Author: Ogochukwu Ndubuisi

Dangote Activates Olokola Deep Seaport Plan Ahead of the take-off of what promises to be the largest deep-sea port in Africa, Dangote Industries Limited has commenced the initial process towards the execution of the multi‑billion-dollar maritime and industrial infrastructure project, which forms the core part of the Group’s broader ambition code-named Vision 2030. The Deep Sea project, an industrial enclave of over 10,000 hectares, being sited at the Olokola Free Trade Zone spanning the Ogun Waterside Local Government Area of Ogun State, extending eastward to the borders of the Ilaje Local Government in Ondo State along the Atlantic coastline (Gulf…

Removal of Fuel Subsidy Stopped Nigeria’s Economy From Crashing — Alake The Minister of Solid Minerals Development, Dele Alake, has said that the removal of fuel subsidy by the President Bola Tinubu’s administration in 2023 stopped Nigeria’s economy from crashing. Alake stated this at the 2026 Nigeria Revenue Service- Ministry of Solid Minerals Development (NRS-MSMD) Joint Stakeholder Sensitisation programme (North Central). He said that without taking such action, Nigeria would have faced dire consequences, including falling into a severe economic crisis and possible collapse. A statement of the meeting was made available to newsmen by Mrs Kania Maliki, Head, Press…

DisCos Meter 241,590 Customers in 2 Months –NERC The Nigerian Electricity Regulatory Commission (NERC) on Thursday said that Electricity  Distribution Companies  (DisCos) metered a total of 241,590 customers between January and February. The commission disclosed this in a Factsheet report on its X handle in Abuja. According to the report, a total of 119,792 customers were metered in January. While 121,798 were metered in February, indicating a metering rate of 57.93 per cent and 58.57 per cent, respectively. Cumulatively, the report said that the total number of new customers metered increased from 7.1 million recorded in January to 7.2 million…

NIMASA Probes Bonny Channel Vessel Collision The Nigerian Maritime Administration and Safety Agency (NIMASA) has confirmed a collision between vessels in the Bonny Channel, Rivers, which caused an oil spill. NIMASA said the incident occurred at Latitude 4.512375 and Longitude 7.189429, resulting in oil pollution in the affected area. The agency’s Deputy Director and Head of Public Relations, Mr Osagie Edward, disclosed this in a statement issued on Thursday in Lagos. Edward said the Deep Blue Forward Operating Base in Bonny received a distress call at about 11:30 a.m. regarding the collision. He said the incident involved MV Valparaiso, a…

Alake Says Mining Reforms Attracted $2.6bn Investment The Minister of Solid Minerals Development, Dele Alake, says Nigeria’s local value addition policy attracted over 2.6 billion dollars in mining investments within two years. Alake spoke during a joint stakeholders’ sensitisation meeting organised by the Nigeria Revenue Service and the Ministry of Solid Minerals Development in Abuja. A statement issued by the minister’s Special Assistant on Media, Lara Wise, was made available to journalists on Thursday in Abuja. The minister said ongoing reforms extended beyond enforcement and revenue generation towards building a sustainable mining ecosystem capable of creating jobs and boosting exports.…

Dangote Refinery’s Private Placement Attracts $2 Billion Before IPO Even Launches Dangote Refinery is heading to the stock market, and investors are not waiting for the starting gun. Aliko Dangote, President and Chief Executive of Dangote Industries Limited, revealed on Wednesday that investor appetite for the planned listing of the refinery on the Nigerian Exchange is exceptionally strong, with indications of interest for the private placement already exceeding two billion dollars. The announcement came during a high-profile visit to the refinery complex in Ibeju Lekki, Lagos, where Femi Otedola, chairman of First HoldCo and one of Nigeria’s most prominent billionaires,…

Oil prices rose on Thursday as a sharper-than-expected decline in US crude inventories reinforced concerns over tightening supply. Meanwhile, ongoing negotiations between Washington and Tehran helped limit fears of broader escalation in the Middle East.

I’II Scrap Federal Character Principle if Elected President – Amaechi A former Minister of Transportation, Rotimi Amaechi, says he will scrap the federal character principle if elected president in 2027, insisting that all Nigerians should enjoy equal citizenship rights. Amaechi, a presidential aspirant on the platform of the African Democratic Congress (ADC), made this known shortly after appearing before the ADC screening committee on Wednesday in Abuja. He said that issues relating to indigeneship would no longer exist under his administration, regardless of whether citizens originate from the northern, eastern, western or southern part of the country. According to him,…

Nigeria’s Current Macroeconomic Environment Sufficient for Disinflation – Cardoso The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, says Nigeria’s macroeconomic fundamentals remain resilient enough to support a gradual return to lower inflation. Cardoso stated this on Wednesday in Abuja while presenting the communiqué from the 305th meeting of the Monetary Policy Committee (MPC). The MPC retained the Monetary Policy Rate (MPR) at 26.5 per cent and left all other monetary parameters unchanged. The committee also retained the asymmetric corridor around the MPR at +500/-100 basis points. Similarly, the Cash Reserve Ratio (CRR) was retained at 50…

Seplat Shareholders Approve N113.78 Dividend for 2025 Shareholders of Seplat Energy have approved a total dividend payout of N113.78 per share for the 2025 financial year. The approval was given at the company’s 13th Annual General Meeting (AGM) held on Wednesday in Lagos. The dividend comprises a final payout of N68.54 and a special dividend of N45.24 per share. Speaking at the AGM, Chairman of Seplat Energy, Mr Udoma Udo Udoma, said the company had projected delivering one billion dollars in shareholder dividends over the next four to five years. Udoma said Seplat would continue to sustain investor returns following…