Oando Plc has been named the preferred bidder for the lease of the Guaracara Refinery, a major step in the company’s ongoing expansion in the oil and gas sector. The selection positions Oando to take over operations of the refinery, located in Trinidad and Tobago, as part of efforts to revamp and optimize its refining capacity. The bid process, overseen by the Trinidadian government and relevant industry regulators, was highly competitive, with multiple international firms vying for the lease. Oando’s selection underscores its growing influence in the global energy market and its capacity to manage and enhance refining infrastructure. The…
Author: Temitope N.
Petroleum marketers have projected that the pump price of petrol could reach N800 per litre despite a decline in the landing cost of imported fuel. The projection comes amid concerns over foreign exchange fluctuations, supply chain issues, and ongoing uncertainties in Nigeria’s downstream sector. Industry sources indicate that while the cost of importing petrol has dropped due to a slight reduction in global crude oil prices, the impact has been offset by the depreciation of the naira and high operational costs. Marketers argue that without a stable exchange rate and government intervention in refining capacity, fuel prices will continue to…
The Nigerian Meteorological Agency (NiMet) has issued a warning about imminent heat stress in 19 states across the country, urging residents to take precautionary measures to avoid health complications. According to NiMet, rising temperatures and high humidity levels could expose people to heat-related illnesses, particularly vulnerable groups such as children, the elderly, and those with preexisting medical conditions. The affected states include parts of the North, Central, and Southern regions, where temperatures are expected to remain significantly high in the coming days. NiMet attributed the looming heat stress to changing weather patterns driven by climate change, which has led to…
The Nigeria Customs Service (NCS) has stated that its intensified crackdown on smuggling activities has led to significant financial losses for smugglers, as enforcement measures continue to disrupt illegal trade across the country’s borders. Customs officials revealed that recent operations have resulted in the seizure of contraband goods worth billions of naira, dealing a major blow to smuggling networks operating within and around Nigeria. According to the NCS, a series of intelligence-driven operations have targeted the smuggling of goods such as rice, frozen poultry, illicit drugs, petroleum products, and other prohibited items. These efforts, the agency noted, are part of…
Nigeria’s crude oil production has declined to 1.47 million barrels per day (bpd), raising concerns over the country’s ability to meet its revenue targets and sustain economic stability. The latest figures, released by industry regulators, indicate a drop from previous production levels, highlighting ongoing challenges in the oil and gas sector. The decline in output has been attributed to several factors, including pipeline vandalism, crude oil theft, and operational setbacks affecting major production sites. Additionally, regulatory uncertainties and underinvestment in oil infrastructure have continued to hamper efforts to boost production. Industry experts warn that without urgent intervention, Nigeria’s oil sector…
The House of Representatives has urged the Central Bank of Nigeria (CBN) to suspend the recent increase in Automated Teller Machine (ATM) transaction charges, citing concerns over its impact on Nigerians already struggling with rising inflation and economic hardship. Lawmakers argued that the hike in fees would place an additional financial burden on citizens who rely on ATM withdrawals for daily transactions. The resolution followed deliberations on the economic implications of higher banking charges, with lawmakers emphasizing the need to protect consumers from excessive fees imposed by financial institutions. They noted that many Nigerians, especially those in rural areas with…
Higher Education Initiative (HEI) has announced the appointment of a new member to its Board of Trustees (BoT) as part of its ongoing efforts to strengthen governance and strategic direction. The newly appointed board member brings a wealth of experience in education policy, institutional leadership, and capacity development, which is expected to enhance HEI’s mission of advancing higher education in Nigeria and beyond. The appointment comes at a critical time when HEI is expanding its initiatives to improve access to quality education, promote research, and support academic institutions in tackling emerging challenges. With a focus on policy advocacy, funding opportunities,…
The Federal Government has expanded its bond offerings on the Nigerian Exchange (NGX) with the listing of over 900 million units, reinforcing its commitment to deepening the country’s debt market and attracting more investors. The move is part of efforts to raise capital for infrastructure projects, manage fiscal obligations, and provide stable investment options for institutional and retail investors. The newly listed bonds include various tenors, offering investors diversified options based on their risk appetite and investment horizon. With competitive yields and government backing, these bonds are expected to attract significant demand from pension funds, asset managers, and individual investors…
The Chief Executive Officer of PressPayNg has been honored with a prestigious African banking award in recognition of his contributions to financial inclusion and innovation in the fintech sector. The award, which celebrates excellence in banking and financial technology across the continent, highlights the CEO’s leadership in driving digital payment solutions and expanding access to financial services in Nigeria and beyond. PressPayNg, a leading fintech company, has been at the forefront of developing seamless payment solutions, particularly in the education sector. Under the CEO’s leadership, the company has introduced innovative financial products aimed at easing tuition payments and promoting access…
The Federal Ministry of Transportation has dismissed allegations that the $3 billion South-East railway project has been diverted, assuring the public that the funds remain intact and the project is progressing as planned. The ministry’s clarification follows growing concerns over the status of the railway initiative, which is expected to boost economic activities and improve transportation in the region. According to ministry officials, the project, which is part of Nigeria’s broader railway modernization program, is still on track, with feasibility studies, funding arrangements, and preliminary works ongoing. The government emphasized that delays in execution should not be mistaken for mismanagement…
PANA Holdings has announced the appointment of a new Vice President as part of its strategic leadership restructuring aimed at driving growth and operational efficiency. The newly appointed executive is expected to play a key role in strengthening the company’s market position, enhancing corporate governance, and spearheading new business initiatives. The appointment comes at a crucial time for PANA Holdings, which has been expanding its portfolio across various industries. The company has expressed confidence that the new Vice President’s expertise and experience will contribute significantly to its long-term vision and operational success. Industry analysts view the leadership change as a…
The Standards Organisation of Nigeria (SON) has launched a Product Identification Scheme aimed at curbing the proliferation of substandard goods in the Nigerian market. The initiative is designed to enhance product traceability, protect consumers from counterfeit items, and ensure compliance with national quality standards. Under the new scheme, manufacturers and importers will be required to register their products with SON and obtain unique identification codes. These codes will allow consumers, regulators, and stakeholders to verify the authenticity of goods through a digital platform. The move is expected to strengthen quality control measures across various industries, particularly in sectors prone to…
The Niger State government has entered into a partnership with the African Women in Technology and Science (AWITS) to promote the inclusion of women in the technology sector. This initiative aims to equip women with digital skills, foster entrepreneurship, and create opportunities in Nigeria’s rapidly evolving tech industry. Through this collaboration, women across Niger State will gain access to specialized training in coding, artificial intelligence, cybersecurity, and other emerging fields. The program also seeks to bridge the gender gap in technology by encouraging more women to pursue careers in science, technology, engineering, and mathematics (STEM). AWITS, known for its commitment…
The Olusegun Agagu Foundation (OAF) has announced plans to convene a national dialogue on food security, bringing together key stakeholders to address the challenges threatening Nigeria’s agricultural sector. The initiative aims to foster discussions on sustainable food production, policy reforms, and innovative solutions to ensure long-term food sufficiency in the country. The foundation stated that the dialogue would involve policymakers, farmers, agribusiness leaders, researchers, and development partners, with a focus on tackling issues such as climate change, rising production costs, inadequate infrastructure, and post-harvest losses. The event is expected to generate actionable recommendations that can guide government interventions and private-sector…
Nigeria’s insurance sector recorded significant trading activity as investors exchanged 72.36 million shares on the Nigerian Exchange (NGX), signaling renewed interest in the industry. The surge in trading volume highlights growing investor confidence in insurance stocks, despite economic uncertainties and market volatility. The increased activity was driven by strong performances from key players in the sector, with several insurance firms attracting higher demand due to their promising growth prospects. Analysts attribute the rise in share trading to positive sentiment surrounding recent regulatory efforts to deepen insurance penetration, as well as improved financial results from some insurers. In recent months, insurance…
Sunu Assurances Nigeria Plc has projected a profit of N1.19 billion for the first half of 2024, reflecting its confidence in sustained growth despite prevailing economic challenges. The company’s optimistic outlook is based on strategic business expansion, improved underwriting performance, and cost optimization measures aimed at strengthening its financial position. The insurer, which has been expanding its footprint in Nigeria’s insurance sector, expects to generate higher premium income from its diverse portfolio of products, including motor, life, health, and corporate insurance services. Sunu Assurances has been leveraging technology to streamline its operations, enhance customer experience, and improve claims processing efficiency—key…
The Nigerian equities market suffered another setback as bearish sentiment dominated trading, leading to a loss of N285 billion in market capitalization. The decline, driven by sell-offs in major stocks across key sectors, reversed the previous gains recorded earlier in the month and heightened concerns over investor confidence amid economic uncertainties. The Nigerian Exchange (NGX) recorded a sustained downturn, with the All-Share Index (ASI) dropping significantly as blue-chip stocks faced increased selling pressure. Analysts attribute the losses to a combination of factors, including concerns over foreign exchange volatility, rising inflation, and profit-taking activities by investors looking to mitigate risks in…
Seplat Energy Plc has announced the launch of a $650 million notes offering as part of its strategic move to refinance existing debt and strengthen its financial position. The energy company, a leading player in Nigeria’s oil and gas sector, aims to use the proceeds from the bond issuance to optimize its capital structure, reduce financing costs, and enhance liquidity for future investments. The debt refinancing initiative is expected to replace older, higher-interest obligations with more favorable terms, ensuring sustainable financial management amid ongoing economic challenges. By restructuring its debt portfolio, Seplat seeks to maintain financial flexibility, improve cash flow,…
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has staged a protest at the headquarters of Sterling Oil Exploration and Energy Production Company Limited, accusing the firm of engaging in anti-labour practices. The union’s action comes after repeated attempts to address concerns over unfair treatment of workers, alleged contract violations, and poor working conditions. According to PENGASSAN, Sterling Oil has consistently failed to uphold labour rights, including fair wages, job security, and proper welfare for employees. The union claims that the company engages in casualization—employing workers on temporary contracts without benefits—despite clear labour laws prohibiting such practices…
Economic analysts have raised concerns over Nigeria’s rising debt burden, calling for immediate fiscal reforms to prevent long-term economic instability. Their warnings come in response to recent comments from the International Monetary Fund (IMF), which suggested that Nigeria’s debt level remains sustainable despite its rapid growth. Analysts, however, argue that without urgent intervention, the country could face severe economic consequences, including reduced public spending, higher borrowing costs, and weaker investor confidence. Nigeria’s total public debt has ballooned in recent years, driven by frequent borrowings to finance budget deficits, infrastructure projects, and fuel subsidies. While the government has defended these loans…