Category: Business

  • ‘Why adding new generation is not NDPHC priority’

    ‘Why adding new generation is not NDPHC priority’

    Niger Delta Power Holding Company (NDPHC) yesterday clarified that increasing generation capacity is not its immediate priority because it already has stranded energy due to inadequate wheeling capacity in the Nigerian Electricity Supply Industry (NESI).

    This clarification was contained in the refutal of the company to an online news publication titled : “Niger Delta Company Boss, Jennifer Adighije Accused of Reckless Spendings, Corruption as Staff Petition EFCC, Presidency.”

    The publication among other things accused NDPHC of zero megawatt despite reckless spending.

    Responding, the Head, Corporate and External Communications, Mr. Emmanuel Ojor, said, the company is being owed hundreds of billion Naira for energy already supplied into the market.

    His words: “NDPHC personnel are also clearly aware that adding new generation capacity is not the immediate priority of NDPHC at this time, given the significant stranded capacity already available in the Company’s fleet of plants, the lack of adequate wheeling capacity in the national grid to evacuate and dispatch this power, and the hundreds of billions of Naira currently owed to NDPHC for power that has already been generated and delivered to the electricity market.”

    NDPHC also refuted the allegation of using private jets for official trips.

    According to the rejoinder, as the head of a strategic national power company with critical assets spread across all geopolitical zones of the country, the Managing Director is frequently required to meet urgent operational, regulatory and stakeholder obligations in several locations within very tight timelines.

    The rejoinder stressed that on rare occasions, and only where strictly necessary, chartered or private flights have been utilised to enable her discharge these responsibilities when commercial airline schedules cannot practically accommodate the time‑sensitive nature of such official engagements.

    These instances, said Ojor, even though are few and far between, are strictly for official purposes, and remain fully within the approved operational budget of the office of the Managing Director, with the knowledge and approval of the Board.

    On the alleged N20 million donation scandal, the rejoinder said the article seeks to portray an act of charity involving Nollywood actress Sarah Martins as evidence of impropriety, referring to a viral video in which the Managing Director was seen presenting a sum of ₦20 million in foreign currency, purportedly on behalf of Mr. Seyi Tinubu.

    NDPHC added that “This characterisation is both unfair and inaccurate. The gesture in question was a charitable act which Engr. Adighije conveyed in her personal capacity, based on a request from friends — including, as publicly clarified, friends of Mr. Seyi Tinubu — who were moved by the circumstances surrounding the actress’s charitable activities. Mr. Tinubu himself has openly stated that he was aware of, and supportive of, efforts to assist the actress, but that the funds represented contributions from a group of his friends rather than from him personally.

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    “At no point did the Managing Director state or imply that NDPHC funds were involved in this donation. The MD prior to attaining this position had always been a philanthropist and so the attempt to twist a private act of charity, undertaken outside her official functions, into an allegation of financial misconduct is therefore deeply damaging.

    “As a Nigerian citizen and professional, Engr. Adighije is entitled, like every other individual, to maintain friendships and to engage in charitable activities in her personal capacity within the confines of the law.”

    The rejoinder said for the avoidance of doubt, the Managing Director cannot, and has not, unilaterally approved any such expenditure of 900 million naira for any event.

    Ojor recalled that the story alleges that the Managing Director manipulated promotion examinations and “changed the promotion cut‑off marks to favour her loyalists” and references a so‑called “Save Our Career” petition to the NDPHC Board.

    According to the rejoinder, The claims are entirely false.

    Ojor stressed that the current promotion exercises within NDPHC were conceived and implemented to promote merit, professionalism, equity, fairness and career progression, in line with Engr. Adighije’s clear commitment to continuing professional development leveraging technology to improve working conditions for all staff.

  • Nigeria’s smartphone market surges 29% on naira stability

    Nigeria’s smartphone market surges 29% on naira stability

    Nigeria has emerged as a powerhouse in the global smartphone recovery, registering a massive 29 per cent surge in shipments in the third quarter  of 2025. This dramatic rebound, highlighted in a new report by technology market analyst firm Omdia, signifies a major turnaround for the country after a challenging period of currency volatility in 2024.

    The performance significantly contributed to Africa’s overall 24 per cent growth in smartphone shipments, which ended five quarters of decline across the continent. Globally, the smartphone market saw a modest three per cent growth, positioning Nigeria’s recovery as a key driver for emerging markets.

    According to the Omdia report, the primary catalyst for Nigeria’s exceptional growth was the stabilisation of the Naira. Following a sharp currency decline in 2024 that caused device prices to skyrocket and shipments to slow drastically, the relative steadiness of the local currency in 2025 provided the predictability needed for both vendors and consumers.

    With the reduced risk from currency swings, vendors immediately accelerated imports, heavily focusing on affordable devices.

    The sub-$100 segment experienced an astronomical 57per cent growth, driven by a refreshed portfolio of entry-level models. This strategic focus by brands like Transsion (TECNO, Infinix, itel) spurred a major upgrade cycle among Nigeria’s large, youthful, and price-sensitive consumer base.

    Nigeria’s third quarter 2025 growth was notable for its strength at both ends of the price spectrum, illustrating a resilient, two-layered market dynamic:

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    The premium segment (above $500) also showed impressive resilience, growing by 52per cent. This indicates that while the mass market is driven by affordability and first-time smartphone adoption, affluent Nigerian consumers continue to engage in luxury and high-end purchases, driving revenue for brands like Apple and Samsung.

    The Nigerian surge helped the wider African market achieve a strong 24per cent year-on-year growth, signaling a continent-wide recovery in most key markets, with only Algeria showing minor growth.

    In contrast, the Middle East market, which also experienced strong growth in 2025, faces a slower outlook. Omdia projects the Middle East market growth to slow significantly to one per cent in 2026, primarily due to mounting component costs and supply constraints.

    Despite these global supply challenges, the report notes that the mid-to-premium segment is expected to remain resilient worldwide, with upgrades continuing to be driven by major players. For the Middle East, vendor HONOR demonstrated strong growth (128per cent), while global giant Apple returned to double-digit growth (14per cent), reflecting the global consumer’s willingness to invest in premium devices despite economic headwinds.

    In sum, Q3 2025 has cemented Nigeria’s role as a critical growth engine for the African, and indeed global, smartphone market, proving the powerful impact of currency stability on consumer technology adoption in emerging economies.

  • ‘CBN’s new policy decision sanction for banks not lending to businesses’

    ‘CBN’s new policy decision sanction for banks not lending to businesses’

    The Central Bank of Nigeria (CBN’s) decision adjusting the Standing Facility corridor around the Monetary Policy Rate (MPR) at +50/-450 basis points, represents sanction against banks not keen on lending to real sector.

    By adjusting the Standing Facility corridor around the MPR from +250/-250 basis points to +50/-450 basis points, banks taking excess deposits to CBN instead of lending to businesses, will now be paid 450 basis points below the 27 per cent benchmark interest rate.

    The Monetary Policy Committee (MPC’s) decision was underpinned by the need to sustain the progress made so far towards achieving low and stable inflation. The MPC reaffirmed its commitment to a data-driven assessment of developments and outlook to guide future policy decisions.

    Managing Director, Financial Derivatives Company (FDC) Limited, Bismarck Rewane, said that by reducing the amount CBN pays to banks taking idle funds to its vaults, the apex bank will accelerate lending.

    According to him, for the MPC to adjust the asymmetric corridor, means that the apex bank will not be paying much to banks for keeping money idle at the central bank, which is the key thing.

    Rewane explained that the CBN’s decision, which signals positive yields on short-term assets, will continue to strengthen portfolio capital inflows, support the naira, and reinforce the disinflation path.

    He said: “The MPC’s decision also reflects current global trends emphasizing central bank autonomy and independence, as seen in most advanced economies,” he said.

    “The next MPC meeting is in February 2026. In the coming 90 days, a cautious “wait-and-see” approach is expected, with T-bill rates and debt management policies under close scrutiny. The naira will likely trade in a range of N1,450–N1,500/$ in the near term, while GDP growth is projected at 3.9 per cent in 2025 and 4.2 per cent in 2026. However, 2026 presents key risks of imponderables and exogenous shocks, including a likely fall in the price of Brent to $55pb”.

    Other analysts said that Monetary Policy is always conducted by influencing monetary and credit conditions to achieve set macroeconomic goals, and by adjusting the Standing Facility corridor around the MPR, the intension is to boost lending to the domestic economy.

    The CBN’s money and credit statistics showed that credit to private sector stood at N74.41 trillion credit in October 2025, representing improvement from N72.53 trillion in September, an increase of about N1.88 trillion.

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    It represented the strongest positive movement so far in 2025.

    On a year-on-year basis, credit to the private sector increased only slightly, from N74.07 trillion in October 2024 to N74.41 trillion in October.

    The modest annual gain shows that while the stock of private credit is broadly back to where it was a year earlier, the real story is the short-term rebound that followed the September rate cut.

    CBN Governor, Olayemi Cardoso said MSMEs remain central to our efforts. This year alone, microfinance lending expanded by over 14 per cent, and new digital-credit products reached more than 1.2 million small enterprises — evidence of the sector’s growing depth and capacity. We are improving access to credit, supporting microfinance institutions, and expanding financial products tailored to smaller enterprises.

     “The Central Bank of Nigeria will continue to steer monetary policy with discipline, anchored firmly to its core mandate of price stability. Stability remains the bedrock upon which investment flourishes, resources are allocated efficiently, and purchasing power is protected. In 2026, we will deepen engagement with stakeholders, strengthen collaboration with other regulators and international partners, and foster responsible innovation across the financial system,” he said.

  • NCDMB, NEXIM raise $42million to support oil, gas

    NCDMB, NEXIM raise $42million to support oil, gas

    •Forum to open up more deals

    In a move that reinforces Nigeria’s commitment to strengthening local participation in the oil and gas sector, Nigerian Content Development and Monitoring Board (NCDMB) and Nigerian Export-Import Bank (NEXIM) have disbursed $42 million to small and medium enterprises (SMEs) to enhance indigenous capacity and competitiveness.

    Surpassing the initial $30 million fund, this initiative aligns with the goals of the upcoming Practical Nigerian Content (PNC) Forum 2025, scheduled for December at the Nigerian Content Tower, Yenagoa. Under the theme “Securing Investments, Strengthening Local Content, and Scaling Energy Production,” the forum will focus on driving local content development, fostering collaboration, and promoting sustainable growth in the energy industry.

    The 14th edition of the programme is a series of impact-focused high-level panel discussions. 

    Panel Sessions Include: “Streamlining Project Delivery for Improved Efficiency”, identifying the enablers required to unlock investment and drive projects; “Nigeria’s First Policy,” assessing progress 15 years after the NOGICD Act and how the Nigeria First Policy can drive broader economic value; “Turning Domestic Strength into Global Leadership,” exploring how Nigeria can build recognised centres of excellence; “Driving Energy Growth Through Technology and Innovation,” highlighting how digitalisation, automation, gas-powered solutions, and decarbonisation technologies can boost competitiveness and accelerate localisation.

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    Through strategic discussions and partnerships, PNC Forum 2025 aims to chart actionable pathways toward a more resilient and competitive Nigerian energy industry. The event will host over 750 delegates from across the oil, gas, and energy value chain, as well as more than 50 industry experts, policymakers, business leaders, and regulators. Distinguished speakers include Sen. Joel Onowakpo Thomas, Senate Chairman – Local Content, National Assembly, Hon Boma Goodhead, House Committee Chairman – Local Content, National Assembly, H.E. Sen. Heineken Lokpobiri, Honourable Minister of State for Petroleum Resources (Oil), Federal Republic of Nigeria,  H.E. Rt. Hon. Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas), Federal Republic of Nigeria, H.E. Sen. John Owan Enoh, Minister of State for Industry, Federal Republic of Nigeria, Engr. Felix Omatsola Ogbe, Executive Secretary, Nigerian Content Development & Monitoring Board (NCDMB), Olu A. Verheijen, Special Adviser to the President – Energy, Federal Republic of Nigeria, Nasir Alfa Mohammed, Ag. Deputy CEO, Petroleum Commission, Ghana, Ahmed Galadima Amiu, Executive Secretary, Petroleum Technology Development Fund (PTDF), Matthieu Bouyer, Country Chairman & MD, TotalEnergies EP Nigeria Limited, Jim Swartz, Chairman & MD, Chevron Nigeria Mid-Africa Business Unit, Jagir Baxi, Chairman, MD & Lead Country Manager, ExxonMobil Affiliates in Nigeria, Ronald Adams, MD, Shell Nigeria Exploration and Production Company Limited, Adegbite Falade, MD & CEO, Aradel Holdings Plc, Roger Thompson Brown, CEO, Seplat Energy, Engr Wole Ogunsanya, Chairman, PETAN, Chris Osarumwense, President, OGTAN, Segun Ajayi-Kadir, mni, DG, Manufacturers Association of Nigeria (MAN), Dr. Olasupo Olusi, MD, Bank of Industry, Abubakar A. Bello, MD & CEO, NEXIM Bank and many others.

    Speaking on PNC Forum 2025, Olamide Oloko, Conference Producer at dmg Nigeria events, remarked, “As the industry evolves, we must continue to create spaces that drive transformation through meaningful dialogue, innovation and partnerships. This is why the Practical Nigerian Content Forum remains a key platform for collaboration and progress within the energy sector.  This year’s theme is designed to reaffirm our shared commitment to positioning Nigeria as a competitive and attractive destination for investment, while advancing the true intent of the NOGICD Act and the Executive Orders to catalyse sustainable growth across the energy value chain.”

    Marking 15 years since the enactment of the NOGICD Act, PNC 2025 will serve as a strategic gathering for industry leaders, businesses, and policymakers, fostering collaboration, partnerships, and knowledge exchange. The forum will chart a clear roadmap for sustained growth and transformation in Nigeria’s energy sector, driving tangible outcomes, measurable impact, and long-term value within the country and across the global energy landscape.

  • Chevron strengthens global partnership with TotalEnergies

    Chevron strengthens global partnership with TotalEnergies

    Star Deep Water Petroleum Limited, a Chevron company, has signed an agreement to acquire a 40 per cent Working Interest (WI) in Petroleum Prospecting License (PPL) 2000 and PPL 2001 from TotalEnergies EP Nigeria.

    The acquisition which stemmed from ongoing discussion of global opportunities between both oil firms followed a separate agreement with TotalEnergies to collaborate on exploration opportunities offshore Nigeria, a statement by Laura Hurst, Chevron’s External Affairs Advisor, Media Relations, read.

    The PPL 2000 and PPL 2001 blocks cover approximately 2,000 square kilometres in Nigeria’s West Delta basin. TotalEnergies will retain operatorship with a 40% WI. South Atlantic Petroleum holds the remaining 20% WI.

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    The statement further disclosed that completion of the agreement was subject to regulatory approvals.

     “Chevron continues to grow and mature our global exploration portfolio with these blocks in the highly prolific Niger Delta petroleum system. We look forward to working with TotalEnergies in Nigeria, in addition to our recent joint venture in the Gulf of America,” said Chevron’s Vice President of Exploration Kevin McLachlan.

    “Chevron’s mission is to be a trusted partner in unlocking oil and gas prospects, bringing world-class technology, operational excellence, and a deep respect for the environment and local communities,” said Jim Swartz, Chairman and Managing Director of Chevron companies in Nigeria.

    He added: “We believe that Nigeria’s oil and gas industry stands at the threshold of tremendous growth, and we look forward to working with TotalEnergies as part of this journey.”

  • SAHCO mulls diversification to intensify growth plan

    SAHCO mulls diversification to intensify growth plan

    Skyways Aviation Handling Company ( SAHCO) Plc is wrapping up strategies to diversify its operations into a one-stop-shop.

    To achieve this, the company is widening discussions with investors and partners to set footprints into electronic commerce, helicopter services, aviation training, cargo packaging and allied businesses as part of its broader dominate the market.

    The diversification plan, the company said, will cover new businesses that will create a platform for it to demonstrate capacity to grow revenue in areas including cold chain infrastructure, building of a fast online logistic system in electronic commerce for the tracking and reliable  parcel , cargo and goods delivery.

    The company is also wrapping up efforts to consolidate its footprints with a travel services/ destination marketing  outfit that will cater to ticketing, tours and logistics, an helicopter company as well as the building of premium airport lounges.

    Managing Director, Skyways Aviation Handling Company ( SAHCO) Plc, Mrs Adenike Aboderin disclosed this in an interview in Lagos.

    She said SAHCOL under its one-stop-shop  strategy is pursuing market expansion with plans to establish its foothold in some West African countries.

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    Aboderin said the company is committed to drive its growth strategy with the setting up of a packaging subsidiary which will provide the globally certified infrastructure and procedures to drive export business.

    Aboderin said the company has acquired a large expanse of land at the Lagos Airport to facilitate the setting up of its Training Centre/ Academy, additional warehouse , hotel and other projects earmarked in its ambitious plan.

    She said the foray into new business concerns will be largely driven by its technical partnership with globally reputed companies, including the proposed helicopter services , electronic  commerce and cargo distribution business.

    The SAHCO boss said though the company has introduced some measures to optimise its operations, it continues to navigate delayed payment for services by indigenous carriers.

    While urging local carriers to step up their game in meeting obligations for services rendered, the SAHCO boss said the company would need support from the Federal Government to cushion its operations.

    Specifically, Mrs Aboderin canvassed tax waivers and removal of duties ground handling equipment and spares , single digit loan facilities from  the government and other incentives to enable the cargo and logistic value chain to remain sustainable.

    Support to ground handling companies, the SAHCO boss said, will stimulate the economy and allow more Nigerians to get involved in cargo, logistics , hospitality and other businesses.

    She said the company continues to invest in infrastructure, engage the right partnership and boost the training of its personnel for the expansion and diversification intended.

    Mrs Aboderin said though its charges to local carriers were not cost reflective, because of the prohibitive cost of ground handling equipment, efforts are underway to recover the huge debt outlay by local carriers.

    She affirmed that an agreement has been signed between ground handling firms and local  airlines to checkmate recovery of  accumulated funds occasioned by carriers moving from one service provider to the other.

    Mrs Aboderin said the company is taking advantage of evolving technology to reduce its operating costs by deploying resource allocators for its personnel, equipment to improve efficiency, reduce downtime and ensure tasks are completed on schedule.

    She said the company has also introduced electronic billing, document enhancement software and other measures to further deepen its personnel engagement, processes, procedures to attain best practices.

  • Unilever appoints executive director

    Unilever appoints executive director

    The board of directors of Unilever Nigeria Plc has appointed Mr. Uchenna Nwakanma as an Executive Director of the company with effect from November 13, 2025.

    This was contained in a statement by company secretary, Peter Dada.

    It noted that Nwakanma is an accomplished research and development (R&D) business leader with over 20 years of experience driving innovation, product excellence, and strategic growth across Africa’s fast-moving consumer goods industry.

    “His expertise spans across Home Care, Personal Care, Baby Care, Pesticides, Lavatory Care, and Over-the-Counter Pharmaceuticals, with a consistent track record of leading cross-functional teams to deliver high-impact innovations that balance technical rigor, consumer insight, and regulatory compliance.

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    “Prior to this role, he was Head of R&D at PZ Cussons and Reckitt Benkiser , at various times, where he led the end-to-end innovation pipeline and capability development programs that strengthened the company’s footprint and competitiveness across Africa.

    “A strong advocate for sustainable manufacturing and local value creation, Nwakanma has worked closely with key industry bodies such as SON (Standard Organization of Nigeria as Technical Review Member of standards and the Manufacturers Association of Nigeria (MAN) to champion initiatives that promote local sourcing, quality excellence, and talent development in Nigeria’s manufacturing ecosystem.

    “He has contributed his expertise in different Forum across Africa Cosmetic bodies/Associations, Medical Association and the Federal Ministry of Science, Nigeria as public Speaker on topic bothering Innovation as a panacea for country development,” the statement said.

  • Furniture firm bags SON’s certification

    Furniture firm bags SON’s certification

    Majeurs Holdings Limited, a furniture manufacturer specialising in high-quality furniture and interior design, has bagged the Mandatory Conformity Assessment Programme (MANCAP) certification from the Standards Organisation of Nigeria (SON).

    The certification was presented to the company by SON at a ceremony at the Lagos office of the organisation.

    Speaking at the presentation, Director-General, Standard Organisation of Nigeria (SON), Dr. Ifeanyi Okeke who was represented by the Director, Lagos Region, Standards Organisation of Nigeria (SON), Mrs. Theresa Ojomo’ congratulated Majeurs and other companies for successfully going through the rigorous screening process and meeting the requirements for MANCAP certification.

    “This achievement demonstrates your commitment to producing high-quality products that meet national standards. In recognition of this accomplishment, we hereby formally present you with the MANCAP Certification,” Okeke said.

    Chief Executive Officer, Majeurs Holdings, Demi Samande described the MANCAP certification as a testament to the company’s commitment to quality standards, offering high-quality furniture and interior design to its customers and clients.

    She said: “The MANCAP certification today for MAJEURS really means that we have achieved a milestone that we set for ourselves as an organisation. From the very beginning of our business, we have been committed to standardisation. Receiving the certificate today means that we are now ready for the next stage of our growth. The processes we followed over the years, the standards, and the particularities in terms of being very selective in the materials we choose to use in our production line, along with close attention to detail, all basically mean that it has been worth it for us.

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    It’s been worthwhile”.

    Samande explained that the MANCAP certification is a win for customers, as it enhances their trust by providing them with the certainty that they are not making a wrong decision by buying local, reassuring them that quality can also be attained right here in Nigeria.

    “At Majeurs, we are forging a legacy of unparalleled quality, exceptional service and groundbreaking innovation with the furniture industry.

    The certification was awarded in recognition of our strong commitment to quality management systems in the delivery of our products and services. This certification aligns with our philosophy and vision,” Samande said.

    She added that Majeurs is renowned for its exquisite furniture and interior design services, blending classic and contemporary styles with modern aesthetics.

    Headquartered in Lagos, Nigeria, the company exports its products across Africa, Europe, and the Americas.

  • Business mentorship forum gets financial backing

    Business mentorship forum gets financial backing

    234Finance, a platform that promotes African entrepreneurship through capacity building, mentorship and access to finance, has secured the backing of leading commercial banks across Africa to drive the theme of its Mentor Matchup Challenge 7.0 (MMC 7.0).

    With “Building Bridges for Equitable Trade” as its theme, MMC 7.0, powered by 234Finance, aims to dismantle obstacles to cross-border trade, regional integration, and industrial expansion.

    By bringing Zenith Bank Plc as anchor sponsor, followed by Providus Bank, VFD Group, Fidelity Bank Plc., and Access Bank Plc., MMC 7.0 hopes to address access to finance which remains the most significant barriers for African businesses to scale.

    The support of these financial powerhouses underscores the commitment and willingness of the private sector to be at the forefront of Africa’s industrial revolution and the African Continental Free Trade Area (AfCFTA) implementation, necessarily for making equitable trade a reality.

    234Finance, in a statement over the weekend, said financial institutions such as the aforementioned banks, development finance institutions (DFIs) would lead discussions on unlocking sustainable capital and critical dialogues on the strategies, tools, and partnerships required to mobilize capital across the continent.

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    The capital so mobilized, the platform added, will enable African ventures compete favourably with global counterparts and also support sustainable growth.

    During the two-day MMC 7.0, representatives from these institutions will not only offer financial advisory services but will also engage directly with delegates on credit facilities, investment vehicles, and financial management strategies tailored for the African market.

    The participation of banks and DFIs at MMC7.0 align with one of 234Finance’s commitment to Small and Medium Enterprises (SMEs) in its community by providing access to capital.

    By curating a room filled with financial institutions, business leaders and founders, MMC 7.0 creates a unique environment for deal origination, relationship building, and tangible funding opportunities.

    The thing is that as Africa positions itself for industrial revolution under the AfCFTA, access to sustainable capital is central to translating vision into action.  MMC 7.0 ensures that entrepreneurs are equipped with both mentorship and access to capital necessary for growth and equitable trade on the continent.

    MMC 7.0 is scheduled to take place on Thursday, December 4, and Friday, December 5, 2025, commencing at 8:00 AM daily at the Oriental Hotel, Victoria Island, Lagos, Nigeria. This is a ticketed event with various categories available for both local and international delegates.

  • Dangote pushes 50m litres of petrol per day into market

    Dangote pushes 50m litres of petrol per day into market

    • Writes NMDPRA, engages marketers to stabilise fuel market
    • Invites agency for daily output monitoring

    Beginning from today, Dangote Petroleum Refinery will supply 50 million litres of petrol per day into the Nigerian market.

    The decision was taken to ensure that there is no shortage of the product during the festive season, the company said yesterday.

    This translates to 1.5 billion litres of Premium Motor Spirit (PMS) for the month of December.

    The same amount of product will also be supplied in January 2026, it was added.

    President and Chief Executive of Dangote Industries Limited, Aliko Dangote, announced the plans. 

    Dangote said: “In line with our commitment to national well-being, and consistent with our track record of ensuring a holiday season free of fuel scarcity, the Dangote Petroleum Refinery will supply 1.5 billion litres of PMS to the Nigerian market this month. This represents 50 million litres per day. We are formally notifying the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of this commitment. We will supply another 1.5 billion litres in January and increase to 1.75 billion litres in February, which translates to over 60 million litres per day.”  Speaking during a visit by the South-South Development Commission (SSDC) to the refinery and the Dangote Fertiliser complex, he stated that the facility currently has adequate stock and is producing between 40 and 45 million litres of PMS daily. He added that the daily supply of 50 million litres should dispel long-standing claims that domestic refineries lack the capacity to meet national demand.

     Dangote also revealed ongoing engagement with petroleum marketers to strengthen distribution systems, including expanding the use of CNG-powered haulage.

     “Our priority is to ensure Nigeria receives the products it needs. This is not driven by profit motives; it is about guaranteeing the availability of essential energy products. It is similar to the transformation we delivered in the cement sector,” he added.

     In a letter signed by David Bird, Chief Executive Officer of Dangote Refinery, and addressed to the Authority Chief Executive of NMDPRA, the company invited the regulator to independently verify its actual daily production capacity, countering prevailing speculations.

    “We request your support to host NMDPRA officials onsite at our refinery starting December 1, to validate and publicly confirm our daily supply volumes. In the interest of full transparency, we are prepared to publish our daily production and stock figures across both online and print media.”

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    Dangote further noted that the refinery is progressing with its expansion plan to reach a capacity of 1.4 million barrels per day. More than 100,000 workers are expected to be involved in the expansion of both the refinery and the fertiliser complex. Dangote emphasised that the Group remains committed to its vision, driven by the strong public support for the company’s role in shaping Nigeria’s economic development.

     During the visit, the Managing Director of SSDC, Usoro Offiong Akpabio, commended Dangote’s leadership and his continued contribution to strengthening Nigeria’s industrial capability, national energy security and long-term economic competitiveness.

     She described the South-South region as Nigeria’s natural energy corridor, with vast crude oil reserves, gas infrastructure, maritime assets, agro-industrial activity and emerging industrial clusters. She noted that deeper collaboration between the region and the Dangote Group could unlock opportunities in product distribution, CNG infrastructure, petrochemicals, agriculture, and employment creation.

     Akpabio added that such partnerships would advance the Federal Government’s energy stability agenda and position the South-South as a strategic growth hub for the Dangote Group.

     “As the statutory development body for the South-South, SSDC is mandated to drive regional economic development, infrastructure integration, human capital advancement, and private-sector-led–led growth. In this regard, we stand prepared to support State-level policy and regulatory support for Ease-of-doing-business across our six states. Enabling environments for Dangote Group’s expansion into strategic sectors such as gas processing, agro-industrial value chains, renewable energy, logistics, and export-oriented manufacturing,” she said.