Chevron Nigeria has signalled its readiness to participate in the upcoming 2025 oil and gas licensing round announced by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), a development seen as a strong vote of confidence in the country’s upstream investment climate. The move by the American energy giant comes at a time when Nigeria is seeking to attract significant new capital into its petroleum sector amid renewed government reforms and growing calls to boost production. The NUPRC recently launched the 2025 bid window with the offer of dozens of oil and gas blocks located across onshore, shallow-water, and frontier terrains.…
Author: Temitope N.
United Bank for Africa (UBA) has partnered with Lions Group and Wakanow to launch a new festive-season promotional initiative known as the Detty Side campaign. The collaboration, unveiled ahead of the year-end celebrations, is aimed at engaging young Nigerians, expanding digital lifestyle offerings, and boosting travel and entertainment access during the busy holiday period. The campaign highlights UBA’s increasing push toward youth-oriented financial experiences and digital convenience, aligning with evolving consumer behaviour and Nigeria’s expanding creative economy. The Detty Side campaign is designed to make this year’s festive season more memorable for young people by offering exclusive rewards, discounted travel…
NEM Insurance Plc has added another major milestone to its long-standing record of achievements after emerging as the winner of a prestigious Financial Services Award, reaffirming its position as one of Nigeria’s most resilient and forward-thinking insurance companies. The recognition, announced at a high-profile industry event attended by leading financial institutions, regulators, and stakeholders, celebrates NEM Insurance’s outstanding performance, innovation, and commitment to customer-focused service delivery in the past year. The award comes at a time when Nigeria’s insurance sector is experiencing renewed momentum driven by digital transformation, regulatory reforms, and rising consumer awareness. NEM Insurance’s victory is widely regarded…
Crude oil production among OPEC member states declined in November, driven primarily by production outages in Nigeria and disruptions across other member nations. The reduction has raised concerns about global oil supply stability, even as international markets continue to monitor the effects of shifting production levels on crude prices and energy security. Analysts say the downturn underscores the persistent challenges faced by oil producers, particularly in balancing operational constraints with contractual production targets. According to industry reports, Nigeria experienced a significant production outage during November, contributing notably to the overall decline in the Organisation of Petroleum Exporting Countries’ output. The…
Eko Electricity Distribution Company (EKEDC) has raised concerns over the slow progress of the national free meter initiative, attributing significant delays to interference by unauthorised third-party agents. According to the company, while the programme aims to deliver thousands of meters to eligible households and businesses to improve electricity metering and billing accuracy, the activities of rogue intermediaries have undermined efficiency and caused bottlenecks in distribution. Officials at EKEDC said the free meter initiative is designed to enhance accountability, reduce energy losses, and promote accurate billing, particularly for residential and small commercial consumers. The scheme is part of a broader…
Golden Penny, one of Nigeria’s leading food and consumer brands, has rewarded 6,000 loyal customers through its flagship brand loyalty initiative, highlighting the company’s ongoing commitment to recognising and celebrating consumer loyalty across the country. The programme, which spans multiple product lines, is designed to incentivise repeat purchases while reinforcing the brand’s connection with its growing customer base. The rewards ceremony, held recently, drew attention from stakeholders in the fast-moving consumer goods sector, with representatives from retail, distribution, and marketing sectors commending Golden Penny’s strategy to actively engage consumers beyond transactional interactions. By acknowledging loyal patrons, the company demonstrates that…
MTN Nigeria has announced a strategic partnership with the national Small Business Agency to drive digital transformation, growth, and employment creation among the country’s small and medium-sized enterprises (SMEs). The collaboration is aimed at empowering approximately 40 million SMEs nationwide by providing access to technology, training, and financial solutions that will enhance business efficiency, expand market reach, and stimulate economic development. The partnership, which aligns with the government’s agenda to strengthen the SME sector, focuses on equipping entrepreneurs with tools to navigate the digital economy. By leveraging MTN’s telecommunications and digital expertise alongside the Agency’s capacity-building programmes, the initiative seeks…
Dangote Group, one of Africa’s largest conglomerates, is on course to become the world’s top fertiliser producer by 2028, according to the company’s founder and chairman, Aliko Dangote. The announcement highlights the firm’s ambitious expansion plans in the agro-industrial sector, reflecting its commitment to transforming Africa’s agricultural landscape and boosting global food security through large-scale fertiliser production. Speaking at a recent industry forum, Dangote emphasised that the company’s investments in fertiliser manufacturing are part of a broader strategy to strengthen Africa’s industrial base and reduce the continent’s reliance on imported agricultural inputs. The conglomerate has already made significant progress, with…
OPay has earned significant acclaim at the recently concluded Tech Innovation Awards, securing two distinguished honours that underline the company’s growing influence in Nigeria’s digital financial ecosystem. The wins highlight OPay’s increasing impact on payment technologies, financial inclusion, and the expansion of digital services that cater to millions of users across the country. The recognitions, according to organisers of the award ceremony, were presented in acknowledgment of OPay’s consistent innovation and leadership in delivering seamless mobile payment solutions, creating economic opportunities for small businesses, and strengthening the nation’s evolving fintech landscape. The company has continued to demonstrate resilience, adaptability, and…
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has called on the Federal Government to publicly identify and prosecute individuals, groups, and networks believed to be sponsoring terrorism across the country. The association said exposing the financiers of violent extremism has become crucial for national security, economic stability, and the protection of workers whose lives and livelihoods are threatened daily by insecurity. PENGASSAN’s leadership expressed concern that despite years of government interventions, billions of naira spent on security operations, and multiple military deployments across various regions, terrorist groups have continued to survive due to the influence of…
The Pension Transitional Arrangement Directorate (PTAD) has recorded a significant surge in its monthly pension expenditure, with payments to federal retirees now reaching an estimated N1 trillion. This development reflects the increasing financial commitments required to sustain pension obligations under the Defined Benefit Scheme (DBS), as well as efforts made by the Federal Government to clear inherited arrears and ensure timely payments to senior citizens across the country. According to sources within the pension administration system, the spike in payout figures is driven by several factors, including the onboarding of verified pensioners, harmonisation of pension rates, adjustments linked to salary…
Emirates Airlines has been honoured once again for its exceptional role in enhancing air travel links across Africa, receiving a major award for African connectivity. The recognition underscores the airline’s long-standing commitment to improving aviation access, facilitating trade and tourism, and supporting the economic aspirations of several African nations. The award, presented by industry experts and stakeholders, reflects Emirates’ sustained investment in expanding routes, upgrading services, and providing reliable connections between Africa and major destinations around the world. Over the years, Emirates has built one of the most extensive networks serving the African continent, connecting travellers from key cities such…
The Federal Government has approved the release of N185bn to settle long-standing debts owed to gas producers, marking one of the most significant financial interventions aimed at stabilising Nigeria’s fragile power sector. The decision, endorsed at the highest levels of government, is intended to restore confidence among gas suppliers, many of whom have repeatedly warned that unresolved debts were hindering their ability to sustain production and expand supply to power plants. With this latest move, authorities are hoping to remove one of the biggest bottlenecks preventing consistent electricity generation across the country. According to senior officials privy to the process,…
Airtel Africa, one of the continent’s leading telecommunications operators, has announced the commencement of a formal process to appoint a new external auditor. The decision, aimed at enhancing transparency, corporate governance, and investor confidence, marks a significant step in the company’s ongoing efforts to maintain high standards of financial reporting and compliance with international accounting practices. According to company sources, the move is part of Airtel Africa’s routine governance procedures, following the completion of the current auditor’s term. The recruitment process is expected to be rigorous, with careful evaluation of potential candidates based on their experience, technical capabilities, regional presence,…
The Central Bank of Nigeria (CBN) has increased interest rates on Treasury Bills (T-Bills) to levels above the current inflation rate, signaling a strategic shift aimed at attracting more investors to government securities, strengthening the naira, and improving overall liquidity management in the economy. This decision reflects the apex bank’s continuing efforts to balance monetary policy, manage inflationary pressures, and maintain investor confidence amid evolving economic conditions. According to CBN officials, the upward adjustment in T-Bill yields is intended to make government instruments more attractive compared with other investment avenues, particularly in an environment where inflationary trends have eroded real…
The Nigerian Ports Authority (NPA) has announced a strategic initiative aimed at connecting local producers with international markets, a move designed to boost exports, strengthen the nation’s trade capacity, and promote industrial growth. The initiative seeks to streamline export processes, improve logistics efficiency, and provide local manufacturers with greater access to global supply chains. According to NPA officials, the programme will leverage the country’s port infrastructure, modern cargo handling systems, and digital platforms to facilitate smoother and faster movement of goods from Nigerian producers to overseas buyers. By reducing bottlenecks and improving port efficiency, the authority hopes to lower the…
The African Export-Import Bank (Afreximbank) has emphasised the transformative potential of digital trade in reducing transaction costs for African businesses, estimating that full adoption of digital solutions could cut trade-related expenses by as much as 30 percent. The bank made the announcement during a recent forum on continental trade integration, stressing that technology-driven trade processes could unlock efficiency, enhance competitiveness, and strengthen Africa’s position in global markets. According to Afreximbank officials, digital trade involves the use of technology platforms to facilitate cross-border transactions, streamline documentation, improve payment systems, and enhance logistics and supply chain management. By replacing traditional manual processes…
United Bank for Africa (UBA) Group has officially welcomed the festive season by transforming its Marina headquarters in Lagos into a dazzling spectacle of lights and decorations. The annual lighting ceremony, which has become one of Lagos’s most anticipated corporate holiday traditions, drew admiration from visitors, passersby, and members of the business community as the iconic building lit up the entire stretch of Marina with vibrant colours and festive displays. The event marked the bank’s symbolic kickoff of the Yuletide season, reflecting its commitment to spreading joy, strengthening community spirit, and celebrating cultural togetherness. UBA executives, staff, guests, and members…
Wema Bank has expanded its premium banking portfolio with the introduction of a new Black Card, launched as part of the build-up to the 13th Global Achievers Honors (GAH) Awards. The new offering marks a significant step in the bank’s continuing push to provide more personalised and luxury-focused financial services tailored to high-value clients. The bank described the newly unveiled Black Card as a “statement product” designed for individuals who desire an elevated banking experience, enhanced transaction convenience, and access to premium lifestyle benefits. Its launch underscores Wema Bank’s ambition to strengthen its foothold in the competitive premium banking segment,…
The Nigeria Deposit Insurance Corporation (NDIC) is intensifying efforts to strengthen its collaboration with the Nigerian Institution of Estate Surveyors and Valuers (NIESV) to improve the valuation and management of assets belonging to failed financial institutions across the country. The Corporation said the partnership has become increasingly important as it continues to deal with the complex process of recovering, restructuring, and disposing of assets tied to distressed or liquidated banks. During a recent engagement with NIESV executives, the NDIC emphasised that accurate and professional valuation is vital to its mandate of safeguarding depositors’ funds and stabilising the financial system. The…