Economy
Senate Holds Talks on Banks’ High Interest Rates
By Dipo Olowookere
The high interest rate being charged by commercial banks in the country has caught the attention of the Senate and this would be discussed during plenary this week.
Senate President, Mr Bukola Saraki, told reporters on Saturday in Ilorin, Kwara State that he and his colleagues will look into the matter with a view to prevailing on the lenders to cut the rate.
Mr Saraki noted that the high interest rates being charged by commercial banks on loans to customers could have adverse effect on the country’s economy, particularly for entrepreneurs who need borrowed funds to stay afloat and contribute to the Gross Domestic Product (GDP).
The Senate President said during the talks, the Senate would take a decision on the interest rates being charged by commercial banks as he said the prevailing rates were too high and discouraging to genuine industrialists and entrepreneurs who need to accommodate the cost of money alongside other costs to fix prices of goods and services.
“If we genuinely want to stimulate local manufacturing and development of the small and medium enterprises so as to generate employment and help our national economy to recover from recession, then people must be able to borrow money at reasonable interest rates. It is difficult for manufacturers to survive while borrowing at about 28 percent,” he said.
Speaking on the journey thus far, after being at the helm of the Senate and the National Assembly as a whole for the past two years, the Senate President said: “I am comfortable with the support that I have received from my colleagues. One thing that makes the 8th Senate different is that we take initiative.
“For example, a bill like the PIGB would have been easier to pass as an executive bill—however, based on how united we are and focused on the greater good, the passage of the PIGB goes to show Nigerians the competencies of the Senators of the 8th National Assembly.”
Mr Saraki said the 8th Senate has scored many firsts since its inception and that it has fulfilled its mandate through the passage of several critical economic reform bills, opening of the National Assembly’s budget, and its investigations that have helped in the fight against corruption.
“We are a focused Senate. We are also a people-oriented Senate. We are a Senate of many firsts, if you look at the passage of the Petroleum Industry Governance Bill, the opening of the National Assembly Budget, the passage of Bills like the Ports and Harbors Reform Bill and the Credit Bureau Scheme, you will see that we take governance very seriously.
“Over time, through our work like the Treasury Single Account (TSA) investigation; the NEITI Report investigation; and the North East Humanitarian Response investigation, we have shown that this is a Senate that does not sweep things under the carpet. We are working to pass Bills, enshrine transparency, and do things that matter to everyday Nigerians”, the Senate President said, “This is because we know what families across the nation are going through and we are working to try to create more opportunities for them.”
Mr Saraki also said, “Over the last two years, our focus has been on the economy, the economy, and the economy. You will soon see how the ‘Made in Nigeria’ amendment to the Public Procurement Act will open more opportunities for Nigerians.
“Additionally, starting with the implementation of the 2017 budget, the Senate will be defending Nigerian businesses by letting them know that if they find any government ministry, department or agency that is not patronizing ‘Made in Nigeria’ as a first option, they should let us know, and we will take appropriate action.”
When asked why the Senate decided to pass the governance aspect of the Petroleum Industry Bill first, the Senate President said: “One of my first meetings after becoming the Senate President was a meeting with consultants and stakeholders to find out why the Petroleum Industry Bill had always failed to pass in the past.
“When the reason became clear, we decided to take the first part of the Bill that has to do with governance, transparency and accountability in order to make the system more efficient for the country.
“By doing this, we have sent a message to international investors who have been previously unsure about what laws govern our petroleum industry that the country is truly ready for more investment in this sector.”
Speaking on the recent passage of the Nigerian Football Federation Bill by the 8th Senate, the Senate President described it as “A very important Bill that will transform the administration of football in the country. It is very personal to me because as a club owner, I am happy that this Bill will make the administration of football to be in-line with international best practices.”
By Adedapo Adesanya
Waltersmith Refining and Petrochemical Company Limited has announced plans to commence two further phases of expansion, which will include the construction of a 30,000-barrel-per-day condensate refinery and an industry park that will accommodate other gas-based firms.
The chairman of Waltersmith Petroman, Mr Abdulrazak Isa, revealed this during a visit of the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr Felix Omatsola Ogbe, and the chief executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr Saidu Mohammed, to the Waltersmith modular refinery at Ohaji- Egbema, Imo State.
Mr Isa said the firm would develop a gas line that would deliver 100 million standard cubic feet of gas per day, and provide an embedded captive power, to attract industries to co-locate in the industrial park.
Plans are afoot to conclude the partnership agreement for the condensate refinery by the 4th quarter of 2026, he said, adding that feedstock for the integrated expansions will come from the Ibigwe and Assa fields, as well as from nearby fields.
The chairman underlined the company’s determination to invest in the petrochemical sector, leveraging its access to gas and Naphtha, noting that the petrochemical industry is a key enabler of the economy.
He sought approvals from the NMDRA for the various stages of the upcoming developments.
The visit was to inspect the newly completed expansion of the firm’s refining capacity, from 5,000 barrels per day to 10,000 barrels per day.
NCDMB invested equity in Waltersmith Refining and Petrochemical Company Limited’s modular refinery in 2018 and helped catalyse the investment, leading to the commissioning of the first phase of the plant in November 2020.
NCDMB also participated in the expansion, which is now completed and operational, producing AGO (diesel), Household kerosine (HHK), HFO (Heavy Fuel Oil) and Naphtha.
The refinery has to date supplied over 1.1 billion litres of refined products to local and regional markets, helping to strengthen Nigeria’s and West Africa’s energy security and contributing immensely to the national economy. The refinery supplies most of its products to the South-East and South-South parts of the country, while the HFO gets to the West African sub-region.
On his part, Mr Mohammed expressed his delight at the success of the facility and promised the agency’s support to the company’s expansion plans, saying the midstream sector of the petroleum industry holds the key to the nation’s economic development, adding that the establishment of such projects is the dream of every administration.
He described Waltersmith as an octopus in the midstream sector and challenged the company to hasten the development of the condensate refinery. Mohammed also commended NCDMB for partnering with Waltersmith to develop the project, which had become a runaway success.
The Director of Legal Services at NCDMB, Mr Naboth Onyesoh, who represented the organisation’s scribe, conveyed the board’s delight at the success of Waltersmith modular refinery, describing the company as a model in local content implementation, especially in direct and indirect job creation, capital retention, industrialisation, import substitution and value addition to crude oil and gas resources.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited was bullish last week despite investors’ mood swing, triggered by happenings in the country and across the globe, especially the Middle East crisis.
The All-Share Index (ASI) and the market capitalisation appreciated week-on-week by 3.94 per cent to 225,722.49 points and N145.335 trillion, respectively.
Similarly, all other indices finished higher with the exception of the growth and commodity indices, which depreciated by 0.02 per cent and 0.41 per cent, respectively, while the sovereign bond index closed flat.
A look at the price changes of shares in the five-day trading week showed that
46 stocks gained weight versus 61 stocks of the previous week, 53 equities shed weight compared with 36 equities a week earlier, and 47 shares closed flat, in contrast to 49 shares of the preceding week.
UAC Nigeria led the gainers’ chart after it chalked up 42.00 per cent to trade at N142.00, Union Dicon appreciated by 32.73 per cent to N21.90, NASCON expanded by 32.63 per cent to N206.90, Trans-Nationwide Express rose by 30.58 per cent to N7.90, and Zichis improved by 25.71 per cent to N15.60.
On the flip side, Infinity Trust Mortgage Bank led the losers’ group after it gave up 50.79 per cent to close at N9.35, Abbey Mortgage Bank declined by 33.33 per cent to N5.40, Guinea Insurance slipped by 15.20 per cent to N1.06, Stanbic IBTC lost 13.82 per cent to settle at N162.50, and Living Trust Mortgage Bank slumped by 10.98 per cent to N3.65.
As for the activity log, Customs Street recorded a turnover of 3.805 billion shares worth N213.955 billion in 297,202 deals in the week compared with 3.588 billion shares valued at N195.313 billion transacted in 254,553 deals in the previous week.
Financial stocks led the activity chart with 2.739 billion units sold for N106.269 billion in 135,101 deals, contributing 71.99 per cent and 49.67 per cent to the total trading volume and value, respectively.
Services equities traded 212.324 million units worth N4.024 billion in 17,042 deals, and consumer goods shares exchanged 180.076 million units valued at N13.269 billion in 32,457 deals.
Access Holdings, UBA, and First Holdco were the busiest with 814.060 million units traded for N39.032 billion in 37,195 deals, contributing 21.40 per cent and 18.24 per cent to the total equity turnover volume and value, respectively.
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
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