Economy
Awoyemi Seeks Financial Reporting Reforms, Collaboration with Banks
By Adedapo Adesanya
The chief executive and founder of Proshare Nigeria, Mr Olufemi Awoyemi, has called on owners of media platforms across the country, especially those operating in the digital ecosystem, to reform their business model to ensure sustainability.
He made this call in Lagos at the weekend, urging Corporate and Marketing Communication Professionals working in Deposit Money Banks (DMBs) in Nigeria to reform their focus on core regulatory governance guidelines and aggregate their leverage to deliver on their reputational risk management mandate.
Mr Awoyemi in a presentation at a media parley organized by the Association of Corporate Affairs Managers of Banks (ACAMB) held at the Chartered Institute of Bankers of Nigeria (CIBN) auditorium, noted that journalists play a pivotal role in sensitising and shaping public opinion on banking policies and economic developments.
Speaking on the theme Reporting the Nigerian Financial Sector in a Dynamic World: What Role for the Journalist? Mr Awoyemi stated that media practitioners must realize that it is a new world and therefore should retool, reskill, and retrain to broaden their understanding, impact and value.
ACAMB is the umbrella body of all corporate and marketing communications professionals working in financial institutions.
According to him, a journalist’s mind may naturally be sceptical, but that does not mean it should be biased toward bad outcomes.
“If the balance of facts suggests that the result of a policy or event is positive, so be it; the journalist is not a hangman but an observer and writer. He or she provides society with a dynamic ‘journal’ of unfolding events,” he said.
The Proshare founder emphasized that the role of a financial journalist in a rapidly changing world is to; gather information and gain understanding; develop context and perspective; apply analytical /numerical tools as interpretative aides; engage constructively with stakeholders; and provide unbiased fact-based narratives.
“It is an avenue for thorough discussions, establishment of guidelines, and the need for a thorough review of policies and processes,” Mr Awoyemi stated.
He further stated that out of all the sectors in the economy, the Nigerian financial service sector is the best example of progress in Nigeria. A leader in innovation, one that has invested most in research, strategic planning, and testing new ideas.
“The Nigerian banking sector is a recognised global leader for its innovation, high-level performance, apex infrastructure system, and the best in terms of settlement system”, he said.
He enjoined journalists that every one of their reports should help move the banking system forward and not bring it down. “This is not about telling you what to do or not, but that a balance must be achieved”, he said.
On his part, ACAMB President, Mr Rasheed Bolarinwa, stated that one of the greatest challenges faced as brand custodians working with DMBs in Nigeria was the threat posed by adversarial Bloggers and few media outlets who deliberately go after brands with adverse news that portrays brands in a negative light.
The rise of online and social media continues to escalate the spread of negative stories and magnifies customer complaints, further driving negative sentiments about brands. This disturbing trend has been further affirmed by KPMG Customer Satisfaction Survey of 2021, he said.
He stated that ACAMB has considered it necessary to facilitate continuous interactive sessions with journalists to facilitate understanding, give feedback, and outline expectations from both parties while expanding the knowledge of media practitioners and pointing out the implications of negative reporting, and fake news for all parties, including the media industry itself.
He opined that the banking industry deserves a better media understanding hinging his call on the fact that, “a sector that has and continues to be the biggest spender on Nigeria media across all spectrum deserve fair reporting”.
ACAMB tasked the media landscape to ensure healthy working relationships, healthy reporting, and promoting a mutually beneficial working relationship with ACAMB and all banks.
By Aduragbemi Omiyale
The duo of Presco Plc and Guaranty Trust Holding Company (GTCO) Plc has listed additional shares on the Nigerian Exchange (NGX) Limited.
The extra equities of these two publicly-listed organisations were admitted to the local stock exchange last Friday, increasing their respective total issued and fully paid-up shares.
For Presco, it listed fresh 166,666,667 ordinary shares of 50 Kobo each on the daily official list of the NGX on Friday, January 30, 2026, increasing its total issued and fully paid-up stocks from 1,000,000,000 units to 1,166,666,667 units.
The additional equities were from the rights issue of the firm allotted to shareholders on the basis of one new share for every existing six ordinary shares held as at close of business on Monday, October 13, 2025.
In a circular issued over the weekend, the NGX said, “Trading licence holders are hereby notified that additional 166,666,667 ordinary shares of 50 Kobo each of Presco Plc were on Friday, January 30, 2026, listed on the daily official list of Nigerian Exchange (NGX) Limited (NGX).
“The additional shares arose from the company’s rights issue of 166,666,667 ordinary shares of 50 Kobo each at N1,420.00 per share on the basis of one new share for every existing six ordinary shares held as at close of business on Monday, October 13, 2025.
“With the listing of the additional 166,666,667 ordinary shares, the total issued and fully paid-up shares of Presco Plc has now increased from 1,000,000,000 to 1,166,666,667 ordinary shares of 50 Kobo each.”
As for GTCO, it listed additional125,000,000 ordinary shares of 50 Kobo each at N80.00 per unit offered through private placement.
The fresh equities taken to Customs Street have raised the total issued and fully paid-up shares of GTCO from 36,425,229,514 to 36,550,229,514 ordinary shares of 50 Kobo each.
By Adedapo Adesanya
A total of N1.969 trillion was shared to the federal government, the 36 state governments and the 774 local government councils from the gross revenue of N2.585 trillion generated by the nation in December 2025.
The money was disbursed to the three tiers of government at the January 2026 Federation Account Allocation Committee (FAAC) meeting held in Abuja.
In a statement issued on Monday by the Director of Press and Public Relations in the Office of the Accountant-General of the Federation (OAGF), Mr Bawa Mokwa, it was stated that the FAAC allocation comprised statutory revenue of N1.084 trillion, distributable Value Added Tax (VAT) revenue of N846.507 billion, and Electronic Money Transfer Levy (EMTL) revenue of N38.110 billion.
“Total deduction for cost of collection was N104.697 billion, while total transfers, refunds, and savings were N511.585 billion,” the statement partly read.
It was also revealed that from the N1.969 trillion total distributable revenue, the federal Government received the sum of N653.500 billion, and the state governments received N706.469 billion, the local government councils received N513.272 billion, and the sum of N96.083 billion was shared with the benefiting state as 13 per cent derivation revenue.
He said of the N1.084 trillion distributable statutory revenue, the central government received N520.807 billion, the state governments got N264.160 billion, the local councils were given N203.656 billion, and N96.083 billion was shared to the benefiting states as 13 per cent derivation revenue.
FAAC noted that from the N846.507 billion distributable VAT earnings, the federal government got N126.976 billion, the state governments received N423.254 billion, and the local government councils got N296.277 billion.
From the revenue from EMTL, Mr Mokwa explained that the national government was given N5.717 billion, the state governments got N19.055 billion, and the councils collected N13.338 billion.
He added that the companies’ Income Tax (CIT)/CGT and STD, Import Duty and Value Added Tax (VAT) increased significantly in December, while oil and gas royalty, CET levies and fees increase marginally, with excise duty, Petroleum Profit Tax (PPT)/Hydrocarbon Tax (HT), and EMTL considerably down.
By Adedapo Adesanya
Nigeria’s oil exports will drop in February following the shutdown of the Bonga Floating Production Storage and Offloading (FPSO) vessel scheduled for turnaround maintenance.
Shell Nigeria Exploration and Production Company (SNEPCo) Limited confirmed the development in a statement issued, adding that gas output will also decline during the maintenance period.
This comes as SNEPCo begun turnaround maintenance on the Bonga FPSO, the statement signed by its Communications Manager, Mrs Gladys Afam-Anadu, said, describing the exercise as a statutory integrity assurance programme designed to extend the facility’s operational lifespan.
SNEPCo Managing Director, Mr Ronald Adams, said the maintenance would ensure safe, efficient operations for another 15 years.
“The scheduled maintenance is designed to reduce unplanned deferments and strengthen the asset’s overall resilience.
“We expect to resume operations in March following completion of the turnaround,” he said.
Mr Adams said the scope included inspections, certification, regulatory checks, integrity upgrades, engineering modifications and subsea assurance activities.
“The FPSO, about 120 kilometres offshore in over 1,000 metres of water, can produce 225,000 barrels of oil daily.
“It also produces 150 million standard cubic feet of gas per day,” he said.
He said maintaining the facility was critical to Nigeria’s production stability, energy security and revenue objectives.
Mr Adams noted that the 2024 Final Investment Decision on Bonga North increased the importance of the FPSO’s reliability. He said the turnaround would prepare the facility for additional volumes from the Bonga North subsea tie-back project.
According to him, the last turnaround maintenance was conducted in October 2022.
“On February 1, 2023, the asset produced its one billionth barrel since operations began in 2005,” Mr Adams said.
SNEPCo operates the Bonga field in partnership with Esso Exploration and Production Nigeria (Deepwater) Limited and Nigerian Agip Exploration Limited, under a Production Sharing Contract with the Nigerian National Petroleum Company (NNPC) Limited.
The last turnaround maintenance activity on the FPSO took place in October 2022. On February 1, the following year, the asset delivered its 1 billionth barrel of oil since production commenced in 2005.
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