Economy
Irona Tasks Imo Communities on Public Infrastructure Security
Leaders of communities in Imo State have been charged to prioritize security of public infrastructure in their localities. This call was made by the Deputy Governor of the state, Mr Gerald Irona, during a meeting with leaders of Ochia, Awarra, Assa, Obile and Obitti communities in Ohaji/Egbema Local Government Area of Imo State on the plans of the present administration for the area.
During the meeting, Mr Irona said an electrification project, jointly funded by the state government, through the Imo State Oil Producing Areas Development Commission (ISOPADEC) and Waltersmith, a multinational oil and gas company in the state, is about to commence, seeking the cooperation of the communities.
He warned that the state government will not tolerate vandalism of infrastructural projects in any part of the state, challenging stakeholders to evolve strategies towards ensuring security of public amenities in their areas.
“On behalf of the Governor, Mr Emeka Ihedioha, I invited you. We promised that our administration will ensure the provision of electricity in our place. Our people have suffered for years and God has come to wipe our tears dry. It is difficult to believe, but it is true that there are some communities in Ohaji/Egbema/Oguta that have never had electricity.
“Your area and Agwa in Oguta Local Government Area are among such communities. While Waltersmith is partnering with us in Ohaji, Sterling Global is partnering with us in Oguta to ensure that the electrification projects are realized,” he announced.
“We have done a survey covering Obitti, Awarra, Ochia, Assa, Obile and Umuapu communities in Ohaji Egbema Local Government Area. After the survey, we will get back to Waltersmith and ISOPADEC, which have both shown commitment to doing the electrification project.
“Before the end of this year, work will commence. The implications of this power project are far reaching. It will be connected to gas turbine, being the first of its kind in Imo. When you are connected, your place will become an industrial hub. Your place will be the most attractive for businesses. We shall develop our area,” he added.
“Why I called this meeting is to plead that you take deliberate steps to ensure the security of the electricity installations in your area. You know your children, including the bad ones.
“As you get back home, invite your children; warn them to desist from any temptation to vandalize the electricity installations. Set up systems locally to ensure adequate security of the installations,” the Deputy Governor appealed.
In his response, Chairman, Interim Management Committee, Ohaji Egbema Local Government Area, Mr Damian Ezeru, expressed gratitude to Mr Irona for what he described as his commitment to taking development to the door steps of people of the area.
He urged him to extend their gratitude to Governor Emeka Ihedioha for his good governance exploits, assuring him of the continued support of people of the area.
Adding his voice, member representing Ohaji/Egbema Local Government Area at the Imo State House of Assembly, Mr Cyriacus Okoro, commended the state government for steps towards providing electricity in the area, assuring the Deputy Governor of their continued support.
Also speaking, Chairman of ISOPADEC, Mr Magnus Obido, commended the state government for the initiative, assuring the Governor of the continued support of people of the area.
In his submission, the traditional ruler of Assa autonomous community, Eze Emmanuel Assor, commended the Deputy Governor for changing the narrative of people of the area, particularly, reduction in violent crimes in the area.
“We are very excited that these days, we are no longer invited to recruit cult boys and people to fight our brothers, but for developmental issues. Honestly, we have never had this kind of leadership before. Now that you are laying this foundation, God will bless you,” the royal father said.
He, however, called on the government to make a declaration that “any community that allows any public infrastructure in its vicinity to be vandalized forfeits it forever.”
In their separate submissions, traditional tuler of Obile, Eze Abyssinia Ogbuji; his Obitti counterpart, Eze E.C. Odunze; Eze Ekwueme Ekwueme of Ochia and Eze A.N. Ezenwaike poured encomiums on the the Deputy Governor, describing him as a good friend of the area.
They gave their blessings to the setting up of a joint security outfit to combat crime in the area, even as they vowed to secure the electricity installations.
The monarchs further commended the state government for the new security measures in the area, pursuant to resolutions of the recent Security Summit of Ohaji/Egbema/ Oguta local government Areas.
By Adedapo Adesanya
The National Pension Commission (PenCom) has defended its decision to allow Pension Fund Administrators (PFAs) to invest in the parent companies of their custodians, insisting that adequate safeguards are in place to protect contributors’ funds.
The director-general of the pension regulator, Ms Omolola Oloworaran, speaking on Tuesday during the Meet the Press Briefing at the Presidential Villa, Abuja, said the commission’s decision to relax the investment restriction followed a comprehensive risk assessment that found minimal conflict of interest.
She explained that under PenCom’s investment regulations, PFAs are only permitted to invest pension assets in carefully selected instruments that meet stringent criteria, including profitability, strong credit ratings and proven track records.
According to her, the commission regularly reviews its investment regulations, conducts routine examinations and spot checks on PFAs to ensure strict compliance with established risk management guidelines.
“PFAs cannot just go into the stock market and buy any kind of stock. There are strict guidelines. Companies must demonstrate profitability, have a proven track record and satisfy other criteria before pension funds can invest,” she said.
Ms Oloworaran noted that each PFA also operates under the oversight of a board, an investment committee and a risk management committee, providing additional layers of governance to safeguard contributors’ funds.
She said PenCom recently issued a circular allowing PFAs to invest in the parent companies of their custodians after determining that the potential conflict of interest was negligible.
The PenCom boss explained that the parent companies involved are largely Tier-1 banks, including First Bank, United Bank for Africa (UBA) and Zenith Bank, which she described as A-rated institutions with strong financial foundations.
She said the policy was intended to widen investment opportunities for pension funds without compromising safety.
Using Stanbic IBTC as an example, Ms Oloworaran explained that if its custodian is Zenith Bank, the previous restriction prevented the pension administrator from investing in Zenith Bank shares despite the bank’s strong performance.
“We reviewed the risks and any potential conflict of interest and found the risks to be very low. That is why we opened that investment window,” she said.
By Aduragbemi Omiyale
Analysts at Meristem Research have predicted that the inflation rate for June 2026 in Nigeria should marginally rise to 15.95 per cent on a year-on-year basis from the 15.93 per cent reported in May 2026.
The National Bureau of Statistics (NBS) is expected to release inflation numbers for last month later today, Wednesday, July 15, 2026.
In its report sighted by Business Post, Meristem Research said it expects inflationary pressures to re-emerge across key economies in the near term, as the re-escalation of the US-Iran conflict has reignited upward pressure on global oil prices.
It disclosed that this marks a sharp reversal from most of June, when the ceasefire between the two countries helped drive oil prices lower, raising expectations of some relief on the inflation front.
With conflicts now flaring up again, oil prices are likely to increase again, and the anticipated easing in energy-driven inflation may not materialise as broadly as earlier envisaged.
“Nonetheless, some relief is likely from the food segment, where robust supply conditions across major producing regions and softening demand should continue to ease food price pressures,” it stated.
The team also explained that it projected a 15.95 per cent inflation rate because of the lingering effects of persistent food price pressures.
“However, we expect core inflation to moderate as the sharp reversal in energy prices begins to filter through to transportation, distribution, and other energy-related costs, easing underlying price pressures.
“On a month-on-month basis, the combined effect of lower petrol prices, a relatively stable Naira, and the gradual pass-through of reduced energy costs across the supply chain should exert further downward pressure on inflation.
“Based on our assessment, food inflation is expected to remain the key swing factor, as seasonal pre-harvest supply constraints are likely to offset some of the gains from lower logistics costs,” it said.
By Adedapo Adesanya
The duo of Central Securities Clearing System (CSCS) Plc and Afriland Properties Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.61 per cent on Tuesday, July 14.
CSCS Plc saw its stock value drop N9.08 to close at N82.40 per share compared with the preceding session’s N91.48 per share, and Afriland Properties Plc slid by 17 Kobo to sell at N15.00 per unit versus N15.70 per unit.
The losses recorded by the two securities pulled back the market capitalisation by N41.64 billion to N2.546 trillion from N2.587 trillion, and cracked the NASD Security Index (NSI) by 69.36 points to 4,242.31 points from 4,311.67 points.
It was observed that the exchange witnessed two price advancers during the session, led by FrieslandCampina Wamco Nigeria Plc, which gained N1.37 to end at N151.37 per share compared with the previous day’s N150.00 per share, and Food Concepts Plc chalked up 5 Kobo to settle at N2.50 per unit versus N2.45 per unit.
The volume of securities traded by market participants surged by 50.7 per cent to 13.7 million units from the previous 9.1 million units, while the value of securities went down by 79.7 per cent to N65.2 million from N320.4 million, and the number of deals crashed by 3.6 per cent to 27 deals from the previous session’s 28 deals.
At the close of transactions, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with the sale of 3.4 billion units for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc, which exchanged 2.3 billion units valued at N6.5 billion, and CSCS Plc with 73.9 million units transacted for N5.2 billion.
GNI Plc also closed the trading day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.
