A widespread power outage has hit Akwa Ibom State and parts of Rivers following the collapse of the Aba–Itu 132kV transmission line, cutting electricity supply to millions and disrupting daily life in affected communities.The Transmission Company of Nigeria (TCN) confirmed that the outage resulted from a fault that led to the failure of the key 132 kilovolt line serving the corridor. Affected areas include major commercial and residential hubs in Akwa Ibom as well as parts of Port Harcourt in Rivers State. Reports say residents in Uyo, Eket, Itu, and Ekim were plunged into darkness, causing heavy losses for businesses…
Author: Temitope N.
Dangote Petroleum Refinery has taken a major step toward transforming Nigeria’s downstream petroleum sector by deploying 1,000 of the 4,000 planned compressed natural gas-powered fuel distribution trucks. The deployment is part of its direct-to-market strategy aimed at supplying fuel to marketers, large industries, telecoms firms, and aviation users. Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has thrown its weight behind the initiative, even as concerns persist over market disruption and job implications for tanker drivers. The refinery had initially announced that this ambitious roll-out would occur by August 15, 2025. Its plan involves using a fleet of 4,000…
A new economic report has projected that Nigeria’s inflation rate may continue on its downward trajectory in the coming months if the relative stability being witnessed in the foreign exchange market is sustained. The analysis, which reviewed recent macroeconomic indicators, highlighted how improved foreign exchange liquidity, reduced volatility in the naira, and stronger monetary policy coordination are already easing cost pressures across key sectors of the economy. The report comes shortly after the National Bureau of Statistics (NBS) announced that headline inflation dropped for the fifth consecutive month, driven largely by moderating food and core inflation. According to analysts, one…
Fidelity Bank has emphasized the critical role of financial technology in deepening trade relations between the United States and Africa, highlighting how digital solutions can dismantle barriers, improve efficiency, and foster greater collaboration between businesses on both continents. Speaking at a recent international trade and investment forum, the bank noted that fintech innovations are redefining cross-border transactions, opening opportunities for African businesses to participate more actively in the global marketplace. According to the bank, traditional trade finance models have often been hampered by lengthy documentation processes, high transaction costs, and limited access to credit, particularly for small and medium-sized enterprises…
Nigeria’s inflation rate has recorded its fifth consecutive monthly decline, according to the latest data released by the National Bureau of Statistics (NBS). This development has been welcomed as a positive sign for Africa’s largest economy, which has been battling persistent price pressures over the past three years. The moderation in inflation is being seen as a reflection of ongoing fiscal and monetary measures targeted at stabilising the economy, enhancing food supply, and improving exchange rate liquidity. The NBS report indicated that headline inflation, which has been a major concern for households, businesses, and policymakers, eased once again in August…
Jaiz Bank Plc, Nigeria’s pioneer non-interest bank, has been named the “Most Progressive Islamic Bank 2025” by the Global Islamic Finance Awards (GIFA), a recognition of its outstanding achievements in Islamic financial services. The award, announced by the GIFA Awards Committee chairman, Prof. Humayon Dar, follows a rigorous evaluation of several banks in this category according to GIFA’s assessment methodology. In responding to the honour, Dr. Haruna Musa, Managing Director and CEO of Jaiz Bank, dedicated the recognition to the bank’s staff, customers, and stakeholders. He stressed that the accolade is not only a validation of the bank’s past performance…
Craigwal Petroshore, in partnership with the Nigerian National Petroleum Company Limited (NNPC), has launched an intensive training programme aimed at enhancing safety standards in Nigeria’s oil and gas industry. The initiative, which brings together industry experts, regulators, and professionals, is designed to address persistent concerns about workplace safety, environmental protection, and compliance with international best practices across petroleum operations. The collaboration comes at a time when safety lapses in the sector have drawn heightened scrutiny, particularly with increasing emphasis on sustainable energy practices and the need to reduce risks associated with exploration, refining, and transportation. The oil and gas industry,…
Clearing agents and stakeholders in Nigeria’s maritime industry have expressed satisfaction with the impact of the electronic call-up system introduced by Trucks Transit Parks Limited (TTP) in helping to ease congestion at the Apapa Port corridor. For years, the Apapa axis in Lagos had been synonymous with heavy gridlock, with trucks and tankers causing long traffic delays, disrupting business activities, and costing the economy billions of naira annually. However, industry players now say that the digital traffic management platform has significantly improved truck movement and reduced bottlenecks. The TTP initiative, commonly referred to as the ETO system, was introduced to…
At a recent gathering of energy and investment stakeholders in Abuja, Dr. Gabriel A. Onagoruwa, a senior expert in energy policy, stressed that Africa requires at least $100 billion every year to meet its growing energy needs and successfully transition toward cleaner, more reliable power systems. According to him, without urgent and large-scale funding, the continent risks lagging further behind in industrial competitiveness, economic growth, and social development. Onagoruwa pointed out that despite the continent’s vast natural resource base—including gas, solar, wind, and hydro—Africa’s energy systems remain trapped by under-investment, ageing infrastructure, frequent power outages, and extremely low electricity access…
The recent decision by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to revoke the operational licence of the Oritsemeyin offshore rig has been described by industry experts as a watershed moment for Nigeria’s oil and gas sector, sending a powerful message to operators about the importance of safety compliance, environmental responsibility, and regulatory adherence. The revocation followed a series of reported lapses in safety standards and operational inefficiencies observed during inspections, which regulators said posed significant risks to personnel, assets, and the environment. In a sector often accused of lax oversight, the action is widely seen as a signal that…
The Central Securities Clearing System (CSCS) and the Nigerian Exchange Group (NGX) have officially announced the transition of the Nigerian capital market to a T+2 settlement cycle, reducing the period for completing securities transactions from three business days to two. The move, which aligns Nigeria with leading global markets, is expected to improve liquidity, attract foreign investment, and strengthen investor confidence in Africa’s largest economy. According to the joint statement released in Lagos, the adjustment from the previous T+3 cycle to T+2 will take effect immediately, marking a major milestone in the evolution of the Nigerian capital market. The shift…
The Nigeria Customs Service (NCS) has directed all candidates shortlisted for its 2025 recruitment exercise to carefully verify their email addresses and ensure timely compliance with the guidelines provided for the next phase of the process. The Service explained that the measure is intended to streamline communication, prevent fraudulent activities, and guarantee transparency in one of the most competitive public sector recruitment drives in the country. In a statement released by the NCS Headquarters in Abuja, the Service advised applicants who sat for the initial stages of the recruitment to immediately check their registered email accounts for official notifications. According…
The United States has slashed its crude oil imports from Nigeria by as much as 40 percent, a development that is sending ripples through Africa’s largest oil-producing nation and raising new concerns about the stability of its foreign exchange inflows. The reduction, attributed to a combination of rising domestic production in the US, changing global demand patterns, and Nigeria’s internal production challenges, highlights the growing vulnerability of the country’s oil-dependent economy. For decades, the US was a major consumer of Nigeria’s light, sweet crude, which was particularly suited to American refineries. However, with the shale oil boom reshaping the US…
The Federal Government of Nigeria has entered into a landmark $500 million financing agreement with the African Export-Import Bank (Afreximbank) to accelerate the development of the country’s gas infrastructure. The deal, which was officially sealed this week, is a key step in advancing Nigeria’s energy transition plan while also boosting its economic growth prospects. The facility is targeted at strategic investments in midstream gas infrastructure, including processing plants, pipelines, storage facilities, and distribution networks. By improving gas infrastructure, the government aims to expand domestic supply, encourage industrialisation, and strengthen Nigeria’s position as a major player in the global gas market.…
The National Identity Management Commission (NIMC) has commenced a landmark capacity-building programme for all its 3,780 staff members, following a directive from President Bola Ahmed Tinubu aimed at boosting service delivery and supporting Nigeria’s digital identity agenda. The training, which cuts across all levels and departments of the Commission, is being carried out simultaneously in all 36 states and the Federal Capital Territory, Abuja. Under the leadership of Director General and CEO, Engr. Abisoye Coker-Odusote, the training forms a central part of the administration’s Renewed Hope Agenda, which places digital identity as foundational for welfare delivery, financial inclusion, and national…
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…
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…