Business
Firm Hails Tinubu Over DICON Act Signing
….Says Nigeria Capable of Attaining Self-Sufficiency in Military Hardware
A Nigerian firm, DICON Gray Insignia, has commended President Bola Tinubu for signing the amended Defence Industries Corporation of Nigeria (DICON) Act, which allows for the local manufacturing and storage of military hardware.
The firm also praised the Ministry of Defence, the Defence Industries Corporation of Nigeria (DICON), and other relevant government agencies in the security and defense sector for their efforts to develop the local market for security equipment manufacturing and reduce dependence on imported military hardware, which comes at a huge cost.
In a statement over the weekend, the MD/CEO of DICON Gray Insignia, Mr. Bem Ibrahim Garba, said President Tinubu has demonstrated bold leadership by ensuring that the vast foreign exchange spent on importing weapons is redirected toward initiatives that enhance the livelihood of Nigerians.
He stated that DICON Gray Insignia is ready to offer its technical expertise to ensure that, as the giant of Africa, Nigeria no longer remains at the mercy of countries that profit from exporting weapons to the highest bidders.
Garba described the amendment of the DICON Act by the National Assembly and its signing by President Tinubu as a game changer that will have significant security and economic benefits for the country.
Highlighting the far-reaching impact of the Act, he emphasized that local manufacturing of defense equipment will strengthen the naira, as transactions will be conducted in local currency rather than in foreign exchange.
Furthermore, he noted that the usual delays in military procurement—where orders can take up to a year before delivery—will be eliminated.
He stated: “This is a huge win for our country. We will no longer need to export massive amounts of foreign exchange to international markets, nor will we have to endure long waiting periods to supply our military and security forces.
The order and delivery gap will now be closed.”
“Our young people will be exposed to new technical skills, empowering them with meaningful employment opportunities and reducing pressure on the labor market.
Training them to manufacture these tools is in the best interest of our nation.
”Garba also expressed profound gratitude to the Honourable Minister of Defence, Alhaji Abubakar Badaru; the Minister of State for Defence, Bello Matawalle; and the Permanent Secretary of the Ministry for their visionary leadership in prioritizing Nigeria’s defense capabilities.
He further highlighted that local manufacturing will not only serve Nigeria but also benefit neighboring West African countries, many of which rely on imported military hardware to combat insecurity.
Experts have applauded the DICON Gray Insignia partnership, viewing it as a strategic shift in Nigeria’s defense procurement policy—one that prioritizes technology transfer and local production over foreign dependency.
President Tinubu’s administration has made local manufacturing of defense equipment a key policy focus, leveraging strategic collaborations with both foreign and local partners through DICON as the central platform.
Business
MAN woos CBN, MOF for manufacturing refinancing facility
The Director -General of MAN, Segun Ajayi-Kadir, made the call for the facility in a report on the manufacturing outlook for 2026.
Cover image: MAN
The Manufacturers Association of Nigeria (MAN) has called on the monetary authorities ( CBN and MOF) to introduce a Manufacturing Refinancing and Rediscounting Facility (MRRF) believing that it can reinvigorate the manufacturing sector in 2026.
The Director -General of MAN, Segun Ajayi-Kadir, made the call for the facility in a report on the manufacturing outlook for 2026.
He said that the MRRF is to enable banks to refinance approved manufacturing loans at single-digit rates for up to seven years.
He emphasised that to ensure a more robust manufacturing sector in 2026 , there was need for:
- 1. Launch a Manufacturing Refinancing and Rediscounting Facility (MRRF) that allows banks to refinance approved manufacturing loans at single-digit rates for up to 7 years.
- 2. Create a publicly accessible dashboard tracking lending flows, interest rate spreads, loan approvals and sectoral disbursement patterns in real time.
3. Further reduce the benchmark interest rate by at least 200–300 basis points over the next two quarters to make credit affordable for manufacturers.
4. Craft and ensure the effective execution of the implementation strategy for the recently approved Nigeria Industrial Policy.
5. Categorize manufacturers as strategic users of gas to remove the gap between what manufacturers and electricity generation companies pay per cubic foot of gas.
6. Introduce a stable, transparent gas pricing framework for manufacturers and prioritize local gas supply before exports.
Business
Nigeria Revenue Service unveils new logo as FIRS goes to rest
Speaking at the unveiling ceremony in Abuja on Wednesday, the Executive Chairman of the NRS, Zacch Adedeji, said the launch of the logo and accompanying brand elements represents an important milestone in the evolution of Nigeria’s revenue administration framework.
The Nigeria Revenue Service (NRS), which has replaced the now-defunct Federal Inland Revenue Service (FIRS), has unveiled its institutional brand identity (logo) as part of efforts to reposition the country’s revenue administration structure.
The agency came into operation following the signing of the Nigeria Revenue Service Establishment Act 2025 by President Bola Tinubu in June 2025, marking a major shift in the legal and operational framework governing tax administration in the country.
Speaking at the unveiling ceremony in Abuja on Wednesday, the Executive Chairman of the NRS, Zacch Adedeji, said the launch of the logo and accompanying brand elements represents an important milestone in the evolution of Nigeria’s revenue administration framework.
Adedeji noted that the new institutional identity “signals continuity of purpose, strengthened institutional capacity, and a forward-looking approach to supporting taxpayers and national development.”
Business
BREAKING: Heirs Energies Acquires 20.07% Stake in Seplat Energy from Maurel & Prom in $496-500 Million Deal
In a major shake-up in Nigeria’s oil and gas sector, Heirs Energies Limited, chaired by billionaire Tony Elumelu, has agreed to acquire the entire 20.07% equity stake in Seplat Energy Plc from French oil company Etablissements Maurel & Prom S.A.
The transaction involves the sale of 120.4 million ordinary shares at approximately £3.05 per share, valuing the deal at around $496 million to $500 million.
The binding agreement was signed on December 30, 2025, after market close, marking Maurel & Prom’s exit from its long-held position in Seplat, one of Nigeria’s leading independent energy producers listed on both the London Stock Exchange and the Nigerian Exchange.
Tony Elumelu, Chairman of Heirs Energies and its parent Heirs Holdings, described the acquisition as a “long-term investment in Nigeria’s and Africa’s energy future,” emphasizing its alignment with goals of energy security, industrialization, and shared prosperity.
Maurel & Prom CEO Olivier de Langavant stated that the sale allows the company to monetize its stake and redirect resources toward direct investments in oil and gas assets, while expressing confidence in Heirs Energies as a strong, long-term shareholder for Seplat.
Seplat Energy, a key player in Nigeria’s energy transition with significant oil and gas operations in the Niger Delta, recently bolstered its portfolio through acquisitions, including ExxonMobil’s shallow-water assets.
This deal further consolidates indigenous ownership in Nigeria’s upstream sector, following Heirs Energies’ own growth as a major gas supplier powering domestic electricity generation.
The transaction is subject to customary closing conditions and regulatory approvals.
U.S. bombs Venezuela, arrests President Maduro, wife
Face of North East’s Suicide Bombers Ringleader
LASG Prepares Great Nigeria Insurance Building for Demolition
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
SAINT OBI: Between his marriage and his death
-
News1 day agoNew Year Forgiveness: Akpabio Withdraws Defamation Suits Against Natasha Akpoti-Uduaghan and Others
-
Business1 day agoMAN woos CBN, MOF for manufacturing refinancing facility
-
International3 days agoIn pictures: New Year welcomed around the world
-
Sports3 days agoAFCON 2025: Super Eagles to battle Mozambique January 5
-
Sports3 days agoAnthony Joshua discharged from hospital
-
Business3 days agoNigeria Revenue Service unveils new logo as FIRS goes to rest
-
International1 day ago‘128 journalists killed worldwide in 2025’,says IFJ
-
News1 day agoNJC Disowns Viral Report on Alleged “Integrity Test” Failure by 34 Judicial Nominees