Economy
Organised Private Sector Writes Tinubu Over Incessant Summons by National Assembly
By Aduragbemi Omiyale
President Bola Tinubu has been urged to urgently look into the incessant summons of private companies by some committees of the National Assembly.
In an open letter, the Organised Private Sector of Nigeria (OPSN) said the legislative arm of government was going beyond its bounds by looking into the activities of private firms operating in the country.
The group noted this practice has continued unhindered despite judicial pronouncements, including a pending appeal before the Supreme Court, which affirms that the powers conferred on the National Assembly in line with sections 88 and 89 of the 1999 constitution do not extend oversight powers to private companies.
Citing judicial precedents, it stated that the case of DHL International Nigeria Limited versus Senate of the Federal Republic of Nigeria and ORS (FHC/ABJ/CS/261/2018) comes to mind.
It would be recalled that the court unequivocally held that private companies do not fall within the category of persons contemplated by sections 88 and 89 of the 1999 Constitution.
OPSN stressed that the members of the National Assembly must understand that there are constitutional limits on legislative oversight, noting that the provisions only empower them to investigate matters connected with the administration of laws and the disbursement and management of public funds by public sector agencies.
It explained that the incessant summons by the Committees of the National Assembly has created duplication of regulatory activities, thus usurping the statutory roles of the Executive arm of Government through the Ministries, Departments, and Agencies (MDAs), stating that the purported investigations, demands and investigations being carried out by the committee fall within the jurisdiction of the Executive arm of Government, noting that the constitution, as expressly stated in section 5, vests the responsibility to investigate compliance on the Executive through the MDAs.
The association urged the parliament to exercise restraint and await the Supreme Court’s decision on the matter to resolve the recurring controversies surrounding the scope of legislative authority, emphasising that, beyond the legal and constitutional issues, the continuous summons could be economically damaging as it creates multiple layers of regulatory uncertainty, thereby discouraging foreign investors, derailing the Ease of Doing Business reforms, and worsening the unemployment rate, especially at a time when the FG is making an effort to restore investors’ confidence.
“The summons has led to high financial costs for companies, with executives of private companies compelled to travel frequently to Abuja, incurring costs for flights, accommodation, legal representation and documentation.
“Beyond that, this has led to disruption of operations and productivity loss with senior managers and technical experts pulled away from business operations of manufacturers and service providers, leading to lost output and missed deadlines, weakened competitiveness,” it added.
While emphasising that the private sector was not opposed to legislation or regulation, the OPSN noted that regulation should not be enforced to serve as a bottleneck but rather to facilitate and promote Ease of Doing Business. OPSN explained that the sustainability of enterprises can only be achieved when there is an efficient, predictable regulatory environment supported by stable policies and viable incentives.
The group seeks the President’s intervention to safeguard the integrity of Nigeria’s regulatory framework and ease the burden on businesses by clearly deploying a practical, coordinated approach that delineates the authority and responsibility between regulators and legislators.
“We can further strengthen Nigeria’s reputation as a stable, business-friendly investment destination, capable of attracting and retaining capital to drive inclusive growth and job creation by addressing these challenges. We reaffirm our readiness to collaborate with the government in finding practical solutions for Nigeria’s sustainable economic transformation,” it stated.
OPSN comprises the Manufacturers Association of Nigeria(MAN), the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), the Nigeria Employers’ Consultative Association (NECA), the Nigeria Association of Small Scale Industrialists (NASS), the Nigeria Association of Small and Medium Enterprises (NASME) in collaboration with Association of Licensed Telecommunications Operators of Nigeria (ATCON), the Oil Producers Trade Section (OPTS), the Association of Food, Beverages and Tobacco Employees (AFBTE), and other 25 sectoral Employer’s Associations.
By Aduragbemi Omiyale
One of the brewery companies in Nigeria, Champion Breweries, has received regulatory approval for its N42 billion public offer.
The brewer intends to use net proceeds from the public offer, together with an earlier N15.9 billion rights issue, to fund the acquisition of the Bullet brand portfolio through an asset carve out that transfers ownership of Bullet’s brands, trademarks, recipes and commercial rights across its African markets to Champion Breweries.
In addition, funds from the exercise would be used to support working capital requirements and growth initiatives in areas such as route to market, marketing, innovation and capacity expansion.
Bullet is Nigeria’s leading ready to drink alcoholic beverage and one of the top energy drink brands in its markets of presence. The brand is currently sold in 14 African countries and earns a significant portion of its revenues in foreign currency, providing Champion Breweries with a natural foreign exchange (FX) hedge and a platform for continued regional expansion.
In a statement to the Nigerian Exchange (NGX) Limited, Champion Breweries said it now has the approval of the Securities and Exchange Commission (SEC) to raise the fresh funds.
The company is selling a total of 2,625,000,000 ordinary shares of 50 kobo each at a unit price of N16.00, payable in full on application.
Application for the public offer opened on Thursday, January 8, 2026, and will close on Wednesday, January 21, 2026.
The lead issuing house for the public offer is Rand Merchant Bank Nigeria Limited, while the joint issuing houses are FBNQuest Merchant Bank Limited, FCMB Capital Markets Limited, CardinalStone Partners Limited, Greenwich Merchant Bank Limited, Chapel Hill Denham Advisory Limited, Comercio Partners Capital Limited, and Fortress Capital Limited, with Africa Prudential as the registrar.
The exercise, according to the Champion Breweries, gives institutional and retail investors an opportunity to participate in its “next phase of growth.”
“The opening of our public offer is an invitation for investors to share in the next phase of Champion Breweries’ growth. With the Bullet acquisition, we are combining nearly 50 years of brewing heritage with a proven pan African RTD and energy drink platform,” the Managing Director of Champion Breweries, Mr Inalegwu Adoga, said.
“Champion Breweries’ story is one of disciplined execution and smart capital deployment. The asset carve out structure for Bullet will mean we can unlock FX earnings and scale quickly, without heavy upfront investment in new plants. This public offer allows a wider pool of investors to participate in that strategy,” the Managing Director of enJOYcorp, Mr David Butler, added.
By Adedapo Adesanya
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced January 14, 2026, for the pre-bid conference of the 2025 oil and gas licensing round.
The conference comes as the federal government intensifies efforts to attract fresh upstream investments.
In an announcement notice dated January 8, 2026, and signed by the commission’s chief executive, Mrs Oritsemeyiwa Eyesan, the event will take place in Lagos.
The notice, published on the official X handle of the agency, said, “The Nigerian Upstream Petroleum Regulatory Commission is proud to announce the 2025 licensing round pre-bid conference scheduled for 9 am on Wednesday, January 14, 2026, at the Grand Ballroom, Eko Hotels and Suites, Lagos.”
The pre-bid conference is a key milestone in the licensing round process and is expected to provide prospective investors with detailed guidance on the conduct of the bid exercise.
According to the organisation, discussions at the conference will focus on the implementation timetable for the licensing round, bid package preparation, eligibility requirements, as well as the assessment criteria and procedures for determining winning bidders.
The upstream regulator explained that the announcement followed an earlier notice published in both local and international newspapers, in compliance with the provisions of the Petroleum Industry Act (PIA).
“The focus areas of the upcoming pre-bid conference include the implementation timetable, bid package preparation, eligibility terms, and the assessment and winners’ determination procedure. Interested members of the public are urged to register for the pre-bid conference through the portal br2025.nuprc.gov.ng,” the notice stated.
It added that comprehensive information on the licensing round, including guidelines, block descriptions and participation instructions, is available on the commission’s website.
“Detailed information on the licensing round guidelines, block descriptions and participation instructions is also available on the website, nuprc.gov.ng. We look forward to your participation,” it concluded.
Recall that last year, the erstwhile Commission Chief Executive, Mr Gbenga Komolafe, announced that the 2025 oil block licensing bid round would commence on December 1.
The 2025 licensing round, expected to offer 50 blocks across multiple terrains, is part of a broader agenda to rebuild confidence in Africa’s largest oil producer, deepen indigenous participation, and reposition Nigeria as a competitive investment destination.
The licensing round comes at a time when Nigeria is seeking to reverse years of declining upstream investment caused by regulatory uncertainty, oil theft and project delays.
Since the enactment of the Petroleum Industry Act in 2021, the NUPRC has overseen multiple bid rounds aimed at improving transparency, competitiveness and investor confidence in the upstream sector.
Pre-bid conferences have become increasingly important under the PIA regime, as they provide clarity on fiscal terms, compliance obligations and the evaluation framework, helping to reduce disputes and post-award uncertainty.
The last licensing round conducted by the commission attracted a mix of indigenous and international players, with the regulator pledging to ensure a transparent and commercially competitive process.
The NUPRC said it looks forward to broad participation at the Lagos conference, signalling what could be another major test of investor appetite for Nigeria’s upstream assets.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has wooed American investors, declaring that the country will focus on disciplined reforms and transparent markets to restore investor confidence in the country.
Mr Cardoso disclosed this after leading Nigeria’s engagement with senior business leaders and global investors at the US-Nigeria Executive Business Roundtable in Washington, convened by the US Chamber of Commerce’s US–Africa Business Center.
According to him, Nigeria used the platform to send a clear message to international capital: the country is focused on macroeconomic stability, regulatory clarity, and private sector-led growth.
“With global capital cautious and highly selective, we presented Nigeria’s message clearly and practically: disciplined reform, transparent markets, and credible institutions,” the CBN Governor said.
He noted that discussions at the roundtable centred on stabilising the macroeconomic environment and strengthening the financial system to support sustainable business expansion.
“Our discussions focused on macroeconomic stabilisation, regulatory clarity, and fostering private sector-led growth, laying the groundwork for a deeper phase of US–Nigeria commercial engagement,” Mr Cardoso stated.
Looking ahead to 2026, the CBN chief outlined an ambitious reform agenda aimed at reinforcing Nigeria’s financial architecture and improving the operating environment for businesses and investors.
“We will continue to strengthen the banking system through rigorous supervision and sound governance,” he said, adding that the apex bank would also “refine our inflation-targeting framework to deliver durable price stability.”
Mr Cardoso disclosed plans to modernise Nigeria’s payments infrastructure to boost efficiency and financial inclusion, while also promoting responsible fintech innovation anchored on consumer protection and financial integrity.
He further revealed that the CBN would deploy data and artificial intelligence-enabled tools to enhance regulatory responsiveness and execution.
“We will continue to build institutional capacity within the Bank, leveraging data and AI-enabled tools to support faster, more responsive, and higher-quality execution,” he said.
The central banker stressed that sustained reform, rather than short-term measures, remains critical to unlocking long-term growth and investment.
“Reform is a process that rewards consistency and discipline. Our focus remains steady: to protect trust, sustain stability, and entrench the foundations for disciplined, lasting economic growth in Nigeria,” he added.
He noted that the engagements signalled growing international confidence in Nigeria’s reform trajectory, positioning the country for deeper commercial ties with the United States and renewed inflows of global capital in the year ahead.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn