Business
NSITF Appoints Mainstreet As Collecting Bank
The Nigerian Social Insurance Trust Fund (NSITF) has appointed Mainstreet Bank Limited as the collecting bank for benefits nationwide in line with the Employee Compensation Act, according to a statement by the bank, recently.
This came on the heels of the Federal Government’s determination to halt the disturbing trend of non-compensation of employees involved in workplace accidents.
The NSITF, by this appointment, empowers Mainstreet Bank to receive remittances under the NSITF Employee Compensation Act scheme from employers of labour (both public and private sector organisations) at any Mainstreet Bank branch nationwide.
The statement quoted the Executive Director, Operations, Mainstreet, Mr. Anogwi Anyanwu, as saying, “Mainstreet Bank has built a tradition of service excellence and the NSITF mandate as well as various others, is a strong testimony of our renewed resolve to consistently offer our stakeholders the best deal.
“The bank recently deployed one of the latest and most robust core banking application, Finacle 10, to improve our products and services, and especially to delight stakeholders with innovative solutions to their business needs.
“I can give employers and the general public the assurance that Mainstreet Bank is ready to support NSITF to achieve its mandate in Employee Compensation Act collections,” he said.
NSITF, the successor to the defunct National Provident Fund, is the sole government agency statutorily vested with the function of providing social security, social protection for the poor, the aged, the disabled and disadvantaged members of the population.
Over the past two years, Mainstreet Bank said it had been successful in the collection business, enjoying several mandates from the Federal Inland Revenue Service, Nigerian Customs Service, Federal Road Safety Corps, Digital Satellite Television and Power Holding Company of Nigeria.
Others, according to the bank, are airlines book-on-hold, vehicle registration, Lagos State Government, other state governments and a number of other mandates from the government and the private sector.
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Nigeria’s Aviation Regulatory body; the Nigerian Civil Aviation Authority (NCAA), has issued a strong warning to all airlines (local and international airlines) operating in the country, insisting on full compliance with the First Need compensation policy for passengers affected by short-landed baggage or risk sanctions.
Director of Public Affairs and Consumer Protection of the NCAA, Michael Achimugu, in a press release obtained by aviation correspondents, stated that the agency will no longer tolerate non-compliance to the regulation.
Achimugu in the statement explained that short-landed baggage refers to checked-in luggage that is mistakenly left behind at the departure airport and arrives on a later flight.
“According to Part 19 of the Civil Aviation Regulations 2023, passengers whose baggage is short-landed are entitled to compensation of N10,000 for domestic flights and $170 for international flights to cover basic needs while awaiting their luggage.
“This engagement, perhaps, should be the last time we will have to discuss the issue of this First Need.
“For a while now, it’s been a grey area. Recall that the CAA has sent letters to the airlines about First Need. There has not been much compliance by the airlines”, the Director stated.
He expressed concern over airlines’ apparent ignorance or neglect of the regulation: saying “The regulations are very clear. One cannot say for certain if the airlines are intentionally disregarding the regulations or if there is some miscommunication along the line.
“I met with some station managers who seemed not to be aware of the regulations. We thought that the right thing to do was to have this conversation with you to understand what the challenges have been.
“Why are we not paying First Need for shorthanded baggage?” he queried.
Achimugu further emphasised the details of the regulation and the expectations from airlines.
He said, “Part 19 of the Civil Aviation Regulation 2023 makes it clear. If the baggage of a passenger doesn’t arrive with the passenger, for a domestic airline, the passenger gets N10,000, and you have seven days to deliver the bag at their address at no cost to the passenger.
“But because a lot of passengers do not know their rights, the airlines have been making the passengers come pick up their luggage. Going forward, you must comply with the regulation.”
While acknowledging the efforts of the domestic carriers, he urged them to uphold global best practices, and urged them to operate at world-class standards.
“I must commend the domestic airlines, for they are trying. The margins are small, and the airlines have a capacity problem. As an authority, we try to support the airlines because it is not all the case that the airlines are wrong. But the regulation must be obeyed”, the Director stated.
By: Corlins Walter
The Nigerian Content Development and Monitoring Board has reaffirmed its unwavering commitment to local capacity development and sustainable talent growth through strategic collaborations with private sector players.
The Board made the recommitment at the graduation ceremony of a landmark Human Capital Development (HCD) programme in partnership with Chevron Nigeria Limited and Geoscape Nigeria Limited.
The Tide gathered that the ceremony, which held on July 30, 2025, at Geoscape’s facility in Lagos, marked the formal graduation of 11 outstanding trainees, who underwent a rigorous 12-month programme covering classroom instruction and practical exposure, including international training sessions in the United Kingdom.
The one-year training, tagged “Chevron Nigeria Limited Purchase of Unit 20 Autothermal Reformer Cooled Tip Swirler Burner Assembly (Tag: 120-xx102-05)”, selected 11 outstanding candidates from a shortlist of 33 on the NOGIC JQS portal.
A statement from the Directorate of Corporate Communications of the NCDMB reports that the training also featured classroom instruction and hands-on technical experience aimed at empowering young Nigerians to become industry leaders.
Speaking at the event, the Executive Secretary of NCDMB, Felix Omatsola Ogbe, represented by the Board’s General Manager, Human Capacity development, Barr. Esueme Dan-Kikile, described the initiative as a powerful expression of the Board’s project-based HCD framework and a key delivery under its Nigerian Content 10-Year Strategic Roadmap.
“Today marks not just the end of a programme, but the celebration of a vision realised – a testament to the transformative power of the NCDMB HCD initiative.
“This programme is nation-building in action. All of you are prepared as catalysts of change – leaders who will provide local solutions and set new benchmarks for excellence in the oil and gas industry and its linkage sectors”, the NCDMB’S Executive scribe said.
Ogbe lauded the contributions of Chevron and Geoscape in the programme’s success, saying, together with the firms, the Board has demonstrated the powerful impact of public-private synergy.
“My sincere appreciation goes to Chevron for its unwavering commitment to building local talent, and to Geoscape for setting a high standard of professionalism and dedication during this training.
“I want to urge the graduands to make the most of the investment in their future. Your discipline, resilience and determination have brought you thus far. This opportunity is a significant investment in your future.
“Remember, if you do not use it, you will lose it. I urge you to go out and excel in all your endeavours. Armed with new knowledge and skills, you now carry the torch of excellence. Wield your expertise with purpose, diligence, and integrity. Stand tall as ambassadors of the NCDMB, and continue to grow, adapt and lead”, Ogbe added.
He urged the graduands to make the programme the springboard for a lifetime of achievement, noting that they should be relentless in learning, resilient in challenge, and inspiring to others.
“I believe in you. Nigeria believes in you. I challenge you to step forward and create meaningful impact”, the NCDMB boss noted.
In his remarks, Chevron’s HCD Adviser, Mr. Victor Inyere, who represented the company’s General Manager, Nigerian Content, Ventures and Regulatory Affairs, Ms. Edwina Kentebe-Oluwakayode, described the initiative not as a regulatory obligation but a social investment in line with the company’s long-term commitment to sustainable development.
“This close-out ceremony marks our powerful relationship with stakeholders such as NCDMB – our regulators, but also our big brothers. Chevron believes in people. The foundation of every community is the people.
“Investing in people is the only way to sustain development, and we are fully committed to NCDMB’s vision to develop young Nigerians and lift them off the streets”, She said.
In her welcome address, Chief Executive Officer of Geoscape Nigeria Limited, Modupe Jegede, applauded both NCDMB and Chevron for their enduring support over the years, noting that without NCDMB’s enabling framework, companies like Geoscape would not thrive.
“We always say that without NCDMB, Geoscape would not be here today. The Nigerian Content Act gave us a platform to grow our capacity and compete. Though you are our regulators, we see you as partners. We are proud to have received your support, and we have continued to uphold international standards, even becoming ISO certified”, She said.
The company’s Chief Executive also highlighted its plans to unveil a fully equipped training school as part of the the firm’s commitment to sustainable capacity building, saying that the state-of-the-art technical training school was nearing completion while also extending invitation to stakeholders for its upcoming commissioning.
“Geoscape aims to build a company that will outlive its founders, focusing on long-term value rather than short-term gains. We’re installing equipment and ensuring it’s a facility you’ll be proud of. We believe in doing things right – quality and excellence are our watchwords.
“We don’t just want to make money. We want to create something sustainable. As we grow, we’ll keep offering opportunities to past trainees, both on contract and full-time basis. The impact of the programme was reflected in the testimonies of the trainees”, She added.
In her speech, Ms. Elizabeth Oyeyemi, the only female among the trainees, expressed gratitude for the exposure and encouragement she received, particularly during the overseas segment of the training, saying the programme empowered her to embrace a technical career without limits.
“This programme has made me realise that there is no limit for ladies in technical fields. NCDMB, Chevron and Geoscape did not just organise this training but cared for us. They gave us care, support and exposure that made this experience memorable and empowering”, she said
Also speaking, another trainee, Ayandipo Feyintoluwa, described the training as innovative and eye-opening, citing modules such as online leak sealing and composite repair.
“We appreciate NCDMB, Chevron and Geoscape. This training shouldn’t end – it’s something we’d all like to go further and deeper into. All parties echoed a shared vision, that by investing in human capital, Nigeria’s oil and gas industry would become more competitive, inclusive and future-ready”, he said.
By: Ariwera Ibibo-Howells, Yenagoa
World’s apex financial institution, the International Monetary Fund(IMF), has applauded the efforts of the Central Bank of Nigeria (CBN) in strengthening the Banking sector and driving recapitalization.
IMF also urged the fiscal authorities to review the 2025 budget in light of some hiccups they will have in the economy.
In its latest released report on Nigeria’s economic reforms analysis, IMF noted that reforms in the foreign exchange market and ongoing stability of the naira have supported price discovery and enhanced dollar liquidity in the economy.
The report analysis revealed that Nigerian authorities had implemented major reforms over the past two years, which had improved macroeconomic stability and enhanced resilience.
The financial body highlighted a significant risk that Nigeria may face, specifically if the fiscal deficit projections for the year is exceeded.
This risk, the report noted, is driven by a combination of falling oil prices, lower production levels, and challenges in executing capital expenditures.
It called the country’s fiscal authorities to take immediate action to recalibrate the country’s fiscal policies and budget expectations to reflect the current economic realities.
“Ensuring that the fuel subsidy savings accrueable to the government would yield the proposed neutral stance—the full-year savings are estimated at two per cent of GDP.
“If the savings are not realised starting H2-2025 and given that tax policy reforms under consideration are not expected to deliver significant revenue gains in 2025, adjustment would have to come from the expenditure side (0.6 per cent of GDP), with staff recommending to prioritise adjustments to recurrent spending to protect growth-enhancing investments”, the report disclosed.
According to the report, IMF directors had noted that the CBN was rightly maintaining a tight monetary policy stance, which should be sustained until disinflation is firmly established.
They also welcomed the cessation of deficit monetisation and commended ongoing efforts to strengthen central bank governance, which is a crucial steps toward laying a solid institutional foundation for effective inflation targeting.
The Fund stressed the need for the implementation of a robust foreign exchange intervention framework focused on containing excess volatility, noting that the exchange rate was an important shock absorber.
It also agreed with the call to phase out existing capital flow management measures in a properly timed and sequenced manner.
The report also lauded the fiscal authorities for the successful signing of the tax reform bills into law, noting that it is a crucial step toward improving revenue generation and creating fiscal space for development spending, all while maintaining debt sustainability.
Recall that President Bola Tinubu recently signed four tax reform bills into law, marking what he called a bold new era of economic governance in the country.
The four bills that have now become Acts are the Nigeria Tax Bill (Fair Taxation), the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
The CBN, led by Cardoso, eliminated the long-standing multiple exchange-rate system by introducing a “willing-buyer, willing-seller” framework supported by a digital trading platform called B-Match.
By: Corlins Walter
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