General
Tinubu Says Nigeria Credit Company to Launch This Year
By Adedapo Adesanya
Nigeria will launch the National Credit Guarantee Company dedicated to increasing access to credit for individuals and critical sectors of the economy.
This was disclosed by President Bola Tinubu in his 2025 New Year’s Message to Nigerians on Wednesday, as he promised to look into the skyrocketing cost of living affecting citizens.
He said the move would help alleviate food costs and also promote local manufacturing of essential drugs and other medical supplies in the New Year.
According to the President, the new company, expected to begin operations before the end of the second quarter of the new year, is a partnership of government institutions, including the Bank of Industry (BOI) Nigerian Consumer Credit Corporation (NCCC), the Nigerian Sovereign Investment Agency (NSIA), the Ministry of Finance Incorporated (MOFI), the private sector and multilateral institutions.
“This initiative will strengthen the confidence of the financial system, expand credit access, and support under-served groups such as women and youth. It will drive growth, re-industrialisation, and better living standards for our people.
“On a personal note, thank you for placing your confidence in me as your president. Your trust humbles me, and I promise to continue serving you diligently and wholeheartedly.
“We will continue to embark on necessary reforms to foster sustainable growth and prosperity for our nation.
‘’I seek your cooperation and collaboration at all times as we pursue our goal of a one trillion-dollar economy. Let us stay focused and united,” the president said.
“As the new year dawns, it brings many hopes, aspirations, and prospects for better days. By the grace of God, 2025 will be a year of great promise in which we will fulfil our collective desires.
“Though 2024 posed numerous challenges to our citizens and households, I am confident that the New Year will bring brighter days. Economic indicators point to a positive and encouraging outlook for our nation.
President Tinubu said, “In 2025, our government is committed to intensifying efforts to lower these costs by boosting food production and promoting local manufacturing of essential drugs and other medical supplies. We are resolute in our ambition to reduce inflation from its current high of 34.6 per cent to 15 per cent. With diligent work and God’s help, we will achieve this goal and provide relief to all our people.
“In this new year, my administration will further consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output,” he promised.
By Modupe Gbadeyanka
The Lagos Judicial Division of the National Industrial Court has ordered Delta Marine Shipping Company to pay three crew and seamen the sum of N24.5 million in unpaid wages within seven days.
The benefiting seafarers are Mr Akegor Mudiaga Micheal, Mr Lambert Chimankpa Nsoha, and Mr John Silvanus Boham. The payment is for their unpaid wages from April 2019 to June 2021 within 7 days.
The trio instituted the action against Delta Marine Shipping Company seeking the payment of outstanding wages earned while serving as seafarers onboard the vessel, pursuant to their respective contracts of employment.
They submitted that they had faithfully discharged their duties onboard the vessel but were not paid their salaries covering the years April 2019 and June 2021 despite repeated demands.
The claimants averred that they wrote letters of complaint and reminders to the Managing Director of the company and the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) regarding the non-payment of their wages, all to no avail.
However, the defendant failed to enter an appearance nor file any defence. The company also failed to cross-examine the claimants’ sole witness, and the court consequently foreclosed its right to cross-examination and defence.
In a well-considered judgment, Justice Isaac Essien held that the evidence tendered by Mr Akegor and 2 others, including their contracts of employment, seamen’s records, certificates of discharge, letters of complaint and the schedule of outstanding salaries, remained unchallenged and uncontroverted.
The court found that the evidence established that Mr Akegor and 2 others were entitled to recover their outstanding wages from Delta Marine Shipping Company.
Justice Essien further held that the claimants had discharged the burden of proof placed on them and were entitled to judgment for the outstanding wages claimed for services rendered onboard MT. Favour from April 2019 to June 2021.
By Modupe Gbadeyanka
A leading gas and power company in sub-Saharan Africa, Axxela Limited, has expanded its natural gas pipeline network with new customers.
The new customers include Radisson Blu Anchorage Hotels, Sheraton Hotels, Jawa International Limited, Solem Agro, and Abimbola Agro, among others.
The company’s customer connections span the manufacturing, hospitality, pharmaceutical, and fast-moving consumer goods (FMCG) sectors.
The new clients were facilitated through Gaslink Nigeria Limited (Gaslink), one of Axxela’s subsidiary companies.
“These connections go beyond the expansion of our customer portfolio; they reflect our commitment to broadening energy access for businesses across critical sectors of the economy and supporting Nigeria’s drive towards increased domestic gas utilisation.
“By enabling these businesses to embrace cleaner and more affordable energy solutions, we are helping to improve their operational efficiency while also supporting their environmental sustainability goals,” the Executive Vice President for Axxela Gas Distribution, Mr Kehinde Alabi, said.
“We recognise that collaboration with key players across diverse sectors is essential to powering industries and shaping a more sustainable future for Nigeria and the region.
“These new connections underscore our commitment to expanding domestic gas use, reducing carbon footprints, and providing cost-effective energy alternatives in line with the Federal Government’s energy transition objectives,” he added.
Through its growing infrastructure investment footprint, Axxela continues to play a pivotal role in unlocking the economic potential of natural gas by advancing domestic gas utilisation, enabling industrialisation, and supporting a sustainable energy transition in line with the federal government’s vision of a gas-powered economy.
By Aduragbemi Omiyale
Banks operating in Nigeria have been charged to further deepen and prioritise financial inclusion, women’s empowerment and sustained growth.
This call was made by the Chartered Institute of Bankers of Nigeria (CIBN) and the Association of Corporate Communication and Marketing Professionals in Banks (ACAMB).
They want financial institutions to deploy strategic mandates and frameworks aimed at closing the financial gap and empowering small and medium enterprise (MSME) owners.
At a courtesy visit to congratulate Mr Dele Alabi on his investiture as the 24th head of CIBN on May 16, 2026, the president of ACAMB, Mr Jide Sipe, said his group was ready to work closely with CIBN to achieve these goals.
According to him, closing the imbalances in financial access helps economies grow faster, reduces inequality, and encourages greater civic participation by all.
Mr Sipe also used the occasion to announce ACAMB’s 30th anniversary, marking three decades of excellence, industry collaboration, professional development, and impactful contributions to the Nigerian banking and financial services sector.
“The association is pleased to announce the celebration of its 30th anniversary, marking three decades of excellence, industry collaboration, professional development, and impactful contributions to the Nigerian banking and financial services sector,” he said.
The ACAMB leader also formally invited the CIBN president to chair the anniversary Gala Night slated for Wednesday, September 30, 2026.
“We are inviting industry leaders to this anniversary and recognising many people who have stood by ACAMB over the years,” he stated, soliciting the institute’s support through attendance and the invitation of bank managing directors.
In his remarks, Mr Alabi thanked ACAMB for the visit, promising that the institute will prioritise financial inclusion and women’s empowerment.
He said access to savings, micro-credit, and insurance acts as a safety net during crisis and allows them to significantly improve living conditions.
At his investiture over two months ago, Mr Alabi unveiled his IMPACT Vision, themed Consolidating Our Local Impact, Enhancing Our Global Relevance.
The vision rests on six pillars: Inclusion across geographic, gender, and generational lines; Membership growth and quality; Professionalism and ethics; Accountability; Competencies and skills development; Technology, automation, and innovation. Other areas of shared interest include women empowerment, financial inclusion and literacy, as well as MSME clinics, all of which are top on his agenda.
Mr Alabi added that CIBN would be happy to drive joint knowledge sharing and exchange sessions with CBN and ACAMB across various platforms, saying, “Educating the public through public awareness programmes, with ACAMB as the rallying point, is central to what we do.”
“To this end, we intend to contribute our quota in supporting banks and financial institutions in driving gender-focused financial inclusion to close the 9 per cent gender gap in access to formal financial services,” he added.
