Business
How FG can execute roadmap for economy — NESG, OPS, others
The Nigeria Economic Summit Group, NESG, Nigeria Employers Consultative Association, NECA, and other members of the Organized Private Sector, OPS, yesterday rolled out priorities for the successful implementation of the Federal Government’s Roadmap for reviving the Economy.
The priorities, they said, include specific national targets for each of the eight priority focus of the roadmap, complete fine-tuning of policies and repositioning of institutions in the next three months, and strong coordination to avoid inter-ministerial misalignments in the implementation of the roadmap.
Briefing State House correspondents at the end of the inaugural Federal Executive Council, FEC, meeting on Monday, presided over by President Bola Tinubu at the Council Chamber, Presidential Villa, Abuja, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, had said: “FEC examined eight priority areas and identified targets to deliver in the next three years.
“Essentially we went through an exercise of looking at where things stood, regarding the economy, the growth rate, the exchange rate, inflation, unemployment and so on.
“The overriding conclusion is that we’re not where we should be and we also examined the President’s eight-point agenda, that is the eight priority areas for moving the Nigerian economy forward and for delivering to Nigerians.
“They are basically food security; ending poverty, economic growth and job creation, access to capital, particularly consumer credit, inclusivity in all its dimensions, particularly as regards youths and women, improving security, improving the playing field on which people and particularly companies operate, rule of law, and, of course, fighting corruption.”
FG should set national target for priorities areas — NESG
Reacting to this yesterday, the Nigerian Economic Summit Group, NESG, said the unveiling of the eight-point agenda is a welcome development, adding that the Federal Government should set specific national targets for each of the eight priority areas listed in the economic blueprint announced on Monday.
The group also advised that implementation of the blueprint should commence with fine-tuning of policies and repositioning of institutions within the next three months.
Disclosing the position of the NESG to Vanguard, the Chief Executive Officer, Dr. Tayo Aduloju, said: “The Nigerian Economic Summit Group welcomes the unveiling of the eight priorities of the President Bola Tinubu agenda, which thematically touches the nerve points of the country’s development problematique, especially as they accentuate the broad national strategic policy framework within which the administration’s performance will be measured.
“To hit the ground running, we would like to urge the new ministers and members of the Federal Executive Council to accelerate the comprehensive review of extant policies and plans to bring them up to par with the aspirations of the administration’s Renewed Hope Agenda.
“Accordingly, the NESG is looking forward to a vibrant, participatory, rigorous process, led by the new ministers in setting key national targets for each of the eight priority areas, based on revised macroeconomic assumptions and a medium-term fiscal framework that matches the ambition and aspirations of government’s agenda, with the values and principles of ‘improved livelihoods, economic outcomes, harnessing human capital and a “fairer and safer playing field for all.
“The NESG agrees that these values and principles of reforms will serve Nigeria well as we move forward.
“As the government settles down to the monumental task at hand, NESG looks forward to co-hosting the 29th Nigerian Economic Summit with our public sector partners and leveraging October 2023 convening for aligning policies, designing robust programmes, driving execution frameworks and holding all critical actors accountable for results and positive socio-economic outcomes.
‘Re-calibrate Nigeria for success’
“We urge the cabinet to use the opportunity of the mid-point review of the National Development Plans and the Sustainable Development Goals to recalibrate the country for success, complete the finetuning of policies and repositioning of institutions in the next three months, so that the next three years are spent in execution mode, not “review mode.
“On our part, NESG commits to being a dialogue partner, connector, intervener and critical watchdog as we work together through the co-creation process of public-private dialogue towards the development of a more competitive, inclusive and sustainable Nigerian economy.”
Strong coordination among ministries critical – NECA
On its part, the Nigeria Employers’ Consultative Association, NECA, also lauded the eight-point agenda as enumerated by the Federal Government to revive the nation’s ailing economy, saying, however, that the key to its success lay in partnership with Organised Private Sector, OPS, and strong coordination among the ministries.
NECA’s Director-General, Mr. Adewale-Smatt Oyerinde, in his reaction, said: “We commend the eight-point Agenda as presented by the government, as they tend to be fundamental to the revival of the economy.
‘’While the Agenda was succinct and addresses the core issues that the nation currently faces, we urge that strong coordination efforts should be put in place to avoid it being caught up in inter-ministerial misalignments and narrow implementation as witnessed in past administrations”
“Key success factors for the eight-point Agenda will be how well the government coordinates the activities of the ministries to complement each other, rather than the numerous contradictions we witnessed in the past, the level of engagement with critical stakeholders, including the Organized Private Sector and the formulation of a performance tracking metrics to assess the performance of each Ministry, Department, and Agencies, MDAs.
“It is instructive to note that about 60 per cent of the eight-point Agenda will need the critical input of the private sector, thus it will be in the interest of the government to give due attention to the survival of the private sector in order for the eight-point Agenda to become a reality.
‘’While the challenges we currently face are multi-dimensional, it is imperative to apply a multi-dimensional approach to resolving them.”
Nationwide security is a precondition for success — Adonri
In his reaction, David Adonri, Vice Chairman, Highcap Securities, described the 8-point agenda rolled out for turning the Nigerian economy around in three years by President Tinubu as an encouraging statement of intent, saying the items appeared to have been carefully selected to address the basic challenges of the economy.
He noted that matching the goals with the National Development Plan (NDP 21/25) would be a good starting point and basis for implementation.
According to Adonri, the establishment of nationwide security is a condition precedent to achieving results. “If the president can proceed on the agenda with exceptional will and iron determination, he can deliver sustainable development derived from unlocking domestic natural and human resources, and non-debt capital.
“However, most of these promises were made but unfulfilled by the last administration. Time will tell whether President Tinubu means his words or that they are mere political rhetoric.
“Meanwhile, the decisive precision with which he initiated market reforms gives hope that he may be a serious leader,” he said.
The Dangote Group has announced that its Dangote Petroleum Refinery will begin supplying petrol (PMS) directly to 11 states starting Monday, September 15, 2025. This information was shared in a press release on the Group’s official X account on Thursday.
The retail pump prices for petrol in the initial states will be set at N841 per litre for Lagos, Ogun, Oyo, Ondo, Osun, and Ekiti. For Abuja, Delta, Rivers, Edo, and Kwara, the price will be N851 per litre.
Additionally, the gantry price for petrol is established at N820 per litre.
“Dangote Petroleum Refinery begins direct supply of PMS with free delivery effective Monday September 15, 2025
“New Gantry Price is set at N820,” the statement read in part.
To support petrol station operators, the refinery will provide free delivery of PMS to registered stations in the 12 states, with plans to gradually expand distribution nationwide. All station owners are invited to register to access these benefits. The move is expected to improve petrol distribution and supply consistency across the covered states.
Dangote Petroleum Refinery, Africa’s largest with a 650,000 barrels-per-day capacity, opened in 2024 to reduce Nigeria’s reliance on imported petrol and strengthen energy security.
In July 2025, it received 4,000 CNG trucks under a N720 billion investment programme, aimed at distributing 65 million litres of refined petroleum products daily, creating over 15,000 jobs, and saving Nigerians more than N1.7 trillion annually in energy costs. The initiative also seeks to improve efficiency in the downstream sector and revive dormant petrol stations.
The refinery’s planned expansion into nationwide petrol distribution was initially scheduled for August 15, 2025, but is now set to begin on Monday, September 15, 2025. Preparatory challenges in early September included a three-day notice from the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), starting Tuesday, September 9, to suspend lifting and dispensing of petrol over concerns about fair competition.
Simultaneously, the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) went on a two-day strike, which was later suspended following a DSS-convened meeting attended by the Minister of Finance, Wale Edun, and representatives of the Nigeria Labour Congress (NLC).
A Memorandum of Understanding (MoU) was signed to resolve the dispute, mandating unionisation of willing employees from 9th to 22nd September 2025, prohibiting the creation of any other union, and ensuring no worker would be victimised due to the strike.
Signatories included Sayyu Dantata (Dangote Group), O.K. Ukoha (NMDPRA), Ojimba Jibrin (Dangote Group), Benson Upah (NLC), N.A. Toro (TUC), NUPENG President Akporeha Williams, General Secretary Afolabi Olawale, and Amos Falonipe representing the Federal Ministry of Labour.
Wema Bank has successfully surpassed the Central Bank of Nigeria’s (CBN) capital requirement for commercial banks with national authorization, a significant milestone achieved through the completion of a substantial N150 billion rights issue.
This important financial strategy positions the bank firmly ahead of the upcoming deadline of March 2026, as outlined in the CBN’s latest recapitalization framework.
In an official statement released on Thursday, Wema Bank proudly announced that its total qualifying capital has now reached an impressive N214.7 billion, comfortably exceeding the regulatory threshold of N200 billion.
The rights issue, which opened its doors on April 14, 2025, and closed on May 21, 2025, was a strategic response to the CBN’s directive aimed at fortifying the Nigerian banking sector.
By embracing this initiative, Wema Bank has not only positioned itself as a leader in compliance but also as a robust player in the quest for sustainable development within the financial landscape of Nigeria.
“This rights issue was undertaken in response to the CBN’s directive on the recapitalisation of banks in Nigeria. With the successful completion and regulatory approval, Wema Bank has now met the N200 billion minimum capital requirement applicable to commercial banks with national authorisation,” the bank’s statement stated.
In addition to the rights issue, Wema Bank has concluded a N50 billion special placement, which is currently awaiting regulatory approval. This additional capital injection further reinforces the bank’s commitment to maintaining a strong capital base and supporting its strategic expansion initiatives.
CEO Expresses Confidence
Commenting on the milestone, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, expressed confidence in the bank’s trajectory and the trust it enjoys from stakeholders.
“As a growth-driven bank, the industry recapitalisation requirement came as a welcome mission, and we undertook it with full confidence. Our success in surpassing the N200 billion benchmark ahead of the 2026 deadline not only reinforces our strong financial standing as a bank, but also attests to the mutual trust and confidence that exists between Wema Bank and its shareholders,” Oseni said.
Earlier in May, Wema Bank had announced its intention to raise an additional N50 billion through a private placement as part of its broader strategy to meet and exceed the CBN’s capital requirements.
At its Annual General Meeting (AGM), held electronically on May 22, 2025, shareholders formally adopted a resolution to secure this additional capital, signaling strong support for the bank’s growth agenda.
Under the CBN’s recapitalization framework, commercial banks with international authorization are required to maintain a minimum capital base of N500 billion, while those with national authorization, such as Wema Bank, must meet a N200 billion threshold.
Wema Bank’s swift and strategic response to these requirements highlights its resilience and forward-thinking leadership in Nigeria’s evolving financial landscape.
The Federal Competition and Consumer Protection Commission (FCCPC) has announced an impressive total of N10 billion in recoveries for consumers who were wronged, following a series of complaints directed at banks, fintech companies, and other entities.
This information was revealed in a statement issued on Thursday, which was signed by Ondaje Ijagwu, the Director of Corporate Affairs at the FCCPC.
The announcement comes in light of recent data that highlights the volume of consumer complaints received and subsequently resolved across major sectors of the Nigerian economy.
The data encompasses cases that were registered with the Commission between March and August 2025 and has been meticulously compiled from various complaint resolution platforms managed by the FCCPC.
“The top ten sectors by number of complaints received between March and August 2025 were led by banking (3,173 complaints), followed by Fast Moving Consumer Goods (FCMG) (1,543), fintech (1,442), and electricity (458).
“Other notable sectors included e-commerce (412), telecommunications (409), retail/wholesale/shopping (329), aviation (243), information technology (131), and road transport and logistics (114),” the Commission stated.
The Commission stressed that the data covers consumer grievances ranging from unfair charges, service failure, unauthorised deductions, deceptive marketing, poor disclosure of terms, product defects, and failure to provide redress within acceptable timelines.
“The total number of complaints resolved during the reporting period was 9091, while total recoveries for consumers exceeded N10 billion (Ten Billion Naira), reflecting both the scale of harm experienced and the significant financial burden borne by consumers in the absence of effective redress,” the FCCPC added.
Reacting to the findings, the Executive Vice Chairman/Chief Executive Officer of the Commission, Mr. Tunji Bello, said: “These numbers are not just statistics; they tell the story of consumer frustration, and the daily challenges Nigerians face in essential services. However, the FCCPC is determined to hold businesses accountable, ensure compliance with the FCCPA, and promote fair market practices that protect the welfare of all consumers.”
The publication of sector-specific complaint data is said to align with the Commission’s mandate under Sections 17(a), 17(j) of the FCCPA 2018, which empower it to enforce consumer protection laws and make information on its functions available to the public.
According to the report, Banking is the dominant source of consumer complaints, both in volume and financial exposure, highlighting recurring issues in loan deductions, account charges, and transaction disputes, and reflecting public reliance on the FCCPC to intervene in systemic financial service challenges.
“Banking and fintech dominate by financial impact, showing consumer vulnerability where services are both essential and high value, signalling an urgent need for stronger joint regulation with the Central Bank of Nigeria (CBN).
“With 458 reported complaints, the electricity sector ranks 4th overall, behind banking, financial services, and FCMG, highlighting persistent billing disputes, service delivery failures, and the need for stronger coordination between the FCCPC, NERC, state electricity regulatory agencies and electricity distribution companies (DisCos).
“E-commerce disputes are relatively low-value but high-frequency, signalling broad consumer exposure at the retail level. While average monetary losses per complaint are low, the volume and recurrence of disputes (deliveries, refunds, counterfeit goods) reveal e-commerce as a growing consumer pain point,” the statement added.
The Commission stated it is intensifying monitoring, enforcement, and collaboration with sector regulators to address these concerns.
The Commission encouraged regulated entities to study its data trends and strengthen internal mechanisms for handling consumer complaints, ensuring that issues are addressed promptly and equitably.
Consumers were encouraged to continue reporting violations through the FCCPC complaint portal: complaints.fccpc.gov.ng, or FCCPC zonal and state offices.
First Bank of Nigeria Limited (FirstBank) has secured a significant victory at the Court of Appeal in its case against General Hydrocarbons Limited (GHL) filed by their lawyers Babajide Koku SAN and Victor Ogude SAN, as reported by Nairametrics.
In its ruling on Thursday, 11 September 2025, the Court of Appeal set aside the earlier decision of the Federal High Court, Port. Harcourt, Obile J, which had dismissed FirstBank’s claims regarding the fraudulent diversion of proceeds from the sale of crude oil cargo pledged as collateral for loan facilities.
The dispute arose from crude oil aboard the FPSO Tamara Tokoni, which GHL had pledged to FirstBank as security for substantial loan facilities. Contrary to the terms of the pledge, GHL diverted the proceeds from the sale of the cargo, prompting the Bank to seek legal redress.
FirstBank filed an appeal challenging the trial court’s decision that had treated the matter as a simple debt recovery. The Court of Appeal, in its ruling, affirmed the maritime nature of the claim and emphasised the importance of preserving the Res, the crude oil cargo, as the central issue in dispute. The Court set aside the earlier order of the trial court vacating the order of arrest of the 2nd respondent.
The appellate court allowed FirstBank’s appeal and set aside the Federal High Court’s ruling. It authorised the sale of the crude oil cargo aboard FPSO Tamara Tokoni, with the proceeds to be deposited into an interest-yielding escrow account under the custody of the Chief Registrar of the Court of Appeal, pending the hearing and determination of the case at the trial court and the court of arbitration. The Chief Registrar was also appointed to take possession of the cargo and ensure its protection against dissipation or unauthorised disposition by any party.
This ruling marks a significant milestone for FirstBank and reinforces the Bank’s commitment to upholding the integrity of financial transactions and protecting the interests of its stakeholders.
FirstBank remains steadfast in its dedication to sound corporate governance, legal compliance, and the protection of its assets. The judgment of the Court of Appeal sets a strong precedent for the enforcement of collateral agreements and accountability in high-value commercial transactions.
There has been a surge of enthusiasm among many Nigerians as President Tinubu’s economic policies begin to yield promising outcomes.
The Central Bank of Nigeria (CBN) has enacted more stringent controls while sustaining a lower exchange rate at the official windows. Click link to continue reading.
The black market exchange rate for the dollar to naira continues to highlight Nigeria’s forex supply challenges, with many individuals and businesses relying on the parallel market for transactions.
CBN maintains tighter controls and a lower rate at official windows, limited access and allocation restrictions force most importers, businesses, and students abroad to turn to the parallel market, where prices reflect actual demand and supply pressures. Click link to continue reading.
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