Author: Ogochukwu Ndubuisi

BINL Partners Ondo Government to Build $15bn Refinery A major investment is underway in Ondo State, Nigeria, as Backbone Infrastructure Nigeria Limited (BINL) partners with the state government to build a $15 billion oil refinery. The refinery, located at the Sunshine Industrial Park in Ogboti, Eruuna, will have a production capacity of 500,000 barrels per day, significantly boosting the local economy. The project is a joint venture between BINL and the Ondo State Government, represented by the Ondo State Development and Investment Promotion Agency (ONDIPA). Construction of the refinery will be done in phases, with the first phase expected to…

Senate Replaces Natasha Akpoti-Uduaghan with Bassey as Diaspora Committee Chair The Nigerian Senate has made a significant change to its committee leadership, replacing Senator Natasha Akpoti-Uduaghan as the Chairman of the Senate Committee on Diaspora and Non-Governmental Organisations. Senator Aniekan Bassey has been named as her replacement, and he will now oversee the committee’s work on diaspora affairs and civil society engagement. This development comes after Senator Akpoti-Uduaghan’s chairmanship of the committee had been in limbo following her recent suspension. Notably, she was previously removed as Chair of the Senate Committee on Local Content in a minor reshuffle earlier in…

Debt Office Opens FGN Savings Bonds for Subscription The Debt Management Office (DMO) has announced an offer of two FGN savings bonds for subscription at N1,000 per unit. According to a statement by the DMO on Wednesday in Abuja, the first offer is a two-year FGN savings bond due on July 16, 2027, at 15.762 per cent interest rate per annum. The second offer is a three-year FGN savings bond due on July 16, 2028, at interest rate of 16.762 per cent per annum. The statement says the opening date for the offer is July 7, with closing date set…

Naira Gains N9 as Fresh Inflows Boost Foreign Reserves The naira gained further in the currency market to close at N1,520.00 per dollar, supported by increased U.S dollar liquidity, with trades ranging between N1,520 and N1,530 per greenback Market confidence reflated this week as data showed Nigeria’s external reserves reversed its persistent downtrend. The gross external reserves increased to $37.282 billion on Tuesday following two successive inflows from an unidentified source. Based on the latest spot FX data update from the Central Bank of Nigeria (CBN), the official exchange rate for the day settled at N1520.7490 per dollar, from N1529.22…

Nigeria’s Oil Rig Count Hits 46 – NUPRC The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), says the nation’s oil production rig has risen from eight in 2021 to 46 in July, 2025. Mr Gbenga Komolafe, Commission Chief Executive (CCE), disclosed this on Wednesday in Abuja at the inauguration of a media workshop organised for journalists covering the oil and gas sector. The rig count is a key metric for measuring vibrancy and performance in the oil and gas industry. The rig count which is a key equipment on which the oil is drilled reveals the level of vibrancy and the…

Dangote Refinery to Ditch Crude Imports by December, Shifts Focus to Local Supply The Dangote Petroleum Refinery is set to end its crude importation by December 2025, marking a significant milestone in its operations. According to Devakumar Edwin, Vice President at Dangote Industries in a Bloomberg report, the refinery plans to transition to 100% local crude supply, leveraging improved relations with Nigerian oil traders and the government to ensure a steady supply of domestic crude. Currently, the refinery sources 53% of its crude from domestic producers and 47% from the United States. However, with contracts with foreign crude suppliers set…

CBN Requests Recapitalisation Plans From Banks Amid Regulatory Overhaul The Central Bank of Nigeria (CBN) has directed banks to submit a comprehensive Capital Restoration Plan (CRP) as part of its efforts to strengthen the banking sector and support the exit from the forbearance regime. In a circular signed by Dr. Olubukola Akinniyi, Director of Banking Supervision, and published on the CBN’s website, the apex bank outlined the requirements for the CRP. The CBN’s directive is aimed at ensuring that banks restore full regulatory compliance and maintain financial stability. The CRP should detail the management’s proposed strategies to achieve this goal,…

Sri Lanka to Connect all Secondary Schools to Internet by 2026 Sri Lankan Prime Minister Harini Amarasuriya on Wednesday, said that all secondary schools in the country will have internet access by the end of 2026. Amarasuriya told the parliament that the government recently launched an unlimited data package for schools, which costs just 5,000 rupees (17 U.S. dollars) per month. The government has also planned to provide smartboards and other computer equipment to about 1,500 schools. According to Amarasuriya, these schools would receive a total of 1,900 smartboards, and the cabinet has approved a proposal to distribute smartboards to…

UAE Imposes Stringent Visa Restrictions on Nigerian Travelers, Halts Transit Visa The United Arab Emirates (UAE) has introduced a new set of visa restrictions for Nigerian travelers, marking a significant shift in its immigration policy towards Nigerians. Less than a year after both countries resolved a long-running visa dispute, the UAE immigration authorities have revised entry requirements for Nigerian nationals, particularly targeting tourists and transit travelers. According to recent notifications sent to travel agents, Nigerians aged between 18 and 45 are no longer eligible to apply for tourist visas unless they are accompanied by a sponsor or meet specific requirements.…

Dangote Refinery Reduces Fuel Price Again, Ex-Depot Price now N820 Per Litre Dangote Refinery has again within a week interval reduced its ex-depot the price of Premium Motor Spirit (PMS), commonly known as petrol, from N840 per litre to N820 per litre, effective immediately. It would be recalled that the company last week reduced its ex-depot price fromN880 to N840 per litre. With assurance of steady supply of petroleum products, more independent marketers have joined the growing list of distributors retailing Dangote Refinery’s high-quality petroleum products across the country. Dangote Group’s spokesperson, Mr. Anthony Chiejina, confirmed the price adjustment in Lagos, stating: “PMS price has been…