At the Africa Energy Week (AEW) 2025 conference in Cape Town, industry leaders, including those from TotalEnergies and Chevron, called for major improvements in how oil and gas exploration is managed across Africa. Their key demands centered on speeding up the permitting process and providing higher quality seismic and subsurface data—a combination they see as essential to unlocking the continent’s untapped frontier basins. Emmanuelle Garinet, Vice President of Exploration Africa at TotalEnergies, highlighted that many frontier basins on the continent contain significant oil and gas potential, but current risk levels remain high largely because of limited data and slow regulatory…
Author: Temitope N.
JMG Limited has renewed its dedication to advancing innovative and sustainable energy solutions for homes, businesses, and industries across Nigeria. During the nation’s 65th Independence Day celebrations, Group General Manager Rabi Jammal emphasized that the company remains focused on supporting national development by driving energy efficiency and innovation. He explained that JMG’s goal goes beyond providing power solutions — it aims to create reliable systems that contribute to Nigeria’s overall progress and prosperity. Since 2018, JMG has consistently expanded its renewable and hybrid energy portfolio to meet the growing demand for cleaner power alternatives. The company introduced Lithion inverters and…
Lafarge Africa Plc has taken another major step in its commitment to women’s empowerment and inclusion in the construction industry with the launch of its 2025 Female Tilers and Block Laying Training Programme, under the theme “BuildHer by Lafarge”. The initiative targets 100 women from low-income communities in Lagos, Ogun, and Cross River states, aiming to provide them with both technical skills and entrepreneurial tools to pursue sustainable livelihoods in tiling and block production. This year’s programme will run for eight weeks and is being implemented in partnership with relevant state government agencies. In Lagos State, partners include the Ministry…
The Central Bank of Nigeria (CBN) has reinforced its supervision of commercial banks currently undergoing the recapitalisation process to ensure transparency, financial soundness, and compliance with established regulatory standards. This move is part of the apex bank’s broader effort to strengthen the resilience of the financial system and enhance the capacity of banks to support Nigeria’s growing economy. According to the CBN, the recapitalisation exercise is being closely monitored to verify that banks raise their capital through legitimate and verifiable means. The apex bank has mandated that all participating financial institutions disclose the sources of their new capital and submit…
The Nigeria Customs Service (NCS) and the Manufacturers Association of Nigeria (MAN) have reached a compromise on how the 4% Free-On-Board (FOB) charge on imports will be implemented, following stakeholder consultations. Under the new framework, various categories of imports will be exempted—particularly raw materials, machinery, spare parts, healthcare goods, and inputs for government projects—while efforts are under way to make the system more predictable and less burdensome for manufacturers. Comptroller-General of Customs, Adewale Adeniyi, confirmed that manufacturers importing under customs tariff chapters 98 and 99 will enjoy exemptions. Those not yet under those chapters can apply to be “onboarded” to…
The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, have announced a modest increase of 137,000 barrels per day in oil production beginning in November 2025. This decision reflects the group’s cautious approach to managing global oil supply amid lingering market uncertainties and fluctuating demand patterns. The output hike forms part of the gradual rollback of the alliance’s earlier voluntary cuts, which were implemented to stabilize prices during periods of low demand. The oil producers’ group stated that the increase is a measured response to evolving global energy needs and economic conditions. It also reiterated…
The management of Dangote Refinery has expressed deep appreciation to President Bola Ahmed Tinubu, key security agencies, and top government officials for their swift intervention in resolving the industrial dispute that threatened to disrupt operations at the refinery earlier in the week. The company praised the government’s proactive role in averting what could have been a major setback to Nigeria’s oil and gas sector and the country’s economic stability. In a statement released in Lagos, the refinery’s Executive Director, Devakumar Edwin, commended President Tinubu for his leadership and commitment to maintaining industrial harmony within the nation’s critical sectors. He also…
LG Electronics has once again reaffirmed its dominance in global technology and innovation by clinching multiple honours at the inaugural IFA Awards held in Berlin, Germany. The prestigious event, which celebrates excellence in consumer technology and innovation, saw LG take home top recognitions across several categories, including Smart Home Innovation, Display Technology, and Energy-Efficient Appliances. Organised as part of the renowned IFA (Internationale Funkausstellung) — one of the world’s oldest and most influential consumer electronics exhibitions — the awards ceremony drew global technology leaders, innovators, and industry professionals. The IFA Awards were created to spotlight groundbreaking technologies that combine sustainability,…
Maritime industry stakeholders have expressed deep concern over Nigeria’s persistent inability to develop a functional shipbuilding and ship repair sector despite its vast coastline, growing trade volume, and maritime potential. The stakeholders argued that the nation’s overreliance on foreign-built vessels and maintenance facilities is a major economic setback that continues to cost the country billions of dollars annually in capital flight. The concerns were voiced during a recent maritime investment and development forum held in Lagos, where key industry figures, policymakers, and representatives of the Nigerian Maritime Administration and Safety Agency (NIMASA) discussed the country’s long-standing struggle to establish a…
Dangote Group has commenced the construction of a $2.5 billion fertiliser manufacturing complex in Gode, Ethiopia, marking a major milestone in Africa’s quest for self-sufficiency in agricultural inputs. The groundbreaking event followed the signing of a joint venture agreement between Dangote Industries Limited and the Ethiopian Investment Holdings (EIH), under which Dangote will hold 60 percent ownership, while EIH will control 40 percent. The state-of-the-art facility, upon completion, is expected to produce three million metric tons of urea fertiliser annually—making it one of the largest single-site urea plants in the world. The project will be powered by natural gas sourced…
The Nigerian Stock Exchange (NSE) has raised concerns over the slow pace of progress in the nation’s power sector despite years of policy reforms, privatization efforts, and substantial public and private sector investments. In its latest sectoral performance review, the NSE noted that the electricity industry continues to underperform in generation, transmission, and distribution, posing significant challenges to economic growth and industrial development. According to the report, while the government has implemented multiple reform programs—including the Power Sector Recovery Programme (PSRP) and the Electricity Act of 2023—the impact on supply reliability and efficiency remains marginal. The exchange observed that electricity…
The Federal Competition and Consumer Protection Commission (FCCPC) has granted its approval to UAC of Nigeria Plc (UACN) for the acquisition of CHI Limited, the producer of popular beverage and dairy brands Chivita and Hollandia. This marks a significant milestone in UAC’s strategic expansion into Nigeria’s fast-moving consumer goods (FMCG) sector, signaling renewed investor confidence and a stronger drive toward market consolidation in the food and beverage industry. The approval, which was finalized after months of regulatory review, paves the way for UACN to fully integrate CHI Limited’s operations, including its beverage, juice, and dairy portfolios, into its existing structure.…
Nigeria’s cash circulating outside the banking system has dropped to N4.45 trillion as of August 2025, according to the latest data released by the Central Bank of Nigeria (CBN). The decline marks a significant improvement in liquidity management and is seen as a direct result of the apex bank’s ongoing monetary tightening measures and push toward a cash-lite economy. The report, which forms part of the CBN’s Money and Credit Statistics, indicates that currency outside banks fell by about N260 billion compared to the N4.71 trillion recorded in July 2025. Analysts attribute the reduction to a combination of factors, including…
JAC Motors International has reaffirmed its long-term commitment to Nigeria by deepening its strategic partnership with Elizade JAC Autoland Limited, the sole distributor for JAC passenger, commercial, and light-duty vehicles in the country. During a recent visit to the Elizade facility, Oscar Yu, General Manager of JAC Motors International, emphasized that Nigeria is one of the most important markets for the company in Africa, and that the visit was meant to renew collaboration, expand their footprint, and provide Nigerians with vehicles that deliver on durability, affordability, and modern technology. In his address, Yu stated that the partnership would not just…
The Securities and Exchange Commission (SEC) has imposed a fine of N50.145 million on Stanbic IBTC Capital Limited, in connection with regulatory breaches tied to Guaranty Trust Holding Company Plc’s (GTCO) public share offer. The penalty was disclosed in the half-year 2025 financial report of Stanbic IBTC Holdings and underscores the need for closer regulatory compliance in capital markets. According to the details, the SEC’s sanction centers on Stanbic IBTC Capital’s use of digital subscription channels—namely internet banking platforms and mobile applications—during the GTCO equity issuance process without obtaining the required “No Objection” approval from the regulator. The SEC held…
Sunday Olorundare Thomas, former Commissioner for Insurance and a past Managing Director at NAICOM, has said that the newly enacted Nigeria Insurance Industry Reform Act 2025 will fundamentally change Nigeria’s insurance sector. He described the law as a “game-changer” that corrects long-standing weaknesses in regulation, capital structure, and public confidence, and will enable the industry to become more competitive both locally and globally. Thomas pointed out that before the Act, the insurance industry was governed mostly by the Insurance Act of 2003 and several other scattered laws that had become outdated. He said this fragmentation meant that many insurers could…
The Nigerian stock market recorded an impressive performance in the four-day trading week ended Friday, with investors gaining approximately N1.175 trillion in market capitalization. The strong upward movement came despite the shortened trading period, which excluded Tuesday, October 1, declared a public holiday to commemorate Nigeria’s Independence Day. Data from the Nigerian Exchange (NGX) showed that the All-Share Index (ASI) advanced by 1.02 percent to close the week at 143,584.04 points, compared to 142,122.23 points in the previous week. Similarly, the total market capitalization rose from N89.960 trillion to N91.135 trillion, reflecting renewed investor optimism and positive sentiment across several…
Spiro, a leading electric mobility company in Africa, has stepped forward as an official sponsor of the E1 Grand Prix in Lagos — the first time the all-electric powerboat racing series will be held in West Africa. This collaboration highlights Spiro’s commitment to pushing the boundaries of clean technology and putting sustainability at the heart of high-profile sporting events. The E1 Grand Prix, featuring zero-emission RaceBird boats that glide above the water on hydrofoils, is scheduled to take place in Lagos over the weekend. By supporting the event, Spiro aims not just to be a sponsor but to help shape…
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has described Nigeria’s youthful population as the country’s greatest asset and urged them to take the lead in driving economic transformation, innovation, and nation-building. He made this known during the inaugural CBN Governor’s Lecture Series held at the Lagos Business School, themed “Next Generation Leadership in Monetary Policy and Nation Building.” Cardoso emphasized that with over half of Nigeria’s population under 30 years old and a median age of 18, the nation’s future rests squarely on the shoulders of its young people. He noted that this demographic strength…
The Association of Travel and Tourism Writers of Nigeria (ATTWON) has publicly congratulated Mr. Olayiwola Nurudeen Awakan on his recent appointment as the substantive Director-General of the Nigeria Tourism Development Authority (NTDA). In its statement, the association praised the decision, saying it heralds a new chapter for Nigeria’s tourism sector under Awakan’s leadership. ATTWON also pledged its full cooperation and support for Awakan’s vision to digitally transform the tourism industry, strengthen domestic and international promotion, and leverage Nigeria’s diverse cultural and historical assets. The writers’ group expressed optimism that his tenure will usher in strategies to boost infrastructure, branding, and…