also accelerating. Smartphone adoption in Sub-Saharan Africa is projected to grow from 51 per cent in 2022 to 88 per cent by 2030.

 

 

 

He advised organisations to assess and strengthen their enterprise resilience, particularly in digital and cyber areas, to better navigate future disruptions.

 

 

 

“The global market will remain volatile. It is vital to future-proof your organisation and minimise time spent in reactive response phases,” he said.

 

 

 

He added that businesses which develop strong capabilities to navigate uncertainty and ambiguity are best positioned to succeed in an unpredictable environment.

 

 

 

Aduloju said Nigeria urgently needs a new digital economy resilience analytics tool to improve institutional readiness and address increasing cyber threats.

 

 

 

He affirmed that the NESG is committed to working with strategic partners to enhance national resilience strategies and digital response capacity.

 

 

 

Chief Anthony Idigbe, Senior Partner at Punuka Attorneys, said current economic, political, and geopolitical uncertainties are challenging and reshaping executive outlooks.

 

 

 

He explained that policy shifts, changing trade dynamics, and economic uncertainty have greatly influenced the perspectives of business leaders across sectors.

 

 

 

To navigate this environment, Idigbe stressed the need for adaptable, forward-thinking leadership that welcomes innovation and change.

 

 

 

He urged corporate boards to actively oversee digital governance to avoid liability risks and enhance digital resilience within their organisations.

 

 

 

“The board must be prepared to reset operations in the event of digital disruptions,” Idigbe advised.

 

 

 

Outgoing CIoD president, Alh. Tijjani Borodo, said his tenure since 2023 included both challenges and successes, with periods of intense deliberation and meaningful progress.

 

 

 

Borodo said he aimed to reinforce CIoD’s leadership in corporate governance, promote ethical leadership, and encourage a sustainable business environment.

 

 

 

He added that his administration focused on promoting excellence in governance and advocating policies that support growth and institutional resilience.

 

 

 

He highlighted achievements including a reconstituted governing council, creation of sectoral groups, new regulations, branch restructuring, and a rebranding of the institute.

 

 

 

“Today, CIoD Nigeria stands redefined and reinvigorated, prepared to shape the future of professional directorship in Nigeria and beyond.

 

 

 

“As I prepare to hand over leadership, I am confident in the institute’s renewed strength and future readiness,” Borodo said.

 

 

 

NAN also reports that the event featured the unveiling of the CIoD’s new logo. (NAN) (www.nannews.ng)

 

 

 

Edited by Kamal Tayo Oropo

Stakeholders seek financial, judicial collaboration to boost economic growth
Economy/Business

Stakeholders seek financial, judicial collaboration to boost economic growth

139 total views today

By Ginika Okoye

Stakeholders in the financial and judicial sectors have called for stronger collaboration in both sectors to drive sustainable economic development in Nigeria.

The stakeholders made the call at the 23rd National Seminar on Banking and Allied Matters for Judges, in Abuja.

Mr Oliver Alawuba, the Group Managing Director/Chief Executive Officer, United Bank for Africa (UBA) Plc, said that a stable and efficient judiciary was critical for Nigeria’s economic transformation.

Alawuba said that the effectiveness of the financial system was largely dependent on a responsive and knowledgeable judiciary, particularly in resolving cases involving cybercrime, fraud, and enforcement of financial contracts.

“No economy can flourish without the enabling guardrails of justice.

“From credit systems to contract enforcement, the banking industry depends daily on the efficiency, fairness, and predictability of our judicial processes,” he said.

He highlighted the rising burden of non-performing loans now over N1.57 trillion, saying it was a symptom of judicial inefficiencies.

He called for urgent reforms, including digitisation, capacity building, and the establishment of specialised financial courts.

“Our partnership is not one of convenience, but of necessity.

“Without a strong, efficient judiciary, banks will struggle to extend credit with confidence,” he said.

The Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun, said that the judiciary played a critical role in promoting financial confidence and legal predictability.

“Judicial predictability is not just a legal virtue, it is an economic asset, it enhances market efficiency, lowers risk premiums, and unlocks capital for infrastructure and business development,” she said.

Prof. Pius Olanrewaju, the President, Chartered Institute of Bankers of Nigeria (CIBN), said that the institute was committed to fostering ethical conduct and professionalism within the banking industry.

Olanrewaju said that the institute was aimed at entrenching the culture of ethics, professionalism, and integrity in the industry through alternative dispute resolution mechanisms, which will help alleviate the burden on the judiciary.

He said that the seminar with the theme, “Justice and Finance in Partnership: Enabling Trust, Security and Nigeria’s Economic Growth and Development”, was apt as it encapsulated the essential link between a strong judicial system and a sound financial system.

According to him, the two elements must work hand in hand to foster national growth and development.

“Trust is the lifeblood of banking, and security its bedrock.

“Every financial transaction, from deposits to loans, hinges on the assurance that rights will be upheld, obligations fulfilled, and injustices addressed, without trust, the financial system crumbles.

“The absence of legal certainty and effective judicial oversight can devastate economic confidence. As a cornerstone of financial intermediation, the judiciary plays a vital role,” he said.

The Administrator of the National Judicial Institute, Justice Salisu Abdullahi, highlighted the judiciary’s critical function in driving investor confidence and economic stability.

According to him, a judiciary that is both competent and fiercely independent does not just resolve disputes; it actively underwrites economic growth.

“It creates the fertile ground where capital feels safe, innovation can flourish, and businesses can thrive,” he said.

The News Agency of Nigeria (NAN) reports that the two-day seminar was jointly organised by the Chartered Institute of Bankers of Nigeria (CIBN) and the National Judicial Institute.

It brought together financial and judicial stakeholders, including regulators, bank CEOs, legal scholars, and law enforcement leaders to explore solutions to pressing issues affecting the country’s financial system and legal framework. (NAN)(www.nannews.ng)

Edited by Kadiri Abdulrahman

PEBEC to undertake nationwide ease of doing business sensitsation tour
Economy/Business

PEBEC to undertake nationwide ease of doing business sensitsation tour

168 total views today

By Joseph Edeh

The Presidential Enabling Business Environment Council (PEBEC) says it will commence a nationwide sensitisation tour on June 23 to drive ease of doing business reforms in the country.

Zahrah Mustapha-Audu, the Director-General of PEBEC, said this in a statement on Wednesday in Abuja.

She said that the tour would feature technical sessions and town halls, providing a platform for stakeholders to engage with government officials, share experiences and propose reforms to ease business operations.

“The goal is to create a more conducive business environment, attracting investment, and driving economic growth across Nigeria.

“The tour will provide an opportunity for businesses, investors, and the general public to interact with government officials, share concerns, and propose solutions to challenges hindering business growth,” she said.

According to her, PEBEC is driving impactful reforms to make business in Nigeria easier, more transparent, and less bureaucratic.

“From simplified processes to digital innovations, we’re creating an environment where businesses can start, grow, and thrive with ease,“ she said.

The News Agency of Nigeria (NAN) reports that the initiative is part of PEBEC’s efforts to enhance the ease of doing business at the subnational level.

It intends to achieve that by collaborating with state governments, the private sector and international partners.

PEBEC, established in July 2016 by the Federal Government to oversee Nigeria’s business environment intervention, is tasked with the dual mandate of dismantling bureaucratic and legislative constraints to doing business.

It is also mandated to deliver Nigeria’s business environment reforms. (NAN)

Edited by Uche Anunne

X
Welcome to NAN
Need help? Choose an option below and let me be your assistant.
Email SubscriptionSite SearchSend Us Email