Fidelity Bank Plc has reinforced its commitment to Nigeria’s oil and gas sector through its participation in the $3 billion Contractor Finance Facility launched by Shell Nigeria Exploration and Production Company Limited, SNEPCo, in partnership with nine leading banks.

The facility, unveiled in Lagos, is designed to provide credit support to indigenous oil and gas contractors executing projects for SNEPCo. The financing arrangement will be available in both naira and United States dollars, creating a structured pathway for local contractors to access funding, improve project delivery and participate more effectively in Nigeria’s energy value chain.

Speaking on the development, Nneka Onyeali Ikpe, Managing Director and Chief Executive Officer, Fidelity Bank Plc, said the bank remained committed to providing finance that enables Nigeria to unlock greater value from its oil and gas assets.

“On behalf of the board and management of Fidelity Bank Plc, we want to thank Shell Nigeria Exploration and Production Company Limited for enrolling us for this contractor finance facility. At Fidelity Bank, we are committed to ensuring that we provide financing that is needed to help Nigeria maximise its oil and gas assets.

“As we all know, the oil and gas industry is a major contributor to the GDP of Nigeria and it is very critical that we have the financing required to get projects up and running.

“We have supported the oil industry significantly and we commit to continue to support contractors and the entire ecosystem”, commented Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer, Fidelity Bank Plc.

For his part, the Managing Director of SNEPCo, Ronald Adams, said the initiative reflects the objectives of the Nigerian Oil and Gas Industry Content Development Act, which seeks to promote in country value retention. According to him, the participating banks provide capital and discipline, while SNEPCo brings contracts and payment domiciliation that help to de risk lending. The contractors, he added, are expected to provide performance, creating a mutually accountable structure that gives the facility its strength.

For Fidelity Bank, the partnership aligns with its long-standing focus on supporting strategic sectors of the economy, particularly oil and gas, where access to timely and structured finance remains critical to project execution, local content growth and national energy security.

The bank’s participation in the facility further strengthens its reputation as a trusted financing partner to indigenous operators and contractors across the energy ecosystem. Over the years, Fidelity Bank has supported major transactions and infrastructure developments in the sector, including financing interventions that have helped local players expand capacity, deepen participation and deliver assets of national importance.

These interventions include the bank’s support for indigenous companies in the liquefied petroleum gas segment, local content development initiatives and other big-ticket transactions within the energy industry. Through these efforts, Fidelity Bank has continued to demonstrate its capacity to deploy capital, sector knowledge and relationship management in support of projects that advance Nigeria’s oil and gas aspirations.

Credit Fidelity Bank PR

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has signed six strategic agreements with key industry partners to deepen gas utilisation, strengthen energy security and accelerate Nigeria’s gas-based industrialisation drive.

The agreements signed on the sidelines of the 25th Nigeria Oil and Gas (NOG) Energy Week in Abuja include a Memorandum of Understanding (MoU) and a Gas Sale and Aggregation Agreement (GSAA) with Ajaokuta Steel Company Limited (ASCL).

The agreements also include a Gas Sale Agreement (GSA) with UTM Floating LNG (FLNG), and three Network Entry Agreements (NEnAs) with Chevron Nigeria Ltd., AGPC and NNPC Exploration and Production Limited(NEPL).

Speaking at the signing, Bashir Ojulari, Group Chief Executive Officer, NNPC Limited, described the agreements as a major step toward implementing the Federal Government’s gas-based industrialisation agenda.

Ojulari said the agreements would unlock new domestic gas supply, strengthen the Nigerian Gas Transportation Network Code and position gas as a catalyst for economic transformation.

“What we are witnessing today is not just about signing agreements. It is about igniting the engine of Nigeria’s industrialisation. 

“Gas is not only a source of revenue and profit, but also the hydrocarbon with the greatest potential to transform Nigeria’s economy,” he said.

He also said that the agreements reflected NNPC Limited’s commitment to transparency, operational efficiency and strategic partnerships that would promote local content, enhance energy security and attract investment into the country’s gas value chain.

A major highlight of the ceremony was the partnership with ASCL, under which both organisations agreed to collaborate on reviving the Ajaokuta Steel Complex and expanding domestic gas utilisation.

The MoU also seeks to support local production of steel pipes required for strategic infrastructure projects, including the African Atlantic Gas Pipeline (AAGP) and the Escravos-Lagos Pipeline System (ELPS) Phase three.

The accompanying 20-year GSAA, signed by NEPL, Gas Aggregation Company of Nigeria (GACN) and ASCL, provides for the supply of three million standard cubic feet per day (MMscf/d) of gas and 47 MMscf/d of interruptible gas to power the Ajaokuta steel complex.

NNPC Limited and its Seplat Energy Producing Nigeria Unlimited (SEPNU) Joint Venture also signed a 15-year Wet Gas Sale and Purchase Agreement with UTM FLNG Limited.

Under the agreement, the joint venture will supply 200 MMscf/d of gas to the UTM FLNG project, providing the feed gas needed to support project financing and pave the way for a Final Investment Decision (FID) expected in the fourth quarter of 2026.

In addition, NNPC Limited signed Network Entry Agreements with Chevron Nigeria Limited AGPC and NEPL to migrate legacy interconnection arrangements to the Nigerian Gas Transportation Network Code.

The agreements are expected to inject up to 800 MMscf/d of natural gas into the domestic gas transportation network, improving supplies to power plants, gas-based industries and industrial clusters while enhancing network efficiency and reliability.

The signing was witnessed by the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo and the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri and the Special Adviser to the President on Energy, Olu Verheijen.

Others were the Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan; and the Authority Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Rabiu Umar.

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The Group Chief Executive Officer of NNPC Limited, Bashir Ojulari, has called for stronger global and continental partnerships to unlock Africa’s vast energy resources and drive sustainable economic growth.

Ojulari made the call on Tuesday while delivering the keynote address at the opening of the 2026 Nigerian Oil and Gas (NOG) Energy Week in Abuja.

Speaking on the theme, “Forging Africa’s Strategic Energy Growth Through Global Collaboration,” the NNPC boss said Africa’s greatest challenge was not a lack of hydrocarbon resources or talent, but the fragmentation of the institutions needed to transform resources into prosperity.

He said no nation, company or institution could maximise the value of its energy resources in isolation.

“Collaboration has become imperative in an increasingly interconnected global energy landscape,” he said.

Reflecting on NNPC Limited’s transformation journey, Ojulari recalled that at the 2025 edition of the conference, he had emphasised rebuilding trust, restoring accountability and creating value.

According to him, the company’s commitment to performance, transparency and accountability remains unwavering.

He, however, said events over the past year had reinforced the importance of partnerships in achieving sustainable energy development.

“The defining challenge facing Africa today is not a shortage of hydrocarbons; it is not a shortage of talent, and it is not a shortage of opportunity.

“It is the persistent fragmentation of the ecosystem required to convert resources into prosperity,” Ojulari said.

He said successful energy economies depended on effective collaboration among governments, national oil companies, investors, operators, regulators, financial institutions, technology providers, research institutions and host communities.

The NNPC Limited GCEO noted that weaknesses in any part of the value chain could delay investments and stall projects, leaving resource-rich nations unable to realise their full economic potential.

Ojulari said recent geopolitical tensions in the Middle East and disruptions to global shipping routes had further highlighted the importance of energy security and resilient partnerships.

According to him, the global energy system is undergoing significant changes, with evolving supply chains, shifting trade flows, rapid technological advancement and increasingly selective capital.

“The winners of the next energy era will not necessarily be those with the largest reserves.

“They will be those who can build the most effective partnerships and the most resilient ecosystems around those reserves,” he said.

Ojulari said Africa possessed about 17 per cent of global natural gas reserves, substantial oil resources, abundant renewable energy potential and a youthful population capable of driving future growth.

He, however, lamented that the continent continued to attract only a small share of global energy investment.

He called for a shift from transactional relationships to strategic partnerships, integrated value chains and industrialisation driven by Africa’s energy resources.

Speaking on Nigeria’s priorities, Ojulari advocated deeper collaboration among NNPC Limited international oil companies, indigenous operators, financial institutions, regulators, technology firms, universities and local service providers.

He also stressed the need for stable and transparent regulatory frameworks, stronger research-industry linkages and accelerated development of indigenous technical capacity.

According to him, NNPC Limited’s transformation agenda is anchored on building partnerships across the energy value chain.

He said the company’s production growth, gas monetisation, refining ambitions and energy transition plans all depended on collaboration with technical partners, financiers, researchers, infrastructure developers and technology providers.

“We increasingly view NNPC Limited not merely as an energy producer but as an ecosystem builder, connecting capital, technology, policy, talent and markets to create lasting value for Nigeria and Africa.”

Ojulari said Africa’s future would depend not only on the resources beneath its soil but on the quality of the partnerships forged across the continent and beyond.

He envisioned an Africa where energy resources drive industrialisation, gas powers homes and industries, innovation fuels economic growth and the continent emerges as a global hub for energy investment, technology and manufacturing.

“The opportunity before us is extraordinary. The responsibility is ours and the time to act is now.

“Together, through purposeful collaboration, bold leadership and shared commitment, we can reshape not only the future of Nigeria’s energy industry but the future of African prosperity itself,” he added.

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The Federal Government has called on host communities in Ogun and Ondo states to give maximum support to the proposed Dangote Industrial City and Deep Seaport project, describing it as a transformative initiative that will create opportunities for economic growth and community development.

Representing the Minister of Environment, Balarabe Lawal, at the combined Environmental and Social Impact Assessment (ESIA) site visit, Rofikat Adebukunola Odetoro commended Dangote Industries Limited for its commitment to environmental sustainability and inclusive stakeholder engagement. Speaking during the three-day assessment tour across Ode-Omi Waterside Community in Ogun State and Araromi Community in Ondo State, Odetoro expressed satisfaction with the level of community consultations and groundwork undertaken to ensure the project aligns with environmental regulations and the interests of host communities.

Odetoro, who is the Director of Assessment at the Federal Ministry of Environment, stressed the need for inclusive dialogue, urging traditional rulers and community leaders not to overlook women and children during consultations. “I urge you to factor women into every engagement. Women and children are as important as every other member of the community and they have unique needs that must not be ignored. Please give this project every support possible. It presents enormous opportunities for youths, women, and children to benefit from employment and the mandatory corporate social responsibility initiatives that will accompany it,” she said.

Speaking during the community engagement at Araromi Seaside Kingdom, Managing Director, Infrastructure and Logistics, Dangote Industries Limited, Jamil Abubakar assured the indigenes of transparency, fairness, and continuous engagement throughout the project's implementation. According to him, the President of Dangote Industries Limited, Aliko Dangote, is committed to ensuring Africa becomes more self-sufficient through strategic infrastructure investments.

“Our President is committed to positioning Africa for greater self-sufficiency, and Araromi has been chosen as the location where one of the world's biggest deep seaports will be built. We are excited about the prospects of this project. We are here to listen to the community's concerns and work together to achieve a win-win outcome for every stakeholder involved,” he said. Abubakar further disclosed that Aliko Dangote had directed the project team to carry out a comprehensive needs assessment of the host communities and provide critical interventions regardless of the project's stage of development.

Presenting the Environmental and Social Impact Assessment, Group Lead, Environment and Sustainability, Dangote Industries Limited, Adeyemi Adun, said the study was designed to establish the current environmental and socio-economic baseline of the host communities before project execution. He explained that the assessment would evaluate the quality of air, water and soil, as well as the socio-economic conditions of residents, in line with Federal Ministry of Environment guidelines.

“This phase of the project is intended to establish the current status of the community in terms of air quality, water resources, soil conditions, and socio-economic indicators, as required by the Federal Ministry of Environment. We also assure you that this project will have a positive impact on your communities, just as Dangote Industries has done in other host communities across the country”, Adun added.

Also speaking, the representative of the Ondo State Commissioner for Environment and Director of the Environmental Assessment Department, Isaac Ojo, welcomed the commencement of the assessment process, describing it as inclusive and beneficial to all stakeholders. “We are delighted that this process has begun and that it accommodates every stakeholder. We are confident the project will benefit the communities, and we encourage everyone to give the Dangote team the maximum support required for its success”, Ojo said.

The Alara of Araromi Seaside Kingdom, Oba Adeoloye Olawole, also expressed strong support for the project, describing Aliko Dangote as "a genius" whose investments would accelerate the development of the kingdom.

“We are counting on Aliko Dangote to help develop our kingdom. He is a genius, and we are ready to provide every support necessary to ensure the success of this project. We have always maintained that our community is peaceful, cooperative, and committed to progress. We want him to help develop our land as he doing all over Africa,” the monarch added.

The assessment tour brought together officials of the Federal Ministry of Environment, representatives of Ogun and Ondo State Ministries of Environment, local government officials, traditional rulers, faith-based leaders, community representatives, and officials of Dangote Industries Limited.

Stakeholders held extensive discussions on their respective roles in ensuring the successful delivery of what is projected to become Africa's largest deep seaport. Communiques were drafted and signed by stakeholders at the end of each engagement at Ode Omi and Araromi, which drew hundreds of indigenes from across the surrounding communities. Consultants have also mobilised to the project site for the ESIA sample surveys.

Credit Dangote Group PR

The Federal Executive Council (FEC) has approved financing packages worth billions of dollars and naira.

The funds are targeted at transportation, agriculture, power, infrastructure and micro, small and medium-sized enterprises.

The approvals were announced by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.

Oyedele spoke on Monday while briefing State House Correspondents after the FEC meeting presided over by President Bola Tinubu.

He said the Council considered 14 memoranda presented by the Finance Ministry during the meeting.

The minister grouped the decisions into five strategic areas supporting the administration’s Renewed Hope Agenda.

“For Council, we made very strategic decisions, which I have categorised under five headings,” Oyedele said.

He explained that the areas covered transportation, agriculture, power, infrastructure and support for small businesses.

According to him, the measures were designed to stimulate economic growth and improve national productivity.

FEC approved N215 billion for completing investments under the Presidential Compressed Natural Gas Initiative.

The funding will support buses, electric vehicles, tricycles and CNG conversion centres across the country.

“The first approval focuses on transportation and how to reduce its cost,” Oyedele stated.

He added that the investment would complete remaining projects under the CNG initiative.

The minister also announced $900 million financing arrangements for agricultural development nationwide.

The funding will support rural technical training and Special Agro-Industrial Processing Zones. It will also strengthen agricultural value chains, processing capacity and value addition.

“Altogether, we have different financing arrangements amounting to 900 million U.S. dollars,” Oyedele said.

He noted that the facility would improve agricultural productivity and support farmers.

FEC further approved a $160 million financing package for rural solar development projects. The facility comprises $150 million from the Islamic Development Bank and $10 million counterpart funding.

The counterpart contribution will come from Niger to support renewable energy projects in the state.

“This facility will expand access to renewable energy in underserved communities,” Oyedele said.

The Council also approved a $1.2 billion financing facility for the Sokoto–Badagry Super Highway. The funding is expected to support Section-2 of the major infrastructure project.

Oyedele said the highway would improve connectivity, logistics and economic activities. He described the corridor as a strategic project covering 11 states across Nigeria.

The minister said the road project would unlock economic opportunities and strengthen national integration.

FEC equally approved €200 million and $500 million financing through the Development Bank of Nigeria.

The funds will provide affordable credit for micro, small and medium-sized enterprises.

Oyedele said supporting small businesses remained crucial to economic development.

“We must continue to support small businesses because supporting them is supporting ourselves,” he said, adding that the financing would improve MSMEs’ access to affordable credit.

The minister said the approved packages reflected government’s commitment to expanding investments.

He noted that the initiatives would create opportunities and support sustainable economic growth.

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Seplat Energy Plc, foremost indigenous energy company in Nigeria, has been named the Energy Company of the Year and Dividend Paying Company of the Year at the Nairametrics Capital Market Awards (NCMA) 2026 held in Lagos over the weekend.

According to the organisers, both awards reflected Seplat Energy’s strong financial performance, operational efficiency, consistent production output, and sustained commitment to delivering value to shareholders.

Each category was assessed using Nairametrics’ data-driven evaluation framework, which focuses on key indicators of financial performance, operational strength, and shareholder returns, including: revenue growth, profit after tax (PAT) growth, return on average equity (ROAE), production output / capacity, dividend yield and dividend payout ratio.

According to Nairametrics, each parameter was carefully weighted to ensure a balanced and objective assessment of long-term value creation and operational execution.

The Founder/Chief Executive Officer, Nairametrics Financial Advocates Limited, Ugodre Obi-Chukwu, said the awards were created to recognise excellence, resilience and innovation across the capital market ecosystem.

He stressed that despite global economic uncertainty, tighter financial conditions and exchange-rate volatility, Nigeria’s capital market has remained resilient, supported by stronger investor confidence, improved corporate earnings, innovation and increased retail participation.

The Nairametrics boss explained that the theme of this year’s awards, “Capital Markets as a Pathway to Responsible Wealth Creation,” reflects the growing consensus that wealth creation must be sustainable, ethical and capable of delivering long-term value to businesses, investors and society.

Obi-Chukwu congratulated all nominees and winners, noting that their contributions continue to strengthen investor confidence and advance the development of Nigeria’s capital market.

According to him, the awards were established to recognise excellence, encourage responsible wealth creation and celebrate resilience across the financial ecosystem.

Commenting on the awards, the Director, External Affairs & Social Performance, Seplat Energy Plc, Chioma Afe, commended Nairametrics for its hard work and dedication over the years in ensuring a healthy capital market and facilitating business performances.

According to her, the various awards and recognitions play important role in raising standards, rewarding excellence and encouraging best practices across Nigeria’s capital market ecosystem. “For Seplat Energy, this is a call to more exceptional performance and general business excellence. We look forward to more exciting times in the market with significant growth in returns for all our stakeholders,” Afe assured.

Credit Seplat Energy PR

Zenith Bank Plc has expanded its presence in Delta State with the official opening of a new branch in Osubi, Okpe Local Government Area, becoming the first commercial bank to establish a presence in the Osubi community. The move reaffirms the Bank’s commitment to financial inclusion by bringing world-class financial services closer to communities and businesses.

The commissioning ceremony, held on Wednesday, 24 June 2026 in Osubi, was attended by the Governor of Delta State, Sheriff Oborevwori, alongside senior government officials, traditional rulers, members of the business community, customers, and other stakeholders.

In his remarks, Governor Oborevwori described the new branch as “a clear vote of confidence in the economic potential of our state. It shows that the investments we have made in infrastructure, economic development, and ease of doing business are producing tangible results. When a leading financial institution such as Zenith Bank expands its presence in Delta State, it sends a powerful message that Delta State is open for business and ready for greater investment.”

The Governor also underscored the branch’s significance to the host community, noting that “this branch is the only bank in the whole of Okpe Local Government as it is today. The significance of this bank to our people cannot be overemphasised, because of the impact it will have on the economy of this local government.”

Speaking at the event, the Group Managing Director/Chief Executive Officer of Zenith Bank, Dame Dr. Adaora Umeoji,, commended the Governor for his support of private sector growth, noting that the establishment of the branch reflects the conducive environment for investment and economic development being fostered in Delta State.

She said: “We are deeply grateful to His Excellency, Sheriff Oborevwori, Governor of Delta State, for his unwavering support and partnership, and for finding time to personally commission the branch today. His generous donation of the land on which this branch is built is a testament to his administration’s commitment to fostering private sector investment and creating an enabling environment for businesses to thrive. Since assuming office, the Governor has driven significant infrastructure and socio-economic development across the state, and Zenith Bank is proud to contribute to that progress through this new branch in Osubi.”

The GMD described the Osubi branch, the Bank’s 19th in Delta State, as a milestone in Zenith Bank’s enduring relationship with the State. She reiterated the Bank’s commitment to serving underserved communities and to empowering individuals, businesses, women entrepreneurs, and SMEs through innovative banking solutions, access to finance, and capacity-building initiatives.

She added that the new branch would serve as a catalyst for economic activity in Osubi and its surrounding communities, supporting the broader development of Delta State and Nigeria at large.

Credit Zenith Bank PR

Zenith Bank Plc reaffirmed its commitment to advancing trade, investment and economic cooperation between Canada and Africa as the Headline Conference Sponsor of the 6th Canada-Africa Business Conference, held on Wednesday, 24 June 2026 at Eko Hotel & Suites, Victoria Island, Lagos.

Organised by the Canada-Africa Chamber of Business, the conference brought together a high-level Canadian business delegation representing 31 companies, alongside senior government officials, business leaders, investors, policymakers, diplomats and development partners. The gathering set out to strengthen commercial relations between Canada and Africa and to position Nigeria as a strategic gateway for Canadian businesses seeking opportunities across the continent.

The Canadian delegation comprised companies and institutions operating across financial services, security, mining and critical minerals, legal and professional services, infrastructure, technology, healthcare, education and clean energy. Among those present were GardaWorld, Dentons, Baywood Group, Element, Trilliant and other leading Canadian enterprises exploring commercial opportunities and strategic partnerships in Nigeria.

The Executive Director of Zenith Bank Plc, Akin Ogunranti, who delivered the keynote address on behalf of the Group Managing Director/CEO, Adaora Umeoji,, described the conference as a timely platform for deepening commercial partnerships between Canada and Africa amid shifting global economic realities. He underscored Africa’s readiness to lead the next phase of global economic growth, stressing that the continent now possesses the institutions, policy frameworks and partnerships required to turn its immense potential into shared prosperity.

“The question is not whether Africa is rich in potential. It is whether we can turn that potential into prosperity our people can feel. For the first time, the answer is yes, because of the machinery we are now building,” he said.

Representing the Governor of Lagos State, Babajide Sanwo-Olu, the Permanent Secretary, Ministry of Commerce, Cooperatives, Trade and Investment, Babatunde Onigbanjo, reaffirmed the State Government’s commitment to fostering an enabling environment for investment and international partnerships, and highlighted Lagos’ position as Nigeria’s commercial hub and gateway to African markets.

“Canada brings to the table considerable expertise, capital, innovation, and a strong tradition of institution building. Africa, and indeed Lagos, offer scale. We offer talent, creativity, market opportunities and an increasingly sophisticated business environment. Together, these strengths create a compelling foundation for transformative partnership,” he said.

Speaking at the event, the Deputy High Commissioner of Canada to Nigeria, Carlos Rojas-Arbulú, noted that the conference reflects the growing momentum in bilateral commercial collaboration between both countries. He said: “The relationship between Canada and Nigeria is not new. It is rooted in diplomacy, trade, education, culture, migration, and shared democratic values. But today, I believe we are entering a new chapter: one that is more ambitious, more practical, and more human.”

The Chair of the Board of the Canada-Africa Chamber of Business, Paula Caldwell St-Onge, highlighted Nigeria’s growing economic significance, saying: “Nigeria’s growth is not theoretical. It is already being built by Nigerian entrepreneurs, investors, financial institutions, innovators and companies whose ambition reaches across Africa and around the world.”

She also acknowledged Zenith Bank’s role in advancing the conference’s objectives, stating: “Zenith Bank is not only one of Africa’s leading financial institutions, it is the capital behind what you see here today, and it represents the skill, ambition, discipline, innovation and excellence that this conference seeks to showcase.”

The conference featured high-level panel discussions on Canada-Africa commercial relations, investment opportunities across priority sectors, and the implementation of the African Continental Free Trade Area (AfCFTA). The sessions brought together policymakers, business executives and industry experts to identify practical pathways for strengthening commercial partnerships and accelerating sustainable economic development.

The conference is expected to strengthen Nigeria’s attractiveness as a destination for Canadian investment, while opening new opportunities for technology transfer, private sector collaboration, job creation and long-term economic growth. It also reinforces Nigeria’s position as a strategic hub for businesses seeking to access opportunities across Africa under the AfCFTA, supporting the country’s ambition to expand its role in regional and global trade.

Credit Zenith Bank PR

CapitalSage Vantage, the focused holding entity for CapitalSage Holdings' cross-border payments and digital-asset wealth management businesses, has announced the signing of an agreement to acquire Chi Technologies Inc. (Chimoney) and its subsidiaries, a Toronto-headquartered payments infrastructure provider with connectivity spanning more than 130 countries.

The transaction marks a significant step in CapitalSage Vantage's ambition to build one of the most globally connected African-rooted financial ecosystems, bringing together payments infrastructure, remittance capabilities, digital wealth platforms and financial connectivity across Africa, North America, Europe and the Middle East.

Through the combination, CapitalSage Vantage will expand its international payments infrastructure, strengthen its regulatory footprint and enhance its ability to support cross-border financial services for consumers, businesses and developers operating across multiple markets.

Chimoney's platform powers multi-currency wallets, global payouts, developer APIs and digital identity capabilities. Following completion of the transaction, Chimoney will continue to operate and grow within the CapitalSage Vantage ecosystem, with existing customers, developers and partners continuing to access its services.

"Chimoney is continuing its journey with greater scale and institutional backing," the companies said Uchi Uchibeke, the Founder of Chimoney. "The technology, team, products and customer relationships that made Chimoney a trusted platform remain firmly in place. What changes is our ability to accelerate growth, expand into new markets and create greater value through the broader CapitalSage Vantage ecosystem."

Commenting on ongoing transaction, The GCEO of CapitalSage Vantage, Abiola Bawuah said “This acquisition creates the foundation for a new generation of financial services platforms designed to serve Africans globally, connecting diaspora users with families, businesses and opportunities across the continent through a more integrated financial ecosystem.”

CapitalSage Vantage's growing portfolio includes international payments, remittance and digital wealth management businesses, with operations and strategic relationships spanning Canada, the United States, the United Kingdom, the United Arab Emirates and multiple African markets.

The transaction is expected to accelerate innovation across cross-border payments, embedded finance, business payments, digital commerce and financial infrastructure, while reinforcing Africa's growing role in shaping globally relevant financial technology.

Completion of the acquisition remains subject to customary closing conditions, including applicable regulatory approvals.

About Chi Technologies Inc. (Chimoney)

Chi Technologies Inc., operating as Chimoney, is a Toronto-headquartered payments infrastructure provider registered with the Bank of Canada as a Payment Service Provider and with FINTRAC as a Money Services Business. The platform powers multi-currency wallets, global payouts to more than 130 countries, developer APIs and digital identity infrastructure.

About CapitalSage Vantage

CapitalSage Vantage is the holding entity for CapitalSage Holdings' cross-border payments and digital-asset wealth management businesses. The platform brings together international payments, remittance, wealth management and financial infrastructure capabilities serving customers across global markets.

Credit CapitalSage Vantage PR

Former Managing Director Shell Nigeria Exploration and Production Company Limited (SNEPCo) Elohor Aiboni, currently on assignment as Asset Director at Brunei Shell Petroleum, has been named Executive Vice President and Country Chair Nigeria, taking over from Marno de Jong who leaves Shell to pursue an opportunity elsewhere, after a 34-year career with the Company.

Marno was appointed Senior Vice President Nigeria in 2020 and later became Executive Vice President in addition to the role of Country Chair, overseeing all Shell’s operations in Nigeria.

Marno joined Shell in 1992 as a Project Engineer at the start of a career that has seen him serve across Project Delivery, Engineering, Commercial, and Upstream Development in the United Kingdom, Venezuela, Nigeria, Australia, the United States, the Netherlands, Malaysia and Indonesia.

Under his leadership, Nigeria’s flagship Bonga asset delivered strong performance, sustaining high availability well above target, while he has also been instrumental in advancing major key investment decisions, including the HI offshore gas project and the Bonga North development.

Marno said, “I’m grateful for the support I have enjoyed since my time in Nigeria which has enabled us to achieve progress on many fronts. I leave with fond memories of warm friendships and strong support from colleagues in Shell and our partners. I’m confident that Shell operations in Nigeria will continue to deliver value and growth under Elohor, given the strong leadership credentials she brings to the roles and wish Shell Nigeria every success.”

Elohor is the first Nigerian to take up the combined role of Executive Vice President and Country Chair Nigeria, bringing over 24 years’ experience within Shell across Nigeria’s offshore, shallow water and onshore businesses with international assignments in Kazakhstan and Brunei.

Elohor became Managing Director of SNEPCo in 2021, the first female to hold the post. She led the deepwater business and associated investments in Nigeria with Bonga achieving the 1 billionth barrel of oil in 2023. She left for Brunei in 2024 where she oversees asset performance, production, and project delivery.

Elohor said: “I’m excited at the opportunity to continue to contribute to the efficient delivery of Shell’s business in Nigeria and thereby power progress in a country we’ve been part of for more than 60 years.

Marno has led from his heart these six plus years, sustaining operations and breaking new grounds in project delivery and growth. It’s a legacy I’m keen to build on with the support of colleagues and other stakeholders.”

The new appointment takes effect August 1st, 2026.

Credit Shell PR

The Dangote Petroleum Refinery & Petrochemicals has reaffirmed its commitment to nurturing the next generation of African engineers, innovators, and industrial leaders, as it hosted outstanding students from the Federal University of Technology, Owerri (FUTO) on an educational tour of Africa’s largest refinery complex.

The visit was in fulfilment of a promise made by the President and Chief Executive of Dangote Industries Limited, Aliko Dangote, during the university’s 37th Public Lecture, where he pledged to expose exceptional students to world-class industrial operations. The initiative is aimed at bridging the gap between academic learning and real-world industry experience.

Led by the Vice Chancellor of FUTO, Professor Nnenna Oti, the delegation comprised top-performing students drawn from engineering, technology, and entrepreneurship disciplines.

Speaking during an interactive session with the students, the Managing Director and Chief Executive Officer of Dangote Petroleum Refinery & Petrochemicals, David Bird, described the facility as a compelling demonstration of how innovation, advanced technology, and private sector investment can drive economic transformation while opening up opportunities for young Africans.

According to Bird, the refinery, widely regarded as the world’s largest single-train refinery, represents the peak of technological sophistication on the African continent.

“There is no better showcase of modern technology than the refinery that Aliko Dangote has built here,” he said.

“What we have created is one of the world’s youngest, most modern, energy-efficient, highly automated, and data-rich refineries. It is also contributing to the decarbonisation of the oil and gas value chain while delivering cleaner fuels to Nigeria and West Africa.”

He emphasised that exposure to facilities of this scale is critical to reshaping perceptions about Africa’s industrial sector.

“I am incredibly inspired by the curiosity, passion, and enthusiasm shown by these students. They are seeing first-hand that this industry is dynamic, innovative, and offers rewarding long-term career opportunities for highly skilled professionals,” Bird added.

He further disclosed that the refinery plans to deepen collaboration with universities and research institutions, particularly in emerging fields such as renewable energy and sustainable fuel technologies.

“Our objective is to stay closely aligned with universities, understand the research they are undertaking, and identify opportunities to support the commercialisation of innovative ideas. There are exciting developments around biofuels and other technologies shaping the future of energy,” he said.

In her remarks, Oti described the visit as a transformative and life-changing experience for the students, noting that it aligns with ongoing efforts to strengthen partnerships between academia and industry.

She explained that the students were personally invited by Aliko Dangote following his lecture at the university earlier in the year.

“At the end of his lecture, he invited 15 female and 15 male students to visit his refinery and factories in Lagos as special guests. This was part of his vision to inspire the next generation, and today stands as a fulfilment of that promise,” she said.

According to the Vice Chancellor, the initiative provides a rare platform for students to connect classroom knowledge with practical industrial applications.

“This is what I describe as an Ivory Tower–Industry Partnership. There is no more effective way to bridge the gap between theory and practice than by exposing students to facilities of this scale,” she said.

“These are some of our best students across mechanical, chemical, petroleum and software engineering, as well as entrepreneurship. This experience will undoubtedly broaden their horizons, expand their ambitions, and shape their future careers.”

She added that the visit underscores the transformative impact of visionary African entrepreneurship in driving industrialisation and economic growth.

For many of the students, the tour offered a unique opportunity to see firsthand the technologies and systems they had previously encountered only in theory.

A 500-level Mechanical Engineering student, Amadi Ijeoma Winfrey, described the experience as both enlightening and inspiring.

“The experience has been amazing,” she said. “Seeing the practical application of equipment such as pumps, compressors, and turbines has helped bridge the gap between theory and reality.”

She noted that witnessing the scale and sophistication of the refinery has strengthened her aspirations for a career in engineering and industrial development.

Similarly, a 500-level Chemical Engineering student, Israel Ifanyichukwu, described the visit as transformative, noting that it provided valuable insight into how classroom theories are applied on an industrial scale.

He said the experience has not only broadened his perspective but also equipped him with knowledge he intends to apply in his academic and professional pursuits.

Professor Abraham Ngwuta, Director of the Centre for Entrepreneurial Studies, and Professor Chikwendu Emenike Orji, Dean of Students Affairs, described Aliko Dangote as a model entrepreneur whose diverse investments across critical sectors highlight the power of vision, discipline, and long-term value creation.

They noted that his industrial footprint offers a practical framework for students to understand entrepreneurship as a driver of national development, job creation, and economic transformation.

The visit forms part of Dangote Industries’ broader commitment to advancing education, innovation, and skills development, as well as preparing a new generation of professionals capable of driving Africa’s industrial transformation.

Credit Dangote Group PR

As part of its ongoing commitment to youth empowerment, financial inclusion, and building a financially responsible generation, Polaris Bank Limited held an impactful Financial Literacy Day session at Community Day Secondary School, Tsaski Yan’albasa, in Charanchi Local Government Area of Katsina State.

The event, which took place on June 9, 2026, formed part of the Bank’s activities to commemorate Global Money Week (GMW).

The interactive session reached and impacted 90 students and 10 teachers, providing practical insights into savings, budgeting, responsible spending, banking essentials, financial goal-setting, peer influence, and informed decision-making from an early age.

It forms part of Polaris Bank’s sustained participation in Global Money Week, a global campaign that equips pupils and young people with knowledge on money management, savings, entrepreneurship, literacy and economic citizenship, while supporting the Central Bank of Nigeria’s (CBN) financial and inclusion goals.

The Managing Director/CEO of Polaris Bank, Kayode Lawal, emphasised the strategic importance of these initiatives:

“At Polaris Bank, we believe financial literacy is one of the most important foundations for building a responsible and economically empowered generation. When young people understand the value of savings, budgeting and responsible financial choices early in life, they are better positioned to manage opportunities, avoid poor money decisions and contribute meaningfully to the economy.”

He added that the Bank’s involvement in Global Money Week underscores its long-term dedication to financial inclusion, youth development, and community impact:

“For us, this is not just about teaching students how to save money. It is about helping them understand the relationship between discipline, planning, financial responsibility and future success. We will continue to support platforms that take financial education closer to young people, especially in communities where early exposure can make a lasting difference.”

The session at the Polaris CEO adopted school, featured expert-led modules. It began with an overview of Global Money Week and the importance of a strong savings culture, anchored by Patrick Sule. Topics included the role of the CBN in the financial sector, financial discipline, goal-setting, and smart spending habits.

The session continued with focused discussions on banking essentials and managing peer influence, highlighting how banks help individuals protect, manage, and grow their money, while encouraging young people to make independent and responsible financial choices amid lifestyle pressures.

Another segment addressed financial responsibility and legitimate ways young people can earn and manage money, stressing that building strong financial habits early significantly supports their personal and educational goals.

Representing the Polaris Bank MD/CEO at the advocacy outreach, Dahiru Tukur, Group Head, Kano Group, Polaris Bank, delivered regulatory insights in simple and accessible terms. He also led an interactive “Smart Money Talk” session to reinforce the key lessons from the day.

“The decisions you make with money today, no matter how small, can shape your future. Learning how to save, spend wisely and avoid negative financial pressure is a major step toward becoming responsible and independent adults. Polaris Bank is proud to be part of this journey with you,” he said.

To connect theory with practice, the session featured an introduction to the Polaris Young Achievers account, outlining its benefits for fostering early savings habits, along with account-opening requirements and suitable product options.

The programme concluded with a lively question-and-answer (Q &A) segment, where students showed keen interest, followed by the distribution of branded gift items to reinforce the learning experience.

Samaila Umar Sanda, Principal of Community Day Secondary School, praised the Bank’s practical and relatable approach.

“Programmes like this help student connect classroom learning with real-life financial decisions. By engaging them early, Polaris Bank is helping to build a generation that understands money, values savings and can make better economic choices. We are grateful to Polaris Bank for bringing this important programme to our school. The lessons shared today are practical and timely. Our students have learnt that money management starts with discipline, planning and the right attitude.”

The engagement reinforces Polaris Bank’s role as a responsible corporate citizen dedicated to education, youth development, financial inclusion, and sustainable community impact. Through Global Money Week and similar initiatives, the Bank continues to advance national efforts to equip young Nigerians with essential skills for informed financial decisions and active participation in the formal economy.

The initiative aligns with Polaris Bank’s commitment to the UNEP-FI (United Nations Environment Programme Finance Initiative) Principles for Responsible Banking, particularly Principle 3 (Clients & Customers) and the dedicated Commitment to Financial Health and Inclusion. By promoting financial literacy and education among young people, the Bank supports universal financial inclusion, helps individuals build financial resilience, and contributes to a more financially healthy and empowered society.

Credit Polaris Bank PR

President Bola Tinubu says the economic reforms undertaken by his administration since 2023 have restored stability, improved fiscal management and renewed investor confidence in Nigeria.

The president stated this on Friday in his Democracy Day address to the nation.

While stating that the reforms were driven by necessity rather than convenience, he noted that Nigeria’s public finances were under severe strain before his administration embarked on major economic adjustments.

“The reforms we are undertaking were not chosen for ease, but for necessity.

“Three years ago, our public finances were under severe strain, investment was discouraged and economic uncertainty threatened our future,” he said.

According to the president, the reforms have strengthened economic management and increased revenues available to states and local governments for development projects.

“Since 2023, our reforms have restored stability and credibility to economic management.

“Federation revenues have risen, providing states and local governments with more resources for infrastructure, education, healthcare and security,” he said.

Tinubu added that fiscal transparency had improved, leakages reduced and public funds better aligned with national priorities.

He said that investor confidence had returned, resulting in increased investments in agriculture, energy, manufacturing, technology, mining, transportation and the creative industry.

The president further stated that domestic refining capacity had expanded, this enhancing energy security and reducing dependence on imported petroleum products.

On electricity, Tinubu said his administration inherited a sector plagued by generation shortfalls, unreliable gas supply, weak transmission infrastructure, huge distribution losses and a metering deficit exceeding four million.

He said the sector was further constrained by substantial legacy debts across the electricity value chain.

To address the challenges, Tinubu said he signed the Electricity Act, which empowered states to generate, transmit and distribute electricity.

He added that the Presidential Power Sector Task Force had been mandated to tackle the metering deficit and raise a N4 trillion bond to settle verified legacy debts.

According to him, the Rural Electrification Agency, with support from the World Bank and African Development Bank, has expanded off-grid and mini-grid power solutions to underserved communities, universities, markets and hospitals.

“Electricity is a democratic dividend we owe every Nigerian. We intend to deliver it,” he assured.

Tinubu said the ongoing infrastructure projects across the country were connecting producers to markets, while creating employment and business opportunities.

He disclosed that the National Agricultural Development Fund would deploy 10,000 tractors over a five-year period, while more than 1,000 small and medium enterprises (SMEs) had been certified for export.

The president added that non-oil exports grew by 21 per cent in the past year.

He, however, acknowledged that many Nigerians still faced economic hardship, assuring that the administration remained focused on reducing inflation, boosting food production, creating jobs and improving living standards.

“We are moving from uncertainty to stability. The next phase is about accelerating growth and ensuring the benefits are felt in every home, every community and every region.

“We believe that democracy must be felt in the pocket,” Tinubu said.

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The Senate has dissociated itself from remarks attributed to Adams Oshiomhole (APC-Edo), describing Nigerian National Petroleum Company Limited (NNPCL) as “a bunch of criminals and thieves”.

The upper chamber clarified that the statement did not represent its official position, findings, resolutions or opinions.

The resolution was sequel to a motion sponsored by Senate Leader, Opeyemi Bamidele, during plenary on Thursday.

Oshiomhole had, on Wednesday at a meeting of the Senate Public Account Committee with NNPCL, described the company as “a bunch of criminals and thieves”.

The committee, chaired by Ibrahim Dankwambo, had ordered the arrest of a former Group Managing Director of NNPC, Mele Kyari, for refusing to appear before it over unaccounted N210 trillion from 2017 to 2023.

Presenting the motion, Bamidele argued that while Sections 88 and 89 of the Constitution grant investigative and oversight powers to the National Assembly, the authority to issue warrants compelling the attendance of witnesses is vested in the presiding officer of the legislative chamber.

According to him, Sections 4, 5 and 6 of the Legislative Houses (Powers and Privileges) Act confer the power to issue warrants exclusively on the Senate President in matters relating to Senate proceedings and committees.

Bamidele warned that any attempt by a senate committee to independently issue or execute a warrant of arrest without authorisation from the senate president could amount to an unlawful exercise of power.

“The power to issue a warrant affecting the liberty of a citizen is an extraordinary statutory power which must be exercised strictly in accordance with the procedure prescribed by law,” he stated.

The senate leader further maintained that legislative investigations were not substitutes for criminal prosecution and that neither individuals nor institutions should be presumed guilty before the conclusion of investigations or judicial determination.

“The constitutional doctrine of fair hearing and the presumption of innocence require that no person or institution be adjudged guilty except by a court of competent jurisdiction after due process of law,” he said.

Bamidele argued that describing NNPCL as “a bunch of criminals and thieves” was capable of conveying a conclusion of criminal culpability before the completion of any lawful investigation.

He warned that such statements could be interpreted by the public as the official position of the senate and undermine confidence in the impartiality of ongoing oversight proceedings.

Deputy Senate President, Jibrin Barau, backed the motion, describing it as part of the constitutional responsibilities of the senate leader.

Barau stressed that committees were subordinate organs of the senate and could only make recommendations rather than independently exercising powers reserved for the chamber.

“The committee overstepped its bounds, and he (Senate Leader) has done the right thing by drawing attention to it,” Barau said.

Also, the Senate Chief Whip, Mohammed Monguno, described the motion as a necessary intervention to preserve the credibility of the legislature.

According to him, it will be contradictory for lawmakers to make laws for national governance while simultaneously violating those same laws.

“The senate, being the highest law-making body of the country, should not only be above board but should be seen manifestly to be above board,” he added

Senate Minority Leader, Abba Moro, equally emphasised the importance of maintaining decorum and avoiding statements capable of damaging reputations.

“We should not make statements that seek to impugn the characters of public officers or individuals in the society,” Moro said.

However, while defending himself, Oshiomhole stated that his remarks were made in reaction to what he described as provocative conducts by officials appearing before the Public Accounts Committee.

He said that the committee was investigating audit reports indicating that NNPCL had not properly accounted for approximately ₦210 trillion, findings he said originated from auditors appointed by the company itself.

“I acted under provocation because distinguished senators were being attacked unjustly,” he explained.

Oshiomhole insisted that he was defending the integrity of the senate and denied any intention to embarrass the institution.

In his remarks, Senate President, Godswill Akpabio, said: “I must say that sometimes provocation can lead to unfortunate situations.

“If you understand the role of the NNPCL in our economy, you will appreciate how damaging such an impression could be.

“The corporation enters into important bilateral agreements on behalf of Nigeria and remains critical to the country’s economic interests.

“If the Nigerian senate is perceived as criminalising the institution, it could undermine confidence in Nigeria and affect international business relationships,” Akpabio said.

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A former Chief Financial Officer (CFO) of Nigerian National Petroleum Company Limited (NNPCL), Umar Ajiya, says no money is missing, contrary to reports that the company could not account for N210 trillion audit queries of the Auditor-General for the Federation.

Ajiya stated this on Wednesday in Abuja after presenting his report on the queries raised in the audit reports from 2017 to 2023.

“Mr Chairman and distinguished senators, I want to assure this committee and indeed, all Nigerians that no money is missing.

“Many of us appearing before this committee today have, over the past five or six years, consistently presented and defended the accounts and reports of the company.

“If any money had gone missing during our period of supervision, we would not have had the courage to publish our audited accounts.

“For over 44 years, the company’s accounts were either not prepared or, when prepared, were not made public. In many instances, they were not even made available to the auditor-general.

“We decided to change that culture by ensuring that the accounts were submitted to the auditor-general and published on our website for public scrutiny.

“We wanted Nigerians to examine them, ask questions and help restore trust in NNPC by moving away from the era of opacity.

“Having carefully reviewed the report, I observed that two key figures generated significant public concern.

“The first is the claim that N5.8 billion was spent to register the new company, NNPC Limited,” he said.

Ajiya described the claim as inaccurate, adding that the actual amount used for the registration was N2.9 billion, and was paid directly to two government agencies.

He said that the money was paid to the Corporate Affairs Commission (CAC) and Federal Inland Revenue Service (FIRS), now known as Nigeria Revenue Service (NRS).

“This can be independently verified with both agencies,” he stated.

Ajiya stated that someone might have misinterpreted the accounting records under the Petroleum Industry Act (PIA) or from the Federal Ministry of Finance.

“They are the shareholders representing the Nigerian people. ”

“Since MOFI did not provide the funds for the registration, NNPC paid the registration fees on behalf of the shareholders.

“Subsequently, the relevant entities recorded the transaction in their respective books, as required under standard accounting procedures.

“It appears that whoever advised the committee may have added the figures recorded in different books and mistakenly concluded that N5.8 billion was spent.

“No third party was paid to register the company. The funds were paid directly by NNPCL to government agencies, and that fact can be verified,” he said.

The former NNPCL chief said that unfounded claims had done real damage and harmed the reputations of individuals, the company and Nigeria in general.

“International rating agencies use public information to assess countries; negative, inaccurate reports can hurt Nigeria’s credit rating and our national interests.

“We have seen this before, while seeking about 2.5 billion dollars in Chinese financing for the Ajaokuta-Kaduna-Kano gas pipeline.

“An unpatriotic petition was submitted to Chinese authorities. Despite a sovereign guarantee, the financing was disrupted and the project remains uncompleted.

“Actions like that discourage public servants. At times, it is frustrating.

“But as Nigerians, we remain committed to serving our country and contributing to its development.

“When people claim N210 trillion is missing, they should be asked: where exactly did it go?

Agencies like the Nigerian Financial Intelligence Unit and the EFCC should investigate and establish the facts so Nigerians can trust the truth,” he said.

The committee consequently adjourned hearing and directed Ajiya and Bala Wunti, who served as Chief Upstream Investment Officer during the period under review, to reappear before it in two weeks.

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The Senate Committee on Public Accounts has issued a warrant of arrest on former Group Chief Executive Officer (GCEO) of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, over his alleged repeated refusal to honour the committee’s summons.

Reports that the committee had invited leadership of NNPCL to appear before it to respond to audit queries involving a cumulative sum of N210 trillion spanning 2017 to 2023.

The audit queries emanated from the audit report of the Office of the Auditor-General for the Federation on expenditures of MDAs from 2017 to 2023.

The public accounts committee had said that the Group Chief Executive Officer of NNPCL, Bayo Ojulari, was expected to lead the delegation.

Other officials listed to appear included Kyari, former Chief Financial Officer, Umar Ajia, Bala Wunti and the company’s external auditors.

However, at the resumed hearing of the committee on Wednesday, Kyari was absent, a development that infuriated the lawmakers.

Victor Umeh, who moved the motion to issue warrant of arrest, said Kyari’s attitude showed that he was not taking the committee serious.

“Kyari should be here; we cannot wait for him to appear before us at his convenience.

“It is a national emergency that Mele Kyari should cut short his trip anywhere in the world and return home.

“He should come before this committee to answer the questions put by the auditor-general for the federation against NNPCL.

“So if I am to say, I will say that this committee should issue a warrant of arrest against Kyari.

“We are talking about trillions of naira. The country is not faring well. If we have access to these funds, we will not be in this financial challenge.

“He must come and explain what has happened to these funds. So I so move that he should be issued a warrant of arrest,” Umeh said.

However, Tony Nwoye said that Kyari had spoken to him, assuring him that he would appear at the resumed hearing of the committee.

Nwoye said that the current information available to him indicated that Kyari was currently hospitalised at a hospital in Germany.

“I spoke to Mele Kyari; that was a week ago; he promised that he would be here.

“But incidentally, I learnt last night that the man is hospitalised in Germany; yes, he is in hospital in Germany,” the senator said.

Onyekachi Nwaebonyi, who attempted to shut down Nwoye from further making remarks, said that his colleague, Nwoye, was not the lawyer representing Kyari and as such, had no right to defend his absence.

He noted that Kyari had ignored summons by the committee for nine consecutive times.

Nwaebonyi consequently seconded Umeh’s motion, saying that a warrant of arrest should be issued on the former NNPCL GCEO.

Chairman of the Committee, Ibrahim.Dankambo, consequently affirmed the motion, following a unanimous voice vote by members of the committee on the motion.

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Governor Babajide Sanwo-Olu of Lagos State says the successful conclusion of Invest Lagos Summit 3.0 has provided practical proof that Lagos is Africa’s business gateway, attracting global investors, development partners and strategic institutions.

Sanwo-Olu stated this on Tuesday at the closing ceremony of the two-day Invest Lagos Summit 3.0 held at Eko Hotel and Suites, Victoria Island, Lagos.

The governor said the summit moved beyond theoretical discussions about Lagos’ investment potential, noting that commitments secured during the event reflected growing international confidence in the state’s economy.

“At the beginning of this Summit, we posed a simple but profound question to ourselves and to the world: ‘Is Lagos the Business Gateway to Africa?’

“As we conclude Invest Lagos Summit 3.0, the answer is no longer theoretical. The answer is yes,” he said.

According to him, the confidence expressed by investors, signed Memoranda of Understanding (MoUs), partnerships established and investment commitments secured during the summit demonstrate Lagos’ strategic importance in Africa’s economic future.

Sanwo-Olu said the agreements signed between Lagos State and its investment partners are designed to deliver tangible economic outcomes rather than remain ceremonial documents.

“These are not ceremonial documents. They are instruments of execution.

“They represent investments to be facilitated, projects to be delivered, jobs to be created and prosperity to be shared,” he said.

The governor said the state would deploy a post-summit investment conversion framework to monitor, track and support all commitments made during the summit.

“Success is not measured by the quality of discussions alone. Success is measured by implementation.

“We govern transparently. We deliver intentionally. And we remain accountable for results,” he said.

Sanwo-Olu said one of the summit’s highlights was the Governors’ Investment Showcase, which demonstrated growing sub-national competitiveness in line with President Bola Tinubu’s Renewed Hope Agenda.

He said governors from Lagos, Abia, Imo, Nasarawa and Plateau States presented compelling investment opportunities rooted in their comparative advantages while promoting a broader narrative of a business-friendly Nigeria.

“What we witnessed from the governors was a practical demonstration of a Nigeria that is open for business, committed to reform and determined to compete successfully for global capital,” he said.

The governor said discussions on infrastructure underscored its importance as the foundation of economic competitiveness.

He noted that projects such as the Blue Rail Line, Red Rail Line, Lekki International Airport, road networks, port modernisation initiatives and energy investments are already transforming the state’s economic landscape.

“These are not aspirations. These are projects under implementation.

“They are funded. They are progressing. And they are transforming the investment landscape of our State,” he said.

Sanwo-Olu said the African Continental Free Trade Area (AfCFTA) had further strengthened Lagos’ position as a strategic gateway linking investors to Nigeria and Africa’s broader market.

“With the African Continental Free Trade Area creating a market of over 1.4 billion people and a combined GDP exceeding three trillion dollars, Lagos occupies a uniquely strategic position.

“We are not merely a city. We are a gateway connecting investors to Nigeria, connecting Nigeria to Africa and connecting Africa to global markets,” he said.

The governor acknowledged international partners, including the European Union, Agence Française de Développement, UNDP, Afreximbank, British International Investment and the Commonwealth Enterprise and Investment Council, for supporting Lagos’ investment ambitions.

He described Lagos’ creative economy as one of its strongest competitive advantages, citing the global success of Afrobeats, Nollywood, fashion and digital content creation.

“Our music, film, fashion, technology ecosystem and creative industries have become powerful economic assets that project Nigeria’s influence globally while generating jobs, investment opportunities and export earnings.

“Culture is no longer simply an expression of identity. It is an engine of growth. It is an investment opportunity,” he said.

On energy, Sanwo-Olu said Lagos was creating opportunities for private sector participation through electricity market reforms, renewable energy investments and regulatory innovations.

“Energy security is economic security, and Lagos is taking deliberate steps to strengthen both,” he said.

The governor noted that Lagos had built credibility through consistency in policy implementation and infrastructure delivery since 2019.

“We promised transformational transportation infrastructure and delivered rail.

“We promised improved ease of doing business and implemented reforms. We promised digital transformation and invested in innovation,” he said.

According to him, investors are attracted to destinations where governments demonstrate consistency, predictability and execution capacity.

“That is the Lagos proposition. To our investors and partners gathered here today, let me assure you: the government receiving your investment is one with a proven track record of delivery,” he said.

Sanwo-Olu said Lagos was strengthening institutions through initiatives such as the Lagos International Financial Centre, investment facilitation frameworks, digital governance reforms and post-summit conversion mechanisms.

He urged future leaders of the state to sustain relationships and opportunities created through the summit.

“The relationships established here belong to Lagos. The opportunities identified belong to Lagos. The partnerships forged belong to Lagos.

“And the responsibility to nurture, deepen and convert them belongs to all who will have the privilege of serving this great state,” he said.

The governor thanked the summit’s co-chairs, organisers, speakers, delegates, development partners, security agencies, media organisations and investors for contributing to its success.

He said visiting investors would tour strategic economic assets, including the Dangote Petroleum Refinery, Lekki Free Zone, ports, industrial clusters and manufacturing facilities.

“What they will see is not a city waiting for transformation. They will see a city already undergoing transformation. A city building at scale. A city investing with purpose. A city preparing for the future,” he said.

Sanwo-Olu said Lagos was not merely participating in Africa’s growth story but actively shaping it.

“Africa’s Business Gateway is open. And the world is welcomed,” the governor said.

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The Nigeria Labour Congress (NLC) has rejected any proposal to impose tax on the national minimum wage, insisting on urgent adoption of a living wage for Nigerian workers.

Joe Ajaero, NLC President, disclosed this to Journalists on the sidelines of the ongoing 114th Session of the International Labour Conference(ILC) on Tuesday in Geneva Switzerland.

Ajaero said organised labour would resist any attempt to tax minimum wage earners, describing such policy direction as “unjust and insensitive” to prevailing economic hardship across the country.

“We reject outright any attempt to tax the minimum wage or place levies on poor Nigerian workers,” Ajaero said .

He said the current wage structure no longer reflects Nigeria’s economic realities, adding that inflation, rising food prices and transport costs have worsened the living conditions of workers nationwide.

Ajaero said organised labour would soon commence fresh negotiations for a new minimum wage, stressing that the process would begin by July 2026 to avoid past delays and administrative bottlenecks.

“As soon as we leave here, we shall write again to government, demanding commencement of the process for renegotiating the National Minimum Wage,” he said.

He said that labour’s demand goes beyond wage adjustment, stressing that Nigerian workers deserve a genuine living wage capable of meeting basic needs under current economic pressures.

“We demand nothing less than a genuine living wage that reflects today’s high-speed economic realities facing Nigerian workers,” Ajaero said.

The NLC president called on federal, state and local governments to introduce immediate relief measures for workers pending conclusion of ongoing wage negotiations.

He said that failure to provide relief would worsen economic hardship, especially among low-income earners already struggling with high cost of living.

Ajaero said  that the minimum wage negotiation process would remain a tripartite arrangement involving government, organised labour and private sector stakeholders for fair outcomes.

He said some states had already begun paying above the current minimum wage, proving that higher wage structures were economically feasible within Nigeria’s federating units.

“Some states are paying N85,000, some are paying N100,000. It shows that N70,000 is no longer realistic or relevant,” he said.

Ajaero urged governors to demonstrate leadership by improving workers’ welfare ahead of formal negotiations at the national level.

He reaffirmed that organised labour would continue to defend workers’ rights and resist policies that deepen poverty or undermine gains of collective bargaining.

The NLC president expressed optimism that the upcoming negotiation process would produce a fair, realistic and sustainable wage structure for Nigerian workers.

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Dangote Industries Limited has reinforced its position as Africa’s most influential corporate brands after emerging as the continent’s Most Admired African Brand for the eight consecutive years, while its Group Chief Branding and Communications Officer, Anthony Chiejina, was named among Africa’s 100 Most Influential Chief Marketing Officers.

The recognition was announced at the 16th annual Brand Africa 100: Africa’s Best Brands rankings unveiled in Addis Ababa, Ethiopia. The survey, regarded as Africa’s most comprehensive consumer-led brand study, covered 30 countries representing more than 85 per cent of the continent’s population and economic output.

In the latest rankings, Dangote emerged as Africa’s Most Admired Brand in aided recall, ahead of South Africa’s MTN and Vodacom. In the spontaneous recall category, it ranked second among African brands, behind MTN and ahead of Trade Kings. The Group also retained its position as Africa’s Most Admired Industrial Brand and was ranked the No. 1 African Brand Contributing to a Better Africa, ahead of MTN, DStv, Shoprite/Checkers and Trade Kings, reflecting its significant contribution to industrialisation, job creation, economic development and sustainable growth across the continent.

The rankings show Dangote’s growing influence as one of Africa’s most recognisable corporate brands, built on investments spanning cement, fertiliser, petrochemicals, energy, sugar, salt, packaging and logistics. Brand Africa noted that despite a modest rebound in African brand recognition, homegrown brands still account for only 15 per cent of Africa’s 100 most admired brands, highlighting the continued dominance of foreign brands across the continent.

Brand Africa Founder and Chairman, Thebe Ikalafeng, described the promotion and support of African brands as a critical economic imperative for the continent.

“Converting goodwill towards African contribution into admiration for African brands is the most urgent commercial opportunity for the continent. It is not enough for Africans to believe in Africa, they must buy Made-in-Africa,” he said.

The survey also ranked Dangote among Africa’s leading brands in sustainability and social impact, placing second in the category of brands recognised for doing good for society, people and the environment.

Despite the dominance of global brands across Africa, Dangote has cemented its position as one of the continent’s leading corporate brands, alongside MTN and Ethiopian Airlines. The three emerged as the highest ranked African brands in the 2026 Brand Africa rankings, standing out on a list dominated by global names such as Nike, Adidas, Samsung, Apple and Coca-Cola. The achievement is notable given that African brands accounted for just 15 per cent of the Top 100 rankings, compared with 38 per cent for European brands, 28 per cent for North American brands and 19 per cent for Asian brands.

Further strengthening the Group’s standing, its Group Chief Branding and Communications Officer, Anthony Chiejina, was selected for the inaugural Africa CMO 100 (ACMO100) list, which recognises the continent’s most impactful marketing, brand and reputation leaders.

The ACMO100 initiative, launched by Brand Africa in partnership with African Business magazine, MIPAD and the African Media Agency, honours marketing executives whose work is shaping Africa’s business narrative, strengthening brand equity and driving economic growth across the continent and the diaspora.

Chiejina was among only 20 executives selected from West Africa and one of 17 Nigerians recognised for their contribution to brand building, corporate reputation management and strategic communications.

According to Brand Africa, the selection process was based on independent research, industry impact, leadership influence and contribution to the growth of brands that shape consumer perceptions and economic outcomes across Africa.

The latest recognition adds to a growing list of honours for Dangote Industries, which was inducted into the Brand Africa Hall of Fame last year for consistently ranking among Africa’s most admired brands over more than a decade. Its President and Chief Executive, Aliko Dangote, was also honoured with a Lifetime Achievement Award for championing industrialisation and building one of Africa’s most successful indigenous enterprises.

Credit Dangote Group PR

Dangote Petroleum Refinery & Petrochemicals has increased its crude oil processing capacity to 700,000 barrels per day (bpd), surpassing its official nameplate capacity of 650,000 bpd.

The achievement was confirmed during a performance test conducted by the refinery’s process licensors and represents a major milestone in the facility’s operational growth.

It further strengthens the refinery’s position as the world’s largest single-train petroleum refinery.

In a statement issued on Thursday in Lagos, Head of Corporate Communications, Anthony Chiejina, said the increased capacity highlights the refinery’s strong engineering design and operational efficiency.

Speaking on the development, Vice President of oil and gas at Dangote Industries Limited, Devakumar Edwin, said the refinery plans to expand its processing capacity to 1.4 million bpd within the next 30 months.

According to him, the goal is to position the facility among the largest refineries in the world.

Edwin noted that the expansion would enhance Nigeria’s energy security, eliminate dependence on imported petroleum products, and strengthen the country’s position as a major exporter of refined products.

He added that the refinery’s long-term vision extends beyond meeting domestic demand to becoming a leading refining hub for Africa and the global market.

Owned by Nigerian industrialist Aliko Dangote, the refinery began fuel production in 2024 and has steadily increased output of petrol, diesel, aviation fuel, and other petroleum products.

“It currently supplies both local and international markets, exporting products to several African countries as well as destinations in Europe, including the United Kingdom, France, Spain, Italy, and the Netherlands.

“The refinery has also supplied gasoline to the United States and jet fuel to Saudi Arabia.

The refinery has emerged as a key stabilising force in the energy sector, particularly amid global supply disruptions linked to tensions in the Middle East,” he added.

He said that as a result, several African countries now rely on the refinery to support their energy security needs.

In April, Dangote Petroleum Refinery was reported by S& P Global Commodities as the world’s largest exporter of jet fuel, further demonstrating its growing influence in global energy markets.

The refinery has also played a significant role in improving fuel availability in Nigeria, reducing the country’s reliance on imported petroleum products and helping to ease pressure on foreign exchange reserves.

Its expansion supports national efforts to boost local refining capacity and maximise value from Nigeria’s crude oil resources.

Rising production levels have attracted increasing interest from international crude oil suppliers and commodity traders, with the refinery sourcing feedstock from both local and foreign producers.

Looking ahead, Aliko Dangote has outlined plans to expand the refinery’s capacity to 1.4 million bpd by 2028.

The proposed expansion is expected to generate significant economic benefits, including job creation, increased industrial activity, and improved trade balances.

The refinery is also expected to support downstream manufacturing through a reliable supply of liquefied petroleum gas (LPG), polypropylene, and other industrial feedstocks used in the production of packaging materials and consumer goods.

Future plans also include the production of Linear Alkylbenzene (LAB), a key raw material used in detergent manufacturing.

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Work has fully resumed at the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) following the suspension of the one-day strike embarked upon by the union members.

Eniola Akinkuotu, Head, Media and Corporate Communications, NUPRC in a statement on Tuesday said that the industrial action was called off on Monday night after a successful negotiation between NUPRC management and the two in-house unions.

“It was called off after a successful negotiation between the top management of the NUPRC, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG),” he said.

Akinkuotu said that the strike, which lasted for 12 hours, affected only administrative work while regulatory activities in the oil and gas facilities were unaffected.

“The Commission, therefore, call on members of the public to disregard false reports on crude oil production disruptions as well as misleading publications stating that the disagreement centered on foreign training.

“Lastly, the NUPRC promised to improve the operating environment of its workforce and prioritise staff development in line with the Petroleum Industry Act,” he said.

Members of PENGASSAN had on Monday blocked access to the NUPRC’s headquarters in protest of alleged irregularities in foreign training placements, forcing suspension of administrative services.

A competent source within the commission said the disagreement was caused by the management’s decision to prioritise local training programmes over foreign capacity-building initiatives.

He said that the workers opposed it and insisted that overseas training programmes should continue.

The source said that the commission had argued that conducting specialised training within Nigeria would help reduce costs while strengthening domestic institutional capacity.

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), says Nigeria’s oil and gas production remains unaffected following the closure of its offices nationwide by protesting workers.

The strike has paralysed administrative activities at the commission offices.

Eniola Akinkuotu, Head, Corporate Communications and Media, NUPRC,  said this while reacting to the ongoing industrial action.

Members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) had blocked access to the NUPRC’s headquarters in protest over alleged irregularities in foreign training placements, forcing suspension of administrative services.

“It is true that some administrative activities were affected today due to industrial action taken by the unions. However, this has not in any way impacted activities in oil and gas facilities or production in general.

“The top management of the commission is meeting with the unions in order to put an end to the strike and ultimately restore normalcy,” he said.

Akinkuotu said regulatory oversight and field monitoring remained in place.

Protesting workers shut down operations of the commission nationwide after negotiations with management reportedly broke down over issues relating to overseas training opportunities.

Competent sources said the disagreement was caused by the management’s decision to prioritise local training programmes over foreign capacity-building initiatives.

A member of staff, who claimed anonymity, said the management of the commission argued that conducting specialised training in Nigeria would reduce costs and strengthen domestic institutional capacity.

NUPRC management insisted that training programmes, including those linked to Factory Acceptance Tests for Positive Displacement (PD) Meters should be conducted locally rather than overseas.

The workers, however, rejected the position and embarked on strike, thus raising concerns over the impact of prolonged labour unrest on regulatory activities.

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Nigeria’s Assets Under Management (AUM) increased from N3.2 trillion to N10 trillion within the last two years, the Securities and Exchange Commission (SEC) has said.

The Director-General of SEC, Emomotimi Agama, disclosed this on Monday in Lagos during an event marking Nigeria’s transition to the T+1 settlement cycle.

Agama said the growth reflected rising investor confidence and the positive impact of ongoing reforms in the Nigerian capital market.

He noted that the market had achieved several historic milestones in recent months, including record growth in market capitalisation.

“The Nigerian capital market has recorded historic milestones. Within two years, the nation’s AUM grew from N3.2 trillion to N10 trillion.

“In February 2026 alone, market capitalisation expanded by N17.6 trillion, representing the highest single-month gain in the market’s history,” he said.

Agama said domestic and foreign portfolio investments on the Nigerian Exchange Ltd. (NGX) rose to N1.803 trillion in April 2026.

“This represents a 3.35 per cent month-on-month increase and a remarkable 274.05 per cent year-on-year rise from N482 billion in April 2025.

“For the first four months of 2026, total market transactions reached N5.952 trillion, more than double the N2.714 trillion recorded in 2025,” he said.

The SEC chief described the figures as unprecedented and evidence of the growing strength of Nigeria’s capital market.

He added that the market’s contribution to Nigeria’s Gross Domestic Product (GDP) had increased significantly.

According to him, the market’s contribution to GDP rose to 33 per cent in 2025.

He said market capitalisation also recorded a 125 per cent increase from about N55 trillion in April 2024.

Agama noted that in spite of the strong performance, there remained considerable room for improvement.

He disclosed that foreign participation in Nigerian equities increased from 9.9 per cent in 2023 to 22.2 per cent in 2025.

He described the increase as a meaningful recovery for the market.

“However, there is still significant room to close the gap, and T+1 is one of the most important tools available to achieve that,” he said.

Agama expressed confidence that the T+1 settlement cycle would improve efficiency, boost liquidity and strengthen Nigeria’s competitiveness among global investment destinations.

He said the transition represented a milestone for the market but also imposed new responsibilities on operators.

According to him, the shorter settlement cycle would place greater pressure on smaller market participants to automate operations and strengthen back-office processes.

He said stockbrokers, custodians and registrars relying on legacy systems and manual workflows could no longer afford delays tolerated under the T+2 regime.

Agama stressed that trade confirmations, reconciliations and funding decisions must now be completed more quickly.

He added that the entire industry must adapt to the demands of a faster and more efficient settlement environment.

The SEC boss also announced that the commission would launch the Nigerian Capital Market Master Plan 2.0 between June and July.

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The Nigeria Employers’ Consultative Association (NECA) says businesses across the country are yet to fully experience the expected benefits of the Federal Government’s ongoing economic reforms.

Adewale-Smatt Oyerinde, Director-General of NECA, said this in Abuja while assessing the administration’s economic performance.

Oyerinde acknowledged that the removal of fuel subsidy and liberalisation of the foreign exchange market reflected government’s commitment to market-driven economic policies and improved transparency across sectors.

He said the reforms had enhanced fuel availability, reduced recurring supply disruptions and signalled policy consistency to both local and foreign investors.

According to him, while there are indications of improved investor confidence, many domestic businesses, particularly Micro, Small and Medium Enterprises (MSMEs), continue to contend with operational challenges.

He said depreciation of the naira had increased production costs, affected competitiveness and heightened operational risks for many businesses.

“Many private sector operators are yet to experience the anticipated gains of the reforms as they continue to grapple with inflation, energy costs and exchange rate volatility,” he said.

Oyerinde said declining consumer purchasing power and increasing production expenses had placed pressure on businesses, with some firms adjusting investment plans and operations in response to prevailing economic conditions.

On infrastructure and refining, Oyerinde said developments in housing, industrial investments and local petroleum refining had created opportunities and contributed to improved fuel supply.

He, however, identified power supply as a major challenge facing businesses, citing persistent grid instability and reliance on alternative energy sources.

“In spite of the ongoing reforms in the power sector, insufficient electricity supply remains the number one constraint to business productivity and competitiveness across the country,” he said.

Oyerinde said that although some macroeconomic indicators, including foreign reserves and government revenues, had shown improvement, the gains were yet to be broadly reflected in business operations and household welfare.

“Inflation, high energy costs, multiple taxation, logistics challenges and weak consumer spending continue to constrain productivity and limit business expansion,” he said.

The NECA director-general said employers remained cautious about large-scale recruitment amid high borrowing costs, foreign exchange volatility and rising operating expenses.

According to him, sustainable job creation will depend on deeper structural reforms that reduce the cost of doing business and improve access to affordable finance.

He urged government to prioritise stable power supply, lower energy costs, tax harmonisation, policy consistency and foreign exchange stability to accelerate economic recovery and strengthen investor confidence.

Oyerinde also called for increased investment in technical and vocational education, digital skills development and stronger public-private sector collaboration to enhance workforce readiness and enterprise growth.

He advocated support for local production through patronage of made-in-Nigeria goods, infrastructure development and improved security in key business and investment corridors.

Oyerinde expressed optimism that sustained reforms and targeted interventions would enable businesses to experience broader benefits capable of driving growth, employment and long-term economic development.

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African leaders have called for greater investment in energy, infrastructure, industrialisation and climate finance to accelerate the continent’s development and economic transformation.

The leaders made the call during a presidential dialogue held at the 2026 Annual Meetings of the African Development Bank (AfDB) Group in Brazzaville.

They emphasised the need for Africa to mobilise more private capital and strengthen partnerships to finance large-scale development projects.

The high-level panel discussion, featured the presidents of Gabon, Brice Nguema, Central African Republic, Faustin-Archange Touadéra and host, President Denis Nguesso of the Republic of Congo and the AfDB president Sidi Ould Tah.

The President of the Republic of Gabon said his country was working to transform its natural resources and biodiversity assets into long-term economic growth through eco-tourism and carbon-credit initiatives.

“We would like to develop our forests while preserving nature,” Nguema said.

The Gabonese president also called for greater international compensation for Congo Basin countries preserving global forest ecosystems.

President Nguesso of Congo emphasised the importance of economic diversification beyond oil and gas, highlighting Congo’s plans to expand fertiliser production using its reserves of potash, phosphate and natural gas.

He also underscored the importance of energy generation to Africa’s industrial growth, citing the hydropower potential of the Congo River basin.

“It is not possible to achieve development without energy,” he said.

The Central African Republic president, Touadéra appealed for stronger support to unlock the economic potential of landlocked African countries through investments in roads, electricity and regional connectivity.

“We have huge potential. Today we have peace, and there are several sectors that can attract investors,” he said.

Responding to concerns over Africa’s financing gap, the AfDB president said the continent possessed an estimated four trillion dollars in African-held financial resources that could be leveraged for development.

“It is our role at the bank to work with states and financial institutions to design bankable projects and mobilise the necessary financing,” he said.

The leaders also stressed the importance of investing in Africa’s youth through education, engineering and technical training to drive long-term economic transformation.

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The Airline Operators of Nigeria (AON) has reacted to the claim that its members are indebted to the Nigeria Civil Aviation Authority (NCAA) for services the agency rendered.

The association said in a statement in Lagos that all services rendered by NCAA to domestic airline operators were fully paid for in advance on a cash-before-service basis.

AON also said that NCAA issued invoices for all regulatory services it provided, including validation of crew operating licences, aircraft inspections and documentation renewals.

It emphasised that airline operators were  required to settle  such charges in advance, saying that compliance had been strict.

“In practice, no domestic airline in Nigeria receives NCAA regulatory services without first making  full payments.

“This long-standing policy and procedure remains firmly in place.

“Consequently, suggestions that domestic airline operators are indebted to the NCAA for regulatory services are factually inaccurate.

“What the NCAA refers to as ‘outstanding charges’ relates solely to the five per cent Ticket Sales Charge (TSC), a tax imposed by NCAA on passengers for no services rendered to passengers,” it said.

The association said that the tax was  not in consonance with the dictates of international aviation.

“This is entirely different from regulatory service fees,” it said.

‎‎The AON also said that several  airlines maintained dedicated accounts from which the NCAA drew monthly remittances until the forced majure caused by the Iran/Isreal/U.S. conflict that affected global aviation.

According to AON, the operators  have appealed to the Federal Government through the office of Minister of Aviation and Aerospace Development to temporarily suspend payment of all statutory charges.

It said the suspension was to assist airline operators in managing cash flows during the period of severe financial stress caused by increased cost of Jet A1 (aviation fuel).

‎‎It said that President Bola Tinubu had granted 30 per cent concession, adding that AON was waiting for the Federal  Government’s decision on other aspects of the association’s request for intervention.

It called on the Federal Government to amend the Civil Aviation Act to empower  NCAA to collect appropriate charges directly from passengers without routing such through domestic airlines, with effect from June.

“This will relieve domestic airlines of the financial burden of acting as collection agents for the NCAA, since airlines currently bear banking transfer charges and other transaction costs in the process of transmitting funds to the NCAA.

‎“‎The five per cent Ticket Service Charge in question was introduced over 45 years ago under the Government of General Gowon by the then Federal Civil Aviation Authority (FCAA).

“Its continued relevance has not been reviewed ever since.”

It said that FCAA had evolved overtime to several agencies such as NCAA, Nigerian Airports Authority, which later evolved to  Federal Airports Authority of Nigeria and the Nigerian Airspace Management Authority).

“With the creation of each of these agencies, separate taxes, fees, charges and levies were introduced for the Nigerian airline operators to cover their respective services.

‎“‎Meanwhile, the five per cent TSC, which was originally a policy instrument was surreptitiously introduced into the legislation by the NCAA, despite vehement opposition from the AON and other industry stakeholders.

“Domestic airlines, in addition to this five per cent TSC, still pay separately and directly for services provided by the various  agencies, including the NCAA.”

‎The association  called on the Federal Government to review all forms of levies imposed on domestic airline operators.

“The financial impact of these taxes, fees, charges and levies is adverse and burdensome  especially at this period, when the entire world has been exposed to the exogenous shocks of the Iran/Israel/USA crisis.

‎“‎The aviation sector is crucial to the economy as a catalyst and enabler for economic growth.

“The survival of the sector therefore demands urgent and deliberate policy action,” AON said. 

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The Dangote Petroleum Refinery & Petrochemicals is emerging as a major driver of Nigeria’s improving economic outlook, following the country’s sovereign credit rating upgrade by S&P Global Ratings.

In its latest assessment, S&P upgraded Nigeria’s long term foreign and local currency sovereign credit ratings to “B” from “B-”, citing stronger economic growth, improved external balances, rising oil production, and expanded domestic refining capacity as key factors supporting the country’s recovery.

The global ratings agency specifically identified the operational ramp up of the 650,000 barrels per day Dangote Petroleum Refinery & Petrochemicals as a major contributor to Nigeria’s improving balance of payments position and broader economic resilience.

According to S&P, the refinery’s full capacity operations are helping to strengthen Nigeria’s current account surplus, reduce dependence on imported refined petroleum products, and improve foreign exchange liquidity.

“Significant refining capacity is now also online; Dangote Industries Ltd.’s large scale refinery and petrochemical complex has ramped up to near its maximum capacity of 650,000 barrels per day,” the report stated.

S&P projected that Nigeria’s current account surplus would improve to 5.8 per cent of GDP in 2026 from 4.8 per cent in 2025, supported partly by increased domestic refining and hydrocarbon exports.

The report noted that the refinery is helping to ensure the availability of refined fuel, gas, and fertiliser for the domestic market, while also providing a buffer against global supply disruptions triggered by ongoing geopolitical tensions in the Middle East.

The agency further stated that Nigeria’s improving external position has been supported by reduced fuel import dependence, the removal of fuel subsidies, exchange rate liberalisation, and higher oil production.

Foreign exchange reserves, according to S&P, have risen significantly from about $33 billion in 2023 to nearly $50 billion by early 2026, aided partly by lower import demand for refined petroleum products following the commencement of operations at the Dangote Refinery.

The report also highlighted the refinery’s broader role in supporting Africa’s industrialisation ambitions, noting that Nigeria is transitioning from being primarily a crude oil exporter to an emerging producer and exporter of refined petroleum products.

S&P disclosed that Dangote Industries has already unveiled plans to undertake feasibility studies aimed at expanding refining capacity to about 1.4 million barrels per day from the current 650,000 barrels per day.

The agency said the planned expansion, alongside the rehabilitation of other local refineries, could further strengthen Nigeria’s economy and deliver additional gains to the country’s balance of payments position over the next few years.

While acknowledging that global crude oil prices and market driven pricing continue to influence domestic fuel costs, S&P maintained that the increased local refining capacity provides Nigeria with greater energy security and reduced exposure to external supply shocks.

The report also linked Nigeria’s improving macroeconomic outlook to reforms undertaken since 2023, including exchange rate liberalisation, fiscal reforms, higher petroleum revenue remittances, and efforts to improve oil production through enhanced security in the Niger Delta.

S&P said Nigeria’s economic growth is expected to remain firm despite inflationary pressures, with reforms continuing to support investor confidence and non-oil sector expansion.

The stable outlook, according to the agency, reflects a balance between Nigeria’s improving external position and continuing structural challenges such as a narrow tax base, high inflation, and low formal employment levels.

Credit Dangote Group PR

As part of efforts to strengthen collaboration and improve service delivery, the Director of Public Affairs and Consumer Protection, Henry Agbebire, has met with members of the Airline Operators Committee (AOC) at the Murtala Muhammed International Airport, Lagos.

The meeting which was a lively interactive session, provided all parties with the opportunity to discuss issues of mutual benefit.

Speaking during the engagement, Agbebire noted that the session was specifically aimed at fostering a stronger working relationship between the Departments of Protocol and Passages and airline operators.

He emphasised that FAAN, through the Directorate and in collaboration with the Ministry of Foreign Affairs, remains the legally recognised authority responsible for protocol services at the airports. He further stressed the need for a one-on-one relationship with airlines to ensure seamless coordination and the efficient provision of special protocol services.

Agbebire appealed to airline operators to accord FAAN Protocol priority attention and fast-track processes at check-in counters whenever protocol arrangements are involved. He also assured stakeholders that FAAN remains open to discussions aimed at improving operational efficiency and enhancing customer experience.

During the interactive session, airline representatives raised a number of operational concerns, including inadequate signage, malfunctioning or insufficient lifts, staff bus challenges, and poor airport markings. They also sought greater support to improve customer experience.

Responding, the FAAN Director of Public Affairs and Consumer Protection assured stakeholders that all complaints and observations raised during the meeting would be carefully reviewed with a view to improving service delivery and operational standards across the airports.

Credit FAAN PR

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says Nigeria’s macroeconomic fundamentals remain resilient enough to support a gradual return to lower inflation.

Cardoso stated this on Wednesday in Abuja while presenting the communiqué from the 305th meeting of the Monetary Policy Committee (MPC).

The MPC retained the Monetary Policy Rate (MPR) at 26.5 per cent and left all other monetary parameters unchanged.

The committee also retained the asymmetric corridor around the MPR at +500/-100 basis points.

Similarly, the Cash Reserve Ratio (CRR) was retained at 50 per cent for Deposit Money Banks and 16 per cent for Merchant Banks, while the Liquidity Ratio remained at 30 per cent.

Cardoso said that the decisions of the MPC were anchored on a comprehensive assessment of risks to the outlook.

According to him, although inflation has risen marginally for two consecutive months, largely induced by external shocks, the MPC recognised its transitory nature.

He said that the committee remained confident that the current macroeconomic environment was sufficiently robust to support a return to disinflation.

“In reaching its decisions, the MPC particularly noted the spillovers from the Middle East crisis, which have exerted upward pressure on energy prices, cost of transportation and other logistics.

“However, available evidence indicates that the impact of the crisis on the Nigerian economy has been largely muted due to the benefits of prior policy reforms.

“These include exchange rate stability, improvements in external reserve buffers, strengthened monetary policy transmission, well-capitalised banking system and ongoing fiscal consolidation.

The CBN governor said that the reforms had significantly improved the economy’s ability to absorb external shocks.

“As a result, the pass-through of global commodity and energy price shocks to domestic inflation has been significantly mitigated and would have been more pronounced in the absence of these reforms.

“The MPC was, therefore, convinced that the essential conditions for price stability remain firmly in place,” Cardoso said.

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President/Chief Executive, Dangote Group, Aliko Dangote, has said the planned listing of the Dangote Petroleum Refinery & Petrochemicals on the Nigerian Exchange is designed to democratise wealth creation and give Africans direct access to participate in the continent’s industrial transformation.

Dangote spoke during the visit of the leadership of South Africa’s Government Employees Pension Fund (GEPF), alongside the Public Investment Corporation and Alterra Capital Partners, to the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited in Lagos. The South African delegation includes Chairperson of GEPF, Frans Baleni; Principal Executive Officer of GEPF, Musa Mabesa; Deputy Chairperson of PIC, Mongwena Maluleke; Chief Executive Officer of PIC, Patrick Dlamini; and Managing Partner of Alterra Capital Partners, Genevieve Sangudi.

The visit comes amid rising investor interest in Africa-led industrialisation and long-term infrastructure investments. GEPF is Africa’s largest defined benefit pension fund, managing the retirement and associated benefits of more than 1.8 million public sector workers in South Africa, while PIC is the continent’s largest asset manager.

Speaking on the planned refinery listing, Dangote said Africa’s next phase of economic growth must be anchored on large-scale industrial projects capable of creating jobs, strengthening domestic production capacity and generating broad-based prosperity.

“We are opening the doors for investors to participate directly in Africa’s industrial future and the prosperity it will create,” Dangote said.

According to him, the refinery project reflects the scale of untapped opportunities within Africa’s energy market, particularly as most African countries remain dependent on imported refined petroleum products despite growing industrial demand and rising consumption.

Dangote said the Group’s long-term investment strategy is driven by Africa’s expanding energy needs and the urgent requirement for regional refining capacity capable of serving multiple markets across the continent.

The billionaire industrialist noted that demand for products such as polypropylene, aviation fuel and refined petroleum products has exceeded earlier projections, reinforcing the commercial viability of the refinery and shaping future expansion plans.

“We thought about Nigeria first and then exports, but even with our current production, we are practically living hand to mouth because the market demand is extremely high,” he said.

Speaking after the tour of the Dangote facilities in Ibeju-Lekki, the Chairperson of GEPF, Frans Baleni, said that the refinery stands as evidence that Africa can execute transformational infrastructure projects when backed by visionary leadership, long-term investment and strong technical expertise.

“If it can be done anywhere else in the world, it can be done in Africa,” he said. “This project has shown that the continent is capable of achieving world-class industrialisation at scale.”

Baleni added that the significance of the project extends well beyond Nigeria’s borders. “What has been built here is reshaping how the world should think about African industrial capability and it should reshape how Africa thinks about itself. For too long, projects of this magnitude have been associated with other parts of the world. The Dangote Refinery and Petrochemicals Complex is a powerful demonstration that, with visionary leadership and long-term capital, that perception no longer holds. This is the kind of African-led industrial scale that institutional investors on this continent should be backing.”

For his part, Chief Executive Officer of PIC, Patrick Dlamini, described the refinery as one of the most transformative industrial projects undertaken on the continent, saying it is reshaping global perceptions about Africa’s industrial capabilities and economic potential.

Quoting former South African President Nelson Mandela, Dlamini said: “It always looks impossible until it’s done. This project is redefining the story of Africa and the possibilities of Africa.”

He said PIC, which manages about $230 billion in assets largely on behalf of South Africa’s Government Employees Pension Fund, is actively seeking long-term partnerships aligned with infrastructure development, industrialisation and economic transformation across Africa.

“PIC’s mandate is to deploy long-term, patient capital in service of industrialisation, infrastructure and economic transformation across Africa,” Dlamini said. “What we have seen today reinforces our conviction that the next chapter of African prosperity will be written through partnership between African institutional capital and African industrial champions. There is real strategic alignment between Dangote’s industrial agenda and how we are positioning our portfolio, and we look forward to exploring meaningful avenues for collaboration.”

According to him, poverty, unemployment and economic exclusion remain major drivers of instability across Africa, making industrialisation and large-scale job creation critical to the continent’s long-term development.

Credit Dangote Group PR

President of the Dangote Group, Aliko Dangote, has reaffirmed his commitment to boosting food security across Africa through large-scale fertiliser investments, declaring that the continent has the capacity to feed itself and become a net exporter of agricultural products.

Dangote made this known while addressing journalists in Gode, in Ethiopia’s Somali region, during a high-profile visit hosted by Prime Minister Abiy Ahmed.

The Prime Minister personally received Dangote and accompanied him to inspect the site of the proposed fertiliser plant, where construction activities are already underway.

Speaking on the strategic importance of fertiliser in agricultural productivity, Dangote noted that Africa’s food insecurity challenges are largely due to limited access to key inputs.

“Africa holds immense agricultural potential, yet continues to grapple with food insecurity due to limited access to fertiliser,” he said. “Through our investments, we are committed to reversing this trend by boosting productivity, empowering farmers, and advancing a sustainable path to food self-sufficiency.”

He added that the Group’s ambition, though bold, is achievable with sustained investment in fertiliser production and agricultural infrastructure.

“Africa has the capacity to feed itself and even export to the rest of the world. Our fertiliser investments across the continent are designed to unlock that potential and secure a prosperous future for our people,” Dangote stated.

Dangote also announced a significant increase in the Group’s investment in Ethiopia, rising from $2.5 billion to over $4 billion. The expanded scope includes critical infrastructure such as a 110-kilometre pipeline, a 120MW power plant, a polypropylene packaging facility, and a two-million-tonne NPK blending plant, among other new components.

He described Ethiopia as a key strategic destination for Dangote Group’s long-term investments.

“In total, our declared and signed investments in Ethiopia now exceed $4 billion. This makes Ethiopia the second-largest recipient of our investments in Africa, accounting for nearly nine per cent of our continental outlay between now and 2030,” he said.

Dangote further commended Prime Minister Abiy Ahmed’s leadership and vision for economic transformation.

“The Prime Minister is driving development beyond expectations, but such progress requires strong private sector collaboration. We are proud to partner with Ethiopia to help build one of Africa’s most dynamic economies in the coming decade,” he added.

Prime Minister Abiy Ahmed, in his remarks, described Dangote as a trusted partner and commended the pace of work on the fertiliser project, which he said aligns with Ethiopia’s broader development priorities.

He emphasised that the project would significantly boost domestic fertiliser production, reduce dependence on imports, and provide critical support to millions of Ethiopian farmers.

According to the Prime Minister, the fertiliser plant will also create extensive employment opportunities, strengthen the industrial value chain, and reinforce Ethiopia’s position as an emerging agro-industrial hub in Africa.

“This type of large-scale investment demonstrates the power of strong collaboration between government and the private sector,” he said. “Expanding such partnerships will accelerate economic growth, attract further investment, and improve the livelihoods of our people.”

The Dangote fertiliser initiative is widely seen as a transformative step toward reshaping Africa’s agricultural landscape, with the potential to enhance productivity, reduce import dependence, and drive inclusive economic growth across the continent.

Credit Dangote Group PR

Taiwo Oyedele, the Minister of Finance, says Nigeria is emerging as a model for economic transformation in Africa following far-reaching reforms implemented by President Bola Tinubu administration.

Oyedele stated this on Thursday while speaking with Journalists on the sidelines of the Africa CEO Forum in Kigali, Rwanda, attended by President Tinubu.

He said although the reforms undertaken by the administration were difficult, they were necessary measures aimed at laying the foundation for long-term economic stability, sustainable growth, and national competitiveness.

According to him, Africa’s development conversation has moved beyond rhetoric to practical implementation, with growing emphasis on scale, speed, institutional credibility, and sustainable economic transformation.

The minister said Nigeria had demonstrated that bold reforms were achievable and capable of delivering measurable gains when pursued with political will and strategic commitment.

“From the Africa CEO meeting, Nigeria has done very transformative reforms. Africa is no longer just talking about reforms theoretically; Nigeria has become a practical example that implementation is possible,” he said.

Oyedele said the reforms were not expected to be easy, but noted that the country was already beginning to position itself to reap the long-term gains from the difficult decisions.

He said that discussions at the forum focused on scale, speed, credible institutions, development financing, industrialisation, value addition, and lifting millions of Africans out of poverty through inclusive growth strategies.

According to him, African leaders at the forum acknowledged that the era of rhetoric was over and that the continent must now focus on execution and measurable developmental outcomes.

The minister stressed the need for African countries to collaborate more closely to attract global attention, mobilise investments, and strengthen labour-intensive sectors such as agriculture, manufacturing, technology, industry, and services.

Oyedele described Tinubu as Nigeria’s “chief marketer,” noting that the president remained committed to attracting investments into critical sectors of the Nigerian economy.

“You know one very exciting thing about Mr President is that he is never tired of marketing Nigeria. He remains the chief marketer for the country,” Oyedele said.

He said several discussions at the forum centred on mobilising investments in power, mining, infrastructure, and private enterprise as part of broader efforts to reposition Nigeria for inclusive prosperity and sustained growth.

According to him, Nigeria is now presenting a more credible economic story backed by concrete reforms, stronger leadership direction, and growing investor confidence in the country’s long-term prospects.

The minister also highlighted Tinubu’s bilateral meeting with the President of Guinea, describing it as productive discussions centred on regional cooperation, development partnerships, and economic integration.

Oyedele said Tinubu commended Guinea for remaining committed to the Economic Community of West African States (ECOWAS) in spite of  pressures on the country to withdraw from the regional bloc.

He added that both leaders explored collaboration opportunities in iron ore development and broader economic partnerships aimed at strengthening regional integration and shared prosperity across Africa.

The minister reiterated the need for African countries to work together in addressing development financing gaps, industrialisation challenges, poverty reduction, and economic growth through strategic continental cooperation.

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African leaders, business executives and global investors gathered in Kigali on Thursday for the Africa CEO Forum 2026, with renewed calls for stronger regional cooperation and protection of the continent’s strategic interests.

The two-day forum, organised by Jeune Afrique Media Group and co-hosted by the International Finance Corporation (IFC), is holding under the theme: “Scale or Fail: Why Africa Must Embrace Shared Ownership.”

Speaking at the opening ceremony, Rwandan President Paul Kagame urged African countries to take greater responsibility for safeguarding and promoting their interests in spite of  the continent’s vast strategic advantages.

Kagame said Africa must leverage its resources and opportunities to drive long-term economic growth and development.

President of the Africa CEO Forum, Amir Ben Yahmed, said meaningful economic expansion on the continent would only be possible through stronger collaboration among governments, investors and private sector operators.

He stressed the need for a culture of shared ownership and trust to unlock Africa’s economic potential.

Chief Executive Officer (CEO) of the Rwanda Development Board, Jean-Guy Afrika, said Africa’s growing population and expanding consumer markets offered enormous opportunities for development.

He, however, warned that the continent must transform its demographic and market potential into scalable economic progress.

The annual gathering is regarded as one of the largest meetings of Africa’s private sector, featuring high-level discussions and business engagements on the role of enterprise in accelerating development across the continent.

The Organisers said the 2026 edition attracted more than 2,000 participants from over 75 countries.

Participants are expected to discuss ways of mobilising investment, sharing risks and building cross-border African ownership structures to support the continent’s long-term prosperity.

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President Bola Tinubu on Wednesday arrived in Kigali, Rwanda, ahead of the 13th edition of the Africa CEO Forum scheduled to begin on Thursday.

Tinubu was received at the Presidential Wing of the Kigali International Airport by the Minister of Foreign Affairs, Bianca Ojukwu, and Rwanda’s Minister of Defence, Juvenal Marizamunda.

This is contained in a statement issued by Presidential Spokesperson,Bayo Onanuga, on Wednesday.

Others who received the President included the Minister of Industry, Trade and Investment, Jumoke Oduwole, and the Director-General of the National Intelligence Agency, Mohammed Mohammed.

Also present were the Nigerian Chargé d’Affaires in Rwanda, Ibrahim Zanna, and the Special Adviser to the President on Media and Public Communication, Sunday Dare.

Founded in 2012 by Jeune Afrique Media and co-hosted by the International Finance Corporation, the forum has become Africa’s largest annual gathering of private sector leaders, investors, and policymakers.

The forum focuses on accelerating Africa’s economic transformation through regional integration, shared scale, and increased cross-border investments aimed at strengthening the continent’s private sector-driven development agenda.

The theme of this year’s edition is: “The Scale Imperative: Why Africa Must Embrace Shared Ownership.”

At the forum, Tinubu will speak on “Holding the Line: Nigeria’s Reform Bet in a Fractured World,” highlighting the gains of sustaining Nigeria’s ongoing economic reforms.

The president is also expected to hold high-level bilateral meetings with top African and global business leaders while reaffirming Nigeria’s leadership role in shaping the continent’s economic future.

Tinubu will use the summit to reaffirm Nigeria’s commitment to African unity, stronger regional economic cooperation, and strategic partnerships that promote private sector-driven sustainable development across the continent.

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The Federal Government has reaffirmed its commitment to developing Nigeria’s marine and blue economy sector as a key driver of sustainable economic growth and maritime advancement.

Minister of Marine and Blue Economy, Adegboyega Oyetola, made this known while participating in the Africa Forward Summit held in Nairobi, Kenya.

This is according to a statement issued on Tuesday in Abuja by his Special Adviser, Bolaji Akinola to Journalists.

The summit, described as the first Africa-France summit hosted in an English-speaking, non-Francophone African country, was co-hosted by William Ruto and Emmanuel Macron under the theme, “Africa-France Partnerships for Innovation and Growth.”

Oyetola said this during a session on “Maritime Sovereignty and Sustainable Valorisation” alongside France’s Minister of the Sea and Fisheries and other maritime stakeholders from across Africa.

He said Nigeria was implementing strategic policies and investments aimed at unlocking the vast opportunities within the marine and blue economy sector.

“The Federal Government has continued to implement strategic measures to unlock the vast potential in Nigeria’s marine and blue economy sector,” he said.

According to the minister, the establishment of the Federal Ministry of Marine and Blue Economy in August 2023 marked a major milestone in the country’s maritime development agenda.

He added that the ministry had also developed Nigeria’s first National Policy on Marine and Blue Economy to provide a framework for sustainable growth and investment in the sector.

Oyetola further disclosed that agencies under the ministry generated a record N1.83 trillion in revenue in the 2025 fiscal year.

He also revealed that the Federal Government had approved a comprehensive port modernisation and upgrade programme aimed at attracting larger vessels.

The programme, he said, also creates employment opportunities and strengthens Nigeria’s position as the leading maritime hub in West and Central Africa.

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French President, Emmanuel Macron, says Africa is the world’s youngest and fastest-growing continent, stressing the need for greater investment to strengthen its sovereignty.

Macron said this at the Africa Forward Summit holding in Nairobi, Kenya, from May 11 to May 12, with the theme: “Africa Forward: Partnerships between Africa and France for Innovation and Growth”.

The summit, co-organised by the governments of France and Kenya, attracted more than 2,000 African and European business leaders, investors and public decision-makers.

The business forum highlighted the depth of Franco-African economic partnerships and showcased projects, innovations and initiatives driven by the private sector.

Macron said the summit began with listening to African youths speak about their dreams, ambitions and ongoing innovations.

According to him, France is ready to make smart investments that will benefit African youths while strengthening bilateral ties.

He said Africa and Europe shared common challenges in areas such as technology, Artificial Intelligence (AI), payment systems, cultural and creative industries, as well as global narratives.

The French president noted that both continents remained dependent on global powers such as the United States and China for solutions and innovation.

“There is a divide between entrepreneurs and consumers, and the solutions are designed in America or China.

“When we talk about AI, many of us today are merely consumers.

“We share the same battle when it comes to investment and building strategic autonomy for Europe and Africa. If we work together, we will be much stronger,” he said.

Macron also stressed the need for joint investments in infrastructure and energy to support development and electrification across Africa.

“If we want to build infrastructure, we must invest together. Also, no infrastructure is possible without energy.

“We must build renewable and nuclear infrastructure to expand electrification for homes and businesses across Africa,” he said.

According to him, infrastructure development is closely linked to sovereignty and reducing dependence on foreign powers.

He also identified talent development as another major challenge, urging both Africa and Europe to create opportunities that would enable skilled youths to remain and contribute to their economies.

“A few years ago, French AI talents were working in Silicon Valley. Now they are returning because we are becoming leaders in AI in Europe.

“The challenge is the same in Africa. We must train more people and create strong educational systems that will help retain talent on the continent,” he said.

Macron said France would expand partnerships with African universities and accelerate investments in digital training and innovation.

He disclosed that Orange would establish 50 digital centres to train one million young Africans by 2030.

Orange is a leading French telecom and digital services company operating across Europe, the Middle East and Africa.

He added that the Digital Africa initiative launched a few years ago was aimed at connecting digital ecosystems across the continent and supporting youth development.

The summit featured discussions on youth empowerment and job creation in sectors such as sports, culture and the creative industries, with emphasis on practical success stories.

Also, Proparco, a subsidiary of the French Development Agency dedicated to private sector financing, reaffirmed its commitment to sustainable and inclusive development in Africa.

The agency, which has operated in Africa for nearly 50 years, currently maintains six regional offices and five local branches across the continent.

Between 2022 and 2025, Proparco committed more than 4.6 billion euros to projects in Africa, representing over 1.1 billion euros annually.

More than 500 million euros worth of deals were signed during the business forum.

The agreements included the Acre Export Finance Fund I for sustainable infrastructure development in Africa and a partnership between Proparco and Ecobank Group to strengthen agricultural value chains and support women entrepreneurs, among others. 

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President Bola Tinubu arrived at the Jomo Kenyatta International Airport, Nairobi, Kenya, early Monday to participate in the Africa Forward Summit focused on investment and sustainable development across Africa.

The President’s aircraft touched down at about 12:18 a.m. local time, according to a statement issued by Presidential Spokesperson, Bayo Onanuga, on Monday in Nairobi.

Tinubu was received by Kenya’s Cabinet Secretary for Foreign and Diaspora Affairs, Musalia Mudavadi, Kenya’s High Commissioner to Nigeria, Isaac Parashina, senior Kenyan officials and members of Nigeria’s diplomatic mission in Nairobi.

The Africa-France Summit is co-hosted by Kenyan President William Ruto and French President Emmanuel Macron, bringing together African leaders, policymakers, investors and development partners to discuss growth, innovation and strategic continental partnerships.

Tinubu’s participation underscores Nigeria’s commitment to advancing African unity, strengthening regional economic cooperation and fostering strategic partnerships aimed at accelerating sustainable development and  infrastructure growth across the continent.

The summit will focus on economic transformation, digital innovation, trade expansion, infrastructure development, climate resilience and practical strategies designed to promote collective prosperity and long-term development throughout Africa and beyond.

During the summit, Tinubu is expected to hold bilateral and multilateral engagements aimed at strengthening Nigeria’s diplomatic and economic relations with African countries and reinforcing Nigeria’s leadership role on the continent.

The president’s attendance reflects the administration’s commitment to promoting African-driven solutions to continental challenges and advancing the Renewed Hope Agenda through strategic international engagement, diplomacy and investment partnerships across Africa.

Tinubu is accompanied by Minister of Foreign Affairs, Bianca Ojukwu, Minister of Agriculture and Food Security, Abubakar Kyari, and Minister of Marine and Blue Economy, Adegboyega Oyetola, among other officials.

Others on the delegation include Minister of Environment, Balarabe Lawal, Minister of Industry, Trade and Investment, Jumoke Oduwole, and Minister of Communications, Innovation and Digital Economy, Bosun Tijani.

Also accompanying the president are Sola Enikanolaiye, Omotenioye Majekodunmi, and Nigeria’s Ambassador to France, Ayodele Oke, alongside senior officials involved in climate, diplomacy and investment promotion matters.

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Polaris Bank, Nigeria’s leading digital retail and commercial bank, has been honoured with the Private Sector Champion Award at the 2026 Jobberman Partners’ Convening held at Eko Hotel & Suites, Victoria Island, Lagos, in recognition of the Bank’s outstanding and stellar contributions to youth employment, talent development, and workforce empowerment across Nigeria.

The award recognises private sector organisations that have demonstrated exceptional commitment and leadership in advancing youth employability through impactful recruitment initiatives, graduate trainee programmes, executive hiring support, candidate assessment programmes, and strategic partnerships that create sustainable career opportunities for young Nigerians.

Organised by Jobberman, Nigeria’s leading recruitment and career development platform, the annual convening brought together key stakeholders from the private sector, development organisations, and industry leaders to deliberate on practical and scalable solutions for addressing youth unemployment in Nigeria.

Speaking on the recognition, Cynthia Sanyaolu, Head Talent Management at Polaris Bank reaffirmed the bank’s commitment to empowering young Nigerians and strengthening the nation’s workforce through strategic people-focused initiatives designed to create long-term economic and social impact.

“This recognition reflects Polaris Bank’s unwavering belief in the potential of the Nigerian youths and our commitment to building platforms that enable them thrive professionally and economically,” Sanyaolu stated. “At Polaris Bank, we see talent development and youth empowerment as critical drivers of national growth and sustainable development.”

Themed: “From Impact to Action: Collectively Designing the Future of Youth Employment in Nigeria,” the convening focused on fostering collaboration between the private sector and other stakeholders to expand access to meaningful employment opportunities and equip young Nigerians with the skills and opportunities required to succeed in an evolving economy.

On the recognition, Jobberman commended Polaris Bank for consistently going beyond transactional partnerships to deliver measurable impact within Nigeria’s employment ecosystem.

The renowned recruitment firm described Polaris Bank as a credible and purpose-driven institution committed to advancing youth employability and supporting the future of work in Nigeria.

Over the years, Polaris Bank has continued to invest in initiatives that promote learning, career growth, workforce inclusion, and economic empowerment.

Through strategic Graduate Trainee recruitment programmes via its flagship Polaris Graduate Intensive Training (PGIT) and Polaris Tech Ignite Training (TechIGNITE), among other talent development initiatives, and collaborative partnerships, the Bank remains committed to supporting the next generation of Nigerian professionals while contributing to national development.

The recognition further reinforces Polaris Bank’s position as a leading socially responsible financial institution dedicated to driving sustainable impact through innovation, strategic partnerships, and people-centered initiatives that empower individuals, businesses, and communities across Nigeria.

Credit Polaris Bank PR

The President and Chief Executive of Dangote Group, Aliko Dangote has held a high-level meeting with Nicolai Tangen, the Chief Executive Officer of Norges Bank Investment Management, the world’s largest sovereign wealth fund manager, overseeing assets valued at approximately $1.9 trillion.

At the meeting, the Norwegian investment institution expressed strong interest in partnering with Dangote Group to expand its footprint across the African continent, with a focus on strategic sectors including power, energy, renewables, agriculture, fertiliser and cement.

Also present at the meeting were Svein Tore Holsether, Chief Executive Officer of Yara International, one of the world’s leading fertiliser and agricultural companies, and Terje Pilskog, Chief Executive Officer of Scatec, a global renewable energy company.

The engagement shows growing global investor confidence in Africa’s industrial and infrastructure potential, as well as the increasing role of indigenous conglomerates such as Dangote Group in driving large-scale economic transformation.

For Dangote Group, the potential partnership represents a significant opportunity to deepen its investments across key sectors critical to Africa’s development, particularly in energy transition, food security and industrial capacity expansion.

The Norwegian sovereign wealth fund, widely regarded as a benchmark for global institutional investment, has in recent years shown increased interest in emerging markets, with Africa seen as a frontier for long-term value creation.

The collaboration between the fund and Dangote Group could unlock substantial capital flows into critical infrastructure and industrial projects, further accelerating economic growth and regional integration across the continent.

Credit Dangote Group PR

Access Holdings Plc has reaffirmed its commitment to long-term shareholder value and sustainable returns, following a strong performance in the 2025 financial year, while providing clarity on the rationale for the non-payment of dividends for the year ended December 31, 2025.

The clarification was provided during the Group’s Full Year 2025 Investors and Earnings Call, where management addressed shareholder concerns regarding the absence of a dividend declaration despite the Group’s robust earnings growth and balance-sheet expansion.

Access Holdings emphasised that the non-payment of dividend for the 2025 financial year was not performance driven, but reflected prudential regulatory alignment matters which required resolution before dividend payments could be effected. 

Commenting on the matter, Innocent C. Ike, Group Managing Director/Chief Executive Officer, Access Holdings Plc, said: “Access Holdings has a strong history of consistent dividend payments, and rewarding shareholders remains a core priority for the Board and Management. The non-payment of dividend for 2025 was not due to earnings weakness or cash flow constraints, but an alignment with regulatory and prudential guidelines.”

For the 2025 financial year, Access Holdings delivered a resilient and diversified performance, underscoring its capacity to generate sustainable shareholder returns. Gross earnings grew by 13.3 percent to ₦5.53 trillion, supported by strong growth in net interest income and a 40.9 percent increase in fees and commissions to ₦585.07 billion. Profit before tax increased by 16.2 percent to ₦1.01 trillion, crossing the ₦1 trillion mark for the first time in the Group’s history.

Total assets expanded by 24.2 percent to ₦51.56 trillion, reflecting scale accretion and the successful integration of recently acquired subsidiaries. The Group’s cost-to-income ratio improved significantly from 56.7 percent to 51.7 percent, driven by disciplined cost management and operating leverage. Capital adequacy remained strong at 18.2 percent at the holding company level, while the banking subsidiary ended the year with a capital adequacy ratio of 20.2 percent.

“Our performance in 2025 demonstrates the strength of the franchise and its capacity to generate value for shareholders. Our focus is to ensure that shareholder distributions resume on a sustainable basis once all regulatory conditions are satisfied and the required approvals are obtained,” Ike added

Access Holdings explained that while dividends were recommended at both half-year and full-year in 2025, regulatory approvals were not obtained. At the half-year stage, the constraint related to Section 7.1 of the CBN Guidelines for Financial Holding Companies, which has since been fully resolved following the successful completion of an approved private placement.

At full-year, an additional matter arose under Section 19(8)(c) of BOFIA, which places limits on investments in foreign banking subsidiaries relative to shareholders’ funds. The Group has been granted a twelve-month window to fully remediate this position. The Group noted it will partially divest from some banking subsidiaries but will still retain its super majority shareholding.

According to Ike, maintaining the confidence of our regulators, depositors and stakeholders is fundamental to our operating philosophy. In line with our long-standing culture of prudence and sound governance, the Board remains committed to balance sheet strength and capital resilience, as the basis for sustainable shareholder distributions.”

The Group reassured stakeholders that it remains committed to engaging constructively with all relevant stakeholders to address the matters raised and achieve alignment with applicable requirements within the stipulated timeline. As discussions progress, the Group will continue to provide timely disclosures and transparent updates to the market and investors.

Access Holdings Plc is also strengthening its capital and liquidity buffers to support the sustainable resumption of dividend payments, subject to the fulfillment of the required conditions and approvals.

Reaffirming management’s confidence, Ike stated: “We remain actively engaged with the investment community and focused on resolving the matters raised within the prescribed timeline. Our priority remains delivering sustainable long-term value to shareholders through stronger execution, improved financial performance and disciplined growth. Subject to the successful conclusion of this process and the necessary approvals, our objective is to restore dividend payments on a sustainable basis.”

Concluding, Ike said: “Access Holdings is uniquely positioned to leverage its scale, geographic diversification and strong franchise to deliver resilient earnings growth, stronger returns and enhanced long-term shareholder value.”

Credit Access Holdings PR

Zenith Bank Plc has announced the appointment of Engr. Mustafa Bello as the Chairman of its Board of Directors. The appointment, which takes immediate effect, has been approved by the Central Bank of Nigeria (CBN) and ratified by shareholders at the Annual General Meeting held on May 5, 2026.

Engr. Bello’s appointment represents a strategic step to ensure the continuity, stability, and sustained effectiveness of the Board, while reinforcing the high standards of corporate governance, regulatory compliance, and strategic oversight for which Zenith Bank is widely respected.

He joined the Board of Zenith Bank Plc on 29 December 2017 and has served on several Board committees, including the Board Audit and Compliance Committee, Board Governance, Nomination and Renumeration Committee and as Chairman of the Board Risk Management Committee until his appointment as Chairman of the Board of Directors.

He has extensive leadership experience at Board and executive levels, a strong understanding of corporate governance principles and regulatory expectations, and a proven track record in strategic oversight and organisational growth. He has consistently demonstrated integrity, independence and sound judgement, qualities that distinguished him as the natural choice to lead the Board into its next chapter.

Bello is a distinguished engineer, statesman and corporate leader. His career spans more than four decades across the public and private sectors of the Nigerian economy. He served as Minister of Commerce of the Federal Republic of Nigeria from 1999 to 2002 under President Olusegun Obasanjo, where he led the development of Nigeria’s WTO-consistent Trade Policy.

He also oversaw the Corporate Affairs Commission (CAC) online project of 2002, which modernised the way businesses register and operate in the country. From November 2003 to February 2014, he served as Executive Secretary and Chief Executive Officer of the Nigerian Investments Promotion Commission (NIPC), where he was instrumental in attracting foreign direct investment into Nigeria, building multilateral and bilateral partnerships, and representing the Federal Government at international conferences and missions.

He graduated from Ahmadu Bello University (ABU), Zaria, in 1978 with a B.Engr. in Civil Engineering (Second Class Upper Division), winning the Shell Prize for the best project and thesis in the Faculty of Engineering. He began his career with the Nigerian Army’s Directorate of Quartering and Engineering Service from 1978 to 1979, before joining the Niger State Housing Corporation as a Senior Civil Engineer from 1980 to 1983.

He is currently the Chairman of Invest-in-Northern Nigeria Limited, a special purpose vehicle for the economic and social transformation of the Northern Nigerian economy, and has previously served on the boards of Eskom Holdings Limited of the Republic of South Africa (2004 to 2008) and FrieslandCampina WAMCO Nigeria Plc as an Independent Non-Executive Director. He is a Fellow of the Nigerian Society of Engineers and a Registered Member of Council for the Regulation of Engineering in Nigeria (COREN) as well as Fellow of the Academy of Natural Sciences & Engineering in Nigeria (ANSEN).

Zenith Bank stands among Africa’s leading financial institutions, with a strong capital base and operations across Nigeria, the United Kingdom, the United Arab Emirates, Ghana, Sierra Leone, The Gambia and Côte d’Ivoire.

Credit Zenith Bank PR

President Bola Tinubu has met with global investors in Paris, France, emphasising transparency, fiscal discipline and sustained economic reforms.

The engagement is contained in a statement issued by Presidential Spokesperson, Bayo Onanuga in Abuja.

At the meeting, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, highlighted Nigeria’s strong economic performance.

Oyedele said Nigeria recorded 11.2 per cent GDP growth in dollar terms in 2025.

He said the performance reinforced the country’s ambition to achieve a $1 trillion economy by 2030.

The minister outlined government’s priority of translating reforms into tangible benefits for citizens and pledged quarterly publication of financial data to strengthen transparency.

The Director-General of the Debt Management Office, Patience Oniha, assured investors of prudent debt management, stressing that government remained committed to sustainable financing strategies.

According to the Presidency, investors at the meeting include representatives from Citibank, Amundi, BlueCrest, Ninety One, Kirkoswald Capital, Principal Finisterre, Prudential Global Investment Management and Mesarete Capital.

Tinubu, who left Nigeria on Sunday for a three-nation trip, said his administration’s reform programme targets macroeconomic stability and inclusive growth.

He noted that measures were being implemented to remove economic distortions and strengthen policy credibility.

“The focus remains on policy stability and diligent execution to ensure these strategic shifts translate into concrete benefits for all Nigerians,” he said.

The President also reiterated commitment to transparency in the oil sector and a multi-pronged security strategy.

He said the strategy includes decentralisation of policing and efforts to curb terrorist financing.

Some of the investors who spoke at the meeting commended the reforms and expressed optimism about Nigeria’s economic outlook.

Responding to a question on his post-2027 agenda, Tinubu pledged to sustain fiscal discipline, transparency and policy consistency.

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The Minister of Budget and Economic Planning, Abubakar Bagudu, says achieving Nigeria’s one trillion dollars economy target within the next five years will depend on inclusive, innovative, and resilient national planning.

Bagudu disclosed this in Abuja on Tuesday at the Nathaniel Atebije Foundation for Planning Advocacy (NAFPA) Maiden Annual Lecture themed “The Renewed Hope Agenda: The Physical Planning Perspective”.

The minister described the target as a challenge and a responsibility, noting that national planning must go beyond economic projections to include physical, environmental, cultural, and social dimensions.

“Under the 2030 National Development Plan, President Bola Tinubu has challenged us to see how we can generate a one trillion dollars economy from the current 300 billion dollars in the next five years.

“Within the context of my mandate, national planning is physical, financial, environmental, and diplomatic in its many things all together, consistent with our constitution.

“Achieving it depends on three elements, inclusiveness, resilience, innovativeness. It includes everyone. Everyone has a role to play.”

Bagudu stressed that inclusivity remained central to Nigeria’s development strategy, warning that poor planning and execution have historically contributed to conflicts across the country.

The minister linked these priorities to the administration’s “Renewed Hope Agenda,” which he described as a unifying framework focused on growth, inclusion, and innovation rather than blame for past challenges.

“We are not where we want to be. But instead of dwelling on the past, we must make the right choices to move forward choices that will grow the economy and include all Nigerians,” he said.

Jeremiah Ojediran, a Guest Lecturer and Vice-Chancellor of Bells University, Ota, Ogun, said without planning, policies remained aspirations while policies became implementable realities with proper planning.

“Development in Nigeria has been fragmented. You cannot build roads without housing, or provide electricity without jobs. Everything must be interconnected.”

He, therefore, called for a shift from reactive to proactive planning, noting that infrastructure interventions in Nigeria often occur only after crises such as flooding or congestion.

“It is after flood that we start talking about drainage. After congestion, we begin to act. Planning must be central, not an afterthought,” he emphasised.

The Chairman of the occasion, David Garba, said the theme of the maiden lecture was very apt as it addressed pressing issues in Nigeria.

Garba said, “A lot of times we have been so worried in physical planning because there has not been a lot of connectivity between physical planning and economy planning.

“When we don’t have that connection, a lot goes wrong as what you have is disjointed physical development within our urban centre, thus the need for this lecture.”

Also speaking, the Chairman, Board of Trustees of the foundation, Olutoyin Ayinde, said the mission of NAFPA was to advocate for urban planning that prioritised  inclusion, resilience, and innovation.

Ayinde said this would amplify the voices of the underserved, champion sustainable solutions, and bridge the gap between policymakers, planners, and the communities they serve.

“Our concern should not be merely about things like bricks and mortar, roads and bridges, or blueprints and budgets, but truly about people, who are the heartbeat of every human settlement planning and development.

“It should also be about the child who deserves a safe park to play in, the worker who needs to commute daily, and the elder who longs for a community that honours their presence, and where they can have their final rest.

“Such environment promotes sustainability, and when our children and children’s children find themselves in such environments, they will bless us. Are we ready to take the responsibility?” he asked.

The Founder of NAFPA, Nathaniel Atebije, said the lecture aimed to draw national attention to the state of urban and regional planning with particular emphasis on the implications for order, sustainability and human dignity in cities.

“Nigeria stands at a critical moment in its urban development journey. The choice before us is clear.

“We can either continue on the path of disorder and crisis, or embrace planning as a tool for order, sustainability and national development.

“The Nathaniel Atebije Foundation for Planning Advocacy calls on government, professionals, developers and citizens to work together to restore order, justice and dignity in our built environment.”

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Zenith Bank Plc has announced the retirement of its Founder and Group Chairman, Jim Ovia, following the expiration of his tenure in line with regulatory guidelines.

The bank disclosed this in a corporate disclosure through the Nigerian Exchange Limited on Tuesday.

The bank said the retirement complied with the corporate governance guidelines of the Central Bank of Nigeria (CBN) for commercial and other categories of banks.

The guidelines stipulate a maximum tenure for non-executive directors and board chairmen.

It said, “Having served the mandatory 12 years as a Non-Executive Director and the Group Chairman, we announce the retirement of Jim Ovia, in compliance with regulatory provisions.

“As the Group Chairman, Ovia, served the board with distinction, providing strong leadership, strategic direction, and effective oversight throughout his tenure.

“The Board expresses its deep appreciation to Ovia, for his outstanding service and invaluable contributions.

“His visionary leadership, unwavering commitment to good governance, and dedication to stakeholder value creation significantly strengthened the group’s strategic positioning and reputation during his tenure.”

To ensure continuity in leadership, the Board approved the appointment of Mustafa Bello as the new chairman at its meeting held on April 27.

Bello, who joined the Board on December 29, 2017, is the longest-serving director and brings extensive experience in boardroom and executive leadership, as well as a strong understanding of corporate governance and regulatory requirements.

The bank said his appointment is expected to ensure stability, continuity and sustained high standards of governance, while facilitating a seamless transition and continued organisational growth.

According to the bank, the appointment has been approved by the CBN.

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Dangote Group has dismissed as false and malicious a publication alleging that its President, Aliko Dangote, distanced himself from Tony Elumelu, describing the report as entirely baseless.

In a statement issued by its Group Chief Branding and Communications Officer, Anthony Chiejina, the company said neither Dangote nor the Group made the claims attributed to them, stressing that the publication misrepresents both personal and corporate positions.

The Group also rejected assertions that the Dangote Petroleum Refinery was financed through personal borrowing from friends, describing the claims as inaccurate and a deliberate misrepresentation of facts.

“As a matter of principle, Aliko Dangote neither finances his projects through personal borrowing from friends nor engages in lending arrangements of that nature,” the statement said, adding that any such claims must be supported by verifiable evidence.

Dangote Group further clarified that there is no rift between Dangote and Elumelu, noting that both business leaders maintain a longstanding and cordial relationship.

The company also raised concern over a growing pattern of fabricated statements and the unauthorised use of Dangote’s name, likeness and image in AI generated advertisements and other misleading content, warning that such actions pose reputational risks and may constitute fraud.

It cautioned individuals and platforms involved in the creation and dissemination of false information to desist immediately, adding that it would pursue appropriate legal action where necessary to protect its reputation and that of its leadership.

Dangote Group reaffirmed its commitment to the highest standards of integrity while continuing to drive industrialisation, economic self sufficiency, and sustainable development across Africa.

READ FULL STATEMENT BELOW

PRESS STATEMENT

The Dangote Group has become aware of a publication titled “Aliko Dangote Speaks Out on Why He Distanced Himself from Tony Elumelu,” which is false, malicious, and baseless. At no time did the President or the Group make such statements or express such sentiments.

The Group categorically rejects claims that the development of the Dangote Petroleum Refinery & Petrochemicals was financed through personal borrowing from friends. These assertions are wholly inaccurate and constitute a deliberate misrepresentation of facts. As a matter of principle, Aliko Dangote neither finances his projects through personal borrowing from friends nor engages in lending arrangements of that nature. Any individual making such claims should provide verifiable evidence to substantiate them. Equally false are suggestions of any estrangement between Aliko Dangote and Mr Tony Elumelu, with whom he maintains a longstanding and cordial relationship.

Furthermore, the Group notes with concern a rising pattern of fabricated statements and the unauthorised use of Aliko Dangote’s name, likeness, and image in AI generated advertisements and other misleading content. These actions amount to reputational harm and potential fraud.

All individuals, organisations, and platforms involved in the creation, publication, or dissemination of such false content are hereby put on notice to desist immediately. The Group will take appropriate steps, including legal action where necessary, to protect its reputation and that of its leadership.

Dangote Group remains committed to upholding the highest standards of integrity, while continuing to drive industrialisation, economic self sufficiency, and sustainable development across Africa.

Anthony Chiejina

Group Chief Branding and Communications Officer

Dangote Industries Limited

Organised Labour says the process for renegotiating the National Minimum Wage will commence in July 2026.

The Nigeria Labour Congress (NLC) and the Trade Union Congress(TUC) said this at the 2026 May Day celebration on Friday in Abuja with the theme,” Insecurity, Proverty- Bane of Decent Work.”

Joe Ajaero, President of the NLC said that the move was aimed at preventing delays experienced during previous wage negotiations.

Ajaero urged workers to unite in demanding a living wage that reflected prevailing economic realities across the country.

“Unity remains essential as negotiations approach, as fragmentation would weaken workers’ bargaining power.

“As wage talks near, labour warns that division will undermine workers’ collective strength.

“Labour insists unity is critical ahead of negotiations, stressing that a divided movement cannot win fair outcomes,” he said.

The NLC president demanded that workers received 100 per cent of their basic salaries from July 2026 pending conclusion of negotiations.

He added that the demand was to cushion the effects of the current economic hardship facing Nigerian workers.

He also reaffirmed its commitment to defending workers’ rights and advancing their welfare nationwide.

Ajaero said that Nigerian workers must remain united in confronting challenges affecting their livelihoods and dignity.

He added that unity remained essential as negotiations approach, noting that fragmentation would weaken workers’ bargaining power at a critical moment.

Festus Osifo, President of the TUC, said there was need for strengthened social dialogue platforms, including revitalisation of the National Labour Consultative Council.

According to him, labour administration reforms are also necessary to ensure fairer and more effective industrial relations in Nigeria.

Osifo warned against continued violations of labour laws by some employers and urged strict enforcement of existing regulations.

He expressed concern over refusal by some state governments to fully implement the 2024 National Minimum Wage Act.

He said that such actions undermined workers’ welfare in spite of improved government revenues in several states.

The TUC president called for accountability and compliance from both public and private sector employers.

Osifo however, condemned interference in union affairs, including attempts to impose parallel leadership structures.

He described such actions as threats to the autonomy and stability of trade unions in the country.O

He reaffirmed its readiness to intensify engagement with employers to protect workers’ rights across all sectors.

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Seplat Energy PLC, foremost Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, has announced its unaudited results for the for the three months ended 31 March 2026, declaring US 9.0 Cents total dividend per share for the period, which is 96 per cent higher than 1Q 2025 payout.

The foremost energy company grew its profit after tax (PAT) to $37.9m from $23.3m Year-on-Year with cash generated hitting $243.4m.

Group production for the period averaged 129,841 barrels of oil equivalent per day (boepd) up 9 per cent since 4Q 2025 (119,200 boepd). Crude and condensate liftings benefitted from the company’s put-option hedge strategy that exposed it to a 100 per cent of price upside, resulting in strong free cash. Gross profit for the period stood at $370.5m.

The Group delivered more than 9.1 million man-hours without Lost Time Injury - 3.0 million hours onshore-operated assets and 6.1 million hours offshore.

 Operational Highlights

• Production during the first 26 days of April has averaged approximately 153 kboepd, bringing group average daily working interest production for the year to 26 April to approximately 135 kboepd, within FY 2026 guidance.
• Onshore production contribution of 50,700 boepd, down 10% YoY (1Q 2025: 56,267 boepd).
• YoY decline principally due to 38 days unplanned downtime on third-party operated Trans Forcados Pipeline, impacting Western Assets. Pipeline operations resumed on 24 March and Western Assets production has normalised.
• First gas at ANOH in January 2026, contributed working interest volumes of 17.0 mmscfd, planned increase 2Q 2026 onwards.
• Offshore production contribution of 79,141 boepd, up 5% vs. 1Q 2025: 75,478 boepd.
• Idle well restoration programme continued its strong performance, adding 10 kbopd gross JV production capacity from 8 wells.
• NGLs delivered strong growth, WI production of 9,802 bopd (1Q 2025: 3,376 bopd), as EAP continued to perform at high levels.
• Yoho restart on track for 2Q 2026, Oso-BRT 1 gas expansion project on track for 3Q 2026 start up.
• Carbon emissions intensity for Seplat group assets: 41.6 kg CO2/boe improved by 13% YoY (1Q 2025: 47.9 kg CO2/boe), within this onshore operated emissions intensity reduced 24% on 1Q 2025, reflecting the positive impact of our End of Routine flaring programme.

Financial Highlights

• Gross revenue $840.7 million up 4% on prior year (1Q 2025: $809.3 million). Realised oil price of $86.16/bbl.
• Onshore operated assets now reporting under PIA, group blended unit royalty rate 14.7% of revenue (1Q 2025 16.2%).
• Unit production operating cost of $17.1/boe (1Q 2025: $12.6/boe), above our $13.5-14.5/boe guidance due to acceleration of planned maintenance activities at Yoho and lower volumes in the quarter, also impacting EBITDA, expected to normalise in subsequent quarters.
• Adjusted EBITDA of $371.3 million (44% margin), down 7% vs prior year (1Q 2025: $400.6 million).
• Cash generated from operations of $337.9 million up 10% from $306.5 million in 1Q 2025.
• Cash capital expenditure of $42.6 million up 6% YoY (1Q 2025: $ 40.2 million). Capex run rate expected to increase 2Q 2026 onwards.
• Balance sheet remains robust, end-March cash at bank $461.7 million (YE 2025: $332.3 million).
• Net Debt at end-March of $531.6 million down 21% on prior quarter (YE 2025: $673 million). ND/EBITDA improves to 0.43x (YE: 0.53x).
• Completed refinancing of our undrawn revolving credit facility (‘RCF’) and upsized to $400 million, cost of borrowing reduced to SOFR plus 4.5% (down from SOFR plus 5% plus CAS), an overall saving of 76 bps.

Dividend

• 1Q 2026 declared dividend of USD 9.0 cents per share, consisting of USD 5.0 c/share base and USD 4.0 c/share special dividend, for a total cost of approximately $54 million. The declared dividend is up 8% QoQ and up 96% YoY.

2026 Outlook

• 2026 guidance reiterated
• Production guidance of 135-155 kboepd (Crude & Condensate: flat, NGL: +85% YoY & Gas: +30% YoY)
• Capex guidance remains $360-440 million, unit operating cost guidance reiterated at $13.5-$14.5/boe

Commenting on the results, Roger Brown, Chief Executive Officer, said: “The conflict in the Middle East has dramatically changed the outlook for the oil and gas industry in 2026, and quite possibly beyond. Nigeria’s favourable geographic positioning, combined with our oil rich portfolio, which isfully exposed to higher oil prices, and our strong balance sheet, means we are well placed to deliver strong cashflows in 2026. As a result, we have increased our 1Q 2026 dividend to 9.0 cents per share (core: 5.0 cents and special: 4.0 cents).

Production in 1Q 2026, improved QoQ but modestly missed our internal expectations, largely due to unplanned downtime on third-party infrastructure onshore. That said, April to date production has averaged c.153 kboepd, illustrating the potential of our asset base. Notably, this is before the return of Yoho, scheduled to come back onstream before end 2Q 2026, and full ramp-up of ANOH, as such we remain comfortable with our 2026 guidance.

While the firmer oil price outlook should enhance cash flows its duration is uncertain, as such, we expect to retain our current growth-focused 2026 work programme, which will deliver enhanced asset reliability and overall portfolio growth on route to our 2030 targets. Overall, we have delivered a solid start to 2026, with expectations that 2Q 2026 will see a step forward in performance”. 

Credit Seplat Energy PR

Dangote Petroleum Refinery has approved the recall of engineers previously redeployed across its business units, following what management described as a conditional pardon after internal disciplinary actions linked to operational disruptions.

In an internal communication to staff, the company said the decision followed an extensive review process and numerous appeals from respected individuals, stakeholders, and the engineers. The refinery noted that while earlier actions were taken to protect operations and uphold organisational standards, it has now opted to offer a second opportunity to the staff.

Under the directive, according to a memo signed by the Group Vice President, Oil & Gas, Devakumar Edwin, all affected personnel will be invited for a meeting and subsequently reassigned to resume duties at the refinery. The recall also covers those who did not take up earlier redeployment options offered by the company.

Management emphasised that the move reflects both a commitment to fairness and a belief in second chances, while reiterating that discipline, professionalism and adherence to corporate values remain non-negotiable.

“This decision was not an easy one. It reflects not only our belief in second chances but also serves as a clear reminder that loyalty, professionalism and adherence to organisational standards are non‑negotiable,” it said. “Effective immediately, all engineers previously redeployed to other business units, will be invited for a meeting and, subsequently, will be provided with an opportunity to render their services at our Petroleum Refinery. This would include those who did not avail the opportunity provided earlier for redeployment”.

The company, however, issued a firm warning that any recurrence of misconduct would attract immediate and decisive sanctions, underscoring its zero-tolerance stance on actions capable of undermining operations.

Dangote Refinery added that it expects the returning engineers to demonstrate renewed dedication as it continues efforts to strengthen operational efficiency and maintain its position as a key player in Nigeria’s oil and gas sector.

“We welcome our colleagues back, with the expectation of renewed dedication, and we look forward to working together to strengthen our operations and deliver excellence in the oil and gas sector,” it added.

Recall that the Dangote Group, in October 2025, redeployed some refinery engineers to other companies within the Group as part of measures to stabilise operations at the time.

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Access Holdings Plc has reported audited results for the financial year ended December 31, 2025, which marks a significant turning point in its corporate journey as it shifts from a growth model defined by scale to one increasingly anchored on value creation, efficiency, and earnings quality.

The Group delivered a resilient performance during the year, navigating a transitional operating environment while demonstrating the strength of its franchise and the robustness of the governance structures it has built over time. Profit before tax crossed the ₦1 trillion mark for the first time, rising to ₦1.01 trillion, a 16.2 per cent increase compared to the previous year. This milestone underscores the Group’s steady progression toward becoming a high-performing and resilient financial institution.

Net interest income rose to ₦1.36 trillion, while net fees and commission income recorded a particularly strong growth of 40.9 per cent to ₦585.1 billion, reflecting increasing diversification in revenue streams. Overall operating income after impairment grew by 23.9 per cent to ₦3.17 trillion. At the same time, the Group improved its cost discipline, with its cost-to-income ratio declining to 51.7 per cent from 56.7 per cent in 2024. Returns also remained solid, with return on average equity at 18.4 per cent and return on average assets at 1.6 per cent, reinforcing the quality of earnings delivered during the year.

Commenting on the results, Group Managing Director/Chief Executive Officer, Innocent C. Ike, said: “Our 2025 performance reflects both the resilience of the Access franchise and the strength of the institution we have built over time. Despite a dynamic operating environment, we delivered strong earnings supported by diversified income streams, disciplined execution, and a continued focus on balance sheet optimisation.”

“We have now entered a more deliberate optimisation phase, with a stronger emphasis on returns on capital, earnings quality, and long-term value creation,” he added.

The balance sheet also recorded significant expansion, driven by strong deposit mobilisation and sustained customer confidence. Total assets increased by 24.3 per cent to ₦51.57 trillion, while customer deposits grew by 53.4 per cent to ₦34.56 trillion. Shareholders’ funds rose by 15 per cent to ₦4.33 trillion, reflecting both retained earnings and continued investor confidence in the institution. This growth highlights not only the scale of the Group’s operations but also the deepening trust of customers, counterparties, and investors.

The operating environment during the year showed signs of gradual improvement, which supported performance. Nigeria’s economic growth strengthened to about 3.9 per cent, inflation moderated from elevated 2024 levels, and foreign exchange reserves rose above $45 billion. The NGX All Share Index gained over 51 per cent during the year, reflecting renewed investor confidence and stronger capital market activity. These developments contributed to improved capital flows and a more supportive backdrop for financial institutions.

While banking remains the core earnings driver, contributing about 97 per cent of total revenue, the Group continues to make measured progress in diversifying its income base. Its investment management and insurance businesses, including Access ARM Pensions and Access Insurance Brokers, provide stable and recurring income streams, while technology-led platforms such as Oxygen X Finance and Hydrogen Payment Services are strengthening its position in the digital financial services landscape.

The Group’s strategic direction is now increasingly defined by a shift from scale  to value. Having built scale across markets and segments, management is focusing more deliberately on improving returns on capital, enhancing earnings quality and deepening cost discipline. This transition reflects a clear objective to build a more valuable institution capable of delivering consistent and resilient returns over the long term.

Looking ahead, Access Holdings expects macroeconomic conditions to continue stabilising, creating opportunities for credit expansion, increased transaction volumes, and higher levels of activity across the financial system. The Group intends to maintain its focus on disciplined execution, improved capital efficiency, and sustainable growth across its diversified platform.

Ike noted: “Africa remains one of the most compelling long-term growth frontiers globally. Our role is not only to participate in that growth, but to help shape and finance it.

“At Access Holdings, we have built an institution designed to endure, anchored on strong governance, disciplined execution, and a clear strategic direction. Our focus remains on delivering consistent, high-quality, risk-adjusted returns while building a financial institution that will stand the test of time.”

Credit Access Holdings PR

President Bola Tinubu has affirmed that Nigeria is becoming a high-value destination for investment in spite of the prevailing challenges.

He said the economy was rebounding and attracting significant investments, particularly in the hydrocarbons sector.

Tinubu spoke on Thursday at the State House, Abuja, while receiving a delegation from the Civil Society Organisation on Community Advancement and Humanitarian Empowerment Initiative (CSCHEI).

This is contained in a statement issued by Presidential Spokesperson, Bayo Onanuga in Abuja.

“I have just received the good news that our gas investment has crossed the most difficult river and is moving very effectively,” Tinubu said.

He referred to the completion of the River Niger crossing of the OB3 Gas Pipeline by the Nigerian National Petroleum Company (NNPC).

The project is expected to boost gas transportation capacity and strengthen energy security and industrial growth.

Tinubu said the administration had stabilised the economy and was beginning to see positive outcomes.

“We have survived the edge of bankruptcy; we are seeing the light at the end of the tunnel,” he said.

The President highlighted the Sokoto-Badagry highway as a key infrastructure project with vast economic potential.

He said over 75 dams along the corridor could support irrigation, power generation and improved livelihoods.

Tinubu also said efforts to improve security were ongoing, noting that discussions on state policing were progressing.

“It is not something you can fix overnight. We shall overcome,” he said.

He commended CSCHEI for promoting intellectual engagement and civic participation in governance.

Earlier, the Director-General of CSCHEI, Kunle Yusuff, described the organisation as a UN-accredited platform coordinating community and civil society groups.

He praised the administration’s reforms and pledged support to deepen public awareness of government programmes.

Yusuff said Nigeria was making progress in implementing the Sustainable Development Goals (SDGs).

He also commended policies on local government autonomy and social investment programmes, while calling for broader inclusion.

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The Senate has approved $516,333,700 syndicated financing facility for the construction of Sokoto–Badagry Super Highway.

This followed the consideration and adoption of the report of the Senate Committee on Local and Foreign Debts during plenary on Wednesday

The approval followed a letter from President Bola Tinubu dated April 20, requesting legislative backing for external borrowing in line with the provisions of the Debt Management Office Establishment Act 2011 and the Fiscal Responsibility Act 2007.

The request was referred to the Senate Committee on Local and Foreign Debt on April 23.

The committee subsequently presented its report recommending approval of the loan.

Adamu Aliero (APC-Kebbi) presented the report on behalf of the committee’s chairman, Aliyu Wamakko (APC-Sokoto).

He explained that the facility would finance Section One, Phase One (A and B1) of the highway, covering about 120 kilometres, as part of a broader corridor expected to span approximately 1,000 kilometres from Sokoto to Badagry.

The lawmaker noted that the project was strategically designed to enhance national connectivity by linking Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun and Lagos states.

He described it as a major infrastructure initiative aimed at improving trade, transportation efficiency and national integration.

Aliero further stated that the project would reduce travel time, lower logistics costs, improve access between agricultural zones and markets and strengthen supply chains across key sectors, including agriculture and manufacturing.

According to him, the financing arrangement is structured as a syndicated facility provided by Deutsche Bank, with partial credit enhancement support from the Islamic Corporation for the Insurance of Investment and Export Credit.

He said that the facility has a tenor of nine years, including a grace period of up to three years, with an interest rate benchmarked at CME SOFR plus 5.35 per cent per annum.

The senator also noted that although the loan would add to Nigeria’s external debt stock, it was tied to long-term capital development projects expected to generate significant economic returns.

Following the presentation of the report, the request was subjected debate by the senators, with many of them describing the project as a strategic infrastructure link capable of boosting economic growth across geo-political zones.

Mohammed Monguno (APC-Borno) argued that the project would unlock agricultural and transport value chains, while reducing unemployment and insecurity along the corridor.

Deputy Senate President, Jibrin Barau, emphasised its national integration benefits, noting that it would connect the northern and southern parts of the country more efficiently.

Adetokunbo Abiru (APC-Lagos) referenced previous loan approvals that had yet to be fully disbursed due to global financial constraints, arguing that the current arrangement provided an alternative funding structure for ongoing projects.

Ruling on the motion, the Senate President, Godswill Akpabio, put the recommendation to a voice vote and it was overwhelmingly adopted.

The senate, thereafter, approved the $516.3 million syndicated loan for the phase one, section one (A and B1) of the project and mandated strict oversight by relevant committees.

The upper chamber also directed quarterly reporting by the Federal Ministry of Finance, Debt Management Office, and Federal Ministry of Works as well as submission of the financing agreement within 30 days.

The lawmakers further stressed the need for transparency, competitive procurement and periodic project evaluation to ensure value for money and timely delivery.

With the approval, the request now awaits transmission to the executive for final processing and implementation.

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Zenith Bank Plc has announced the opening of its Côte d’Ivoire subsidiary, marking a pivotal achievement in the Group’s Pan-African expansion strategy.

The official opening ceremony, scheduled to hold on Wednesday, April 29, 2026, is expected to attract senior government officials and regulators from Nigeria and Côte d’Ivoire, continental business leaders, and members of the diplomatic community, highlighting the strategic economic ties and investment opportunities between the two markets.

The new subsidiary, licensed in December 2025 by the Ministry of Finance and Budget, Republic of Côte d’Ivoire, and regulated by the UMOA Banking Commission, will commence operations from its headquarters at SCI Wall Street, Avenue Noguès, Plateau, Abidjan.

The launch represents a strategic move to deepen the Bank’s presence in Francophone West Africa and strengthen financial intermediation within the West African Economic and Monetary Union (WAEMU).

Positioned as a gateway for cross-border trade and investment, Zenith Bank Côte d’Ivoire will focus on corporate banking, trade finance, local and offshore banking services, and structured financial solutions tailored to businesses operating across Africa and internationally.

Commenting on the launch, the Group Managing Director/CEO, Adaora Umeoji, said: “From the very beginning, our Founder and Chairman, Jim Ovia, set out to build a truly global brand with a strong presence across Africa and key international markets. The launch of Zenith Bank Côte d’Ivoire is a bold step in realising that vision; opening a strategic corridor into Francophone West Africa and reinforcing our commitment to facilitating trade, investment, and enterprise growth across the continent. As we continue to expand thoughtfully and strategically, we remain focused on delivering world-class banking solutions that connect African businesses to global opportunities.”

The new subsidiary will be headed by MD/CEO Cédric Tano, a seasoned banking executive with over two decades of experience.

Speaking ahead of the official opening, he said: “We are proud to establish Zenith Bank’s presence in Côte d’Ivoire at a time of strong economic growth in the country and increasing regional integration. Our focus is to showcase the Zenith brand as a customer-centric institution that combines global best practices with deep local insight. We are well positioned to support businesses with innovative financing solutions, facilitate cross-border trade, and contribute meaningfully to the growth of the Ivorian economy and the wider WAEMU region.”

The Côte d’Ivoire launch forms part of Zenith Bank’s broader continental growth strategy.

In addition to the Anglophone countries where it currently operates, and in line with the expansion into the Francophone market, the Bank has commenced its entry process into the CEMAC (Central African Economic and Monetary Community) region, with Cameroon as the focal point.

With a footprint already spanning Nigeria, Ghana, Sierra Leone, The Gambia, the United Kingdom, France, the UAE, and China, Zenith Bank continues to bridge African markets with global opportunities, enabling seamless trade and financial connectivity across the continent and beyond.

Founded in 1990, Zenith Bank has grown into one of Africa’s most respected banking institutions, boasting a robust capital base and a consistent track record of strong financial performance.

For 16 consecutive years, the Bank has held the record of highest Tier-1 capital in the Nigerian banking industry. Built on the foundation of People, Technology, and Service, Zenith Bank continues to deliver innovative financial solutions while maintaining a disciplined approach to growth and risk management. Its performance has earned it numerous local and international recognitions and endorsement.

Credit Zenith Bank PR

The Federal Government has inaugurated the Board of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), charging members to uphold transparency, accountability and regulatory independence in the nation’s petroleum sector.

The Secretary to the Government of the Federation (SGF), George Akume, gave the charge on Tuesday in Abuja during the inauguration of the board.

Akume said the inauguration underscored government’s commitment to strengthening governance in the petroleum sector and ensuring efficient regulation of upstream petroleum resources in the interest of Nigerians.

He described the event as a major milestone in the implementation of the Petroleum Industry Act (PIA), enacted to reform the sector through clearly defined roles, regulatory independence, accountability and global best practices.

According to him, as the apex governance body of the commission, the board is expected to provide strategic oversight, policy direction and institutional stability to boost investor confidence and promote sustainable development in the upstream sector.

The SGF said the development aligned with President Bola Tinubu’s Renewed Hope Agenda, which prioritised strong institutions, rule of law and integrity in public service.

He added that effective regulation of the upstream petroleum sector remained central to Nigeria’s economic growth, energy security and revenue optimisation.

Akume commended members of the board, noting that their appointments reflected careful selection of individuals with proven competence and integrity.

He expressed confidence that their collective experience and professionalism would strengthen the commission and advance the objectives of the PIA.

He urged the board members to uphold high standards of corporate governance, collaborate with management and stakeholders, and ensure accountability in the discharge of their responsibilities.

“As I formally inaugurate the board of the Nigerian Upstream Petroleum Regulatory Commission, I urge you to approach your duties with a strong sense of service and commitment to excellence,” he said.

Responding on behalf of the board, its Chairman,  Magnus Abe, thanked President Tinubu for the opportunity to serve the country.

Abe assured Nigerians that the board would work diligently to achieve the objectives of the commission and justify the confidence reposed in its members.

He also appreciated the SGF for his support throughout the selection and confirmation process.

The chairman said members of the board fully understood the charge given to them and would work closely with management to meet public expectations.

He pledged that the board would work closely with management to ensure the full realisation of the benefits envisaged under the Petroleum Industry Act.

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Seplat Energy Plc, Nigeria’s leading indigenous energy producer, listed in Lagos and London, has secured a series of independent regulatory, market, and industry recognitions that underscore growing investor confidence in its governance standards, financial discipline, and growth execution.

On April 14, Seplat became the first company on the Nigerian Exchange to cross the ₦ 10,000-per-share level, with the stock rising to about ₦10,450, a move analysts say reflects strong institutional demand and confidence in the company’s expanded asset base and earnings outlook.

Separately, the company won the Platinum Award at the ICAN–NGX Regulation Limited Corporate Reporting Awards on April 21, ranking first overall among leading listed companies.

The award assesses firms on financial reporting quality, corporate governance, and sustainability disclosures, with an emphasis on transparency, compliance with international standards, and the integration of environmental, social, and governance factors.

Market participants view such recognition as a signal of reduced reporting and governance risk, particularly important for companies accessing both domestic and international capital markets.

Seplat also entered the Top 10 Most Valuable Brands in Nigeria for the first time, ranking ninth in the 2026 Brand Finance Nigeria 25 Report.

Brand Finance said Seplat recorded the fastest brand value growth among the ranked companies, with brand value rising 97% to ₦194.5 billion, driven by higher production, improved cash generation and consolidation of offshore assets.

“Standout growth from Seplat Energy shows that the market continues to reward operational discipline and strong strategic positioning,” Brand Finance Nigeria Managing Director Babatunde Odumeru said in the report.

In addition, Seplat won the Energy Company CSR Excellence Award at the Energy Times Awards 2026 and was named Outstanding Energy Company of the Year 2025 at the Industry Newspaper Awards, reflecting its community investment and sustainability initiatives.

Chief Executive Officer Roger Brown said earlier this year that the company’s expansion into offshore operations, alongside strong onshore output, had strengthened cash flow and lowered its cost of debt.

Seplat has said it remains on track to deliver a planned $1 billion cumulative return of capital to shareholders by 2030, as it seeks to balance growth, shareholder returns and Nigeria’s energy transition objectives.

Seplat Energy is listed on the Premium Board of the Nigerian Exchange and the Main Market of the London Stock Exchange.

Credit Seplat Energy PR

Nigeria’s export potential to the United Kingdom is set for significant growth as the Federal Airports Authority of Nigeria (FAAN) highlighted rising trade volumes and new market opportunities within the aviation sector.

Speaking at a forum hosted by the Nigerian-British Chamber of Commerce, The Managing Director/Chief Executive, Olubunmi Kuku, represented by the Director of Cargo Development and Services, Lekan Thomas, highlighted encouraging trade figures and policy support driving the aviation corridor.

According to him in a statement issued by FAAN's Spokesman, Henry Agbebire, Nigeria-UK trade reached £8.1 billion, recording an 11.4 per cent year-on-year increase, while UK imports from Nigeria stood at £2.4 billion. He noted that even a modest 1–5 per cent increase in exports could generate an additional $25–125 million in revenue.

Thomas also pointed to the United Kingdom’s decision to grant duty-free or reduced tariffs on over 3,000 Nigerian products as a major opportunity for exporters, particularly in agriculture, manufacturing, and emerging sectors.

He further emphasized strong government backing for aviation reforms, citing recent engagements led by President Bola Ahmed Tinubu and the Minister of Aviation, Festus Keyamo, which have helped restore investor confidence and strengthen bilateral cooperation.

FAAN, he said, is already advancing infrastructure upgrades, digital cargo systems, and incentives to attract more cargo airlines, positioning Nigeria to capture a larger share of the global air freight market.

“With the right systems in place, Nigeria is well-positioned to scale exports, deepen trade with the UK, and become a leading air cargo hub in Africa,” Thomas said.

Credit FAAN PR

President Bola Tinubu has welcomed Nigeria’s impressive 91.45 per cent aviation safety rating by the International Civil Aviation Organization (ICAO).

This is contained in a statement issued by Presidential Spokesperson, Bayo Onanuga in Abuja.

ICAO is the United Nations Agency responsible for coordinating principles and standards for international air navigation and air transport safety.

Through its Universal Safety Oversight Audit Programme, the organisation assesses countries’ ability to manage aviation safety risks effectively.

According to the Presidency, Nigeria recorded a 91.45 per cent Effective Implementation score during a recent audit debriefing at the headquarters of the Nigeria Civil Aviation Authority.

The score is Nigeria’s highest ever since the audit programme began in 1999.

It also places Nigeria above the West African regional average of 61.1 per cent and the global average of 70.4 per cent.

The Presidency said the development would significantly boost investor confidence and strengthen Nigeria’s international aviation credibility.

Tinubu said his administration had prioritised infrastructure and transportation as key enablers of economic growth.

He added that the aviation sector remained central to plans to position Nigeria as a regional hub that meets global standards and best practices.

The president commended the Ministry of Aviation and Aerospace Development for the achievement.

He said the rating affirmed Nigeria’s aviation safety standards and made the country more attractive for investment in infrastructure, maintenance facilities and airline operations.

Tinubu also urged the ministry to review and implement all recommendations made by ICAO auditors.

He said this would help Nigeria sustain the rating and improve further.

The Minister of Aviation and Aerospace Development, Festus Keyamo, had earlier outlined safety compliance as a top priority under the ministry’s reform agenda.

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The Nigerian Communications Commission (NCC) says telecom operators will compensate subscribers for poor network quality through airtime credits under a strengthened regulatory enforcement framework nationwide.

The measure is part of renewed efforts to improve service delivery, protect consumers, and hold operators accountable for persistent lapses in network performance across the country.

The Executive Vice Chairman, Aminu Maida, disclosed this during a media breakfast meeting on Thursday, outlining the commission’s latest compliance and enforcement strategies.

Maida said the compensation directive followed verified failures by operators to meet established minimum quality of service standards in several locations.

“It is not a refund from the regulator but a compliance obligation placed on service providers,” he said, stressing operators must bear full responsibility.

He explained that the framework relies on detailed monitoring at local government level, enabling the commission to pinpoint exact areas and periods of poor service.

This granular approach, he said, allowsy regulators to move beyond general complaints and focus on measurable, location-specific service deficiencies affecting subscribers.

According to him, the compensation specifically covers service failures recorded between November 2025 and January 2026 across multiple network providers.

“Eligible subscribers will receive airtime credits with notifications explaining the cause and value of the compensation,” he said.

He added that notifications would improve transparency and help users understand why compensation was applied to their accounts.

Maida noted the commission has significantly strengthened its monitoring systems to capture real-time, location-specific service performance data.

“These systems ensure enforcement reflects actual user experience rather than generalised industry averages,” he said, highlighting improved regulatory precision.

He added that operators are required to implement the compensation directly, while the NCC provides oversight to ensure compliance.

“Independent checks will confirm that affected subscribers are properly credited,” he said, noting sanctions for non-compliance may follow.

Maida said the initiative formed part of broader reforms aimed at improving accountability and service standards within the telecommunications sector.

“Operators failing to meet obligations will face stricter enforcement measures,” he warned, signalling tougher regulatory action ahead.

He stressed that improving service quality required both sustained infrastructure investment and stronger operational discipline by network providers.

“Service providers must maintain performance standards consistently across all regions, including underserved and rural areas,” he said.

Maida reiterated the NCC’s commitment to balancing consumer protection with industry sustainability and long-term sector growth.

“Operators must take responsibility for the quality of experience delivered to subscribers,” he said, urging greater corporate accountability.

He added that the commission remained committed to ensuring Nigerians received value for money spent on telecom services nationwide.

“Persistent poor service quality is no longer acceptable under current regulatory direction,” he said, emphasising zero tolerance for continued lapses.

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The Nigerian Communications Commission (NCC) has inaugurated the Nigeria IPv6 Council, urging coordinated and accelerated adoption of IPv6 to strengthen Nigeria’s digital competitiveness, security and sovereignty.

The Executive Vice Chairman of NCC, Aminu Maida, said this during the inauguration of the council in Lagos on Thursday.

He described the move as a defining moment in Nigeria’s digital evolution and readiness to lead in the next phase of the global internet.

Maida said Nigeria’s IPv6 adoption remained at about five per cent, far below the global average of over 40 per cent, noting that the country must act decisively to close the gap.

The Internet Protocol version 6 (IPv6) is the latest version of the internet protocol used to identify and connect devices on the internet, designed to address the limitations and address exhaustion challenges of Internet Protocol version 4 (IPv4).

He said the exhaustion of IPv4 resources, combined with the rapid expansion of 5G networks, Internet of Things (IoT), cloud services and artificial intelligence-driven applications had pushed legacy internet infrastructure to its limits.

“In this context, IPv6 is not optional; it is a strategic necessity for national competitiveness, security and economic sovereignty,” he said.

Maida noted that the transition required the coordinated efforts of regulators, telecom operators, enterprises, academia and government institutions, adding that no single stakeholder could drive the process alone.

He said the commission had been preparing for the transition through deliberate policies and partnerships.

Maida added that its partnerships included its collaboration with the African Network Information Centre (AFRINIC), which had supported capacity-building programmes across public and private sectors.

According to him, the council will drive alignment with a National IPv6 Deployment Strategy, which outlines clear, time-bound targets, including raising Nigeria’s adoption level to rank among Africa’s leading countries within the next three years.

He outlined key priorities for the council to include establishing a monitoring and reporting framework with quarterly updates and an annual national report.

Other priorities, the NCC boss said, included driving capacity building and certification of IPv6 engineers, and promoting public sector leadership through migration of government platforms to IPv6-enabled systems.

He said that other responsibilities included engaging industry players such as internet service providers, data centres, content providers and financial institutions to remove deployment barriers.

Maida noted that advising on policy incentives and regulatory frameworks to accelerate adoption are also responsibilities.

Also speaking, the Chief Executive Officer of the Internet Exchange Point of Nigeria (IXPN), Muhammed Rudman, said the continued availability of IPv4 remained a major constraint, as many operators saw no immediate urgency to migrate.

He explained that while Nigeria had over 200 Autonomous System Numbers (ASNs) and more than 100 networks with IPv6 allocations, only a limited number were actively deploying and assigning IPv6 addresses to end users.

“In simple terms, many operators have IPv6 capability, but it is not yet deployed in a meaningful way,” he said.

Rudman said reliance on Network Address Translation (NAT) under IPv4 had allowed multiple users to share limited IP addresses, but created challenges in security, traceability and performance.

He added that the council had developed a National IPv6 Implementation Strategy with clear targets, including achieving at least 20 per cent IPv6 compliance in government networks by 2027, 25 per cent active deployment among telecom operators, and about 30 per cent nationwide adoption by 2030.

According to him, the council also plans to intensify capacity building, with a target to train at least 50 professionals in IPv6 by October through structured programmes and partnerships with academic institutions and regional bodies.

Rudman noted that funding and skills gaps remained challenges, especially as many trained engineers had migrated abroad, making continuous training essential.

He said the implementation roadmap would begin with awareness campaigns and training in 2026, followed by policy integration and accelerated deployment through 2027, leading to broader national adoption by 2030.

In his remarks, a technology expert, Chris Uwaje, said Nigeria must move beyond reliance on legacy systems and embrace modern internet infrastructure to strengthen its digital sovereignty.

Uwaje stressed that IPv6 adoption required not just technical upgrades but a national shift in mindset toward innovation, local capacity development and infrastructure investment.

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President Bola Tinubu has approved a minor cabinet reshuffle in the Federal Executive Council (FEC).

A statement issued by the Secretary to the Government of the Federation (SGF), George Akume. said two ministers would leave the cabinet.

The statement was signed by Yomi Odunuga, Special Adviser, Media and Publicity to the SGF.

He said that Wale Edun, who served as Minister of Finance and Coordinating Minister for the Economy, had been directed to hand over to Taiwo Oyedele, now elevated to the position.

Oyedele was formerly Minister of State in the ministry.

The SGF also announced Muttaqha Darma as ministerial nominee and Minister-designate for the Ministry of Housing and Urban Development.

According to him, erstwhile minister, Ahmed Dangiwa, was directed to hand over to the Minister of State in the ministry.

Akume said all handing-over processes should be completed on or before close of business on Thursday.

He explained that the changes were aimed at strengthening cohesion and synergy in governance, as well as enhancing impactful economic delivery to Nigerians under the Renewed Hope Agenda.

The SGF said the president exercised his powers in line with Sections 147 and 148 of the 1999 Constitution (as amended).

He added that the president appreciated the outgoing ministers for their services and wished them success in their future endeavours.

Akume said Tinubu also assured cabinet members that the process of reinvigoration would be continuous.

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The Nigerian Communications Commission (NCC) and Central Bank of Nigeria (CBN) have signed a Memorandum of Understanding to strengthen consumer protection.

NCC spokesperson, Nnenna Ukoha, disclosed this in a statement in Abuja.

She said the agreement would also combat fraud across telecommunications and financial sectors.

Ukoha said the MoU was formalised alongside inauguration of joint committees on payment systems, consumer protection, and the Telecoms Identity Risk Management System portal.

NCC Executive Vice Chairman, Aminu Maida, said the pact provided a framework for collaboration on payment integrity, fraud mitigation, digital inclusion, and consumer protection.

He said the initiative would deliver outcomes that strengthen trust, deepen inclusion, and support a secure digital economy.

Maida described the signing as a milestone, reflecting both institutions’ commitment to financial stability and consumer protection in an interconnected ecosystem.

“The Commission places significant importance on collaboration. Many milestones in addressing industry challenges came through strategic partnerships,” he said.

He recalled NCC and CBN intervention in resolving the USSD debt impasse, restoring confidence among consumers, telecom operators, and financial institutions.

According to him, the MoU will promote secure digital payments and expand access to underserved populations and small businesses.

Maida said the TIRMS portal would help curb electronic fraud by offering real-time insights into phone number status.

“This includes whether a line is active, swapped, disconnected, reassigned, or flagged for suspicious activity.

“This will significantly improve financial institutions’ ability to combat phone-linked fraud,” he said.

He said the collaboration would also ensure prompt resolution of consumer complaints, including failed airtime recharges.

CBN Governor, Olayemi Cardoso, said the MoU would improve coordination on approvals, standards, and innovation, including sandbox testing.

Cardoso reaffirmed the bank’s commitment to building a safer, more resilient, and inclusive digital financial system.

“Going forward, the Central Bank remains committed to working with the Commission to protect consumers and strengthen trust in the digital economy,” he said.

He inaugurated the joint committees, noting they would prioritise consumer protection and fraud prevention.

The initiative is expected to boost confidence while addressing risks in converging telecoms and financial services.

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Taiwo Oyedele, Minister of State for Finance, has dismissed reports alleging hidden spending and diversion of federation revenue, describing it as misinterpretations of the World Bank Nigeria Development Update.

This is contained in a statement issued by the minister in Abuja.

He said reports suggesting large-scale diversion of federation earnings misrepresented the World Bank’s findings and reflected poor understanding of Nigeria’s fiscal system.

According to him, deductions by the Federation Account Allocation Committee (FAAC) were wrongly labelled as waste or missing funds in some reports.

Oyedele explained that FAAC deductions cover statutory transfers, security spending, investments, cost of collection and refunds to Ministries, Departments and Agencies.

He said transfers and refunds to states and other tiers of government were legitimate fiscal obligations, not leakages or hidden expenditures.

The minister also criticised selective use of outdated data by some commentators, saying recent reforms were ignored in their analysis.

He noted that the World Bank acknowledged ongoing fiscal reforms, including a 2026 Executive Order to improve petroleum revenue remittances and enhance transparency.

Oyedele said the reforms were expected to increase distributable revenue by about 0.4 per cent of Gross Domestic Product annually.

He added that the report presented a positive outlook, highlighting broad-based economic growth across sectors.

According to him, inflation is gradually declining due to deliberate policy actions of government.

He also cited improvements in Nigeria’s external reserves and a current account surplus.

The minister said debt indicators had improved, including a reduction in the debt-to-GDP ratio for the first time in over a decade.

Oyedele maintained that the World Bank report did not suggest fiscal collapse but affirmed that ongoing reforms were yielding results.

He said sustaining and deepening reforms would help translate macroeconomic gains into inclusive growth.

The minister reiterated government’s commitment to fiscal transparency, revenue mobilisation and efficient public spending.

He urged media organisations and stakeholders to report fiscal matters responsibly to avoid misleading narratives.

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President Bola Tinubu has signed the 2026 Appropriation Bill into law, authorising an aggregate expenditure of ₦68.32 trillion for the current fiscal year.

The president also signed a bill extending the implementation period of the capital component of the 2025 budget from March 31 to June 30.

This is contained in a statement issued by Presidential Spokesperson, Bayo Onanuga, on Friday in Abuja.

According to Onanuga, the 2026 budget provides N4.799 trillion for statutory transfers and N15.8 trillion for debt servicing obligations.

It also allocates N15.4 trillion to recurrent expenditure and N32.2 trillion to the Development Fund for capital projects.

With capital expenditure accounting for about 50 per cent of total spending, the budget reflects priority for infrastructure and productivity growth.

Onanuga said the fiscal plan underscored the administration’s commitment to economic stability, national security and inclusive development.

He added that the allocations balanced statutory obligations, debt servicing, recurrent spending and strategic investments.

Tinubu also assented to the Appropriation (Repeal and Enactment) (Amendment) Bill, 2026, extending the lifespan of the 2025 capital vote.

The extension, according to the Presidency, will ensure full utilisation of appropriated funds for critical projects already at advanced stages nationwide.

It said that Ministries, Departments and Agencies (MDAs) would use the extra period to consolidate ongoing works and improve project completion rates.

With the 2026 Appropriation Act taking effect from April 1, the Federal Government is expected to begin full implementation immediately.

Tinubu directed MDAs to ensure disciplined, transparent and efficient use of public resources, stressing  the need for value for money and timely delivery of projects across sectors.

The president commended the leadership and members of the National Assembly for the speedy consideration and passage of the budget.

He reaffirmed the importance of sustained cooperation between the executive and legislative arms in advancing development goals.

Tinubu also assured Nigerians of continued fiscal reforms, stronger revenue generation and investments to create jobs and expand social protection.

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The Minister of Finance, Wale Edun says Nigeria has no immediate plans to approach the International Monetary Fund (IMF) for financial assistance.

Edun made this known at the African Finance Ministers’ briefing, during the IMF/World Bank Annual Meetings, on Thursday in Washington.

He said that the reliance on ongoing domestic economic reforms was working.

The minister said that Nigeria’s reforms over two years had restored policy credibility and strengthened resilience against global economic shocks affecting many African economies.

He said that the country had prioritised market-based adjustments, avoiding administrative controls, particularly in foreign exchange and petroleum pricing mechanisms.

Edun reaffirmed that the country continued relying on internal policy measures, rather than seeking multilateral lending support at this time.

He, however, urged faster and coordinated financial assistance for African countries, amid discussions on a proposed $50 billion dollars global support package.

The minister said that Nigeria had built buffers through reforms, that several African nations remained highly exposed and required urgent external financial support.

He said that Nigeria’s reliance on market mechanisms had enabled smoother economic adjustments, reducing disruptions and sustaining the country’s macroeconomic trajectory, amid global uncertainties.

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President Bola Tinubu has called for unity, resilience and renewed commitment to nation-building, urging Nigerians to work together to overcome poverty, ignorance and hopelessness.

Tinubu made the call on Thursday at a meeting with leaders and coordinators of the Renewed Hope Ambassadors at the State House, Abuja.

He described the gathering as an opportunity to reinforce democratic ideals, stressing that Nigeria’s progress depends on shared values, integrity and a common national vision.

The president emphasised that democracy must be sustained through respect for the rule of law, separation of powers and active citizen participation.

Highlighting hope as a driver of development, Tinubu urged Nigerians, particularly the youth, to remain optimistic and committed to national growth.

“This is an opportunity of a lifetime to break the shackles of poverty, ignorance and hopelessness, and to build a nation anchored on freedom and democracy.’

He cautioned against disregard for lawful authority, stressing the importance of upholding judicial decisions.

“We cannot submit to disobedience of lawful court orders. We must embrace the judiciary, whether it favours us or not.”

Tinubu said national greatness could only be achieved through unity and a shared vision for progress and prosperity.

“There is no path to national greatness other than building one country with a common vision for development.”

The president assured supporters of his resolve to remain steadfast in spite of challenges, noting that leadership requires courage and perseverance.

Tinubu reiterated his administration’s commitment to economic reforms and infrastructure development aimed at improving citizens’ welfare.

“The journey is not easy, but I assure you, you will not regret being part of this movement for national renewal,” he said.

The president urged the ambassadors to mobilise support and deepen public understanding of government policies and programmes, especially at the grassroots.

Earlier, National Chairman of the All Progressives Congress (APC), Nantawe Yilwatda, called for stronger collaboration between the ambassadors and party structures at the grassroots.

He said such synergy would enhance voter education, mobilisation and democratic participation across the country.

In his remarks, Director-General of the Renewed Hope Ambassadors and governor of Imo, Hope Uzodimma, commended the president’s reforms as impactful and far-reaching.

Uzodimma pledged continued mobilisation and sensitisation of Nigerians to sustain momentum ahead of the 2027 general elections.

The event was attended by Governor Uba Sani of Kaduna State, former Senate President Pius Anyim, former Speaker Aminu Bello Masari, former governor of Nasarawa State, Tanko Al-Makura and former Delta governor Ifeanyi Okowa, who all pledged continued mobilisation and support for government programmes. 

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Airline Operators of Nigeria (AON) has warned that domestic flights may be suspended from April 20 over the persistent rise in the price of Jet A1,  also known as aviation fuel.

The body said in a notice signed by its President, Abdulmunaf Yunusa Sarina in Lagos.

Sarina said the price of Jet A1 had increased to N3,300 per litre from about N900 per litre in February, representing a 300 per cent rise.

According to him, the increase, driven by marketers, has significantly raised airlines’ operational costs.

He noted that the rise was not in line with global crude oil price trends, which reflect about a 30 per cent increase.

Sarina said airlines had, in the past four weeks, continued operations despite the rising costs out of a sense of responsibility to the nation.

He, however, said the situation had become unsustainable.

“Currently, airline revenues are insufficient to cover the cost of fuel alone, which is only one of many operational expenses incurred daily.

“The actions of fuel marketers are putting the aviation industry and the nation’s economy, safety and security at risk, as airlines are being forced to consider suspending operations.

“For the avoidance of doubt, this increase has already affected one airline, forcing it to suspend operations since March 13,” he said.

Sarina said the situation could worsen if urgent action was not taken.

According to him, adjusting ticket prices to reflect current fuel costs could lead to reduced passenger traffic, while a shutdown of operations would affect jobs, financial institutions and national security.

“We urge marketers to adjust jet fuel prices in line with international market realities, as airlines can no longer sustain purchases at the current rates,” he said.

The notice was addressed to the Major Energies Marketers Association of Nigeria, with copies sent to President Bola Tinubu, the Minister of Aviation and Aerospace Development, Festus Keyamo, and the Nigeria Civil Aviation Authority, among others.

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United Nigeria Airlines says it has withdrawn Airbus A320-200 from operations after it was hit by a bird strike on Wednesday.

Chibuikem Uloka, the Public Relations Officer of United Nigeria, who disclosed this in a statement on Thursday, said that it was the sixth bird strike involving the company carriers in 2026.

Uloka said the incident occurred on landing at Nnamdi Azikiwe International Airport, Abuja, from Port Harcourt International Airport operating Flight UN0515 on April 15.

He said the nose section of the aircraft was affected.

“We regret to inform our valued passengers and the general public of yet another bird strike aircraft involving one of our Airbus A320-200,” he said.

The company said it had immediately withdrawn the aircraft from operations to undergo thorough technical inspections and any required maintenance before returning to service.

It said this was in line with its strict and uncompromising safety standards.

”This marks the sixth bird strike involving our aircraft so far in 2026, an occurrence we find deeply concerning and unacceptable due to its implications for aviation safety and operational stability.

“This brings the total number of grounded aircraft to two in less than 24 hours.

“As a result, some flights across our network may experience disruptions or may not operate as scheduled,” it said.

United Nigeria regretted any inconvenience the decision may cause urging passengers understanding as safety remained top priority.

The company said it was working diligently to minimise disruptions and provision of support to all affected travelers.

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The Senate, through its Committee on Public Accounts, has given the management of Nigerian National Petroleum Company Limited (NNPCL) up till April 29 to appear before it to account for the N210 trillion flagged in audit reports from 2017 to 2023.

The committee directed the Group Chief Executive Officer (GCEO) of NNPCL, Bayo Ojulari, to appear alongside the immediate past GCEO, Mele Kyari, on the scheduled date unfailingly.

Also expected to appear are former Chief Financial Officer, Umar Ajia, Bala Wunti and the external auditors of the national oil company.

The committee’s resolutions followed a motion moved by Osita Izunaso (Imo West) and seconded by Adams Oshiomhole (Edo North).

Chairman of the committee, Aliyu Wadada (Nasarawa West), said that the N210 trillion in question, as contained in the audit reports, must be fully accounted for by the company’s management.

Wadada said that the explanations provided by NNPCL to the 19 audit queries were unsatisfactory, noting that Nigerians deserved clear, detailed and convincing responses.

“This committee, and by extension, the Senate, is not satisfied with the blanket explanation given by NNPCL on N103 trillion, which it claimed represents liabilities.

“Liabilities have components such as retention fees, legal fees and audit fees. Specific amounts spent on each of these components must be clearly stated and explained.

“Detailed explanations are also required for the N107 trillion which NNPCL said was expended on joint venture cash calls as well as funds allegedly owed by some defunct banks whose identities were not disclosed.

“Consequently, it is resolved that NNPCL is given an additional two weeks to appear before this committee unfailingly.

“The deadline for compliance is Wednesday, April 29,” Wadada said.

Earlier, a member of the committee, Abdul Ningi (Bauchi Central), had called for the invocation of the National Assembly’s powers to compel the appearance of NNPCL officials, citing repeated failures to honour invitations.

“We must treat this matter with utmost seriousness. The strength of democracy rests significantly on the authority of the legislature.

“Unfortunately, there appears to be a growing reluctance to honour invitations from the National Assembly, leaving members feeling helpless in enforcing compliance,” he said.

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President Bola Tinubu says Nigeria needs a strong and transparent revenue structure to achieve sustainable prosperity.

Tinubu said this on Tuesday at the official inauguration of the new headquarters of the Nigeria Revenue Service (NRS) in Abuja.

According to him, Nigeria can not achieve sustainable prosperity with a weak or opaque revenue structure.

He said that trust between government and citizens depended on fairness and accountability in taxation.

“No serious nation can achieve lasting prosperity on a weak and fragmented revenue system.

“No government can demand trust from its citizens when taxation is opaque, inefficient, or unjust,” the president said.

According to him, Nigeria’s ongoing tax and fiscal reforms are a binding commitment to citizens rather than political rhetoric.

He described the tax reforms as a covenant with the Nigerian people aimed at strengthening institutions, restoring fairness, and driving economic transformation.

He said that the reforms were designed to simplify the country’s tax system, eliminate distortions, and build a transparent and investment-friendly fiscal environment.

The Executive Chairman of the NRS, Zacch Adedeji, said that the inauguration marked the culmination of a defining institutional journey, one that has spanned years of vision, persistence, complexity.

Adedeji said that the moment was inseparable from Tinubu’s leadership and the reform agenda he had courageously advanced

“What stands before us is not merely an edifice of steel and structure, but the physical manifestation of a nation choosing order over drift, discipline over fragmentation, and execution over intent.

“It is the coming to life of a renewed fiscal vision, one that is structured, credible, and built to endure,” he said.

Adedeji said that when the administration of President BolaTinubu assumed office, Nigeria faced a critical inflexion point, marked by constrained fiscal space, weakened investor confidence, and structural distortions across key sectors.

According to him, what followed was not an incremental adjustment, but a comprehensive reset of the nation’s economic and fiscal architecture.

“Through decisive actions, you restored macroeconomic credibility, unifying foreign exchange markets, clearing longstanding backlogs, and re-establishing confidence in Nigeria’s ability to operate a transparent and market-driven system.

“These were not easy decisions, but they were necessary decisions, and history will recognise them as such.”

He said building on the foundation, the present administration undertook one of the most significant revenue reforms in Nigeria’s history.

“Over 60 fragmented tax laws were streamlined into a simplified and more coherent framework, strengthening compliance, improving predictability, and enabling efficiency in administration,” he said.

He said that the reform was not driven by higher tax burdens, but by better systems, broader coverage, and stronger governance.

“The outcome speaks for itself, with Nigeria recording a historic domestic revenue performance, demonstrating that disciplined reform yields sustainable results.

“Beyond taxation, fiscal governance has been strengthened through improved remittance systems, enhanced transparency mechanisms, and tighter controls on public financial flows.

“Trade has been modernised through the recently launched National Single Window, reducing inefficiencies and strengthening revenue assurance.

“In energy reforms, the revolutionary sales of crude in Naira initiative has repositioned the sector from a fiscal burden to a stabilising anchor for the economy, especially at this crucial time.

“Across these areas, what we are witnessing is not an isolated change, but a coordinated transformation of the fiscal state,” he said.

He commended the president for his ability to take difficult decisions, align institutions, and translate reform into measurable outcomes that reposition a nation for the future.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described the new NRS headquarters as a major achievement in Nigeria’s fiscal and institutional journey.

Edun was represented by Taiwo Oyedele, the newly appointed Minister of State for Finance.

According to him, the completed facility is an investment; the physical expression of the fundamental shifts in how Nigeria is modernising revenue administration.

“Like our tax system, the foundation of this edifice was laid many years ago. But today, thanks to the exceptional leadership of the NRS, led by Dr Zacch Adedeji and his team, we have a unified, modern institutional structure.

“This mirrors the transformational progress we have seen in our tax system under the visionary leadership of President Bola Tinubu.

“Before the reforms of this administration, Nigeria’s fiscal system faced structural challenges ranging from fragmented tax law, weak tax-to-GDP ratio, and unsustainable debt service volume,” he said.

Edun said that through decisive leadership, the reforms had strengthened revenue institutions, improved collection , and laid the foundation for long-term fiscal sustainability.

The President of the Senate, Godswill Akpabio, commended Tinubu for the ongoing economic reforms, fiscal restructuring, and infrastructure renewal.

Akpabio described them as evidence of vision-driven leadership and a turning point in Nigeria’s development trajectory.

He said the reforms in the tax and fiscal space reflected a deliberate effort to reposition Nigeria’s economy for stability, efficiency, and long-term sustainability.

The Speaker of the House of Representatives, Tajudeen Abbas, said that Nigeria’s widening revenue gap could undermine the country’s ambitious fiscal plans, including the implementation of a 2026 budget.

According to Abbas, while government spending obligations continue to rise, revenue generation remains insufficient to match national aspirations.

He said Nigeria’s budget had expanded significantly in recent years, driven by commitments to infrastructure development, security, education, and social services, stressing that sustainable revenue growth was critical to fiscal stability.

“The gap between what the country seeks to achieve and what it currently earns remains substantial, and bridging it requires deliberate and coordinated reforms rather than short-term measures,” he said.

The speaker said that the objective of the ongoing tax reforms was not to impose additional hardship on citizens, but to improve efficiency, broaden the tax base, and reduce leakages in the system.

He said that the reforms sought to create a more coherent and integrated revenue framework capable of supporting national development goals.

Abbas also underscored the importance of accountability and institutional discipline in revenue administration, warning that weak systems and inefficiencies could jeopardise economic planning.

He called for strengthened coordination among revenue agencies and sustained legislative oversight to ensure that reforms are effectively implemented and deliver intended outcomes.

The speaker reiterated the commitment of the House of Representatives to continue monitoring the implementation of fiscal reforms, stressing that effective oversight remains key to achieving long-term economic stability.

He urged stakeholders to support ongoing reforms, noting that Nigeria’s fiscal sustainability depends on improving revenue performance while maintaining fairness and public trust in the system.

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The International Monetary Fund (IMF) on Tuesday said rising oil prices will provide some relief to Nigeria.

The IMF, however, said that the relief would not be enough to shield the country from the broader impact of a global economic shock.

The IMF’s Economic Counsellor and Director of Research, Pierre-Olivier Gourinchas, said this at the ongoing IMF/World Bank Spring Meetings in Washington D.C. on Tuesday.

Gourinchas said that the effects of the current global environment, driven by geopolitical tensions and rising energy costs were largely negative for many economies, particularly energy importers.

“For many countries, especially energy importers, the effects are negative, although there is some differentiation, as a number of countries in the Gulf region are also energy exporters,” he said.

He said that the fund was monitoring developments in energy markets closely and engaging with countries to assess emerging financing and policy needs.

He said that it was also coordinating with global institutions to respond to the evolving crisis.

The Deputy Director IMF’s Research Department, Petya Koeva-Brooks, said that Nigeria’s growth outlook had been revised downward by 0.3 percentage point to 4.1 percent in 2026, reflecting a balance of opposing forces.

According to her, higher global oil prices are expected to support government revenues and provide some external buffer.

She said that the overall impact of the shock remained negative.

“The war-related increase in fuel and fertilizer prices, as well as higher shipping costs, are expected to weigh on non-oil activity in Nigeria.

“There is some offset from higher oil prices, but on balance, the effect is a drag on growth in 2026, with a recovery expected in 2027.”

Koeva-Brooks said that the broader Sub-Saharan Africa region was also facing mounting headwinds.

She said that the headwinds include weaker global growth, softer non-oil commodity prices, and worsening terms of trade for oil-importing economies.

She said that the region was constrained by declining foreign aid flows, with bilateral support projected to fall between 16 per cent and 28 per cent.

Koeva-Brooks said that growth across the region had been downgraded, while inflationary pressures were set to intensify, driven by higher energy and fertiliser prices, potential fuel shortages, and rising borrowing costs.

She said that for Nigeria, these pressures were particularly significant given the importance of agriculture and the sensitivity of food prices to input costs such as fertiliser.

She called for continued vigilance by the Central Bank of Nigeria, adding that a tight and data-dependent policy stance will be critical in navigating the current environment.

“Close monitoring of exchange rate movements and inflation expectations will be essential to achieving price stability,” she said.

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Energy experts have criticised recent recommendations by the World Bank urging Nigeria to deepen fuel importation and fully liberalise its downstream petroleum sector, warning that the advice is ill‑timed, economically regressive and in direct violation of the Petroleum Industry Act (PIA).

An energy economist and professor, Ken Ife, faulted the position during a televised interview on Nigeria’s economic outlook, noting that while parts of the World Bank’s latest Nigeria Development Update were analytically sound, its prescription on fuel importation threatens Nigeria’s strategic push for energy independence and local value addition.

“You cannot come to a country that is struggling, and which has just developed a vision of economic self‑reliance and then advise it to reverse course and return to fuel importation,” Ife said.

“That kind of recommendation undermines everything Nigeria is trying to achieve.”

He stressed that the advice directly contradicts the Petroleum Industry Act, which mandates priority supply of domestic crude to local refiners under the Domestic Crude Obligation framework.

“The law is very clear. Domestic refining must come first. Advising Nigeria to abandon that path is not just against government policy; it is a clear violation of the PIA,” Ife stated.

The economist warned that increased fuel importation would leave Nigeria more vulnerable to global supply disruptions, accelerate foreign exchange depletion and discourage ongoing investments in local refining, particularly at a time when private sector participation is expanding capacity.

“We are on track to build refining capacity that will exceed domestic demand and position Nigeria as an energy exporter. How can anyone credibly suggest that we abandon this progress and return to reckless import dependence?” he asked.

Ife also questioned the empirical basis of the World Bank’s fuel import recommendation, describing it as an unsupported addition to an otherwise rigorous report.

“This conclusion was strangely parachuted into what was largely a strong analysis. There is no evidence supporting a return to imports at a time when major refining countries are restricting exports,” he said.

While acknowledging the World Bank’s accurate assessment of Nigeria’s macroeconomic indicators, including GDP growth projections and sectoral performance—Ife cautioned that its fuel policy stance could worsen rather than improve economic conditions.

Echoing similar concerns, another energy expert, Kelvin Emmanuel, also criticised the World Bank’s position, describing it as flawed and disconnected from prevailing market realities.

Speaking during a televised interview, Emmanuel disclosed that the World Bank had reportedly withdrawn the contested Nigeria Development Update from its website.

“The World Bank has retracted the report. If you check the World Bank Nigeria website, you will see that the document has been taken down,” he said.

Emmanuel dismissed claims that imported petrol could be cheaper than locally refined fuel, insisting that current global market conditions make such assumptions unrealistic.

“There is no marketer today that can land petrol into Nigeria at less than ₦1,759 per litre when you factor in freight, insurance and supply chain risks,” he said.

He explained that rising crude oil prices—driven largely by tensions in the Middle East, have fundamentally altered pricing dynamics, noting that while futures prices hover around $100 per barrel, spot prices are significantly higher.

“Dated Brent is trading at about $144 per barrel, which translates to roughly ₦1,249 per litre before distribution and other costs,” Emmanuel stated.

According to him, any suggestion that imported fuel is cheaper could only be explained by quality compromises.

“The only way imported petrol can appear cheaper is if standards are compromised, which, historically, has been the case,” he said.

Emmanuel also rejected claims that fuel prices in Nigeria are excessively high, noting that petrol remains cheaper domestically than in neighbouring African countries.

“There is nowhere in the region where petrol is sold as cheaply as it is in Nigeria,” he said.

On inflation and the rising cost of living, Emmanuel argued that Nigeria’s challenges stem from inconsistent enforcement of domestic supply frameworks rather than resource scarcity.

“Fuel price pressures in Nigeria are largely contrived. If local refiners receive crude supply as stipulated by law, prices will stabilise and volatility will reduce,” he explained.

He further criticised the World Bank’s advocacy for expanded social safety nets funded through borrowing, warning that such measures conflict with Nigeria’s fiscal responsibility laws.

“Social safety nets are important, but you do not borrow money to share. Borrowing is meant for capital projects and human development, not consumption. If support is needed, it should come in the form of grants, not loans,” he said.

Credit Dangote Group PR

Dangote Petroleum Refinery and Petrochemicals has recorded a major milestone in Nigeria’s energy history, exporting 44,000 barrels per day (b/d) of gasoline in March 2026, an achievement that has positioned Nigeria as a net exporter of petrol for the first time ever, with a surplus of approximately 3,000 b/d during the month.

 The landmark performance marks a decisive turnaround for Africa’s largest oil-producing nation, which for decades relied heavily on imported refined petroleum products. Industry experts say the surge in exports, driven by rising output from the Dangote Refinery, is expected to deliver substantial foreign exchange inflows, easing pressure on Nigeria’s forex market while supporting overall macroeconomic stability.

 The March export milestone underscores Nigeria’s accelerating progress toward self-sufficiency in refined petroleum products and strengthens its ambition to become a competitive supplier in the global downstream energy market.

 In a significant expansion of its international footprint, the Dangote Refinery also exported gasoline to East Africa for the first time, delivering a 317,000‑barrel cargo to Mozambique. The shipment reflects growing regional demand as East African buyers diversify supply sources away from the Middle East Gulf amid ongoing supply disruptions. A further gasoline cargo from the refinery is scheduled for delivery to Beira, Mozambique, in April.

 Supporting data from market intelligence firm Kpler showed that Nigeria’s gasoline imports fell sharply to 41,000 b/d in March, the lowest level ever recorded.

At the same time, crude oil supply to the Dangote facility climbed to approximately 565,000 b/d, the second-highest intake since the 650,000 b/d-capacity refinery began operations in late 2023. The figures point to strong processing rates and rising product yields across the complex.

 Analysts say Nigeria’s transition from a major gasoline importer to an exporter is poised to reshape regional trade flows and intensify competition in global fuel markets.

The development is also expected to add pressure to Europe’s already oversupplied gasoline market as Nigeria increasingly competes with traditional suppliers.

 Commenting on the broader economic implications, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, recently credited President Bola Tinubu’s economic and energy sector reforms for restoring investor confidence and creating the policy environment necessary for large-scale investments in domestic refining.

 With rising output, expanding export markets, and declining imports, the Dangote Refinery’s performance signals a turning point for Nigeria’s energy sector, one that promises stronger forex earnings, improved energy security, and a more influential role for the country in global petroleum product trade.

Credit Dangote Group PR

The Lekki Deep Sea Port has partnered the Consulate General of the People’s Republic of China in Nigeria to strengthen human capital development through an international training programme in China.

The management of Lekki Port disclosed this in a statement made available to Journalists in Lagos.

It said the initiative was designed to enhance technical capacity, improve operational efficiency and expose staff to global best practices in port management.

According to the management, selected members of staff participated in the training programme in China, where they were exposed to advanced port infrastructure and modern logistics systems.

It added that the training also focused on innovation-driven processes and the integration of technology in port operations.

The port management said a knowledge-sharing session was held on April 10 to enable participants to share their experiences and lessons from the programme.

It noted that the session provided an opportunity for knowledge transfer and institutional learning within the organisation.

Speaking at the session, the Managing Director of Lekki Port, Wang Qiang, commended the Chinese Consulate for supporting the initiative.

Qiang said the training had significantly enhanced the exposure and capacity of the port’s workforce.

“At Lekki Port, collaboration is at the core of our business model, and we will continue to promote initiatives that strengthen our operations and global outlook,” he said.

Also speaking, the Consul General of China in Nigeria, Yan Yuqing, said the programme underscored China’s commitment to strengthening bilateral cooperation with Nigeria.

Yuqing said the initiative was aimed at promoting knowledge exchange, cultural understanding and institutional partnership.

She described the participants as ambassadors of China-Nigeria relations, adding that they were expected to apply the knowledge gained to support development in their organisations.

A participant, Matthew Oloyede, said the programme provided valuable exposure to global best practices in port operations.

Oloyede added that the knowledge acquired would be applied to improve efficiency, strengthen teamwork and enhance service delivery at the port.

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The NNPC Exploration and Production Limited (NEPL)/Seplat Energy Joint Venture has commissioned two Science, Technology, Engineering, Arts and Mathematics (STEAM) laboratories built at the Ogbe and Uselu Secondary Schools in Oredo and Ikpoba Okha Local Government Areas of Edo State.

The laboratories which were commissioned on Wednesday, April 8, 2026 in Benin, the Edo State Capital aim to drive educational sustainability in State and promote excellence amongst students.

Speaking at the commissioning, Chioma Afe, Director, External Affairs and Social Performance, Seplat Energy Plc, said the Joint Venture has so far built and commissioned nine STEAM Laboratories in the state; thus increasing the numbers of STEAM laboratories so far established in Edo and Delta State to 14.

She said the STEAM Labs were part of the organisation's commitment to sustaining education in Edo and Delta States, whilst assuring that the same development would soon be extended to other states where the company operates.

According to her, the Joint Venture had successfully executed various educational programs in the States, which include the Seplat Teachers Empowerment Program, the Pearls Quiz competition, inclusive of the STEAM Labs and Access to Energy Projects.

Afe said: "The STEAM Lab is one where we want to further inculcate STEAM within the curriculum of basic education and secondary schools.

"The NNPC Limited and Seplat Energy took a decision years ago to start to put in place STEAM Labs. This allows the children and the teachers to practically use all the learnings that they have taken from the various activities and programs.”

Afe added that the laboratories are equipped with state-of-the-art equipment and solar power to ensure that the centres have 24- hour constant power.

She commended the Edo State Government for providing the enabling environment, and NEPL for their support in the establishment of the laboratories.

While assuring that he gesture would be extended to other parts of the state, she, however, urged the teachers and students of the benefiting schools to make judicious use of the facilities as well as protect them against misuse and vandalism.

In the same vein, the Managing Director of NEPL, Nicolas Foucart, said the laboratories are designed to promote practical learning, creativity, critical thinking, and innovation in Science, Technology, Engineering, Arts, and Mathematics.

Foucart represented by Reginald Duke, Lead Community Relations Western Assets, NEPL, noted that the expectation of the management is that the laboratories would help equip students with relevant skills to succeed in a fast-changing world.

He also added that the facilities in the schools reflected the NEPL/Seplat JV shared commitment to quality education and sustainable community development.

"We believe that investing in education is one of the most meaningful ways to shape the future of our young people and our nation", he stated.

Paddy Iyamu, a former Commissioner for Education, Edo State, described the STEAM Labs as one of the best investments any investor can make in the life of the Nigerian children.

He urged other corporate organisations in the state to emulate Seplat in fulfilling their Corporate Social Responsibilities.

He said: "Please, let's celebrate and appreciate the leadership of Seplat energy. Together, you have also helped us in training our teachers. The list is endless. We have other companies that drill oil in the state, but when it comes to corporate social responsibility they fail.

 "The NEPL/Seplat JV has always responded positively and responsibly in the environment where you operate. We are grateful. On behalf of my Governor, we thank you.”

For her part, Edith Ebomoyi, Permanent Secretary, Edo State Ministry of Education, described the Labs commissioning as a milestone in the collective and committed efforts to the future of education in the State.

In their separate remarks, the Principal of Ogbe Secondary School, Itohanmwen Augustina and Obaretin Osayanmo of Uselu Secondary School, commended the State Government, Seplat Energy and NEPL for the investment and promised to take ownership of the facilities against any act of vandalism.

 They also promised to make judicious use of the facilities to achieve the purpose for which they are established.

Credit Seplat Energy PR

President Bola Tinubu has directed key economic officials to develop measures to mitigate the impact of the ongoing Middle East crisis on Nigerians.

Tinubu gave the directive on Friday at a civic reception in Yenagoa after inaugurating projects executed by Governor Douye Diri.

He tasked the Ministries of Finance and Budget, alongside the Head of Service, Didi Esther Walson-Jack, to examine ways to ease economic pressures.

This is contained in a statement issued by Presidential Spokesperson, Bayo Onanuga in Yenagoa.

The president acknowledged the economic strain caused by the crisis, noting that rising fuel prices were affecting Nigerians.

“Yes, I hear you from various angles of the economy. The fuel prices are biting hard, but we must also reflect on global realities.”

Tinubu assured citizens that his administration would work with relevant ministries to introduce measures to cushion the hardship.

“This is a government that cares. We will look at the numbers with the Ministry of Finance and Budget to ease the burden,”

He reaffirmed the commitment of the All Progressives Congress (APC) to improving citizens’ welfare through impactful governance.

“People deserve to see governance translated into roads, bridges, power, jobs and real opportunities that affect lives,”

Tinubu commended Diri for executing projects aligned with the Renewed Hope Agenda, describing them as transformative.

He inaugurated key projects, including a 60-megawatt gas-fired Independent Power Plant in Elebele, a 630-metre Angiama–Oporoma Bridge, and a new Yenagoa city road.

The president noted that collaboration between federal and state governments accelerates development and delivers tangible benefits to citizens.

He also reiterated his administration’s resolve to achieve energy sufficiency, recalling his earlier efforts in establishing independent power initiatives.

Tinubu observed a minute’s silence in honour of fallen soldiers and former Bayelsa governor, DSP Alamieyeseigha.

In his remarks, Diri said federal policy support enabled the state to deliver the power project and advance energy independence.

He added that the projects would improve connectivity, boost economic activity and enhance residents’ quality of life.

Credit NAN: Texts excluding Headline

The Nigerian National Petroleum Company Limited (NNPC), says national crude oil production has grown from a historic low of 960,000 barrels per day in 2022 to an average of 1.71 million barrels per day and a peak production of 1.84 million barrels per day in 2025, owing to the establishment of the integrated energy security for pipelines in the Niger Delta. 

A statement issued on Wednesday by Chief Corporate Communications Officer of the Company, Andy Odey, reveals Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, made the disclosure at the Parliamentary Roundtable on the State of Pipelines Security which held at the National Assembly in Abuja, on Wednesday. 

Speaking on the success of the security arrangement, Ojulari explained that it was not accidental, and that it involved an “integrated energy security model that combines legislative and executive policy alignment, actionable intelligence, kinetic deployment capabilities, regulatory oversight, industry cooperation, and community‑embedded surveillance mechanisms”.

He attributed the resurgence of production to the effective tackling of the twin menace of oil theft and pervasive pipeline sabotage which has led to the restoration of investors’ confidence in the nation’s oil and gas sector.

In his welcome address, the President of the Senate, Godswill Akpabio, represented by Senator Jimoh Ibrahim, called for collaboration among agencies and stakeholders in resolving all challenges impeding production growth. 

For his part, the Speaker of the House of Representatives, who was  represented by the Leader of the House, Julius Ihonvbere, urged the forum to evaluate the progress made so far with a view to ensuring fairness and equity. 

The Parliamentary Roundtable on the State of Pipelines Security was convened by the Joint Senate and House of Representatives Committee on Petroleum Resources. It had in attendance the Senate President, Speaker of the House of Representatives, National Security Adviser, Minister of Defence, and representatives of oil industry regulatory agencies.

The Roundtable also featured presentations by the Chief of Defence Staff, Inspector General of Police, Director General of the Department of State Services, Commandant General of the Nigerian Security and Civil Defense Corps, and private security companies.

Credit NNPCL PR

President Bola Tinubu on Wednesday inaugurated the Ojota-Opebi Link Bridge and two other landmark projects in Lagos State.

The three are among key projects to be inaugurated by the President during his two-day visit to Lagos.

Tinubu, represented by the President of the Senate, Godswill Akpabio, arrived at the Opebi-Ojota Link Bridge at  1.25 p.m. alongside Lagos State Governor Babajide Sanwo-Olu.

The  Opebi-Mende Link Bridge is 5.04km.

The other projects inaugurated by the President are Lagos State Geographic Information System (LAGIS) Building, and Multi-Agency Administrative Complex at Alausa, Ikeja.

The complex will be known as Bola Ahmed Tinubu Administrative Complex (BATAC).

Tinubu  said that the projects reflected Lagos State Government’s commitment to development.

He said that the projects  were visible, impactful and people-oriented.

“These projects undertaken by the administration of Governor Babajide Sanwo-Olu are not just physical structures.

“They are symbols of purpose. They reflect a government that understands that development must be seen, must be felt and must be experienced by the governed,” he said.

Tinubu said that the Ojota-Opebi Link Bridge was more than a transport project, describing it as a strategic intervention that would improve mobility and boost productivity.

“The Ojota-Opebi Link Bridge is more than a road. It is a bridge to opportunities.

“In a city like Lagos, movement is everything.

“When traffic improves, productivity also improves. When time is saved, businesses grow. When access is made easier, life also gets better,” he said.

He said that the projects showed that Lagos would not be overwhelmed by the pressures of rapid urban growth, but would continue to confront and overcome its developmental challenges.

Tinubu added that Lagos State Government had been delivering infrastructure that aligned with the national vision of a modern and economically strong Nigeria.

“As President and Commander-in-Chief of the Armed Forces, I thank Lagos State Government headed by Governor Sanwo-Olu assisted by the deputy governor, members of the executive council and the state house of assembly for the honour of naming the administrative complex after me.

“I accept this honour with humility, but let me be clear: this achievement is about a system that is working,” he said.

Tinubu said the Bola Ahmed Tinubu Administrative Complex represented an investment in efficiency, coordination and improved public service delivery.

“It strengthens the government so that government can better serve the people,” he said.

He added that LAGIS Building represented the future of governance, especially in an era where data and transparency were critical to development.

“A modern land administration system is not optional. It is essential.

“It reduces uncertainty, strengthens planning and unlocks economic value. This is how serious societies grow,” he said.

The President said the projects aligned with his broader national development vision of a digitally-enabled, infrastructure-driven and economically-resilient Nigeria.

“This is the standard we must replicate across the country,” he said.

He assured Nigerians that the Federal Government remained committed to investing in infrastructure, strengthening governance and expanding opportunities  for citizens.

“To the people of Lagos, I say that these projects are for you. They are investments in your future. Use them well, protect them and build on them,” he said.

He praised Sanwo-Olu and his team members for discipline, focus and sound financial management.

“You have shown that governance must be about service delivery,” he said.

Sanwo-Olu said at the event that Tinubu’s presence was a symbolic homecoming of a leader whose legacy continued to shape the development trajectory of Lagos State.

The governor noted that his administration had about 416 days left and was determined to sustain momentum in delivering people-centred projects until the last day.

“For us, finishing only makes sense if it is done well. Winding down is not an excuse to slow down or succumb to lower standards.

“On the contrary, it is meant to be an opportunity to ramp up momentum,” he said.

Sanwo-Olu said the three projects inaugurated  reflected his administration’s commitment to addressing mobility challenges and improving urban planning and public service delivery in line with its THEMES Plus Agenda.

According to him, the Opebi-Mende Link Bridge is designed to decongest the busy Ikeja-Maryland-Ojota corridor and provide a new direct connection between the Opebi/Allen axis and Ikorodu Road through Odo-Iya-Alaro and Mende.

“The objective is to improve efficiency of traffic circulation with noticeable impact even beyond the immediate environs of the bridge.

“The expected and inevitable result is better quality of life for Lagosians, less stress, greater productivity and more time to spend at home resting with loved ones,” he said.

The governor said the road project included a 2.8km bridge, deck-on-pile structures, walkways and bicycle lanes.

He also said that it featured solar-powered street lighting, embedded service ducts and a comprehensive stormwater management system to tackle flooding on the Odo-Iya-Alaro corridor.

“This was not straightforward build. The terrain there is swampy and prone to flooding, which meant that conventional methods would not suffice.

“What you see, therefore, is the result of careful planning and application of advanced solutions,” he said.

On LAGIS Building, Sanwo-Olu said the facility would digitise land administration in Lagos, eliminate legacy paper-based bottlenecks, and strengthen property rights.

On the Multi-Agency Administrative Complex, Sanwo-Olu said the facility would improve speed, efficiency and coordination in public service delivery.

He said the complex, situated on approximately 2.01 hectares within the Alausa Government Secretariat precinct, comprised four blocks  with over 7,362 square metres of office accommodation.

The governor said the complex also had penthouse conference facilities, a parking space for over 300 vehicles, and fully-integrated mechanical, electrical, fire safety and external infrastructure systems.

“By bringing multiple agencies into a single, well-designed environment, we are enabling integration and responsiveness of public service delivery in Lagos State.

“It is a significant step towards a truly 21st Century, citizen-focused public service,” he said.

Sanwo-Olu said the decision to name the complex after Tinubu was in recognition of his enduring contributions to the institutional development of Lagos State.

“The decision to name this complex after Your Excellency is both deliberate and symbolic.”

The governor  acknowledged Tinubu’s support for Lagos and his administration’s interventions in the state, including construction of the Lagos-Calabar Coastal Highway, upgrades at the Murtala Muhammed International Airport, and rehabilitation works at Apapa and Tin Can Island ports.

“Your bold reforms continue to speak loud and clear, even beyond the shores of Nigeria.”

Sanwo-Olu said the state government would  intensify investments in infrastructure and institutional reforms in the remaining period of the administration.

Dignitaries at the event include Governors Dapo Abiodun of Ogun, Douye Diri of Bayelsa, Hope Uzodimma of Imo, and Babagana Zulum of Borno.

Tinubu is expected to inaugurate the Tolu Schools Complex comprising 36 schools at Ajegunle, and Fresh Food Agro Hub in Abijo, Ibeju-Lekki, on Thursday.

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Sterling Bank, through its women focused initiative, OneWoman, convened a powerful gathering of women entrepreneurs, development finance institutions, ecosystem leaders, and business stakeholders at the Funding Her Future Breakfast Dialogue in Lagos.

The session brought together voices from across sectors for a focused and necessary conversation on how to unlock more inclusive and effective financing pathways for women led businesses in Nigeria.

At its core, the dialogue was not just about access to capital. It was about building the right systems around women entrepreneurs. Conversations explored how financing, business readiness, ecosystem support, and institutional partnerships must come together to drive long term growth and resilience.

Speaking at the event, the Managing Director and Chief Executive Officer of Sterling Bank, Abubakar Suleiman, noted that the gathering was designed to move beyond intention and into action.

“Today is about going further. It is about turning shared belief into shared action,” he said.

In his welcome remarks, delivered on his behalf by the Chief Growth Officer, Edward Ogunmekan, Suleiman described the dialogue as a meeting point of finance, enterprise, inclusion, and sustainable economic growth.

“We are honoured to host such a distinguished gathering of partners, investors, women entrepreneurs, and business leaders, all brought together by one important question. How do we expand access to meaningful finance for women-led businesses in a way that is scalable, sustainable, and commercially sound?”

He explained that the conversation reflects a long- standing conviction at Sterling that real prosperity is built by backing people, ideas, and sectors with strong potential. This belief, he noted, is what gave rise to the OneWoman initiative.

According to him, OneWoman was created to support women through three key pillars which are capital, capacity, and community.

He added that while access to finance is critical, it is only one part of the equation.

“Women-led businesses need the right support systems, the right networks, and the right ecosystem to grow with confidence and scale with resilience,” he said.

The event also featured two panel sessions with representatives from funding institutions, women focused organisations, entrepreneurs, and ecosystem partners. These conversations provided practical insights into financing opportunities available to women, while also examining the broader support systems required for sustainable growth.

Also speaking at the event, Ezinne Nwokafor, Head of the OneWoman Initiative, highlighted the urgency of addressing the financing gap facing women in Nigeria.

She noted that a significant majority of Nigerian women remain excluded from formal credit, with only a small percentage able to access structured financing. Despite improvements in financial inclusion, women continue to face systemic barriers that limit their ability to secure funding.

Nwokafor pointed out that women account for a substantial share of micro, small, and medium enterprises and contribute meaningfully to the economy, yet face a financing gap estimated at 42 billion dollars (USD) annually according to the International Finance Corporation.

She also referenced data showing that more than half of women led businesses identify access to finance as a major constraint, while rejection rates for loan applications remain significantly higher for women than for men.

According to her, these challenges are often linked to structural issues such as gaps in asset ownership, social norms, and limited access to financial data and visibility.

Despite these barriers, she emphasised that the opportunity is significant.

“Sterling’s OneWoman initiative is positioned to bridge this gap by combining financial solutions, mentorship, capacity building, and community support for women across different stages of their journey,” she said.

She added that in 2025 alone, the initiative gave out N43.9 billion loans to 2,450 female entrepreneurs, trained 6,000 of them, served about 380,000 women across three sectors of career women, women in business and freshers and their vision 2030 is to give out N500 billion loans to one million women across their three sectors.

Also speaking, Akporee Idenedo, Divisional Head of Commercial Banking, reaffirmed the bank’s commitment to addressing the concerns raised during the dialogue. He stressed that building skills and strengthening capacity will remain essential to creating a sustainable ecosystem for women entrepreneurs.

The Funding Her Future Breakfast Dialogue forms part of Sterling Bank’s broader effort to deepen its support for women through targeted financing, enterprise development, and community driven growth.

Through OneWoman, the bank continues to build platforms and solutions that empower women to grow sustainable businesses, create jobs, and contribute more meaningfully to economic progress.

Credit Sterling Bank PR

Zenith Bank Plc has recorded a profit before tax (PBT) of N1.26 trillion for the year ended December 31, 2025, compared with N1.33 trillion in 2024.

The bank in its audited financial results, filed at the Nigerian Exchange Limited on Tuesday in Lagos, showed that profit after tax rose marginally to N1.04 trillion in 2025 from N1.03 trillion in the previous year, supported by lower tax expenses.

Taxation declined to N222.82 billion in 2025 from N293.96 billion in 2024.

Gross earnings increased to N4.19 trillion from N3.97 trillion, reflecting growth in revenue.

However, total comprehensive income fell to N1.11 trillion in 2025 from N1.52 trillion in 2024,  due to a foreign exchange translation loss of N82.13 billion, compared with a gain of N220.29 billion recorded in the previous year.

Fair value gains on equity instruments also declined to N7.38 billion from N151.01 billion in 2024.

Earnings per share dropped to N25.32 in 2025 from N32.87 recorded in 2024.

Total assets rose to N31.46 trillion in 2025, compared with N29.96 trillion in the previous year, indicating continued expansion.

Retained earnings increased to N2.81 trillion from N2.02 trillion, while other reserves rose to N1.50 trillion from N1.40 trillion.

Consequently, total shareholders’ equity grew to N4.92 trillion in 2025 from N4.03 trillion in 2024.

The group proposed a final dividend of N8.75 per share, up from N4.00 in 2024, bringing the total dividend for the 2025 financial year to N10.00 per share, including an interim dividend of N1.25.

Credit NAN: Texts excluding Headline

President Bola Tinubu has approved a N3.3 trillion payment plan to settle outstanding debts under the Presidential Power Sector Financial Reforms Programme.

The repayment plan followed a final review of legacy debts that have plagued Nigeria’s power sector for more than a decade.

This is contained in a statement issued by Presidential Spokesperson, Bayo Onanuga, on Sunday.

The debts accumulated between February 2015 and March 2025 across the power value chain.

Following verification, N3.3 trillion was agreed as full and final settlement to ensure a fair, transparent and credible resolution of the liabilities.

The Presidency said implementation of the plan has commenced, with 15 power generation companies signing settlement agreements totalling N2.3 trillion so far.

The Federal Government has already raised N501bn to support the initial phase of the payments under the programme.

Out of the amount raised, N223bn has been disbursed to beneficiaries, while further payments are currently underway.

The Presidency said the intervention would improve liquidity across the power value chain and support more stable electricity generation nationwide.

It added that with improved funding, power plants would sustain operations, leading to enhanced reliability of electricity supply to homes and businesses.

Onanuga noted that the reforms would also boost investor confidence, attract new investments, and create jobs across the sector.

Special Adviser to the President on Energy, Olu Arowolo-Verheijen, said the programme was critical to restoring confidence in the power sector.

“This programme is not just about settling legacy debts; it is about restoring confidence across the power sector and ensuring the system works more reliably.”

She explained that the initiative would ensure gas suppliers are paid and enable power plants to operate efficiently and sustainably.

Arowolo-Verheijen said the reforms form part of broader efforts, including improved metering and service-based tariffs linked to electricity supply quality.

“It is part of wider reforms, including better metering and tariffs tied to service delivery, to improve efficiency and accountability.”

She added that the government was prioritising power supply to industries, businesses, and small enterprises to drive economic growth and job creation.

According to her, the overall objective is to deliver more reliable power to households and strengthen support for businesses nationwide.

“The goal is simple: more reliable power for homes, stronger support for businesses, and a system that works better for all Nigerians,” she said.

Tinubu commended stakeholders for their support in resolving longstanding issues in the sector and advancing ongoing reforms.

He also confirmed that the next phase of the programme, known as Series II, will commence within the current quarter.

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Former directors and owners of Union Bank did not just fail, they engineered a financial disaster. They manipulated reports, hid massive losses, diverted foreign loans and treated depositors’ money like a private wallet.

Investigators uncovered billions of dollars in misconduct. These directors buried over ₦250 billion in losses, piled a $300 million foreign loan onto the bank without protection and then forced Union Bank to carry the burden. They even used the bank’s own funds to buy its shares, an outrageous betrayal of trust.

It didn’t stop there. Over $100 million was pulled out improperly, leaving the bank exposed and struggling. Loans meant for customers were secretly diverted into shady transactions. False reports were sent to lenders. The system was deliberately deceived.

This was not incompetence. It was exploitation.

By 2025, their actions had created nearly ₦400 billion in losses and over ₦147 billion in unpaid charges. The bank was on the edge.

The Central Bank of Nigeria (CBN) stepped in just in time. Without that intervention, Union Bank would have collapsed, dragging others down with it.

Now, the bank is stabilising. But let’s be clear: this recovery is happening in spite of those former directors, not because of them.

They didn’t build value. They destroyed it.

And Nigerians deserve to never forget who was responsible.

Credit Union Bank PR

Leading financial institution, Fidelity Bank Plc, has announced the signing of a strategic partnership agreement with Aircraft Finance Germany (AFG) to advance the aviation sector in Nigeria and across Africa by both organisations.

The agreement was formally executed by Christian Hatje, Managing Director, Business Aviation and SVP Commercial, representing AFG; and Mr. Stanley Amuchie, Executive Director and Chief Operations and Information Officer of Fidelity Bank Plc at a signing ceremony in Germany recently.

Speaking at the signing ceremony, Christian Hatje stated, “This partnership marks a significant milestone in our commitment to Africa’s aviation future. Partnering with Fidelity Bank, Nigeria’s leading aviation financier, we are confident in our ability to structure solutions that will drive meaningful growth across the sector.”

Through this partnership, both institutions will work closely to identify, finance, and grow aviation opportunities across the continent. The collaboration aims to provide innovative leasing and financing solutions that support airlines, aviation operators, and related stakeholders in expanding capacity, modernizing fleets, and strengthening operational and fleet efficiency.

“Fidelity Bank remains dedicated to supporting the aviation industry through tailored financial solutions. Our collaboration with AFG strengthens our capacity to provide sustainable financing that will contribute to the expansion of aviation in Nigeria and across Africa,” explained Stanley Amuchie.

This partnership reflects a shared vision to foster long-term development, stimulate investment, and create sustainable opportunities within the African aviation industry.

Nigeria remains a strategic hub for aviation development in Africa. By combining AFG’s leasing expertise with Fidelity Bank’s deep sector knowledge and financial strength, the partnership is positioned to unlock new growth pathways and enhance the sustainability of the aviation ecosystem.

This collaboration in Africa forms part of AFG’s broader global portfolio expansion strategy, reflecting the company’s continued commitment to structured aviation investments across multiple international markets.

Fidelity Bank is regarded as a market-leader in the Nigerian aviation industry with a long list of interventions across the value chain. Its aviation finance solutions support aircraft acquisition and leasing, route expansion, aviation infrastructure development, cargo and export enablement; and partnership structures for large projects.

Credit Fidelity Bank PR

President Bola Tinubu’s naira-for-crude policy has ensured Nigeria’s energy security amid the ongoing Middle-East crisis, a presidential aide has said.

Temitope Ajayi, Senior Special Assistant on Media and Publicity to the President, stated this in an article released on Wednesday in Abuja.

The article, titled  “Middle-East Crisis: How Tinubu’s Policy of Naira-for-Crude Guarantees Supply Security in Nigeria,” highlights the policy’s strategic impact since its introduction.

Ajayi said the President demonstrated foresight in July 2024 by approving the use of the naira as payment for crude oil supplied by NNPC Limited to local refiners.

He noted that since the initiative’s launch on October 1, 2024, Nigeria had recorded a strategic breakthrough despite global economic turmoil triggered by the Middle-East conflict.

According to him, the technical committee overseeing the policy has developed a robust framework to sustain supply security, stabilise the economy, and safeguard Nigeria’s energy future.

The committee includes the Minister of Finance, Wale Edun, and the Executive Chairman of the Nigerian Revenue Service (NRS), Zacch Adedeji.

Ajayi said the ongoing conflict involving the United States, Israel, and Iran had entered its sixth week, triggering widespread global economic disruptions.

He noted that Iran’s closure of the Strait of Hormuz, a major global energy corridor, had disrupted over 20 per cent of global oil and gas flows.

“This disruption has sent shockwaves through global energy markets, leading to rising prices of petroleum products across continents.”

Ajayi said countries across Europe, Asia, Africa, and the U.S. are experiencing severe energy shortages, rising fuel costs, and mounting economic pressure.

He listed emergency measures adopted globally, including reduced workdays, remote working, early school closures, and restrictions on fuel consumption.

According to him, in spite of the  rising global prices, Nigeria has avoided domestic fuel scarcity due to increased local refining capacity.

He said the Dangote Refinery had played a critical role in shielding Nigeria from the worst effects of the global supply crisis.

“The refinery has met Nigeria’s refined product needs, ensuring availability without queues, even as other countries grapple with shortages.”

He added that the refinery prioritised domestic supply despite more lucrative export opportunities in the international market.

Ajayi noted that although global crude prices had increased, the refinery had taken steps to cushion the impact on Nigerians.

“For instance, despite rising crude prices, petrol prices were reduced by N75 per litre, reflecting the benefits of local refining.”

He said the refinery had continued to operate despite paying higher premiums for crude oil, underscoring its commitment to national energy security.

Ajayi added that the initiative had eliminated persistent fuel queues and reduced demurrage costs previously incurred by maintaining offshore fuel reserves.

He said Nigeria had also emerged as a key supplier of refined petroleum products to other African countries amid the global supply crunch.

“In March alone, the refinery exported nearly 500,000 tonnes of refined products across Africa, generating export earnings.”

The presidential aide said the development underscored the importance of local production, industrialisation, and energy self-sufficiency for long-term economic stability.

He described the Dangote Refinery as a cornerstone of Nigeria’s energy sovereignty and a catalyst for sustainable growth.

According to him, local refining not only preserves foreign exchange and creates jobs but also insulates the economy from global volatility and geopolitical risks.

Credit NAN: Texts excluding Headline

The Central Bank of Nigeria (CBN) has announced the successful conclusion of the banking sector recapitalisation programme initiated in March 2024.

This is disclosed in a statement issued on Wednesday in Abuja, jointly signed by Olubukola Akinwunmi, Director, Banking Supervision and Hakama Sidi-Ali, Acting Director, Corporate Communications Department of the CBN

In the statement, the apex bank said that, over the 24-month period, Nigerian banks raised a total of N4.65 trillion in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.

The bank said that the programme recorded strong participation from both domestic and international investors with 72.55 per cent of capital sourced locally and 27.45 per cent from international markets, reflecting
sustained confidence in the Nigerian banking sector.

The CBN confirmed that 33 banks had met the revised minimum capital requirements established under the programme.

“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.

“All banks remain fully operational, ensuring continued access to banking services for customers,’’ it said.

The apex bank said that the programme had strengthened Capital Adequacy Ratios (CAR), with the sector maintaining levels above international Basel benchmarks.

It said that minimum CAR thresholds remained at 10 per cent for regional and national banks and 15 per cent for banks with international authorisation.

“The recapitalisation implemented alongside an orderly exit from regulatory forbearance has improved asset quality, reinforcing balance sheet transparency and overall financial system stability,’’ CBN stated.

The apex bank said, to safeguard these gains, it had strengthened its risk-based capital adequacy framework requiring banks to conduct regular stress testing across defined scenarios and maintain appropriate capital buffers.

It said that key regulatory measures, including prudential guidelines and the supervisory framework, were subjected to periodic review to support ongoing strengthening of governance, risk management, and sector resilience.

The bank said that the recapitalisation programme was carried out without disruption to banking services, ensuring continuous access for individuals and businesses throughout the process.

“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks.

“The CBN remains committed to maintaining a stable, transparent, and resilient financial system that inspires confidence among depositors, investors, and the broader public, and to advancing the sustainability of the nation’s financial architecture,’’ it stated.

The CBN Governor, Olayemi Cardoso, corroborated the gains, stating that the recapitalisation programme had strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system.

Cardoso said that it also ensured that the financial system was well-positioned to support economic growth and withstand domestic and external shocks.

Credit NAN: Texts excluding Headline

Power generation companies in Nigeria have raised concerns over operational challenges linked to a N6.8 trillion debt burden.

They also called for coordinated stakeholder efforts to sustain electricity supply across the country

Joy Ogaji, Chief Executive Officer of the Association of Power Generation Companies (GenCos), made this known on Tuesday in Lagos.

Ogaji said the sector was navigating financial and operational pressures, with some generation units experiencing constraints.

“We have not shut down, but some units are going offline progressively, not only due to gas supply issues, but also maintenance and funding challenges,” she said.

She noted that recent power supply fluctuations reflected broader issues, including infrastructure demands, outstanding payments and workforce pressures.

“Operators are working to sustain operations, but the current financial obligations have created constraints across the value chain,” she added.

Ogaji said the N6.8 trillion obligation included outstanding invoices for electricity generated since 2015, capacity payments, foreign exchange differentials and accrued interest.

She noted that ongoing engagements between GenCos and the Nigerian Bulk Electricity Trading Company (NBET) were focused on reconciling outstanding obligations.

“The last reconciliation with NBET was in March 2025, and discussions are continuing to reach alignment on the figures,” she said.

Ogaji also highlighted operational costs not fully reflected in existing tariffs, including plant start-ups and shutdowns, ancillary services and the Free Governor Mode of Operation (FGMO).

She added that gas supply and transmission considerations had also influenced plant utilisation levels.

Although, with the challenges, Ogaji expressed confidence that the situation could be addressed through sustained collaboration among stakeholders.

“The focus remains on strengthening the sector through coordinated action and adherence to established frameworks,” she said.

She emphasised the importance of continued efforts to enhance operational efficiency, maintain infrastructure and support long-term sustainability in the power sector.

Credit NAN: Texts excluding Headline

The Nigerian Communications Commission (NCC) has introduced a new regulation, named “Telecommunications Identity Risk Management System (TIRMS)” platform aimed to boost digital security nationwide,

The Executive Vice-Chairman (EVC) of the NCC, Aminu Maida, made the disclosure on Thursday in Abuja, while delivering his keynote address.

Maida said that TIRMS would curb fraudulent transactions in the nation’s digital ecosystem.

The one-day stakeholder forum on TIRMS, had attendees drawn from the telecommunications industry.

Maida, represented by the Executive Commissioner, Stakeholders Management (ECSM), Rimini Makama, said that the Mobile Station International Subscriber Directory Number (MSISDN) commonly known as the SIM or mobile phone number, had evolved into a critical identifier.

He said that this had underpinned financial transactions, digital authentication and access to essential services across all sectors of Nigeria’s economy.

The EVC said that the evolution, however, had created new and challenging vulnerabilities.

“The fraudulent use of churned, recycled, swapped and barred MISISDNs has become a significant vector for financial fraud and identity theft.

“It is eroding public trust in our digital platforms and undermining the identity of systems we have worked hard to build.

“It is in direct response to these challenges, that the commission has initiated the TIRMS platform,” he stated.

According to him, TIRMS is a secure, regulatory backed, cross-sectoral platform, designed to provide a uniform approach for managing all risks relating to the integrity and utilisation of registered MSISDNs, on the country’s communications network.

“Its objectives are to improve access to mobile number across key sectors, to aid user accountability, reduce fraud risks by enabling service providers to verify mobile numbers flagged for dormancy, suspicious, criminal and fraudulent activities.

“This is before granting access to services and to enhance digital security by ensuring service providers across all sectors can proactively verify and validate customer mobile number status,” Maida stated.

The EVC noted that the commission had proposed targeted amendments to the Quality of Service (QOS) Business Rules and Registration of Communications Subscribers Regulations Business Rules, to strengthen the regulatory foundation for the TIRMS platform,

“These amendments will, among other things, require operators to notify affected subscribers at least 14 days, before any line is churned.

“Mandate the submission of all churn number details to the TIRMS platform, within seven days of completion of the churn process and establish a new framework for the blocking of fraudulently registered or fraudulently utilised MSISDNs,” he said.

The Director of Cybersecurity and Internet Governance, NCC, Olatokunbo Oyeleye, in her remarks, noted that  digital trust was the operating licence of modern economy, adding that without it, nothing scaled and with it, everything accelerated.

“For our sector, this trust must be embedded across the entire value chain,” she said.

According to her, TIRMS is designed to strengthen coordination across relevant sectors, to enhance identity assurance of mobile numbers and prevent fraud, stemming from churned, swapped and recycled mobile numbers.

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Zenith Bank Plc has announced the appointment of Kennedy Onuwa Okwudili as an Executive Director of the bank effective May 1, 2026.  The appointment, which is consistent with the bank’s tradition and succession strategy of grooming leaders from within, will further strengthen the bank’s Executive Management.

Okwudili graduated with a Bachelor of Science (Honours) in Accounting in 1998 from the University of Maiduguri, Nigeria, with a Second Class Upper division. He obtained a Masters of Business Administration (MBA) from the Ahmadu Bello University, Zaria, Nigeria in 2008 and a Masters of Science in Accounting from Veritas University, Abuja, Nigeria in 2021.

Okwudili has over twenty-five years of cognate banking experience spanning credit and marketing, treasury, compliance as well as operations and had at different times worked in various zones and departments of the bank. 

He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), 2013, a Fellow of the Chartered Institute of Bankers of Nigeria (CIBN), 2024 and an Associate of the Chartered Institute of Taxation of Nigeria (CITN), 2016. 

He has attended several Executive Education Programmes both within and outside the country, including: Senior Leadership Development Programme at the Lagos Business School, Corporate Directorship Programme at the Harvard Business School and Oxford Advanced Management and Leadership Programme at the University of Oxford, SAID Business School.

He is currently the President of Catholic Bankers Association of Nigeria (CBAN) and a member of the Noble Order of the Knights of St. John International (KSJI).

Credit Zenith Bank PR

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has signed a Petroleum Exploration Licence (PEL) No 5 agreement with SeaSeisGeophysical Limited (SeaSeis), to boost Nigeria’s offshore exploration.

The agreement authorises the company, in partnership with the commission and TGS, to undertake the acquisition and processing of new 3D seismic and gravity data.

The official execution of the agreement between SeaSeisGeophysical Limited and its partner, TGS, was held at the commission’s headquarters in Abuja.

The three-year agreement empowers the partnership to issue data-use licences, with revenues to be shared between the company and the commission.

The major seismic data acquisition project, PEL No.5, covers an area of 11,700 square kilometres offshore the Eastern Niger Delta in water depths of 400-2800 meters.

The licence is expected to unlock stronger prospectivity, enhance subsurface understanding, and support more efficient development of Nigeria’s hydrocarbon resources. This is in line with Section 71(1-10) of the Petroleum Industry Act (PIA) 2021.

The commission’s Chief Executive, Oritsemeyiwa Eyesan, said the issuance of the licence reflected the commmission’s continued commitment to data-driven exploration, transparency, and long-term value creation for Nigeria and the oil and gas sector.

Eyesan said exploration was fundamentally driven by confidence in data and processes.

She said that the PELNo. 5 initiative underscored the importance of credible partnerships in achieving national production and reserve growth targets.

“The PIA recognises that we assign licenses on non-exclusive acreages to contractors who are willing to carry out exploration activity, and as the chief superintendent of the industry.

“We also ensure that we maintain our production targets, including reserves and the only way we can achieve that successfully is if we have partners who are willing to explore,” she said.

The NUPRC boss further said the execution of the PEL No. 5 licence signalled a growing appetite for exploration activities within the sector.

The Managing Director of SeaSeisGeophysical Limited, Goke Adeniyi, described the PEL5 as the company’s largest project in Africa, noting that it underscores the scale of opportunity within Nigeria’s upstream sector.

He further said that the PEL 5 area have been carefully selected, covering approximately 11,700 sq km in the Outer Fold and Thrust Belt of the eastern Niger Delta, Nigeria’s most prolific but geologically complex region.

“Using TGS GeoStreamer dual-sensor tech with long offsets, wide tow and triple-source – broadband acquisition technology.

“We are confident that the resultant High fidelity 3D seismic data will provide operators with the data quality needed to evaluate prospects with greater confidence,” he said.

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The Minister of Power, Adebayo Adelabu, has assured that power supply would improve within two weeks and apologised to Nigerians for the current epileptic power situation in the country.

Adelabu gave the assurance while briefing Journalists in Abuja on the state of the power sector since he assumed office in October 2023.

“With the committee we have set up, the feedback from gas suppliers, and the timeline for repairing the gas pipelines, i can say that within two weeks we should start seeing improvements in power supply.

“Once the gas line repairs, particularly the one from Seplat, are completed and the committee ensures that gas companies meet their domestic supply obligations to power plants, timely payments will encourage gas suppliers and lead to improved power supply in the country,” he said.

Adelabu also appealed to Nigerians for patience regarding the temporary challenges currently being experienced in the power sector, adding that the ministry was doing everything possible to address the issue.

“We want to apologise to Nigerians for this temporary problem, which is causing hardship, especially during this dry season when the heat is intense and businesses, schools, and homes are being affected,” he said.

He attributed the challenge to a shortage of gas supply to power plants, noting that 75 per cent of power plants relied on gas.

According to him, 25 per cent of power generation comes from hydro, and without gas supply, generation companies are unable to operate, leaving turbines idle.

“It is not our wish to find ourselves in this situation, but there are factors beyond our control.

”We are not relenting. We are working around the clock to return to the trajectory we achieved in 2025, when we were commended for a job well done.

“If we were able to provide such service in 2025, then in 2026, we are determined to do even more and do better,” he said.

The minister added that in the coming weeks, power generation would improve, with a target of 6,000 megawatts of electricity expected before the end of 2026.

Adelabu also revealed that the sector had recorded over three billion dollars in private sector investments over the past two years.

According to him, the sector also has a comprehensive, integrated policy on electricity, accompanied by a strategic implementation framework to guide every stakeholder and actor in the sector.

“Whether it is the government, sub-national entities, or the private sector, both local and international, there is now a document they can refer to.

“This document clearly outlines what is expected of each player, their responsibilities, and their limitations,” he said.

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The Federal Government on Tuesday reiterated its commitment to strengthening international collaboration, improving investment facilitation and promoting governance transparency to enhance Nigeria’s global standing.

The Minister of State for Foreign Affairs, Bianca Udumegwu-Ojukwu, disclosed this in a goodwill message at a webinar hosted by Fidelity Bank Plc.

The theme of the webinar is “Digital Fiscal Transparency: Unlocking Sub-national Opportunities for International Partners”.

Udumegwu-Ojukwu, represented by Abdulqadir Olanrewaju, Department of Economic, Trade and Investment of the ministry, said the initiatives align with President Bola Tinubu’s Renewed Hope Agenda, aimed at attracting foreign investment and improving public sector accountability.

She noted that Nigeria remained actively engaged with global and regional bodies, including the United Nations, African Union and ECOWAS, to promote peace, trade and development.

She added that participation in the World Trade Organisation (WTO) and commitment to the African Continental Free Trade Area (AfCFTA) were intended to align trade policies with global standards and boost intra-African trade.

On investment facilitation, she highlighted reforms by the Nigerian Investment Promotion Commission (NIPC) and the Presidential Enabling Business Environment Council (PEBEC), which had simplified business registration, licensing and regulatory processes.

She also cited public-private partnerships for infrastructure and bilateral investment treaties as measures to protect foreign investments.

According to her, the reforms have led to faster business registration, increased digitisation of government services and improved tax and regulatory frameworks.

On governance transparency, Udumegwu-Ojukwu said the government had strengthened accountability through policy reforms and support for anti-corruption agencies such as the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC).

She added that initiatives like the Treasury Single Account (TSA) had improved access to financial data and enhanced transparency in public finance management.

The Managing Director and Chief Executive Officer of Fidelity Bank Plc, Nneka Onyeali-Ikpe, called for stronger collaboration among governments, financial institutions and international partners to deepen fiscal transparency at the sub-national level.

She said building trust through secure, technology-driven financial systems is critical to attracting domestic and foreign investments.

She noted that the bank supports public sector financing through compliant digital platforms that enhance transparency, streamline collections and facilitate foreign currency transactions.

Delivering a keynote, Akpotor Justice, Assistant Director, Investment Promotion Department, Federal Ministry of Industry, Trade and Investment, said effective sub-national trade policies are key to inclusive growth and investment.

He explained that investors are influenced by conditions at state and local levels, including infrastructure, regulatory efficiency and market viability.

Justice identified ease of doing business reforms, infrastructure development, policy consistency and leveraging comparative advantages across sectors as key drivers of sub-national growth.

He cited Kaduna State as an example where reforms in land administration, infrastructure and business processes have improved competitiveness.

On trade facilitation, he stressed the need to remove internal barriers, improve logistics systems and support small and medium enterprises (SMEs) with finance and market access.

He added that fiscal sustainability should focus on expanding the economic base, formalising businesses and leveraging public-private partnerships to fund infrastructure.

He said strengthening sub-national economies would enhance Nigeria’s competitiveness and position states as engines of growth.

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Air Peace has noted with concern a publication alleging that its Chairman/Chief Executive Officer, Allen Ifechukwu Onyema, and Vice Chairman, Alice Ojochide Onyema, are subject of a tax suit by the Lagos State Government.

The Management of the Airline in a Statement, stated unequivocally that neither the Onyemas nor Air Peace has been served with any court summons or official notification regarding the purported suit.

According to the statement, claim that legal proceedings have been ongoing since February, without service or formal communication is quite surprising and shocking.

"We maintain that all personal and corporate tax obligations have been duly met and remain up to date, in full compliance with applicable laws and regulatory requirements. However, if there is any discrepancy in the computation of taxes, the Onyemas and Air Peace remain open to engaging the Lagos State Government to review and reconcile shortfalls if any in the interest of transparency, clarity, and due process.

"Over the years, the Onyemas and Air Peace have remained committed to the advancement of Nigeria’s aviation sector, consistently demonstrating integrity, resilience, and patriotism. These values remain unchanged.

"We remain committed to the highest standards of professionalism and will not be distracted from serving the flying public," the statement concludes.

Credit Air Peace PR

Foremost industrialist, Aliko Dangote, has warned that Middle-East tensions driving global oil volatility could have far-reaching consequences for Nigeria and African economies.

Dangote spoke on Monday in Lagos after a courtesy visit and Eid-el-Fitr homage to President Bola Tinubu.

He said the visit was to extend Sallah greetings, reconnect with the president after some time, and reaffirm respect and continued support for the administration’s policies.

Dangote noted Nigeria had no direct role in the crisis but would still feel the impact because of deep global economic interdependence.

“We are part of a global village, and unfortunately, developments like this will affect us even if we are not directly involved,” he said.

He warned that prolonged tensions could trigger higher fuel prices, rising transport costs, inflationary pressures, and widespread hardship across African economies.

“If the situation does not de-escalate, we will end up paying a heavy price, especially given existing economic challenges,” Dangote said.

He explained that governments could face mounting fiscal strain as subsidies rise and revenues fluctuate under unstable global oil market conditions.

Dangote added that Africa’s rising debt burden could worsen under prolonged instability, further limiting fiscal space and weakening economic resilience.

“Africa is already grappling with debt, and additional shocks will only compound hardship for governments and the people,” he said.

He said escalating energy costs would disrupt nearly every sector, including small enterprises, manufacturing chains, logistics operations and household consumption patterns.

“Energy affects everything. From small businesses like barbers to industries running generators, everyone will feel the impact if costs continue to rise,” he said.

Dangote noted that some countries were already adopting coping strategies such as reduced workdays, energy rationing and remote working arrangements.

He said such measures, while necessary, could reduce productivity, slow economic output and affect livelihoods, particularly among vulnerable populations.

Dangote urged global leaders to prioritise de-escalation, stressing that many Africans rely on daily earnings and remain highly exposed to economic shocks.

“In Africa, in Nigeria many people depend on daily earnings. If they don’t work, they don’t eat. So we must pray this situation comes down quickly,” he said.

On Tinubu’s recent visit to the United Kingdom, Dangote said the trip had opened new economic opportunities and strengthened Nigeria’s investment outlook.

“I believe the visit has opened many doors. Diplomacy without economic outcomes is incomplete, and this has created opportunities for Nigeria,” he said.

He said agreements reached during the visit, especially in infrastructure and financing, signalled growing international confidence in Nigeria’s reform agenda.

“It is not just about the money committed, but the confidence it shows in Nigeria and the reforms being implemented,” he said.

Dangote said planned investments in critical sectors such as ports would significantly improve trade efficiency and support medium-term economic expansion.

“These investments will help improve our infrastructure, especially in key areas like ports, and complement ongoing government efforts,” Dangote said.

He expressed optimism that other countries, including Germany, would follow with investments as confidence in Nigeria’s economy strengthens.

“Once confidence is established, other countries will come in. It is a signal that Nigeria is ready for business,” he said.

Dangote said the agreements would enable Nigerian private sector players to access international financing and technical support for large-scale projects.

“For Nigerian investors, this shows we can approach these agencies to access funding. It means they are now open to supporting our projects,” Dangote said.

He described the development as a breakthrough, noting that such credit facilities had historically remained underutilised by Nigerian businesses.

“We have not really utilised these resources before, but now there is clear capacity and willingness to fund viable Nigerian projects,” he said.

Dangote reaffirmed his support for the administration, expressing confidence that reforms, partnerships and investor confidence would drive sustainable economic growth in Nigeria.

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The Tony Elumelu Foundation (TEF) has unveiled 3,200 new beneficiaries with $5,000 empowerment grant for young African entrepreneurs in its 2026 cohort.

The Foundation said that the entrepreneurs would be funded via Heirs Holdings Group Companies, the European Commission, Seme City Development Agency, DEG, the German Development Agency, and the IKEA Foundation.

It listed other partners to include UNICEF, the Dutch Government, UNDP and the Rwandan Ministry of Youth and Arts.

The Founder of TEF, Tony Elumelu, said that the foundation’s work was vital in providing access to funding, mentorship, coaching, training, and resources, to catalyse entrepreneurial businesses.

Elumelu said that the idea was to further job creation, poverty alleviation and inclusive economic empowerment across the African continent.

“We are doing this because we want to live through our mantra and our mission of democratising love, democratising prosperity, and most importantly, being important and part of the communities where we operate.

“The more prosperity we spread and we share, the more young Africans we mobilise, realising that one person alone can not change Africa. It is not money we have in our bank account that matters at the end of the day.

“The better thing to do is to help, put in place a mechanism to continue to spread prosperity, to make sure that some do not have do not suffer,.

“The best we can do is to support young entrepreneurs. So, to our 3,200 beneficiaries, I say congratulations. But more importantly, we need you to please succeed. Your success will make a difference,” he said.

He commended President Bola Tinubu for creating the enabling environment for economic empowerment to thrive, and for his commitment to the young entrepreneurs, and the Small and Medium-sized Enterprises (SMEs).

Also speaking, Somachi Chris-Asoluka, the Chief Executive Officer (CEO) of TEF, said that the foundation had disbursed over 100 million dollars to 24,000 young men and women, who started and scaled businesses across Africa, since its inception 2015.

Chris-Asoluka said that the entrepreneurs had collectively created 1.5 million jobs, and generated 4.2 billion dollars in revenue, lifting 3.1 million Africans above the poverty line.

According to her, 4.1 million households have been positively impacted.

“We have seen entrepreneurs become employers; we have seen founders become leaders that are driving innovation and prosperity across the different communities.

“We all know that entrepreneurship is an uphill journey. We know that entrepreneurs will need mentors who have worn those shoes, who are able to counsel, nurture and guide them,” she said.

The TEF CEO thanked the Tokyo Web Foundation for providing mentors who used their knowledge, insight and wisdom to support the young entrepreneurs.

She said that TEF would disburse over 16 million dollars to support, train, fund, coach and mentor the 3,200 selected  young African entrepreneurs from across the continent.

She said that agriculture remained a huge sector the entrepreneurs invested in.

“Another huge sector is retail. There is also AI, ICT, and tech. So, entrepreneurs are already thinking around how to build massive businesses in artificial intelligence.

“We also see huge interest in green economy, waste recycling, and obviously education and healthcare keep coming up tops,” she said.

The high point of the event was the introduction of six highest-flying alumni of the programme from the Democratic Republic of Congo, South Africa, Kenya, Algeria, Mali and Nigeria to the audience.

They were said to have transformed the funding, training, mentorship and coaching into leading businesses across the continent.

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The Nigeria Labour Congress (NLC) has rejected the proposed N6trn bailout for power generation companies, saying repeated financial interventions have not improved electricity supply nationwide.

The NLC President, Joe Ajaero, who said this in a statement on Sunday in Abuja, called for urgent structural reforms in the energy sector.

“The proposed N6trn bailout is a mere symptom of deeper structural failures in the power sector, and repeated financial interventions have not translated into improved electricity supply for Nigerians.

“We cannot continue to deploy public funds to sustain a fundamentally flawed system, while ordinary citizens bear the burden of inefficiency through high tariffs and persistent outages,” he added.

Ajaero urged the Federal Government to merge the Ministries of Petroleum and Power to create a unified Ministry of Energy for better coordination.

He said the current separation of the sectors had led to inefficiencies, particularly in gas supply for thermal power generation.

According to him, an integrated energy framework will prioritise domestic electricity needs and enhance national development.

The NLC president also called for a halt to the proposed bailout, insisting public funds should not support what it described as failed private investments.

“Electricity must be treated as a social service and a fundamental right, not a profit-driven commodity, if Nigeria is to achieve affordable and reliable power supply.

“The current framework places undue burden on citizens, and reform must prioritise service delivery, public interest and the overall welfare of Nigerian workers,” he added.

He noted that electricity should be treated as a social service, not a profit-driven commodity, to ensure affordable and reliable power supply.

He urged government to convene a stakeholders’ summit to develop a people-centred roadmap for the power sector.

Ajaero said that there was need for policies that promote public interest, energy security and improved welfare for Nigerian workers and citizens.

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President Bola Tinubu said that Nigeria and the United Kingdom would deepen economic cooperation following the signing of a £746 million agreement to refurbish two major Lagos ports

The deal, signed during Tinubu’s meeting with British Prime Minister Keir Starmer at  10 Downing Street, covers the modernisation of Apapa and Tin Can Island ports in Lagos.

The president described the agreement as a major milestone in strengthening bilateral trade ties and unlocking critical infrastructure needed to boost Nigeria’s economic competitiveness and maritime capacity.

“This visit has been very thrilling and significant in strengthening bilateral relations between our two nations,” he said.

He stressed the need to consolidate decades of institutional cooperation, noting that both countries must prioritise trade expansion, investment flows, and sustainable economic partnerships in a rapidly changing global environment.

“We cannot forget the institutional development we have enjoyed over the years,” Tinubu said, highlighting the enduring legacy of Nigeria-UK relations.

The president said discussions with the British government covered trade, economic reforms, climate change, security challenges, and broader global issues affecting both countries and their citizens.

“Nigeria is currently going through strong reforms of its economy, and we will discuss that further in our bilateral discussions.

“Currently, the entire world is challenged. Nigeria is not immune to what is happening around the world,” the president added, noting the need for coordinated global responses.

“My reaction is the economy and the welfare of the people and how we should work together to improve the livelihood of our people,” Tinubu said.

In his remarks, Starmer described Tinubu’s visit as historic, noting that it underscored the depth of relations between both countries and their shared commitment to future cooperation.

He highlighted the significance of the State Banquet hosted by King Charles III, describing it as a symbol of enduring diplomatic ties and mutual respect.

Starmer reaffirmed the United Kingdom’s appreciation of strong people-to-people connections, noting that Nigerians continued to make meaningful contributions across British society and the economy.

According to him, both countries already collaborate in key areas including trade, defence, and security, adding that the new agreements would further deepen engagement and expand economic opportunities.

Later at Lancaster House, Tinubu and his wife,  Oluremi, witnessed the formal signing of the £746 million agreement for the ports’ modernisation.

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, signed on behalf of Nigeria, while UK Minister Blair McDougall represented the British government.

Edun said the agreement aligned with Nigeria’s priorities on infrastructure development, energy transition, and industrial growth under the administration’s Renewed Hope Agenda.

He noted that stronger bilateral partnerships would help mobilise the scale of investment required to stimulate economic activity, generate employment, and reduce poverty across the country.

According to him, the agreement reflects growing confidence and mutual trust between Nigeria and the UK, with both sides committed to delivering measurable economic outcomes.

He added that modernising the Apapa and Tin Can Island ports would enhance efficiency, improve logistics, and position Nigeria as a competitive hub for regional and international trade.

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The Federal Government of Nigeria and the United Kingdom have signed three Memoranda of Understanding (MoUs) to strengthen bilateral cooperation.

The agreements cover migration partnership, cooperation on organised immigration crime and border security, and a statement of intent on expanding business visas for UK companies operating in Nigeria.

The Minister of Interior, Olubunmi Tunji-Ojo, signed two of the MoUs on Wednesday and the third on Thursday on behalf of the Federal Government in the UK.

This was disclosed in a statement issued by his Special Adviser on Media and Publicity,  Babatunde Alao, on Thursday in Abuja.

Tunji-Ojo said the agreements reflected Nigeria’s commitment to a migration framework that is transparent and aligned with national interests and international obligations.

He said the partnership underscored a shared determination to build a migration system that is safe, orderly and mutually beneficial.

He added that the focus over the next year would be on achieving measurable progress and effective implementation, expressing hope that the agreements would serve as a model for future bilateral cooperation.

The minister acknowledged that Nigeria had an existing applaudable working relationship with UK home office in Nigeria.

“This relationship with the UK means a lot to us and you can see the level of commitment that President Bola Ahmed Tinubu has put in,” Tunji-Ojo said.

He reiterated that Nigeria remained steadfast in its duty to protect citizens while ensuring that those who abuse legal pathways or engage in criminality are held accountable.

While signing on the expansion of business visas for UK companies, Tunji-Ojo said that, following the bold reforms of President Tinubu, the use of visa serves as a catalyst for socio-economic development in Nigeria.

“Regarding visa agreement, personally as the Minister of Interior, I can tell you that I am very happy with this, because for us, this is what we have been looking forward to,” he said.

Tunji-Ojo emphasised that in building a trillion dollar worth economy, Nigeria must cut trade barriers such as barriers of irregular migration.

“I want to assure you on behalf of Mr President and the great people of Nigeria, that we are open for endless possibilities of growth and socio-economic development.

“So be rest assured that we will be true to this, we will swing into action and ensure all barriers are removed,” he added.

According to the UK Home Secretary, Shabana Mahmood, Nigeria will always be categorised as number one in successful bilateral relations.

“We are obviously always having bilateral discussions with other countries, however, you will always be number one because you are the first to have gotten such an extensive agreement and we really do appreciate it.

“I think we both understand one another and I think we have a shared vision here for the work that our countries can do together and I really do appreciate it,” the home secretary said.

During the signing of the third MoU, UK Trade Envoy, Florence Eshalomi, stated that the agreement on expansion of business visas for UK companies, had clear benefits for both countries.

Eshalomi attributed the heightened partnership as a bold step, vital for economic growth for Africa’s largest and thriving economy, Nigeria.

The MoU on Migration Partnership, establishes a comprehensive framework for promoting safe, orderly and regulated migration between both countries while reaffirming full respect for national laws, international obligations, and human rights.

In addition, the Statement of Intent on Cooperation on Organised Immigration Crime and Border Security establishes a three-year strategic plan between the UK Home Office and Nigeria’s Ministry of Interior (Nigeria) to combat criminal networks that profit from irregular migration.

The MoU on the Expansion of Business Visas for UK companies working with Nigeria announces the expansion of the Business Visa Scheme for UK companies seeking to conduct business in Nigeria, mirroring the UK’s existing enhanced processes for trusted Nigerian companies.

The scheme will be open to credible UK-domiciled firms with verified business or investment interests in Nigeria and is designed to facilitate easier mobility for legitimate business travellers between the two countries.

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Dangote Industries Limited (DIL) and GCL Group, China’s leading private energy conglomerate, have formalised a landmark US$4.2 billion, 25‑year natural gas supply agreement to power Dangote Group’s major expansion projects in Ethiopia.

The agreement, signed in Lagos, reinforces one of the most significant China–Africa industrial partnerships to date.

Under the long‑term arrangement, GCL Group will supply stable natural gas to Dangote Group’s upcoming 3‑million‑tonne‑per‑year urea fertiliser production complex in Ethiopia. The plant, valued at US$2.5 billion, is being developed under a 60:40 equity structure between Dangote Group and Ethiopian Investment Holdings (EIH), respectively, and is scheduled to begin operations in 2029.

When commissioned, the facility will become East Africa’s largest modern fertiliser production hub, fully meeting Ethiopia’s current urea import demand while supplying neighbouring regional markets. The project is expected to significantly reshape East Africa’s fertiliser landscape, reducing reliance on imports and strengthening agricultural self‑sufficiency.

The natural gas supplied by GCL will be sourced from the Calub Gas Field in Ethiopia’s Ogaden Basin and delivered via a dedicated 108‑kilometre pipeline directly to the Dangote fertiliser complex in Gode, Somali Region. The initiative aligns with Africa’s broader objective of establishing an integrated energy‑to‑food value chain, leveraging local resources to drive industrial autonomy.

Describing the significance of the collaboration, Aliko Dangote, President/Chief Executive of Dangote Industries Limited, said: “Africa’s energy industry cannot continue indefinitely exporting raw materials while importing finished products. We must pursue a new path of highly autonomous development. Through seamless integration and strategic cooperation with GCL, we will achieve an efficient closed‑loop value chain from natural gas extraction to fertiliser production, taking a crucial step toward enabling Africa to secure greater autonomy over its food security.”

Chairman of GCL Group, Zhu Gongshan, also reaffirmed the company’s confidence in the partnership, noting that the agreement was made possible through the facilitation and support of the Ethiopian government:

“This cooperation will enable both sides to expand new frontiers in Ethiopia’s energy, chemical, and food security sectors while transitioning from a ‘business going global’ model toward a mutually beneficial ecosystem‑based framework. Leveraging GCL’s integrated oil and gas operations in Ethiopia and Dangote Group’s extensive industrial footprint across Africa, the partnership will significantly enhance our service capabilities and market reach across the continent.”

The strategic collaboration marks a historic step in Africa–China industrial cooperation and is expected to catalyse long‑term economic transformation across East Africa.

Looking ahead, GCL will continue to focus on its core industrial strategy of integrated gas–power–computing development, leveraging Chinese technologies and solutions in synergy with Africa’s development needs, and working together to write a new chapter of mutually beneficial cooperation between China and Africa on this promising land. Both parties noted that the successful conclusion of this cooperation would not have been possible without the strong leadership of the Government of Ethiopia and the active support of the relevant authorities.

Over the past 20 years since its establishment in Ethiopia, GCL Group has progressed from oil and gas exploration and development to the construction of the country’s first natural gas liquefaction project, and from advancing the integrated “gas–power–computing” development model to supporting the country’s pursuit of greater energy self-reliance. Each step has involved sustained and substantive investment, deeply integrating the company’s activities into the trajectory of Ethiopia’s economic and social development and continuously earning the high level of trust of senior government leadership.

Industry analysts note that this project conveys multiple strategic values. Once operational, it will not only help Ethiopia achieve full self-sufficiency in its fertiliser industry but will also unlock the industrial potential of the Somali Region, create thousands of direct and indirect employment opportunities, and drive the high-quality development of regional infrastructure and supporting service industries. At the same time, the clean chemical production pathway based on natural gas as a feedstock aligns with the global trend toward low-carbon transition and provides a model for green development for energy-intensive industries across Africa. This cooperation also establishes a new paradigm for China–Africa collaboration.

By integrating upstream resource development, midstream pipeline transportation, and downstream industrial transformation, it forms a complete closed-loop “gas–fertiliser” industrial chain. In doing so, it deeply combines the technological strengths of Chinese enterprises with Africa’s indigenous resource endowments.

The project will serve as a landmark initiative under the Belt and Road Initiative, demonstrating the synergy between energy development and agricultural advancement, and helping Ethiopia and the broader African region move toward sustainable development characterised by energy independence, industrial revitalisation, and food self-sufficiency.

Dangote Group, founded by Africa’s richest person, Aliko Dangote, operates across a wide range of sectors including cement, food processing, energy, and chemicals. Known as the Father of African Industry. Dangote’s decision to select GCL Group of China as a strategic partner fully demonstrates the strong recognition by Africa’s leading enterprises of GCL’s technological capabilities and localized operational expertise.

Credit Dangote Group PR

Taiwo Oyedele, newly sworn-in Minister of State for Finance, on Monday pledged to give his best in supporting the Federal Government’s fiscal reforms and economic management efforts.

Oyedele made the pledge shortly after taking the oath of office before President Bola Tinubu at the Presidential Villa, Abuja.

He described the opportunity to serve the country at the highest level as a privilege, especially at a critical period in Nigeria’s economic development.

“I think the reward for doing a good job is more work, and it is always a privilege to have the opportunity to serve your country, especially at the highest level,”

He expressed gratitude to the president for the trust reposed in him and also thanked Nigerians and stakeholders who supported the tax reforms he previously worked on.

According to him, reforms are meaningful only when they are properly implemented and translated into concrete outcomes that benefit citizens.

“Reforms are only as good as the paper on which they are written. What is really important is the diligent execution, moving from policy formulation to implementation,”

Oyedele assured that he would give his best in carrying out the responsibilities of the new office.

“One thing I can promise the President and the Nigerian people is that I will give my very best at every point in time,”

He expressed confidence that with the support of the leadership and professional team at the Ministry of Finance, the government would be able to overcome existing challenges.

He said that the ministry’s priorities will align with the broader economic agenda of the government, particularly revenue mobilisation and fiscal sustainability.

“The priorities are those of the government and the country, particularly around revenue mobilisation to meet increasing public demands on the treasury at both federal and sub-national levels,”

He also emphasised the need for improved spending efficiency to ensure optimal value from public revenues.

“For every naira we earn, we must optimise the value we obtain from it to meet the needs of our people,”

He further highlighted debt management and fiscal sustainability as critical components of the government’s economic strategy.

Governor Lucky Aiyedatiwa of Ondo, who accompanied Oyedele to the ceremony, commended the president for the appointment.

He described Oyedele as one of the best professionals in the country with extensive experience in fiscal and tax reforms.

He said appointing Oyedele to help implement government’s reforms demonstrated the president’s commitment to competence and effective economic management.

Aiyedatiwa also expressed appreciation to the president for considering Ondo in the appointment and strengthening the state’s representation in the Federal Executive Council.

Credit NAN: Texts excluding Headline

Zenith Bank Plc has announced the opening of a new branch in Manchester, United Kingdom, marking another significant milestone in the bank’s international growth and its commitment to strengthening financial connections between Africa and global markets.

The official opening ceremony, scheduled to hold on Tuesday, March 17, 2026, is expected to attract government officials from Nigeria and the United Kingdom, regulators, investors, customers, and business leaders from both countries, underscoring the growing economic ties and investment opportunities between the two markets.

The new Manchester branch will complement Zenith Bank’s existing operations in the United Kingdom and serve as a strategic hub for supporting businesses engaged in international trade and investment. Through the branch, the bank will provide corporate banking, trade finance, treasury and related financial services to clients operating across the United Kingdom, Europe and Africa.

Speaking ahead of the launch, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dame Dr. Adaora Umeoji, OON, said: “The opening of our Manchester branch represents another important step in Zenith Bank’s growth as a leading African financial institution connecting businesses and markets across continents. Manchester is one of the United Kingdom’s most dynamic commercial centres, and our presence here will further strengthen financial connections between businesses in the UK and opportunities across Africa’s rapidly expanding markets.”

Founded in 1990 by its Founder and Chairman, Jim Ovia, CFR, Zenith Bank has grown into one of Africa’s most respected banking institutions, boasting a robust capital base and a remarkable history of year-on-year profitability. Built on a strong foundation of people, technology and service, the Bank has consistently delivered innovative financial solutions while maintaining a disciplined approach to growth and risk management. The impressive performance of the Bank has consistently earned it excellent ratings, recognition and endorsement from local and international agencies and institutions.

Headquartered in Lagos, Nigeria, Zenith Bank operates over 500 branches and business offices across the 36 States of the Federation and the Federal Capital Territory (FCT). The Bank currently operates subsidiaries in several African countries including Ghana, Sierra Leone, Gambia, and Cote d’Ivoire, while maintaining a presence in major international financial centres including the United Kingdom, France, UAE and China. In recent years, Zenith Bank has continued to expand its international network as part of its strategy to support global trade and investment flows involving Africa.

Manchester, widely regarded as one of the United Kingdom’s most vibrant economic centres, hosts a diverse base of businesses across sectors such as manufacturing, engineering, logistics, technology and consumer goods. The city’s strong commercial ecosystem and international outlook align closely with Zenith Bank’s expertise in corporate banking, structured finance and trade finance.

The Manchester branch will work closely with the Bank’s London operations and its broader international network to support clients seeking to expand across markets and unlock new opportunities in both the United Kingdom and Africa.

With the opening of the Manchester branch, Zenith Bank continues to advance its vision of building a truly global African banking institution that connects businesses, facilitates trade and investment, and creates stronger economic bridges between Africa and the world.

Credit Zenith Bank PR

The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dayo Mobereola, has reaffirmed the Agency’s commitment to encouraging greater participation of women in Nigeria’s maritime sector, noting that sustainable progress in the industry requires the contributions of both men and women.

A statement issued by NIMASA's Spokesman, Osagie Edward, says Mobereola made this known while delivering the keynote address at an event hosted by the Agency in Lagos to celebrate women in commemoration of the International Women’s Day 2026.

The NIMASA DG, who was addressing the gathering of women professionals from across Nigeria’s maritime industry, stressed that the maritime sector presents enormous opportunities and remains a key driver of national economic development. He emphasized NIMASA’s long-term vision of supporting more women to build careers and leadership roles within the industry.

“Men cannot exist without women, and the maritime industry can only achieve sustainable growth when both genders contribute meaningfully to its development,” Mobereola said.

Highlighting the vast opportunities in the maritime industry, the NIMASA DG said that the Agency will continue to implement policies and initiatives that encourage the next generation of female professionals to explore careers within the sector.

Earlier in her welcome address, the Director of Financial Services Department at NIMASA, Odunayo Ani highlighted the growing influence of women in the maritime industry and the importance of inclusive leadership.

Ani who is also the President of the Women’s International Shipping and Trading Association (WISTA) Nigeria further said that “Women in the maritime sector must continue to view compliance, leadership, and innovation from fresh perspectives that encourage inclusivity and sustainable growth within the industry”.

Odunayo also emphasized the need for stronger partnerships and collaboration among stakeholders to further expand opportunities for women in the sector, adding that NIMASA remains a strong example of institutional commitment to gender inclusion.

Goodwill messages were delivered by representatives of the various women-focused maritime organisations present, who commended NIMASA for its consistent support in advancing gender inclusion across the maritime industry. They also underscored the importance of mentorship, capacity building, and regional collaboration in empowering more women to take up leadership roles within the sector.

A high point of the event was a presentation by the guest speaker, Titilayo Enitan-Fowokan on “Navigating Nigeria’s Tax Reform: Opportunities for Women in the Shipping and Global Trade” where she examined how ongoing fiscal reforms could create new opportunities for women entrepreneurs and professionals in shipping, logistics, and global trade.

Enitan-Fowokan encouraged women in the maritime sector to position themselves strategically to leverage emerging opportunities within the evolving economic landscape.

The event brought together women from different cadres within the Agency as well as representatives of leading women-focused maritime associations, including Women’s International Shipping and Trading Association (WISTA) Nigeria; Women in Maritime Africa (WIMA); Women in Maritime of West and Central Africa (WIMOWCA); and Women in Logistics and Transport (WILAT).

Credit NIMASA PR

The Minister of Aviation and Aerospace Development, Festus Keyamo, has affirmed that there is no going back on cashless policy, at the  nation`s airports.

Keyamo made the assertion on Friday, at the Nnamdi Azikiwe International Airport (NAIA) Abuja, during on-the-spot assessment of  hybrid payment system newly adopted by the government

The hybrid payment was adopted, following President Bola Tinubu’s  directive to suspend full cashless implementation.

The minister however, explained that the government was only  considering the people that were yet to obtain Federal Airports Authority of Nigeria (FAAN) cashless card to be using cash pending  the nation’s full migration to cashless system.

“We decided to go back to the drawing boards to see what we can do to prevent revenue loss and  ease the traffic.

“That was the reason why  we came up with this hybrid system now.

“So, those who have the cards already, can continue  using their cards, as such  money goes straight into Treasury Single Account (TSA), which is the federation account.

“Look, there is no going back on the cashless system. It is too late for those who think they can frustrate the cashless system because they like the  cash collection system.

“This nation has passed such a stage. There is  limited time left for the hybrid system,”. Keyamo stressed.

The minister reiterated the existing federal government’s directive that no federal agency should ever collect cash.

Keyamo disclosed that the government had started discussing with concessionaires, who would come and make the airports fully automated.

He reiterated the government resolve to stop the corrupt cash payment system at the nation’s airports which has lingered for 50 years.

The President had directed the temporary suspension of the cashless payment system at Nigerian airport toll gates because of its sudden implementation.

The rushed implementation had caused severe traffic congestion and long queues of vehicles, making it difficult for motorists to complete electronic payments quickly.

The delays led to passengers arriving late at the terminals and missing their flights, creating hardship and operational disruptions at major airports.

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President Bola Tinubu has approved the creation of a Presidential Petroleum Reform and Value Optimisation Task Force to design the next phase of reforms in Nigeria’s petroleum sector.

This is contained in a statement issued by Presidential Spokesperson, Bayo Onanuga on Friday in Abuja.

Tinubu appointed Fola Adeola, co-founder of Guaranty Trust Bank and founder of Fate Foundation, as chairman of the task force.

Adeola will coordinate the group’s activities and ensure the timely delivery of its mandate.

Other members include Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye and Seyi Bella.

Mofoluwasho Fadayomi will serve as secretary of the task force.

According to Onanuga, the group is a time-bound executive working body mandated to produce execution-ready reform blueprints for Nigeria’s petroleum industry.

“The task force will consolidate ongoing reforms, unlock capital within the sector and strengthen Nigeria’s position as a global energy investment destination,” he said.

He added that the initiative reflected the President’s commitment to building a competitive, transparent and value-driven petroleum industry.

“The task force will function as a technical reform body rather than a representative committee,” Onanuga said.

He said the group would engage industry operators, regulators, investors and civil society organisations.

“The focus will remain on actionable policy design and implementation strategies,” he said.

Onanuga said the task force would report directly to the president and submit monthly progress memoranda.

He added that an interim report would be delivered after three months, while the final report is expected within six months of inauguration.

Tinubu expects the task force to produce three major reform blueprints.