Author: Ogochukwu Ndubuisi

NCC Introduces Stricter Governance Framework for Telecoms Operators The Nigerian Communications Commission (NCC) has introduced a stricter corporate governance framework for telecom operators, aimed at enhancing transparency, internal controls, and risk management across the industry. The Executive Vice-Chairman of the Commission, Dr Aminu Maida, made this known during the inauguration of the 2025 Guidelines on Corporate Governance on Wednesday in Lagos. Maida said the new framework was designed to ensure long-term sustainability for telecom businesses, networks, as well as instill investor confidence. “Corporate governance is no longer a soft requirement. It is now strategically imperative, especially in a sector that…

SPE Commends Shell for $5 Billion Bonga Investment The Society of Petroleum Engineers (SPE) has praised Shell’s $5 billion Final Investment Decision (FID) on the Bonga North project, calling it a significant industry boost. Dr Amina Danmiani, Chairman of the SPE Nigeria Council, gave the commendation on Tuesday at the 2025 SPE Nigeria Annual International Conference and Exhibition (NAICE) in Lagos. Danmiani said the Bonga North project, announced late last year, contains over 300 million barrels of recoverable oil equivalent, with peak output expected at 110,000 barrels daily. She commended Shell’s ongoing commitment to Nigeria’s energy sector, aligning with the…

CBN Offers Investors 23.70% on 245-Day OMO Bill, Raises N2.12tn The Central Bank of Nigeria (CBN) offered 23.70% as the spot rate on OMO bills maturing in 245 days to investors and raised N2.12 trillion as part of an efforts to mop up excess liquidity in the financial system. On Tuesday, the CBN conducted an open market operation where bills worth N600 billion were floated for subscriptions. The OMO bills floated at the primary market auction conducted on Tuesday were split across the 105-day and 245-day maturities. The authority received significant bids from deposit money banks actively playing at the…

Lagos Govt Declares 176 Estates Illegal Over Lack of Planning Approval The Lagos State Government has declared 176 estates across Eti-Osa, Ajah, Ibeju-Lekki, and Epe illegal due to lack of planning approval from the Ministry of Physical Planning and Urban Development. These estates have been given a 21-day ultimatum to process their layout approvals or face sanctions. The declaration is due to the estates’ failure to obtain mandatory layout approvals, which is a violation of planning regulations. This non-compliance compromises the sustainable development goals and the T.H.E.M.E.S+ Agenda of the Lagos State Government, undermining the state’s urban planning framework. Some…

Equity Investors Gain N1.78 Trillion in Nigerian Stock Market Equity investors gained about N1.78 trillion as buying momentum continued in the Nigerian Exchange (NGX) trading platform at the beginning of the week. The bargain hunting lifted stock market performance indicators to a new all-time high as buy side actors executed deals on bellwether stocks. The positive trend followed sustained buying interest in Dangote Cement, BUAFoods, Lasaco Assurance, Royal Exchange, UPDC, UAC of Nigeria, and 43 other stocks. The stock market capitalization rose by N1.78 trillion, or 1.99 per cent, closing at N91.15 trillion, compared to N89.372 trillion recorded last Friday.…

Airtel Africa, Xtelify Partner to Drive Digital Transformation Xtelify, a wholly owned subsidiary of Bharti Airtel, has entered a multi-year, multi-million dollar partnership with Airtel Africa to accelerate digital transformation across the continent. This is contained in a statement on Monday by Airtel Africa’s Vice-President, Communications and CSR, Mr Emeka Oparah. Binod Srivastava, Chief Business Officer, Global Business, Bharti Airtel, said the firm was excited to collaborate with Airtel Africa on digital innovation. He said the deal would address industry challenges, including spam and fraud, while also prioritising strong customer protection across all operating markets. As part of the deal,…

NUPRC, NNPC Push for Sustainable Energy Future The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has restated its commitment to driving innovation in oil and gas through emerging technologies and sustainable practices. Mr Gbenga Komolafe, Chief Executive of NUPRC, said this on Monday in Lagos while delivering a goodwill message at the 48th Nigeria Annual International Conference and Exhibition. The event was with the theme: ‘Building a Sustainable Energy Future: Leveraging Technology, Supply Chain, Human Resources, and Policy. Komolafe, represented by Mr Enorense Amadasu, said NUPRC is integrating advanced technologies in exploration and production, including decarbonisation and emission reduction strategies. He…

Afreximbank Leads $4 Billion Refinancing Deal for Dangote Refinery The African Export-Import Bank (Afreximbank) has signed a significant financing agreement worth $1.35 billion as part of a larger $4 billion syndicated facility to refinance the construction of the Dangote Petroleum Refinery and Petrochemicals Complex. This landmark deal positions Afreximbank as the Mandated Lead Arranger for the syndication and underscores its commitment to advancing Africa’s industrialization, energy security, and intra-African trade. The Dangote Refinery is the largest single-train facility in the world, with a capacity of 650,000 barrels per day. The $4 billion syndicated loan will alleviate initial operational expenditures and…

NSIA Announces Winners of $220,000 Prize for Innovation The Nigeria Sovereign Investment Authority (NSIA) has announced the winners of the third edition of the NSIA Prize for Innovation (NPI 3.0). The winners were announced in a statement by Joyce Onyegbula, Head Corporate Communications, NSIA, following an intense pitch session at the recent NPI 3.0 Demo Day in Abuja. Onyegbula said that for this year, the top three finalists would receive a combined prize value of 220,000 dollars, awarded through a combination of cash and equity investment. She said that 10 finalists, chosen from over 5,000 applicants in the fields of…

Nigeria, Algeria Set to Deepen Diplomatic Ties Nigeria and Algeria have reaffirmed their commitment to strengthening bilateral relations following a high-level diplomatic engagement between Nigeria’s Minister of Foreign Affairs, Amb. Yusuf Tuggar, and his counterpart, Ahmed Attaf. This is contained in a statement issued on Sunday by Alkasim Abdulkadir, Special Assistant on Media and Communications to the Nigerian Minister of Foreign Affairs. Abdulkadir revealed that during the meeting, both ministers exchanged views on shared strategic interests and pledged to deepen cooperation across political, economic, and multilateral platforms. “Emphasis was placed on revitalising the Nigeria-Algeria Binational Commission, enhancing regional coordination, and…