NEWS
NASS Transmits ISB 2024 to Tinubu for Assent
By Tony Obiechina, Abuja
The Chairman of the Senate Committee on Capital Market, Senator Osita Izunaso has announced that the National Assembly has transmitted the Investments and Securities Bill 2024 to President Bola Tinubu for assent.
Speaking during the Securities and Exchange Commission’s budget defense on Tuesday in Abuja, Sen.
Izunaso stated that lawmakers expect the President to sign the bill into law within the next 30 days.According to him, “The Senate President has signed the Investments and Securities Bill 2024 and it has now moved to the Executive for assent.
We have 30 days for that to happen and we expect that the President will assent to it”.Senator Izunaso also told the meeting that the Committee has followed up with a written directive to the Minister of Finance to include a N10 billion special fund for investor education in the capital market as part of the 2025 budget.
In his remarks, Senator Anthony Yaro commended the Commission for the approach taken in 2024 adding that with the positive happenings like the ISB and the reduction in deductions, the SEC is expected to perform better.
“I believe these developments will boost your performance in 2025. We know your capacity and what you can do, but you need to do more”, he stated.
In his presentation, Director General of the SEC, Dr. Emomotimi Agama expressed the appreciation of the Commission to the National Assembly for the support and contribution of the Committee which has moved the market forward in 2024.
Dr. Agama noted that in 2024 Nigeria was one of the best performing markets in the world.
“Your support has gingered the market, there is a new spirit and that support has assisted us to achieve what we achieved together.
“Last year, we wished that the Federal Government’s 50% deduction would be reduced to 20% but we could not achieve that in 2024.
“We are glad to say that with the intervention of the committee and the Chairman, the Minister has signed the reduction of the deduction from 50% to 20%. We are hopeful that the implementation will take effect from March 1”, he stated.
Agama pointed out that the 2024 budget was properly administered; stressing that while projected income was N22.4 billion, gross income received was N26.9 billion with a surplus of 20.34%.
“We achieved 100% and went above it by 20%. Expenditures for the period was N20.8 billion while N12.68 billion went to deductions. Our net surplus was then N2.5 billion”.
On the reductions in penalties collected in 2024, Agama stated that the role of the Commission is to encourage market participants to comply with laid down rules and regulations.
The SEC DG stated that penalties are charged when participants do not comply adding that the reduction is due to high level of compliance in the market.
“If you prepare participants and they comply, penalties will certainly be reduced. That reduction means the market is beginning to comply which increases efficiency”.
Agama explained that the capital market operates a disclosure regime rather than a merit regime adding that “every company and director has a responsibility for figures that disclose to the public. It is our responsibility to monitor the same to ensure that documents provided to members of the public are accurate. If they do not meet standards, such institutions will be penalised”.
Contributing to the 2024 budget performance, Senator Victor Umeh expressed worry about false information being put out to the public by companies in a bid to defraud Nigerians.
“I am worried about regulation and enforcement so that companies would not just bring up cooked figures to defraud Nigerians. Let your eyes be on those that use the market to defraud Nigerians” he added.
NEWS
Gov Alia signs Benue electricity bill into law, promises steady power supply, employment
From Attah Ede, Makurdi
Benue State Governor, Rev. Fr. Hyacinth Alia, on Monday, gave assent to the Benue State Electricity Law.
The governor signing the law described it as a landmark piece of legislation that would transform the state’s power sector, attract investors, create jobs and strengthen consumer protection.
Alia who performed signing at government house Makurdi, noted that the new law established a legal framework for electricity generation, transmission and distribution within Benue State, in line with the powers granted to states under Nigeria’s electricity sector reforms.
He maintained that the legislation is expected to facilitate increased investment in the power sector, encourage competition, improve service delivery and expand access to electricity across the state and commended the Benue State House of Assembly for passing the bill, stressing that stable electricity remains a critical requirement for economic growth and industrial development.
According to him, no state can create a truly investor-friendly environment without reliable power supply. He expressed confidence that the new law would become a game-changer for Benue, helping to reposition the state as a destination for business and industrial investment.
“The electricity law I am assenting to today remains my prayer for a game-changer,” the governor stated, stressing that Benue must move beyond the perception of being merely a civil service state and begin fully exploiting its vast agricultural, mineral and economic potential.
Governor Alia explained that the law would strengthen the state’s position in dealing with electricity providers and investors, while ensuring that consumers receive fair treatment. He said the legislation would promote improved power supply for homes, businesses, schools, hospitals and industries, while creating mechanisms for enforcing consumer rights, ensuring fair billing practices, improving service delivery and accelerating the resolution of complaints.
The governor further noted that the law would encourage private sector participation in electricity generation and distribution, especially in underserved communities. He added that increased competition within the sector would ultimately help reduce electricity costs and stimulate economic activities across the state.
He revealed that the state government is already studying opportunities created by Nigeria’s Electricity Act and exploring ways to harness Benue’s abundant water resources for power generation. He said the River Benue, River Katsina-Ala and other water bodies present enormous opportunities for hydroelectric development and private sector investment.
Governor Alia also challenged electricity providers operating in the state to increase employment opportunities for Benue indigenes, arguing that communities hosting critical infrastructure should benefit directly from such investments.
Beyond the electricity law, the governor highlighted several ongoing initiatives aimed at driving economic growth and improving the welfare of citizens.
He pointed to the recent launch of the 2026 subsidized fertilizer and farm inputs distribution programme, under which farmers will purchase fertilizer at ₦28,000 per bag, with government covering a substantial portion of the cost. He said the intervention is intended to encourage commercial agriculture, increase food production and improve farmers’ incomes.
The governor urged farmers to embrace dry-season farming, describing it as more profitable than relying solely on rain-fed agriculture. He encouraged farmers to expand cultivation of citrus fruits, mangoes, pineapples, tomatoes, pepper and grains, assuring them of government support through subsidized inputs and access to tractors.
Governor Alia disclosed that a new concentrate processing company established in the state’s industrial layout has been completed and awaits commissioning.
According to him, discussions are already underway with major concentrate-producing companies, creating fresh opportunities for farmers to supply raw materials to processing industries.
While highlighting the progress of the Zeva Beer Company, the governor stated that market demand for the product has demonstrated the importance of retaining capital within the state and supporting local industries.
He called on civil servants, youths and other residents to take advantage of available agricultural opportunities, stressing that farming remains one of the most sustainable pathways to wealth creation.
“I encourage participation in the state’s Young Farmers Club initiative. Also residents should utilize available land, however small, for productive agricultural activities.
Speaking on governance, Alia said his administration has maintained consistent payment of salaries and pensions over the past three years, while simultaneously investing in road construction, school rehabilitation and healthcare infrastructure.
He maintained that these achievements are part of a deliberate development plan designed to reposition Benue for long-term growth.
The governor further disclosed that the state possesses significant deposits of oil, gas and other mineral resources, and emphasized the need for Benue to diversify its economy and reduce dependence on federal allocations.
Calling on citizens to support ongoing development efforts, Alia urged residents to reject negativity and focus on ideas that attract investment, stimulate enterprise and promote the overall growth of the state.
He expressed optimism that the newly signed electricity law would mark the beginning of a new era of industrialization, improved infrastructure and economic prosperity for Benue people.
“The train is moving,” the governor declared. “There is no looking back, there is no going back, and there is no stopping until we get to our final destination.”
NEWS
Tinubu Swears-in Power, Foreign Affairs Ministers
President Bola Tinubu on Monday swore-in two newly appointed ministers, Joseph Tegbe as Minister of Power and Sola Enikanolaiye as Minister of State for Foreign Affairs.
The swearing-in ceremony took place at the President’s Office in the State House, Abuja, shortly after Tinubu received Madagascar’s President, Michael Randrianirina, on a courtesy visit.
The Oath of Office was administered in the presence of Gov. Usman Ododo of Kogi, the Chief of Staff to the President, Femi Gbajabiamila, and other senior government officials.
The inauguration marks the formal commencement of the ministers’ responsibilities as members of the Federal Executive Council (FEC).
The swearing-in follows recent cabinet adjustments approved by the president to strengthen policy implementation and enhance performance in key sectors of government.
Tegbe, an indigene of Oyo State, is a fiscal, economic and institutional reform strategist with more than 35 years of experience spanning the public and private sectors.
He holds a First Class Degree in Civil Engineering from Obafemi Awolowo University, Ile-Ife, as well as Master’s degrees in Business Administration and Public Administration.
Before his appointment, he served as Senior Partner and Head of Advisory Services at KPMG Africa, where he led major transformational and public-sector reform initiatives.
His professional engagements have covered institutions such as the Nigerian Communications Commission (NCC), Nigerian Bulk Electricity Trading (NBET), Nigerian Electricity Regulatory Commission (NERC), Shell, Huawei, General Electric, MTN and Odu’a Group.
Enikanolaiye, from Kogi, holds a First Class Degree in Political Science from Ahmadu Bello University, Zaria, where he emerged the best graduating student in his faculty.
He also obtained a Master’s Degree in International Law and Diplomacy with Distinction from the University of Lagos.
The diplomat joined the Ministry of Foreign Affairs in 1982 and rose through the ranks to become Permanent Secretary, a position he held until his retirement in August 2017 after 35 years of service.
During his diplomatic career, he served in Nigeria’s missions in Ethiopia, Serbia, Canada and the United Kingdom, and was later appointed Nigeria’s High Commissioner to India.
Before his appointment as minister, Enikanolaiye served as Senior Special Assistant to the President on Foreign Affairs and International Relations in the Office of the Chief of Staff to the President.
He is a recipient of several honours, including the Presidential Civil Service Merit Award and the Presidential Distinguished Public Service Career Award.
The Senate in May screened and confirmed Tegbe and Enikanolaiye as ministers following Tinubu’s request.
NEWS
Nigeria’s Trade Surplus Rises 341 Per Cent to N7.55tn in 2026 Q1 – NBS
By Tony Obiechina, Abuja
Nigeria’s total imports value stood at ₦13,619.33billion in the first quarter of 2026, representing a 18.17% decrease from the value recorded in the corresponding quarter of 2025 (₦16,644.
42billion) and a 21.05% decrease compared to the value recorded in Q4 2025 (₦17,250. 93 billion).The National Bureau of Statistics(NBS) has said in its latest report on foreign trade. Analysis of Nigeria’s import trade reveals that China remained the leading source of imports in the first quarter of 2026, followed by the United States of America, India, Germany, and the United Arab Emirates.
The most imported commodities during the quarter were petroleum oils and oils obtained from bituminous minerals (crude), gas oil, durum wheat, machines for the reception, conversion, and transmission of voice, images, or data, and used vehicles with diesel or semi-diesel engines.
According to the report, the value of agricultural goods imported in Q1 2026 stood at ₦827.72billion, representing a 20.09% decrease compared to ₦1,035.81billion recorded in Q1 2025, and a 42.39% decrease relative to ₦1,436.65 billion recorded in Q4 2025.
The report further said in the same period, the import value of raw material goods was₦1,582.36billion, representing a 12.63% decrease from ₦1,811.10billion in Q1 2025, and a 32.72% decrease compared to ₦2,351.88 billion in the preceding quarter (Q4 2025).
In the first quarter of 2026, solid mineral imports were valued at ₦69.75billion, representing a 24.00% decrease from ₦91.78billion in Q1 2025 and 50.53% decrease compared to ₦140.99 billion recorded in Q4 2025.
Still in the same period, the value of imported manufactured goods stood at ₦8,484.37billion, reflecting a 12.94% increase from ₦7,512.22billion in Q1 2025, and a 3.62% decrease from ₦8,803.27 billion recorded in Q4 2025.
The data also highlights the value of other oil products imported in Q1 2026 which stood at ₦748.10billion, reflecting a 85.05% decrease from ₦5,005.22billion in Q1 2025 and a 81.38% decrease from ₦4,018.31 billion recorded in Q4 2025.


