Economy
NCC Remits N51.3bn to FG in Q1 2019
By Modupe Gbadeyanka
A total of N51.3 billion was remitted to the federal government’s Consolidated Revenue Fund (CRF) by the Nigerian Communications Commission (NCC) in the first quarter of 2019.
A statement signed on Monday by the agency’s Director of Public Affairs, Mr Henry Nkemadu, disclosed that the remittance was in compliance with the Fiscal Responsibility Act of 2007 (FRA 2007).
According to the Executive Vice Chairman of NCC, Prof. Umar Garba Danbatta, the payment represents “Payment on Account” in respect of operating surplus of N44 billion and N7.3 billion spectrum assignment fee collected, both of which are due to the Federal Government as at April 30, 2019.
Provisions of the FRA 2007 stipulated that such payments are to be made every year after preparation of Audited Accounts.
Specifically, Section 22, Sub-section 1 of the Act states that, “Notwithstanding the provisions of any written law governing the Corporation, each Corporation shall establish a general reserve fund and shall allocate thereto at the end of each financial year, one fifth of its operating surplus for the year.”
Section 22, Sub-section 2 of the Act states further that, “The balance of the operating surplus shall be paid into the Consolidated Revenue Fund (CRF) of the Federal Government not later than one month following the statutory deadline for publishing each Corporation’s Account.”
Aside from remitting the operating surplus, Section 17, Sub-section 3 of the Nigerian Communication Act (NCA, 2003) also stipulates that spectrum assignment fees generated shall be remitted 100 per cent to the Federal Government.
The Section states that, “the Commission shall pay all monies accruing from the sales of Spectrum under Part 1 of Chapter VIII into the Consolidated Revenue Fund (CRF).”
Commenting further, the EVC said the commission had taken the initiative to be making payments on account as it generates revenue.
Mr Danbatta noted that through effective regulatory oversight by the commission, telecommunications sector has witnessed phenomenal growth since 2001, making it an enabler of economic growth and development.
“To date, telecoms industry has positively impacted all the sectors of the economy including banking, healthcare, commerce, transportation, agriculture, education and so on, with increased quarter-on-quarter contribution to the country’s Gross Domestic Product (GDP),” Mr Danbatta added.
For instance, latest data released by the National Bureau of Statistics (NBS) showed that the telecoms industry contributed 10.11 per cent to Nigeria’s GDP in the first quarter of 2019.
This represents a 0.92 per cent increase from the first quarter of the last year. This year’s first quarter contribution is also 0.26 per cent more than the figure (9.85 per cent) recorded in the last quarter of 2018.
“From 2001 till date, telecoms investment has increased tremendously from $500 million to over $70 billion, just as the Commission intensifies measures aimed to further facilitate investment growth in telecoms infrastructure to drive the economy, especially through the licensed Infrastructure Companies (InfraCos). We are also working with necessary stakeholders across all levels of government to address identified impediments to investment drive in the sector,” the NCC chief said.
Mr Danbatta, while providing latest data on the industry to underscore the impressive growth already recorded in the industry, said “in the 21st Century, access to pervasive broadband is a game changer for any economy.”
He explained further: “The Commission has since placed greater emphasis on broadband development as the next frontier for economic growth by driving efficiency and innovations in Nigeria. Consequently, through painstaking implementation of our 8-Point Agenda with the need to facilitate broadband development topping the agenda, we have been able to increase broadband penetration to 33.13 per cent as at end of May, 2019.”
Accordingly, Mr Danbatta stated that as at May this year, there were over 173.6 million active mobile lines across mobile networks, corresponding to a teledensity of 90.98 per cent. Internet subscriptions during the month stood at 122.6 million up from 119 million in April.
The EVC noted that while the industry has provided and continues to provide direct and indirect jobs for millions of Nigerians, the Commission, through effective regulatory approach, is embarking on more initiatives to boost access to telecoms services in rural, unserved and underserved areas across the country “by ensuring service availability, accessibility and affordability for more Nigerians.”
By Aduragbemi Omiyale
The embargo earlier placed in the trading of Thomas Wyatt Nigeria shares has been lifted by the Nigerian Exchange (NGX) Regulation Limited.
The regulatory subsidiary of NGX Group lifted the suspension on Monday, July 6, 2026, via a notice signed by Bonaventure Onwuji on behalf of the Head of the Issuer Regulation Department of NGX RegCo.
Investors were earlier prevented from buying and selling equities of the organisation after it failed to submit its relevant financial statements as required by the listing rules.
The embargo was placed on October 31, 2025, in line with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing, which 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.
After filing the results with NGX Limited, 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, the suspension was lifted.
By Adedapo Adesanya
Nigerian domestic oil producer Renaissance Energy has recorded its first major oil discovery since taking over Oil Mining Lease (OML) 74 last year, following the successful drilling of an exploration well offshore Nigeria in a development that could support the country’s efforts to boost crude oil production and replenish reserves.
Preliminary results showed about 1,000 feet (305 metres) of crude oil-bearing reservoirs across seven zones, with data and fluid tests confirming light oil in high-quality reservoirs, Renaissance said in a statement, without providing further details.
OML 74 is a large shallow-water block in the eastern Niger Delta off Nigeria’s coast and holds at least eight previously undeveloped discoveries.
Renaissance, which now owns Shell’s former onshore and shallow-water assets, operates Nigeria’s largest upstream joint venture with 18 oil leases, two export terminals and a FPSO vessel in the oil-rich delta.
Commenting on Tuesday, Mr Tony Attah, the managing director/chief executive of Renaissance, said the discovery reflects the company’s renewed focus on exploration and its commitment to boosting Nigeria’s long-term oil production.
“The success of JK-004, just over one year after assuming operatorship of these assets, demonstrates the strength of our exploration programme,” he said.
He lauded the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), adding that the exploration performance reflected the collaboration with the company’s joint venture partners comprising the Nigerian National Petroleum Company Limited (NNPC), TotalEnergies Limited and Agip Energy and Natural Resources.
He added that the NNPC Group Chief Executive Officer, Mr Bayo Ojulari, and the Executive Vice President, Upstream, Mr Udobong Ntia, provided the needed strategic guidance with commitment for value delivery across the joint venture assets.
On his part, the Vice President of Exploration and Chief Explorer at Renaissance, Mr Johnbosco Uche, said the exploration success was due to the company’s subsurface excellence, technical rigour, and disciplined approach to reserve replacement.
“The JK-004 well provides a strong foundation for accelerated maturation with clear pathways to early development and value realisation,” the Chief Explorer said, adding that the strategic location of JK-004 near an existing field would enable rapid commercialisation.
The chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyiwa Eyesan, described the feat as a perfect alignment with the commission’s vision of growing the nation’s reserves “to future-proof sustainable national growth,” and pledged to continue building the enabling regulatory environment required to support the Nigerian oil and gas industry.
By Aduragbemi Omiyale
The mandatory takeover bid of about 1.63 per cent shares held by minority shareholders of Premier Paints Plc by Xenergi has been launched.
Business Post learned that the exercise will open at 8 am on Monday, July 13, 2026, and close on Friday, August 7, 2026, and it concerns shareholders of Premier Paint, excluding Xenergi Plc, whose names appear in the register of members of Premier Paint on the qualification date, which was Monday, July 6, 2026.
Xenergi is looking to acquire a total of 2 million shares of Premier Paints at N38 per unit, amounting to N76 million.
The reason for this offer is to enable Xenergi comply with Section 142(4) of the ISA Act 2025 and Rules 445 – 448 of the SEC New Rules and Amendment dated August 30, 2021, following its acquisition of a 49.60 per cent majority equity stake in Premier Paint.
On June 8, 2026, Xenergi Plc acquired 61,003,350 ordinary shares in Premier Paint, representing a 49.60 per cent equity stake.
Xenergi Plc and Premier Paint Plc executed a Share Sale and Purchase Agreement detailing the terms and conditions of the acquisition. The acquisition was concluded following receipt of the required regulatory approvals from the Federal Competition & Consumer Protection Commission (FCCPC), the Securities and Exchange Commission (SEC) and the Nigerian Exchange (NGX) Limited.
In accordance with Section 142(4) of the ISA Act 2025, Xenergi is required to make a takeover bid to all the other shareholders of Premier Paint.
Consequently, on May 25, 2026, the board of Xenergi granted approval for a Takeover to be made to all qualifying shareholders, for the acquisition of the offer shares.
