Here are the seven top business stories you need to track this week — May 5 to May 10.
PCNGI ENFORCES 40% FARE CUT ON CNG-POWERED COMMERCIAL VEHICLES IN ABUJA
The presidential compressed natural gas initiative (P-CNGi) has commenced enforcement of a 40 percent fare reduction on commercial vehicles converted to run on compressed natural gas (CNG).
The initiative was flagged off on May 2 at the Area 1 Motor Park in Garki, Abuja, in collaboration with the National Union of Road Transport Workers (NURTW).
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Speaking at the event, Michael Oluwagbemi, chief executive officer (CEO) and programme director of P-CNGi, said the initiative aligns with President Bola Tinubu’s directive to make transportation more affordable for Nigerians.
AfDB TO INVEST $3.2BN IN NIGERIA’S ECONOMIC TRANSFORMATION
The African Development Bank (AfDB) Group has approved a new five-year country strategy paper (2025-2030) for Nigeria, committing about $650 million annually to drive economic transformation, build resilience, and foster “broad-based” prosperity.
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The strategy paper, announced in a statement dated April 30, will see the bank invest $2.95 billion in the first four years and a total of $3.2 billion by the end of the programme.
According to the bank, the investments are projected to support Nigeria’s ambition to double its economy to $1 trillion and create 1,561,000 jobs.
NIMC REVISES PRICE STRUCTURE FOR ALL SERVICES
The National Identity Management Commission (NIMC) has announced a review of the pricing structure for all its services.
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The NIMC announced the price changes in a statement on Thursday, signed by Kayode Adegoke, its head of corporate communications.
The commission stated that the new prices would take effect immediately, but did not specify whether Nigerians would pay more or less for its services.
CBN REVIEWS DOCUMENTATION REQUIREMENTS FOR PAPSS TRANSACTIONS
The Central Bank of Nigeria (CBN) has announced a review of the documentation requirements for transactions conducted through the pan-African payment and settlement system (PAPSS).
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In a circular referenced TED/FEM/PUB/FPC/001/009, Musa Nakorji, director of the trade and exchange department, outlined the detailed guidelines for implementing the new policy.
According to Nakorji, individuals conducting PAPSS transactions below $2,000 and corporates below $5,000 (or the naira equivalent) can now use basic know-your-customer (KYC) and anti-money laundering (AML) documents previously provided to their authorised dealer banks (ADBs).
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MELE KYARI’S HENCHMEN FIRED IN MAJOR RESTRUCTURING AT NNPC
On April 29, TheCable reported that the Nigerian National Petroleum Company (NNPC) Limited terminated the services of a number of senior staff members.
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Among those departing immediately are Bala Wunti, former chief of National Petroleum Investment Management Services (NAPIMS), and Ibrahim Onoja, managing director of the Kaduna Refinery.
Others are Lawal Sade, the chief compliance officer and former managing director of NNPC Trading.
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Over 200 employees were reportedly impacted.
CBN POSTS N38.8BN PROFIT
The Central Bank of Nigeria (CBN) has posted a profit of N38.8 billion for the year ended December 31, 2024.
According to the bank’s 2024 financial statements, the CBN (the Group) returned to profit-making, reversing a loss of N1.15 trillion in 2023.
Also, the CBN recorded a profit before tax (PBT) of N44.68 billion in 2024, relative to the N1.15 billion loss posted in 2023.
NNPC TO ACQUIRE CNG FACILITY FROM AXXELA’S SUBSIDIARY
The NNPC Gas Marketing Limited (NGML) plans to acquire a 5.2 million standard cubic feet per day (mmscfd) compressed natural gas (CNG) compression and refuelling facility, according to the Federal Competition and Consumer Protection Commission (FCCPC).
In a notice dated April 25, the commission said the CNG facility is owned by Gas Network Services Limited (GNSL), a subsidiary of Axxela Group.
