Economy
NLC May Suspend Proposed Cash Scarcity Strike
By Adedapo Adesanya
The Nigeria Labour Congress (NLC) may suspend its proposed nationwide strike scheduled to commence tomorrow, Wednesday, March 29, 2023.
On Monday, the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, and the Minister of Labour and Employment, Mr Chris Ngige, held a meeting with the leadership of the union on how to avert the cash scarcity strike.
Recall that last Wednesday, the NLC leadership under Mr Joe Ajaero issued a seven-day ultimatum to the federal government to end the Naira scarcity in the country.
The union had threatened that there would go on strike from Wednesday, March 29, if the cash scarcity was not resolved at the expiration of the ultimatum.
Following this, Mr Ngige subsequently invited the apex bank leadership and the NLC to a meeting yesterday to resolve the matter, according to a statement by the Director of Press and Public Relations, Ministry of Labour and Employment, Mr Olajide Oshundun.
The statement disclosed that, “The ten-man delegation of the NLC was led by the President, Comrade Joe Ajaero, and the General Secretary, Emmanuel Ugboaja, while the CBN Governor, Godwin Emefiele was accompanied by two Deputy Governors, Kingsley Obiora (Economic Policy) and Ade Shonubi (Organised Private Sector).”
In his remarks, the Minister refuted the allegation of the NLC that his ministry did nothing about the matter, noting that after receiving the letter from NLC, he forwarded the same to the CBN governor before travelling out of the country for an International Labour Organisation (ILO) Governing Board meeting and directed the Permanent Secretary and Trade Union Services and Industrial Relations Department to follow up.
On his part, Mr Emefiele said when he received the letter from the Labour Ministry, he called the President of NLC to brief him on steps taken to alleviate the sufferings of the masses and equally made an appointment and had a fruitful discussion with the NLC president.
He said a large volume of funds was made available to the deposit money banks, which were directed to open their branches on Saturdays and Sundays. The apex bank chief said the commercial banks complied with this directive under the strict supervision of the CBN.
According to Mr Emefiele, following the steps taken, Nigerians have been enjoying their money.
On his part, Mr Ajaero said the union only got a reply to their second letter to the ministry and, subsequently, an invitation to the meeting.
He said they no longer envisage any problem since CBN has started sending cash to the banks and Nigerians were now accessing their money.
The union leader, however, urged the CBN to improve on their services, regretting the information gap created in the implementation of the Naira redesign.
“NLC could not have stopped CBN from taking good decisions and implementing them in the interest of the nation. If stakeholders were invited and briefed on the policy, when the people complain, NLC would explain everything to them. But in this case, the CBN did it alone. Moreover, it is a wrong time for administering such a national policy,” Mr Ajaero was quoted as saying.
He assured that the National Executive Committee (NEC) of NLC would meet today, Tuesday, March 28, 2023, where members from states and Local Government Areas are expected to report on the availability of money, after which a decision will be taken on the strike.
The Minister, however, assured all that whether the NLC is embarking on the dispute of right or dispute of interest, the dispute has been apprehended and can only result in more dialogue and not strike.
By Aduragbemi Omiyale
The national scale long-term issuer rating of Axxela Limited has been upgraded by GCR Rating to A+(NG), just as its short-term issuer rating was affirmed with a stable outlook.
The rating firm upgraded the long-term issue rating for Axxela Funding 1 Plc’s N16.4 billion series 1 senior unsecured bond to A+(NG), while the N11.5 billion series 1 senior secured bond was lifted to A+(NG)(EL).
GCR noted in a note that the actions reflect the leading gas and power portfolio company’s robust business model, strong earnings performance, and sustained financial profile, reinforcing its ability to deliver long-term value while maintaining financial discipline.
Axxela’s recent achievements have been driven by its continued focus on responsible growth, customer satisfaction, and creating lasting value for national development.
“The ratings upgrade by GCR is a strong endorsement of Axxela’s disciplined approach to business. Beyond recognising our financial strength, it reflects the resilience of our business model and the confidence in our strategic direction.
“Over the past few years, we have continued to make significant strides across the business by expanding our natural gas infrastructure, strengthening our operational footprint, advancing our sustainability agenda, and maintaining an unwavering commitment to operational excellence and safety,” the chief executive of Axxela, Mr Moshood Olajide, commented on the development.
As the company continues to advance its long-term growth strategy, the upgraded ratings reinforce confidence in Axxela’s credit profile, financial resilience, and ability to create enduring value for investors, customers and other stakeholders.
By Adedapo Adesanya
The Ministry of Solid Minerals Development and the National Identity Management Commission (NIMC) have strengthened their partnership to deploy digital identity technology, aiming to combat illegal mining and enhance security in Nigeria’s mining sector.
Speaking while receiving the Director-General and management of NIMC on a courtesy visit to his office in Abuja, the Minister of Solid Minerals Development, Mr Dele Alake, described the commission as a critical institution in Nigeria’s development architecture, stressing that effective governance could not be achieved without a credible identity management system.
“NIMC occupies a critical position in translating policy into reality. It is pivotal to the development of any nation because governance today is driven by data, technology and credible identity systems,” he added.
He noted that inadequate identification systems had weakened enforcement efforts over the years, allowing illegal mining activities to flourish in mineral-rich communities.
“Without identification, we cannot trace or track, and insecurity will flourish. In the solid minerals sector, we need effective monitoring of both legal and illegal operations.
“A credible identity ecosystem will strengthen regulation, improve enforcement and support our efforts to sanitise the sector,” Mr Alake said.
The minister identified technology, statistics, data gathering and digital identity as critical enablers for evidence-based policymaking, improved regulatory oversight, efficient licensing, investment promotion and national development.
On her part, the DG of NIMC, Mrs Abisoye Coker-Odusote, highlighted several opportunities for collaboration between both institutions, noting that the newly enacted NIMC Act has positioned Nigeria to fully embrace a digital governance ecosystem.
She explained that deeper integration of identity management into the solid minerals sector would facilitate database integration across government institutions, enhance regulatory compliance, strengthen security and law enforcement, improve monitoring of operators, and provide stronger support for the implementation of Community Development Agreements (CDAs) in mining host communities.
Mrs Coker-Odusote added that NIMC’s upgraded digital infrastructure is capable of supporting government institutions in building reliable databases, improving transparency and delivering more efficient public services.
Both institutions said they would immediately begin implementing technology-driven initiatives under the partnership, expressing confidence that expanding access to trusted digital identities for miners and other eligible residents would enhance accountability and strengthen governance in the solid minerals sector.
By Adedapo Adesanya
The federal government will soon issue a fresh N729 billion bond to settle verified legacy debts owed to electricity generation companies (GenCos), marking another major step in its plan to restore liquidity and financial stability across Nigeria’s power sector.
The bond forms the second tranche of the first phase of the N4 trillion Presidential Power Sector Debt Reduction Programme and follows the successful issuance of about N501 billion in January 2026. Combined, both issuances make up the N1.23 trillion Series 1 and Series 2 components of the Capital Market Multi-Instrument Issuance Programme.
The initiative is part of the federal government’s broader strategy to clear longstanding payment obligations in the Nigerian Electricity Supply Industry (NESI), strengthen investor confidence and improve the financial health of the electricity value chain.
The chief executive of the Nigerian Bulk Electricity Trading Plc (NBET), Mr Johnson Akinnawo, said the forthcoming bond issuance represents the first phase of the wider N4 trillion programme approved by President Bola Tinubu to address verified legacy liabilities in the power sector.
“The second issuance demonstrates the Federal Government’s commitment to resolving verified legacy obligations through a transparent, structured and market-based mechanism,” Mr Akinnawo said.
He explained that the January 2026 bond issuance reflected the government’s fiscally responsible approach to settling outstanding obligations owed to GenCos while improving liquidity within the electricity market and strengthening the long-term sustainability of the sector.
According to him, the new bond will further reinforce confidence among investors and provide much-needed financial relief to market participants whose operations have been constrained by accumulated debts.
“By improving liquidity across the electricity value chain, the programme will help strengthen the financial position of market participants, support new investment and promote sustainable electricity generation for the benefit of Nigerians,” he stated.
Mr Akinnawo recalled that the Federal Executive Council (FEC) approved the establishment of the N4 trillion Presidential Power Sector Debt Reduction Programme in 2025, with NBET designated as the sponsoring institution responsible for coordinating the settlement of verified legacy obligations across the electricity industry.
He explained that the debt reduction programme is being implemented through multiple issuances of debt instruments by NBET Finance Company Plc, a Special Purpose Vehicle (SPV) established specifically to execute the programme.
According to him, the debt instruments are backed by the full faith and credit of the federal government and supported by comprehensive risk mitigation measures designed to ensure successful implementation and attract investor participation.
“The programme has the full backing of the federal government and incorporates a robust suite of instruments designed to mitigate transaction risks and support successful execution,” the NBET boss said.
He noted that the issuance of the approximately N729 billion bond would represent another decisive milestone in resolving longstanding financial obligations that have weighed on the electricity market for years.
Mr Akinnawo added that clearing the outstanding debts would strengthen the financial position of electricity generation companies, improve liquidity throughout the power value chain and create a more stable, bankable and investment-friendly electricity market capable of supporting Nigeria’s economic growth and expanding reliable electricity supply.
