Pension Fund Administrators (PFAs) earned N125.39 billion in the financial year ended December 31, 2021, the National Pensions Commission of Nigeria (PenCom) said in a report. The Commission said the figure indicated an increase of 14.33 per cent, compared to the total income of N109.68 billion earned in 2020. PenCom stated that the total operating expenses of the PFAs amounted to N65.58 billion, as against N55.20 billion recorded in 2020, while gross operating profits in the industry increased from N54.78 billion in 2020 to N59.52 billion in 2021. According to the Commission, the major source of income for the PFAs…
Author: Elvis Eromosele
The Federal Government has approved a concession arrangement for developing the Badagry deep seaport at a cost of $2.59 billion over a period of 45 years. The approval was finalised following a presentation by the Federal Ministry of Transportation at the Federal Executive Council (FEC) weekly meeting presided over by President Muhammadu Buhari in Abuja last week. The port, according to officials, is expected to generate $53.6 billion in revenue over the 45 years concession period. The Minister of Transportation, Mu’azu Jaji Sambo confirmed the deal shortly after the meeting at the State House, Abuja. “I am pleased to announce…
Oando Clean Energy has partnered with the Lagos State Ministry of Transportation to roll out 3,000 electric buses by 2030. Mr. Ademola Odunbanjo, Executive Vice President Oando Clean Energy, disclosed this at the ongoing ninth edition of the Lagos Climate Change Summit in Lagos, Wednesday. The News Agency of Nigeria ((NAN) reports that at the two-day event titled: “Integrating Climate Actions in Lagos State Development: Investment Opportunities and Trade-offs”, Odunbanjo spoke on the topic: De-carbonising Industries/Mobility via Innovative Clean Energy. He said that Oando would be experimenting with different energy mixes to come out with affordable green energy for consumers, mobility…
In an effort to align with the federal government’s target of achieving 70 per cent broadband penetration in five years, MTN Nigeria has launched what it tagged ‘Home Broadband services’. The idea, according to MTN is to expand broadband services to millions of homes across Nigeria, which currently boasts of approximately 44.3 per cent internet connectivity, whereas other African countries, such as South Africa, Egypt, and Kenya, are at 68, 74, and 48 per cent internet penetration, respectively. “At MTN, we believe that everyone deserves the benefits of a modern, connected life; hence our investment in industry-leading connectivity operations,” noted…
Nigeria banks borrowed a total of N4.5 trillion from the Central Bank of Nigeria (CBN) in July, compared with N3.6 trillion the previous month, representing a 27 per cent increase Month-on-Month. Banks borrowing from the regulatory bank totalled N13.36 trillion in the first seven months of this year, compared with N17.9 trillion borrowed in the prior seven months of 2021. The commercial lenders borrowed short-term funds from the Standing Lending Facility (SLF) to cover their position in a time of liquidity shortage. While the CBN lends money to banks through the SLF at an interest rate of 100 basis points…
The Nigerian Communications Commission (NCC) has committed over N500 million to the Nigerian universities and other tertiary institutions across the country to facilitate research and innovations to promote developments in the Nigerian telecommunications industry. Executive Vice Chairman of the Nigerian Communications Commission, Prof. Umar Danbatta, disclosed this at a two-day Regional Roundtable with Academia, Industry and Other Stakeholders in Kano recently. The NCC boss revealed on the occasion that the funds have been committed to research grants to universities and tertiary institutions, including professorial chairs in the universities in salient areas to drive technology development. Danbatta said the commission is…
The Nigerian government is expected to make over N200 billion annually as the new five per cent telecommunications tax goes into effect. Telecommunications subscribers are to pay five per cent tax on calls, SMS and data services in addition to the existing 7.5 per cent Value Added Tax (VAT) on telecommunications services meaning that subscribers get to pay 12.5 per cent as tax on all telecom services. Minister of Finance Budget and National Planning, Zainab Ahmed, had indicated a couple of weeks back that the government needs to tax non-oil sectors to remain solvent. Her words: “Payments are to be…
Assets under the Contributory Pension Scheme (CPS) have hit N14.27tn as of the end of June, following an N842.73 billion rise in the first half of 2022. Figures obtained from the National Pension Commission (PENCOM) on its Unaudited report on pension funds industry portfolio for the period ended 30 June 2022; Approved Existing Schemes, Closed Pension Fund Administrators and RSA funds (Including unremitted contributions @CBN & legacy funds) have shown. The data showed that N9tn of the total funds was invested in Federal Government securities, comprising bonds and treasury bills. Other investment portfolios where the funds were invested include domestic…
First Bank of Nigeria Limited has revealed that its agency banking network, Firstmonie Agents, has processed transactions valued at over N22 trillion, with transaction volume in excess of one billion. The bank currently has over 180,000 Firstmonie agents, spread across the country’s 772 local government areas of the country, the firm said in a statement in Lagos. “Firstmonie agents have been integral to bringing financial services closer to the underbanked and unbanked segment of the society, providing convenient banking services that are easily accessible, thereby saving time and travel costs for individuals in the suburbs and remote environments with no…
Transportation, the movement of people and goods from one place to another, is a significant driver of human progress. In Nigeria, the three key means of transportation are road, air, and water. Road transport however dominates the means of transportation, especially in urban and suburban areas. Reports indicate that road transport makes up about 90 per cent of the movement of goods and passengers in the country. In recent years the use of three and two-wheelers for transportation has risen dramatically, both for private and commercial purposes. Experts are quick to point out that the rising prevalence is directly connected…