The Nigerian National Petroleum Company Limited (NNPC Ltd.) has clarified that its fuel discount initiative is a temporary customer relief measure and does not amount to the restoration of petroleum subsidy.

The company made this known in a statement issued on Friday by its Chief Corporate Communications Officer, Andy Odeh.

Odeh said the initiative was designed to cushion the impact of rising fuel prices on households, businesses and the wider economy amid elevated global crude oil prices linked to the conflict in the Middle East.

He explained that it introduced the discount on October 1 to commemorate Nigeria’s 66th Independence Anniversary, adding that the initiative would continue until October 31, 2026, across NNPC retail stations nationwide.

He reaffirmed its commitment to supporting the Federal Government’s efforts to ease the burden of rising fuel costs on Nigerians.

According to NNPC, the discount followed the October 8 statement by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, on measures to provide relief to Nigerians amid rising global crude oil prices.

“Following the statement by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, on Thursday,  NNPC Limited reiterates its commitment to working with the government and stakeholders to cushion the impact of rising fuel prices on households, businesses and the wider economy.

“Before the announcement, NNPC Limited had introduced a sales discount on October 1, to commemorate Nigeria’s 66th Independence Anniversary.

“This will now continue until October 31, 2026 across NNPC retail stations nationwide.

“This discount is a customer relief initiative and does not represent the reintroduction of petroleum subsidy,” he said.

He said that the initiative was limited to its retail outlets and did not establish a uniform national pump price or change the market-based pricing framework governing petroleum products.

He described the discount as a practical intervention to support customers during a period of heightened global market uncertainty while maintaining commercially responsible operations.

He urged Nigerians to disregard interpretations suggesting that the initiative represented a return to fuel subsidy, insisting that the discount was strictly a customer relief measure.

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President Bola Tinubu has backed measures to cushion Nigerians against global oil price shocks, including the Nigerian National Petroleum Company Limited’s (NNPCL) decision to forgo its petrol retail profit margin.

Under ​‌‌​‍‌‍⁠⁠‍​‌‌‍⁠⁠⁠‍‌​the arrangement, NNPC Retail will sell petrol at cost within the next 30 days, particularly to support vulnerable households and commercial transport operators.

This means that if the company’s landing cost is N1,300 per litre, it will sell petrol at the same price, without adding its retail profit margin.

The measures were announced by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, on Thursday.

He further disclosed that the Federal Government was negotiating a ceiling of N1,350 per litre on petrol’s ex-gantry or landing cost to promote price stability.

Presidential Spokesperson, Bayo Onanuga, stated this in a statement on Thursday in Abuja.

Oyedele expressed hope that other fuel marketers would emulate NNPC, noting that the sharp increase in crude oil and petrol prices was not expected to last long.

He, however, cautioned against interpreting the NNPC’s decision as a return to petrol subsidy, which ended on May 29, 2023.

The minister also announced plans for forward sales of crude oil to domestic refineries to help shield petrol prices from global market volatility.

He said the arrangement would be supported by rising crude oil production and the release of previously committed crude volumes.

He explained that under the proposal, refiners and importers would bear costs exceeding the landing cost ceiling and recover the shortfall later when crude oil prices or the exchange rate improved.

“This is neither a subsidy nor a price control: it is designed to smooth prices over time rather than suppressing them,” Oyedele said.

He explained that maintaining relatively stable prices would provide greater certainty for households and businesses than frequent sharp increases and decreases.

Oyedele said the ceiling would be reviewed monthly, adjusted according to prevailing costs and published to ensure transparency.

He also said the Federal Government, in collaboration with state governments and security agencies, was working to curb road taxes and levies that increase transport fares and logistics costs.

The initiative would be implemented under the 2025 tax reform laws to reduce the burden of multiple charges on businesses and commuters.

The Federal Government is also increasing funding for cash transfers to vulnerable households and providing subsidised credit for small businesses and consumers.

Other measures by the government include accelerating the rollout of compressed natural gas (CNG) in collaboration with state governments to reduce transportation costs.

According to Oyedele, CNG is 60 to 70 per cent cheaper than petrol, with transport operators expected to reflect the savings in lower fares.

The government is also considering an excess profit tax on operators who exploit consumers across the energy value chain.

Proceeds from taxes on excessive profiteering would be used exclusively to cushion fuel price increases through transport support or vouchers for urban minimum-wage earners.

The Federal Government would also work with the National Assembly to consider enhanced tax relief for low-income earners under the 2027 Finance Bill.

Other measures include reducing regulatory costs that contribute to higher prices of goods and services and investing in a National Strategic Fuel Reserve to protect households and businesses against future energy supply disruptions.

Under the proposed arrangement, refined petroleum products would be released into the market under published rules whenever global disruptions or hoarding threatened supply and price stability.

The government said the reserve would help prevent artificial scarcity, discourage market manipulation and strengthen long-term energy security without restoring subsidies or fixing prices.

The newly launched address codes by the Nigerian Postal Service (NIPOST) are also expected to improve logistics efficiency and reduce delivery costs.

The Presidency acknowledged the hardship Nigerians face following increases in petrol prices but maintained that restoring blanket subsidies would create longer-term economic challenges.

“Removing the fuel subsidy came at a price. But the alternative has been tried.

“Nigeria has already lived through that cycle: scarcity, smuggling, a collapsing currency and a fiscal crisis,” the presidency said.

The Presidency said the government remained committed to ensuring that the benefits of economic reforms reached more Nigerians through targeted support.

It added that the Federal Government was working on a comprehensive package of fiscal measures to sustainably reduce inflation to single digits in the near term.

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The Nigerian Communications Commission (NCC) says it will leverage the Digital Bridge Institute’s (DBI) designation as an International Telecommunication Union (ITU) Digital Transformation Centre (DTC) to accelerate digital literacy, enhance digital inclusion, and equip more Nigerians with the skills needed to participate effectively in the digital economy.

The Commission made this known while receiving the Senior Digital Skills Officer of the International Telecommunication Union (ITU), Robyn Fysh, who paid a courtesy visit to the NCC Head Office in Abuja on Wednesday.

The visit took place on the sidelines of Fysh's official engagement in Nigeria. The engagement forms part of her mission to DBI following the Institute's designation by the ITU as a Digital Transformation Centre (DTC), a recognition that places DBI within a global network of institutions dedicated to advancing digital skills and digital transformation initiatives. DBI also serves as the ITU's Digital Training Academy (DTA) in Nigeria.

Representing the Executive Vice Chairman and Chief Executive Officer of the NCC, Aminu Maida, the Director, Research and Development, Babagana Digima, received Fysh and members of the DBI delegation led by its President and Chief Executive Officer, David Daser.

While receiving the delegation, Digima reaffirmed the Commission's commitment to innovation, capacity development, and digital transformation. He noted that DBI's designation as an ITU Digital Transformation Centre presents a significant opportunity to deepen collaboration among the NCC, DBI and the ITU in advancing digital skills development and digital inclusion across the country.

“DBI's recognition as an ITU Digital Transformation Centre is a significant milestone for Nigeria's digital skills ecosystem and an opportunity to expand access to digital literacy and capacity-building programmes across the country,” he said.

Digima stated that the Commission considers digital literacy and capacity building critical enablers of Nigeria's digital economy aspirations and expressed confidence that DBI's new designation would further strengthen access to quality digital skills training, particularly for underserved and vulnerable populations.

He described DBI's dual designation as a landmark achievement that offers Nigeria a unique opportunity to simultaneously tackle digital exclusion and develop globally competitive ICT expertise.

“The NCC remains committed to initiatives that equip Nigerians with the skills needed to participate meaningfully in the digital economy. We will continue to work closely with relevant government agencies, state governments, development partners and other stakeholders to expand access to digital skills training and ensure that no community is left behind in Nigeria's digital transformation journey,” he added.

Earlier, Robyn Fysh commended the longstanding collaboration between the NCC and the ITU in advancing digital development initiatives and promoting digital skills acquisition.

“The ITU values its strong partnership with the NCC and DBI, and we are encouraged by the progress being made to advance digital skills and inclusion in Nigeria,” she said.

She noted that the engagement provided an opportunity for the three organisations to exchange ideas, strengthen collaboration and explore areas of mutual interest in support of a shared vision of accelerating digital transformation and empowering citizens through digital skills and innovation.

Providing an overview of the programme, Fysh explained that the ITU Digital Transformation Centres initiative, launched in partnership with Cisco in 2019, has reached more than 870,000 participants globally, with women accounting for more than half of the beneficiaries. She said the programme is focused on equipping individuals in underserved communities with practical skills that improve employability, entrepreneurship, and participation in the digital economy.

“DBI's new status as a Digital Transformation Centre will help strengthen efforts to empower more people with relevant digital skills and opportunities,” Fysh added.

Also speaking, the President of DBI, David Daser, expressed appreciation to the Management of the NCC for its unwavering support, which enabled the Institute to pursue and attain its recognition by the ITU as a Digital Transformation Centre.

“This achievement reflects the confidence of the ITU in DBI and the unwavering support of the NCC in advancing digital capacity development in Nigeria,” he said.

Daser noted that the Institute recently achieved a historic milestone by becoming the first institution globally to simultaneously hold the status of an ITU Academy Training Centre (ATC) and an ITU Digital Transformation Centre (DTC), following support received from the NCC.

He stressed the importance of the NCC's continued involvement in scaling the initiative nationwide. “As a prominent state actor, the NCC can help drive this agenda by leveraging its infrastructure, networks and partnerships to extend digital skills training and certification opportunities to underserved communities nationwide,” he said.

Daser further noted that the initiative aligns with the objectives of Nigeria's National Digital Literacy Framework which targets 95 per cent digital literacy by 2030. Achieving that goal will require stronger collaboration and sustained investment in digital skills development, particularly for underserved populations.

He acknowledged the pivotal role played by the Commission throughout the journey, describing the achievement as a testament to the shared commitment of both institutions to strengthening Nigeria's digital capacity and positioning the country as a leading hub for digital skills development in Africa.

“As a Digital Transformation Centre, we are better positioned to expand our impact and support the development of a digitally skilled workforce for Nigeria and Africa,” he added.

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The Nigerian Electricity Regulatory Commission(NERC) says the 11 Electricity Distribution Companies (DisCos) generated N603.64 billion in the  second quarter of 2026.

The commission  disclosed this in its second quarter report on its website in Abuja on Monday.

The  report said that all the DisCos collected N603.64 billion out of the N744.67 billion billed to customers in the quarter under review.

The report said that the revenue translated to a collection efficiency of 81.06 per cent, representing an increase of 2.11 percentage point (pp) compared to  quarter one which was 78.95 per cent.

The report said the weighted average Aggregate Technical, Commercial and Collection (ATC&C) loss across all DisCos in 2026/Q2 was 36.23 per cent.

According to the report, the 36.23 comprises technical and commercial loss  which stands at 21.33 per cent and collection loss 18.94 per cent.

”The ATC&C loss of 36.23 per cent  stood at 19.31 percentage points (pp) higher than the 2026 Multi-Year Tariff Order target which is 16.92 per cent and translates to a cumulative revenue loss of N129.073 billion across all DisCos.

“The ATC&C loss decreased by 1.21 pp  which was a better performance compared to 2026/Q1 that was 37.44 per cent

“All the DisCos failed to meet their ATC&C targets during the quarter, with Kaduna DisCo recording the worst underperformance.

The regulator explained that the ATC&C loss comprised billing losses incurred by a DisCo due to its inability to bill 100 per cent of energy delivered to customers.

The commission also explained that technical and commercial losses and collection losses arose from the DisCo’s inability to collect 100 per cent of the bills issued to customers.

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Seplat Energy Plc has called for increased investment across Nigeria’s gas value chain to unlock the country’s vast natural gas resources, strengthen energy security, drive industrialisation, and position Nigeria as Africa’s leading gas powerhouse.

Speaking at the Gas Investment Forum (GIF) 2026 in Lagos, Seplat Energy’s Chief Executive Officer, Effiong Okon, represented by Okechukwu Mba, Director of Gas & New Energy at Seplat Energy, said that while Nigeria possesses more than 215 trillion cubic feet of proven gas reserves, the true value of those resources can only be realised through sustained investments in production, processing, transportation and utilisation infrastructure.

Addressing the conference themed “Positioning Nigeria as Africa’s Global Gas Powerhouse,” Okon noted that energy poverty remains a major challenge across Africa, with an estimated 600 million people in sub-Saharan Africa still lacking access to electricity.

“Gas reserves in the ground do not power homes or factories. Gas creates value only when it is produced and reliably delivered to consumers. The task before us is to convert Nigeria’s vast gas endowment into tangible economic growth, industrial development and energy access for millions of people,” he said.

The Seplat Energy CEO commended the Federal Government’s ongoing efforts to improve investment conditions in the gas sector, particularly initiatives aimed at addressing legacy debts in the gas-to-power value chain, which are helping to improve the bankability of gas projects. He also welcomed recent final investment decisions on major energy projects and described the commencement of operations on the OB3 gas pipeline as a significant milestone for Nigeria’s gas industry.

Okon highlighted the role of policy reforms, especially the Petroleum Industry Act (PIA), in creating a more transparent and investor-friendly environment for gas investments. He noted that institutions such as the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Midstream and Downstream Gas Infrastructure Fund (MDGIF) are helping to strengthen regulatory certainty and close infrastructure gaps across the sector.

Speaking on Nigeria’s global competitiveness, he said the country’s strategic location in the Gulf of Guinea gives it a unique advantage in serving both regional and international gas markets, including Europe, while also supporting growing energy demand across Africa.

Okon also outlined Seplat Energy’s significant investments in gas infrastructure over the past decade, including the 375 MMscfd Oben Gas Plant, the 90 MMscfd Sapele Gas Plant, and the flagship 300 MMscfd ANOH Gas Plant, which together reinforce the company’s position as one of Nigeria’s leading domestic gas suppliers.

According to him, Seplat currently supplies gas directly to six power stations and supports numerous industrial customers through gas distribution networks. Through the ANOH Gas Plant, the company also supplies gas to fertiliser manufacturers, contributing to Nigeria’s food security objectives.

He further noted that Seplat’s acquisition of ExxonMobil’s onshore and offshore assets has significantly increased domestic supplies of butane and liquefied petroleum gas (LPG), while ongoing investments in compressed natural gas (CNG) infrastructure are expanding access to cleaner, more affordable energy for consumers not connected to pipeline networks.

“Together, these investments demonstrate Seplat Energy’s commitment to supporting government efforts to strengthen Nigeria’s energy security and accelerate gas-led economic growth,” he said.

Okon also reaffirmed the company’s commitment to environmental sustainability, noting that Seplat successfully ended routine flaring across its onshore operations at the end of 2025, resulting in a significant reduction in operational emissions intensity.

Concluding his address, he called on stakeholders across government, industry and the financial sector to work together to unlock projects capable of converting “gas molecules into electrons” that will power Nigeria’s industrial future.

“Nigerians cannot wait any longer. We must move from discussions to implementation and create the partnerships and investments necessary to fully realise the promise of our gas resources,” he said.

The Gas Investment Forum provides a platform for policymakers, regulators, investors and industry leaders to explore opportunities for accelerating gas development and strengthening Nigeria’s position in regional and global energy markets.

Credit Seplat Energy PR

President Bola Tinubu says difficult economic reforms were necessary to address Nigeria’s longstanding structural distortions and lay the foundation for prosperity.

Tinubu stated this on Thursday in a nationwide broadcast marking Nigeria’s 66th Independence anniversary, as he reflected on the economic circumstances that confronted his administration in 2023.

He said successive governments had postponed difficult decisions, allowing deep economic distortions to worsen and undermine the country’s development prospects.

“By 2023, poverty was rising, and hope was nearly gone. The country’s situation was darker than ever. We had no choice but to act.”

The President likened Nigeria’s economic condition to a cancer patient requiring painful treatment to achieve recovery.

He said previous leaders had prioritised temporary relief over addressing fundamental economic challenges.

“For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came.”

Tinubu said the country had spent enormous resources sustaining inefficient arrangements that were never designed to endure.

He added that successive administrations had avoided difficult decisions, transferring their consequences to future generations.

According to him, his administration resolved to confront the underlying problems through reforms, in spite of their immediate economic consequences.

“When this Administration assumed office, we resolved to do things differently. We chose to excise the cancer.”

The President acknowledged that the reforms had produced difficult side effects but cautioned against confusing the treatment with the underlying economic problems.

“The reforms that followed were difficult. The side effects were real. Yet, we must never confuse the medicine with the disease.”

Tinubu said the reforms were part of his administration’s efforts to address longstanding economic weaknesses and pursue a more prosperous Nigeria.

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President Bola Tinubu has signed into law the Appropriation (Amendment) (No. 4) Bill, 2025, extending the 2025 budget implementation period to December 31.

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

According to him, the extension moves the deadline from September 30, to December 31.

The assent followed the swift passage of the amendment by the Senate and House of Representatives on Tuesday.

The extension gives Ministries, Departments and Agencies (MDAs) additional time to complete ongoing capital projects.

It also ensures that appropriated funds are fully utilised for Nigerians without disrupting critical programmes.

Tinubu commended the leadership and members of the National Assembly for their prompt consideration of the bill.

He described the development as a further demonstration of cooperation between the Executive and Legislature in the service of the nation.

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The Nigerian National Petroleum Company Limited (NNPC Ltd.) says it is pursuing technical equity partnerships with experienced refinery operators to ensure sustainable performance of its refineries.

Bayo Ojulari, Group Chief Executive Officer, NNPC Limited said this while addressing Journalists on Tuesday in Abuja.

Ojulari said the company would partner with proven records in operating refineries and petrochemical plants, who would also take equity stakes in the facilities.

“The model will align the interests of NNPC and its technical partners towards achieving sustainable results from the refineries.

“Chinese investors have shown strong interest in the two refineries, although no final agreement had been signed,” he said.

He said that an existing Memorandum of Understanding (MoU) has been provided for the Chinese team to conduct technical studies before submitting a proposal to NNPC.

“Once the Chinese finish the report of their study, they will come back to us with a proposal. Following that proposal, we will go into negotiations, both commercial and technical,” he said.

Ojulari said the level of commitment by the Chinese was demonstrated by the deployment of 33 top engineers, who had spent about three months assessing the facilities.

He said the technical studies would provide the basis for determining the next steps towards possible partnerships on the rehabilitation of the refineries.

The NNPC boss, however, said work had not commenced on the Kaduna Refinery, although the company remained committed to advancing the process.

He said NNPC was working towards becoming a globally competitive energy company, stressing that the company needs to set high standards for transparency, accountability and sustainable performance.

“We are going to be like Saudi Aramco (state-owned national petroleum and natural gas enterprise of Saudi Arabia, one of the World’s largest energy companies)

“That is what we are talking about. Nothing less,” he said.

He said that achieving that ambition required the company to strengthen its governance, transparency and performance standards.

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Air Peace has provided an update regarding the flight disruptions experienced at the Nnamdi Azikiwe International Airport, Abuja, following reports and footage circulating across the media and social media showing some of the airline's esteemed passengers expressing their concerns over the disruptions.

The Management of the Airline in a statement issued over the weekend, says the initial delays to its Abuja operations were occasioned by the unavailability of Jet A1 aviation fuel, which affected Air Peace and other airlines operating from the airport. It added that upon the availability of fuel, its affected flights commenced operations accordingly.

"However, our Abuja–Maiduguri service could not subsequently operate as planned. Although an extension had initially been granted for the flight, by the time the aircraft was ready for boarding, prevailing VFR conditions meant that the extension was no longer tenable, as the flight could not operate beyond sunset."

Throughout the disruption, the airline, says passengers were duly informed of the delays and provided with refreshments. Following the cancellation, affected passengers were also provided with hotel accommodation, with arrangements made to operate the flight the following day.

"We sincerely regret the inconvenience caused to our esteemed passengers and appreciate their patience and understanding. At Air Peace, the safety and wellbeing of our passengers remain paramount, and we will continue to prioritise these considerations in all our operations," says the Airline's Management.

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The Nigerian National Petroleum Company Limited (NNPC Ltd.) has welcomed the 800 million dollars Final Investment Decision (FID) on the Ima Gas Project.

The Group Chief Executive Officer, NNPC Limited, Bashir Ojulari said this in a statement issued on Friday by Andy Odeh, Chief Corporate Communications Officer, NNPC Limited.

The project, located offshore in OMLs 112 and 117 and developed by AMNI International in partnership with TotalEnergies, will produce about 300 million standard cubic feet of gas per day at peak.

The output would supply critical feedgas to Nigeria Liquefied Natural Gas Limited (NLNG) in support of its Train Seven expansion, which will increase capacity at the Bonny Island plant from 22 million tons per annum to 30 Mtpa.

The FID was enabled by the Presidential Directives of 2024, which provided fiscal incentives for non-associated gas, streamlined contracting and lowered development costs.

Ima is the fourth major gas project to reach FID under President Bola Tinubu, after Iseni, Ubeta and HI.

Ojulari described it as a decisive vote of confidence in Nigeria’s gas sector and in the bold reforms that have created competitive terms and a predictable investment environment.

He also commended the collaboration between AMNI, TotalEnergies and the Nigerian financial sector, saying the model of indigenous operator, international partner and domestic capital is a template for future developments.

He reaffirmed the commitment to work with government, regulators and industry partners to sustain investment momentum and deploy Nigeria’s gas resources for industrialisation, job creation and long-term prosperity.

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The Dangote Petroleum Refinery has taken another major step towards deepening retail participation in its ongoing Initial Public Offering (IPO) by enabling prospective investors to subscribe for shares through participating Moniepoint Point-of-Sale (POS) agents across the country.

The initiative is designed to bring share ownership closer tomillion millions of Nigerians, particularly those in communities where agency banking has become a primary channel for accessing financial services.

Under the arrangement, interested investors can visit participating Moniepoint agents at any time to complete their subscription to the Dangote Petroleum Refinery IPO through the approved process. The development significantly expands access to the offer and aligns with the company’s vision of creating one of the broadest shareholder bases in Africa.

The refinery's shares are being offered at N525 per share, with a minimum subscription of 10 shares, representing an entry investment of N5,250. Investors are also permitted to subscribe multiple times throughout the offer period, enabling them to progressively build their holdings.

Speaking on the development, the company stated that the introduction of the Moniepoint agency network represents another deliberate effort to democratize investment opportunities and ensure that more Nigerians can participate in the ownership of one of Africa's most strategic industrial assets.

"One of the key objectives of this public offer is to broaden participation and make share ownership accessible to ordinary Nigerians. By leveraging the extensive Moniepoint agent network, we are bringing the opportunity to invest in the Dangote Refinery closer to the people, wherever they may be."

The company noted that agency banking has transformed financial inclusion in Nigeria by extending financial services to underserved communities and reducing barriers to access. The same infrastructure is now being deployed to help more Nigerians participate in the capital market.

According to the company, the move reinforces its long-term aspiration of building a wide and diversified shareholder community, with millions of Nigerians having a direct stake in the growth and success of the refinery.

Prospective subscribers using Moniepoint agents are required to complete their transactions through the approved subscription process and retain their receipts as evidence of payment. Investors will also receive confirmation of their subscriptions through SMS notifications linked to their registered telephone numbers.

The company advised intending investors to carefully review the Prospectus and seek professional advice from licensed stockbrokers or financial advisers before making investment decisions. Details of approved subscription channels, as well as the Prospectus, are available on the IPO portal.

With round-the-clock access through participating Moniepoint agents and a minimum entry investment of just N5,250, the Dangote Petroleum Refinery IPO is opening the door for millions of Nigerians to become part owners of one of the largest industrial investments on the African continent.

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The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says the current management of the apex bank has done very well in its mandate of ensuring monetary and price stability.

Cardoso said this on Tuesday in Abuja, after presenting the communiqué from the 307th meeting of the Monetary Policy Committee (MPC).

”This is 36 months, three years precisely, that we assumed leadership role in the CBN. And, like all things, it is a pretty good time to look back and reflect.

“In terms of context, we need to remember where we were coming from. We were coming from a place where confidence had been lost in the bank and in the country.

“That was manifested very clearly from the confidence that was lost in our currency.

“This was a time when our currency was regularly depreciating. You could not plan, and people panicked, and a lot of people externalised all they could to be able to protect their hard-earned savings,” he said.

He said this was at a time when even the rating agencies had knocked us down and really did not see much hope for the future without radical reform.

He said that the crop of individuals that constituted leadership of the CBN since 2023 had been very helpful for the MPC and for him as the CBN governor.

“The first thing, given the context that I have laid here today, was that we were able to take the bank back to its core mandate.

“At that time, Ways and Means had dropped the economy to a huge leap. We had N23.7 trillion per capita in Ways and Means, and that fuelled the very sorry situation we had with inflation. We also had interventions of over N10 trillion.

“We had a very dysfunctional foreign exchange market, whereby there were multiplicity of rates.

“Our responsibility was to restore stability and maintain both price and financial stability. Our proudest moments have been in our ability over the years to take the right decisions that have been able to take us back there,” he said.

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Vice-President Kashim Shettima has urged African countries to stop exporting Africa’s mineral wealth and turn it into jobs and industrial growth.

Shettima also said Africa must strengthen cooperation, process more of its minerals locally and build industries around resources increasingly critical to the global economy.

He spoke at the Third High-Level Roundtable of the Africa Minerals Strategy Group (AMSG), held on the sidelines of the 81st UN General Assembly in New York.

The roundtable, themed “From Resources to Wealth: Continental Cooperation for Mineral Value Addition,” brought together governments, investors and mining-industry stakeholders.

Shettima said the real value of Africa’s enormous mineral endowment should ultimately be measured by its impact on ordinary Africans.

He challenged countries to move away from an economic model in which raw resources leave Africa while finished products return at significantly greater value.

According to him, greater continental cooperation on mineral governance would enable Africa to strengthen its negotiating power and capture more value from global supply chains.

The Vice-President urged the strategy group members to develop bankable projects capable of attracting investment into processing, manufacturing and other value-adding activities.

He said such projects should create employment, stimulate industrialisation and ensure mineral-producing communities receive tangible benefits from resources extracted from their environments.

Nigeria’s Minister of Solid Minerals Development and AMSG Chairman, Dele Alake, called for urgent reforms to integrate artisanal miners into regulated mining systems.

Alake said governments should distinguish artisanal miners seeking legitimate livelihoods from illegal operators involved in criminal activity.

He argued that artisanal mining should be formalised and properly regulated rather than treated principally as criminal activity.

“Illegal mining must remain illegal, but artisanal miners should have a structured framework that allows them to operate legally and safely,” he said.

The minister said many artisanal miners were breadwinners whose families depended on mining for survival.

He expressed concern over recurring mine-site collapses across Africa, saying preventable deaths demonstrated the urgent need for stronger safety standards and regulatory oversight.

Alake said formalisation could provide miners with safer operating conditions, access to training, equipment, finance and government regulation.

He said it could also improve traceability of mineral production while reducing smuggling, environmental degradation and other activities associated with poorly regulated mining.

Kenya’s Cabinet Secretary for Mining, Blue Economy and Maritime Affairs, Hassan Ali Joho, called for greater sharing of geological and mineral data among African countries.

The AMSG comprises more than 30 African countries and seeks to give the continent a stronger collective voice on mineral governance, local processing and positioning within global supply chains.

The group has advocated harmonised mining policies, shared infrastructure, regional processing hubs and stronger geological data systems as tools for attracting investment and strengthening Africa’s bargaining position.

President Bola Tinubu chairs the AMSG General Assembly and has previously urged members to speak collectively and prevent Africa from remaining simply a source of raw materials for industrialised economies.

Representatives of Tanzania and Chad also made presentations at the event attended by Foreign Affairs Minister Bianca Odumegwu-Ojukwu and Permanent Representative of Nigeria to the UN, Jimoh Ibrahim.

Also present were Governor Babagana Zulum of Borno, that of Nasarawa, Abdullahi Sule, Kebbi Governor Nasir Idris and Governor Siminalayi Fubara of Rivers.

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President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has reaffirmed the Dangote Group’s unwavering commitment to Africa’s industrial transformation, wealth creation, and long-term economic development, stating that the ongoing Dangote Petroleum Refinery Initial Public Offering (IPO) represents a unique opportunity for Africans to participate directly in the continent’s most ambitious industrial project.

Speaking during an interview with Bloomberg Television, Dangote said the Dangote Refinery IPO is not merely a capital-raising exercise but part of a broader vision to democratise ownership of strategic African assets and create sustainable value for millions of investors across the continent.

According to him, the refinery's public offering gives ordinary Africans and institutional investors alike the opportunity to become shareholders in a world-class enterprise that is helping to redefine Africa’s energy future.

He noted that broadening ownership of the refinery is as important as expanding its operational capacity because it enables more Africans to participate in the wealth generated by the continent’s largest industrial investments.

"For decades, Africa's most strategic assets have been owned by a limited group of investors. Through this IPO, we are creating an opportunity for millions of Africans to become part-owners of a transformative business that is changing the energy landscape of the continent. It is about creating value, expanding prosperity, and building generational wealth for our people," said Dangote.

The foremost industrialist emphasised that the refinery was conceived as an African solution to Africa’s longstanding energy challenges and forms a critical part of the Dangote Group’s mission of reducing the continent’s dependence on imports while strengthening local production capabilities. He explained that the Group remains focused on building industries that support economic self-sufficiency, create jobs, stimulate foreign exchange earnings, and drive sustainable development across Africa.

Dangote disclosed that the company plans to further expand the refinery's capacity from its current 700,000 barrels per day to 1.4 million barrels per day over the coming years, positioning it among the largest refining complexes globally and significantly improving Africa’s ability to meet its own energy requirements. He added that proceeds from the ongoing IPO will support this ambitious expansion programme.

The billionaire entrepreneur also revealed that the Dangote Petroleum Refinery intends to seek a listing on the New York Stock Exchange after completing its next phase of expansion, a move designed to deepen access to international capital while showcasing Africa’s industrial potential to global investors.

Speaking on investor confidence, Dangote noted that the strong demand recorded during the refinery’s private placement demonstrated both domestic and international belief in the project’s future. He stressed that the Group deliberately limited the amount raised during the private placement to encourage broader ownership and participation by a wider cross-section of Africans.

"Our objective has always been bigger than building a refinery. We want to create institutions that will outlive us, businesses that can compete globally, and opportunities that allow Africans to share in the wealth created on the continent. This IPO is another step towards achieving that vision," he stated.

The Dangote Group President underscored that Africa possesses the resources, talent, and market potential required to compete with the world's leading economies, stressing that industrialisation remains the surest path to economic prosperity. He maintained that investments in sectors such as refining, petrochemicals, cement, fertiliser, and manufacturing would continue to drive the continent's economic renaissance.

The ongoing Dangote Petroleum Refinery IPO, described as the largest public share offering in Africa's history, has generated significant interest from investors, policymakers, market analysts, and development institutions who see the offering as a landmark moment for Nigeria's capital market and Africa's industrial growth story.

Credit Dangote Group PR

The Vice President, Oil and Gas, Dangote Industries Limited, Edwin Devakumar, has assured prospective investors that the ongoing Initial Public Offering (IPO) of the Dangote Petroleum Refinery presents a rare opportunity to participate in one of Africa’s most strategic and transformative industrial enterprises, adding that investors stand to enjoy significant value appreciation and attractive returns over the long term.

Devakumar stated that the refinery’s strong operational performance, growing market share, robust demand outlook, and strategic position within Africa’s energy value chain make it a compelling investment proposition for institutional and retail investors alike.

According to him, the refinery has started making profits and that it was established to end Nigeria’s dependence on imported refined petroleum products, strengthen national energy security, conserve foreign exchange, create employment opportunities, and position the country as a major exporter of petroleum products to regional and global markets.

“The Dangote Refinery is one of the most significant industrial investments ever undertaken on the African continent. It addresses a critical gap in the energy sector while creating substantial economic value. Those investing in the refinery's ongoing IPO are investing in a business with strong fundamentals, enormous growth potential, and a proven capacity to generate sustainable returns,”  Devakumar said.

According to him: “The objective is not merely to raise capital. It is to democratise ownership of a strategic national asset and allow millions of Nigerians and global investors to participate in the value being created by the refinery. We believe this is an opportunity for investors to become partners in Africa’s industrial transformation story,”

Devakumar stressed that funds realised from the offering would support the company’s long-term growth initiatives, operational optimisation, expansion projects, working capital requirements, and strategic investments across the petroleum value chain. He emphasised that the refinery’s integrated business model, advanced technologies, large-scale production capacity, deep-water port infrastructure, and extensive logistics network provide competitive advantages that are difficult to replicate anywhere in Africa.

“The refinery is strategically positioned to serve domestic, regional, and international markets. Demand for refined petroleum products across Africa continues to grow, and our scale, efficiency, and location provide a unique advantage in capturing these opportunities. This translates directly into long-term value creation for shareholders,” he stated.

Devakumar explained that the refinery’s ability to process a wide range of crude oil grades, coupled with its production of high-quality petrol, diesel, aviation fuel, liquefied petroleum gas, and petrochemical feedstocks, has created multiple revenue streams that strengthen the company’s earnings potential.

He further stated that the company remains committed to the highest standards of corporate governance, transparency, financial discipline, environmental stewardship, and operational excellence—factors that are critical to sustaining investor confidence and shareholder value.

Once the IPO is concluded and the shares listed, he said the company's  commitment to accountability and transparency will become even stronger. "Investors will benefit from regular financial disclosures, strict governance standards, and a management team focused on driving sustainable growth and profitability,” he said.

Devakumar expressed confidence that the refinery’s future earnings potential, expanding export footprint, and strategic role in Africa’s energy security would continue to attract strong investor interest.

“This IPO represents more than an investment opportunity; it is an invitation to participate in a historic enterprise that is redefining the African energy landscape. We are confident that investors who subscribe to the offer will be well-positioned to reap bountiful returns as the refinery continues its growth journey and delivers value to shareholders,” he concluded.

Credit Dangote Group PR

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says fuel pump prices are determined by market forces and not fixed by the regulator under the Petroleum Industry Act (PIA) 2021.

The NMDPRA management made this known in a statement in response to concerns over the recent increase in pump prices of petrol.

It acknowledged the financial difficulties faced by Nigerians following the rise in fuel prices, noting that the situation is putting pressure on households, transport workers and businesses.

NMDPRA said Section 205(1) of the PIA provided that wholesale and retail prices of petroleum products should be based on unrestricted free-market pricing conditions.

It said the provision meant that NMDPRA did not fix pump prices or issue administrative price templates.

“Pursuant to the PIA 2021, Section 205(1) provides that wholesale and retail prices of petroleum products shall be based on unrestricted free market pricing conditions.

“Section 205(2)–(4) restricts government intervention in pricing strictly to exceptional circumstances where there is formal evidence of declared market failure. No such market failure has been declared.

“Section 216 empowers the authority to prevent anti-competitive practices, price-fixing, and the abuse of market dominance,” it said.

NMDPRA said it was also conducting joint security operations with the Nigeria Customs Service and other relevant security agencies to intensify surveillance along border corridors.

It said the measure was aimed at curbing illegal cross-border diversion of petroleum products and ensuring supply stability.

The authority said deregulation did not exempt petroleum operators from regulatory compliance or fair-trade standards.

It said that, under its Memorandum of Understanding with the Federal Competition and Consumer Protection Commission (FCCPC), both agencies maintained joint surveillance to monitor price-gouging, collusion, under-dispensing and compromised product quality.

NMDPRA said it was also opening dedicated feedback and reporting channels for members of the public and industry stakeholders to report irregular pricing and exploitative trade practices.

It said the reports would be subjected to regulatory investigation and enforcement where necessary.

“NMDPRA remains steadfast in fulfilling its statutory mandate to ensure energy security, foster fair competition and protect consumers within the PIA’s legal framework,” it said.

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Oritsemeyiwa Eyesan, Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the commission will enforce the “Drill-or-Drop” provisions of the Petroleum Industry Act (PIA) 2021.

Eyesan made the disclosure in a circular issued on Friday to holders of specified oil licences.

She urged holders of licences awarded under the 2020 Marginal Field Bid Round, 2022/2023 Mini Bid Round and 2024 Licensing Round to meet statutory commitments.

She warned that failure to fulfil the obligations could result in non-extension of licences, relinquishment and enforcement of work performance securities.

The chief executive also warned that revocation proceedings could begin against licensees that failed to meet their obligations.

The circular, with reference number NUPRC/1127/VOL.13/55, said the measure was aimed at boosting crude oil production and reinforcing licence terms.

Eyesan noted that the PIA was founded on the principle that oil acreage was awarded to be worked.

“Non-performing acreage will return to the Federal Government,” she said, adding that the principle was backed by Sections 77, 78 and 88 of the PIA.

Eyesan added that the default and revocation provisions were contained in Sections 96 and 97 of the Act.

“Continued possession of a licence depends on the licensee meeting the obligations attached to it within the stipulated period.

“It is performance of those obligations within the term that entitles a licensee to continue to hold the licence,” she said.

Eyesan, however, said NUPRC’s objective was to increase production rather than revoke licences.

She said the commission was willing to assist licensees in addressing challenges, subject to the limits of the law.

She identified financing, rig availability, security, host-community engagement and infrastructure as factors that could hinder performance.

Others included regulatory approvals and partner arrangements.

Eyesan directed affected licensees to notify the commission by October 31 of their compliance status and constraints.

They must also provide proposed mitigation measures and revised implementation timelines, where necessary.

The chief executive said licensees must state their compliance level, including execution of approved work programmes.

They must also identify specific constraints affecting implementation and outline proposed measures to address them.

Eyesan cautioned that NUPRC would neither exceed its statutory mandate nor allow engagements to suspend licence terms.

She said such engagements could not be used to excuse performance of statutory obligations.

Eyesan further warned that disputes among partners would not shield licensees from enforcement.

She stressed that internal disagreements would not excuse failure to meet licence obligations.

Eyesan urged all affected licensees to submit the required information within the stipulated deadline.

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The Emir of Kano, His Royal Highness Khalifa Muhammadu Sanusi II, on Thursday mounted a spirited defence of the Dangote Petroleum Refinery and Petrochemicals Limited IPO, dismissing criticisms of the project and challenging detractors to replicate its scale by raising the estimated $22 billion required to build a competing refinery.

His remarks came during the Dangote Refinery “People’s IPO” roadshow in Kano, where he passionately advocated broader Nigerian participation in the company's Initial Public Offering (IPO) as a pathway to wealth creation and economic inclusion.

Addressing a gathering of investors, business leaders, professionals and members of the public, the former Central Bank Governor described the refinery as one of the most significant industrial projects in Africa's history and urged Kano residents to seize the opportunity to become shareholders.

According to the Emir, equity ownership represents one of the most effective means through which ordinary citizens can participate directly in national economic growth and build long-term financial security.

“Kano is a commercial city with a long tradition of trade, investment and entrepreneurship. Our people understand business, and they should understand the value of owning shares in productive enterprises,” he said.

Drawing from personal experience, Sanusi recounted his interactions with Aliko Dangote during his banking career in the late 1990s when Dangote Group was evolving from a trading company into a manufacturing powerhouse.

The Emir revealed that many observers at the time questioned Dangote's strategy of deploying short-term financing to support long-term industrial investments. However, he noted that what critics considered risky was actually a demonstration of strategic foresight and a deep commitment to transforming Nigeria's productive capacity.

Recalling the philosophy that drove the company's industrial expansion, the monarch said the vision was anchored on a simple principle: producing domestically what Nigerians consume daily instead of relying excessively on imports.

“Somebody needs to produce the petrol for your cars, somebody needs to produce the cement for your houses, somebody needs to produce the food that you eat. We are importing these things from Asia, Europe and America. Our strategy is to produce those things here,” he stated.

The Emir described the Dangote Refinery as a game-changing investment that could fundamentally alter the structure of the Nigerian economy by reducing dependence on imported petroleum products and preserving foreign exchange.

Drawing on his experience at the nation's apex bank, Sanusi explained that Nigeria had historically earned foreign exchange through crude oil exports only to expend a substantial portion of it importing refined fuel.

“What Aliko has done is disrupt that model,” he said.

According to him, the emergence of a world-class refinery on Nigerian soil positions the country not merely as an exporter of crude oil but as a major supplier of refined petroleum products to regional and international markets.

As evidence of the refinery's growing global relevance, he cited reports that European airlines had sourced aviation fuel from the facility during recent supply disruptions linked to tensions around the Strait of Hormuz, underscoring its ability to compete effectively on the global stage.

Sanusi also addressed concerns raised by critics who have accused the refinery of seeking market dominance. The monarch firmly rejected such claims, arguing that competition remains open to anyone willing to undertake the financial and operational challenges associated with large-scale refining.

“There is no monopoly if a monopoly is not protected by law,” he declared.

“Anybody who wants to build a refinery, anybody who wants to raise $22 billion, invest and go through what Aliko went through is welcome to do so.”

The comment drew applause from participants at the roadshow, many of whom viewed the statement as a direct response to persistent criticism of the refinery's market influence.

The Emir stressed that Nigeria's economic future depends on encouraging more investments in productive industries capable of creating jobs, generating exports and strengthening local value chains. He warned against a culture that prioritises speculation and the accumulation of overseas assets at the expense of domestic industrial development.

He therefore described the Dangote Refinery IPO as a historic opportunity for millions of Nigerians to own a stake in one of Africa's most strategic industrial assets.

“It is the shareholders who own it. It is the shareholders who take the returns. It is the shareholders who own the profits,” he said.

While encouraging broad participation, the respected traditional ruler advised prospective investors to approach the market responsibly. He urged citizens to invest only funds they could afford to commit for the long term and not resources earmarked for essential family needs.

In his closing remarks, Sanusi called on Kano residents and Nigerians generally to embrace the capital market and take advantage of the IPO, arguing that widespread ownership would democratise wealth generation and deepen public participation in national economic development.

He said broader participation in the Dangote Refinery IPO would not only reward investors financially but also strengthen local ownership of critical national infrastructure, expand financial inclusion and ensure that the benefits of industrialisation are shared more widely across the country.

“The opportunity is here. The question is whether you will participate,” the Emir told the audience.

The Dangote Petroleum Refinery IPO roadshow, tagged “Kano Grand Homecoming,” brought together leading figures from Nigeria's business, investment and financial sectors, including Aliko Dangote, President of Dangote Industries Limited; Bismarck Rewane, Managing Director of Financial Derivatives Company; Adetilewa Adebajo, CEO of CFG Advisory; and other capital market stakeholders.

Credit Dangote Group PR

Umaru Kwairanga, Chairman, Nigerian Exchange Group (NGX Group), says the Dangote Petroleum Refinery Initial Public Offering (IPO) signals Nigeria’s readiness to support large-scale capital raising through its capital market.

Kwairanga said this on the sidelines of Fintech Money 20/20 Middle East at the Riyadh International Conference Centre, Saudi Arabia, on Wednesday.

The NGX Chairman in a statement made available in Lagos on Thursday, said the significance of the Dangote Refinery IPO was beyond the size of the transaction.

“It demonstrates the capacity of the Nigerian capital market to support businesses of substantial scale,” he said.

According to him, the offer will enable businesses to raise long-term capital, broaden ownership and provide institutional and retail investors with opportunities to participate in their growth.

“The Dangote Petroleum Refinery IPO sends an important signal about the capacity and ambition of Nigeria’s capital market.

“The significance goes beyond the size of the transaction,” he said.

Kwairanga said the transaction could encourage other large Nigerian and African businesses to consider the capital market as a credible avenue for financing growth.

He said this was particularly important as Nigeria’s market infrastructure and accessibility continued to improve.

The NGX chairman made reference to the transition to T+1 settlement, extended trading hours and Nigeria’s return to the FTSE Russell Frontier Market universe from September 21 as key developments.

He said the developments were helping to create a deeper and more investable capital market capable of connecting companies with capital at scale.

Kwairanga said NGX was also working to ensure that major public offers were accessible to everyday Nigerians through multiple distribution channels.

He explained that investors could participate in public offers through stockbrokers, banks and approved digital platforms, with NGX Invest providing infrastructure connecting issuers to the distribution channels.

He said the initiative was aimed at broadening ownership of Nigerian businesses and creating opportunities for younger and first-time investors to participate in the country’s economic growth.

On attracting more Gulf investors to Nigeria, Kwairanga said the country offered significant opportunities in financial services, telecommunications, energy, infrastructure and industrial development.

He said attracting such capital required market accessibility, liquidity, regulatory certainty and confidence that investments could move efficiently into and out of the market.

According to him, improvements in foreign exchange liquidity, T+1 settlement and extended trading hours have enhanced the accessibility of the Nigerian market.

He said the return of Nigeria to FTSE Russell’s Frontier Market universe would also provide an important boost to the market’s international visibility.

Kwairanga called for stronger relationships between the Nigerian market and Gulf sovereign wealth funds, asset managers, family offices and other institutional investors.

He said greater visibility for Nigerian companies and increased direct engagement would help create a stronger Nigeria-Gulf investment corridor.

“For me, the opportunity is to build a stronger Nigeria-Gulf investment corridor, connecting significant pools of Gulf capital with credible Nigerian businesses and investment opportunities,” he said.

The NGX chairman also emphasised the importance of investor protection as more Nigerians increasingly access the capital market through mobile devices.

He said NGX Regulation provided independent oversight, surveillance of trading activities, enforcement of market rules and mechanisms for handling investor complaints.

Kwairanga said transparency and investor education were equally critical to protecting investors and sustaining confidence in the market.

He cautioned that digital access to investment opportunities did not eliminate investment risks, urging first-time investors to use regulated channels and understand the securities they were buying.

“Technology can widen participation, but trust is ultimately what sustains a capital market,” he said.

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Aigboje Aig-Imoukhuede, Chairman of Coronation Group, says the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE will deepen Nigeria’s capital market and support economic growth.

A statement signed on Tuesday by Aig-Imoukhuede, chairman, Coronation Group after the Opening Gong Ceremony and Facts Behind the Offer Presentation at the Nigerian Exchange (NGX), described the IPO as a landmark moment for Nigeria and Africa’s capital market.

He said the IPO demonstrated the market’s capacity to mobilise capital for large-scale productive enterprises.

According to him, the offer will broaden participation in wealth creation by giving Nigerians and other investors an opportunity to own stakes in a major African industrial enterprise.

He said the development underscored the wider role of capital market in economic development beyond providing financing for businesses.

Imoukhuede said the Dangote initiative had demonstrated how the capital market could support the growth of national and continental economies.

“Aliko Dangote has consistently championed a capital market where Nigerian companies could grow while the prosperity created by African businesses is shared more broadly.

“Vision attracts capital, governance preserves capital, and talent and execution compounds capital,” Aig-Imoukhuede said.

Governor Babajide Sanwo-Olu of Lagos State, was also quoted in the statement as describing the offer as a significant development for Nigeria and Africa.

“The IPO demonstrates Africa’s growing capacity to mobilise and deploy capital for its own economic development.

“Today, we are witnessing a company that is changing the landscape of what is possible in Africa.

“We are demonstrating once again that Africa can finance and invest in Africa,” he said.

The statement also quoted Aliko Dangote, the President and Chief Executive Officer of Dangote Industries Limited as saying that the offer would widen participation in Nigeria’s capital market.

Dangote said the initiative would enable more Nigerians and African investors to participate in the value created by leading African businesses.

“We want to share prosperity more broadly with our people. That is the ideal we are working towards,” he said.

He said he had remained committed to the transformation and democratisation of the Nigerian Exchange.

Dangote commended Imoukhuede’s contributions toward making the capital market more accessible to citizens.

“The offer provides investors and members of the public with an opportunity to participate in the growth of the Dangote Petroleum Refinery and Petrochemicals FZE.

“The development is also expected to strengthen the ability of Nigeria’s capital market to attract domestic and international investment into productive sectors of the economy.

“It could encourage more Nigerian businesses to access the capital market, creating additional avenues for financing expansion, investment and job creation,” Dangote was quoted in the statement as saying.

The statement said that the opening of the IPO highlighted the increasing role of Nigerian investors in financing major enterprises and supporting the country’s long-term economic transformation.

It advised prospective investors to study the offer documents carefully, understand the applicable terms and risks, and assess the investment before subscribing.

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President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has reaffirmed his commitment to making the ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery a truly "People's IPO," assuring retail and small investors that they will receive priority allocation should the offer become oversubscribed.

Dangote said the offer was deliberately structured to broaden ownership of one of Africa's most strategic industrial assets and give millions of Nigerians an opportunity to participate directly in the refinery's growth and future value creation. The IPO is designed to deepen financial inclusion and democratise wealth creation by opening ownership to a wider segment of society.

Dangote stated that one of the core objectives of the offer is to build one of the largest shareholder communities in Africa, with a target of attracting not less than 10 million investors from Nigeria and across the continent

Speaking on the public offer, Aliko Dangote said: "This is more than a capital-raising exercise. It is a historic opportunity to deepen financial inclusion, democratise wealth creation and enable ordinary Nigerians to become co-owners of a world-class industrial enterprise. From the beginning, our vision has been to create a genuine People's IPO that allows millions of Nigerians to share directly in the success of this refinery."

Dangote emphasised that while the Company welcomes participation from all categories of investors, allocation decisions in the event of oversubscription would be guided by the principle of broad-based ownership.

"If the offer is oversubscribed, retail and small investors will receive priority consideration. We are determined to ensure that ordinary Nigerians are not crowded out by large subscriptions. Our objective is not merely to raise capital, but to create millions of shareholders who can participate in the growth and prosperity of the Dangote Refinery. We want as many people as possible to own a stake in this national asset."

According to Dangote, prioritising retail investors is consistent with his long-held belief that economic development should go hand in hand with widespread citizen participation and ownership.

"We believe prosperity should be shared by the many, not concentrated in the hands of a few. This refinery was built to transform Nigeria's energy landscape, and we want millions of Nigerians to be part owners of that transformation."

Dangote further noted that the IPO represents a significant step towards building an ownership economy in which civil servants, artisans, traders, professionals, cooperative societies, pension contributors, young entrepreneurs and Nigerians in the diaspora can participate directly in one of Africa's most important industrial enterprises.

He added that the offer has been designed to be simple, transparent and technology-driven, with BVN-enabled subscription channels helping to remove traditional barriers that have historically limited participation in the capital market.

Expressing confidence in the success of the offer, Dangote said the IPO would not only deepen Nigeria's capital market but also stand as a landmark example of inclusive wealth creation.

"Our ambition is clear. We want to build a shareholder base of at least 10 million investors and create one of the most widely owned companies in Africa. That is the essence of the People's IPO. It reflects our conviction that every Nigerian should have the opportunity to participate in the value being created by this world-class refinery."

Credit Dangote Group PR

The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate dropped to 15.39 per cent in August.

The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for August released in Abuja on Tuesday

The report said that the August headline inflation rate showed a decrease  of 0.04 per cent compared to the July headline inflation rate of 15.43 per cent.

Furthermore, the report said on a month-on-month basis, the headline inflation rate in August was 0.71 per cent, which was 0.86 per cent lower than the rate recorded in July at 1.57per cent.

“This means that in August, the rate of increase in the average price level was lower than the rate of increase in the average price level in July.”

It said on a year-on-year basis, the headline inflation rate in August stood at 15.39 per cent, compared to the 23.14 per cent recorded in August 2025.

It said that the three major contributors to the headline inflation year- on- year were food and non-alcoholic beverages at 6.16 per cent, restaurants and accommodation services at 1.99 per cent, and transport at 1.64 per cent.

The report said that the least contributors were recreation, sports, and culture at 0.05 per cent, alcoholic beverages, tobacco, and narcotics at  0.06 per cent, and insurance and financial services at 0.07 per cent.

It said that the CPI increased to 146.3 in August, and reflected a 1.0 -point increase from the 145.3 recorded in July.

The report said the food inflation rate in August was 19.57 per cent on a year-on-year basis, compared to the rate recorded in August 2025 at 25.30 per cent.

It said that on a month-on-month basis, the food inflation rate in August was 1.02 per cent, which decreased by 4.55 per cent compared to the 5.56  per cent recorded in July.

The NBS attributed the drop in food inflation to  the rate of change in the average prices of palm oil, carrots, pepper, onions, cassava flour, beef, tam flour and water yam.

“Others are melon, fresh ginger, fresh fish, Irish potatoes,  wheat grain, frozen chicken, turkey, meat, yam flour, among others.”

The report said, “All items less farm produce and energy or core inflation, which excludes the prices of volatile agricultural produce and energy,  stood at 13.29 per cent in August on a year-on-year basis.

“This shows a decline of 9.64 per cent when compared to the 22.93 per cent recorded in August 2025.

“On a month-on-month basis, the core inflation rate was -0.06 per cent in August which decreased   by 0.21 per cent compared to the 0.15 per cent recorded in July.”

The report said that the inflation rate of the sub-indices for August on a month-on-month basis showed that energy stood at -0.36 per cent compared to -2.39 per cent in July.

It said farm produce stood at 1.35 per cent compared to 4.66 per cent in July, while services stood at 0.12 per cent compared to the 0.49 per cent recorded in July.

Goods stood at 0.45 per cent compared to the 1.70 per cent recorded in July, while imported food stood  at 0.91 per cent compared to the 1.19 per cent recorded in July.

On a year-on-year basis in August, the urban inflation rate was 15.88 per cent.

“On a month-on-month basis, the urban inflation rate was 0.28  per cent, which decreased  by 1.62 per cent compared to July  at 1.90 per cent.”

The report said that in August, rural inflation rate was 14.23 per cent on a year-on-year basis.

“On a month-on-month basis, the rural inflation rate was 1.79 per cent, which increased  by 1.01 per cent compared to July at 0.78  per cent.”

On states’ profile analysis, the report showed that in August, the all-items index inflation rate on a year-on-year basis was highest in Lagos at 23.68  per cent, followed by Zamfara at 22.56 per cent  and Enugu state at 22.06 per cent.

It said that the lowest rise in headline inflation on a year-on-year basis was recorded in Sokoto state at 2.11  per cent, followed by Kebbi state at 3.72 per cent and Jigawa at 3.81 per cent.

However, the report said that in August, the inflation rate on a month-on-month basis was highest in Rivers at 6.92 per cent,  followed by Osun  at 5.61 per cent and Kano state at 5.59 per cent.

“Anambra at 8.83 per cent, followed by Bauchi state at -7.13 per cent and Borno at -7.09 per cent recorded a decline in month-on-month inflation.”

The report said that on a year-on-year basis, food inflation was highest in Adamawa at 38.85 per cent, followed by Zamfara at 37.96 per cent, and Bayelsa at 36.20 per cent.

It said that Borno at -4.04 per cent, followed by Jigawa at -0.23 per cent and Kebbi  at 3.47 per cent recorded the slowest rise in food inflation on a year-on-year basis.

However, it said that on a month-on-month basis, food inflation was highest in Katsina state at 9.48 per cent, followed by Rivers at 8.86 per cent, and Osun at 8.32 per cent.

“Taraba at -12.42 per cent, followed by Borno at -12.15 per cent and Bauchi at -8.88  per cent, recorded a decline in food inflation on a month-on-month basis,” it said.

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President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has assured investors that the Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE presents a compelling opportunity for strong returns and sustainable wealth creation, positioning the offer as a chance for Nigerians and Africans to participate in one of the continent’s most significant industrial achievements.

Speaking during the “Facts Behind the Offer” presentation at the Nigerian Exchange (NGX) in Lagos, Dangote described the $1.6 billion offer as the largest IPO ever undertaken in Africa, underscoring the company’s commitment to broadening ownership and enabling millions of individuals to benefit from the value generated by a world-class industrial enterprise.

According to him, the refinery IPO is more than a capital raising exercise; it is an opportunity for investors to become part owners of a strategic asset that is already delivering strong operational and financial results.

"The Dangote Refinery IPO is more than an investment opportunity; it is an opportunity for millions of Nigerians and Africans to build lasting wealth through ownership of a world-class industrial asset. We have built a refinery that is already delivering strong revenues, solid profitability and significant value to the economy. By investing today, shareholders are not only positioning themselves to enjoy attractive returns and dividend prospects, but they are also laying the foundation for generational wealth that can benefit their children and grandchildren. This offer is designed to allow ordinary people to participate in an extraordinary success story and share in the long-term value that Dangote Refinery will continue to create for decades to come."

He emphasised that the offer reflects the Group’s long-standing philosophy of creating prosperity through broad ownership, enabling ordinary citizens to share in the success of transformational businesses

Dangote noted that the refinery has already fulfilled its core vision of transforming Nigeria from a major importer of refined petroleum products into a significant refining and export hub, supplying domestic demand while serving markets across Africa and beyond.

“We are not merely offering shares; we are offering Nigerians an opportunity to participate in a transformational chapter of our economic history. This is a strategic investment in an asset that is creating jobs, conserving foreign exchange, enhancing energy security and strengthening Africa’s industrial capacity,” he stated

The IPO has been structured to encourage broad participation, with 4.1 billion ordinary shares offered at N525 per share and a minimum subscription of just 10 shares valued at N5,250. The offer is expected to attract a diverse range of investors, including civil servants, teachers, artisans, students, institutional investors, pension funds and members of the Nigerian diaspora.

Highlighting the refinery’s financial strength, Dangote disclosed that the company generated approximately N19.47 trillion in revenue during the first half of 2026, while profit after tax reached N2.55 trillion, demonstrating its capacity to create sustainable value for shareholders.

At the offer price, Dangote Petroleum Refinery is expected to achieve an implied market capitalisation of approximately N65.22 trillion. Together with the market capitalisations of Dangote Cement Plc and Dangote Sugar Refinery Plc, the listing is projected to create an equity cluster valued at about N83.5 trillion, making the Dangote Group the largest equity cluster on the Nigerian Exchange.

Commenting on the significance of the transaction, NGX Group Chairman, Umaru Kwairanga, described the offer as a defining milestone for Africa’s capital markets and a demonstration of the capacity of African capital to finance large-scale projects capable of accelerating economic growth and development across the continent.

Similarly, Lagos State Governor, Babajide Sanwo-Olu, hailed the IPO as a watershed moment for Africa’s financial markets, noting that it reinforces confidence in the continent’s ability to mobilise capital and invest in its own future.

“This transaction is changing perceptions about what is possible in Africa. It is creating opportunities for a broad spectrum of investors, from small business owners and market traders to institutional investors and technology entrepreneurs,” he said.

Also speaking, Chief Executive Officer of the Botswana Stock Exchange, Kesegofetse Molatlhegi, commended Dangote for demonstrating that African ambition can deliver globally significant industrial projects, while encouraging greater continental participation in the refinery’s growth story.

For his part, Chief Executive Officer of Dangote Petroleum Refinery, Davide Bird, highlighted the refinery’s operational achievements, noting that it has become the largest single supplier of refined petroleum products into Europe and continues to maintain safe, reliable and efficient operations. He added that the company remains focused on delivering its Vision 2030 objective of becoming the world’s largest integrated refinery and petrochemical complex.

Reaffirming the significance of the offer, Dangote said the IPO represents an opportunity for investors to move from consumers to owners and participate in the long-term growth of one of Africa’s most strategic industrial enterprises.

“This is a defining investment opportunity. We want millions of Nigerians and Africans to become owners of a business that has been built to create value for generations. Those who invest today are positioning themselves to benefit from the growth, resilience and enduring legacy of a truly transformational enterprise,” he said.

Credit Dangote Group PR

Dangote Petroleum Refinery & Petrochemicals FZE today announced the commencement of its Initial Public Offering (IPO), marking a historic milestone in Nigeria's economic development and the evolution of Africa's capital markets. The offer will be formally launched at a ceremony on the trading floor of the Nigerian Exchange (NGX) in Lagos, bringing to the public, for the first time, an opportunity to own a stake in Africa's largest refinery and one of the world's most significant industrial projects.

The IPO, which opens today, September 14, 2026, consists of 4.1 billion new ordinary shares offered at N525 per share, with a minimum subscription of 10 shares valued at N5,250. The offer is expected to remain open until October 13, 2026, subject to the terms outlined in the Prospectus. The transaction is targeted at retail, institutional, and eligible African investors, reinforcing Dangote Refinery's commitment to broadening ownership and deepening participation in Nigeria's capital market.

The public offer is expected to raise approximately N2.15 trillion, making it one of the largest equity offerings ever undertaken in Africa. The proceeds will support the Refinery's long-term growth plans, operational expansion, strategic investments, and the creation of additional value for shareholders and stakeholders alike.

Speaking on the significance of the IPO, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said:” Today marks the beginning of a new chapter in the history of Dangote Refinery and, indeed, in the economic future of our nation. This offering is about more than raising capital; it is about creating an opportunity for ordinary Nigerians, Africans, and investors across the globe to participate directly in one of the most transformative industrial projects ever built on the continent.

We established this refinery to transform Africa's energy landscape, create jobs, conserve foreign exchange, and unlock shared prosperity. With this IPO, we are extending that vision by democratising ownership and ensuring that millions of people can benefit from the value being created.

We believe that broad-based ownership is one of the most effective ways to build wealth, strengthen the capital market, and accelerate economic inclusion. We invite investors to join us as partners in building a globally competitive enterprise that will continue to shape the future of energy, manufacturing, and economic development in Africa."

According to Temi Popoola, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group: “The launch of the Dangote Petroleum Refinery IPO is an important moment for Nigeria’s capital market, not simply because of the scale of the transaction, but because of what it represents.

Our capital market must increasingly become a place where Nigerians can participate in the value created by our country’s most important businesses. That means broadening ownership, expanding access and creating stronger connections between Nigerian enterprise and Nigerian capital.

At NGX Group, we have been deliberately building the infrastructure to make that possible. Through NGX Invest and connectivity across more than 50 distribution channels, including stockbrokers, banks and fintechs, we are making participation in the public market more accessible.

This is how we build an ownership economy: strong Nigerian businesses accessing long-term capital, and more Nigerians having the opportunity to participate in their growth.”

Dangote Refinery has emerged as a strategic national asset, helping to strengthen energy security, reduce dependence on imported refined products, conserve foreign exchange, and position Nigeria as a major exporter of petroleum products. Since commencing commercial operations, the Refinery has supplied premium-quality petroleum products to domestic and international markets while supporting industrial growth and economic transformation across the region.

The Company emphasised that participation in the offer has been designed to be accessible, transparent, and technology enabled. Eligible investors can subscribe through approved distribution channels, including NGX Invest, designated commercial banks, and authorised investment platforms, subject to the provisions contained in the Prospectus.

As the commencement ceremony takes place on the floor of the Nigerian Exchange today, Dangote Refinery reaffirmed its commitment to operational excellence, corporate governance, sustainable growth, and long-term value creation for shareholders.

Credit Dangote Group PR

Nigerians at home and in the diaspora seeking to participate in the landmark Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals can subscribe conveniently through Zenith Bank, a receiving bank for the historic transaction and a designated electronic application channel for the offer. Subscription is open through the Zenith Bank website, the Zenith mobile app, internet banking, USSD, corporate internet banking and any Zenith Bank branch nationwide.

Across all of these channels, anchored by Zenith Bank’s network of 456 branches and 84 cash centres, investors enjoy a secure, fast and reliable route into the offer from anywhere in the world, at any hour. Whether the application begins on a phone in London, a laptop in Houston or across the counter of a Zenith banking hall in Lokoja, the process conveys prospective investors smoothly through to completion of the application.

Every subscription is linked to the investor’s Bank Verification Number, a seal of identity and security that accompanies each application from submission to allotment. It is service the Zenith way: first-time and seasoned subscribers alike, enjoy a straightforward and fully protected process, as well as the confidence that their stake in history is processed through Zenith Bank.

Applications are expected to open on Monday, 14 September 2026 and run for 30 days, closing on Tuesday, 13 October 2026. According to the prospectus, the shares are offered at ₦525 each, with a minimum subscription of 10 shares, or ₦5,250. The offer seeks to raise ₦2.15 trillion, the largest equity offering ever undertaken on the African continent, and the prospectus further provides that retail investors who subscribe and hold their shares may qualify for bonus shares under the Retail Investor Incentive Programme, subject to regulatory approvals.

Zenith Bank stands ready to make participation effortless for subscribers who choose to take part. Nigeria’s largest bank by Tier-1 capital, Zenith, has built a reputation of combining scale with innovation. This capability is now at the service of every investor in this offer. The Bank has records to prove this as its own most recent public offering was executed mainly through digital channels, a demonstration of digital readiness built on robust digital infrastructure.

That infrastructure has since been strengthened further through a comprehensive technological overhaul, positioning Zenith to serve its retail customers with the same excellence long enjoyed by its corporate clients; which is precisely the capability an offer of this scale demands.

Within the wider transaction, Quantum Zenith Capital & Investments Limited serves among the joint issuing houses, while Zenith Bank itself provides the secure and dependable channels through which applications are received and processed. Zenith Bank brings tested infrastructure and experience to the largest equity offering in African history.

It will leverage combination of financial strength, digital excellence and customer devotion that has earned the Bank recognition year after year as one of Africa’s foremost financial institutions, trusted by millions of customers and by the corporates and governments behind the continent’s biggest transactions.

For over three decades, Zenith Bank has been the trusted gateway to Nigeria’s defining financial moments, and its channels are open for the Dangote Petroleum Refinery and Petrochemicals offer. Subscription is by opening or funding existing Zenith Bank accounts and payment using the bank’s electronic platforms before the offer closes on 13 October 2026. 

Interested subscribers are to note that the details of the offer are provided in the prospectus and guided by extant regulations. Where appropriate, they may seek independent professional advice on the offer.

Zenith Bank serves as a Receiving Bank and electronic application channel for this offer and always in your best interest

Credit Zenith Bank PR

Leading financial institution, Fidelity Bank Plc, has reaffirmed its commitment to supporting the growth and sustainability of Small and Medium-scale Enterprises (SMEs) through the Kano edition of its Quarterly Business Forum, which brought together entrepreneurs, business owners, industry stakeholders and customers to explore practical strategies for business growth and resilience.

The forum, themed, "Positioning Northern Businesses for Growth," provided participants with valuable insights into strengthening business operations, improving access to finance, enhancing financial management and leveraging opportunities that can drive sustainable enterprise development across Northern Nigeria.

Speaking at the event, Executive Director, North, Fidelity Bank Plc, Sufiyanu Garba, described Northern Nigeria as a critical driver of the country's economic future and stressed the need to unlock the region's vast entrepreneurial potential through strategic support and partnerships.

"The North occupies a critical place in Nigeria's economic future. With its vast agricultural resources, strong trading culture, manufacturing capacity and large consumer market, the region has enormous potential for sustainable economic growth. Fidelity Bank remains committed to helping businesses unlock this potential through financing, market access, advisory support and strategic partnerships," he said.

Garba noted that the Quarterly Business Forum reflects the Bank's commitment to empowering businesses beyond access to finance.

"Supporting businesses is central to our purpose, and our ambition is to be more than a provider of funds. We want to be a trusted partner that understands businesses and provides the financing, knowledge, connections and solutions they need to grow. Kano and the wider North have the talent, enterprise and resources to play a leading role in Nigeria's economic future, and Fidelity Bank is committed to supporting that growth," he emphasised.

In her remarks, Divisional Head, SME Banking, Fidelity Bank Plc, Ugochi Osinigwe, stated that the Quarterly Business Forum was created as a platform for engaging directly with entrepreneurs and understanding the realities confronting businesses across key sectors of the economy.

"This forum is more than an engagement; it is a listening platform. We are here to deepen our relationships, understand the unique challenges facing businesses across sectors and hear directly from entrepreneurs on how we can serve them better. Our commitment goes beyond traditional banking, as we continue to provide products, advisory services and partnerships that help businesses build, scale and thrive," she said.

Osinigwe also highlighted Fidelity Bank's commitment to reducing the cost of doing business for entrepreneurs through zero-maintenance-fee account offerings and free capacity-building programmes designed to equip business owners with practical skills in business structuring, record keeping, financial management and access to finance.

"We invest significantly in training because many SMEs struggle due to limited knowledge of essential business practices. Through our physical and digital learning platforms, we help entrepreneurs develop the skills required to become more structured, sustainable and bankable," she noted.

Participants at the forum commended Fidelity Bank for creating a platform that delivers practical business insights and fosters meaningful engagement with entrepreneurs. Managing Director/Chief Executive Officer of I.G. Best Company, Okereke Ignatus Mmbonye, noted that Fidelity Bank's support for SMEs extends beyond financing.

"Fidelity Bank has demonstrated that its commitment to SMEs goes beyond access to credit. Platforms such as this provide valuable knowledge and connections that can make a real difference to growing businesses," he said.

Similarly, Managing Director of Nabila Oil Mills, Sufiyanu Salisu Ahmad, praised the Bank for creating opportunities for direct engagement between financial institutions and the business community.

"I appreciate Fidelity Bank for creating this platform to engage directly with entrepreneurs and understand the challenges we face. It is encouraging to see a bank take such a practical approach to supporting businesses," Ahmad stated.

The Quarterly Business Forum is part of Fidelity Bank's broader commitment to strengthening Nigeria's SME ecosystem through access to finance, enterprise development, financial education, financial inclusion and strategic business support.

It will be recalled that Fidelity Bank recently won the Development Bank of Nigeria (DBN) Service Ambassadors Award for the Highest Impact on MSMEs Accessing Credit for the First Time, in recognition of its contribution to deepening financial inclusion, improving access to credit and supporting enterprise growth.

Ranked among Nigeria's leading banks, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 10 million customers through its digital banking channels, 255 business offices across Nigeria, and its United Kingdom subsidiary, FidBank UK Limited.

The Bank is a recipient of several local and international awards, including the 2025 Development Bank of Nigeria (DBN) Innovation Award for MSME Support; the Best Retail and SME Bank Award from Independent Newspapers; Best Bank for Export & Trade Finance and Most Innovative Bank of the Year at the 2025 BusinessDay Banks and Financial Institutions (BAFI) Awards; and Nigeria's Best Private Bank at the 2025 Euromoney Awards.

The Bank also received the inaugural Most Improved Commercial Bank of the Year Award by Nairametrics, the SME Bank of the Year Award by NewsDirect, the Straight-Through Processing (STP) Excellence Award by Citi Group, and recognition by Global Brands Magazine for Excellence in Community Empowerment.

Credit Fidelity Bank PR

The Nigerian Communications Commission (NCC) has launched the Zero-Rated Data Access to Educational Platforms and Content initiative to expand access to learning resources, bridge educational inequalities and support the country’s long-term economic growth by investing in human capital.

The Zero-Rated Data Access to Educational Platforms and Content, which was launched on Thursday, is a coordinated national approach to improving affordable and equitable access to digital education across Nigeria and is also aligned with Nigeria’s broader digital economy objectives.

Under the initiative's Operator-Sponsored Model, eligible users will receive up to 100 megabytes of free daily data allowance to access designated educational platforms which means a learner receiving the free 100MB would enjoy about 700MB of educational data each week, roughly 3GB every month, and up to 36.5GB annually.

Speaking on the launch of the programme, the Executive Vice Chairman of NCC,  Aminu Maida, explained that the initiative, which provides learners with free access to approved educational platforms, is part of broader efforts by the government to equip Nigerians with digital skills and knowledge.

Maida said the programme aligns with President Bola Tinubu’s vision of building a $1 trillion economy, which he said depends heavily on developing the country’s human capital. "We need to appreciate how critical education is to economic development because of the role of human capital," Maida said. "The President has made it very clear the role of human capital towards achieving the $1 trillion economy goal," he stated.

According to him, while government programmes such as digital skills initiatives are helping to build capacity, internet connectivity remains essential for citizens to fully benefit from such opportunities. "This is where this initiative is very critical," he said.

"One hundred megabytes of data might sound a little, but when you look at it over a month and over a year, and cumulatively over the millions of learners and students that are going to access it, it's really a significant investment by the industry towards the future of this country," he noted.

According to available estimates on educational data consumption, the 100Mb free daily data allowance could provide learners with an average of between two and five hours of study time per day, depending on the type of learning activity. While reading text materials, PDF documents and conducting educational searches typically consume about 5 to 15MB per hour, allowing for as much as seven to 20 hours of access, participation in text-based online learning platforms generally uses 10 to 25MB per hour, translating to about four to 10 hours of learning.

Audio-based lessons, which consume approximately 30 to 60MB per hour, could still provide between one and three hours of continuous educational engagement. This means the initiative has the potential to significantly expand access to digital learning opportunities for millions of students across Nigeria.

The EVC said improved connectivity could also help address disparities in educational resources across different parts of the country by linking students to teachers and learning materials irrespective of location.

"The gap between certain regions of the country where you would have a deficit in terms of teachers and other regions where you would have a surplus, connectivity is going to bridge that gap," he said. "It is part of a bigger scheme to ensure that education is delivered to every citizen and that nobody is left behind."

Industry stakeholders including operators have estimated that the cost implication of providing data to five million student in the programme could run into ₦15 billion monthly and ₦180billions annually.

On this projected cost, Maida described the initiative as a strategic investment rather than a burden to the industry. "If the economy becomes more productive through these people who access these educational platforms, they are the future innovators in Nigeria, they are the ones who are going to come up with ideas and become leaders of tomorrow," he said.

"So, making them more productive is actually going to create more opportunities for the sector to grow. It's not about short-term thinking. It's about securing the future of Nigerians."

Maida said the initiative was designed with sustainability in mind. The 100MB cap, he noted, is intended to ensure the programme remains viable while government and industry stakeholders assess usage patterns.

"The idea of a cap of 100 megabytes is also towards ensuring sustainability because if we say it's unlimited from day one, I think we're going to be stretching ourselves," he said.

He added that participating educational platforms are being encouraged to optimise their services to minimise data consumption, including reducing or eliminating advertisements and designing content to be delivered efficiently.

"All of these measures are being considered and put in place from the get-go to ensure that as minimum data as possible is used so that 100 megabytes delivers as much of the intended value, which is educational content, first and foremost, to citizens of Nigeria," he said.

Director, Policy, Competition and Economic Analysis at the NCC, Ayuba Shuaibu, said a key feature of the programme is the establishment of a governance structure through which the Federal Ministry of Education and the NCC will jointly approve and whitelist educational platforms eligible for participation. The framework also requires compliance with telecommunications, cybersecurity, consumer protection, child protection and data protection regulations.

Eligible platforms include Learning Management Systems (LMS), digital libraries, educational repositories, teacher development platforms, and technical and vocational training platforms. The framework for the initiative further incorporates safeguards aimed at preserving net neutrality, promoting fair competition and ensuring inclusivity across the education sector.

As part of the initial rollout, the initiative adopts an Operator-Sponsored Model under which participating mobile network operators will provide a daily zero-rated data allowance of 100 megabytes to users accessing approved educational websites and platforms. The allowance will be reviewed periodically as the initiative evolves.

The initiative also introduces mechanisms for monitoring, quality assurance and periodic evaluation. Performance indicators will include service availability, platform usage, data consumption, consumer complaints, network performance and compliance with relevant regulatory instruments.

According to Shuaibu, several learning platforms have already been assessed, approved and whitelisted for participation in the programme. Only these approved platforms will initially be accessible through the free data allowance, while additional platforms are expected to be incorporated over time.

The NCC and its partners will begin collecting data immediately to support a structured impact assessment of the initiative. The assessment will examine educational, technical, financial, consumer protection and regulatory outcomes, with findings expected to guide future adjustments to the programme’s operating model and expansion strategy.

The Chairman of the NCC Board, Idris Olorunnimbe, described the take-off of the Zero-Rated Data Access to Educational Platforms and Content as demonstration of the Federal Government’s commitment to education.

In his keynote address, Tunji Alausa, the Minister of Education, expressed appreciation to NCC for spearheading the initiative, its forward-thinking intervention and the extensive stakeholder consultations that culminated in the programme's launch.

The Minister further applauded the NCC for addressing one of the most significant barriers to digital learning in Nigeria: the cost of internet access. He noted that by enabling learners to access approved educational platforms and content without incurring data charges, the initiative would expand educational opportunities for students, particularly those from low-income households.

Credit NCC PR

The proposed initial public offering of Dangote Petroleum Refinery and Petrochemicals has drawn strong backing from prominent African and international leaders, who say opening the industrial giant to wider ownership could mark a new phase in African wealth creation, industrialisation and economic sovereignty.

The leaders, speaking at the 2026 ADF Africa Diaspora Leadership Programme Young Global Leaders Convening in Lagos on Thursday, said the refinery had already demonstrated Africa’s capacity to build at global scale, while its proposed IPO could allow ordinary Africans, pension funds, institutional investors and the diaspora to participate directly in the wealth created by one of the continent’s biggest industrial investments.

President and Chief Executive, Dangote Industries Limited, Aliko Dangote, said the philosophy behind the IPO was to extend the prosperity created by the refinery beyond its promoters and give ordinary Africans an opportunity to become owners.

“I want drivers, cooks, the woman selling food on the streets of Ghana, Rwanda and South Africa to invest so they can share in this prosperity,” Dangote said during a fireside chat. “We are doing the IPO to pass this prosperity to Africans.”

Dangote said his ambition had always gone beyond accumulating wealth to building enterprises capable of creating jobs, opportunities and prosperity across the continent. “I am wealthy, not rich. A wealthy man creates wealth, while a rich man makes money and keeps it for himself,” he said.

“What keeps me going is that we must industrialise Africa. There is no amount of hurdle that will stop us. If you put a brick wall in front of me, I will make a hole and pass through.”

Dangote expressed confidence that the refinery could eventually become Africa’s largest company by size and profitability, drawing parallels with global corporations such as Amazon, Microsoft, Tesla and Alibaba, which grew substantially after entering the public markets. “By the grace of God, this refinery will be the largest company in Africa by size and profitability,” he said.

He said the Group’s wider mission was to reduce the perceived risks associated with investing in Africa and demonstrate that globally competitive enterprises could be built successfully on the continent. “Our job is to derisk Africa, encourage more investors, create jobs and create more opportunities. That is how we will transform Africa,” Dangote said.

Former United States Assistant Secretary of State for African Affairs and Co Chair of The Africa Center, Ambassador Jendayi Frazer, said the proposed IPO could connect African industrial production with African and diaspora capital, broadening participation in the value created by the continent’s strategic assets. “The refinery connects us all through the proposed IPO that creates broader ownership,” Frazer said.

“It can broaden participation in the value created by African industry. It can connect investment with African production to scale with African institutions, pension funds, savers, individual investors, including the African diaspora coming into this, owning a stake in Africa’s growth.”

Frazer said the refinery had already “changed the equation” for Africa, with implications extending far beyond petroleum production into the continent’s geopolitical standing. “Economic power is not only what a country possesses, it’s what it can create, process, finance, transport and sell. Supply chains, energy systems and capital markets shape sovereignty,” she said.

She said the refinery demonstrated what was possible when African ambition was matched by capital, technical knowledge, partnerships and disciplined execution. “Africa does not need the world’s permission to build,” Frazer said, “and the world, if it comes as a partner and not a prospector, will find that Africa has already started.”

Lagos State Governor, Babajide Sanwo Olu, similarly called for a new model of African industrial ownership in which ordinary citizens, institutional investors and diaspora capital hold stakes in the continent’s strategic assets. “The next frontier of African scale is not another giant. It is a thousand ordinary owners: the teacher in Enugu, the nurse in New Jersey and the pension fund in Nairobi, each holding a piece of the strategic assets of their own continent,” Sanwo Olu said.

The governor described the refinery as compelling evidence of Africa’s capacity to execute projects once considered beyond its reach. “Mr Dangote did not build a refinery. He built a country around a refinery, and then he built the refinery,” Sanwo Olu said. “There was no port that could receive the equipment, so he built a jetty. There was not enough power, so he built a power plant.”

Noting that the project survived enormous construction challenges, the COVID 19 pandemic and severe currency depreciation, Sanwo Olu recalled predictions that it would never become operational. “It runs,” he declared. “Africa can build at market changing scale. Not in theory. Here.”

He, however, challenged governments to build the infrastructure and institutions required to ensure future African investors do not have to overcome similar obstacles. “The true measure of this refinery is not that it stands. It is whether the next one is easier,” he said.

Group Executive Director, Commercial Operations, Dangote Industries Limited, Fatima Aliko Dangote, said Africa must now move beyond merely possessing natural resources and talent to building the productive capacity and institutions required to retain the value they create. She said the deeper question was what Africa could build, process, finance and own, arguing that development must ultimately translate into tangible improvements in people’s lives. “This is more than a Dangote story. It is a story about what Africa must build, what Africa must own, and what this generation of leaders must help make possible,” she said.

Fatima Dangote, who is also a Trustee of the Aliko Dangote Foundation, Trustee of The Africa Center in New York and Patron of the Aliko Dangote Young Global Leaders Fellowship, said sustainable development must ultimately be measured by its impact on people.

Afreximbank, which provided significant financial backing for the refinery, described the project as its African industrialisation mission “made concrete”. Speaking on behalf of President and Chairman of the Board of Directors, Afreximbank, Dr George Elombi, Director, Creatives and Diaspora, Intra African Trade and Export Development Bank, Temwa Roosevelt Gondwe, said Afreximbank underwrote $2.5 billion of the $4 billion syndicated loan supporting the refinery and subsequently provided a $1 billion working capital facility. “Unless we produce, we cannot trade. Unless we capture value, we cannot prosper,” Gondwe said, describing the refinery as proof that Africa could move from exporting raw materials towards processing resources and capturing more value on the continent.

The convening also highlighted the Aliko Dangote Foundation’s investment in Africa’s leadership pipeline. Over the past 15 years, the YGL Aliko Dangote Fellowship, a collaboration between the Foundation and the World Economic Forum, has supported more than 130 young African leaders to participate in the global Young Global Leaders community. Beneficiaries including Founder and Chief Executive Officer, I Am The Code, Lady Mariéme Jamme, whose initiative aims to enable one million young women and girls to become coders by 2030; Chief Executive Officer, African Leadership Academy, Hatim Eltayeb; and Kenyan technologist and open source advocate, Angela Oduor Lungati, commended the ADF for supporting them.

Credit Dangote Group PR

Dangote Petroleum Refinery and Petrochemicals FZE has approved 32 banks, fintech firms, mobile network operators and investment platforms to handle subscriptions for its shares.

The company disclosed this on its official Initial Public Offering (IPO) website ahead of the opening of its public offer.

It said the approved channels comprised 19 banks, 10 fintech companies, two mobile network operators and NGX Invest.

The company urged prospective investors to subscribe for the shares only through the approved channels.

It warned investors against using platforms that had not been officially approved for the offer.

“Only subscribe through the channels listed on this page. Do not subscribe through any channel not confirmed here.

“The approval of the channels is part of measures to guide investors and ensure that subscriptions for the refinery’s shares are made through authorised platforms,” the company said.

It advised prospective investors to verify the approved channels on its official IPO website before subscribing.

The approved banks are Access Bank, Ecobank, FCMB, Fidelity Bank, FirstBank, Globus Bank, GTCO, Jaiz Bank, Keystone Bank, Lotus Bank, PremiumTrust Bank, Providus Bank, Stanbic IBTC, Sterling Bank, TAJ Bank, UBA, Union Bank, Wema Bank and Zenith Bank.

The approved fintechs and investment platforms are Bamboo, Flutterwave, InvestNaija, Ladder, Moniepoint, Paga, Payaza, PiggyVest, Vetiva Invest and we.yan.

Also, the approved mobile network operators are Airtel SmartCash and MTN MoMo, while NGX Invest is also an approved subscription channel.

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The Nigerian National Petroleum Company Limited (NNPC Ltd.) says it plans to roll out between 50 and 70 smart self-service fuel stations across the country within the next six months.

Mumuni Dagazau, Executive Vice President, Downstream, NNPC Limited disclosed this on Thursday at the commissioning of the NNPC Retail Limited smart mega fuel station in Abuja.

The station, powered by a 200-kilowatt-hour solar system, is located along Bill Clinton Drive, Airport Road, between the Flight Training School and the Nigerian Immigration Service (NIS) Headquarters, Abuja.

The facility has a 180,000-litre Premium Motor Spirit (PMS) and 45,000-litre Automotive Gas Oil (AGO) storage capacity, with 16 PMS pumps and two AGO dispensing pumps.

It also offers self-service fuel dispensing, electric vehicle (EV) charging, gas dispensing, automated car wash and vehicle servicing.

Dagazau said the initiative was part of NNPC’s efforts to transform conventional fuel stations into modern energy hubs offering multiple energy and retail services.

He said the Abuja station was the first of several such facilities planned across the country, adding that about four or five would be established in Abuja, while two others would be inaugurated in Kano.

“We are hoping to roll out a significant number, between 50 and 70 of these types of stations within the next six months.

“So, this is what you’ll be seeing going forward from NNPC.

“I think the most important thing for us is the customer’s wants. It is a centre where you can access different forms of energy, including EV, electricity, gas and petrol.

“So, we are turning from a filling station to an energy hub,” he said.

Dagazau said the smart stations would allow customers to access services and make payments through the NNPC Retail mobile application.

He said customers could visit the stations at any time, including at night, to dispense fuel themselves or recharge their electric vehicles.

He said the facility was equipped with fast EV chargers capable of fully charging a vehicle within 30 to 40 minutes, depending on the vehicle and battery level.

The EVP said the smart stations would also provide Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), lubricant services, automated car wash and other customer-oriented services.

He said NNPC would modernise existing stations as part of the rollout, while new facilities would be developed based on customer demand.

Dagazau said the transformation would not eliminate jobs, noting that personnel would still be required to support customers, automation, EV charging and other services.

“What we are doing is creating jobs. Somebody has to support the integration and automation, while personnel are also needed to support customers using the EV facilities.

“The difference is in how we deliver services to customers. The guarantee and comfort of the customer are what we are after,” he said.

Dagazau said customers would require the NNPC Retail application to access the self-service facility, adding that the application was free to download.

He, however, said customers who were unable to operate the application would be assisted by personnel at the station.

The EVP said the station was powered by solar energy, adding that NNPC Ltd. was considering wider adoption of renewable energy across its retail network.

He said the company’s modernisation programme was driven by changing customer expectations and advances in technology.

“We cannot ignore innovation and technology and leave our stations the way they have always been. In the next few years, most NNPC stations will look like this,” he said.

Dagazau said the new model was designed to make customers’ visits to NNPC stations more convenient by providing several services in one location.

He added that plans were underway to establish CNG conversion facilities at some of the smart stations, enabling motorists to convert their vehicles while accessing other services.

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has warned that awardees of gas flare sites risk losing their permits if they fail to utilise the sites.

The Commission Chief Executive (CCE), NUPRC, Oritsemeyiwa Eyesan, gave the warning during a working visit to the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, in Abuja.

A statement by Eniola Akinkuotu, Head, Corporate Communications and Media, NUPRC, said Eyesan presented an update on the Nigerian Gas Flare Commercialisation Programme (NGFCP) at the meeting.

Eyesan said the commission would evaluate each award one year after it was granted to determine whether significant progress had been made.

“Where there is insufficient progress, the commission will take appropriate regulatory action, including revocation of the award where necessary,” she said.

She said that despite initial resistance from some operators, the NGFCP had continued to make significant progress.

According to her, 43 gas flare sites were initially identified for award, with 27 sites successfully awarded so far.

“Implementation efforts are ongoing,” she said.

Eyesan said Nigeria currently had more than 215 trillion cubic feet (TCF) of proven gas reserves and an estimated total reserve base of about 600 TCF.

“These resources provide a strong foundation for power generation, industrialisation, exports and broader economic development,” she said.

On host community development, Eyesan said the Petroleum Industry Act (PIA) introduced the Host Community Development Trust framework to address longstanding concerns in host communities and promote sustainable development.

She said available data indicated that the implementation of the trusts had contributed to reductions in oil theft and oil spills, while improving relationships between operators and host communities.

Eyesan said 173 Host Community Development Trusts had so far been incorporated, with 147 funded.

She added that more than 1,001 projects were currently ongoing, while over 200 projects had been completed and commissioned across host communities.

In his remarks, Ekpo called for deliberate and aggressive implementation of the country’s gas commercialisation programme to achieve Nigeria’s 2030 target of ending routine gas flaring.

“The core objective is to add value to our gas resources by converting them into critical products and services.

“We must move away from environmental pollution and toward productive resource utilisation,” the minister said.

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Union Bank of Nigeria has been recognised for its leadership in gender inclusion, emerging as Most Outstanding Bank in Gender Inclusion at the Women in Marketing and Communications Conference and Awards (WIMCA) 2026, held on Saturday, 29 August 2026, at Landmark Event Centre, Victoria Island, Lagos.

This award was in affirmation of the Bank’s commitment to advancing gender diversity through an inclusive workplace and financial ecosystem that empowers women, female entrepreneurs, and professionals with tailored products, capacity building, mentorship, networking, and broader economic opportunities.

Themed “Grow, Give, Glow: Building Resilience for Distinction,” WIMCA 2026 convened leading female marketing and communications professionals from across Africa to explore industry trends, leadership, resilience, and women’s advancement within the brands marketing ecosystem.

Dubbed the largest gathering of female marketing and communications professionals on the African continent, the event brought together various speakers including Union Bank’s Chief Brand and Marketing Officer, Olufunmilola Aluko, who was also named one of the Top 50 Most Influential Women in Marketing and Communications, alongside other leading communications and brand executives that gathered for the prestigious conference.

Reacting to her recognition and Union Bank’s award, Aluko said:

“Union Bank’s recognition at WIMCA 2026 is a strong validation of our sustained commitment to advancing gender inclusion as a driver of institutional excellence, innovation, and sustainable growth. We are proud to champion platforms and initiatives that empower women to lead with confidence, build meaningful careers, and contribute significantly to the evolution of the marketing and communications industry. This honour further strengthens our resolve to create greater opportunities for women across our workplace, customer base, and wider society.”

Established by leading Nigerian brand and marketing magazine Brand Communicator, WIMCA has, since its inception, served as a premier platform for amplifying female leadership and advancing women’s participation in the brand, marketing, and communications industry.

Union Bank will continue to engage with platforms that advance women’s empowerment and meaningful participation across the marketing communications industry. The Bank remains committed to fostering inclusive growth, strengthening opportunities for women, and contributing to the continued advancement of the brand, marketing, and communications landscape.

Credit Union Bank PR

The Dangote Petroleum Refinery and Petrochemicals (DPRP) has unveiled plans for a landmark Initial Public Offering (IPO) valued at approximately ₦2.15 trillion (US$1.6 billion), with a targeted participation of up to 10 million Nigerian investors through a secure and technology-driven subscription process integrated with the nation's Bank Verification Number (BVN) system.

The offer, scheduled to open on September 14, 2026, is expected to be one of the largest equity offerings in Nigeria's capital market history. To accommodate strong investor interest, the transaction includes an overallotment option of up to 30 percent of the offer size. Upon completion of the offering and receipt of all regulatory approvals, the company's shares will be listed on the Main Board of Nigerian Exchange Limited (NGX).

Designed to broaden participation in wealth creation and deepen Nigeria's capital market, the public offer provides millions of Nigerians with a unique opportunity to acquire ownership stakes in one of Africa's most strategic industrial assets. The BVN-integrated subscription platform will enable investors across the country to participate seamlessly, securely and transparently, removing many of the traditional barriers to equity investment.

Speaking at the IPO Signing Ceremony, Aliko Dangote, Chairman of the Board of Directors of DPRP and Founder and President of Dangote Industries Limited, described the transaction as a defining moment for the company and the continent.

"Today's signing ceremony marks another defining milestone in the evolution of DPRP. We set out to build a world-class refinery capable of transforming Nigeria's energy landscape and strengthening Africa's energy security. Through this IPO, we are opening ownership of this strategic asset to a broader community of investors and creating an opportunity for Nigerians to participate directly in its future growth and value creation."

He added: "This refinery means so much to our continent. From the man working in the Simandou mines, to the woman cultivating the fertile fields of Amhara, to the fisherman in Walvis Bay, and the custodians of our ancient history at the northern edge of Africa, this project represents a shared African achievement. Today is indeed a day of collective pride."

The IPO represents one of the most significant initiatives aimed at democratising investment opportunities and expanding retail participation in Nigeria's capital market. By leveraging existing digital financial infrastructure and BVN verification, DPRP seeks to make share ownership accessible to both first-time investors and experienced market participants nationwide.

Dangote said the transaction reflects the company's commitment to inclusive prosperity, broad-based ownership and long-term national economic development.

"This offer presents Nigerians with a unique opportunity to become co-owners of a world-class refinery that is transforming Africa's energy landscape. By simplifying the subscription process through BVN integration and digital application channels, we are opening the door for millions of citizens to participate in the growth story of this strategic national asset."

Credit Dangote Group PR

Umar Tanko-Yakasai, Director General, Tinubu Support Groups (TSG), said that President Bola Tinubu has saved Nigeria’s economy from  imminent collapse.

Tanko-Yakasai stated this during the inauguration of the TSG 2.0 State Chapters, on Saturday in Kano.

The director-general who commended the president, said he took over a shattered and battered economy, and has turned it around and stabilised it.

“Our foreign reserves have hit over $53 billion from net $3.89 billion, inflation down to 15.43 per cent from over 34 per cent.

“The nation’s GDP has grown to 4.43 per cent in the second quarter of 2026 with a nominal GDP of N119.27 trillion.

“He cleared over $78 billion loan and additional $3.5 billion Covid-19 loan, and tripled the FAAC allocation to states, with state governments now paying salaries without bailouts,” he said.

According to him, many state governments have started paying their inherited loans.

The D-G further noted that President Tinubu created NELFUND to support students, granted local governments financial autonomy, and created additional regional development commissions for equality and regional growth.

Tanko-Yakasai said that the president also appointed over 50 Kano indigenes into his government to ensure inclusion.

He explained that Tinubu completed the Kano-Kaduna express way, while other  projects are on-going, including  Gwarzo-Dayi road, Katsina road and  Daura road, among others.

“Mr President has done a lot for Kano and is still doing more,” he said.

The director-general tasked the  newly inaugurated state executives to hit the ground running to ensure that they deliver victory for President Tinubu in the 2027 general elections.

He described the turnout for the event as impressive and a show of tremendous support for Tinubu.

While inaugurating the state executives, the Convener of TSG, James Abiodun-Faleke, said that the crowd was an indication that Kano is an All Progressive Congress (APC) state.

Also, the group’s North-West Coordinator, Baffa Babba-Dan’agundi, commended all those who supported the group to keep moving in the region.

Earlier, the Chairman of APC in Kano, Umar Doguwa, declared that Kano is for the APC.

Also speaking, former APC National Chairman, Abdullahi Ganduje, said the Renewed Hope Agenda was a policy framework by the APC-led government.

He said that it was carefully designed to help the nation come out of its challenges, including poverty, insecurity and slow economic growth, among others.

Ganduje said the policy was a guide towards the nation’s development aspiration, describing Tinubu as a progressive leader.

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Leading economists, financial experts and industry stakeholders have described the Dangote Group's investments as major drivers of industrialisation and economic transformation across Nigeria and Africa, citing their impact on job creation, import substitution, foreign exchange conservation and economic competitiveness.

The experts spoke at the Lagos Economic Summit themed “The Real Deal: Africa's Greatest Investment Opportunity,” where they urged governments to implement policies that strengthen local industries and accelerate economic diversification.

President and Chief Executive Officer of the Africa Finance Corporation (AFC), Samaila Zubairu, commended the Dangote Group's sustained investments across Africa, describing them as critical to unlocking the continent's economic potential. He noted that while recent economic reforms have improved foreign exchange stability, strengthened reserves and eased inflationary pressures, the focus must now shift to growth in industry, producttivity and employment.

Also speaking, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf, said industrialisation remains the most effective path to sustainable economic development. He called for better alignment of trade and industrial policies, stressing that local manufacturers require strategic support to compete effectively and drive broader economic benefits.

Founder and CEO of Nairametrics, Ugodre Obi-Chukwu, said Africa's growing population presents a significant industrial opportunity, noting that investments such as the Dangote Refinery are helping to retain capital within the continent while strengthening local production capacity.

In his keynote address, Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, said Nigeria is gradually transitioning from a consumption-led economy to one driven by investment and production. He added that sustained investments in productive sectors will continue to stimulate growth, create jobs and improve living standards.

Participants at the summit also advocated stronger credit infrastructure, improved national identification systems and increased investment in skills development to enhance the productivity and global competitiveness of Africa's growing youth population.

Credit Dangote Group PR

The Amalgamated Union of App-Based Transporters of Nigeria (AUATON) has condemned Uber’s sudden exit from Nigeria, describing it as unprofessional.

AUATON National Spokesperson, Jossy Adaraniwon, alleged that Uber left Nigeria’s ride-hailing market without prior notice to drivers.

In a statement, Adaraniwon described the development as irresponsible and a disregard for thousands of Nigerian drivers who built Uber’s platform.

He alleged that Uber’s exit resulted from what AUATON described as an exploitative business model that disregarded workers’ rights and collective bargaining.

According to him, Bolt and InDrive subsequently adopted similar practices, contributing to a “race-to-the-bottom” in Nigeria’s ride-hailing sector.

Adaraniwon said the situation had led to longer waiting times, lower driver earnings and fewer active drivers due to poor working conditions.

He warned Bolt and InDrive against exploiting drivers, urging both platforms to establish genuine collective bargaining mechanisms with AUATON.

“If you continue to operate without creating a genuine atmosphere for collective bargaining with AUATON, you will suffer the same fate,” he said.

Adaraniwon said AUATON’s position remained that the union should be recognised as the sole bargaining representative of app-based transporters.

He demanded fair pay, welfare packages, transparency, safety and decent working conditions in line with International Labour Organisation standards.

The spokesperson urged AUATON members nationwide not to be discouraged by Uber’s exit, but to remain united and support platforms willing to sign collective agreements.

“To Bolt and InDrive: The door for dialogue is open. But time is running out,” he said.

Adaraniwon also alleged that Uber played an anti-union and anti-worker role in Nigeria, including petitioning the Federal Ministry of Labour against the union’s registration.

He further alleged that Uber sponsored individuals within AUATON to instigate internal crises and frustrate dialogue on drivers’ welfare.

He said AUATON would not allow foreign platforms to operate in Nigeria, exploit Nigerian drivers and leave without accountability.

The newsroom.ng learned Uber had on Wednesday announced its decision to cease its ride-hailing operations in Nigeria.

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Uber on Wednesday announced the discontinuation of its ride-hailing operations in Nigeria and Uganda, effective September 2.

Lorraine Onduru, Head of Communications, Uber in East and West Africa, made this known in a statement in Lagos.

Onduru said that the decision followed a review of its evolving business priorities and investment focus across Africa.

She also said that the resolution was limited to Nigeria and Uganda, and would not affect its operations across the rest of Africa.

“Uber remains deeply committed to Sub-Saharan Africa, where we continue to see robust growth and long-term opportunity,” Onduru said.

She said that its immediate priority was supporting affected drivers, riders and employees throughout the transition.

Onduru said that Uber had begun communicating directly with affected employees, drivers and riders on arrangements following the discontinuation.

She said that active drivers would receive a token of appreciation as they transitioned out of the platform.

Onduru also said that rider support would remain available for 21 days after operations ceased, to address outstanding and transition-related issues.

She said that Uber for Business services in Nigeria would also be discontinued as part of the exit, and partners were being contacted over the transition.

On data privacy, Onduru said that rider information would continue to be handled, in line with applicable data protection laws, privacy requirements and its data protection policies.

She said that data retention would be limited to legally required periods, while appropriate security controls would remain in place.

Onduru also clarified that the company’s decision to exit Nigeria was not connected to the recent FAAN directive concerning e-hailing operations at Nigerian airports.

According to her, the exit is driven by its broader review of business priorities and investment focus across the continent.

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President Bola Tinubu has ordered a comprehensive forensic audit of the Integrated Personnel and Payroll Information System (IPPIS) and Federal Government agencies.

The ​‌‌​‍‌‍⁠⁠‌‍​‌‍‌​‍‍‌​audit will cover government administration, personnel, payroll, pension and financial-management systems, as well as internal controls across federal institutions.

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

Tinubu directed the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, to oversee and coordinate the exercise.

The directive followed the Federal Executive Council’s August 19 resolution on findings by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

The ICPC findings involved alleged fake agencies, ghost workers and other weaknesses in government control systems.

The audit will establish the nature and extent of weaknesses in government systems and determine how such lapses may have been exploited.

The first component will focus on IPPIS and related payroll, personnel, pension and financial-management platforms.

It will examine reported cases of ghost workers and payroll fraud, reconcile figures identified by the ICPC and trace how fictitious or ineligible persons were enrolled.

The review will also assess access, identity, biometric and bank-account controls associated with government personnel and payroll systems.

It will examine interfaces between IPPIS and other platforms, including GIFMIS, Remita, the Treasury Single Account (TSA) and Sub-TSA.

The exercise will determine whether identified vulnerabilities resulted from system defects, process failures, inadequate segregation of duties or deliberate circumvention.

The second component will cover all Federal Government ministries, departments, agencies, commissions, councils, parastatals and other government bodies.

It will establish a definitive inventory of such entities and verify their legal basis and official status.

The audit will also examine how government entities obtain official recognition, budgetary consideration, correspondence privileges, office facilities and access to government systems.

It will assess governance, procurement, internal audit and oversight mechanisms to identify and close systemic weaknesses.

Tinubu directed that the exercise be conducted with the highest standards of independence, professionalism and forensic integrity.

The audit team will have access to relevant government systems and records and collaborate with the ICPC to complement ongoing investigations, prosecutions and recoveries.

The President said the exercise must go beyond individual cases of fraud or administrative failure to strengthen the architecture of government.

It is also expected to close systemic loopholes, improve data verification and reconciliation, reinforce accountability and ensure only legitimate entities and eligible personnel access government resources.

The exercise underscores Tinubu’s commitment to strengthening transparency, accountability, fiscal governance and institutional integrity across the Federal Government.

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Leading financial institution, Fidelity Bank Plc, is set to host the next edition of its Quarterly Business Forum on Wednesday, September 2, 2026, in Kano, bringing together business owners, entrepreneurs, industry leaders and key stakeholders to explore opportunities for business growth and sustainability across Northern Nigeria.

The Kano edition builds on the success of the Bank’s previous Quarterly Business Forum held in Port Harcourt, which provided business owners and entrepreneurs with practical insights, valuable industry connections, and opportunities for sustainable business growth.

Themed “Positioning Northern Businesses for Growth,” the forum will spotlight the opportunities and trends shaping the business landscape in the region. Discussions will focus on practical strategies for strengthening business operations, enhancing financial management, improving access to finance, leveraging digital solutions, expanding market reach and building businesses that are positioned for long-term growth.

Speaking ahead of the event, Divisional Head, Small and Medium-scale Enterprises Banking, Fidelity Bank Plc, Ugochi Osinigwe, said, “The Fidelity Bank Quarterly Business Forum is designed to equip businesses with practical knowledge, meaningful connections, and access to opportunities that can drive growth and competitiveness. Bringing this edition to Kano underscores our commitment to supporting businesses across Nigeria and, particularly, empowering entrepreneurs in Northern Nigeria with the knowledge and resources they need to unlock their growth potential.”

The forum will feature insightful sessions with industry experts and business leaders, along with opportunities for participants to network, share experiences and gain actionable insights tailored to the realities of today’s business environment.

The Quarterly Business Forum is part of Fidelity Bank’s broader commitment to the growth of Nigeria’s SME sector. It would be recalled that recently, Fidelity Bank emerged the winner of the Development Bank of Nigeria (DBN) Service Ambassadors Award for the Highest Impact on MSMEs Accessing Credit for the First Time, in recognition of its commitment to deepening financial inclusion, improving access to credit and supporting enterprise growth. Through initiatives that provide access to knowledge, capacity-building opportunities, tailored financial services, and strategic business networks, the Bank continues to support entrepreneurs in building stronger and more sustainable businesses.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is a recipient of multiple local and international awards, including the 2025 Development Bank of Nigeria (DBN) Innovation Award for MSME support; Best Retail and SME Bank Award from Independent Newspapers; Best Bank for Export & Trade Finance and Most Innovative Bank of the Year at the 2025 BusinessDay Banks and Financial Institutions (BAFI) Awards; and Nigeria’s Best Private Bank at the 2025 Euromoney Awards.

The Bank also received the inaugural Most Improved Commercial Bank of the Year award by Nairametrics, the SME Bank of the Year award by NewsDirect, and the Straight-Through Processing (STP) Excellence Award by Citi Group, in addition to recognition by Global Brands Magazine for Excellence in Community Empowerment.

Credit Fidelity Bank PR

Zenith Bank Plc hosted the 10th edition of its International Trade Seminar on Non-Oil Export on Tuesday, 25 August 2026, marking a decade of sustained advocacy for the diversification of Nigeria’s economy. The virtual event brought together policymakers, regulators, exporters, manufacturers, investors and development partners from across Africa and beyond, all focused on one question: how Nigeria can earn more from what it sells to the world.

Held under the theme “Unlocking Value and Harnessing Growth”, the seminar examined how Nigeria can move beyond exporting raw commodities to building competitive value chains, strengthening trade infrastructure and financing, and deepening the sector’s contribution to sustainable economic growth.

In her welcome address, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Adaora Umeoji, paid tribute to the Bank’s Founder, Jim Ovia, whose vision gave birth to the seminar in 2015, and urged participants to turn Nigeria’s improving export numbers into lasting economic value.

In her words: “Our theme, ‘Unlocking Value and Harnessing Growth’, is not just a slogan. It speaks to the opportunities before us and the need to translate our collective efforts into sustainable economic value. According to the Nigerian Export Promotion Council, Nigeria’s non-oil exports reached a record $6.1 billion in 2025, up 11.5 per cent from the $5.46 billion recorded in 2024, and a remarkable leap from the $612 million recorded a decade earlier. Through our partnership with the African Continental Free Trade Area Secretariat, we have commenced the development of the SMARTAfCFTA portal, and our integration with the Pan-African Payment and Settlement System is making cross-border business easier for our customers. Wherever our exporters need to reach, Zenith Bank will reach with them.”

She commended President Bola Tinubu, for the structural reforms creating a more enabling environment for businesses, and the Central Bank of Nigeria, under Governor Olayemi Cardoso, for reforms that have improved foreign exchange stability and market confidence.

“As we build on the progress recorded so far,” she added, “it is important that, as a nation, we accelerate growth by creating more value locally and exporting finished products, rather than just raw materials.”

Delivering the keynote address, the Minister of Industry, Trade and Investment, Jumoke Oduwole, called for deeper trade and investment reforms, a better export environment and wider market access within Africa and beyond.

“The question before us now is not simply how to export more, but how to retain more value in Nigeria from everything we export,” she said.

“Our focus at the Ministry is straightforward: produce more competitively in Nigeria, process more in Nigeria, connect Nigerian businesses to bigger markets, and ensure that the financing, infrastructure and trade systems exist to help them scale. In July, I assumed the chair of the AfCFTA Council of Ministers, and I see at first hand that the opportunity before us goes beyond the size of the African market of over 1.4 billion people and approximately $3.4 trillion in GDP. It is about enabling Nigerian firms to sell more products, reach more markets and deepen regional value chains. Nigeria’s role as an AfCFTA digital trade co-champion further positions us to help shape how this market evolves, particularly as digital trade creates new pathways for Nigerian businesses to reach customers across the continent.”

She urged financial institutions to go beyond financing export transactions to financing export capability, and encouraged Nigerian businesses to prepare for intra-African trade by investing in productivity, quality and skills.

In his presentation, the Chair of the Board of Directors of the Fund for Export Development in Africa (FEDA) and immediate past President/Chairman of Afreximbank, Professor Benedict Oramah, argued that the moment demands new thinking.

“The theme chosen for this 10th edition is both apt and timely,” he said.

“The global economy is experiencing unprecedented levels of entropy. I do not raise this to alarm us. I raise it because a unique opportunity lies ahead of us that may well pave the way to Africa’s ascendance. The question is no longer whether Africa can attract enough external capital and external demand to power its growth. The question is whether Africa, and Nigeria within it, can build her own internal demand, participate effectively in global supply chains, build the capacity to finance her own trade and industries, and create her own markets.”

He commended Zenith Bank and its leadership for advancing Nigeria’s non-oil export agenda over the past decade.

The Founder and Executive Chair of Plot Enterprise Ghana Limited, Patricia Poku-Diaby, made the case for transformation plainly.

“Let us make no mistake: the future of our economy will not be determined simply by what we grow or what we mine, but by what we transform,” she said.

“We need to move from being suppliers of raw materials to becoming producers, processors, manufacturers, exporters and owners of strong African brands. Our focus should be on creating more value before our products leave our shores.”

Speaking on the Nigeria-United Kingdom trade relationship, the UK Minister of State at the Ministry of Housing, Communities and Local Government, Florence Eshalomi, represented by Mujina Kaindama, Head of Trade Policy for UK Business, Innovation, Science and Trade, commended the Bank for the platform.

“The trade relationship between the United Kingdom and Nigeria is one of immense importance and even greater potential,” she said.

“Nigeria is home to extraordinary entrepreneurial talent, innovation and creativity. One of the most promising opportunities lies not simply in increasing exports, but in increasing the value of those exports: moving further up the value chain, processing raw materials, developing branded products and creating higher-value manufactured and agricultural goods. In doing so, Nigerian businesses can unlock greater returns, create jobs and build sustainable economic growth.”

The Secretary-General of the African Continental Free Trade Area Secretariat, Wamkele Mene, placed the private sector at the centre of the continent’s economic restructuring.

“The private sector is at the heart of the fundamental restructuring of Africa’s economy that all of us want to see,” he said.

“The seminar Zenith Bank has convened strikes at the heart of that objective: reducing the reliance of exports on unprocessed commodities and accelerating industrialisation and value addition in Africa. The success of the AfCFTA will ultimately be measured not by how many protocols and legal instruments have been signed, but by the extent to which our private sector can leverage the AfCFTA to access new markets, scale their investment and scale their productive capacity to create jobs across the continent.”

The seminar featured two panel sessions. The public sector panel brought together  Abubakar Bello, Managing Director of the Nigerian Export-Import Bank (NEXIM), represented by Hope Nyongo, Technical Adviser;  Adewale Adeniyi, Comptroller-General of the Nigeria Customs Service; Abubakar Dantsoho, Managing Director/CEO of the Nigerian Ports Authority, represented by Adebowale Lawal, Ports Manager, Lagos Ports Complex; Aderinola Shonekan, Director, Trade and Exchange Department, Central Bank of Nigeria; Nonye Ayeni, Executive Director/CEO of the Nigerian Export Promotion Council; and Adekunle Ajai, General Manager, Neroli Technologies. The panellists committed to improving trade facilitation, customs efficiency, logistics reform, trade advocacy and exporters’ access to funding.

The private sector panel featured Adeniji Adeyemi, MD/CEO of Starlink Global & Ideal Limited; Sada Ladan-Baki, Group Executive Director, International Trade and Export, Dangote Group; Bamidele Ayemibo, Senior Consultant, 3T Impex Trade Centre; Mobolaji Salako, Managing Director, Terra Aqua Environmental Consultancy Nigeria Limited; Ramzi Taher, Managing Director, RMM Global Company Limited; Oluyemisi Iranloye, Founder/Managing Director, Psaltry International; and Chinwe Ezenwa, MD/CEO, Lelook Nigeria Limited.

Their discussions centred on trade barriers, value creation and addition, competitiveness, product certification, market intelligence and the structured financing needed to scale non-oil exports.

The Zenith Bank International Trade Seminar on Non-Oil Export was launched in 2015 to drive dialogue and action around Nigeria’s non-oil export potential. Ten years on, the Bank continues to champion the sector’s growth by opening up market opportunities and backing exporters with financing, incentives and practical support.

The 2026 edition streamed live on Zoom, YouTube, Instagram, Facebook, X and TikTok, drawing thousands of participants from 97 countries. The tenth edition closed the way the first began a decade ago: with a commitment to give Nigerian businesses the tools, partnerships and capital they need to compete in regional and global markets.

Credit Zenith Bank PR

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, says Nigeria’s economy has stabilised.

Oyedele started this on Thursday while briefing State House correspondents after the 158th meeting of the National Economic Council (NEC) in Abuja.

He, however, said the priority was now to transform economic stability into shared prosperity for Nigerians.

“Our real Gross Domestic Product growth rate was 3.89 per cent for Q1 of 2026, up from 3.13 per cent one year ago,” he said.

Oyedele projected that Nigeria’s GDP growth rate would exceed four per cent in 2026, reflecting continued improvement in economic activity.

He said inflation had also declined significantly, reaching 15.43 per cent at the end of July, compared with 24.94 per cent a year earlier.

According to Oyedele, Nigeria’s trade surplus nearly doubled from N17.7 trillion in 2025 to N34.7 trillion by the first quarter of 2026.

He said public debt remained moderate at 13.7 per cent of GDP, amounting to N159.28 trillion.

“Debt service as a percentage of revenue is on the decline, from nearly 100 per cent as of 2022 to less than 60 per cent as of 2025,” he said.

Oyedele said the economic progress was also reflected in improved assessments by international market rating agencies.

“This is also part of the recognition by the market rating agencies,” he said.

He said Fitch Ratings, Moody’s and S&P had all upgraded Nigeria’s sovereign credit rating between April 2025 and May 2026.

“The first coordinated alignment in over a decade. So, they all agree,” Oyedele said.

The minister said Nigeria also exited the Financial Action Task Force (FATF) grey list in October 2025.

He added that the country exited the European Union’s anti-money laundering and counter-terrorist financing deficiency list in January 2026.

According to him, the developments would reduce costs and friction associated with cross-border capital flows into Nigeria.

Oyedele also announced Nigeria’s reclassification from an unclassified market to a frontier market.

“Nigeria has now been reclassified to frontier market. This is good news for us as a country,” he said.

He said the reclassification presented opportunities for Nigeria to accelerate economic growth and lift more citizens out of poverty.

“We see opportunities ahead for the country, especially how we accelerate growth and lift our people out of poverty,” Oyedele said.

He said NEC identified agriculture, energy, manufacturing, mining and the digital economy as priority sectors for accelerated development.

Oyedele said 81.4 per cent of Nigerians worked in agriculture and non-tradable services, requiring greater attention to those sectors.

“Council deliberated that there is a need for us to accelerate growth in these sectors where majority of our people work,” he said.

He said stronger growth in those sectors would help reduce poverty and narrow the inequality gap across the country.

“That way, we lift them out of poverty and we close the inequality gap,” Oyedele said.

The minister, however, acknowledged that significant challenges remained and required coordinated efforts from the government and other stakeholders.

“Key areas identified include geopolitical conflict, commodity shocks, persistent food inflation and the need to manage election cycle fiscal risk,” he said.

Oyedele also highlighted the need to address negative pre-election narratives and ensure economic perceptions remained supported by available data.

He said the government must focus on creating jobs while managing Nigeria’s vulnerability to foreign-exchange shocks.

“There is a tendency to be negative pre-election, even though it is not supported by data, to ensure there is job-rich growth,” he said.

He added that managing foreign-exchange vulnerability would remain essential to sustaining economic stability and translating current gains into broader prosperity.

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President Bola Tinubu has pledged incentives to stimulate the growth and capacity of the Nigeria LNG Limited (NLNG) and expand the benefits of gas to Nigerians.

Tinubu ​‌‌​‍‌‍⁠⁠‌‌⁠⁠​⁠⁠‍⁠‌​made the commitment on Wednesday when he received the board and executive management of NLNG at the Presidential Villa, Abuja.

He said his administration would support initiatives aimed at converting challenges in the gas sector, including gas flaring, into economic opportunities for Nigerians.

The President stressed the need to prioritise domestic utilisation of gas and ensure that the country’s natural resources contribute directly to economic growth and improved welfare.

“My major concern is the domestic utilisation. You must be able to take out the flaring and convert potential environmental liability to what could be strategically and economically beneficial to the consumers.

“Any other incentive that might be necessary to stimulate growth and expand your capacity, I will be willing to do that.

“Whatever assets that we have in the ground is nothing unless it is brought up to service the economy, the people, and the realisation of a good return on investment,” Tinubu said.

He urged the NLNG management to sustain efforts to expand the company’s contribution to Nigeria’s energy security and economic development.

The President also emphasised the need for greater domestication of LNG-related activities and pricing mechanisms that would make the benefits of the sector more accessible to ordinary Nigerians.

Earlier, the Managing Director of NLNG, Adeleye Falade, said the company’s priority was to sustain energy security while supporting the administration’s drive for increased domestic gas production and utilisation.

Falade said the company would scale up its operational efficiency, discipline and contribution to the Nigerian economy.

He said NLNG remained central to the country’s energy security, while also generating revenue, creating employment and making cooking gas available to Nigerians.

“100 per cent of our cooking gas in Nigeria comes into the Nigerian market. And nothing is going to change from that,” Falade said.

He said the ongoing construction of Train 7, which currently employs about 16,000 people, would further expand NLNG’s capacity and generate wider economic opportunities.

According to him, Train 7 is expected to increase the company’s domestic cooking-gas capacity by 50 per cent when completed.

He assured that the company would continue to operate responsibly, generate revenue, support host communities and contribute more significantly to Nigeria’s economic development.

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The Nigerian National Petroleum Company Limited (NNPC Ltd.) and the OML 118 Contractor Parties have executed the Addendum to the OML 118 Production Sharing Contract (PSC) and the Addendum to the Dispute Settlement Agreement (DSA).

The agreement which was signed at the NNPC Towers in Abuja marked a major milestone in advancing the deepwater Bonga Southwest/Aparo (BSWAp) project toward Final Investment Decision (FID).

The parties included Shell Nigeria Exploration and Production Company Limited (SNEPCo), Esso Exploration and Production Nigeria (Deepwater) Limited and Nigerian Agip Exploration Limited (NAE).

Speaking on the development, the Group Chief Executive Officer of NNPC Limited, Bashir Ojulari, said the execution gave effect to fiscal and commercial terms approved by the Federal Government to support the development of BSWAp.

Ojulari, in a statement expressed Nigeria’s commitment to a competitive, stable and attractive environment for large scale deepwater investment.

“The milestone follows President Bola Tinubu’s approval of the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, a key component of government reforms aimed at strengthening the competitiveness of Nigeria’s deepwater sector and unlocking new investment.

“The PSC and DSA Addenda show the practical impact of these reforms in translating policy into project development.

“SWAp is projected to be one of Nigeria’s largest deepwater developments, with the potential to attract between 15 billion dollars and 21 billion dollars in investment over its lifespan and reach peak production of 175,000bpd and 14mscf of gas daily.

“The project is expected to boost government revenues, foreign exchange earnings, local content development, employment and business opportunities for Nigerians,” he said.

Ojulari said NNPC Limited would continue to work closely with the Federal Government, its partners and other stakeholders to ensure that the project delivered maximum value for the Federation and the Nigerian people.

The Contractor Parties also announced the successful completion of the project’s Pre Front End Engineering Design (Pre FEED) phase.

This is an important step in maturing the technical and commercial scope of the development and positioning it to progress into the FEED phase, subject to applicable partner, assurance and governance requirements.

Following a competitive selection process, a bidder has been identified as the preferred Floating Production Storage and Offloading (FPSO) contractor for the project, subject to completion of applicable partner, regulatory, assurance and governance processes.

Officials said any eventual award of the FPSO Engineering, Procurement, Construction and Installation (EPCI) contract remained contingent on the completion of all required approvals.

Once operational, BSWAp is expected to become one of Nigeria’s most significant new deepwater production hubs, contributing materially to national oil output and supporting the country’s ambition to sustainably grow oil and gas production.

It is also expected to strengthen Nigerian content through increased contracting opportunities for indigenous companies, enhanced local fabrication, marine and engineering capabilities, technology transfer and skills development.

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The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has called for the effective implementation of ongoing oil and gas reforms to attract sustainable and bankable investments into Nigeria’s petroleum industry.

The association made the call in a communiqué jointly signed by its President, Festus Osifo, and General Secretary, Jerry Amah, at the conclusion of its fifth Energy and Labour Summit held in Abuja.

The theme of the summit, which took place from August 19 to August 21, was “Strengthening Regulatory Frameworks as a Catalyst for Stability and Growth in Nigeria’s Oil and Gas Industry.”

PENGASSAN acknowledged that Nigeria had introduced significant reforms in the sector, particularly through the Petroleum Industry Act (PIA) 2021, but stressed the need to translate the reforms into predictable and investment-friendly outcomes.

The association noted that investors committing long-term capital to the oil and gas industry required regulatory certainty, transparency, durability and consistent application of government policies.

According to PENGASSAN, the existence of laws and regulations alone was insufficient to attract the huge capital required for oil and gas development without predictable and transparent implementation.

It therefore called for greater stability in the fiscal and regulatory environment, urging the government to minimise abrupt policy changes and strengthen consultations with operators, investors, workers and other industry stakeholders.

The association also advocated smarter regulation and digitalisation, as well as improved coordination among government institutions, to eliminate overlapping mandates, repetitive approvals and conflicting directives that increase operational costs.

PENGASSAN stressed that Nigeria was competing globally for limited investment capital, adding that the country’s abundant hydrocarbon resources could not attract sufficient investments without competitive fiscal terms, improved security and efficient project execution.

It urged the government and regulators to consolidate recent reforms and incentives that had encouraged renewed investments and Final Investment Decisions, while ensuring that Nigeria remained competitive in the global oil and gas market.

On the gas sector, PENGASSAN observed that Nigeria’s more than 215 trillion cubic feet of proven gas reserves remained largely underutilised despite their potential to support electricity generation, manufacturing, transportation and broader industrial development.

The association called for integrated gas development covering supply, processing, pipelines, storage, LNG, LPG and CNG infrastructure, supported by sustainable pricing mechanisms and bankable offtake arrangements.

It further advocated sustained policies to promote domestic refining, petrochemicals and gas processing, stressing that greater value retention within Nigeria would create employment, conserve foreign exchange and accelerate industrialisation.

On workers’ welfare, PENGASSAN demanded stronger protection of jobs, accrued benefits, pensions and collective bargaining agreements during restructuring exercises and asset transfers within the industry.

The association also insisted that occupational health and safety must remain non-negotiable, warning that increased production should never be achieved at the expense of the lives and wellbeing of Nigerian workers.

PENGASSAN emphasised that the next phase of the reform process should focus on execution, with measurable targets, clearly defined institutional responsibilities and transparent monitoring mechanisms to ensure that policies translated into projects, increased production, employment opportunities and national prosperity.

The association called for stronger collaboration among government, regulators, operators, investors, organised labour and host communities to protect critical infrastructure, reduce crude oil theft and vandalism, and promote sustainable growth and development of Nigeria’s oil and gas industry.

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Shell has hosted chief executives of contracting companies in Lagos highlighting the need to sustain safe operations across its businesses in Nigeria. The annual Shell Leadership and Contractor CEO Conference aims to shine a light on “a shared commitment to people, performance and safety.”

The theme of this year’s event is "Learn. Adapt. Improve." Addressing the session, Executive Vice President and Country Chair Nigeria, Elohor Aiboni said: “Shell is delivering an extensive portfolio of projects and operations that will help meet Nigeria's growing energy needs, create value for our stakeholders, and support national development. We are advancing major opportunities, executing complex work, and pursuing ambitious goals. But no matter how significant the opportunity, no matter how important the project, our success will always be measured first by how safely we deliver it. That is why this conference matters.”

The conference featured among other things, discussions and cascade of learnings, an exhibition and awards and recognitions for outstanding safety performances. The highlight of the event was the signing of the Leadership Charter which was jointly created in 2025 through collaboration between SNEPCo and her contractor partners.

“This year’s conference theme, Learn. Adapt. Improve, connects strongly with the purpose of the Charter,” SNEPCo Managing Director Ronald Adams said before the signing. “To learn, we must be honest about what has worked, what has been difficult, and what our people and operations are telling us. To adapt, we must be willing to adjust our approach where the realities of work require us to do better. To improve, we must make sure that the commitments in the Charter are not only discussed during conferences, but embedded into how we lead, how we engage, how we review performance, and how we support safe execution every day.”

Elohor reiterated the place of safety in company operations, adding: “Every person who works for Shell or on behalf of Shell deserves to return home safely to their family, every day, without exception.”

Credit Shell PR

President Bola Tinubu has directed that liquid funds recovered by the Economic and Financial Crimes Commission (EFCC) be channeled to the Nigerian Education Loan Fund (NELFund).

The Minister of Education, Tunji Alausa, disclosed this on Wednesday while briefing State House correspondents after the Federal Executive Council (FEC) meeting presided over by Tinubu in Abuja.

Alausa said the President also directed that unclaimed dividends from the Capital Market Trust Fund and Dormant Account Trust Fund be channeled to NELFund.

He, however, clarified that the directive applied only to liquid, unencumbered funds that were not subject to legal disputes or other restrictions.

“The President, in his benevolence, has now directed that all funds recovered by the Economic and Financial Crimes Commission be diverted to NELFund to continue to support its funding,” Alausa said.

He said the President had also directed the Ministers of Finance and Justice, the Debt Management Office and other relevant agencies to work with the Education Ministry on the legal and operational framework.

According to him, the Justice Minister, Lateef Fagbemi  will review the laws establishing the two trust funds to determine how the unclaimed dividends can legally be transferred to NELFund.

He said the Attorney-General would also work with the EFCC Chairman to identify eligible liquid funds recovered by the commission for transfer to NELFund.

“Note, and the President was very clear, not seized properties, or recovered looted funds, but liquid funds, from the EFCC will now be transferred to NELFund,” the minister said.

Alausa said the decision would strengthen NELFund’s financial capacity as demand for student loans continued to grow, adding that more than 1.2 million Nigerian students had benefited from the scheme.

He said NELFund had also disbursed more than N93 billion in stipends to students in federal and state public institutions and over N250 billion in institutional fees.

The minister said the development demonstrated Tinubu’s commitment to fulfilling his campaign promise of expanding access to quality higher education through sustainable student-loan financing.

“The education of our children cannot wait, is of utmost importance to him, and he will do anything and everything to protect the future of every single Nigerian child, every single Nigerian student,”  he said.

Alausa also disclosed that FEC approved the transformation of the Suleja Academy into the Nigeria Academy for the Gifted and Talented, to provide specialised support for exceptionally gifted Nigerian children.

He said the academy would operate autonomously, with its own governing structure and diversified funding sources, including government appropriation, endowment and donations.

“We need to do this because we have to look for every single genius in this country and bring them in, nurture them, and let them help create the Nigeria of tomorrow,” he said.

The minister said FEC also approved the augmentation of the existing contract for completion of the National Library of Nigeria, which had been abandoned for about 18 years.

He said construction of the library began in April 2006, with a projected two-year completion period, but work stopped in October 2008.

Alausa noted that funds had been sourced from the Tertiary Education Trust Fund (TETFund), while additional support had been mobilised from the Wife of the President, Oluremi Tinubu, to enable work to resume on the project.

He also disclosed that FEC approved the deployment of an entrepreneurship, innovation and business incubation certification programme in 14 federal universities.

According to him, the technology-driven programme will equip students with entrepreneurship, innovation, enterprise development and digital skills, alongside mentorship and incubation support.

He said the programme, which had been tested at the University of Lagos, was designed to transform students from job seekers into job creators and innovators.

The 14 universities include Ahmadu Bello University, Bayero University Kano, Nnamdi Azikiwe University, Obafemi Awolowo University, University of Abuja, and University of Benin.

Others are University of Ibadan, University of Ilorin, University of Jos, University of Lagos, University of Maiduguri, University of Nigeria Nsukka, University of Port Harcourt and Usmanu Danfodiyo University, Sokoto.

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The Nigerian National Petroleum Company Limited (NNPC Limited) has welcomed the Federal Government's signing of the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, describing it as a landmark reform that significantly enhances Nigeria's competitiveness for deep offshore investment and strengthens the nation's pathway towards achieving its 3 million barrels of oil per day (MMbopd) production ambition by 2030.

The new Order establishes a transparent, predictable and globally competitive fiscal framework for qualifying greenfield deep offshore developments. It provides the certainty required to unlock long-term capital, accelerate Final Investment Decisions (FIDs), and maximise value from Nigeria's offshore resources.

The framework, which reinforces Nigeria’s position as one of the world’s attractive destinations for deep offshore oil and gas development, is expected to unlock over US$50 billion in new investments, including major projects starting with Bonga South-West which was approved in March 2026, and the Zabazaba and Owowo Deep Offshore projects. Bonga South West is expected to be the first FID on a Nigeria deepwater Production Sharing Contract asset since 2008.  

Speaking on the development, the Group Chief Executive Officer of NNPC Limited, Bashir Bayo Ojulari, described the Order as one of the most significant policy interventions for the upstream sector in recent years.

"This is a transformative reform that sends a strong signal to global investors that Nigeria is committed to providing a stable, competitive and investment-friendly environment for deep offshore development. Fiscal certainty is a critical driver of investment decisions, and this framework provides the additional clarity the industry has long sought."

He added: "For NNPC Limited, the Order aligns directly with our strategy of protecting our existing production base, accelerating near-term growth, and attracting new investment into high-value assets. It strengthens our confidence in achieving our strategic production ambition of 3 MMbopd while creating greater value for our shareholders and the Nigerian economy."

The GCEO noted that recent reforms across the petroleum sector have already stimulated more than US$34 billion in new investment commitments. The Deep Offshore Incentives Order is expected to build on that momentum by enabling timely FIDs on strategic offshore developments.

The GCEO thanked President Bola Tinubu, for his relentless leadership and unwavering commitment to creating an enabling environment for investment and sustainable growth in Nigeria's energy sector through several Presidential Executive Orders which have strengthened the nation’s oil and gas sector.

This milestone reinforces NNPC Limited's commitment to driving sustainable production growth, attracting responsible investment, strengthening Nigeria's energy security and delivering long-term value to the Federation.

Credit NNPCL PR

A new ranking by CFA Society Nigeria has identified Access as the country's largest employer of CFA candidates, highlighting the Group's growing influence in developing the next generation of investment and finance professionals and reinforcing its position as one of Africa's leading builders of financial services talent.

Published as part of CFA Society Nigeria's Where Nigeria's Finance Professionals Work series in a national daily, the rankings show that Access employs 82 CFA candidates, more than twice the number recorded by the next-ranked institution and the highest of any organisation in Nigeria's financial services industry. The Group also ranked second among employers of CFA charterholders, reflecting its ability not only to attract experienced professionals but also to develop future leaders equipped with globally recognised expertise.

The distinction extends beyond workforce statistics. It offers a window into how leading African financial institutions are investing in the capabilities that will shape the continent's financial future. As financial markets become increasingly interconnected and customer expectations continue to evolve, institutions that consistently develop highly skilled professionals are expected to play a defining role in strengthening confidence, governance and long-term economic growth.

The CFA Charter is widely recognised as one of the world's most rigorous professional qualifications in investment management, covering ethics, financial analysis, portfolio management and professional standards. The rankings were compiled by CFA Society Nigeria using data from its Salesforce Membership Database as of June 2026.

For Access, the recognition reflects an institutional commitment to building capability at scale. Across its banking, pensions, payments, insurance brokerage and consumer lending businesses operating in 25 countries across Africa, Europe and Asia, the Group has continued to invest in structured learning, professional certification and leadership development as part of its broader strategy to create sustainable value.

Industry observers note that sustained investment in professional excellence has become an increasingly important differentiator for financial institutions seeking to compete internationally. Organisations that deliberately build technical expertise and ethical leadership are often better positioned to innovate responsibly, manage risk effectively and earn the confidence of customers, investors, regulators and other stakeholders.

The recognition also aligns with Access Holdings' long-term aspiration to become the world's most respected African financial services group. While scale remains an important measure of growth, the ability to consistently produce professionals who meet globally recognised standards increasingly reflects the quality, resilience and credibility of an institution. In that regard, developing the largest pipeline of CFA candidates in Nigeria represents more than an internal achievement; it contributes to raising professional standards across the country's financial services ecosystem and strengthens Africa's capacity to compete in global capital markets.

Commenting on the recognition, Group Chief Executive Officer of Access Holdings, Innocent C. Ike, described it as a reflection of a culture that places continuous learning and professional excellence at the centre of the organisation's growth strategy.

"We are proud that so many of our people are pursuing one of the most demanding professional qualifications in global finance, and that they are choosing to do it here, at Access. These rankings reflect a deliberate culture of excellence, one where rigour, integrity and continuous learning are not slogans but the way we work every day. Every candidate on that list represents our commitment to building institutions and professionals that endure."

CFA Society Nigeria, part of the global CFA Institute network, said the rankings recognise organisations that invest in professionals who bring rigour, integrity and global best practices into the workplace, underscoring the growing importance of talent development in strengthening Nigeria's financial sector and supporting the continent's long-term economic ambitions.

Credit CFA Society Nigeria PR

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, says Nigeria will expand its refining capacity and petroleum infrastructure to position the country as West Africa’s energy and trading hub.

Lokpobiri said this at the second edition of the West Africa Refined Fuel Market Conference on Tuesday in Abuja.

He said that Nigeria must leverage its strategic position and resources to drive regional energy security.

He said the Federal Government’s deregulation of the petroleum sector had unlocked investment opportunities and created a more competitive environment for the industry.

According to him, Nigeria can not fully benefit from its petroleum resources without developing adequate refining, midstream and downstream infrastructure.

“Refining is not enough; we need to increase our refining capacity to about four million barrels to service the entire African continent,” he said.

The minister said Nigeria’s strategic location, large resource base and market size placed it in a strong position to supply refined petroleum products across Africa.

He urged investors to take advantage of the opportunities created by the ongoing reforms and invest in refining, storage, transportation and other critical petroleum infrastructure.

Lokpobiri said the government was committed to creating an environment capable of attracting domestic and international capital into the petroleum sector.

He also called for stronger regulatory collaboration among West African countries to facilitate cross-border investment and petroleum trade.

The minister underscored the need for harmonised standards and coordinated regulation, saying regional cooperation was critical to building a sustainable West African petroleum market.

He said Nigeria’s success would have a multiplier effect across the region, adding that the country must work with neighbouring countries to achieve shared energy security and economic prosperity.

Lokpobiri further called for a sustainable pricing mechanism, saying market-driven pricing was essential to attracting investment and developing a competitive petroleum industry.

He said Africa’s huge and growing energy market provided an opportunity for Nigeria to emerge as a leading supplier of refined petroleum products.

The minister described the forum as an important platform for advancing discussions on infrastructure, investment and sustainable pricing across the West African petroleum market.

He assured participants of the Federal Government’s commitment to supporting initiatives that would strengthen Nigeria’s petroleum industry and promote regional energy integration.

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President Bola Tinubu has approved a landmark reform aimed at unlocking up to 50 billion dollars in deep offshore investment and reviving stalled offshore projects.

The reform replaces project-by-project negotiations with a transparent, rules-based investment framework designed to attract long-term capital into Nigeria’s offshore oil and gas sector.

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

According to the Presidency, the framework will support a new generation of deep offshore developments, beginning with the approximately 10 billion dollars Bonga South West project.

It is also expected to strengthen Nigeria’s competitiveness in attracting globally mobile investment capital.

The decision follows Tinubu’s engagement with Shell plc Chief Executive Officer, Wael Sawan, during which measures to unlock Nigeria’s deep offshore investment pipeline were discussed.

Rather than adopting project-specific solutions, the Federal Government developed a comprehensive framework applicable to multiple qualifying developments.

The framework, established through the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026,  introduces transparent eligibility criteria and clear implementation processes.

It also provides greater certainty for investors while safeguarding long-term national value.

The approval enables NNPC Limited as the government’s nominated counterparty under Production Sharing Contracts, to proceed with amendments required to implement the framework.

Tinubu commended the Federal Ministries of Justice, Finance and Petroleum Resources, as well as the Nigeria Revenue Service, NNPC Limited and other stakeholders for their contributions.

He also praised the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian Content Development and Monitoring Board, and investing partners for helping to shape the framework.

“The countries that attract long-term investment are not necessarily those with the greatest natural resources.

“They are the ones that provide the greatest certainty.

“This reform reflects our determination to build an investment environment defined by clear rules, strong institutions and enduring partnerships.

“We are creating the conditions for capital to flow, for Nigerian businesses to grow, for our people to prosper and for our natural resources to deliver lasting national value,” Tinubu said.

Olu Verheijen, Special Adviser to the President on Energy, said the reform places strong emphasis on strengthening Nigerian industrial capacity.

“Projects qualifying under the framework will maximise execution within Nigeria wherever commercially and technically feasible.

“The objective is not only to increase investment and production, but also to create skilled jobs, deepen local supply chains and position Nigeria as Africa’s regional hub for deep offshore project execution,” she said.

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The Government of Tanzania has reaffirmed its commitment to deepening economic cooperation with Dangote Group, expressing strong interest in attracting new investments in fertiliser production, energy and industrial infrastructure to support the country's long-term development agenda.

Minister of State in the President's Office responsible for Planning and Investment, Kitila Mkumbo, disclosed this during a visit by a Tanzanian delegation to the Dangote Petroleum Refinery and Petrochemicals in Lagos, Nigeria.

According to the Minister, the visit was aimed at following up on discussions held earlier this year between President Samia Suluhu Hassan and President and Chief Executive of Dangote Industries Limited, Aliko Dangote, regarding the expansion of Dangote Group's investment footprint in Tanzania.

He noted that Dangote already operates Tanzania's largest cement manufacturing plant with an investment valued at approximately $800 million, adding that the company continues to play an important role in the country's industrial development.

"We have come here to make a follow-up on what they deliberated with our President in terms of further Dangote investments in Tanzania," Mkumbo said.

He explained that Tanzania is particularly interested in Dangote Group's expertise in fertiliser production and refinery operations, describing the company's industrial capabilities as critical to supporting East Africa's economic growth.

Beyond the proposed investments, the Minister said stronger collaboration between Tanzania and Dangote Group would further enhance economic cooperation across Africa under the African Continental Free Trade Area (AfCFTA).

According to him, although African countries have maintained strong political relationships over the years, the continent must now prioritise economic integration through industrialisation.

"Africa now needs economic liberation, and that can only come through industrialisation," he said.

Mkumbo described Dangote as Africa's leading industrialist whose investments are increasingly extending beyond Nigeria to support development across the continent.

He added that Tanzania looks forward to working with Dangote Group as part of a broader vision of accelerating Pan-African industrialisation and strengthening regional manufacturing capacity.

The Minister also highlighted the importance of local refining capacity in improving Africa's energy security, particularly in light of recent disruptions in global oil markets.

Referring to the impact of tensions around the Strait of Hormuz on global fuel prices, he said increased refining capacity from facilities such as the Dangote Petroleum Refinery would help cushion African economies against external shocks.

According to him, affordable and reliable energy remains one of the most important drivers of economic development, noting that expanded refining capacity across the continent would contribute significantly to lowering energy costs and improving the quality of life for millions of Africans.

The visit forms part of ongoing engagements between the Government of Tanzania and Dangote Group aimed at exploring new opportunities for strategic investment, industrial development and regional economic integration.

Credit Dangote Group PR

The Nigerian National Petroleum Company Limited (NNPC Ltd.) says the recently concluded oil licensing round falls within the statutory mandate of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The company made the clarification in a statement issued in Abuja on Saturday by its Chief Corporate Communications Officer, Andy Odeh.

The clarification followed recent media reports which was attributed to the Oil and Gas Professionals Forum (OGPF), questioning the performance of NNPC Limited’s management under its Group Chief Executive Officer, Bayo Ojulari, particularly on the licensing round.

Odeh said under the Petroleum Industry Act (PIA) 2021, the conduct of oil licensing rounds and allocation of oil blocks were the statutory responsibilities of NUPRC.

He said the NNPC Limited since its incorporation, had operated strictly as a commercial entity and did not possess regulatory or allocative powers, while its crude oil production had recorded sustained growth under the current leadership.

“As of April 2025, average crude oil production stood at 1.60 million barrels per day (mbpd) inclusive of condensate.

“Output rose through the second half of 2025 and stabilised at 1.67 mbpd inclusive of condensate, by April 2026.

“This is an increase of approximately 80 thousand barrels per day which represents 6 per cent growth.

“These figures are documented in NNPC Limited’s Monthly Performance Report, which is available to the public.
On Gas Production.

“Gas production output increased from an average of 7,354 million standard cubic feet per day (mmscfd) in April 2025 to 7,729 mmscfd in April 2026, representing five per cent growth,” he said.

He added that it reflected expanding gas production to support domestic energy security and export commitments.

He reiterated the company’s commitment to transparency and open engagement on matters concerning its operations and performance.

Odeh urged industry analysts and professional associations to verify information through appropriate  channels before publication.

He said that NNPC Limited reserved the right to take necessary steps to protect its reputation and that of its leadership against false or unsubstantiated claims.

“Such verification will help ensure that public commentary remains factual, balanced and constructive to informed discourse on Nigeria’s energy sector,” the statement quoted Odeh as saying.

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President Bola Tinubu has welcomed Nigeria’s formal admission as the newest National Member Committee of the World Energy Council (WEC).

Tinubu described the development as a proud moment for the country and a strong vote of confidence in Nigeria’s energy reforms and leadership role in Africa.

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

The president said Nigeria’s admission into the century-old global network of more than 100 countries would enable it to play a greater role in shaping global energy discourse.

According to him, the development will strengthen Nigeria’s voice on issues of energy security, equity and sustainability.

Tinubu congratulated the inaugural leadership of WEC Nigeria, led by Abdulrazaq Isa as Chairman and Bala Wunti as Chief Executive Officer.

He also congratulated other distinguished Nigerians drawn from the energy industry, regulatory institutions, finance, academia and the Future Energy Leaders community who will serve on the inaugural board.

The president described Isa as a distinguished patriot and trailblazing industrialist whose investments in indigenous refining and industrial energy had expanded opportunities for Nigerian enterprise.

He also praised Wunti as one of Nigeria’s finest energy strategists and reform champions.

Tinubu said Wunti’s more than three decades of service had been marked by landmark reforms that enhanced national revenues and restored investor confidence in the energy sector.

The president noted that the composition of the board reflected a blend of experienced industry leaders, regulators, finance experts and youth representatives.

He said the combination would provide the balance, neutrality and credibility needed for WEC Nigeria to succeed.

“Nigeria has joined the World Energy Council to lead, not just participate – to ensure Africa’s voice shapes global energy decisions,” Tinubu said.

The president reaffirmed the Federal Government’s support for WEC Nigeria as a neutral and technology-agnostic platform for policy dialogue, investment mobilisation and innovation.

He also reiterated Nigeria’s commitment to working with the WEC in London and its global community to promote secure, affordable and sustainable energy.

Tinubu wished the Chairman, Chief Executive Officer and members of the inaugural board success in their new responsibilities.

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For independent oil and gas players in Nigeria to optimise the value of their assets, boost returns on investments and ensure resilient systems, they must get asset integrity right, fix obsolescence in their operations and consciously work on life extension of their assets, the CEO Seplat Energy, Engr. Effiong Okon has said.

Okon said this during the Panel Session Two (2)  of the 49th Nigeria Annual International Conference and Exhibition (NAICE) organised by the Society of Petroleum Engineers (SPE) in Lagos themed “Building Resilient Energy Systems in a Rapidly Evolving Energy Landscape”.

According to him, critical equipment must be maintained at top quartile performance of 95 per cent, meaning that 95 per cent of the time, equipment should be running. “When you do all that, you drive down unscheduled deferment. In fact, you must follow your oil and gas molecules from reservoir to export. The approach is all encompassing – you must understand your reservoir capacity, well capacity, your flow line and surface facilities. These mean a total understanding of the asset,” he emphasised.

On ways of further reducing cost in operations, he said effective water treatment, ending routine flares and monetising every gas molecule as against paying penalties on flares, cutting a few redundancies for evacuation routes, and building capacity around logistics and outsourcing would significantly impact operations.

The Seplat CEO equally called for deliberate investment in human capital to really understand the sub-surface, wells and facilities. According to him, the right knowledge could then be driven by requisite capital raising, which ultimately drive value optimisation. He, therefore, called on SPE to raise more engineers to cover the skills gap and drive efficiencies in the Nigerian oil and gas space.

Speaking on Seplat Energy’s commitment to advancing shareholders’ value, Okon said the company had returned massive value to shareholders in form of share appreciation and dividend payouts over the year whilst also balancing that with capital allocation targeted at further building the company for the future.

He said the company had distinguished itself in the area of gas development and performance domestically, saying that the shallow water business has got about 12TCF of gas, which will be unlocked, accelerated and monetised more than the company had ever done.

“We are indeed trailblazers when it comes to domestic gas development. We are also doing a lot of Liquefied Petroleum Gas (LPG) in the domestic market to displace biomass and contribute in addressing carbon intensity issues,” he said.

Credit Seplat Energy PR

Dangote Petroleum Refinery has announced a reduction in the ex-depot prices of Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel), effective Thursday 6th of August, thereby reaffirming its commitment to providing affordable, high-quality petroleum products to the Nigerian market.

Under the new pricing structure, the refinery has reduced the ex-depot price of PMS to N1,165 per litre, down from N1,215 per litre, representing a reduction of N50 per litre. Similarly, the ex-depot price of Diesel has been reduced to N1,570 per litre from N1,650 per litre, amounting to a decrease of N80 per litre.

The price review reflects Dangote Refinery’s ongoing efforts to enhance energy affordability, improve access to refined petroleum products, and support economic activities across Nigeria. The refinery remains committed to ensuring stable supply while leveraging operational efficiencies to deliver value to consumers, businesses, and stakeholders.

As Africa’s largest refinery, Dangote Petroleum Refinery continues to play a pivotal role in strengthening Nigeria’s energy security, reducing reliance on imports, and supporting the nation’s economic development through the supply of world-class petroleum products.

The company reaffirmed its dedication to contributing to the growth of the Nigerian economy and passing on the benefits of improved operational efficiencies to consumers whenever market conditions permit.

Credit Dangote Group PR

The Presidency says the strong financial performance recorded by many companies listed on the Nigerian Exchange in the first half of 2026 reflects key economic reforms implemented by President Bola Tinubu administration.

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

According to Onanuga, one of the most significant reforms was the unification of the foreign exchange market, which established a single market-determined exchange rate.

The presidency said the policy improved price discovery and enabled firms with substantial foreign currency exposure to more accurately reflect the value of their dollar-denominated revenues.

It noted that export-oriented and foreign exchange-earning firms such as Aradel Holdings and Seplat Energy particularly benefited from the reform.

The presidency said the administration further strengthened investor confidence in the energy sector through the approval of major upstream oil and gas transactions.

Among the approvals were the Renaissance Africa Energy consortium’s acquisition of Shell Petroleum Development Company (SPDC) assets and Seplat Energy’s acquisition of Mobil Producing Nigeria Unlimited (MPNU) assets.

According to the presidency, the transactions expanded reserves, increased production capacity and enhanced the long-term growth prospects of the affected companies.

It said the approvals also reduced regulatory uncertainty and deepened indigenous participation in the petroleum sector.

It added that Tinubu’s approval of naira payments for crude oil had supported local refining and contributed to the emergence of the Dangote Refinery as a net exporter of Premium Motor Spirit (PMS) and aviation fuel.

The presidency said manufacturing and industrial firms also benefited from improved access to foreign exchange and a more predictable currency market.

It listed companies such as Dangote Cement, BUA Cement and HBM, formerly Lafarge Africa, as beneficiaries of the improved operating environment.

According to it, better foreign exchange availability reduced operational bottlenecks, strengthened supply-chain planning and supported higher production volumes.

The presidency also attributed improved corporate performance to the removal of the petrol subsidy, which it said enhanced government finances and reinforced macroeconomic stability.

It noted that increased fiscal capacity had boosted infrastructure investment, improved revenue mobilisation and strengthened investor confidence.

It also  said that tighter monetary management, banking sector recapitalisation and ongoing financial sector reforms had further improved the business environment.

The presidency added that exchange-rate stability, moderating inflationary pressures and improved liquidity conditions had enabled firms to make long-term investment decisions with greater certainty.

The presidency said ongoing tax reforms aimed at simplifying administration and broadening the revenue base had also reduced structural inefficiencies.

It said the combination of these reforms had improved market efficiency, strengthened macroeconomic stability and enhanced capital allocation.

It said the substantial increases in revenue and earnings before tax recorded by many listed firms were evidence of the positive impact of the administration’s reform agenda.

The presidency added that the results demonstrated how comprehensive structural reforms could translate into measurable improvements in corporate performance and broader economic growth.

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The Nigerian Communications Commission (NCC) has handed over the Digital Industrial Park and the Digital Bridge Institute (DBI), to the Enugu State Government on a 15-year operational lease agreement.

The two digital assets were officially transferred to the state government during a ceremony at the Government House, Enugu, on Tuesday.

Speaking during the signing of the agreement, Aminu Maida, the Executive Vice Chairman and Chief Executive Officer of the NCC, said the facilities were among six digital industrial parks established across the country to promote innovation, entrepreneurship and human capital development.

He explained that the facilities were designed to deepen digital skills, support startups, attract investments and create jobs.

Maida said it would also position Nigeria as a competitive destination for Business Process Outsourcing (BPO), Knowledge Process Outsourcing (KPO) and other technology-enabled services.

According to him, the infrastructure was built not merely as physical assets but as platforms for developing the people and enterprises that would drive Nigeria’s digital economy.

Maida stressed that infrastructure only delivered value when effectively utilised, noting that innovation was driven by people, ideas and entrepreneurs working in partnership.

“The success of these facilities will not be measured by the quality of the buildings or equipment, but by the skills acquired, ideas developed, businesses created and jobs generated,” he said.

He expressed confidence that the Enugu State Government had demonstrated the vision and commitment needed to maximise the facilities through investments in education, innovation, infrastructure and digital capacity.

The executive vice chairman said the partnership would support Enugu’s ambition to become a leading destination for digital services, Artificial Intelligence (AI), startup incubation, outsourcing, research and technology-enabled enterprises.

He added that the collaboration aligned with the Federal Government’s digital economy agenda and President Bola Tinubu’s Renewed Hope Agenda, which sought to build a $1 trillion economy driven by productivity, innovation and private sector growth.

He emphasised that Nigeria’s digital future would require collaboration among the Federal and state governments, the private sector, academia and development partners.

Responding, Governor Peter Mbah described the handover as a historic milestone that would position Enugu as Nigeria’s leading digital economy hub through strategic investments in artificial intelligence, digital innovation and talent development.

He announced that the Digital Industrial Park would be transformed into the Enugu Talent City, a knowledge-driven outsourcing hub providing Business Process Outsourcing and Knowledge Process Outsourcing services.

According to the governor, the initiative would enable talented young people in the state to provide services to global companies without leaving Enugu.

Mbah also disclosed that the Digital Bridge Institute would be upgraded into a world-class AI Institute and an AI certification centre serving the African continent.

“We see these assets as facilities that will deepen innovation in our state, unlock opportunities, create employment and position Enugu as a leading digital economy in this country,” he said.

The governor noted that artificial intelligence was projected to contribute about $20 trillion to the global economy by 2030, stressing the need to equip Nigerian youths with relevant digital skills to compete globally.

Earlier, the Special Adviser to Mbah on SMEs and Digital Economy, Arinze Chilo-Offia, said the handover would enhance growing partnership between the Enugu State Government and the NCC.

Chilo-Offia thanked the NCC leadership for entrusting the facilities to the state, describing the collaboration as a major boost to Enugu’s ambition of becoming Nigeria’s premier destination for digital innovation, technology-driven investment and high-value employment.

Also speaking, a Non-Executive Commissioner of the NCC, Ikechukwu Ugwuegede, expressed confidence in the Enugu State Government’s capacity to maximise the facilities to advance Nigeria’s digital economy.

He said that both facilities were university-sized and strategically located along the Enugu-Ugwogo Expressway and the GRA Expressway.

Offiah said that they would serve as major centres for innovation, digital skills development and economic growth in the state.

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The Central Bank of Nigeria (CBN) says the recent stability in the foreign exchange market, rising external reserves, easing inflation show, are its ongoing monetary reforms that are producing positive results.

The CBN Governor, Olayemi Cardoso, represented by the Acting Director of Corporate Communications and Investor Relations, Hakama Sidi-Ali, said this on Tuesday at the CBN Fair in Gombe.

The theme of the fair was: “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development.”

Cardoso said headline inflation fell slightly from 15.93 per cent in May 2026 to 15.91 per cent in June, while core and food inflation also declined.

He attributed the improvement to disciplined monetary tightening, exchange rate reforms, and improved market transparency.

According to him, the naira has become more stable, with the gap between the official exchange rate and Bureau de Change rates falling to below two per cent.

“The naira continues to strengthen, with the spread between official and Bureau de Change rates now below two per cent,” he said.

Cardoso said Nigeria’s external reserves had risen above 52.5 billion dollars as of July 17, 2026, describing it as the highest level in 17 years and above the CBN’s annual target.

He said the increase was driven by sustained inflows and renewed investor confidence in the Nigerian economy.

According to him, the CBN has introduced several reforms over the past 34 months to support sustainable economic growth, create jobs, and reduce poverty.

The reforms include the unification of the foreign exchange market, banking sector recapitalisation, the non-resident Bank Verification Number, the B-Match foreign exchange trading system, the Nigeria Payments System Vision 2028.

He also said the introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits was aimed at improving liquidity management and reducing inflationary pressure.

Cardoso said the CBN had worked with the Financial Markets Dealers Association to introduce the Nigerian Overnight Financing Rate as a benchmark for short-term funding transactions.

He said the rate would provide a transparent, market-based reference and align Nigeria’s money market with international standards.

Speaking on the theme of the fair, Cardoso said the CBN remained committed to promoting alternative payment channels to deepen financial inclusion and support economic activities.

He said the fair provided an opportunity for the bank to engage directly with citizens, businesses, and other stakeholders, explain its policies, and receive feedback.

“The fair is one of the bank’s platforms for engaging the public on its policies and programmes,” he said.

He urged participants to ask questions and seek clarification on the bank’s operations, including financial consumer protection, payment system innovations, microfinance, monetary policy, and the proper handling of the naira.

The CBN scribe also urged Nigerians to obtain information on CBN’s policies only from the bank’s verified platforms.

He warned against spraying, hawking, mutilating, or counterfeiting the naira, describing the national currency as a symbol of the country’s pride.

Earlier, the CBN Branch Controller in Gombe, Yunusa Buba-Mubi, said the fair formed part of the bank’s public engagement activities.

Buba-Mubi said it was designed to educate the public on the CBN’s policies while giving citizens and stakeholders the opportunity to provide feedback.

He urged participants to listen carefully to the presentations, ask questions, and share their views. 

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Effiong Okon, Chief Executive Officer, Seplat Energy Plc, has called for more collaboration, increased investment and faster gas development to help Nigeria emerge as a reliable global energy supplier amid shifting geopolitical and energy market dynamics.

Okon made the call while delivering the keynote address at the 49th Nigerian Annual International Conference and Exhibition (NAICE 2026) of the Society of Petroleum Engineers (SPE) Nigeria Council on Monday in Lagos.

He said Nigeria should leverage global energy supply uncertainties by improving production reliability, expanding gas infrastructure and strengthening investor confidence.

Speaking on the conference theme, “Thriving in the Evolving Global Energy Landscape: Collaborative Growth and Resilience”, Okon said that energy remained the foundation of economic prosperity.

He added that sustainable development depends on reliable and affordable energy.

He said recent geopolitical tensions, including disruptions around the Strait of Hormuz, had reinforced the importance of energy security, with the global market increasingly seeking dependable producers capable of maintaining stable supplies during periods of uncertainty.

“The world is asking who can deliver energy reliably when the system is stressed. This is Nigeria’s moment to lead by improving uptime, securing routes, delivering more products to the market and deepening gas infrastructure.”

Okon advocated an energy transition focused on “energy addition” rather than “energy subtraction”, saying Nigeria requires more electricity, gas, responsible oil production and commercially viable renewable energy.

According to him, natural gas remains central to Nigeria’s industrialisation agenda, with the capacity to power industries, fertiliser and petrochemical plants, data centres, compressed natural gas (CNG), liquefied petroleum gas (LPG) and cleaner cooking solutions.

He said Africa’s vast energy resources would only translate into prosperity through investment in infrastructure, industrialisation and job creation.

Highlighting Seplat Energy’s performance, Okon said the company recorded an average working interest production of 131,506 barrels of oil equivalent per day in 2025, representing a 148 per cent increase over the previous year.

He added that the company restored 49 idle offshore wells, increasing gross production capacity by 48,600 barrels of oil equivalent per day.

Okon said Seplat currently supplies up to 30 per cent of Nigeria’s grid-connected gas for power generation through its Oben, Sapele and ANOH gas facilities.

He expressed confidence that the company would surpass its 2025 performance in 2026, citing strong first-half operational results.

The Seplat CEO also reaffirmed the company’s support for the Nigerian National Petroleum Company Limited’s (NNPC Ltd.) target of producing three million barrels of oil per day and 12 billion standard cubic feet of gas daily by 2030.

He urged industry stakeholders to prioritise infrastructure reliability, expand gas-to-industry projects, produce lower-cost and lower-carbon energy, strengthen public-private collaboration and invest in developing skilled professionals.

Okon commended the SPE Nigeria Council for sustaining NAICE over the past 49 years, describing it as a leading platform for technical, commercial and policy dialogue in Nigeria’s energy industry.

He noted that the keynote address coincided with his first official day in office as Seplat Energy’s Chief Executive Officer, describing it as an honour to begin his tenure before the SPE community, of which he has been a member since his university days.

Okon reaffirmed Seplat Energy’s commitment to responsible oil production, gas-led industrialisation, lower-carbon operations and partnerships that would advance Nigeria’s energy sector. 

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Seplat Energy Plc has signed a binding Heads of Agreement with the Nigerian National Petroleum Company Limited (NNPC Ltd.) to sell a 10 per cent working interest in the NNPCL/Seplat Energy Producing Nigeria Unlimited (SEPNU) Joint Venture for 281.6 million dollars.

The company disclosed this in a corporate filing with the Nigerian Exchange Limited (NGX) on Thursday.

Seplat said the agreement was executed through its subsidiaries, Seplat Energy Offshore Limited (SEOL) and Seplat Energy Producing Nigeria Unlimited (SEPNU), following earlier discussions with NNPC Limited.

It said the transaction remained subject to regulatory approvals and other customary conditions, with completion expected in the second half of 2026. The effective date of the transaction is April 1.

Upon completion, SEPNU will retain a 30 per cent working interest in the joint venture and continue as operator, while NNPC Limited’s interest will increase from 60 per cent to 70 per cent.

The company added that Seplat Energy would continue to own 100 per cent of the share capital of SEPNU.

Seplat said it planned to deploy the transaction proceeds in line with its capital allocation strategy, with about half earmarked for debt reduction and the balance for enhanced shareholder returns.

According to the company, about 140 million dollars, equivalent to 23.3 U.S. cents per share, will be distributed as a special cash dividend to shareholders upon completion, in addition to its regular dividend.

It said it also planned to repay up to 300 million dollars in gross debt, noting that 200 million dollars under its Advanced Payment Facility had already been settled in the second quarter of 2026, while the remaining 100 million dollars would be repaid after the transaction closes.

Seplat said the disposal would not affect the joint venture’s 2026 production target, although SEPNU’s contribution to the group’s overall production guidance would decline following the transaction.

It added that its long-term production target for 2030 would be revised to 170,000 barrels of oil equivalent per day (boepd) from 200,000 boepd, while group 2P reserves would decline by about 13 per cent to 872.9 million barrels of oil equivalent upon completion.

Commenting on the transaction, the Chief Executive Officer of Seplat Energy, Roger Brown, described the NNPCL/SEPNU Joint Venture as one of Nigeria’s most strategic oil assets.

He said the company remained aligned with NNPC Limited on delivering value from the joint venture and unlocking its long-term production potential.

Brown added that Seplat’s strong financial position would enable it to use the proceeds to reward shareholders, reduce leverage and strengthen future cash flows.

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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 six months ended 30 June 2026, declaring US 12.0 Cents total dividend per share for the period, with its Profit After Tax (PAT) for the period rising by 498 per cent to $164m.

The energy company grew its revenue to $1.82bn from $1.398bn Year-on-Year with cash generated hitting $985.9m.

Production averaged 139,509 boepd in 6M 2026 up 4 per cent from 6M 2025 (134,492 boepd), within 2026 guidance (135 - 155 kboepd). Working interest oil production of 99,518 bopd and gas of 182.9 MMscfd in 6M 2026.

Group production in 2Q 2026 averaged 149,070 boepd, up 9 per cent from 2Q 2025 (137,207 boepd) and up 15 per cent from 1Q 2026 (129,841 boepd).

Gross profit for the period stood at $815.9m rising by 68 per cent Year-on-Year from $484.6m.

The Group operated assets delivered 18.8 million man-hours without LTI.

The agreement reached with NNPC Limited to sell a 10 per cent interest in the NNPCL-SEPNU Joint Venture (JV) is expected to further enhance shareholder returns, bringing total expected dividend for 2026 to USD 68.3 cents/share ($410 million).

 Operational highlights

• Production averaged 139,509 boepd in 6M 2026 up 4% from 6M 2025 (134,492 boepd), within 2026 guidance (135 - 155 kboepd). Working interest oil production of 99,518 bopd and gas of 182.9 MMscfd in 6M 2026.
• Group production in 2Q 2026 averaged 149,070 boepd, up 9% from 2Q 2025 (137,207 boepd) and up 15% from 1Q 2026 (129,841 boepd).
• Onshore production contribution of 60,690 boepd, up 11% YoY (6M 2025: 54,831 boepd).
• Strong production performance on West, East and Elcrest in 2Q 2026 supports YoY growth.
• Offshore production contribution of 78,819 boepd, down 1% vs. 6M 2025: 79,660 boepd.
• Idle well restoration programme continued its strong performance, 26 kbopd gross JV production capacity added in 6M 26 from 24 wells.
• NGLs delivered strong YoY growth, WI production of 8,459 bopd (6M 2025: 3,772 bopd).
• Carbon emissions intensity for the group: 33.5 kg CO2/boe 18% lower YoY (6M 2025: 41.0 kg CO2/boe). Onshore operated emissions intensity reduced 37% on 6M 2025, reflecting the positive impact of our End of Routine Flaring programme.
• 6M 2026 Lost Time Injury (LTI) free. Group operated assets delivered 18.8 million man-hours without LTI.

Financial highlights

• Positive price environment drives a material improvement in revenue, EBITDA and net income.
• Revenue $1,820 million up 30% on prior year (6M 2025: $1,398 million), average realised oil price $94.13/bbl, a $7.47/bbl premium to Brent.
• Unit production operating cost of $15.8/boe (6M 2025: $12.5/boe), primarily due to Yoho restoration ($14.0/boe excluding Yoho costs).
• Adjusted EBITDA of $939 million, up 28% on prior year (6M 2025: $735.0 million).
• Net income increased to $164.0 million, up 498% YoY. Earnings per share USD 26.6 cents, up 565% YoY (6M 2025 USD 4.0 cents).
• Cash generated from operations of $985.9 million, up 29% on prior year (6M 2025: $766.2 million).
• Cash capital expenditure of $109.8 million (6M 2025: $96.5 million), higher run-rate expected in 2H 2026.
• Repaid early and cancelled $200 million under the Advanced Payment Facility, balance reduced to $100 million.
• Balance sheet remains strong, end-June cash at bank $433.8 million (FY 2025: $332.3 million), excluding $130.8 million restricted cash.
• Net Debt at end-June of $370.7 million down 45% since YE2025 ($673.3 million). Net Debt/EBITDA improves to 0.25x from 0.53x FY25.
• Credit ratings changes: S&P upgraded Seplat to B+ in May 2026

Dividend Update

• 2Q 2026 declared dividend of USD 12.0 cents/share ($72 million), consisting of USD 5.0 c/shr core and USD 7.0 c/shr special dividend.
• Planned full year dividend of USD 45.0 cents/share ($270 million), based on strength of underlying business performance and management confidence in 2026 outlook. Represents 80% dividend growth YoY.
• In addition, and subject to completion, the company plans to distribute a Transaction dividend of USD 23.3 cents/share ($140 million). Combined with the planned dividend from the business, 2026 dividend is expected to grow to USD 68.3 cents/share ($410 million), up 173% YoY, and representing 41% of our planned 2026-2030 $1 billion dividend target.

Corporate Update and 2026 Outlook

• Agreement reached to sell a 10% interest in NNPCL-SEPNU JV to NNPC Ltd (further details in separate RNS).
• Headline transaction value of $281.6 million, represents 25% of Seplat’s acquisition costs to date.
• Completion expected in 2H 2026. Upon completion, proceeds will be split ~50:50 between a transaction dividend and debt repayment.
• 2026 guidance will be updated following completion of the transaction. Current guidance is as follows:
• Production guidance unchanged at 135-155 kboepd, tracking towards mid-point of the range.
• Capex guidance remains $360-440 million, with expenditure biased to 2H 2026.
• Unit operating cost guidance revised to $14.5-$15.5/boe. Guidance range is $1.0/boe higher than plan, driven by higher Yoho costs.

Board & Management Changes

• As previously announced, on 1st August 2026, Engr. Effiong Okon will succeed Mr. Roger Brown as Chief Executive Officer and Executive Director on the Board of Seplat Energy.
• As previously announced, on 1st January 2027, Mr. Tony O. Elumelu, CFR will succeed Senator Udoma Udo Udoma as Chairman of the Board of Seplat Energy.
• Dr. Emma FitzGerald, Independent Non-Executive Director, has given notice that she will retire from the Board on 31 December 2026. The Board has commenced a process to identify a suitable independent replacement.

Commenting on the results, Mr. Roger Brown, Chief Executive Officer, said: “As I hand over leadership of Seplat, the Company is stronger than ever. Production improved from the first quarter and remains on track to grow further in the second half of 2026 as temporary restrictions are lifted and planned activities are completed.

Our first-half performance benefited from a supportive commodity price environment, translating into strong cash generation. Given the limited visibility on how long these elevated prices may persist, we prioritised balance sheet strength during the quarter, repaying $200 million of our outstanding APF debt, equivalent to 20 per cent of gross debt. At the same time, robust cash flows enabled us to continue enhancing shareholder returns.

Our declared quarterly dividend of USD 12.0 cents per share represents a new quarterly high-water mark, up 33 per cent on 1Q 2026 and 161% higher than 2Q 2025. With continued strong business performance and the announced sale of a 10 per cent interest in our offshore JV to NNPC Limited, means that total dividends paid for the current financial year are expected to represent nearly 50% of all previous dividend paid to shareholders.

The performance of our offshore business over the past 18 months has reinforced our conviction in the quality and scale of the opportunity within the portfolio. As I hand over to Effiong, I do so with great confidence. He brings the experience, capability and operational focus needed to unlock the next phase of value creation, supported by an exceptional team with a proven track record that continues to deliver for our shareholders, host communities and wider stakeholders.”

Credit Seplat Energy PR

President Bola Tinubu says Nigeria has recovered from the brink of bankruptcy, with the economy stabilised and security efforts gaining momentum under his administration.

The President spoke on Tuesday while receiving a delegation of the Catholic Bishops’ Conference of Nigeria at the State House, Abuja.

The delegation was led by the conference’s President and Archbishop of Kaduna, Most Rev. Matthew Ndagoso.

Responding to concerns raised by the bishops, Tinubu said his administration had made significant progress in stabilising the economy and improving citizens’ living conditions.

“I can tell you categorically, now with sincerity, that the country has been placed on sound footing. The economy has recovered.

“The alarm for bankruptcy, the dark tunnel of uncertainty that we entered into when I came in, has changed,” he said.

Tinubu said he inherited both assets and liabilities but had restored stability in spite of the economic challenges confronting the nation.

“This government has stabilised and has prosperity on the horizon. The quality of life is improving,” the President said.

He said uninterrupted academic calendars in public universities demonstrated the administration’s commitment to education and national development.

“None of your children in the university today can say a four-year course is no longer four years. They are not on strike. Is that not an answer to our prayers?” he asked.

On security, Tinubu acknowledged persistent threats but assured Nigerians that government was strengthening military capacity to combat terrorism effectively.

“I inherited the challenges. I didn’t run away. I asked for this job, and I’m in it,” he said.

The President disclosed that he had approved the expansion of the Nigerian Army, promising additional resources for equipment, barracks, stations and operations against terrorists.

“We all must fight terrorism together. We have that responsibility to our nation and to our society,” he told the bishops.

Speaking on preparations for future elections, Tinubu maintained that the Independent National Electoral Commission (INEC) remained impartial.

He said: “The opportunities are equal. INEC is neutral. They have never intimidated anyone.

“If political opponents are crying wolf, maybe they are afraid of their own shadows and uncertainty in the companies they keep, not me.”

Tinubu also defended the Nigerian Education Loan Fund (NELFUND), describing it as a transformative initiative widening access to higher education.

“NELFUND is doing wonders to our children. They are even earning stipends while they are in the universities,” he said.

Responding to calls for the return of mission schools, the President said responsibility rested with state governments under the constitution.

“The schools are in the states. Preach to the governors of your states. There is no need for constitutional amendment for that,” he said.

Tinubu reaffirmed that education remained the most effective weapon against poverty and ignorance while stressing that Nigeria’s diversity should remain a source of strength.

“I won’t deviate from our national identity. Diversity is the backbone of our prosperity and the future stability of this country,” he said.

Earlier, Ndagoso urged the Federal Government to ensure free, fair and credible elections in 2027, intensify efforts against insecurity and kidnappings, and implement policies that improve citizens’ welfare.

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The Federal Airports Authority of Nigeria (FAAN) has unveiled its 2025 By-Laws, marking the first comprehensive review of the Authority's regulatory framework in 21 years.

The new by-laws were officially launched by the Chairman of the FAAN Board, Abdullahi Umar Ganduje, who commended the Management for successfully reviewing the legal framework to reflect current realities in the aviation industry. He described the revised by-laws as a significant milestone that will strengthen airport governance and enhance operational efficiency across the Authority.

Speaking at the unveiling, the Managing Director/Chief Executive of FAAN, Olubunmi Kuku, said the previous by-laws, last reviewed in 2005, had become outdated and were no longer effective in addressing the demands of the modern aviation environment.

She explained that the 2025 By-Laws were developed in line with current aviation realities and FAAN's evolving operational framework to ensure the Authority remains responsive to emerging challenges and global best practices.

According to Kuku, the revised by-laws will serve as a comprehensive operational guide for FAAN staff, airport users, stakeholders and relevant partners, while promoting safer, more secure and commercially viable airport operations across the country's airport network.

She added that the new framework reinforces FAAN's commitment to regulatory compliance, operational excellence and improved service delivery in Nigeria's aviation sector.

Credit FAAN PR

Zenith Bank Plc has been named “Africa’s Best Bank” and “Nigeria’s Best Bank”, the latter for the second consecutive year, at the prestigious Euromoney Awards for Excellence 2026, clinching the biggest and most coveted national and continental awards in banking.

The awards were presented to the Bank on Thursday, 16 July 2026, at The Peninsula London Hotel, London. This dual recognition is a testament to the Bank’s sustained excellence in financial performance, customer service, digital innovation, and its contribution to economic development across Nigeria and the wider African continent.

The Euromoney Awards for Excellence are among the most respected in the global financial industry, evaluating banks on criteria including strategy, profitability, risk management, digital transformation and impact on stakeholders. Victory at the awards is regarded as a mark of the highest distinction in global banking. This year’s edition attracted a record of over 770 entries from world-class financial institutions including HSBC, Morgan Stanley, Citibank, Barclays, Standard Bank and DBS Bank of Singapore.

Commenting on the awards, the Group Managing Director/CEO of Zenith Bank Plc,. Adaora Umeoji, said, “We are deeply honoured by these recognitions from Euromoney. Being recognised as Africa’s Best Bank and Nigeria’s Best Bank reflects the trust of our customers, the dedication of our unicorn workforce, and our unwavering commitment to building a truly African global financial institution. These awards inspire us to do even more to deliver superior value, drive financial inclusion, and support the growth of businesses across Africa.”

The GMD commended the regulators across the various jurisdictions where the Bank has footprints for the enabling regulatory environment which has supported the Bank in achieving this feat.

She dedicated the award to the Founder of Zenith Bank Plc, Jim Ovia, thanking him for his vision and excellence which have been instrumental to the Bank’s success.

Zenith Bank has continued to deliver strong financial results while accelerating investments in technology, artificial intelligence, and digital banking solutions. In the 2025 financial year, the Bank grew gross earnings by six per cent year on year to ₦4.19 trillion and delivered profit after tax of ₦1.04 trillion, while reducing its non-performing loan ratio from 4.7 per cent to 3.8 per cent. In keeping with its dividend policy, Zenith Bank rewarded its investors with a record-breaking total dividend of N10.00 per share (totaling N410.69 billion) for the 2025 financial year. This represents a 100% increase over N5.00 per share paid in 2024. The Bank has also deepened its pan-African presence and expanded trade and transaction banking capabilities to connect businesses across key markets.

Euromoney is the leading authority for global banking and financial markets, and this latest recognition adds to Zenith Bank’s growing list of local and international accolades, and further cements its position as one of Africa’s leading financial institutions.

The Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the seventeenth consecutive year in the 2026 Top 1000 World Banks Ranking, published by The Banker and “Nigeria’s Best Bank” at the Euromoney Awards for Excellence 2025.

The Bank was also awarded Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020, 2022, and 2024; Best Bank in Nigeria from 2020 to 2022, 2024 and 2025, in the Global Finance World’s Best Banks Awards; Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023; and was listed in the World Finance Top 100 Global Companies in 2023.

Further recognitions include Best Commercial Bank, Nigeria for six consecutive years from 2021 to 2026 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in the International Banker 2023, 2024 and 2026 Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for five consecutive years from 2022 to 2026 and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.

The Bank’s commitment to excellence led to Zenith being also named the Most Valuable Banking Brand in Nigeria in The Banker’s Top 500 Banking Brands for 2020 and 2021, Bank of the Year 2023 to 2025 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and 2024 to 2025. The Bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards, Bank of the Year 2024 by ThisDay Newspaper; Bank of the Year 2024 by New Telegraph Newspaper; and Best in MSME Trade Finance, 2023 by Nairametrics. The Bank’s Hybrid Offer was also adjudged ‘Rights Issue/Public Offer of the Year’ at the Nairametrics Capital Market Choice Awards 2025.

Zenith Bank has also earned several non-financial awards, including Most Responsible Organisation in Africa, Best Company in Transparency and Reporting and Best Company in Gender Equality and Women Empowerment at the SERAS CSR Awards Africa 2024.

Credit Zenith Bank PR

31 companies have emerged winners of 37 oil and gas blocks following a keenly contested bidding process at the 2025 Licensing Round held in Abuja.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced the successful bidders at the commercial bid conference held on Tuesday.

A total of 143 companies had submitted 200 bids for 37 out of the 50 oil and gas blocks originally put on offer.

These blocks were drawn from diverse terrains.

The terrains include the Niger Delta Onshore (16), Niger Delta Shallow Water (18), Niger Delta Deep Offshore (one), Benin Basin Onshore (three), Anambra Basin Onshore (four), Chad Basin Onshore (four) and Benue Trough onsure (four).

Of the 50 blocks on offer, 37 received bids while no bids were submitted for the remaining 13. The 37 blocks that attracted bids were drawn from all the terrains, including the frontier basins like the Benue Trough, Chad Basin, Anambra Basin and the Benin Basin.

This is the first time in Nigeria’s energy history that frontier basins would attract such level of investor interest.

The companies that emerged winners of the 2025 Licensing Round include SSonic Petroleum Limited (PPL 2A29), CFP Pipeline and Flowlines (2A30), Dutchford E&P Limited (2A32), Attabanson Global Company Limited (2A33 and PPL 901) and Rosem Energy Limited (2A38).

Other winners include Pivot-GIS Limited (2A39), Network E&P (2A40), Asharami (2A41), LexOil (2A42), BVOF (2A43), Gupsco Energy Limited (2A44 and 2A51), Saratoga (2A45), Volante (2A46), Concept-Reel Petroleum Services Limited (2A47 and 2A55) and Clinton Oil Field (2A48 and 2A62)

Others are Nuway Oaklane Limited (2A49), Ramec (2A50), Italia (2A53), Blueridge E&P (2A54), Up Energies Limited (2A56), AYM Shafa (2A57), Blackrock Holdings Limited (2A58), Funtay Integrated Business Limited (2A59) and Riparian Development and Production Limited (2A60).

There was also Nikstallis (2A61 and PPL 900), Stardeep Petroleum (PPL 2010), Dakoda & U Limited (PPL308 and PPL 800), Southborne Oil and Gas Limited (PPL 902), Lanaka Petroleum (PPL 903) Highban Resources Limited (PPL 700), Eyre Energy Limited (PPL 801).

In her remarks, the Commission Chief Executive, Oritsemeyiwa Eyesan, said the firms would be presented final awards after the appropriate signature bonus payment and the approval of the Minister of Petroleum Resources.

Eyesan said that it was in line with the Petroleum Industry Act, 2021.

She thanked President Bola Tinubu for supporting the commission to deliver a seamless licensing round.

While congratulating the winners, she urged them to pay their signature bonuses as quickly as possible and also develop their assets or risk losing them in line with the drill or drop provision enforced by the commission.

The commercial bid conference was closely monitored by representatives of the Federal Ministry of Petroleum Resources.

It was also monitored by the Federal Ministry of Finance, the Nigeria Extractive Industry and Transparency Initiative (NEITI) and several other stakeholders in line with the extant laws.

Credit NAN: Texts excluding Headline

The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, says Nigeria’s foreign exchange reserves has presently risen to 52.52 billion dollars.

Cardoso said this on Tuesday in Abuja, while presenting a communique issued at the end of the 306th meeting of the apex bank’s Monetary Policy Committee (MPC).

He had earlier announced the decision of the MPC to retain the Monetary Policy Rate (MPR) at 26.5 per cent.

The committee also retained the Standing Facilities Corridor around the MPR at +50/-450 basis points.

Cash Reserve Requirement (CRR) for Deposit Money Banks was retained at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent

According to Cardoso, gross external reserves rose to 52.52 billion dollars as of July 17, from 50.47 billion dollars
as at end-May.

He said that the rise was mainly as a result of receipts from crude oil-related taxes and third-party inflows.

“This is sufficient to finance approximately 11 months of imports of goods and services, surpassing the international benchmark of three months cover,” he said.

The CBN governor said that headline inflation (year-on-year) eased marginally to 15.91 per cent in June, from
15.93 per cent in May, ending the three consecutive months of uptick in price levels.

He said that the decline resulted from a decrease in the non-food component which offset the increase
in food inflation.

“Food inflation rose to 17.52 per cent in June, from 16.96 per cent in May, reflecting supply constraints.

“However, core inflation moderated to 15.92 per cent in June, from 16.82 per cent in May, largely on the back of exchange rate stability.

“Similarly, the 12-month average inflation rate sustained its decline to 17.63 per cent in June, from 18.36 per cent in May,’ ‘ he said.

He said that it marked the sixth month of consecutive moderation and reflected a slower pace of price increases over the medium term.’

According to him, on a month-on-month basis, headline inflation declined to 1.66 per cent in June from 1.75 per cent in May, driven by a slowdown in core inflation.

He said that real Gross Domestic Product (GDP) expanded by 3.89 per cent in the first quarter of 2026, compared with 4.07 per cent in the preceding period.

“This is largely driven by the resilience of the non-oil sector, which grew by 3.94 per cent, supported by improvements in telecommunications, financial services, trade, transportation, and other services sub-sectors.

“Oil sector GDP growth rate declined to 2.57 per cent in the first quarter of 2026 from 6.79 per cent in the fourth quarter of 2025, due to the maintenance of oil facilities and installations.

“However, recent data showed improvement in economic activities as composite Purchasing Managers Index (PMI) rose to 50.1 index points in June from 49.6 index points in May,” Cardoso said.

He said that output growth was projected to remain resilient into 2026, anchored on the recent improvement in crude oil production, expansionary PMI and the positive impact of timely policy reforms.

“Inflation is projected to moderate further in the medium term on the back of continued stability in the foreign exchange market.

“This will also be due to lagged effect of previous monetary policy tightening and improved food supply conditions as the harvest season approaches,” he said.

He, however, said that the key risk to the outlook remained the severe and prolonged escalation of the
Middle East conflict.

“In the light of these considerations, the MPC reaffirmed its commitment to preserve price and financial system stability.

“The committee remains prepared to take appropriate policy measures guided by evolving macroeconomic conditions,” he said.

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The joint investigation result on an oil spill at Azuzuama Community, Bayelsa has triggered disagreement between Oando, regulators and representatives of the community.

The spill occurred on June 25 along Oando’s six-inch Azuzuama-Tebidaba flow line in Southern Ijaw Local Government Area.

According to a field report by the Environmental Conservation Agriculture and Rural Development (ECARD), the spill which discharged large volumes of crude into the community was caused by ‘induced corrosion’ linked to sabotage.

Reuben Enai, the Director, Petroleum and Pollution, Bayelsa Ministry of Environment, who participated in the joint investigation also reported that the rupture resulted from induced corrosion.

Enai stated that visual examination of the crude delivery pipeline showed marks that suggested deliberate use of acid to cause corrosion at the top section of the pipe.

He argued that natural corrosion could not have caused damage at the ’12 o’clock’ position of the pipeline.

Meanwhile the host community had insisted that the spill resulted from equipment failure and corrosion.

Angasei Perediseghebofa, the Chairman, Azuzuama Community Development Committee, said on Monday in Yenagoa that the outcome of the Joint Investigation Visit (JIV) was faulty.

He said that the visible rust on the exposed pipeline indicated corrosion and not sabotage as claimed by ECARD and the company.

According to him, the testing devices introduced by Oando malfunctioned during the inspection, and prevented a credible determination of the cause of the spill.

Also speaking, Uyabara Boneghen, the committee’s Vice Chairman, questioned the reliability of the testing equipment used by Oando during the JIV.

Boneghen referred to a second leak beneath a platform, saying that the bubbling gas raised another uninvestigated environmental concern in the community.

It would be recalled that JIV is a statutory exercise to probe the cause, estimated spill volume and impacted area in a spill.

Experts say that the divergent views by the regulators, operator and representatives of the host community have rendered the JIV inconclusive.

They urged Oando to immediately contain the spill, clean up contaminated areas, and repair the underwater leak to prevent further environmental damage.

According to them, a separate investigation into the underwater leak will avert prolonged hydrocarbon discharge which can further pollute sources of livelihood in the community.

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In a bid to accelerate Nigeria's clean energy transition, Sterling Bank and StarTimes Nigeria have launched Sterling Solar Financing Hubs inside StarTimes retail outlets. This initiative embeds on-the-spot solar financing at the point of purchase, with a joint target of reaching ₦2 billion in renewable energy financing by the end of 2026.

The initiative builds on an existing partnership that has already facilitated over ₦600 million in solar financing transactions over the past year. The new 2026 target represents more than a threefold expansion, aimed at enabling thousands of Nigerian households and small businesses to transition to reliable, affordable, and sustainable energy.

By embedding Sterling's financing expertise directly within StarTimes' retail network, customers can now walk into participating outlets, select their preferred solar solution, receive financial guidance from dedicated Sterling Solar Financing Advisors, and begin the financing process immediately, subject to the Bank's credit assessment.

Speaking on the partnership, Darlington Nwankwo, Divisional Head, Renewable Energy and Mobility at Sterling Bank, said:

"Sterling exists to enrich lives, and we believe that access to clean, reliable energy should be within everyone's reach. Through this partnership with StarTimes, we are democratising access to solar by bringing financing directly to the point of need, enabling more families and businesses to transition to sustainable energy without the burden of prohibitive upfront costs. This is about unlocking opportunity, improving livelihoods, and powering Nigeria's future."

The first phase of the rollout commences this July with five Solar Financing Hubs across Lagos, located in Lekki, Ikeja, Festac, Surulere, and Victoria Island. The network will expand rapidly to 46 StarTimes outlets nationwide before the end of the third quarter of 2026, with a view to extend the model to more than 200 StarTimes locations nationwide.

Eric Xiao, Vice President of StarTimes Nigeria, added:

“With the rollout of the Sterling Solar Financing Hubs, we are doing more than just selling solar products; we are building a sustainable energy ecosystem. By integrating StarTimes’ extensive service network with Sterling Bank’s professional financial services, we are significantly lowering the barrier for Nigerian households and small businesses to access clean energy. Moving forward, we will continue to deepen this partnership, ensuring that more Nigerians can enjoy reliable, affordable, and smart energy solutions, ultimately turning our vision of energy accessibility into a reality for all.”

As the partnership scales nationwide, Sterling Bank and StarTimes will continue working together to democratise access to clean energy financing, empowering more Nigerians to solarise their homes and businesses while contributing to a greener future.

As one of the pioneering financial institutions in Nigeria with a dedicated Renewable Energy division, Sterling Bank reflects a long-term commitment to financing solutions that drive sustainable development and improve quality of life. Through innovative partnerships such as this, Sterling continues to bridge financing gaps while accelerating the adoption of clean energy across Nigeria.

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Access Bank Plc has secured an unprecedented 16 honours at the prestigious Euromoney Awards for Excellence 2026, marking one of the strongest performances by any African financial institution this year and underscoring its emergence as one of the world’s most respected banking brands.

The awards span customer experience, sustainable finance, SME banking, digital banking, corporate responsibility and market leadership across multiple African markets, reflecting the Bank’s consistent execution of a long-term strategy built on innovation, sustainability, customer-centricity and responsible growth. For stakeholders across global banking, investment and development finance communities, the recognition signals the growing influence of an African institution increasingly shaping the future of banking on the continent and beyond.

For more than three decades, the Euromoney Awards for Excellence have been regarded as one of the most respected benchmarks in international banking. Financial institutions worldwide compete for the awards because they assess not only financial performance, but also leadership, innovation, governance, customer outcomes, strategic execution and long-term value creation.

Access Bank’s 2026 achievements include recognitions for corporate responsibility in Angola, Botswana and Nigeria; digital banking leadership in Cameroon; customer experience excellence in the Democratic Republic of Congo and Kenya (National Bank of Kenya); SME banking leadership in Ghana, Nigeria and Zambia; sustainable finance and ESG leadership in Rwanda and Zambia; and Best Bank awards in The Gambia, Sierra Leone and Zambia.

Collectively, the awards represent validation of a transformation journey that has positioned Access Bank as a leading force in African banking and an increasingly significant player in global financial services.

The breadth of the awards reflects the strength of Access Bank’s operating model and strategic priorities.

Across its markets, the Bank has invested significantly in digital banking capabilities, customer experience, sustainability, SME development, financial inclusion and operational resilience. The recognition also highlights the effectiveness of its governance framework, risk management culture and disciplined execution as it expands across Africa while strengthening international corridors that facilitate trade, investment and economic growth.

Rather than recognising a single initiative, the awards acknowledge a consistent pattern of performance across multiple geographies and business segments, demonstrating that Access Bank’s growth is underpinned by strong fundamentals and a clear strategic vision.

The recognition aligns closely with Access Bank’s mission of connecting Africa to the world and driving sustainable economic opportunities across the markets it serves.

Through its extensive footprint, the Bank continues to support SMEs, advance financial inclusion, empower women-led enterprises, enable youth entrepreneurship and accelerate access to digital financial services. It has also emerged as a leader in sustainable finance and responsible banking, helping businesses and communities transition toward more inclusive and resilient growth.

As African economies become increasingly integrated into global value chains, Access Bank continues to play a critical role in facilitating trade, attracting investment and creating pathways for shared prosperity.

Commenting, Roosevelt Ogbonna, Managing Director/CEO, Access Bank Plc, said: “These awards are a tribute to the trust our customers place in us, the dedication of our employees and the strength of the communities and markets we serve. More importantly, they affirm that our commitment to innovation, customer excellence, sustainability and responsible growth continues to deliver meaningful impact at scale. Across our network, we have remained focused on building solutions that help individuals, businesses and institutions thrive in an increasingly connected world. This recognition validates years of disciplined execution and reinforces our belief that African institutions can compete successfully at the highest global standards. 

“We are deeply grateful to our customers, partners and employees whose confidence and commitment make achievements such as this possible. While we celebrate this milestone, we remain focused on the future, committed to raising the bar for excellence, creating long-term value and supporting Africa’s transformation through world-class financial services,”  Ogbonna added.

For customers, the recognition translates into tangible benefits: better digital experiences, faster and more accessible banking services, stronger security, broader international connectivity and greater confidence in a trusted financial partner. For investors, correspondent banks, development finance institutions, regulators and multinational clients, the awards provide further evidence of Access Bank’s growing scale, resilience and credibility within the global financial ecosystem.

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President Bola Tinubu has unveiled five landmark social and development programmes worth about 3.05 billion dollars to accelerate poverty reduction, strengthen community resilience and deepen investment in human capital.

Tinubu, represented by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, inaugurated the programmes at the Presidential Villa, Abuja.

The initiatives comprise the Nigeria Community Action for Resilience and Economic Stimulus Additional Financing (NG-CARES AF) and the Solutions for Internally Displaced and Host Communities (SOLID).

Others are; the Human Capital Opportunities for Prosperity and Equity (HOPE-GOV, HOPE-PHC and HOPE-EDU).

“This is not just a set of programmes; these are promises kept.

“Today, we act on our pledge by protecting the vulnerable, empowering communities and building the human capital that will carry Nigeria forward,” Tinubu said.

He said the programmes formed a single national strategy to translate recent macroeconomic gains into improved livelihoods through investments in livelihoods, healthcare, education, social protection and support for displaced communities.

Tinubu said NG-CARES would receive about 1.25 billion dollars in additional World Bank financing to support smallholder farmers and small businesses, while SOLID would deploy 300 million dollars  to assist internally displaced persons and host communities.

He said the 1.5 billion-dollar HOPE package would strengthen primary healthcare, foundational education, teacher support and governance reforms in public education nationwide.

“These five programmes are one coordinated national strategy for poverty reduction, human capital development and community resilience.”

Tinubu said Nigeria’s economic reforms had strengthened the foundation for inclusive growth, citing rising foreign reserves, declining inflation and improved economic performance.

“These are not abstract figures; they are the foundation for the next phase of our national development.”

He added that expanded cash transfers had reached 15 million vulnerable households.

The president urged federal, state and local governments, development partners and implementing agencies to ensure effective implementation, stressing that delivery and accountability would determine the programmes’ success.

Minister of Budget and Economic Planning,  Atiku Bagudu, described the interventions as a whole-of-government response to poverty, the cost-of-living crisis and human capital challenges.

“These programmes represent another milestone in translating the Renewed Hope Agenda into concrete interventions that directly touch the lives of poor and vulnerable Nigerians,” Bagudu said.

The Coordinating Minister of Health and Social Welfare, Ali Pate, said the 570 million-dollar HOPE-PHC  programme would improve primary healthcare services for about 40 million Nigerians,  especially women, children and adolescents.

He said the programme would reduce maternal and under-five mortality, strengthen primary healthcare facilities and improve service delivery through performance-based financing.

Minister of Education, Tunji Alausa, said the 562 million-dollar HOPE-EDU programme would benefit nearly 30 million pupils, support 500,000 teachers  and strengthen 65,000 public schools across the country.

World Bank Country Director, Matthew Verghis, said the programmes demonstrated that Nigeria’s greatest asset remained its people, adding that the institution would continue supporting reforms that improve education, healthcare and social protection.

Also speaking, Minister of Humanitarian Affairs and Poverty Reduction, Bernard Doro, said the interventions would help vulnerable and displaced Nigerians transition from emergency relief to resilience and productive livelihoods.

The Nigeria Governors’ Forum and the National Assembly also pledged full support for implementation of the programmes.

The event  was witnessed by governors, ministers, development partners, top government officials and stakeholders from the relevant sectors.

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President Bola Tinubu has sought stronger partnership with Deloitte Africa to boost investments, youth training and job creation, saying his administration’s  reforms were laying a solid foundation for sustainable growth.

Tinubu made the call while receiving a delegation from Deloitte Africa, led by its Chief Executive Officer (CEO), Ruwayda Redfearn, at the Presidential Villa, Abuja.

This is contained in a statement by Presidential Spokesperson, Bayo Onanuga in Abuja.

The president said the administration’s fiscal, revenue and financial sector reforms had steadily stabilised the economy and positioned Nigeria for sustainable growth and global competitiveness.

“Yes, reforms are difficult. Some issues require taking bitter medicine but it is working well. Nigeria is making serious foundational progress,” Tinubu said.

He said the reforms had strengthened public finances, repositioned financial institutions and created the conditions for long-term economic development.

The President urged Deloitte Africa to deepen its engagement in Nigeria by expanding youth training programmes and creating employment opportunities.

“Deloitte has a good training programme, and I believe you will continue to reflect that by training and recruiting our dynamic youth population,” he said.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, urged the firm to support government efforts to build the capacity of young Nigerians.

Redfearn said Deloitte, with more than 500,000 employees globally, including over 6,000 in Africa, was committed to supporting Nigeria’s economic transformation.

“We are before you to say that we want to serve. We have a local team on the ground, as well as the global firm, ready to support your administration,” she said.

She said Deloitte generated 74 billion dollars in revenue in 2025,  and remained focused on digital and business transformation across the world.

The Chief Executive Officer of Deloitte Africa, Yomi Olugbenro, also reaffirmed the firm’s commitment to supporting the implementation of the administration’s reforms.

“We believe the foundation has been solidly laid. The bigger task now is to ensure the dividends of the reforms reach ordinary Nigerians,” he said.

Olugbenro said Deloitte would leverage its global experience and expertise to support Nigeria in maximising  benefits of the ongoing reforms.

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Stakeholders drawn from government, industry, international development organisations and the private sector have expressed strong support for the Nigerian Communications Commission’s (NCC) initiative to provide zero-rated access to educational platforms and digital learning content for students and learners across Nigeria.

The endorsement was made during the first public consultation forum on the proposed framework titled “Zero-Rated Access to Educational Platforms and Content in Nigeria,” held by the Commission in Abuja on Tuesday.

Participants described the initiative as a significant step towards promoting not only connectivity, but also equitable access to education and digital inclusion across the country.

Stakeholders at the forum included representatives of the Federal Ministry of Communications, Innovation and Digital Economy, the Federal Ministry of Education, the United Nations Educational, Scientific and Cultural Organization (UNESCO), the Association of Licensed Telecommunications Operators of Nigeria (ALTON), the Nigerian Governors’ Forum (NGF), and uLesson Group, among others.

During the deliberations, participants emphasised the importance of stronger collaboration among stakeholders, as well as sustained investments in network expansion and infrastructure upgrades by telecommunications operators and Internet Service Providers (ISPs).

They noted that reliable and affordable internet connectivity remains essential for the successful implementation and sustainability of zero-rated educational services.

In his opening remarks, the Executive Vice Chairman and Chief Executive Officer of the NCC, Aminu Maida, disclosed that the Industry Committee established to develop the initiative had carefully examined its technical, policy, regulatory and commercial dimensions.

He explained that the committee subsequently developed a consultation paper to facilitate stakeholder engagement and gather public input on the proposed framework.

Represented by the NCC's Director, Policy, Competition and Economic Analysis Department, Ayuba Shuaibu, Maida stressed that broad-based stakeholder participation was critical to developing a framework that reflects industry realities while advancing national educational objectives.

He stated that the framework must be informed by the perspectives of network operators, educational institutions, content providers, government agencies, development partners, civil society organisations, students, teachers and the wider public who stand to benefit from improved access to digital learning opportunities.

According to him, collaboration is important in ensuring that the framework adequately balances educational needs with regulatory effectiveness, transparency, fairness and long-term sustainability.

Maida noted that the consultation forum forms part of the Commission’s commitment to promoting digital inclusion and expanding access to education through technology.

He explained that the engagement brought together stakeholders from the communications, education, technology and development sectors to deliberate on practical measures for facilitating access to accredited educational platforms and content at no data cost or through specially supported access arrangements.

The EVC added that the initiative is designed to reduce digital and connectivity barriers to learning while expanding access to educational resources, particularly for students and other learners across the country.

“The initiative also forms part of the Commission’s broader efforts to leverage technology in advancing national educational objectives and promoting inclusive digital participation,” Maida said.

The forum provided stakeholders with an opportunity to review the objectives of the Zero-Rated Access Initiative, examine the proposed implementation framework, and contribute technical, legal, regulatory, competition, commercial and operational perspectives necessary for its successful implementation.

Discussions focused on key issues such as implementation approaches, eligibility criteria for educational platforms and content, governance mechanisms, consumer protection safeguards, operational requirements, and principles for identifying accredited educational resources that may qualify for zero-rated access. Stakeholders also offered recommendations aimed at strengthening the framework and ensuring its long-term viability.

The Commission noted that submissions and recommendations received from stakeholders during the consultation will play a vital role in refining the proposed framework and developing an effective roadmap for implementation.

According to Maida, the initiative is expected to contribute significantly to national efforts aimed at expanding educational opportunities, enhancing digital literacy and harnessing technology to drive socio-economic development across Nigeria.

Credit NCC PR

The Nigerian Communications Commission (NCC) has reaffirmed its commitment to promoting efficient broadband infrastructure deployment in Nigeria through collaborative implementation of the Dig Once Policy.

The Commission gave the assurance at the Second Stakeholders’ Consultative Forum to Develop a Pricing Mechanism and Cost-Based Structure for Sharing Ducts Built Under the Dig Once Policy in Nigeria, held at the NCC Annex Office, Mbora, Abuja.

The forum brought together representatives of federal and state government institutions, telecommunications operators, infrastructure companies, industry associations, development partners and other key stakeholders to deliberate on the interim findings of the study and provide input towards the development of a transparent, equitable and cost-based framework for sharing underground duct infrastructure.

Speaking at the event, NCC’s Director, Policy, Competition and Economic Analysis, Ayuba Shuaibu, said the consultative engagement underscored the Commission’s commitment to an open, transparent and inclusive regulatory process that accommodates the interests of infrastructure providers, network operators, public institutions and consumers.

Shuaibu noted that the proposed framework is intended to encourage infrastructure sharing, improve asset utilisation, reduce the cost of broadband deployment and facilitate the expansion of telecommunications infrastructure across the country.

According to him, the study is designed to establish a fair and transparent pricing mechanism for sharing underground ducts deployed under Nigeria’s Dig Once Policy, which encourages the installation of telecommunications ducts during road construction and rehabilitation projects. He explained that this would enable future fibre deployments without repeated road excavations.

“The Commission remains committed to a transparent, inclusive and consultative process. Our objective is to arrive at a pricing structure that balances the interests of infrastructure providers, access seekers and, ultimately, consumers, while also encouraging continued investment in broadband infrastructure.

“We encourage frank, constructive and solution-oriented contributions that will strengthen the final outcomes of this study,” Shuaibu said.

He added that observations, recommendations and contributions received from stakeholders during the consultation would be reviewed and incorporated into the final study report to ensure that the resulting framework is practical, commercially sustainable and responsive to industry realities.

Delivering the keynote presentation, the consultant, Olugbenga Olabiyi, Managing Director of Dimension Data Limited, observed that passive infrastructure, including ducts, conduits, manholes and related facilities, constitutes one of the most capital-intensive components of broadband network deployment globally.

He said infrastructure sharing had emerged as an effective strategy for reducing deployment costs, improving efficiency and accelerating broadband expansion. Olabiyi stated that Nigeria’s adoption of the Dig Once Policy presents an important opportunity to strengthen coordinated infrastructure deployment, minimise avoidable road excavations, improve utilisation of existing infrastructure and support broader broadband access across the country.

He also emphasised the importance of developing a predictable, transparent and equitable access framework, noting that inconsistent pricing models and unclear access conditions could undermine investment incentives and limit the benefits of infrastructure sharing.

“For Nigeria, where broadband expansion remains a national priority under the National Broadband Plan, successful implementation of the Dig Once Policy could become one of the most impactful infrastructure reforms in our telecommunications history.

“However, infrastructure sharing succeeds only when access is governed by fairness, transparency, predictability and effective market oversight.

“Without an equitable access framework, owners of shared infrastructure may inadvertently or deliberately create barriers to entry through excessive pricing, restrictive commercial conditions or discriminatory access practices. Such outcomes would undermine the objectives of the Dig Once initiative and discourage investment rather than promote it.

“This is why the NCC’s initiative to develop a cost-based pricing framework deserves commendation. A transparent and objective pricing methodology will provide confidence to investors, infrastructure companies, mobile network operators, Internet Service Providers, fibre operators and all participants within the communications ecosystem,” he said.

Participants at the forum reviewed the interim findings and provided recommendations on the proposed pricing methodology, implementation considerations and cost elements. Discussions focused on ensuring that the policy supports efficient infrastructure deployment while balancing the interests of infrastructure providers, access seekers and consumers.

The stakeholder consultation builds on earlier engagements conducted by the Commission on the study. It also aligns with the NCC’s commitment to implementing regulatory initiatives that promote broadband expansion, encourage infrastructure sharing and advance Nigeria’s digital transformation agenda.

Credit NCC PR

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.

Credit NAN: Texts excluding Headline

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