Business
NECA launches ESG implementation guide for MSMEs
• Urges policies to sustain businesses
The Nigeria Employers’ Consultative Association (NECA) on Tuesday launched Africa’s first Environmental, Social and Governance (ESG) Implementation Guide for Micro, Small and Medium Enterprises (MSMEs).
The organisation urged the Federal Government to implement policies that promote business sustainability as a foundation for job creation and inclusive economic growth.
The guide was unveiled at the 2026 Nigeria Employers’ Summit in Abuja by the Chairman of the NECA ESG Advisory Board, Mr Femi Jaiyeola.
Jaiyeola described it as a landmark initiative to equip MSMEs with practical tools to compete in an increasingly sustainability-driven global business environment.
He a said ESG had evolved beyond regulatory compliance into a strategic business imperative for attracting investment, improving competitiveness, strengthening resilience and enhancing long-term enterprise value.
“ESG has gone beyond a tick-box exercise to satisfy regulatory requirements. It now provides enormous opportunities for MSMEs and for Nigeria as a country,” he said.
He said the implementation guide comes at a critical period as regulators, financial institutions and international markets increasingly demand sustainable business practices from enterprises of every size.
“The message for MSMEs is very clear. By 2030, ESG reporting is expected to become mandatory in Nigeria. Therefore, the time to prepare is now,” he said.
According to Jaiyeola, the guide provides a practical, step-by-step roadmap to help MSMEs adopt ESG principles progressively while improving access to finance, strengthening business reputation, expanding market opportunities and increasing participation in global value chains.
“This guide is more than a document. It is a practical tool that will help Nigerian MSMEs compete, grow and thrive in a sustainability-driven economy,” he said.
He recalled that NECA, with support from the International Labour Organization (ILO), conducted a state-of-the-art ESG assessment in Nigeria, launched in December 2025, which highlighted the need to integrate MSMEs into the country’s sustainability framework because of their strategic role in economic development and job creation.
“What we are launching today is, to the best of our knowledge, the first ESG Implementation Guide specifically designed for MSMEs in Nigeria and across Africa,” he said.
Jaiyeola also disclosed that six NECA officials were undergoing specialised ESG training for SMEs at the International Training Centre of the ILO in Turin, Italy, after which they would train MSMEs across the six geopolitical zones to deepen ESG awareness and implementation.
Speaking on the sidelines of the summit, NECA Director-General, Mr Adewale-Smatt Oyerinde, said achieving sustainable economic growth required deliberate policies that enabled businesses to survive and expand, noting that sustainable enterprises were essential for creating decent jobs.
“There must be a business before there are workers. It takes a sustainable business to create jobs. If the business is not sustainable, hardly will you create jobs,” he said.
Oyerinde said government should continue to pursue reforms while ensuring policies strike a balance between business sustainability and workers’ welfare through decent employment, fair remuneration and improved workplace conditions.
“We must consistently create that balance. A business must survive, then a surviving business must create decent jobs, and one component of decent jobs is adequate remuneration,” he said.
He added that NECA would continue engaging government to ensure ongoing reforms addressed the interests of employers, employees and the broader economy.
According to him, participants at the two-day summit recommended more inclusive implementation of reforms, timely execution of industrial policies and practical measures to accelerate growth across productive sectors. He said the summit’s communiqué would be presented to relevant ministries and agencies as a contribution to policy development.
“Our recommendations are not frivolous. They are not antagonistic. They simply show different pathways to achieving the overall economic objectives of this country,” he said.
Commenting on recent reforms, Oyerinde acknowledged that the removal of fuel subsidy had raised business operating costs and reduced consumers’ purchasing power, affecting demand for goods and services.
“As the cost of doing business increases, the cost of goods and services also increases, while disposable income continues to reduce, making it difficult for consumers to buy,” he said.
However, he maintained that the subsidy removal and the liberalisation of the foreign exchange market were necessary reforms that would strengthen the economy over time by eliminating distortions and promoting transparency.
He also commended improvements in airport infrastructure and immigration services, expressing optimism that although the reforms had imposed short-term hardship, they would ultimately create a more sustainable environment for businesses, workers and future investments.
“We have stopped digging the economic hole. We are gradually filling it, and we hope to get to the point where Nigerians will begin to see the full benefits of these reforms,” he said.
- Minister insists government would not allow marketers to exploit consumers through excessive pricing
● PETROAN Opposes IPMAN, Backs Minister on planned price intervention
Fuel marketers have warned they will shut down filling stations nationwide if the Federal Government attempts to impose price controls on petrol in Nigeria’s deregulated downstream petroleum sector.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, issued the warning on Tuesday while reacting to recent comments by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, on the need to curb profiteering in the sector.
Speaking at the 2026 General Counsel and Legal Advisers Forum organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja on Monday, Lokpobiri said although petrol pricing had been deregulated, the government would not allow marketers to exploit consumers through excessive pricing.
He stressed that while market forces should determine fuel prices, regulatory agencies still had a responsibility under the Petroleum Industry Act (PIA) to prevent unnecessary profiteering and protect consumers.
The minister’s remarks followed concerns over the failure of petrol prices to decline significantly despite a sharp drop in global crude oil prices.
Responding, Ukadike rejected allegations that marketers were profiteering, insisting that many operators were instead recording heavy losses due to repeated reductions in depot prices, particularly by the Dangote Refinery.
He argued that enforcing price controls in a deregulated market would contradict the provisions of the PIA and discourage investment in the sector.
“If the government tries to enforce price control, we will shut down our filling stations nationwide. You cannot operate a deregulated market and at the same time dictate the price marketers should sell their products without considering the cost of purchase,” he said.
Ukadike explained that marketers often buy fuel at higher prices only for depot prices to fall before they can sell, leaving them with losses while still servicing bank loans used to finance purchases.
According to him, the solution to high petrol prices is not government intervention in pricing but increased competition through improved local refining capacity and expanded fuel importation.
He urged the Federal Government to focus on reviving domestic refineries and creating an environment that encourages competition, which he said would naturally drive down fuel prices.
Also reacting, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said the minister had the authority to intervene in the interest of consumers but advised that any decision should be taken after consultations with stakeholders.
He called on the Minister of Petroleum Resources to convene an emergency meeting involving regulators, refiners and marketers to address the pricing concerns and arrive at solutions acceptable to all parties.
Meanwhile, the spokesperson for the NMDPRA, George Ene-Ita, said he had not been briefed on any planned regulatory action regarding fuel pricing.
Petrol currently sells for between ₦1,140 and ₦1,210 per litre across different parts of the country, depending on location.
…Culled from Platforms Africa
….Headline reworked by thetrustnews.com
- Withdraws operating licences
The Central Bank of Nigeria (CBN) has withdrawn the operating licences of 46 microfinance banks across the country, saying the affected institutions failed to meet the conditions required to continue operating as licensed financial institutions.
The decision took effect on July 1, 2026, following approval by the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso.
A statement issued today by the Acting Director of Corporate Communications at the CBN, Mrs. Hakama Sidi-Ali, said the action was taken under the provisions of Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, which empowers the apex bank to withdraw the licences of financial institutions that fail to comply with regulatory requirements.
According to the CBN, the affected banks were found to have breached one or more of the conditions required for continued operation.
The regulator explained that some of the institutions no longer had enough assets to cover their liabilities, while others shut down operations without obtaining approval from the Central Bank. It also said several of the banks had stopped carrying out financial intermediation, failed to begin operations within one year after receiving their licences, or could no longer maintain the minimum capital required by law because of accumulated losses.
“The revocation was approved by the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions,” the statement said.
The affected institutions are Minji-Se Churchill Microfinance Bank in Rivers State, Merchant Microfinance Bank and Abia SME Microfinance Bank in Abia State, Janmaa Microfinance Bank in Kwara State, Busu Microfinance Bank and Bejin-Doko Microfinance Bank in Niger State, Gold Microfinance Bank, Chanelle Microfinance Bank, Safegate Microfinance Bank.
Others are, Supreme Microfinance Bank, Creditville Microfinance Bank, MBAG Microfinance Bank, Verdant Microfinance Bank and Entrepreneur Microfinance Bank in Lagos State, Zain Microfinance Bank (formerly Dawakin Tofa Microfinance Bank), Bompai Microfinance Bank, Ajwa Microfinance Bank (formerly Gezawa Microfinance Bank), Now Now Digital Microfinance Bank, Minjibir Microfinance Bank.
Also affected by the decision of the CBN are, Shanono Microfinance Bank, Sumaila Microfinance Bank, Rimin Gado Microfinance Bank, Sycamore Microfinance Bank, Tofa Microfinance Bank, Kanopoly Microfinance Bank, Bellbank Microfinance Bank (formerly Tsanyawa Microfinance Bank) and Esteem Microfinance Bank in Kano State, Crystabel Microfinance Bank in Bayelsa State, Kamba Microfinance Bank and Zuru Microfinance Bank in Kebbi State.
Iwade Microfinance Bank and Apple Microfinance Bank in Ogun State, Winview Microfinance Bank and Casha Microfinance Bank in the Federal Capital Territory, Mwaghavul Microfinance Bank and Yeneng Microfinance Bank in Plateau State, Creekline Microfinance Bank in Delta State, Bestar Microfinance Bank in Oyo State, Livingspring Microfinance Bank in Cross River State, Stanford Microfinance Bank in Akwa Ibom State all had their licences withdrawn.
The CBN hammer also fell on Frontline Microfinance Bank in Anambra State, Zafec Microfinance Bank and Basawa Microfinance Bank in Kaduna State, Straight Sahara Microfinance Bank in Benue State, OurPass Microfinance Bank in Ondo State, and Avantus Microfinance Bank in Osun State.
The apex bank said the exercise forms part of its ongoing efforts to strengthen Nigeria’s financial system by ensuring that only institutions that comply with banking regulations remain in operation.
It added that removing non-compliant institutions from the financial system would help protect depositors, promote stability in the banking sector and improve public confidence in licensed financial institutions.
The CBN said it remains committed to maintaining a safe, sound and resilient financial system and would continue to take supervisory and regulatory measures whenever necessary to ensure that banks and other financial institutions operate in line with existing laws and regulatory standards.
Industry observers say the latest action reflects the Central Bank’s resolve to tighten oversight of financial institutions and enforce compliance with prudential requirements aimed at safeguarding customers’ funds and preserving confidence in Nigeria’s banking sector.
Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a profit after tax of N462 billion for May 2026, its latest monthly report shows.
This represents a drop from the N481 billion recorded in April. The exact cause of this drop remains unclear as of press time.
The company, in its report summary released on today, highlighted key figures, including crude oil and condensate production, natural gas output, revenue, profit after tax, and strategic initiatives during the period.
In the report, the state-owned oil company posted a statutory payment of N4.86 trillion to the federation account within the first five months of 2026 (January to May).
The report also shows that the national oil company generated N4.33 trillion in revenue from oil, a decrease from N4.97 trillion it recorded in April.
According to the report, Nigeria’s crude oil and condensate production stood at 1.73 million barrels per day (bpd), up from April’s figure of 1.68 mbpd. Of this total, crude oil accounted for 1.47 mbpd, while condensates contributed 0.25 bpd.
Similarly, natural gas production was 7,774 mmscf/d in May, up from 7,730 mmscf/d in April. Gas sales stood at 4.921 bscf/d in May, down from 5.044 bscf/d in April.
The report further added that the petrol availability in its retail stations nationwide was 57 per cent in May, slightly up from 54 per cent in April, while the Obiafu-Obrikom-Oben Gas Pipeline project (OB3) hit 97 per cent completion, and the Ajaokuta- Kaduna- Kano (AKK) pipeline remained at 94 per cent completion, unmoved from the preceding month.
The NNPC said its strategic effort, including addressing well performance issues, reservoir pressure decline, lifting constraints, maintenance-related shutdowns, and facility reliability challenges, will reduce production deferments, improve asset availability and increase production.
The NNPC said the OB3 River Niger Crossing significantly progressed post pullback, precommissioning and tie-in works required to achieve commissioning of the full OB3 pipeline section by the end of Q3 2026.
The report said all production, sales and financial figures are provisional and subject to reconciliation with relevant stakeholders.
“Production improved in May due to higher asset reliability and uptime; however, output remained below target due to well performance issues (TEPNG), reservoir pressure constraints (Bonga), lifting-related curtailments (Nembe), and maintenance activities (Stardeep Agbami),” the report said.
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