Business
China to Create Unified Pension System
BEIJING — China pledged Friday to create a unified pension system to boost consumption and encourage labor mobility, a step toward empowering its vast rural poor.
China’s State Council, or cabinet, said it planned to create a unified pension system for residents in both rural and urban areas. Funding would come from contributions from individuals, the central government, local governments and social institutions, the State Council said on the central government’s website.
The plan would provide greater central government funding for China’s poorer regions to try to ease gaps in wealth, potentially lessening the burden of rural poor residents and governments to support the system. For instance, the central government would fully cover pension payouts in the nation’s central and western areas but would pay only half the pension in the more prosperous eastern regions, the statement said.
The statement didn’t disclose details of individual payouts.
Pensions in lower-income rural areas can trail the urban areas, though amounts vary. The eastern metropolis of Shanghai offers many residents 500 yuan (about $82) a month, while residents of the central province of Shaanxi can receive one-fifth of that, according to those governments’ websites.
Nearly half of China’s 1.3 billion people are rural. China hopes to increase urbanization as a way to bolster consumer spending and ensure a dependable source of economic growth.
China’s weak social safety net has led people to save more for medical care and retirement and spend less, many China researchers and economists have said, reducing potential consumption. That is one of the reasons China relies so heavily for growth on exports abroad and investment in infrastructure and property at home.
Revamping the pension system, which ties pension benefits to an individual’s residency permit, also could encourage workers to move from rural areas to cities where they can find better-paying jobs. Some workers have been discouraged from seeking employment outside their hometowns and need to return home before they can collect their pensions.
The Chinese system consists of at least four different pension programs, according to report last year by the Paulson Institute, a Chicago think tank that focuses on China. That is partly a legacy of the closure of many state-owned firms, which used to pay workers small sums upon retirement.
Fewer than half of all adults are covered by the urban pension, according to the Paulson report. A rural pension program was introduced more recently. It allows workers to make contributions to retirement accounts that are subsidized by local and central governments.
The Paulson report, written by Robert Pozen, a former vice chairman of the mutual fund giant Fidelity Investments, recommended that the central government first should standardize pension payments under the urban plan. “Over a much longer time horizon,” Mr. Pozen said in the report, urban and rural plans should be “harmonized.” But he said “true equality among pension programs still remains decades away.”
Beijing also said it would step up spending on pensions overall, the statement said. It didn’t give a time frame for when it would establish a national pension system.
– WALLSTREET JOURNAL
Improved operating performances have seen Eterna Plc report higher revenue and profitability for the second quarter and half-year ended June 30, 2026.
The company’s unaudited consolidated financial results showed that revenue rose by 38 per cent to N217.31bn from N157.65bn in the corresponding period of 2025.
The results show that gross profit more than doubled to N15.99bn, while operating profit increased to N8.78bn from N2.34bn. Profit before tax rose by 389 per cent to N7.67bn from N1.57bn recorded in the corresponding period of 2025.
Profit after tax (PAT) increased to N5.88bn from N573.81m, while earnings per share (EPS) improved to N2.69 from N0.44.
The company also reported an improved financial position, with total assets standing at N82.75bn as of June 30, 2026.
Cash and bank balances increased to N20.36bn from N4.79bn as of December 31, 2025, while total liabilities declined to N51.22bn from N84.43bn. Total equity rose to N31.53bn from N7.77bn, reflecting stronger liquidity and capitalisation.
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On the results, the Managing Director/Chief Executive Officer, Dr. Jude Nwaulune, said, “These results demonstrate the strength of our business and the impact of disciplined execution across our operations. The significant improvement in profitability and financial position provides a solid foundation to advance our growth priorities.
“The successful Rights Issue has further strengthened our balance sheet, resulting in a healthy leverage position, stronger equity and improved net assets. We remain focused on expanding our retail, aviation, lubricants and gas businesses, improving operational efficiency and customer experience, and delivering sustainable value to shareholders and other stakeholders.”
The company said its full unaudited consolidated financial statements for the half-year ended June 30, 2026, are available on its website.
AVA Capital Plc has been admitted to the Main Board of Nigerian Exchange Limited (NGX) following the listing by introduction of its 5 billion ordinary shares at ₦7.50 per share, with a market capitalisation of ₦37.5 billion.
The listing marks a significant milestone in the Company’s growth journey, reinforcing its commitment to sustainable growth, strong corporate governance and long-term value creation, while enhancing its visibility within Nigeria’s capital market.
Speaking at the listing ceremony, the Chief Executive Officer of AVA Capital Plc, Kayode Fadahunsi, described the admission as a defining moment in the Company’s evolution. “Our admission to the Main Board of Nigerian Exchange is more than a listing; it is a public affirmation of the business we have built and the future we are committed to creating. We have established a resilient institution with a clear growth strategy, strong governance culture and an unwavering focus on creating sustainable value for our shareholders. Becoming a listed company deepens our accountability, broadens our visibility and positions us to seize new opportunities as we continue our growth journey.”
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Commenting on the listing, the Chief Executive Officer of Nigerian Exchange Limited, Jude Chiemeka, said the admission reflects the continued confidence of businesses in Nigeria’s capital market as a platform for sustainable growth. “Today’s listing reflects the confidence that forward-looking companies continue to place in the Nigerian capital market. By joining the Main Board of Nigerian Exchange, AVA Capital Plc is embracing the transparency, governance standards and market discipline that define public companies, while positioning itself to access a broader investor base and unlock long-term value. We are delighted to welcome AVA Capital Plc to the NGX family and look forward to supporting its continued growth.”
The admission of AVA Capital Plc expands the range of investment opportunities available to investors while reinforcing NGX’s commitment to connecting businesses with long-term capital and supporting their growth through enhanced visibility, strong governance and deeper investor engagement.
June 2026 results of the Nigerian National Petroleum Company Limited (NNPC Ltd) shows a Profit After Tax (PAT) of N535 billion, despite recording a marginal decline in crude oil and condensate production during the month.
The figure represents a 15.8 percent increase over the preceding month, according to the latest Monthly Financial and Operations Report of the state oil major, which indicates that the PAT rose by N73bn from the N462bn recorded in May, while revenue increased to N4.389tn.
According to the report, the company remitted cumulative statutory payments of N6.286tn to the Federation in H1, 2026.
It read, “NNPC Limited recorded N535bn profit after tax for the month of June, representing a 15.8 per cent increase from the N462bn recorded in May. Total revenue for the month stood at N4.389tn, while cumulative statutory payments to the Federation for the period January to June 2026 increased to N6.286tn, underscoring NNPC Limited’s sustained contribution to national revenue generation.”
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Average crude oil and condensate production declined marginally to 1.72 million barrels per day in June from 1.73 million barrels per day in May, representing a 0.58 percent decrease. However, output was 1.18 percent higher than the 1.70 million barrels per day recorded in June 2025.
According to the report, production was affected by operational disruptions, facility integrity issues and subsurface challenges across several assets.
It stated, “June production performance was impacted by operational disruptions, facility integrity issues, and subsurface challenges across several assets. However, performance was partially mitigated by production ramp-up following the completion of the Assa-Rumuekpe and 28-inch TNP Turnaround Maintenance.”
Despite the slight production decline, crude oil and condensate sales surged to 28.23 million barrels in June from 18.95 million barrels in May, representing a 48.97 percent month-on-month increase. The June sales volume was also 6.77 percent higher than the 26.44 million barrels sold in June 2025.
Gas production also improved, rising to 7,841 million standard cubic feet per day from 7,774 million standard cubic feet per day in May, while gas sales recovered to 4,970 million standard cubic feet per day from 4,921 million standard cubic feet per day.
The report highlighted progress on two major gas infrastructure projects. The Obiafu-Obrikom-Oben Gas Pipeline reached 98 percent completion, with final tie-in works ongoing.
It stated, “The Obiafu-Obrikom-Oben (OB3) Gas Pipeline progressed to 98% completion, with final tie-in works ongoing towards achieving First Gas in August 2026.”
Construction on the Ajaokuta-Kaduna-Kano Gas Pipeline also advanced to 94 percent completion. According to the company, “Construction and installation activities on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline advanced to 94 per cent completion, supporting the target of early gas delivery to Abuja in 2026.”
The NNPC Ltd declared that it would continue implementing measures to sustain production growth despite operational challenges.
It stated, “Focus remains on delivering incremental production across the asset portfolio by improving facility reliability and availability, minimizing Unscheduled Downtime, optimising crude export operations, and accelerating the maturation of production opportunities to sustain Upstream production growth.”
The report also showed that upstream pipeline availability remained at 100 percent during the month, while petrol availability across the NNPC Retail Limited stations stood at 53 percent. It added that all production, sales and financial figures remained provisional and were subject to reconciliation with relevant stakeholders.
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