Cryptocurrency exchange Bitget has announced the transfer of 440 million of its native BGB tokens to the Morph Foundation, marking one of the largest token allocations in the platform’s history. The move is aimed at deepening its strategic partnership with Morph, a rising player in the modular blockchain space, and underscores Bitget’s push to expand its influence beyond trading into blockchain infrastructure development. The tokens, representing a substantial portion of BGB’s circulating supply, will be deployed to support Morph’s ecosystem growth. According to Bitget, the allocation will back initiatives such as liquidity provision, developer incentives, ecosystem expansion, and user adoption…
Author: Temitope N.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the country’s crude oil losses have dropped to their lowest level in 16 years, with daily losses now averaging just 9,600 barrels per day. The milestone represents a significant breakthrough in efforts to curb theft, sabotage, and pipeline vandalism, issues that have historically plagued Nigeria’s oil industry and undermined government revenue. According to the commission, the decline is the result of a combination of government interventions, improved surveillance technology, stricter regulatory enforcement, and enhanced collaboration with host communities. It marks a sharp contrast to the situation in recent years when…
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has blocked the loading of fuel from the Dangote Refinery, intensifying a labour dispute over unionisation rights and adherence to recent agreements. The move comes after alleged violations of a deal brokered earlier this month and has raised tensions between tanker drivers, refinery management, and the government. According to NUPENG, the action began when truck drivers who are members of its Petrol Tanker Drivers (PTD) branch were instructed by Dangote management to remove union stickers from their vehicles. The union claims these drivers had long been affiliated with NUPENG, and…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revoked the operating licence of the Oritsemeyin Rig, ordering its shutdown as soon as its ongoing well operations conclude. The licence revocation followed severe safety and operational breaches identified during drilling operations of the UDIBe-2 wellbore. The rig is operated by Selective Marine Services Limited (SMSL). In a letter dated September 11, 2025, and signed by NUPRC Chief Executive Gbenga Komolafe, the regulator informed SMSL that its annual licence to operate the Oritsemeyin Rig has been revoked. The letter cites a series of incidents including a “kick”—an unplanned influx of formation fluids…
The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has issued a sharp warning over recent petrol price cuts by Dangote Refinery, describing them as potentially harmful to the downstream petroleum market. According to DAPPMAN, the timing and implementation of these reductions could impose financial strain on other market actors and disrupt the broader ecosystem. In a public statement, Olufemi Adewole, Executive Secretary of DAPPMAN, said that the refinery’s recent move to reduce the gangway (gantry) price of petrol to ₦820 per litre—and fuel retailing at ₦841 in Lagos and the South-West, and ₦851 in Abuja, Edo and other…
Aero Contractors has refunded more than ₦257 million to Nigerian air travellers between January and August 2025, reflecting a sharp increase in consumer compensation tied to flight disruptions, cancellations, and baggage mishaps. The figure, officially verified by the Nigerian Civil Aviation Authority (NCAA), is nearly 137 percent higher than the amount paid during the same period in 2024. According to NCAA records, the airline disbursed ₦257,195,724.39 in refunds over the eight-month span. In contrast, consumers received ₦108,308,037.40 in refunds during the first eight months of 2024. The jump in 2025 amounts to more than double the refunds over the same…
The Nigerian Civil Aviation Authority (NCAA) has explained why it cleared the co-pilot of an Air Peace aircraft to resume duties despite a preliminary report from the Nigerian Safety Investigation Bureau (NSIB) that raised concerns over possible alcohol and drug use by crew members involved in the July 13, 2025, incident at the Port Harcourt International Airport. The development has drawn attention to the sometimes complex relationship between investigation findings and regulatory decisions in Nigeria’s aviation sector. On July 13, an Air Peace Boeing 737-524, operating a scheduled Lagos-Port Harcourt flight, veered off the runway after landing at Port Harcourt.…
The National Insurance Commission (NAICOM) has reiterated that technology adoption remains the most critical factor in repositioning Nigeria’s insurance sector for growth, efficiency, and long-term relevance. With the financial services industry rapidly evolving in the digital era, NAICOM insists that the insurance sector cannot afford to lag behind if it must deliver value to customers, strengthen regulatory compliance, and expand its contribution to the economy. Commissioner for Insurance, Sunday Thomas, who spoke at a recent industry dialogue, explained that technology is no longer an optional tool but a necessity. According to him, the global insurance landscape has been transformed by…
Tensions between Africa’s richest man, Aliko Dangote, and the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) have escalated sharply following fresh accusations surrounding the operations of the $18 billion Dangote Petroleum Refinery. In a strong rebuttal to claims of financial impropriety and poor labour practices, Dangote has openly challenged the union to “unmask the true squanderers” of the massive refinery project, insisting that his company has nothing to hide. The Dangote Refinery, located in the Lekki Free Zone, Lagos, is designed to refine up to 650,000 barrels of crude oil per day, making it Africa’s largest single-train facility.…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the successful completion of its first conversion of petroleum licences under the Petroleum Industry Act (PIA), a move seen as a milestone in Nigeria’s oil and gas regulatory reforms. The exercise, which took place this week, underscores the commission’s determination to modernize the sector and align operators with the provisions of the PIA. According to NUPRC, the conversion marks the beginning of a structured process through which existing Oil Prospecting Licences (OPLs) and Oil Mining Leases (OMLs) are transitioned into Petroleum Prospecting Licences (PPLs) and Petroleum Mining Leases (PMLs). This change,…
The Nigerian Meteorological Agency (NiMet) has issued a fresh weather alert forecasting intense thunderstorms and heavy rainfall across several parts of the country from Friday through Sunday, warning residents and authorities to brace for possible disruptions. According to the advisory, the weather system is expected to affect the North Central, North West, and Southern regions, with varying levels of impact on states including Abuja, Kaduna, Niger, Kwara, Benue, Lagos, Rivers, Cross River, Edo, and Delta. The agency stressed that the combination of thunderstorms and prolonged downpours may trigger flash floods, traffic gridlock, flight delays, and damage to infrastructure, particularly in…
BUA Foods Plc has revealed that it generated ₦1.53 trillion in revenue for the financial year ended December 2024, and is declaring a dividend of ₦13.00 per share. The company stated that its strong performance reflects both internal efficiencies and favourable market conditions across its product lines, which include sugar, flour, pasta, rice and edible oils. The group’s financial results show a significant improvement over previous years, driven by rising demand for its consumer staples and food processing products. Increased consumption, better supply chain management, and strategic investments in production capacity helped bolster both revenue and profitability. A key contributor…
The Federal Government has officially scrapped the planned 5 percent excise duty on telecommunications services, offering much-needed relief to millions of phone and internet users across Nigeria. The decision, which follows months of consultations and pushback from industry stakeholders, has been widely welcomed by consumers, service providers, and advocacy groups who feared that the tax would further burden households already struggling with rising costs of living. The telecoms tax was first introduced in 2022 as part of broader revenue generation measures but was met with stiff resistance from the Nigerian Communications Commission (NCC), the Ministry of Communications, and telecom operators.…
Dangote Cement Plc, Africa’s leading cement producer, has disclosed that it has invested more than $8.5 billion across the continent in the last 15 years, underscoring its role as one of the foremost drivers of industrialisation and infrastructure development in Africa. The announcement highlights the company’s strategic expansion efforts that have not only boosted its production capacity but also created thousands of direct and indirect jobs, enhanced local value chains, and reduced Africa’s dependence on imported cement. Since 2010, when the company embarked on a continental expansion strategy, Dangote Cement has steadily extended its footprint beyond Nigeria into key markets…
Nigeria’s recent monetary tightening has significantly boosted banks’ interest income, with lenders collectively earning about ₦15.4 trillion, according to a report published by Afrinvest. This surge reflects how elevated interest rates and stringent liquidity conditions imposed by the Central Bank of Nigeria (CBN) are reshaping the financial sector—creating winners among banks even as many borrowers struggle under rising costs. Afrinvest attributes the increase largely to the CBN’s aggressive policy adjustments aimed at curbing inflation and defending the naira. Over the past year, benchmark rates have risen steadily. The Monetary Policy Rate (MPR) has been raised multiple times to discourage excess…
The management of Dangote Refinery has dismissed allegations by the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) that it violated a Memorandum of Understanding (MoU) signed earlier this month, insisting that it remains committed to upholding labour rights and fostering a stable working environment. The refinery, which has been at the center of Nigeria’s push for energy self-sufficiency, came under scrutiny after NUPENG accused its representatives of instructing Petroleum Tanker Drivers (PTD)—who are union members—to remove stickers from their vehicles and of resisting efforts to enforce the provisions of the MoU. The union warned that its members had…
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has accused Dangote Refinery of breaching the terms of a recently signed Memorandum of Understanding (MoU), placing its members on “red alert” for the resumption of a nationwide strike. The unfolding dispute centers on how tanker drivers—specifically members of the Petroleum Tanker Drivers (PTD) branch—are treated under the agreement, threatening to undermine a fragile peace that had briefly settled tensions at the refinery. The MoU, signed on September 9, involved NUPENG, Dangote Group, the Ministry of Labour, representatives from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), as well…
The Dangote Refinery has confirmed plans to begin a free fuel distribution scheme starting Monday, September 15, as part of a broader effort to cushion the impact of high living costs on Nigerians. The initiative will roll out initially in Lagos, Abuja, Kwara, Delta, Rivers, Edo, and other South-West states before gradually expanding nationwide. According to company officials, the refinery will not only distribute fuel free of charge in some communities but also slash retail pump prices in several states. In Lagos and other South-West states, petrol will sell at ₦841 per litre, while Abuja, Edo, Kwara, Rivers, and Delta…
Nigeria’s oil sector has achieved a significant milestone as recent data indicates that crude oil theft has dropped to its lowest level since 2009. This development comes as a major relief for Africa’s largest crude producer, which has long grappled with the twin challenges of oil theft and pipeline vandalism that have undermined production, revenues, and investor confidence. According to monitoring reports from industry regulators and security agencies, the volume of crude stolen from pipelines and other facilities in the Niger Delta has seen a sharp decline over the past few months. Officials attribute this progress to a combination of…
Dangote Petroleum Refinery has officially restated that membership in any trade union remains a voluntary decision, in compliance with both Nigerian law and international labour standards. The declaration comes amid escalating discord between the refinery and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) over alleged breaches of an agreement on worker unionisation. According to a statement issued by the refinery, it neither compels nor prevents its workers from joining any recognised trade union. Management said reports to the contrary—particularly allegations that drivers were forced to sign contracts barring them from union affiliation—are false and represent a mischaracterisation…