Economy
Don’t Allow Expatriate Employment Levy Hinder FDIs Inflows—LCCI
By Adedapo Adesanya
The Lagos Chamber of Commerce and Industry (LCCI) has called for a balanced approach from the federal government to ensure the proposed expatriate employment levy does not negatively impact inflows of Foreign Direct Investments (FDIs).
The advice followed the government’s announcement of an Expatriate Employment Levy (EEL) which will require firms that employ foreigners to pay $15,000 for a director and $10,000 for other employees.
The Director General of the LCCI, Mrs Chinyere Almona, speaking on Tuesday in Lagos said this call was to ensure the levy does not become an inhibition to attracting and retaining foreign investments, crucial for economic growth.
The Bola Tinubu-led government on February 27, announced the mandatory annual levy for organisations employing expatriate workers, which it rationalised is to encourage foreign companies to employ more Nigerian workers.
Mrs Almona noted that the policy is aimed at addressing wage gaps between expatriates and the Nigerian labour force while encouraging skills transfer and employment of qualified Nigerians in foreign-owned companies.
She, however, stated the need for a balanced approach to expatriate employment and its potential impact on FDI inflows.
She said while the LCCI fully supports government policies that enhance the profile of the business environment, and generate more revenue for the government, there were concerns about likely perception by foreign investors.
Mrs Almona said the perception that the Nigerian government was not accommodating to foreign workers was harmful to the country’s drive for FDI inflows.
She said the EEL might trigger the relocation of foreign companies to neighbouring countries that presented a more conducive and less expensive environment for business.
She added that the policy might likely spark retaliatory actions by other countries by imposing levies on foreigners and particularly, targeting Nigerian workers, hence, affecting diaspora remittances.
“With the drive for FDIs in Nigeria, we need a conducive business environment to attract these kinds of investments into the country.
“Capital importation into Nigeria in the fourth quarter of 2023 stood at $1.088 billion out of which only 16.90 per cent (or $184 million) came in as FDI.
“We call on the government to consider exempting sectors that require unique skill sets for projects carried out in the country, especially in construction, and other sectors where we have a critical shortage of supply of goods to meet rising demand.
“In sectors where the country cannot boost the supply of critical products like food, cement, drugs, and other agricultural inputs, we urge the government to charge concessionary or exempt manufacturers in these fields to encourage them to come in and boost the supply of such scarce products,” she said.
The LCCI head added that imposition of the levy meant that expatriates would be subjected to two administrative procedures to procure the Combined Expatriate Residence Permit and Allien Card (CERPAC) permit.
She said that having two procedures meant more human interfaces, more bureaucracy and more application costs.
“We recommend that the government should continue to work with already established and functional CERPAC, with provision for yearly or regular reviews in rates according to internationally accepted rates.
“This way, we present our economy as open for business,” she said.
By Adedapo Adesanya
A joint National Assembly probe into President Bola Tinubu’s new oil revenue executive order was stalled on Thursday following a request for more time by the Minister of Petroleum Resources, Mr Heineken Lokpobiri.
The hearing was convened to scrutinise the executive order directing that royalty oil, tax oil, profit oil, profit gas and other revenues due to the Federation under various petroleum contracts be paid directly into the Federation Account.
Mr Lokpobiri told lawmakers that although he attended out of respect for parliament, he had been notified of the hearing only a day earlier and had not obtained all the relevant documents needed to defend the policy adequately.
He appealed for the session to be rescheduled.
Co-chairman of the joint committee and Chairman of the Senate Committee on Gas, Mr Agom Jarigbe, put the request to a voice vote, and lawmakers approved the adjournment.
A new date is expected to be communicated to the minister.
The executive order signed last week also scrapped the 30 per cent Frontier Exploration Fund created under the Petroleum Industry Act (PIA) and discontinued the 30 per cent management fee on profit oil and profit gas previously retained by the Nigerian National Petroleum Company (NNPC) Limited.
Anchored on Sections 5 and 44(3) of the Constitution, the presidency said the directive was aimed at safeguarding oil and gas revenues, curbing excessive deductions and restoring the constitutional entitlements of federal, state and local governments to the
However, the order has sparked criticism within the industry, one of which was from the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), whose president, Mr Festus Osifo, called for an immediate withdrawal of the order, warning that it could undermine the PIA and erode investor confidence.
Meanwhile, at another session, the Chairman of the Senate Committee on Finance, Senator Mohammed Sani Musa, disclosed that President Tinubu would soon transmit proposals to amend certain provisions of the PIA to align with current economic realities.
He noted that while many expect the executive order to boost revenue automatically, Nigeria has yet to achieve its desired income levels.
He did not specify which sections of the law would be targeted, but suggested that the drive to enhance revenue generation would necessitate legislative adjustments.
The PIA, signed into law in 2021 by the late ex-President Muhammadu Buhari, overhauled the governance, regulatory and fiscal framework of Nigeria’s oil and gas sector, commercialised the NNPC and restructured revenue-sharing arrangements.
By Aduragbemi Omiyale
Shareholders of Nigerian Exchange (NGX) Group Plc will receive one new share for every three held as of April 10, 2026, as a bonus, according to a proposal from the board.
This is in addition to a final dividend of N2.00 proposed by the board to shareholders for the 2025 fiscal year, which raised the total dividend for the year to N3.00, according to the financial statements of the company filed with NGX Limited.
Last year, NGX Group recorded a sterling performance, with its earnings growing by 36.0 per cent to N22.9 billion from N16.9 billion due to sustained growth across core business segments, improved customer penetration on the back of increased investor activity and rising investor confidence.
The operating profit in the year increased by 44.4 per cent to N11.8 billion, while pre-tax profit jumped to N15.6 billion from N13.6 billion in 2024, with the earnings per share (EPS) at N4.75.
As for its balance sheet, total assets increased to N71.0 billion from N68.0 billion, while shareholders’ equity strengthened to N55.2 billion
The improved debt-to-equity position reflects a conservative capital structure, enhanced solvency profile, and strong retained earnings growth.
“Our 2025 performance demonstrates the resilience of our business model and the effectiveness of disciplined strategic execution. Strong revenue growth, improved operating margins and a strengthened balance sheet reinforce our commitment to delivering sustainable long-term shareholder value.
“The increased dividend and bonus issue reflect the Board’s confidence in the sustainability of our earnings and the robustness of our capital position as we continue to deepen Nigeria’s capital markets.
“We are confident that the momentum that we have built in 2025 will be sustained, given investor confidence in the Nigerian capital market and a pipeline of exciting new listings that will broaden and deepen the market,” the chairman of NGX Group, Mr Umaru Kwairanga, said.
On his part, the chief executive of the organisation, Mr Temi Popoola, said, “We delivered strong top-line growth and enhanced profitability in 2025 despite macroeconomic headwinds.
“Our 36 per cent core revenue growth, improved operating efficiency and successful deleveraging have strengthened our capital base and financial flexibility, supporting the increased dividend and bonus issuance.
“As regulatory standards evolve, including the recent upward review of minimum capital requirements by the Securities and Exchange Commission (SEC), our robust balance sheet positions us to meet new thresholds seamlessly while continuing to invest in liquidity expansion, product innovation and market infrastructure to build a resilient, globally competitive exchange group.”
By Adedapo Adesanya
The Vice President, Mr Kashim Shettima, inaugurated the Board of the Nigerian Consumer Credit Corporation (CREDICORP) and gave a 50 per cent access target for workers, saying consumer credit was critical to Nigeria’s ambition of becoming a one-trillion-dollar economy by 2030.
According to him, President Bola Tinubu established the CREDICORP to build a trusted credit infrastructure, provide catalytic capital to lower borrowing costs, and help Nigerians overcome long-standing cultural resistance to credit.
Speaking on Thursday in Abuja when he inaugurated the board on behalf of the President, the Vice President, in a statement by his spokesman, Mr Stanley Nkwocha, said that the quality of life of Nigerians cannot improve without closing the gap between access to capital and human dignity.
“A civil servant who earns honestly does not have to chase sudden wealth just to buy a vehicle, or save for ten years to buy one. A young professional should not remain in darkness simply because solar power must be paid for all at once,” the Vice President said.
VP Shettima disclosed that in just one year of operations, CREDICORP has disbursed over ₦37 billion in consumer credit to more than 200,000 Nigerians, with over half of them accessing formal credit for the first time.
The Vice President said the organisation was specifically tasked with building credit infrastructure to bridge the trust gap between lenders and borrowers, providing wholesale capital and credit guarantees through its portfolio company.
“Ultimately, these critical jobs of CREDICORP will enable access to consumer credit to at least 50 per cent of working Nigerians by 2030,” he said.
The Vice President explained that the new board’s role was not ceremonial as they are custodians of the organisation’s mission, adding that the long-term strength of the institution would depend on their “vigilance, integrity, sacrifice, and commitment.”
He directed Board members to uphold Public Service Rules, the Board Charter, and all applicable governance frameworks, warning that accountability and stewardship of public resources were non-negotiable.
The Chairman of CREDICORP, Mr Aderemi Abdul, expressed appreciation to President Tinubu for his vision behind the formation of CREDICORP and for the confidence reposed in them, noting that the establishment of the corporation marked an important step towards strengthening the nation’s financial architecture.
He assured President Tinubu that the board understands its responsibility and will guide the institution to deliver meaningful benefits to Nigerians.
For his part, Mr Uzoma Nwagba, Managing Director/CEO of CREDICORP, recalled watching President Tinubu say 20 years ago that consumer credit is one of the major tools that will improve the lives of Nigerians.
He noted that over the past 18 months, the institution has benefited more than 200,000 Nigerians, including students.
He assured that the presidential vision behind CREDICORP would not be taken lightly, as the team considers their appointments a unique, once-in-a-lifetime opportunity.
Other members of the board inaugurated include Mrs Olanike Kolawole, Executive Director, Operations; Mrs Aisha Abdullahi, Executive Director, Credit and Portfolio Management; Mr Armstrong Ume-Takang (MD, MoFI), Representative of MoFI; Mrs Bisoye Coke-Odusote (DG, NIMC), Representative of NIMC; and Mr Mohammed Naziru Abbas, Representative of FMITI.
Others are Mr Marvin Nadah, Representative of FCCPC; Mrs Chinonyelum Ndidi, Representative of the Federal Ministry of Finance; Mr Mohammed Abbas Jega, Independent Director; and Mrs Toyin Adeniji, Independent Director.
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