NEWS AGENCY OF NIGERIA
NPF Pensions engages stakeholders to build trust, address misconceptions
Economy/Business

NPF Pensions engages stakeholders to build trust, address misconceptions

170 total views today

By Nana Musa

The Nigeria Police Force (NPF) Pensions Limited says its ongoing stakeholder engagement drive is aimed at building trust, addressing misconceptions, and providing practical solutions to issues affecting police officers’ retirement benefits.

This was contained in a statement issued by the company in Abuja on Friday.

According to the statement, the management of NPF Pensions recently embarked on an extensive pension sensitisation exercise across the South-West geopolitical zone, covering Lagos, Ogun, Oyo, Osun, Ondo and Ekiti states.

The exercise reached over 1,500 officers, including senior police personnel such as Commissioners of Police and Assistant Inspectors-General (AIGs).

Dr Kolade Morakinyo, Managing Director/Chief Executive Officer of NPF Pensions Limited, said the initiative reflects the company’s customer-centric philosophy and commitment to deepening stakeholder engagement.

He said the sessions provided opportunities for one-on-one interactions aimed at reinforcing trust, strengthening relationships, and improving understanding of the Contributory Pension Scheme (CPS) among police personnel.

“This is part of our ongoing drive to improve service delivery and drive digital transformation in our operations.

“Technology remains a top priority for us, and we continue to leverage it to deliver unparalleled service to police officers nationwide,” Morakinyo said.

He noted that NPF Pensions had consistently maintained industry leadership in terms of return on investment, delivering over 38 per cent in 2024 alone.

He reaffirmed the company’s commitment to continued collaboration with the National Pension Commission (PenCom) and the police management team to secure improved welfare packages for officers upon retirement.

Morakinyo encouraged officers who had not yet transferred their Retirement Savings Accounts to NPF Pensions Limited to do so in order to benefit from enhanced retirement packages currently under development.

He also urged all officers to promptly notify the company upon promotion so that their records could be accurately updated. (NAN)

Edited by Kadiri Abdulrahman

Financial institutions’ support of private sector will drive economic transformation in Africa- Elumelu
Economy/Business

Financial institutions’ support of private sector will drive economic transformation in Africa- Elumelu

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Okeoghene Akubuike

The Founder and Chairman of Heirs Holdings, Mr Tony Elumelu, says there is a need for solid financial institutions to support the private sector to drive economic transformation in Africa.

Elumelu said this at the 32nd Afreximbank Annual Meetings 2025 in Abuja while speaking on “Decades of Delivering on a Shared Aspiration. The Transformational Collaboration between Afreximbank and African Multinational Corporations and Banks.”

He stated that entrepreneurs also played a vital role in creating jobs and driving innovation.

Elumelu said that Afreximbank initiatives and investments served as examples of strong financial institutions helping to drive Africa’s growth.

He narrated how Afreximbank and African Finance Corporation supported his company’s investment in the energy sector by providing some capital needed for the transaction.

Elumelu revealed that the investments had yielded transformative results for both the investors and Nigeria.

“Today our company produces 58,000 barrels of oil daily, and we have recorded the highest production in the oil sector both locally and internationally in the past five years, according to NNPCL.

“It would not have been possible if Afreximbank had not supported us with the 600 million dollars.

“That is Afreximbank, a solid financial institution, and the private sector working together to create employment for our people, industrialise our economy and transform Africa.”

Elumelu advised that institutions like Afreximbank should be empowered to enable them to support entrepreneurs.

“Do not burn bridges, fulfil your obligations to these financial institutions, ensure you make payments, and perform and create employment in the process”.

He emphasised that government support was essential in creating an enabling environment for the private sector to thrive, with policies and regulations that facilitate investment and trade on the continent.

Elumelu stressed the importance of access to electricity in driving economic development and improving the lives of Africans.

“We need to prioritise our youths and women by bringing them to the mainstream of economic activities so Africa’s development is holistic and all-encompassing.

“When investors see these improvements, they will come, we do not need to advertise”, he said.

He also emphasised the need for improved digital connectivity and access to the internet, particularly for young people and rural areas.

Elumelu highlighted the need for support for the creative industry, particularly in accessing financing and protecting intellectual property rights. (NAN)(wwwnanews.ng)

Edited by Vivian Ihechu

Tinubu hails Customs CG’s WCO council election
Economy/Business

Tinubu hails Customs CG’s WCO council election

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By Muhyideen Jimoh

‎President Bola Tinubu has congratulated the Comptroller-General of the Nigeria Customs Service, Adewale Adeniyi, on his election as Chairperson of the WCO Council.

 

Adeniyi was unanimously elected on Saturday in Brussels to lead the World Customs Organisation (WCO), which consists of 186 member nations.

 

He becomes the first Nigerian to head the 73-year-old global organisation dedicated to customs cooperation and standards.

 

The congratulatory message is contained in a statement by Presidential Spokesperson, Mr Bayo Onanuga, on Saturday in Abuja.

 

Tinubu extended congratulations to Adeniyi, the NCS board, management, and staff for attaining global recognition and honour.

 

He described the hoisting of Nigeria’s flag at the WCO headquarters as a significant milestone for the nation.

 

“I congratulate the Customs boss for bringing pride and validation to our country and economic reforms,” President Tinubu said.

 

He urged Adeniyi to meet, and even surpass, the expectations of the WCO Council in his new global leadership role.

 

The President also thanked the WCO Secretary-General and Council members for their unanimous support for Adeniyi’s candidacy.

 

He assured the international community that his administration would support Adeniyi’s stewardship of the Council.

 

Adeniyi succeeds Edward Kieswetter, Commissioner of the South African Revenue Service, as Chairperson of the WCO Council.

 

He will officially assume duties on July 1 and begin leading the international customs body.

 

The News Agency of Nigeria (NAN) reports that the WCO Council is the organisation’s highest decision-making body.

 

It is tasked with promoting uniformity, innovation, and best practices in customs administration worldwide.

 

All WCO working groups report to the Council, which drives customs policy across the organisation’s 186 member countries. (NAN) (www.nannews.ng)

Edited by Kamal Tayo Oropo
Job creation essential for Africa’s greatness- Dangote
Economy/Business

Job creation essential for Africa’s greatness- Dangote

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By Okeoghene Akubuike

Aliko Dangote, Founder and President/Chief Executive of Dangote Group, says that job creation is essential for making Africa great again.

Dangote made the statement while addressing the 32nd Afreximbank Annual Meetings 2025 (AAM2025) in Abuja.

He spoke on the topic “The Path to Making Africa Great Again”.

He urged Africans to adopt the mantra “Africa First,” inspired by Donald Trump.

Dangote highlighted the importance of investing money within the continent, drawing comparisons to Asia’s model.

According to him, if Africa invests abroad, it becomes challenging to attract foreign investments back to the continent.

“When we encourage domestic investors and they succeed, it will motivate foreign investors to come to Africa,” he stated.

For Africa to experience growth, he stressed the need for a robust manufacturing base, improved agricultural practices, and strong financial institutions.

“We need to focus on our own resources in Africa by processing our minerals on the continent.”

Dangote explained that by doing so, Africa would create value, generate jobs, and experience growth, making it an attractive destination for investments.

He said, “Africa should not be a dumping ground.”

Dangote pointed out that the lack of electricity and inconsistent government policies have hindered industrial growth in Nigeria.

He praised Afreximbank for its support in establishing the Dangote refinery, noting that if Africa had ten institutions similar to Afreximbank, the continent could become a haven in just a few years.

“We are the only ones who can make Africa great.

“Yes, there will be ups and downs, but we must stay focused, and if we do, we will be successful.

“It is not just about amassing wealth, but about creating worth, such as through job creation,” he said.

Dangote also shared his ambition to become the highest producer of urea within the next 40 months, noting that 37 per cent of Dangote Fertiliser’s production was exported to the United States.

In response to the ban imposed by the U.S. on certain countries, he said: “Why do people want to go to the U.S.? We have everything we need right here in Africa.

“Let us make Africa a productive continent because the potential for growth is significant,” he said. (NAN)(www.nannews.ng)

Edited by Vivian Ihechu

Tinubu hails Afreximbank’s impact on Africa
Economy/Business

Tinubu hails Afreximbank’s impact on Africa

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Impact

By Vivian Ihechu

President Bola Tinubu has praised the African Export-Import Bank (Afreximbank) for its vital role in driving economic development and integration across the African continent.

He particularly commended the bank’s “audacious leadership” and its “generational impacts” on Africa’s economic future.

Speaking at the 32nd Afreximbank Annual Meetings 2025 (AAM2025) in Abuja, Tinubu applauded the bank’s achievements and Nigeria’s commitment to strategic partnerships.

He praised Afreximbank’s growth under Professor Benedict Oramah, describing its expansion as impressive and impactful.

“Afreximbank under Oramah’s enhanced leadership has grown its assets to over $27 billion within a commendable timeframe,” Tinubu noted.

He said the bank had championed Africa’s pandemic response, industrialisation, free trade, and the creative economy over the past decade.

Tinubu highlighted the bank’s founding 33 years ago as Africa’s decision to take control of its development destiny.

“Today, with over $250 billion in trade and development, including $150 billion in the past decade, the bank is a pillar of African growth,” he stated.

He said Nigeria, as Africa’s most populous nation, had greatly benefited from the bank’s wide-ranging support.

“Nigeria has proudly received over $52 billion in support for energy, agriculture, infrastructure, healthcare, manufacturing, and the creative sector,” he said.

Flagship projects cited include Dangote Refineries, the African Medical Centre of Excellence, and the African Quality Assurance Centre.

“These projects reflect confidence in Nigeria’s future and in Africa’s broader potential,” the President declared.

Tinubu also applauded the collaboration that saw Nigeria formally approve the African Payment and Settlement System (PAPSS).

“Thank you for that,” he said, stressing that PAPSS enabled cross-border trade in local currencies and supported economic stability.

He urged other African nations to embrace PAPSS, calling it a tool for financial integration and collective resilience.

The News Agency of Nigeria reports that Tinubu conferred the GCFR honour on Professor Oramah after the speech.

He spoke of reforms under his ‘Renewed Hope Agenda’ introduced since May 2023, including removing the fuel subsidy.

Another reform was the unification of Nigeria’s exchange rate system to correct systemic distortions.

“These reforms, though difficult, were essential for correcting long-standing imbalances,” he emphasised.

He outlined positive outcomes from the reforms, saying they lay the foundation for future growth.

“In 2024, Nigeria recorded 3 per cent GDP growth with broad sector contributions,” he stated.

Oil production rose to 1.5 million barrels, with a 2.5 million target in sight, backed by strategic investments.

“Inflation is easing, data is stabilising, and investor confidence is returning,” Tinubu added.

He stressed that reforms must also be measured by their human impact, not numbers alone.

“True transformation lies in empowered citizens and thriving businesses,” he said.

He highlighted social investment areas, including student loans and upgrades to 8,800 primary health centres.

“These upgrades focus on maternity care and diagnostics, especially in underserved communities,” he explained.

Tinubu also cited digital inclusion initiatives, such as deploying thousands of fibre-optic cables to bridge connectivity gaps.

He noted that infrastructure progress includes the completion of 279 roads, with more ongoing.

He said Nigeria’s collaboration with Africa is growing in scale and ambition, reflecting shared development goals.

He highlighted the launch of the African Energy Bank in Abuja with $5 million initial capital.

This bank aims to finance Africa’s energy transition using gas, renewables, and clean technologies.

Tinubu said Nigeria’s fertiliser sector is expanding to 7.5 million tonnes annually to secure Africa’s food needs.

He urged African countries to build stronger institutions and capabilities amid global fragmentation and rising protectionism.

He said Afreximbank must remain bold, adaptable, and grounded in African realities to succeed.

“This is a time to reflect on our resilience and boldly commit to Africa’s future,” he said. (NAN) (www.nannews.ng)

Edited by Kamal Tayo Oropo

Nigeria’s commodity firm, Neveah, ranked among Africa’s fastest-growing companies
Economy/Business

Nigeria’s commodity firm, Neveah, ranked among Africa’s fastest-growing companies

139 total views today

By Collins Yakubu-Hammer

The Financial Times of UK has listed Nigerian commodity export and trading company, Neveah Ltd, among Africa’s fastest-growing companies.

The firm stands at number one in the metals and mining category, and at 21 in the overall ranking of the 2025 Financial Times Africa’s Fastest-Growing Companies report.

The Chief Executive of Officer of Neveah Ltd, Mr Ibidapo Lawal, told the News Agency of Nigeria (NAN) in Abuja on Friday that the recognition marked a milestone in the company’s journey into a global icon.

He said it affirmed its position as one of the continent’s most dynamic and resilient enterprises.

According to him, the Financial Times ranking of the fastest-growing African countries, now in its fourth year, reveals the prevalence of fintechs, including businesses in the IT and software sector.

The report indicated that South Africa and Nigeria dominated the list of 130 businesses, hinting at the difficulties entrepreneurs from smaller countries face in building a continental presence.

“This recognition by the Financial Times is a powerful validation of our journey, reflecting not just our growth, but our grit.

“We are proud of what we’ve achieved, but even more excited about what lies ahead.

“Our mission remains clear: to build a globally competitive African enterprise that delivers value, empowers communities, and champions sustainability,” he said.

According to him, in a period marked by economic uncertainty, currency volatility, and inflationary pressures, Neveah not only weathered the storm but thrived.

He said the feat reflected the company’s long-term vision to drive sustainable development and create high impact opportunities within Nigeria’s non-oil export sector. (NAN)(www.nannews.ng)

Edited by Uche Anunne

Institute automates certification, tightens regulation for standard projects
Economy/Business

Institute automates certification, tightens regulation for standard projects

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By Lucy Ogalue

The Chartered Institute of Project Managers of Nigeria (CIPMN), has inaugurated a digital registration and certification verification platform.

According to the Registrar-General of CIPMN, Mr Henry Mbadiwe, it is aimed at strengthening professional standards and regulatory enforcement in Nigeria’s project management space.

Mbadiwe said this at the closing of the Institute’s 2025 Mid-Year Training Programme and Induction in Abuja on Thursday.

He said the institute had phased out manual registration and now operated a secure, digital-only process for onboarding new members and verifying all issued certificates and licences.

“We no longer accept paper registrations. Every registration with CIPMN must now be processed through our online portal.

“Every certificate and licence issued is digitally secured and instantly verifiable through QR code scanning.

“Once a project manager presents a certificate or licence, it can be verified on the spot using a smartphone. The system searches the CIPMN database and confirms the authenticity of the presented credentials,” he said.

According to him, this technological upgrade aligns with global best practices and enhances trust in the project management profession in Nigeria.

The CIPMN boss also confirmed that the system complies with Nigeria’s data protection laws, following consultations with the Data Protection Commission.

“None of the data displayed during verification breaches any legal framework. It’s a secure and transparent process that will foster public confidence,” Mbadiwe said.

He stressed the importance of project management in driving national development, saying that it was the tool that translates strategies into actionable and measurable outcomes.

“Project management is not just for construction. Every initiative with a start and end date is a project.

“Without trained and licenced project managers, we waste time and resources. Our report has shown that more than 17 trillion dollars is being lost to unstructured project delivery,” he said.

Mbadiwe said the institute had begun enforcing compliance with its regulatory framework, warning that institutions or individuals managing projects without CIPMN licensure would face legal consequences.

“We are taking more decisive steps. This year, we will begin visiting non-compliant organisations.

“After giving warnings, we will seek court orders to shut down sites or stop project execution. The law is clear, you must be licenced to deliver projects in Nigeria,” he said

The Registrar-General likened CIPMN’s role to that of other professional regulators such as the Medical and Dental Council or the Nigerian Bar Association (NBA), noting that project management must now be treated with the same seriousness.

Mbadiwe also revealed that several public and private sector institutions were already complying, including Shell, NLNG, Lagos Business School, and MDAs such as PENCOM, ITF, SON, and the Ministry of Intergovernmental Affairs.
“We are collaborating closely with the Bureau of Public Procurement to ensure that only licenced project managers can bid for and manage government contracts

“No agency, not even our supervisory ministry, can ignore this law,” he said.

He then called for deeper collaboration across sectors to ensure full compliance and reduce project failure rates across Nigeria.

The President and Chairman of CIPMN Council, Mr Emmanuel Afolayan, said the institute was determined to build an “army of professionals” equipped to manage projects across Nigeria with competence, discipline, and efficiency.

“ The goal is to achieve desired results without compromising standards or quality. Project management is a critical tool for achieving economic transformation.

” With proper training and licencing, professionals will be able to deliver value-driven projects that align with national goals.

An inductee, Mr Akins Kinsley, described the training as a turning point in his professional journey.

“I have been supervising projects in the past, but this training has exposed me to better ways of managing them. Now, I understand the importance of delivering projects to international standards from start to finish,” Kinsley said.

Another inductee, Mr Idehai Frederick, said the training had deepened his understanding of project management methodologies, which he intended to apply in journalism and public relations. (NAN)

Edited by Ese E. Eniola Williams

Pan-African industrial bodies seal pact to boost manufacturing, support small industries
Economy/Business

Pan-African industrial bodies seal pact to boost manufacturing, support small industries

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By Lucy Ogalue

The Pan-African Manufacturers Association (PAMA), and the Pan-African Alliance of Small and Medium Industries (PAOSMI), have agreed to strengthen Africa’s manufacturing sector and enhance small and medium industries (SMIs) competitiveness.

Mr Henry Emejuo, the Director-General, PAOSMI said this on Thursday in Abuja.

The News Agency of Nigeria (NAN) reports that the agreement was signed on the sidelines of the ongoing Afreximbank Annual Meeting (AAM2025).

The theme of the event is; “Trade-Driven Industrialisation for Africa’s Sustainable Development: A Pathway to Realising AfCFTA and the Africa We Want.”

According to Emejuo, the MoU establishes a collaborative framework between the two organisations to jointly advance industrial policy, capacity building, intra-African trade, investment promotion, and enterprise support.

He described the partnership as a significant step toward unlocking the potential of the African Continental Free Trade Area (AfCFTA) and empowering local industries to compete on a global scale.

“This MoU allows us to coordinate efforts, share resources and design programmes that benefit both large-scale manufacturers and small industrial enterprises across Africa.

“The alliance will help SMIs gain access to training, market intelligence, technical support, and regional value chains.

“The growth of SMIs is vital for inclusive industrialisation in Africa. This partnership will ensure they are not left behind in the AfCFTA implementation,” he said.

He listed key areas of collaboration to include the co-organisation of strategic events such as the Pan-African Industrial Convention and joint training programmes.

The director-general listed other areas to include industrial clinics, and support for participation in continental trade expos like the Intra-African Trade Fair (IATF).

Emejuo said both organisations were committed to promoting export readiness, developing joint fundraising strategies, working with multilateral institutions and technical partners to mobilise resources for industrial development.

“The MoU outlines the appointment of focal persons in both institutions, a joint annual work plan, and a confidentiality clause to protect shared information.

“Although not legally binding, the agreement reflects a mutual commitment to impactful cooperation over an initial three-year period, renewable by mutual consent.

“Disputes arising from the MoU are to be resolved through negotiation, mediation, or arbitration under Nigerian law, with Lagos designated as the seat of arbitration,” he said.

The event was co-organised by PAMA, the African Business Council (AfBC), and the Manufacturers Association of Nigeria (MAN), as part of a continental trade mission supported by Afreximbank.

Mr Segun Ajayi-Kadir, the Secretary-General of PAMA, signed on behalf of the association, while Emejuo represented PAOSMIthe alliance. (NAN)

Edited by Ese E. Eniola Williams

We’re under attack by saboteurs, NNPC Ltd management cries out
Economy/Business

We’re under attack by saboteurs, NNPC Ltd management cries out

141 total views today

By Emmanuella Anokam

Sabotage

The Nigerian National Petroleum Company Limited (NNPC Ltd.) says it has uncovered an emerging coordinated sabotage campaign being waged by a syndicate of known and faceless actors, within and outside the organisation.

A statement issued on Friday by the management of NNPC Ltd., said that the group was actively spreading lies and misinformation simply to discredit the company’s leadership.

The company said the group was spreading such misinformation to derail the organisation’s ongoing transformation into a corruption-free, performance-driven energy company, in line with the mandate of the President of the Federal Republic of Nigeria.

“Their tactics include planting scandalous and fabricated reports, curated to distract leadership, mislead the public, and undermine the commitment of our dedicated workforce and reform-minded Nigerians.

“These are calculated efforts by those who feel threatened by reform, transparency, accountability, and change, a clear evidence of the lengths to which they will go to obstruct the transformation of Nigeria’s foremost energy institution.

“We expect a surge of defamatory content in the days and weeks ahead but NNPC Ltd. remains undeterred. The transformation is underway, and no amount of sabotage will stop it,” it said.

The company urged its dedicated staff, stakeholders, and all patriotic Nigerians to stay focused, ignore the noise and not be discouraged. (NAN)(www.nannews.ng)

Edited by Emmanuel Afonne

AfCFTA lauds progress in economic integration
Economy/Business

AfCFTA lauds progress in economic integration

152 total views today

Progress

Okeoghene Akubuike

Mr Wamkele Mene, Secretary-General of the African Continental Free Trade Area (AfCFTA) Secretariat, has lauded the progress made toward realising the vision of Africa’s founding fathers for economic integration.

Speaking at the 32nd Afreximbank Annual Meetings (AAM) 2025 in Abuja, Mene underscored the vital role of economic integration in shaping the continent’s future.

The meeting themed, “Realising the Vision of the African Founders: Progress Towards Africa’s Trade and Economic Integration,” brought together leaders and stakeholders to assess the gains and challenges in Africa’s economic landscape.

Mene commended Prof. Benedict Oramah, President and Chairman of Afreximbank, for his leadership in supporting Africa’s economic development.

He noted that Afreximbank had been instrumental to the success of AfCFTA, a landmark initiative to establish a single, integrated market for goods and services across Africa.

He described the establishment and operationalisation of the AfCFTA as one of the most ambitious and transformative milestones toward continental integration since the independence era.

Mene outlined several areas of progress: noting 49 countries had ratified the AfCFTA Agreement, representing 90.7 per cent of signatories.

“Tariff reductions and simplified customs procedures are easing trade. Meaningful trade is underway, with businesses benefiting from reduced or zero tariffs.

“Progress is also evident in services trade, including finance, retail, telecommunications, and tourism.”

He noted the adoption of key protocols covering investment, intellectual property, competition policy, digital trade, and the inclusion of women and youth in trade.

Mene emphasised that the AfCFTA was more than a trade agreement; a framework for inclusive and sustainable growth, especially for small-scale traders, women, and youth.

He said results already included diversification of export destinations, reduced trade barriers, increased economic activity, job creation, and SME growth. However, challenges remained.

Mene called for bold investments in infrastructure to better connect African markets and enable freer movement of goods and people.

He also highlighted the need to ratify protocols on free movement of persons and the right of establishment.

He ended by stressing the importance of sustained political will, public-private partnerships, and inclusive stakeholder engagement.

“We dare not fail in this historic mission to integrate and transform Africa.

“We want African-made goods and services flowing freely across borders, generating jobs, stimulating industries, and improving lives.

“We owe it to our 1.4 billion fellow Africans to build a strong, self-reliant Africa ready to claim its place in the global economy,” Mene said.(NAN)(www.nannews.ng)

Edited by Abiemwense Moru

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