By Peter Egwuatu

Pension assets invested in the Federal Government of Nigeria, FGN, debt securities rose 17.5% Year-on-Year, YoY, to N17.479 trillion in May 2026 from N14.468 trillion in the corresponding period 2025, according to data from the National Pension Commission, PenCom.

Financial analysts said the development is driven by high interest environment in the financial market and sustained Federal Government (FG) borrowings.

The total pension Net Assets Value, NAV increased by 27.1%, YoY, to N31.322 trillion in May 2026 from  N24.654 trillion in the corresponding period 2025 on the back of rising yield on investments in FGN securities.

The PenCom data also reveals that FGN Bonds accounted for 55.8 per cent of total pension assets in May 2026. 

According to PenCom, the considerable proportion of government securities in the overall Asset Under Management AuM portfolio can primarily be attributed to PenCom regulatory limits on investments.

To further illustrate the renewed interest in government assets, pension investment in treasury bills increased by 86.9 % YoY to N1.131 trillion from N604.587 billion in May 2025.

However, the Sukuk Bonds, which comprises Hold Till Maturity, HTM, and Available for Sale, AFS, declined marginally YoY to N92.589 billion from N94.894 billion in May 2025.

Commenting on the report, analysts at InvestData Consulting Limited stated: “The interest rate, which  has been high and remained unchanged has been the major factor  and the government’s increased borrowing need to plug the 2025 budget deficit also drove the YoY growth”.

Commenting as well, David Adonri, analyst and Executive Vice Chairman at Highcap Securities Limited, stated: “The rise in demand for government securities is driven by their reputation as safe-haven assets, high liquidity, attractive yields compared to other low-risk options, and increased participation from both institutional and retail.   As the size of pension funds grows, obviously more of their investments will flow to FGNs.”

By SebastineObasi

The Managing Director and Chief Executive Officer of the Niger Delta Power Holding Company (NDPHC), Mrs Jennifer Adighije, has said the appointment of two new Executive Directors will further strengthen the company’s leadership and accelerate the implementation of its strategic objectives.

The appointments, according to her, form part of NDPHC’s commitment to reinforcing corporate governance, improving operational efficiency, and delivering on its mandate to expand electricity generation, transmission, and distribution infrastructure across Nigeria. Adighije also stated that the appointments reflect the Federal Government’s resolve to reposition NDPHC for enhanced performance and drive reforms aimed at improving electricity supply nationwide.

Welcoming the new members of the Executive Management Team, she expressed appreciation to President Bola Ahmed Tinubu for appointing experienced professionals with proven competence to support the company’s vision of delivering sustainable value to Nigeria’s power sector. 

The newly appointed Executive Directors are Mr. Patrick Obahiagbon, Executive Director, Strategy and Commercial, and Mr. ChukwumaUmeoji, Executive Director, Corporate Services.

According to the NDPHC boss, the appointments mark another important milestone in the company’s transformation agenda and are expected to strengthen strategic planning, corporate governance, commercial operations, stakeholder engagement, and institutional effectiveness. She stressed that effective leadership, teamwork, and collaboration remain critical to achieving NDPHC’s strategic priorities, particularly as the company continues to improve electricity generation, expand transmission capacity, strengthen distribution networks, and unlock stranded generation assets.

Adighije noted that the experience and expertise of the newly appointed Executive Directors would complement the existing management team and further enhance the company’s ability to deliver on its mandate in line with the Federal Government’s Renewed Hope Agenda. 

By Babajide Komolafe

Nigeria risks conceding the African market to other countries unless it urgently tackles high power, credit and logistics costs undermining the competitiveness of local manufacturers.

Executive Secretary, National Sugar Development Council, NSDC, Mr Kamar Bakrin, stated this at the technical session of the 17th National Council on Industry, Trade and Investment, NCITI, in Enugu.

Warning about the competitive pressure from the African Continental Free Trade Area, AfCFTA, Bakrin said: “Either our goods are crossing borders going out, or everyone else’s goods are crossing ours coming in.

“We are either going to compete, or we are going to concede the market. There is no third option.”

Highlighting Nigeria’s cost disadvantage, he said: “Industrial electricity costs about eight US cents per kilowatt-hour in Vietnam, 10 cents in China, 15 cents from the grid in Nigeria and about 30 cents when manufacturers depend on diesel generators.

“Last year, Nigerian manufacturers spent an estimated N1.34 trillion generating their own electricity. Every factory in Nigeria is running a second, unwanted business as a private power station.”

On the cost of finance, Bakrin said: “Working capital costs between 27 and 35 per cent in Nigeria. In Vietnam, it is about nine per cent. In China, it is about three per cent.

“Manufacturing contributes barely eight per cent to our GDP, while capacity utilisation stands at 57.7 per cent.”

He consequently proposed measures to reverse the trend. “Every state should designate at least one industrial cluster for dedicated power within 12 months.

“We need a federal-state compact to harmonise levies and eliminate informal checkpoints on industrial corridors.

“We should introduce an annual State Industrial Competitiveness Index that publicly ranks states on power, land, levies and logistics, while the Nigeria First procurement policy must be enforced at federal and state levels.”

Bakrin added: “We need industrial power at eight to 10 cents per kilowatt-hour, single-digit lending rates and port clearance below seven days, instead of the current 18 to 21 days.”

Citing the expansion of Nigeria’s urea production capacity from 500,000 tonnes in 2005 to 6.5 million tonnes presently, he said: “When a country prices inputs as if it wants industry to live, industry lives.”