Nigeria’s oil and gas sector has received a significant boost, as lawmakers disclosed that the Petroleum Industry Act (PIA) has attracted over $16 billion in investment commitments within two years of its enactment. This development marks a major turnaround for the nation’s energy industry, which had previously struggled to draw substantial foreign capital due to regulatory uncertainty and infrastructural challenges. The House of Representatives made the announcement following a briefing with key stakeholders in the oil and gas industry, including officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Ministry of Petroleum Resources. According to lawmakers, the implementation…
Author: Temitope N.
EnergyInc has announced a comprehensive strategy aimed at mitigating investment and operational risks in major energy projects across Africa, seeking to foster a sustainable and secure energy future for the continent. The energy giant revealed the initiative as part of its newly launched Africa Energy Risk Mitigation Programme during a high-level forum attended by industry stakeholders, government representatives, and project financiers. During his presentation, the Chief Executive Officer of EnergyInc emphasized that while Africa’s energy potential is immense, it remains underexploited partly due to persistent risks—regulatory uncertainty, financing hurdles, infrastructure gaps, and social resistance. He explained that the company’s programme…
Guaranty Trust Holding Company Plc (GTCO) is preparing to strike a delicate balance between driving global expansion and maintaining consistent dividend returns for its retail shareholders, according to the bank’s Group Managing Director, Segun Agbaje. Speaking during the company’s annual financial results presentation, Agbaje highlighted GTCO’s ambitious strategy to grow its international footprint while ensuring that loyal retail investors continue benefiting from the strong performance. Agbaje noted that the bank’s operating environment necessitates thoughtful capital allocation to support both expansion and returns. With a presence in several African countries—including Ghana, Sierra Leone, Kenya, and Rwanda—GTCO is pursuing measured growth through…
A significant number of bonded terminals in Nigeria are currently operating without essential infrastructure and basic amenities, posing serious challenges to cargo handling efficiency, safety, and the overall effectiveness of port decongestion efforts. According to operators within the sector, at least 40% of these terminals lack fundamental facilities such as weighbridges, proper stacking equipment, functional scanners, and adequate lighting—conditions that compromise both service quality and operational security. Bonded terminals are designated areas outside seaports where customs-cleared cargo is temporarily stored before being delivered to consignees. They are intended to serve as critical buffers in relieving congestion at Nigeria’s main ports,…
Rainoil Limited, one of Nigeria’s leading privately-owned petroleum downstream companies, has officially inaugurated ten new fuel service stations as part of its ongoing strategy to deepen market presence and enhance customer convenience. The move marks a significant expansion of the company’s network, reflecting its commitment to improving fuel accessibility and supporting national economic growth. The unveiling ceremony, held at the company’s new flagship station in Lekki, Lagos, was attended by senior executives from Rainoil, industry stakeholders, and representatives of the National Union of Petroleum and Natural Gas Workers (NUPENG). In his address, Rainoil’s Group Managing Director highlighted the company’s strategic…
Africa’s richest man and industrial magnate, Aliko Dangote, has submitted official documentation to commence the development of what is expected to become the continent’s largest deep-sea port, as part of an ambitious expansion strategy to position Nigeria as a dominant force in global trade and energy exports. In addition to the port project, the Dangote Group has also revealed plans to begin exporting natural gas, signaling a new chapter in the company’s transformation from manufacturing powerhouse to an integrated energy and logistics giant. According to insiders close to the development, the paperwork for the seaport project was recently submitted to…
Nigeria’s insurance landscape is experiencing a wave of mergers and takeovers, a trend driven by regulatory pressure from the ongoing Insurance Industry Reform Bill and the quest for operational efficiency, financial stability, and market competitiveness. The reforms, which aim to strengthen solvency standards, improve governance, and deepen industry capacity, have prompted several firms to explore consolidation as a strategic option to future-proof their operations and comply with tighter capital requirements. Over the past six months, the National Insurance Commission’s (NAICOM) push for higher capitalisation and improved risk management has triggered merger talks and takeover bids among mid-sized insurers. These companies,…
The Organization of the Petroleum Exporting Countries (OPEC) has issued a stark warning about a projected $14.9 trillion shortfall in upstream oil and gas investments through 2045, a development that could significantly disrupt global energy security and destabilize supply chains in the coming decades. The projection comes as governments and investors around the world increasingly pivot toward renewable energy and low-carbon alternatives, raising concerns about underfunding in fossil fuel exploration and production. OPEC made this known in its latest World Oil Outlook report, which outlines the long-term trajectory of global energy demand, investment needs, and policy challenges. According to the…
The Federal Inland Revenue Service (FIRS) has intensified its campaign to curb tax evasion and halt illicit financial flows in Nigeria as part of broader efforts to improve national revenue and strengthen the integrity of the country’s fiscal framework. The tax authority has unveiled a multi-pronged strategy that includes stronger enforcement, inter-agency cooperation, enhanced data analytics, and new legislative backing to tackle financial leakages and improve compliance. In a statement issued by the agency, FIRS Chairman Zacch Adedeji emphasized the urgency of tackling tax avoidance and capital flight, both of which have undermined the government’s ability to mobilize domestic revenue…
As the Central Bank of Nigeria’s (CBN) deadline for capital restoration quietly lapses, financial analysts and banking insiders are warning of a looming period of tighter lending conditions across the country. The apex bank’s capital adequacy directive, which required several banks to shore up their balance sheets and restore minimum capital levels, is likely to trigger a wave of more cautious lending practices, especially from mid-tier and smaller banks that have struggled to meet the requirement. The CBN’s directive, issued over a year ago, aimed to strengthen the resilience of Nigeria’s banking sector by ensuring that all deposit money banks…
The Chairman of the Nigerian Economic Summit Group (NESG), Mr. Niyi Yusuf, has called for the responsible and ethical deployment of Artificial Intelligence (AI) in the Nigerian banking and financial services sector, emphasizing that while the technology holds immense transformative potential, its application must be governed by fairness, transparency, and a strong regulatory framework. Speaking at a recent financial technology roundtable in Lagos, Yusuf highlighted the growing adoption of AI across banks, fintech firms, and financial institutions in Nigeria, particularly in customer service, fraud detection, credit scoring, and operational efficiency. While commending the sector for embracing innovation, he urged stakeholders…
An engineer based in Abuja has formally petitioned the Inspector General of Police (IGP) over alleged abuse, harassment, and the unlawful invasion of his private property by individuals he claims acted under the pretense of law enforcement authority. The petition, which was submitted earlier this week, calls for a thorough investigation into the incident and immediate action against those responsible for the violations. According to the petitioner, whose identity has been confirmed as Engineer Chinedu Nwosu, the invasion occurred at his residential property in the Gwarinpa area of the Federal Capital Territory. Nwosu narrated that a group of individuals, allegedly…
Several stakeholders in the Lagos transportation and logistics sectors have expressed dissatisfaction with the Lagos State Environmental and Special Offences Agency (LASERA), accusing the agency of imposing excessive fees and levies that are affecting their operations and profitability. The complaints, which have been growing in recent weeks, center around what many operators describe as unsustainable financial demands placed on them in the name of regulation, enforcement, and compliance. From ride-hailing drivers to logistics companies, the consensus among aggrieved parties is that LASERA’s fee structure is steep, poorly communicated, and lacks consideration for the prevailing economic realities faced by small business…
The Nigerian Conservation Foundation (NCF) has successfully planted 184,000 trees across various parts of the country as part of its ongoing reforestation efforts aimed at restoring Nigeria’s rapidly depleting forest cover. This milestone forms part of the Foundation’s wider mission to combat deforestation, mitigate climate change, and revive biodiversity in regions heavily impacted by human activities and environmental degradation. The tree planting exercise, carried out over the course of several months, spans multiple states and ecological zones, with a strategic focus on areas that have suffered significant forest loss due to logging, agriculture, mining, and urban expansion. According to NCF…
Flight operations at the Port Harcourt International Airport were significantly disrupted on Thursday following an incident involving a commercial aircraft that veered off the runway during landing. The event caused delays for both arriving and departing flights, affecting hundreds of passengers and triggering an emergency response from aviation authorities. The aircraft, operated by a domestic airline, was arriving from Lagos when it reportedly skidded off the landing strip due to what preliminary reports suggest may have been poor visibility and a slippery runway surface caused by heavy rainfall earlier in the day. The plane came to a stop on the…
A new industry study has revealed that innovation plays a central role in boosting profitability in Nigeria’s insurance sector, highlighting how firms that invest in technological advancement, product diversification, and customer-centric services are outpacing their competitors in terms of revenue growth and operational efficiency. The research, conducted by a consortium of financial analysts and insurance experts, sheds light on the correlation between innovation and sustainable profitability amid a rapidly evolving business environment. According to the findings, insurance companies that embraced digital transformation, data-driven decision-making, and agile business models recorded higher profit margins and improved market share compared to traditional insurers…
NIPCO Plc has reaffirmed its commitment to maintaining a leadership position in Nigeria’s evolving energy landscape, assuring stakeholders of its continued role in advancing energy solutions that align with the country’s transition toward cleaner, more sustainable energy sources. The company made this assurance while highlighting its achievements and future strategy as part of its ongoing efforts to contribute meaningfully to the national energy agenda. Speaking during a recent industry dialogue with energy stakeholders and government representatives, the management of NIPCO underscored the company’s dedication to promoting natural gas adoption, improving energy infrastructure, and supporting government initiatives aimed at reducing the…
The Lagos State Waterways Authority (LASWA) has entered into a strategic partnership with Pi-CNG, an energy and transport solutions provider, to promote the adoption of Compressed Natural Gas (CNG)-powered ferries as a sustainable alternative to conventional fuel-powered boats. The initiative, which forms part of the state’s broader clean energy transition efforts, aims to reduce carbon emissions, cut fuel costs, and boost the safety and reliability of water transportation in Lagos. The partnership was officially announced during a stakeholder engagement forum held in Lagos, where LASWA and Pi-CNG brought together key players in the maritime and energy sectors, including boat operators,…
Ecobank Nigeria has taken a bold step to enhance investor confidence and demonstrate financial strength by making an early repayment of 50 percent of its $300 million Eurobond, signaling a strong liquidity position and prudent balance sheet management. The early redemption, which amounts to $150 million, comes ahead of the bond’s official maturity in 2026 and has been lauded by market watchers as a sign of the bank’s commitment to responsible debt servicing and proactive financial planning. This strategic move places Ecobank Nigeria among a select number of financial institutions in the country that have taken advantage of improving macroeconomic…
Nigeria’s capital market recorded a strong performance in the first half of 2025, posting a 16 percent growth amid increased investor participation and renewed confidence in equities and other financial instruments listed on the Nigerian Exchange Limited. The surge, which pushed the total value of listed securities to ₦126.73 trillion as of June 30, reflects growing optimism around macroeconomic reforms, monetary policy direction, and corporate earnings. This growth trajectory was confirmed in a half-year review released by the Nigerian Exchange Group, which noted that both the equities and fixed income markets saw notable expansion during the first six months of…