The House of Representatives has launched an investigation into the $35 million modular refinery project initiated by the Federal Government, following concerns over transparency, funding irregularities, and the project’s stalled progress. Lawmakers expressed dissatisfaction with the handling of the initiative, which was intended to boost local refining capacity and reduce the nation’s heavy dependence on imported petroleum products. During a plenary session in Abuja, members of the House Committee on Petroleum Resources (Downstream) resolved to summon key government agencies and stakeholders involved in the project, including the Ministry of Petroleum Resources, the Nigerian Content Development and Monitoring Board (NCDMB), and…
Author: Temitope N.
Sterling Bank Plc has reiterated its commitment to advancing food security across Africa through strategic investments, partnerships, and innovative financing models aimed at boosting agricultural productivity and sustainability. The bank emphasized that transforming the continent’s agricultural landscape is central to achieving economic growth, reducing poverty, and ensuring long-term stability. Speaking at a recent agribusiness summit in Lagos, the Managing Director and Chief Executive Officer of Sterling Bank, Abubakar Suleiman, said the institution remains steadfast in supporting agribusinesses across the value chain — from production and processing to distribution and export. He highlighted agriculture as one of the bank’s key focus…
Seplat Energy Plc is set to strengthen its position as one of Nigeria’s leading indigenous oil and gas producers following the progress of its planned acquisition of Mobil Producing Nigeria Unlimited (MPNU) assets. The company, which has long pursued the deal as part of its expansion strategy, says the move will significantly boost its output capacity and reinforce its role in driving Nigeria’s energy security and upstream growth. The acquisition, valued at over $1.2 billion, is one of the most anticipated transactions in Nigeria’s oil and gas sector. It involves Seplat purchasing ExxonMobil’s onshore and shallow water assets in the…
The Nigerian naira continued its downward trajectory on Tuesday, weakening for the third consecutive day against the U.S. dollar at the official foreign exchange market. According to data from the FMDQ Securities Exchange, which oversees official FX trading, the naira closed at N1,473.29 per dollar, down from N1,468.99 recorded on Monday.The local currency’s continued depreciation has been attributed to increased dollar demand from importers, manufacturers, and investors seeking to meet foreign obligations. Market analysts say the rising pressure in the official market reflects the combination of persistent foreign exchange scarcity and speculative activities by traders hedging against further depreciation. At…
The World Bank has entered into a strategic partnership with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to accelerate efforts aimed at reducing greenhouse gas emissions within Nigeria’s oil and gas industry. The collaboration is part of the global lender’s broader initiative to support developing nations in achieving energy transition goals while maintaining economic stability and sustainable growth. The partnership focuses on promoting best practices in carbon management, ending routine gas flaring, and fostering the adoption of cleaner technologies in upstream oil operations. Officials from both organizations say the move underscores a shared commitment to tackling climate change and aligning…
The House of Representatives has initiated a thorough investigation into several oil companies operating in Nigeria for alleged violations of the Local Content Act and the Petroleum Industry Act (PIA). The move follows mounting concerns over non-compliance with key provisions designed to promote indigenous participation and ensure accountability in the nation’s oil and gas sector. The probe, led by the House Committee on Local Content, aims to examine how multinational and indigenous oil companies have adhered to the laws that mandate prioritization of Nigerian expertise, materials, and services in the oil and gas value chain. Lawmakers have expressed dissatisfaction over…
The Nigerian Exchange Limited (NGX) extended its bullish momentum on Tuesday as renewed investor confidence pushed the equities market to new heights, lifting total market capitalization to N93.8 trillion. The continued uptrend marks one of the longest positive streaks in recent months, driven by sustained buying interest in high-cap stocks and improved investor sentiment following upbeat macroeconomic indicators. At the close of trading, the All-Share Index (ASI) advanced by 0.32 percent to settle at 165,784.62 points, compared to 165,256.11 points recorded in the previous session. The growth added approximately N302 billion to investors’ wealth, extending a rally that has dominated…
APM Terminals Apapa has recorded a major safety milestone, marking 440 consecutive days without a Lost Time Injury (LTI), underscoring the company’s commitment to workplace safety, operational excellence, and the wellbeing of its workforce. The achievement, celebrated at a brief ceremony held at the terminal in Lagos, reflects the firm’s culture of safety awareness and continuous improvement in occupational health practices. The company, which operates Nigeria’s busiest container terminal, said the feat was the result of deliberate safety strategies, employee training, and adherence to global operational standards. APM Terminals noted that the achievement demonstrates its resolve to maintain a world-class…
Nigeria’s inflation rate slowed for the third consecutive month in September 2025, falling to 18.02 percent from 18.56 percent recorded in August, according to the latest data released by the National Bureau of Statistics (NBS). The decline, though marginal, has been described by economists as a welcome development, suggesting that ongoing monetary and fiscal policy measures may be gradually yielding results. The NBS report showed that both headline and core inflation figures recorded slight decreases, driven largely by moderation in food and energy prices across major urban and rural centers. Month-on-month inflation also eased, indicating a relative slowdown in the…
The Nigeria Customs Service (NCS) has intensified efforts to strengthen professionalism and ethical standards within its ranks by launching a new round of leadership and capacity-building training for its newly promoted officers. The programme, which focuses on accountability, innovation, and effective service delivery, aligns with the ongoing reform agenda under Comptroller-General Bashir Adewale Adeniyi. In what has been described as one of the Service’s most structured leadership training drives in recent years, the NCS rolled out a series of workshops and retreats for officers across different commands. The sessions are designed to equip newly elevated officers with modern management skills,…
The International Monetary Fund (IMF) has revised Nigeria’s economic growth forecast upward for 2025, citing stronger oil production, resilient trade activity, and improved macroeconomic stability as key factors driving optimism. According to the Fund’s latest assessment, Nigeria’s gross domestic product (GDP) is projected to grow by 3.9 percent in 2025, compared to earlier estimates of 3.3 percent, with growth expected to further accelerate to 4.2 percent in 2026. The IMF attributed the positive revision to a combination of oil sector recovery and stronger non-oil activities, which together have bolstered Nigeria’s fiscal position and foreign exchange earnings. Improved security in oil-producing…
Shell Nigeria Exploration and Production Company (SNEPCo) and Sunlink Energies have sealed a landmark $2 billion agreement to develop the long-anticipated HI offshore gas project in Nigeria. The deal, which follows a Final Investment Decision (FID) between both firms, marks a major step toward increasing the nation’s liquefied natural gas (LNG) capacity, boosting domestic energy supply, and strengthening Nigeria’s position in global gas markets. Discovered in 1985, the HI field is located about 50 kilometers off Nigeria’s coast in water depths of approximately 100 meters. The field holds an estimated 285 million barrels of oil equivalent in recoverable resources. Under…
The Project Management Institute (PMI) has lauded the Dangote Refinery for its remarkable execution, describing it as a model of effective project management and a transformative infrastructure milestone for Africa. The global professional body for project managers said the successful completion and commissioning of the multi-billion-dollar refinery reflect world-class coordination, planning, and leadership that align with international standards. In a statement, PMI praised the refinery’s project execution team for delivering one of the largest industrial complexes in the world despite multiple challenges, including logistics, financing, supply chain disruptions, and the COVID-19 pandemic. According to PMI, the Dangote Refinery demonstrates “Africa’s…
The Nigeria Customs Service (NCS) has intercepted petroleum products worth ₦80.4 million being smuggled across the border into the Republic of Benin. The interception, made by officers of the Federal Operations Unit (FOU), Zone A, underscores the Service’s intensified efforts to combat cross-border fuel smuggling and protect Nigeria’s economic interests amid ongoing reforms in the downstream petroleum sector. According to Customs officials, the operation followed credible intelligence reports on the movement of large volumes of Premium Motor Spirit (PMS) from border communities in Ogun and Oyo States toward illegal export routes. The smuggled fuel, concealed in large containers and jerry…
The World Bank has stated that Africa’s ability to achieve sustainable job growth is directly tied to access to affordable and reliable electricity. According to the global financial institution, insufficient and expensive power supply remains one of the biggest obstacles to industrial expansion, small business development, and economic transformation across the continent. In a recent report, the World Bank stressed that reliable power is a fundamental enabler of productivity in key sectors such as manufacturing, agriculture, healthcare, and education. Millions of African businesses, especially small and medium-sized enterprises (SMEs), are said to lose significant operating time and revenue due to…
The Nigerian Electricity Regulatory Commission (NERC) has approved a ₦28 billion bailout fund for electricity Distribution Companies (DisCos) to accelerate the rollout of free prepaid meters across the country. The initiative, introduced under the second phase of the Meter Acquisition Fund (MAF) Scheme, is designed to close Nigeria’s long-standing metering gap, reduce estimated billing, and enhance accountability within the power sector. According to NERC, the funds will be disbursed to the 11 DisCos in proportion to their market performance and operational coverage. The intervention, tagged MAF Tranche B, mandates DisCos to immediately begin the transparent procurement of meters through accredited…
The House of Representatives has summoned the Governor of the Central Bank of Nigeria (CBN) and chief executives of major deposit money banks over allegations of arbitrary and excessive charges imposed on customers’ accounts. This follows the adoption of a motion of urgent public importance during plenary, amid growing public concern over unexplained deductions by banks across the country. The motion, sponsored by Hon. Tolani Shagaya, highlighted the rising frustration among Nigerians who continue to experience unauthorized or excessive charges in the form of card maintenance fees, SMS alerts, transfer commissions, account upkeep fees, and other deductions that are often…
OPay has made history by becoming the only fintech to win three major accolades at the 2025 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, reinforcing its reputation as one of Nigeria’s most innovative and high-performing digital finance platforms.At the awards gala, OPay took home Mobile Payment Solutions Provider of the Year, Business Solutions Provider of the Year, and Fintech Security Innovation of the Year, distinguishing itself from peers and earning the title of Nigeria’s most awarded fintech at the event. In presenting these honors, the award panel cited OPay’s strong blend of scale, safety, and service features as key…
Moniepoint Inc. has reinforced its position as a leading player in Nigeria’s drive toward a digital economy through a combination of strategic initiatives focused on innovation, capacity building, and financial inclusion. The fintech company continues to play a crucial role in supporting the Federal Government’s vision of using technology to drive sustainable economic growth, enhance productivity, and improve access to digital financial services across all regions of the country. One of Moniepoint’s most notable efforts is its DreamDevs Bootcamp, a training initiative designed to bridge the gap between academia and the rapidly evolving tech industry. The program equips young Nigerian…
The National Insurance Commission (NAICOM) has reiterated the pivotal role of the insurance industry in addressing the economic and environmental challenges posed by climate change. The Commission emphasized that insurance must move beyond traditional risk coverage to become a strategic tool for climate resilience, disaster risk management, and sustainable development across Nigeria and West Africa. Speaking at the 2025 West African Insurance Companies Association (WAICA) Education Conference in Lagos, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, stated that climate change has evolved from being merely an environmental concern to a significant macroeconomic issue that affects financial systems, national budgets,…