The Nigerian government has lauded the progress of its Naira-for-Crude initiative, a strategic policy aimed at enhancing the value of the naira, bolstering local refining capacities, and reducing the nation’s reliance on foreign exchange for petroleum transactions. Policy Overview Launched on October 1, 2024, the Naira-for-Crude deal permits local refineries, notably the Dangote Petroleum Refinery, to purchase crude oil from the Nigerian National Petroleum Company Limited (NNPC) using the naira instead of foreign currencies. This approach is designed to alleviate pressure on Nigeria’s foreign exchange reserves and promote domestic economic stability. Government’s Position At a recent meeting of the Technical…
Author: Temitope N.
The U.S. government is contemplating criminal charges against Orbic Air, LLC, the operator of the helicopter involved in the fatal crash that claimed the lives of Nigerian banker Herbert Wigwe, his family, and three others in February 2024. The crash occurred on February 9, 2024, near Halloran Springs, California, when an Airbus EC130B4 helicopter, registered as N130CZ, went down, resulting in the deaths of all six individuals on board. Investigation Findings The U.S. National Transportation Safety Board (NTSB) released a final report identifying pilot disorientation and a violation of flight protocols as key causes of the crash. Specifically, the pilot…
The Nigerian Civil Aviation Authority (NCAA) has sanctioned Kenya Airways with a ₦3 million fine over allegations of passenger maltreatment, specifically concerning Nigerian traveler Gloria Omisore. The NCAA has also mandated the airline to compensate affected passengers and address various consumer protection violations. Incident Overview In January 2025, Gloria Omisore was traveling from Lagos to Manchester via Nairobi and Paris with Kenya Airways. Upon her return journey, she was denied boarding in Nairobi due to the absence of a Schengen visa, despite having previously traveled the same route without issue. Subsequently, she experienced a 17-hour layover during which she requested…
The World Bank has disbursed an additional $215 million to Nigeria under the $800 million National Social Safety Net Programme-Scale Up, increasing the total amount released to $530 million. This funding is part of the government’s efforts to provide conditional cash transfers to the nation’s most vulnerable citizens, aiming to alleviate the impact of recent economic reforms, including the removal of the petrol subsidy. Initially, the programme was structured to deliver N5,000 monthly to targeted households. However, following policy changes introduced by President Bola Tinubu’s administration, the payment was revised to N25,000 monthly for three months, aiming to reach 15…
The Securities and Exchange Commission (SEC) of Nigeria has launched a comprehensive technology adoption survey aimed at assessing the integration of advanced digital tools among registered Capital Market Operators (CMOs). This initiative underscores the SEC’s commitment to fostering innovation, enhancing market efficiency, and ensuring investor protection within Nigeria’s capital market. Objectives of the Survey The primary goal of the survey is to evaluate the extent to which CMOs are adopting and implementing modern technologies in their operations. By gathering this data, the SEC aims to identify areas where technological advancements can further improve market practices, streamline processes, and bolster transparency.…
In a significant move aimed at bolstering Nigeria’s energy security and economic development, Aliko Dangote, President and CEO of Dangote Group, recently met with Bashir Bayo Ojulari, Group CEO of the Nigerian National Petroleum Company Limited (NNPC Ltd.), to reaffirm their commitment to a strategic partnership. The meeting, held at the NNPC Towers in Abuja, marks a pivotal step towards fostering collaboration between the private and public sectors in Nigeria’s oil and gas industry. Strengthening Energy Security During the visit, Dangote emphasized the importance of collaboration between Dangote Petroleum Refinery & Petrochemicals (DPRP) and NNPC Ltd. to ensure the nation’s…
The Nigeria Customs Service (NCS) has set an ambitious goal to cut cargo clearance time at Tin-Can Island Port in Lagos to just two hours, a target that promises to revolutionize the speed and efficiency of customs operations. This initiative, which is part of the full implementation of the B’Odogwu system, is seen as a key step in modernizing Nigeria’s trade facilitation processes. The system, a locally developed digital platform, aims to streamline customs operations, reduce bottlenecks, and improve overall port efficiency. The B’Odogwu system is designed to ensure that customs processes are not only faster but also more transparent.…
In April 2025, the Organization of the Petroleum Exporting Countries (OPEC) experienced a slight reduction in oil production, averaging 26.60 million barrels per day (bpd), a decrease of 30,000 bpd from March. This decline occurred despite OPEC+’s planned output increase of 411,000 bpd for the second quarter of 2025. The discrepancy highlights ongoing challenges in aligning production targets with actual output. Contributing Factors to the Output Decline Venezuela’s Production Drop: A significant factor in the output reduction was Venezuela’s sharp decline in oil production. This downturn was attributed to renewed U.S. sanctions aimed at curbing the country’s oil exports, including…
Airtel Africa has reported a significant financial turnaround for the fiscal year ending March 31, 2025, posting a pre-tax profit of $661 million. This marks a remarkable recovery from a pre-tax loss of $63 million in the previous year, representing a 1,147.8% year-on-year improvement. Key Financial Highlights: Revenue: Total revenue for the period stood at $4.96 billion, reflecting a 21.1% increase in constant currency terms. However, due to currency devaluation, the reported revenue declined slightly by 0.5%. Profit After Tax: The company achieved a profit after tax of $328 million, a significant turnaround from a loss of $89 million in…
Nigeria’s micro, small, and medium-sized enterprises (MSMEs)—which constitute over 96% of businesses and provide approximately 84% of jobs in the country—are facing a critical threat. The potential exit of Meta Platforms Inc. (parent company of Facebook, Instagram, and WhatsApp) from Nigeria could severely disrupt the digital economy, particularly for businesses that rely heavily on these platforms for marketing, sales, and customer engagement. A recent analysis by Premium Times highlighted that 56% of Nigerian MSMEs depend exclusively on Facebook and Instagram for their sales. These platforms have become integral to business operations, offering cost-effective marketing tools and broad consumer reach. For…
The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has expressed concerns regarding the potential monopolistic control that the Dangote Refinery could exert over Nigeria’s fuel market once it becomes fully operational. DAPPMAN’s alarm comes as the refinery, with a refining capacity of 650,000 barrels per day, moves closer to meeting Nigeria’s domestic fuel needs, which could significantly reduce the country’s dependence on fuel imports. While this shift towards self-sufficiency is largely seen as positive for Nigeria’s economy, DAPPMAN is raising red flags over the implications of such dominance in the market. In an interview with the media, DAPPMAN’s…
The Nigerian Bottling Company (NBC), the authorized bottling partner of The Coca-Cola Company in Nigeria, has been awarded the “Best Sustainability Project of the Year” at the 2024 Industry Awards. This recognition was bestowed for NBC’s recently commissioned Packaging Collection Hub in Apapa, Lagos, highlighting the company’s commitment to environmental sustainability and responsible business practices. The Packaging Collection Hub is a significant step in NBC’s efforts to enhance recycling rates and promote sustainable packaging practices. It aligns with the company’s broader goal of collecting and recycling the equivalent of 100% of its packaging by 2030. Accepting the award, NBC’s Corporate…
The Manufacturers Association of Nigeria (MAN) has urged the federal government to reconsider plans to ban single-use plastics, advocating instead for a more sustainable and economically viable approach centered on recycling. According to the association, banning plastics outright could lead to serious consequences for industries, jobs, and the environment if not handled with a strategic, long-term vision. Speaking on behalf of manufacturers across the country, the Director General of MAN, Segun Ajayi-Kadir, said that while plastic pollution is a pressing issue, the solution lies in building a robust recycling infrastructure rather than shutting down an entire segment of production. He…
In response to the Nigerian government’s proposed ban on single-use plastics, the Manufacturers Association of Nigeria (MAN) has urged authorities to prioritize recycling initiatives instead. They argue that enhancing recycling infrastructure and promoting sustainable alternatives would better balance environmental concerns with economic stability. MAN’s Director General, Segun Ajayi-Kadir, emphasized that a nationwide ban could disrupt various sectors, including packaging, consumer goods, food and beverage, and healthcare. He highlighted that small and medium-sized enterprises (SMEs) might struggle to adapt due to limited resources, potentially leading to job losses and economic downturns. The association advocates for a phased approach, suggesting investments in…
Aliko Dangote, Africa’s richest man and President of the Dangote Group, has reaffirmed his company’s commitment to collaboration with the Nigerian National Petroleum Company Limited (NNPC Ltd), emphasizing the strategic partnership between both entities as essential for Nigeria’s energy security and industrial growth. This came during a high-level visit to the NNPC headquarters in Abuja, where Dangote met with the Group Chief Executive Officer, Bayo Ojulari, and other senior officials. Speaking during the visit, Dangote stressed that his relationship with the national oil company is one of cooperation and mutual benefit rather than competition. “NNPC is part and parcel of…
Airtel Nigeria has announced plans to more than double its capital expenditure in 2025, committing over ₦500 billion to accelerate the deployment of 5G services and expand network coverage, particularly in underserved rural areas. This significant investment marks a substantial increase from the ₦259 billion spent in the previous fiscal year. The expanded capital will fund critical infrastructure projects, including the installation of new base stations, extension of Airtel’s fibre-optic backbone, and enhancement of existing infrastructure with high-capacity radios. These upgrades aim to improve network performance, especially in high-traffic areas, and expand coverage into hard-to-reach rural regions. Airtel Nigeria’s CEO,…
Effective May 1, 2025, Nigerian banks have increased SMS transaction alert fees by 50%, raising the cost from ₦4 to ₦6 per message. This adjustment follows the Nigerian Communications Commission’s approval of a 50% hike in telecom tariffs, impacting services such as bulk SMS used by banks for customer notifications. In response to the increased charges, many bank customers are opting for email alerts, which remain free of charge. Banks like Guaranty Trust Bank and Ecobank have informed customers about the new SMS fees and provided options to switch to email notifications. Customers can update their alert preferences through the…
The United Arab Emirates (UAE) has pledged its support for the $25 billion Nigeria-Morocco gas pipeline project, marking a significant development in Africa’s energy infrastructure landscape. This ambitious initiative aims to connect Nigeria’s vast gas reserves to Morocco, with the potential to extend further into Europe, thereby enhancing energy security and fostering economic integration across the continent. Morocco’s Minister of Energy Transition and Sustainable Development, Leila Benali, confirmed the UAE’s commitment to co-financing the project. The pipeline has also garnered backing from major international institutions, including the Islamic Development Bank, the OPEC Fund, and the European Investment Bank. Spanning approximately…
Sportsbet.io, a leading crypto-focused sports betting platform, has recently expanded its global ambassador program, “Join the Crypto Experience,” by enlisting a diverse group of influencers and personalities from various fields. This initiative aims to merge the worlds of sports, entertainment, and cryptocurrency, reflecting the platform’s commitment to innovation and community engagement. Among the latest additions is NBA player Tristan Thompson, who has signed a two-year deal with Sportsbet.io. Thompson will share his insights on various sports, including NFL, MLB, football, tennis, golf, UFC, and boxing, offering fans exclusive promotions and weekly betting tips. His passion for cryptocurrency aligns with Sportsbet.io’s…
A comprehensive new report has highlighted the transformative role of artificial intelligence (AI) in advancing healthcare across Africa. The study, titled Governance of Artificial Intelligence for Global Health in Africa, was released by the Science for Africa Foundation (SFA Foundation) in collaboration with various African institutions and research councils. It underscores the potential of AI and data science to revolutionize health systems on the continent. The report is the culmination of a year-long effort involving consultations across 43 African countries and insights from over 300 stakeholders. It provides a comprehensive examination of national-level perspectives on AI and data science for…