Lafarge Africa Plc has announced a remarkable 144 percent rise in its profit after tax for the third quarter of 2025, reaching N75 billion compared to N30.7 billion recorded in the same period last year. The cement manufacturing giant attributed the impressive performance to increased production efficiency, cost management strategies, and higher sales volume driven by rising demand in the construction sector. According to the company’s unaudited financial statement released to the Nigerian Exchange (NGX), Lafarge recorded a strong revenue growth of 58 percent, with turnover climbing to N450 billion from N284.7 billion in the previous year’s third quarter. This…
Author: Temitope Nlewemchi
The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a staggering N380 billion revenue loss for September 2025, attributed to declining crude production, oil theft, and infrastructure sabotage that continue to plague Nigeria’s oil and gas sector. The development marks one of the largest single-month revenue shortfalls in recent years, raising concerns over the impact on government finances and budgetary stability. According to industry sources and data from the Federation Account Allocation Committee (FAAC), the loss was largely due to reduced crude oil output, which dropped below the 1.4 million barrels per day (bpd) mark during the month. This…
The Transmission Company of Nigeria (TCN) has announced that it will carry out scheduled maintenance operations on its transmission infrastructure in Enugu State as part of ongoing efforts to improve electricity supply reliability and network efficiency across the South-East region.According to a statement released by the company’s General Manager of Public Affairs, Ndidi Mbah, the planned maintenance exercise is designed to strengthen grid stability, reduce power interruptions, and enhance overall transmission performance. The operation will involve upgrading critical transmission equipment, replacing outdated components, and cleaning high-voltage lines to ensure uninterrupted power flow. TCN stated that the maintenance will affect some…
The World Bank has announced a landmark $100 billion initiative aimed at stimulating job creation and accelerating economic growth across developing nations, with Africa positioned as one of the major beneficiaries. The ambitious plan seeks to address the persistent challenges of unemployment, inequality, and sluggish economic recovery following global disruptions such as the COVID-19 pandemic, inflationary pressures, and rising debt burdens. According to a statement from the World Bank headquarters in Washington, the new funding drive will be channeled into supporting small and medium-sized enterprises (SMEs), digital transformation, renewable energy projects, and infrastructure development in low- and middle-income countries. The…
The Federal Government has announced plans to restore power generation at the Aluminium Smelter Company of Nigeria (ALSCON), with a target of generating 540 megawatts (MW) to strengthen the national grid and revive industrial operations in the region. The move is part of broader efforts to accelerate Nigeria’s industrial revitalisation and improve energy access across the country. The Minister of Power, Chief Adebayo Adelabu, disclosed this during an inspection visit to the ALSCON facility in Ikot Abasi, Akwa Ibom State. He said the government’s initiative to restore power generation at the plant aligns with President Bola Tinubu’s Renewed Hope Agenda,…
The Nigerian Maritime Administration and Safety Agency (NIMASA) has announced a major management reshuffle as part of its ongoing efforts to strengthen institutional efficiency, improve service delivery, and align the agency with international maritime standards.The restructuring, which affects several key directorates and departments, is aimed at repositioning NIMASA to better fulfil its statutory responsibilities of regulating maritime safety, security, and shipping development in Nigeria’s territorial waters. The move comes amid renewed calls for transparency, accountability, and strategic reforms in the nation’s maritime sector. In a statement issued by NIMASA’s Director of Public Affairs, Osagie Edward, the agency confirmed that the…
Nigeria’s oil tax revenue plunged by 53% in the first half of 2025, according to the latest report released by the Federation Account Allocation Committee (FAAC). The steep decline underscores the ongoing challenges facing the country’s petroleum sector despite rising global oil prices and efforts to stabilise domestic production. The FAAC report revealed that oil-related taxes, including Petroleum Profit Tax (PPT) and royalties, fell drastically from over N3.2 trillion recorded in the same period of 2024 to about N1.5 trillion in 2025. This represents a significant shortfall that has impacted the monthly allocations shared among the three tiers of government.…
The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a profit of N216 billion for the 2024 financial year, achieved on a turnover of N4.26 trillion. The performance reflects the company’s strengthened financial and operational efficiency under the leadership of its Chief Executive Officer (GCEO), Bashir Bayo Ojulari. The announcement marks another milestone in the company’s ongoing transformation into a fully commercial and profit-oriented entity, following its incorporation under the Petroleum Industry Act (PIA) of 2021. The profit demonstrates the success of reforms aimed at improving transparency, reducing operational costs, and boosting productivity across the oil and gas value…
The Pension Transitional Arrangement Directorate (PTAD) has reiterated its commitment to the revised implementation of the Consequential Pension Adjustment (CPA) for pensioners under the Defined Benefit Scheme (DBS), assuring retirees of timely and accurate payments in line with government directives.In a statement issued on Tuesday in Abuja, PTAD’s Executive Secretary, Dr. Chioma Ejikeme, reaffirmed that the Directorate remains steadfast in ensuring that all qualified pensioners benefit fully from the revised adjustment. She noted that the exercise is part of PTAD’s broader mandate to sustain transparency, accountability, and fairness in the pension administration process. Dr. Ejikeme explained that the Consequential Pension…
The World Economic Forum (WEF) has honoured Schneider Electric for its innovative AirSeT technology, a groundbreaking sustainable design aimed at revolutionising energy management and power distribution. The recognition highlights Schneider’s continued leadership in promoting eco-friendly solutions that support global net-zero targets. In a statement issued by the company, the WEF commended Schneider Electric’s AirSeT for its gas-insulated switchgear (GIS) innovation that eliminates the use of sulphur hexafluoride (SF₆), a potent greenhouse gas widely used in the electrical industry. The AirSeT system replaces SF₆ with pure air and vacuum interruption technology, significantly reducing environmental impact while maintaining high performance and reliability.…
The House of Representatives has expressed concern over the ongoing disagreement between the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the management of Dangote Petroleum Refinery, calling for an urgent resolution to prevent disruptions in the nation’s refining sector.The lawmakers, during a plenary session on Tuesday, resolved to wade into the industrial dispute following a motion sponsored by Hon. Ibrahim Mustapha from Kano State. The motion, which received overwhelming support from members, emphasized the need for immediate parliamentary intervention to maintain industrial peace and ensure the continued operation of the refinery — a critical asset in…
The United Bank for Africa (UBA) has announced the successful graduation of 700 young professionals from its Graduate Management Acceleration Programme (GMAP), an initiative designed to nurture the next generation of leaders in Africa’s financial services industry. The development marks another milestone in the bank’s ongoing investment in human capital development, leadership grooming, and sustainable economic empowerment across the continent. The GMAP, launched by UBA in 2021, serves as a structured training and mentorship platform aimed at equipping young graduates with technical expertise, leadership skills, and practical experience in banking and financial management. The 2025 edition, which took place at…
Energy regulators across West Africa have commenced discussions to establish a unified framework for fuel price harmonisation in the region, a move aimed at stabilising markets, reducing smuggling, and fostering economic integration among member states. The initiative, led by the Economic Community of West African States (ECOWAS) Commission, seeks to address the disparities in petroleum product pricing that have long contributed to cross-border arbitrage and fuel diversion. The harmonisation effort was unveiled at a high-level meeting of energy ministers and regulatory agencies held in Abuja, Nigeria, where delegates from over 15 West African countries convened to deliberate on regional pricing…
The Nigerian Ports Authority (NPA) has reiterated that the electronic call-up system for truck movement into port terminals is a permanent measure designed to sustain order, efficiency, and transparency in port operations. This reaffirmation follows recent criticisms from some clearing agents and truck operators who expressed frustration over the perceived inefficiencies and alleged irregularities in the implementation of the system. In a statement issued by the NPA management, the authority maintained that the call-up system, introduced under the “ETO” platform, has significantly reduced traffic congestion and operational chaos around the Apapa and Tin Can Island ports. The NPA emphasised that…
The governments of Kano, Katsina, and Jigawa states have announced a strategic partnership to create a tri-state electricity market aimed at boosting power generation, distribution, and access across the region. The initiative, a first of its kind in Northern Nigeria, is designed to enhance energy reliability, stimulate industrial growth, and support small and medium-scale enterprises (SMEs) within the three states. The collaboration, officially unveiled at a joint energy summit in Kano, brings together government representatives, private investors, and power sector stakeholders to discuss frameworks for developing an integrated electricity market that will serve millions of residents and businesses. The proposed…
Petrol has emerged as Nigeria’s leading import commodity, with the nation importing an estimated 613.6 million litres of Premium Motor Spirit (PMS) within a single year, according to recent trade and customs data. The staggering volume highlights the country’s continued dependence on imported refined petroleum products despite having one of Africa’s largest crude oil reserves and a growing number of domestic refineries. The data, which covers a 12-month period ending in mid-2025, revealed that petrol imports accounted for a significant share of Nigeria’s total import bill, outpacing other essential commodities such as wheat, machinery, and pharmaceuticals. The surge in petrol…
Transcorp Hotels Plc, one of Nigeria’s leading hospitality brands and a subsidiary of Transnational Corporation Plc, has reported an impressive profit of N22.4 billion for the third quarter (Q3) of 2025, marking a significant increase compared to the same period last year. The company attributed the robust performance to higher occupancy rates, improved cost efficiency, and strategic expansion initiatives that boosted revenue streams across its operations. According to the company’s unaudited financial statements released to the Nigerian Exchange Limited (NGX), revenue for the period rose substantially, driven by stronger performance in its flagship property, Transcorp Hilton Abuja, as well as…
Nigeria’s key revenue collection and allocation agencies have unveiled a coordinated initiative aimed at improving revenue recovery, enhancing transparency, and strengthening fiscal discipline across all tiers of government. The new initiative, announced in Abuja, is expected to boost non-oil revenue generation and ensure more effective distribution of national income to federal, state, and local governments. The move, spearheaded by the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) in collaboration with the Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS), and the Office of the Accountant General of the Federation (OAGF), is part of ongoing efforts to plug leakages in…
The Central Bank of Nigeria (CBN) has announced a notable rebound in the value of the naira, attributing the currency’s rally to declining foreign exchange (FX) speculation and improved market stability. The bank confirmed that Nigeria’s external reserves have now surged to $43 billion, their highest level in more than two years, driven by strong oil earnings and renewed investor confidence. In its latest financial update, the apex bank said that recent policy measures to curb speculative trading in the FX market have begun yielding tangible results. These include stricter monitoring of market participants, improved transparency in FX transactions, and…
The Petroleum Training Institute (PTI) has urged African countries not to succumb to global pressure to abandon their crude oil reserves, warning that the continent risks jeopardising its economic stability and development prospects if it hastily transitions away from fossil fuels. Speaking during a recent regional energy conference, the PTI management emphasised that Africa’s estimated 125 billion barrels of crude oil reserves remain a crucial asset for driving industrialisation, energy security, and sustainable growth across the continent. The institute noted that while the global community is increasingly shifting towards renewable energy sources, Africa must pursue a balanced energy transition that…