Economy
FG Reassures Small Businesses Conducive Regulatory Environment
By Adedapo Adesanya
Nigeria has promised to provide a conducive business and regulatory environment for Micro, Small and Medium Enterprises (MSMEs) to thrive in the country.
The Vice-President, Mr Kashim Shettima, represented by Mr Ibrahim Hadejia, Deputy Chief of Staff to the President, gave the assurance at the inauguration of the Ultra-Modern MSME Fashion Clinic and ICT Hub in Makurdi, Benue.
He expressed confidence that the hub would match global standards, with the potential to create 48,000 jobs annually.
Mr Shettima said the speed with which the hub was built after the MSMEs Clinic was launched in the state earlier this year indicated that promises made by President Bola Tinubu to entrepreneurs were not mere rhetorics.
“Today, as we commission this dual-purpose MSME Clinic, we bear witness to two critical truths. First, it proves that our promises to entrepreneurs are not mere rhetoric.
“Secondly, it affirms that the most durable interventions we can achieve as a government are born out of strong intergovernmental partnerships.
“We are delighted to witness the coming to fruition of these projects, and I am honoured to be part of this milestone,” he said.
He noted that the Benue MSME Hub was one of the largest ever inaugurated by the federal government.
“With over 200 pieces of cutting-edge equipment to support fashion manufacturing and more than 100 ICT devices in the cluster, this hub can ramp up production, provide ICT training and achieve economies of scale.
“It is equipped to produce a wide range of fashion items, including military uniforms, school uniforms and corporate wear, both for Benue State and beyond.
“Beyond providing this cluster, it will also house a one-stop shop where MSMEs can engage directly with Federal Government agencies to resolve their regulatory issues,” he said.
The VP said the one-stop shop would ensure that businesses requiring support or services from some agencies could be attended to under one roof.
He expressed the Federal Government’s readiness to partner with state governments and continue to create opportunities to meet the country’s demands.
He noted that MSMEs were the lifeline of communities across the nation, adding that they were the bedrock of stability at a critical phase of the nation’s economic transition.
“It will be impossible to grow the Nigerian economy if the growth and success of MSMEs do not remain a top priority,” he said on behalf of Mr Shettima.
On his part, Governor Hyacinth Alia of Benue State thanked the federal government and the Vice-President for fulfilling the promise to establish a fashion and MSME hub in the state.
“The project represents more than just an infrastructure; it is an embodiment of our collective vision for a prosperous, creative and empowered Benue State.
“Your visit to Benue State, for the second time in less than six months, is a testament to the partnership between Benue State and the federal government, and we deeply appreciate it.
“The Benue State fashion hub, which is your initiative and a gift to the state, is a cornerstone of our administration’s agenda to promote creativity, foster innovation, create employment and provide opportunity for our people,” said Mr Alia.
Mr Joseph Utsev, the Minister of Water Resources and Sanitation, also expressed appreciation to President Tinubu and Shettima for their love for Nigerians.
He applauded them for fulfilling their campaign promises, which would make life meaningful for Nigerians.
Mr Adekunle-Johnson, Senior Special Assistant to the President on MSMEs, said under the Tinubu administration, five projects had so far been inaugurated.
He said eight ongoing projects would be inaugurated before the end of 2024.
The SSA also stressed that the Benue Fashion and ICT Hub was the biggest and could expand.
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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