Economy
$30b Loan: Senate Won’t Shift Ground—Saraki Insists
By Modupe Gbadeyanka
Nigeria’s Senate President, Mr Bukola Saraki, has stressed that the upper legislative chamber of the National Assembly will not rescind its decision to reject the $29.96 billion loan requested by President Muhammadu Buhari about two weeks ago.
Mr Saraki, speaking on Thursday via a press statement signed by his Special Adviser on Media and publicity, Mr Yusuph Olaniyonu, expressed disappointment that his meetings with the President recently was being misconstrued to mean he was being cajoled to overturn the Senate’s decision.
The Senate President advised politicians and the media to stop making empty speculations about his recent visits to the Presidential Villa.
“Like I once told the media, these politically-motivated commentaries are trivialising a serious national issue and presenting it as if it is a personal matter that can be decided at meetings between Saraki and President Muhammadu Buhari.
“The National Assembly which I head as Senate President has taken a position on the issue as required of it by the laws of the land and legislative conventions.
“At every point, the present National Assembly will make decisions based on national interest and we have vowed that we will always act in the interest of our people. That is why despite the fact that members belong to different parties, when national issues come to the floor we forget about party affiliations and act as Nigerians elected to protect the interest of Nigeria,” Mr Saraki said.
He further said, “A visit to the Presidency by the Senate President is a normal thing because we need to consult, discuss, exchange ideas and make suggestions to each other from time to time.
“More importantly, at this time, when the nation is facing economic crisis, there is need for frequent engagements by the Presidency and the National Assembly.
“It is in fact very unfortunate that these empty speculations by the media are now forming the basis for commentaries by some politicians who are in a position to be better informed. Politicians should stop playing to the gallery or drawing political capital from all issues.
“When serious national issues are on ground, we should refrain from making statements based on mere sentiments. Similarly, the media should exercise restraint in their reportage and commentaries in order to properly serve our people.
“At a time when we are about to prepare a budget which is aimed at responding to the current recession and our plan is to ensure all issues concerning the budget are ironed out before the budget comes to the floor so that we will have a less tedious process than that of last year, the media should be ready to witness more of these engagements between the Presidency and the National Assembly.”
It would be recalled that shortly after the Senate rejected the loan request based on failure of the executive to present a blueprint of how it intends to spend and repay the loan, Mr Saraki visited the Aso Rock Presidential Villa, where he met President Buhari.
Mr Buhari had said he intends to use the money to provide infrastructure in the country, saying he plans to get the loan from foreign financial institutions, including the International Monetary Fund (IMF).
By Dipo Olowookere
ASO Savings and Loans Plc has been delisted from the daily official list of the Nigerian Exchange (NGX) Limited.
This action followed the revocation of the operating licence of the company by the Central Bank of Nigeria (CBN) in December 2025.
In a circular on behalf of the NGX Regulation (NGX RegCo) by Ugochi Eke, it was disclosed that the effective date of the delisting is today, Friday, January 16, 2026.
Already, the company has been notified of this development, according to the notice obtained by Business Post.
Before ASO Savings lost its operating licence, it had failed to meet some post-listing requirements, a part of the disclosure from the NGX RegCo stated.
“The board of NGX Regulation Limited via its decision dated January 1, 2026, approved that the step below should be taken pursuant to the process for regulatory delisting of issuers.
“The board has approved the delisting of ASO Savings and Loans Plc from the Nigerian Exchange Limited’s daily official list effective January 16, 2026.
“ASO Savings is hereby notified of this enforcement action and is advised to direct any communication in respect of the foregoing to [email protected].
“NGX RegCo was engaging the listed entity, concerning its outstanding post-listing obligations. However, due to the revocation of the operating license of ASO Savings by its primary regulator, the Central Bank of Nigeria (CBN) effective December 16, 2025; NGX RegCo will delist the entity from the daily official list effective January 16, 2026.
“In view of the foregoing, NGX RegCo has proceeded with publishing the name of the Company in the national dailies.
“The company has been duly notified of this enforcement action, and this publication serves as notification to the investing public, particularly shareholders of the company and investors in the Nigerian capital market,” the statement read.
By Adedapo Adesanya
The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has issued a stern warning to oil and gas investors that petroleum licences in Nigeria are strictly for active development, not asset hoarding or speculative holding, declaring that operators must drill or risk losing their rights.
He made this admonition while delivering his message at the 2025 Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Licensing Bid Round Conference in Lagos, where he outlined the government’s hardline stance on asset utilisation and investor accountability.
“The oil assets in portfolio are not mere symbols or souvenirs,” Mr Lokpobiri said, adding that, “Holders of licences are obligated to drill, drill and drill for a shared benefit for the Government, Nigerians and the operators.”
He stressed that the administration is determined to ensure petroleum assets are translated into tangible economic value, noting that licences are time-bound rights granted solely for productive use.
“These assets belong to the Federal Government, and licences are granted strictly for a defined period for productive use, not passive ownership,” the minister said. “Our licensing framework is designed to eliminate speculation and ensure that only serious, capable investors participate.”
Mr Lokpobiri also issued a strong caution to bidders seeking to participate in the 2025 licensing round, urging them to fully understand the process and obligations before submitting bids.
“As prospects take part in this bid round, a clear understanding of the modus operandi guiding the process is essential,” he said, recalling previous bid rounds where some winners attempted to reverse their commitments.
“Past experiences have shown instances where some winning bidders sought refunds based on unmet expectations or perceived asset limitations,” Lokpobiri stated. “Such actions are untenable, as there is no provision in law for the refund of a bid already won.”
According to him, the conference was convened to remove ambiguity and protect the integrity of the licensing system, stressing that the government would strictly enforce all contractual obligations arising from the process.
“This conference serves to provide clarity upfront,” he said. “Participants must be fully informed, deliberate and committed, as the Government will uphold the sanctity of the process and enforce all obligations.”
The minister’s remarks reinforce the Federal Government’s broader push to accelerate upstream development, boost production and attract only technically and financially capable investors into Nigeria’s oil and gas sector, amid renewed licensing activity under the Petroleum Industry Act (PIA).
By Dipo Olowookere
The suspension earlier placed on Premier Paints Plc, preventing investors from buying and selling its stocks on the Nigerian Exchange (NGX) Limited, has now been lifted.
The embargo was removed on Wednesday, a notice from the stock exchange, seen by Business Post, disclosed.
Almost four years ago, Premier Paints was suspended from the bourse due to the inability of its board to file the company’s financial results.
The NGX had on July 1, 2022, informed the investing community it had prohibited the trading of the organisation’s securities “in line with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules).
The part of the rules provides that: “If an Issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will; a) send to the issuer a second filing deficiency notification within two business days after the end of the cure period, b) suspend trading in the issuer’s securities, and c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.”
In the latest disclosure dated Wednesday, January 14, 2026, and signed by the Head of Issuer Regulation Department of the NGX, Mr Godstime Iwenekhai, it was revealed that Premier Paints has now done the needful.
“The company has now filed all outstanding financial statements to Nigerian Exchange Limited.
“In view of the company’s submission of its outstanding financial statements, and pursuant to Rule 3.3 of the Default Filing Rules, which states that; The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The exchange is satisfied that the accounts comply with all applicable rules of the exchange. The exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted, trading license holders and the investing public are hereby notified that the suspension placed on trading on the shares of Premier Paints Plc was lifted (on) Wednesday, January 14, 2026,” the circular stated.
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