Author: Ogochukwu Ndubuisi

Energy Security: NNPC, Dangote Petroleum Refinery Strengthen Partnership The Nigerian National Petroleum Company Limited (NNPC Ltd.) and Dangote Petroleum Refinery and Petrochemicals have pledged to deepen collaboration on Nigeria’s energy security. The aim according to them is to also advance shared prosperity for Nigerians. The commitment was made during a courtesy visit by the President/Chief Executive of Dangote Group, Mr Aliko Dangote to the Group CEO of NNPC Ltd., Mr Bashir Ojulari, and members of the company’s Senior Management Team at the NNPC Towers. The Chief Corporate Communications Officer, NNPC Ltd., Olufemi Soneye, in a statement on Friday said the…

FG, World Bank launch $500m irrigation, power project The Federal Government has inaugurated the Steering Committee for the Sustainable Power and Irrigation for Nigeria (SPIN) project aimed to enhance national food security, water management, and climate resilience. The project, valued at $500 million and supported by the World Bank, aims to deliver large-scale multi-purpose infrastructure for irrigation and hydropower generation. Speaking at the inaugural meeting in Abuja on Friday, the Minister of Water Resources and Sanitation, Prof. Joseph Utsev, who co-chairs the Steering Committee alongside the Minister of Power, said the initiative aligned with the Renewed Hope Agenda of President…

Digital Economy Contribution to GDP Will Rise to 21%- Tijani The Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, says President Bola Tinubu is making significant efforts to raise Nigeria’s Gross Domestic Product (GDP) through increased contributions from the digital economy. Tijani made the disclosure on Thursday during a visit to his alma mater, Anglican Grammar School, Onikolobo, Abeokuta. According to him, the digital economy currently contributes between 16 per cent and 18 per cent to Nigeria’s GDP, with a strategic aim of increasing this to 21 per cent. “This means more jobs and opportunities. For the first…

Senate Passes Remaining Tax Reform Bills The Senate on Thursday passed the remaining two of four key tax reform bills, having earlier approved two on Wednesday. The newly passed bills are the Joint Revenue Board Establishment Bill, 2025 and the Nigeria Tax Bill, 2025. Their passage followed a clause-by-clause consideration of recommendations submitted by the Senate Committee on Finance. According to Senate President, Godswill Akpabio, the Nigeria Tax Bill, 2025, consolidates the country’s existing taxation legal frameworks. While the Joint Revenue Board Establishment Bill provides for the creation of the Tax Appeal Tribunal, the Office of the Tax Ombudsman, and…

Nigerian Exchange Index Hits All-time High in Explosive Rally The Nigerian Exchange (NGX) All-share index hit an all-time high in an explosive rally bolstered by first quarter of 2025 earnings and dividends. Investors’ sentiment reached the peak, heating up demand for growth, value or relatively under-priced stocks in the local bourse.  The year to date market return keeps uptrend while key market performance indicators advanced by 0.35% on the day. According to Atlass Portfolios Limited, the bullish performance was driven by sustained buying interest in medium and large-scale stocks across major market sectors. The market index or All-Share Index increased…

Reps Panel Probes N200bn CBN Loan to DISCOs The House of Representatives is to investigate disbursement and utilisation of the N200 billion Naira Central Bank of Nigeria (CBN) loan for National Mass Metering Programme (NMMP) to Electricity Distribution Companies (DISCOs) The Chairman of the Committee, Rep. Uchenna Okonkwo (LP-Anambra) made this known in a statement issued on Wednesday in Abuja, adding that 19-member committee had been inaugurated for the purpose. He said that the main objective of committee was to carry out investigation on the programme earmarked upon in 2020, to enable the Licensed Electricity Distribution Companies provide electricity meters…

Seplat Targets Gas Export to Boost FX Earnings Seplat Energy Plc, says it will start exporting gas to enhance foreign exchange (FX) earnings and deliver greater value to stakeholders. Mr Dotun Isiaka, Managing Director of Seplat Producing Nigeria Unlimited (SEPNU), disclosed this during a panel session organised by the Petroleum Technology Association of Nigeria (PETAN) at the ongoing Offshore Technology Conference (OTC) 2025 in Houston, Texas, U.S. The session, moderated by Mr Austin Avuru, Executive Chairman of AA Holdings, focused on Seplat’s future in Nigeria’s gas sector. According to him, this follows its recent acquisition of Mobil Producing Nigeria Unlimited…

Equities Investors Gain N307bn as NGX Extends Rally Equities investors gained more than N307 billion as the Nigerian Exchange (NGX) extended its rally. Buy-side actors activated hunting-for-value mode, with strong interest seen across key indexes. The Nigerian bourse’s key market performance indicators advanced by 0.45%, reflecting positive sentiment on some listed companies’ stocks. The market recorded buying interest in medium- and large-scale stocks across major market sectors. This marks the fourth consecutive session of gains, resulting in a total increase of approximately ₦1.92 trillion in investors’ wealth over the period. The NGX All-Share Index increased by 488.73 basis points today,…

United States, China to Hold Trade Talks in Switzerland The United States and China are set to hold high-level discussions amid escalating trade tensions as the U.S. Treasury Secretary Scott Bessent is scheduled to meet a senior Chinese official. The U.S. Treasury Department on Tuesday said that Bessent would travel to Switzerland on Thursday to meet with the senior Chinese officials. While the department did not specify whom he would meet, China’s Commerce Ministry and state media confirmed the talks and named Vice Premier He Lifeng as Beijing’s representative. According to the Chinese ministry, the decision to hold talks was…

CBN Allots N756bn OMO Bills to Investors, Rates Tighten The Central Bank of Nigeria (CBN) conducted its open market operations where OMO bills worth N756.74 billion was allotted to authorised market participants – foreign investors and Nigerian banks at relatively tight spot rates. MarketForces Africa reported that the monetary authority opened N500 billion OMO bills for subscriptions on Tuesday, the third offering in less in two weeks. The auction results revealed that the CBN auction saw a significant demand, though appetite appeared to have reduced sharply in comparison to the last two auctions in April. Demand outstripped supply, AIICO Capital…