Business

Nigeria’s OAGF clarifies “6 months ultimatum” to World Bank

Published

5 months ago

May 10, 2026

Preport

The Office of the Accountant-General of the Federation (OAGF) has clarified media reports that the federal government issued a “six-month ultimatum” to the World Bank.

This is contained in a statement issued by the Director, Press and Public Relations, Bawa Mokwa, on Saturday in Abuja.

He explained that the comments by the Accountant-General of the Federation (AGF), Shamseldeen Ogunjimi, to the World Bank delegation were intended to encourage timely consideration.

The AGF emphasised that the facilities being accessed by Nigeria were loans and not grants.

He said that the timely release of funds would ensure that projects tied to such facilities were implemented within planned timelines and fiscal cycles.

READ ALSO; AGF warns that Nigeria may reject delayed World Bank loans

“At no point did the AGF issue a threat or ultimatum to the World Bank. Rather, he underscored the importance of stronger collaboration and favourable consideration in the processing.

“There was no objection requests by the OAGF to the World Bank when such requests for the deployment of Projects Accountants, and others that has a duration of more than six months before the project closure.

“The OAGF remains committed to maintaining a cordial and productive relationship with the World Bank and other development partners, and effective public financial management in Nigeria.

“The Office reiterates its commitment to ongoing reforms, including the digitalisation of financial management processes, in line with global best practices,” he said. (NAN)

Related Topics:Bank Clarifies months Nigerias OAGF ultimatum World

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Business

Shettima Urges African Leaders to Process Minerals Locally

Published

28 minutes ago

September 23, 2026

Preport

Vice President Kashim Shettima has called on African countries to reduce their dependence on the export of raw mineral resources and focus more on local processing and industrialisation.

Shettima made the call in New York while representing President Bola Tinubu at the Third High-Level Roundtable of the Africa Minerals Strategy Group, held on the sidelines of the 81st United Nations General Assembly.

He said Africa needed to move beyond its traditional role as a supplier of raw materials and develop industries capable of processing its mineral resources within the continent.

According to the Vice President, greater local processing would help African countries create jobs, strengthen industries and retain more value from their natural resources.

Shettima also called for stronger cooperation among African countries, including the development of regional processing hubs, integrated markets and cross-border mineral corridors.

He cautioned against competition among African nations for foreign investment through lower royalties, weaker local-content requirements and excessive concessions, arguing that stronger continental coordination would improve Africa’s bargaining position in global mineral supply chains.

The Vice President said Africa could not continue to consider itself wealthy because of its mineral resources while communities located around mineral deposits remained poor and lacked adequate economic opportunities.

He also highlighted reforms in Nigeria’s mining sector, including efforts to improve geological data, formalise artisanal mining, promote local value addition and tackle illegal mining.

Shettima pointed to developments in lithium processing in Nasarawa State as an example of the opportunities available when mineral resources are processed locally.

He further backed the Africa Minerals Strategy Group’s Mutual Assured Development Framework, which promotes predictable policies, credible institutions, responsible investment, technology transfer and local value creation.

The Minister of Solid Minerals Development and Chairman of the Africa Minerals Strategy Group, Dele Alake, also proposed the establishment of an African Artisanal Mining Formalisation and Safety Facility.

The discussions formed part of broader efforts to develop strategies that would enable African countries to derive greater economic benefits from the continent’s mineral wealth.

Business

General Business to Drive 72% of Mutual Benefits Assurance’s Projected ₦96.82bn GWP

Published

15 hours ago

September 23, 2026

Preport

BY NKECHI NAECHE-ESEZOBOR—Nigeria’s lead underwriter, Mutual Benefits Assurance Plc has protected a Gross Written Premium of ₦96.82 billion for the twelve months ending 31 December 2026.

According to notice released on the exchange, for dealing members and investors, the company’s insurance revenue, is projected to stand at ₦89.42 billion.

The company’s general business is expected to generate 72% of the projected GWP, while the Life arm of the group will account for j28%.

Investment income would largely be driven by returns on its financial assets, with non-cash items such as depreciation of non-current assets, amortisation of intangible assets, and net fair value gains or losses on financial assets factored into its profit or loss and other comprehensive income statement.

On the profitability side, Mutual Benefits projects gross premium written of ₦96.82 billion and insurance revenue of ₦89.42 billion, against an insurance service expense of ₦81.56 billion. Net income from reinsurance contracts held is estimated at ₦802.64 million, bringing the insurance service result to ₦8.66 billion.

Net investment income is expected to stand at ₦13.16 billion, while net insurance finance expenses are projected at ₦1.99 billion, resulting in net insurance and investment results of ₦19.84 billion. With other income of ₦237.03 million and total non-attributable expenses of ₦2.76 billion, the company expects a profit before income tax of ₦17.31 billion.

After an income tax expense of ₦1.90 billion, Mutual Benefits projects a full-year profit of ₦15.41 billion for the period under review.

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