The Crude Oil Refiners Association of Nigeria (CORAN) has warned that the recent wave of protests targeting refinery operations across the country could derail Nigeria’s fragile economic progress and undermine investor confidence in the oil and gas sector. According to the association, the disruptions risk reversing gains already made in expanding local refining capacity and could aggravate inflationary pressures, increase import dependence, and threaten energy security. CORAN explained that refineries, both government-owned and privately operated, are strategic national assets whose stability directly affects the nation’s economy. With the emergence of large-scale projects such as the 650,000-barrel-per-day Dangote Refinery and ongoing…
Author: Temitope N.
Kenyon Energy, a fast-rising indigenous oil and gas company, has unveiled plans to channel significant investments into Nigeria’s brownfield development projects, marking a strategic shift aimed at revitalizing aging oilfields and boosting national crude output. The move underscores the growing role of local players in the energy sector, particularly at a time when Nigeria is under pressure to increase production and meet revenue targets. Brownfield development refers to the rehabilitation and optimization of existing oil and gas fields that still hold untapped reserves but require technical intervention and capital to maximize output. Unlike greenfield exploration, which involves developing new fields…
Schneider Electric has projected that the rapid growth of artificial intelligence (AI) worldwide will significantly increase demand for smarter, more efficient power solutions. The global energy management and automation company noted that as industries adopt AI technologies at an unprecedented pace, the strain on existing power systems is becoming more evident, creating a strong need for advanced infrastructure capable of handling higher energy loads while maintaining reliability and sustainability. Speaking on the development, Schneider Electric explained that the rise of AI-driven innovations, particularly in data centers, cloud computing, and industrial automation, is accelerating electricity consumption globally. Data centers, for instance,…
The Nigerian Civil Aviation Authority (NCAA) has issued a stern warning to Qatar Airways and other international carriers over alleged violations of passenger rights in the country. The regulator stressed that it would not hesitate to impose sanctions on any airline that continues to flout Nigeria’s aviation regulations and undermine consumer protection laws. According to the NCAA, the number of complaints lodged by Nigerian passengers against international airlines has grown significantly in recent months. These grievances cover a wide range of issues, including flight delays, cancellations without proper notification or compensation, refusal to process refunds, poor handling of passengers during…
The World Bank has unveiled a $510 million investment package designed to stimulate economic growth, support private sector development, and strengthen Nigeria’s investment climate. The new deal comes at a critical time as Africa’s largest economy pushes forward with reforms to attract foreign capital, diversify revenue sources, and stabilize its macroeconomic environment. According to officials familiar with the development, the $510 million financing will be deployed across key sectors, with a strong focus on infrastructure, access to finance for small and medium-sized enterprises (SMEs), and policy reforms that promote transparency and accountability. The move underscores the World Bank’s renewed commitment…
Nigeria’s crude oil production reached a major milestone in August 2025, as the country achieved 96 percent of its Organization of Petroleum Exporting Countries (OPEC) production quota. This marks one of the strongest outputs in recent months and highlights the government’s ongoing efforts to stabilize production, curb theft, and restore confidence in the oil sector. Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) indicated that daily crude oil production averaged around 1.5 million barrels per day (bpd) in August, bringing the country close to its OPEC allocation of 1.55 million bpd. This improvement comes after years of underperformance, largely…
The Nigerian Exchange (NGX) experienced a notable decline in trading activity in August 2025, as combined foreign and domestic investors’ transactions dropped to ₦908 billion. This marks a slowdown in capital market activity compared to July, reflecting cautious investor sentiment amid macroeconomic pressures, global uncertainties, and profit-taking strategies. According to market data, both foreign portfolio investors and local institutional and retail investors reduced their trading volumes, underscoring the prevailing volatility in the equities market. Analysts link this to a combination of factors, including currency fluctuations, high interest rates, and inflationary concerns that have continued to shape investment decisions. The NGX…
Sterling Bank Plc has announced the first set of beneficiaries under its ₦2 billion scholarship scheme, a landmark initiative aimed at supporting students across Nigeria in their pursuit of quality education. The programme, which was launched earlier this year, is part of the bank’s broader commitment to advancing human capital development and addressing the financial barriers faced by many young Nigerians. According to the bank, the first batch of beneficiaries was selected following a rigorous screening and evaluation process that prioritized merit, need, and regional representation. Thousands of applicants from across the country submitted entries, reflecting the high demand for…
The Dangote Petroleum Refinery has announced that it will resume gantry self-collection sales to registered oil marketers beginning Tuesday, a development that is expected to boost fuel availability and efficiency in Nigeria’s downstream oil sector. The decision comes after a brief suspension that allowed the refinery to address operational adjustments and strengthen compliance with regulatory standards. The refinery, Africa’s largest, has positioned itself as a pivotal player in Nigeria’s energy landscape. Since beginning operations, its activities have been closely monitored by industry stakeholders, policymakers, and the general public, given its potential to drastically reduce the country’s reliance on imported petroleum…
The African Development Bank (AfDB) has announced a $25 million equity investment into The Currency Exchange Fund (TCX), a global development finance initiative designed to provide local currency hedging solutions for emerging and frontier markets. This latest move is aimed at boosting Africa’s financial stability, reducing foreign exchange risks, and supporting sustainable development projects across the continent. The decision underscores AfDB’s growing commitment to addressing the chronic mismatch between revenue earned in local currencies and debts serviced in foreign currencies, a challenge that has long undermined businesses, governments, and infrastructure projects across Africa. By supporting TCX, AfDB hopes to encourage…
The Dangote Petroleum Refinery has announced that it will no longer sell refined petroleum products to unregistered and unlicensed marketers, reinforcing its compliance with regulatory standards and commitment to transparency in the downstream sector. The move, which was confirmed by the management of the $18 billion facility, comes amid ongoing debates over product pricing, distribution challenges, and clashes with oil marketing associations. According to the company, only marketers who have been duly accredited by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and meet the industry’s regulatory requirements will continue to have access to the refinery’s supplies. The development…
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has issued a stern warning to Nigerians over the abuse of the naira, cautioning that practices such as spraying notes at parties, hawking mint notes at events, and mutilating the national currency will no longer be tolerated. The apex bank, he said, will strengthen enforcement of existing laws to ensure that offenders face appropriate penalties. Speaking during a sensitisation programme on currency management, Cardoso described the naira as a symbol of sovereignty that must be respected by all citizens. He lamented that the frequency of abuse has reached troubling…
Union Bank of Nigeria has successfully redeemed its ₦6.3 billion Series 2 bond, including both principal and coupon payments, marking a significant milestone in its ongoing commitment to investor confidence and financial discipline. The redemption, which took place on September 3, 2025, underscores the bank’s capacity to meet its debt obligations despite the challenging macroeconomic environment. The bond, issued under the bank’s ₦100 billion Debt Issuance Programme, carried a coupon rate of 15.75%. Fully subscribed at the time of issuance, the instrument represented an important financing tool for Union Bank, providing liquidity to support its strategic operations. By redeeming the…
Retail Supermarkets Nigeria Limited (RSNL), the local operator of ShopRite, has restated its commitment to serving Nigerian consumers better following recent disruptions in store operations and customer satisfaction. The retailer’s renewed assurance comes as it works to restore consistency across product availability, pricing, and store operations in response to rising concerns of empty shelves, outlet closures, and service gaps. In recent weeks, shoppers in cities including Lagos, Abuja, Ibadan, and Ilorin have reported seeing scant inventory in major ShopRite stores—and in some cases, shuttered locations. In response, RSNL has explained that these issues stem from a broader restructuring of its…
The Federal Government is preparing to issue a bond worth about ₦758 billion before the first week of October, aimed specifically at resolving long-standing pension liabilities, according to the National Pension Commission (PenCom). The move is intended to clear arrears owed to retirees and public sector pensioners, assuring them of relief after years of delay in payments. PenCom revealed in a recent statement that this proposed bond issuance is part of broader government efforts to stabilise the pension system and restore trust among retirees. The acceleration toward issuing the bond reflects increasing public concern over how pension obligations have piled…
Bombardier Inc., the Canadian aerospace company, has publicly commended Dangote Petroleum Refinery, describing it as a world-class facility and a transformative force in the aviation fuel supply chain. This endorsement came during a recent visit by Bombardier’s senior leadership to the refinery in Lekki. Pierre Beaudoin, Chairman of Bombardier’s Board, along with other top executives, expressed admiration for the refinery’s capacity, design, and adherence to international specifications. The Bombardier delegation included regional vice presidents and senior operations officers, who toured the refinery under the guidance of Dangote Group’s management. They emphasized that the facility’s ability to produce jet fuel meeting…
United Bank for Africa (UBA) delivered a Profit After Tax (PAT) of N335.53 billion in the first half of 2025, up about 6% from N316.36 billion in the same period last year. The result, released recently, comes despite headwinds in interest rate volatility, foreign exchange fluctuations, and sharp increases in funding costs in many of its 20-country pan-African operating footprint. Gross earnings for UBA rose by around 17% to N1.608 trillion, significantly higher than the N1.371 trillion posted in H1 2024. A large portion of that growth came from interest income, which climbed to N1.33 trillion from about N1.00 trillion…
Kenya Airways has paid the fine imposed by the Nigerian Civil Aviation Authority (NCAA) following accusations of mistreating Nigerian passengers, including the case of Gloria Omisore. The airline completed payment of the sanction on Wednesday, September 17, 2025, ending weeks of negotiations and public scrutiny. The consumer rights breach stemmed from NCAA investigations into what it described as improper handling of passengers by Kenya Airways at Jomo Kenyatta International Airport (JKIA) in Nairobi. The Gloria Omisore episode was among the highlighted cases. After NCAA raised the matter, Kenyan diplomatic representatives, airline officials, and NCAA leadership held talks aimed at resolving…
The Lagos Chamber of Commerce and Industry (LCCI) has reaffirmed its commitment to nurturing innovation and entrepreneurship among young Nigerians as it prepares to host the annual Omolayole Management Lecture. The forum, which is one of the country’s most respected platforms for leadership and economic dialogue, will once again bring together industry leaders, policymakers, and emerging innovators to address Nigeria’s pressing developmental challenges. This year’s edition of the lecture is themed around the critical role of innovation in transforming Nigeria’s economy, with a strong focus on empowering the youth. LCCI President, Gabriel Idahosa, noted that the lecture provides an opportunity…
Schneider Electric has unveiled a new smart circuit breaker designed to transform energy management for homes, businesses, and industries in Nigeria, further deepening its commitment to driving innovation in the country’s power and energy sector. The launch, which took place in Lagos, aligns with the company’s broader strategy to promote sustainability and improve efficiency through digital technologies at a time when Nigeria continues to grapple with power challenges and rising energy costs. The new product, described as a “connected circuit breaker,” comes equipped with advanced monitoring and control capabilities that allow users to track energy consumption in real-time, detect faults…