The Nation Newspaper

Category: Business

  • Fed Govt moves to establish cocoa management board

    Fed Govt moves to establish cocoa management board

    President Bola Ahmed Tinubu has written to the House of Representatives seeking the passage of a bill to establish a National Cocoa Board.

    The communication was read at the plenary by Speaker Abbas Tajudeen, who said the proposed Executive Bill was being transmitted to the parliament in pursuant to section 58 sub-section 2 of the 1999 constitution (as amended).

    The President stated that the National Cocoa Management Board establishment bill 2025 seeks to establish the National Cocoa Management Board to regulate promote and harmonise cocoa related activities across the country and for other collected purposes.

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    “The establishment of the Board will enhance effective coordination of the Cocoa value chain improve standards and strengthen Nigeria’s participation in the global economy,” President Tinubu stated.

    The President solicited for an accelerated consideration and passage of the bill by the House.

  • ‘Transparency key to derivation fund management’

    ‘Transparency key to derivation fund management’

    Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has expressed readiness to work with relevant stakeholders to develop a sustainable and transparent framework for the disbursement and utilisation of the 13 per cent derivation fund allocated to oil-producing states.

    Chairman, Revenue Mobilization Allocation and Fiscal Commission (RMAFC), Dr. Mohammed Bello Shehu, said the matter requires a delicate balance between constitutional provisions, judicial interpretations, and state-level management.

    Shehu made the remarks when he received a delegation from the Host Communities of Nigeria Producing Oil and Gas (HOSCON), led by its Chairman, Prince Michael Emuh, at the Commission’s headquarters in Abuja.

    He said the Commission remains committed to ensuring that host communities in Nigeria’s oil and gas-producing areas receive fair and transparent benefits as provided by the Constitution.

    He commended HOSCON for adopting a peaceful and consultative approach toward addressing issues of resource allocation and environmental justice in oil-producing areas.

    He said: “Without the peace and cooperation of the host communities, the exploration and production of oil and gas in Nigeria would not be possible”.

    During the interactive session, the Secretary to the Commission, Engr. Joseph Okechukwu Nwaeze, assured that RMAFC will continue to uphold fairness and transparency, adding that the advocacy efforts of host communities “will not be in vain.”

    Federal Commissioner representing Rivers State, Hon. (Amb.) Desmond Akawor, described HOSCON’s presentation as timely and insightful, calling for closer collaboration between host communities and key institutions to develop practical monitoring mechanisms for the 13 per cent derivation fund.

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    Also speaking, Hon. Nkechi Otti, Federal Commissioner representing Abia State, urged host communities to protect projects funded through the derivation fund from vandalism, noting that such protection would ensure the sustainability of state-funded initiatives.

    Federal Commissioner representing Gombe State, Hon. Mohammed Kabeer Usman, ueged HOSCON to pursue its advocacy through dialogue and legal processes. “Achieving results requires engaging the National Assembly, the Judiciary, and State Governments, not confrontation,” he advised.

    Similarly, Hon. Ibrahim Sa’ad Bello, Federal Commissioner representing Plateau State, said there is a need for a clear constitutional framework to ensure that funds meant for host communities reach the grassroots.

    In his contribution, Hon. Imoh Akpan Effiong, Federal Commissioner representing Akwa Ibom State, appreciated HOSCON for its constructive engagement and assured that the Commission would carefully review the group’s submissions and take necessary steps toward developing a lasting framework for host community inclusion.

    The Technical Assistant to the Chairman, Prof. Aliyu Idris, commended HOSCON for engaging through institutional channels and advised the group to submit a memorandum to the National Assembly proposing a constitutional management framework for the 13 percent derivation. He explained that embedding such a framework in the Constitution would make compliance mandatory for all state governments.

    In his remarks, HOSCON National Chairman, Prince Michael Emuh, described the engagement as “a new dawn for the long-neglected communities that lay the golden egg.” He lamented that despite contributing significantly to the nation’s wealth, host communities continue to face marginalization.

  • ‘Quality animal feeds a challenge in West Africa’

    ‘Quality animal feeds a challenge in West Africa’

    West African countries and the Sahel are still faced with the challenge of limited and quality animal feeds, Minister of Livestock Development, Idi Maiha, has said.

    Maiha said this has hindered the modernisation of livestock farming in the region.

    Maiha who spoke at the opening of the regional high-level workshop on the development of animal feed industry in West Africa and the Sahel, said a strong local regional feed industry will not only create jobs but reduce dependence on imports and also strengthen food sovereignty in the region.

    Maiha, who was represented by the Permanent Secretary, Ministry of Livestock Development, Dr. Chinyere Ijeoma Akujobi said the region has significant potential in terms of animal production, pastoral areas, diverse livestock, ancestral know-how of livestock farmers.

    He said: “West Africa and the Sahel have significant potential in terms of animal production, pastoral areas, diverse livestock, ancestral know-how of livestock farmers, but also among all in terms of their contribution to food security, poverty reduction, and empowering national economies.

    “Despite the importance of the sector, livestock development in West Africa and the Sahel still faces a major challenge, which is the limited availability and quality of animal feed. Animal feed accounts for a significant portion of animal production costs.

     “The lack of industrial infrastructure, dependence on imported inputs, climate variability, and insufficient regional coordination limit the competitiveness of this sector.

    “This situation also hinders the modernisation of livestock farming, increases the vulnerability of livestock farmers, and reduces countries’ ability to meet growing demand for food products”.

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    He pointed out that Nigeria’s animal feed production policy is perfectly aligned with the current dynamic and is indeed amplified as a major focus in the National Livestock Growth Acceleration Strategy, NLGAS, which is Nigeria’s livestock strategy plan for the year 2025 to the year 2035.

    He therefore added: “Let me at this juncture reiterate that the Federal Ministry of Livestock Development of Nigeria remains fully committed to supporting the transformation of the livestock sector.”

    This, he said, is a key pillar of the country’s rural economy and the development of a strong animal feed industry in West Africa and the Sahel.

     “We believe that a strong local and regional animal feed industry will not only create jobs, it will reduce dependence on imports and will, above all, strengthen food sovereignty in our region. To this end, we look forward to the effective operationalisation of the livestock feed components of the ECOWAS regional food security programme.”

    This workshop, therefore, he said is timely as it aims to promote dialogue among public and private actors. It also provides us the opportunity and platform to share successful experiences and identify tools for developing a genuine regional animal feed industry.

      “We believe that a strong local and regional animal feed industry will not only create jobs, it will also reduce dependence on imports and above all, strengthen food sovereignty in our region

     “The Perm Sec hoped that the outcome of the workshop will lay the foundation for a West African strategy based on promoting local resources through agricultural by-products”, she said.

      Earlier, the Executive Director, Regional Agency for Agriculture and Food (ARAA), Konlani Kanfitin, said the two-day workshop was designed to foster dialogue, innovation and policy harmonisation in West Africa’s agricultural sector.

    “They also aim to transform evidence and research results generated under the research and innovation project on Productive, Resilient and Healthy Agro-pastoral Systems in West Africa (PRISMA) programme into concrete regional priorities that support food security, private sector participation and sustainable agricultural transformation.”

    Noting that the livestock sector occupies a central place in the economies of member states, he decried that its development is constrained by numerous challenges.

    He feared that without a structured and efficient sector, it will be difficult to sustainably modernize livestock production or meet the growing demand for animal products.

    “Yet, our region has abundant and varied resources, including agricultural by-products, agro-industrial co-products, fodder crops, enterprising and innovative youth.

    “This potential must be fully harnessed to build a genuine regional animal feed industry that is competitive, sustainable and job-creating.

    “This workshop therefore represents a key moment for reflection and collective action to make real ECOWAS’s commitment through its Regional Agricultural Policy (ECOWAP) and its projects and programs in the livestock sector.”

    Meanwhile, ECOWAS, in collaboration with its partners, has carried out studies on the establishment of a feed supply center, exceptional import procedures for animal feed in crisis situations, development of an online booking and purchasing application, established information platform on the availability and accessibility of animal feed in feed banks as well as prepared a harmonized protocol for sampling and analysis of animal feed.

    “We firmly believe that a strong regional animal feed industry will make the ECOWAS Regional Food Security Reserve more operational and more effective in crisis management”, he added.

    The PRISMA Project is co-financed by the European Union and the Spanish Cooperation (AECID) and with the technical support of the Luxembourg Cooperation, Belgian Cooperation and the Spanish Cooperation.

  • Experts urge human-centred approaches to tech

    Experts urge human-centred approaches to tech

    In a world increasingly shaped by automation, artificial intelligence (AI), and digital systems, thought leaders and professionals have pushed for human-centred approaches to technology, business and education.

    The experts converged virtually for the Rehumanising Communication Summit – a timely conversation exploring how to preserve empathy, trust, and human connection in the digital age.

    Convened by Mololuwa Rachael Olabode and Oreoluwa Adigun, in collaboration with the School of Media and Communication, Pan-Atlantic University, the summit brought together distinguished experts from academia, technology, and business to examine the balance between efficiency and empathy in communication across automated and non-automated systems.

    The panel featured Dr. Soji Cole, Professor of Black Literature and Creative Writing at Saint Mary’s University, Nova Scotia, and winner of the 2018 NLNG Prize for Literature; Mr. Yemi Adedoyin, Business Operations Team Lead at Phase 3 Telecom; and Mrs. Taofikat Morayo Nwabufo, Founder of Wọlé Technologies and a business communication leader with almost two decades of cross-industry experience.

    Moderated by Mololuwa, the discussion explored communication challenges at the intersection of education, business, and technology, asking a central question: How do we keep the human touch in an automated world?

    In a particularly reflective moment, when asked to share one principle for rehumanising communication – whether in teaching, leadership, or technology – the panellists offered distinct but harmonising views.

    Dr. Cole emphasised the need to “adopt slow movement – ensuring that everyone does their things at their respectively right paces,” highlighting the importance of patience and intentionality in human interaction amid the rush of digital efficiency.

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    Mr. Adedoyin stated that “humans will always remain humans – innovation won’t change that,” underscoring that while technology evolves, the essence of humanity must continue to guide design and interaction.

    Mrs. Nwabufo agreed with both positions, affirming that “it is expedient to maintain humanity within technology flows,” a reminder that technology should serve people, not the other way around.

    The conversation illuminated how rehumanising communication demands a multidimensional approach – one that values inclusion, empathy, and cultural awareness, even as automation reshapes professional and social landscapes.

    In her closing remarks, Mololuwa thanked the speakers and participants for contributing to a dialogue that bridges academia and industry.

    She said: “This conversation goes beyond technology – it is about preserving the essence of human connection in every sphere where communication happens.”

    The summit reinforced the role of the School of Media and Communication, Pan-Atlantic University, as a platform for nurturing thought leadership and research that respond to evolving communication realities in Africa and beyond.

  • UBA sponsors Lagos Fair

    UBA sponsors Lagos Fair

    United Bank for Africa (UBA) Plc has reiterated its commitment towards supporting the growth of Small and Medium Scale businesses for global impact, as it headlines the sponsorship of the Lagos International Trade Fair (LITF) for the seventh consecutive year.

    Organised by the Lagos Chamber of Commerce and Industry (LCCI), this year’s trade fair, which was flagged off on Friday November 7, at the Tafawa Balewa Square, Onikan, Lagos would be open to all till November 17, 2025, and is expected to attract thousands of exhibitors, investors, and visitors from across Nigeria and the globe.

    In line with its customer-first philosophy, UBA will host a rewarding experience for its customers with a dedicated, full-service branch within the trade-fairground.

    Account holders who perform any transaction, such as deposits, withdrawals, or transfers, etc, at this branch will be instantly eligible to participate in a special “Lucky Dip” draw, which will offer them the chance to win a variety of premium prizes.

    Speaking during the opening ceremony of the fair, UBA’s Head, SME Banking, Babatunde Ajayi, underscored the strategic importance of the longstanding partnership with LCCI while reaffirming that this collaboration is a critical component of the bank’s core mission to mobilise capital as  well as empower enterprises of all scales, with a focus on growing SMEs for global impact.

    “Our consistent support for the LITF and our strategic, bank-wide initiatives around the AfCFTA are interconnected,” Ajayi stated. “They are two sides of the same coin, and it reflects a deep-seated commitment to building the robust financial architecture that is required to empower African businesses and enable them to trade seamlessly across borders.”

    UBA’s Group Head, Marketing and Corporate Communications, Alero Ladipo, positioned the bank’s participation within the context of its vision for Africa’s economic transformation, as detailed in its recently published white paper on achieving a $4 trillion continental economy.

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    “The LITF represents one of several strategic platforms through which UBA is actively translating the ambitious goals of our whitepaper into tangible action,” Ladipo said. “Our comprehensive roadmap to a $4 trillion African economy is being built through practical, on-ground engagements such as this, which is focused on growing SMEs for global impact. These are platforms that directly connect businesses, facilitate commerce, and unequivocally demonstrate our resolve to turn a bold vision into a tangible reality for millions.”

    Ladipo noted that deep partnerships, which are complemented by continuous digital innovations and cross-border trade solutions, will lay the groundwork for sustainable, inclusive economic growth that will benefit corporations, SMEs, and individual entrepreneurs across Africa.

    United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees’ group-wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.”

  • Port Harcourt estate to attract high net worth executives

    Port Harcourt estate to attract high net worth executives

    A mini-city within the Garden City to be known as the PH-AirportCity has been unveiled in the Rivers State capital. The estate located near the Port Harcourt International Airport in the Omagwa area of the state is said to be a piece of investment initiative to attract back topmost executives most of whom fled the Garden City in recent years in the wake of threats of insecurity.

    The mini-city, PH-AirportCity is planned to commence with 2000 houses which is to be implemented in phases. The scheme is a partnership between the Rivers State Government through the Greater Port Harcourt City Development Authority (GPCDA) and Masta Services Company Limited ably superintended by Ugo Ohuabunwa, a renowned and career professional builder with 40 years of experience in the design, construction, engineering and building profession.

    The project is propelled by a Special Purpose Vehicle (SPV) known as Masta-Rivers Development Company Limited with 70% to the private equity holder (Masta Services Company Limited) and 30% to the GPCDA on behalf of the Rivers State government.

    The unveiling attracted a large audience that filled the Royal Hall at the exotic Hotel Presidential in the state capital during the PH-AIRPORTCITY Project launch and unveiling of the Masta Services Limited Partnership with the Federal Mortgage Bank of Nigeria (FMBN).

    The mini city within the larger Greater Port Harcourt City, with area of approximately 1, 900 square kilometres (40, 000 Hectares of land) and spanning eight Local Government Areas, with a projected population of about two (2) Million people planned to be an extension of the old Port Harcourt City while guaranteeing urban growth and gradual integrating of both cities as one single unit. Hence, the referencing of PH-Airport City as ‘A City within a city’ planned to be Port Harcourt’s most visionary development, a city that connects Luxury Living with modern infrastructure and investment opportunities is to sit on 80 hectares of land with Certificates ready for investors, according to Ade Adeoshun, Consultant (Brands & Marketing) who spoke at the event. Adeoshun has already described the day as a great dawn in Rivers State, saying what has just happened to the state was no easy breakthrough considering its hugely unlocked oil and gas concentrates potentials of the Nigerian economy.

    In his master presentation, Ugo Ohuabunwa, the Managing Director and CEO of Masta Services, who is doubles as the Managing Partner of Masta-Rivers Development Company Ltd, said concerned developers were aggrieved that the city was undergoing infrastructure decay, requiring urgent action, hence, the idea of a mini-city within the city.

    Saying Port Harcourt was unique in Africa, Ohuabunwa, described as a construction personality of 40 years standing whose siblings of the illustrious Ohuabunwa dynasty are top players in various industrial sectors, reminded investors that Port Harcourt was a unique city connected to Aba (Abia State), Uyo (Akwa Ibom State), Owerri (Imo State), Onitsha (Anambra State), and Yenagoa (Bayelsa State) in a matter of between an hour or two. 

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    He asserted that people fled Port Harcourt not only because of insecurity but due to a lack of world class residential homes for the top-most executives who work hard. He said such people deserved a decent location of residence to rest and feel safe.

    “We want to change that; we want to create a mini city in the main city for the highest class. This will free space for the middle class. The new city is deliberately located close to the Port Harcourt International Airport and will become the first aerotropolis, which is an urban area where the airport is the central economic driver, with infrastructure, land use, and economy structured around it. This concept expands beyond a typical airport city to include a wide range of connected developments, such as commercial, residential, logistics, and entertainment areas, all feeding off the airport’s global connectivity.”, he asserted.

    He mentioned affordability as a key strategy, saying luxury is affordable. To achieve the initiative, Ohuabunwa said the company got land directly from the government partner, loan opportunities for buyers from the Federal Mortgage Bank of Nigeria (FMBN), and further funding from the Stanbic IBTC Mortgage company.

    On what the mini-city and the modern houses boast of, the CEO said the houses range from one-bedroom affairs to five-bedroom classes with e-security, CCTV system, malls, road network, storm water drainage, central sewage system, gas to power, gas for cooking, fibre optics, four fire stations, etc. The minimum rate may be N32m. He said this has not been done in Nigeria because the buyer’s money is not needed at the initial stage to build the houses.

    Speaking earlier, Melody Ukwa, the Port Harcourt branch manager of the FMBN, confirmed the narrative, saying they have different types of mortgage offerings. “There is the category of Rent-to-Ownership scheme; there is renovation scheme; there is individual construction loan, there is Diaspora fund; there is National Housing Fund, etc.” All loans are for not more than 30 years.

    Bennett Chu, Administrator of the Greater Port Harcourt City Development Authority, told newsmen in an interview that the state government was keen to provide massive housing opportunities. He said the Authority was both a regulator and partner in the project, saying every single proposition was carefully verified. He added that the Authority suggested some of the features in the SPV because the state wanted the best for buyers and investors.

  • LivingTrust Mortgage Bank named ‘Mortgage Bank of the Year 2025’

    LivingTrust Mortgage Bank named ‘Mortgage Bank of the Year 2025’

    For its exceptional growth, innovation, and leadership in Nigeria’s mortgage and housing finance sector, LivingTrust Mortgage Bank Plc has clinched the coveted “Mortgage Bank of the Year 2025” award at the Africa Fast Growth Brands Awards.

    The award, held in Lagos, recently, further cements LivingTrust Mortgage Bank’s position as a leading force in Africa’s mortgage and housing finance ecosystem.

    The Africa Fast Growth Brands Awards celebrate organisations driving transformative growth, customer trust, and sustainable impact across the continent.

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    LivingTrust Mortgage Bank stood out for its remarkable financial performance, customer-centric service delivery, and commitment to bridging Nigeria’s housing gap through accessible and innovative mortgage solutions.

    Organisers of the awards said under a visionary led management, a Bank like LivingTrust Mortgage Bank will always achieve impressive growth milestones, expanding its customers base and empowering thousands of Nigerians with affordable home financing options.

     The Bank’s consistent performance and strong governance have also earned it growing investor confidence and widespread industry acclaim.

  • Onne terminal receives direct vessel from China to boost eastern port

    Onne terminal receives direct vessel from China to boost eastern port

    The Onne Multipurpose Terminal (OMT) has recorded another landmark as it received the maiden call of MSC Dorine V, the first vessel of MSC Iroko Service to sail directly from China and the Far East, signaling a significant shift in Nigeria’s shipping dynamics and strengthening the position of the country’s eastern maritime corridor.

    The Liberian-flagged MSC Dorine V, operated by Mediterranean Shipping Company (MSC), berthed at OMT in the early hours of Sunday 9 November. With a carrying capacity of 5,089 TEU, a deadweight tonnage of 68,383 tons, gross tonnage of 54,193 tons and an overall length of 294 meters, it stands among the largest containerships to ever call at any eastern Nigerian port.

    OMT’s Managing Director, Nicolo Scannavini, described the historic direct call from China and Far Eastern Asia as a game-changing moment for the terminal and the wider region. He noted that this development would not only reshape trade patterns but also unlock immense economic value for Nigeria.

     “This direct call cuts out several layers of delay that importers have traditionally faced.

     “It means shorter transit times, more predictable arrival windows and significantly reduced freight costs for goods coming from China and the Far East. For agents, manufacturers and traders, this translates into a faster supply chain, more available cargo and an expansion of commercial opportunities. When bigger vessels call directly, the entire ecosystem benefits because economies of scale kicks in, and that stimulates jobs, competitiveness and growth,” Scannavini said.

    He said the benefits of direct calls to Onne from China and the Far East are extensive. They include reduced shipping time for consignments, lower freight charges, direct discharge of cargo without the delays associated with transshipment, and enhanced reliability for businesses awaiting critical inputs. According to him, the development is also expected to boost Nigeria’s non-oil trade profile and reinforce the attractiveness of the eastern ports to global carriers.

    Scannavini also appealed to the Nigerian Ports Authority (NPA) to accelerate the completion of dredging works in the port of Onne and along the channel. According to him, the creation of a second turning basin and deeper draft access will allow even larger vessels to berth safely and will further cement Onne Port’s status as a strategic maritime hub for the South-South and the broader Eastern region.

    MSC’s Regional Manager and Business Head for South-South and South-East Nigeria, Oscar Aguocha, described the maiden call of the MSC Dorine V as a strong demonstration of MSC’s long-term commitment to the Eastern Nigerian market, which he said has grown by 27 per cent year-on-year.

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     “With this direct service, consignees and agents can now receive their shipments from China and Eastern Asia in as little as 40 to 42 days,” Aguocha said. “We encourage businesses to take full advantage of this new corridor because it delivers speed, certainty and cost-efficiency in ways that were not possible before.”

    Onne Multipurpose Terminal, operated by International Container Terminal Services Inc. (ICTSI), is one of Nigeria’s most strategically positioned logistics gateways, serving the country’s offshore energy sector as well as import and export markets across the South-South and South-East.

    Over the years, OMT has recorded several notable achievements including the successful handling of some of the largest gearless vessels in the region, major upgrades to its terminal equipment, the expansion of yard facilities and the introduction of improved cargo-handling technology that has enhanced operational efficiency. 


    The terminal has also played a key role in repositioning the eastern ports by enabling faster cargo evacuation, reducing congestion in the Lagos corridor and attracting new international shipping services. Prior investments in cranes, terminal operating systems and workforce upskilling have placed OMT among the most modern and reliable multipurpose terminals in the country.

  • ACCI calls for gradual implementation of 15% fuel import tariff

    ACCI calls for gradual implementation of 15% fuel import tariff

    Abuja Chamber of Commerce and Industry (ACCI) has commended the Federal Government for its renewed commitment to strengthening Nigeria’s domestic refining capacity through the introduction of a 15% Fuel Import Tax. The Chamber, however recommends that the implementation of the policy be carried out in phases and gradually to ensure economic stability, protect consumers, and sustain business confidence.

    Speaking on the development, the President of the ACCI, Chief Emeka Obegolu, SAN, PhD, described the policy as strategic and potentially transformative, noting that while its intent aligns with Nigeria’s long-term goal of achieving energy self-sufficiency and industrial growth, a sudden implementation could trigger unintended economic consequences.

    According to him, “The Abuja Chamber of Commerce and Industry acknowledges  government’s objective to promote local refining, conserve foreign exchange, and strengthen Nigeria’s industrial base. However, implementing the 15% Fuel Import Tax as a one-step measure may exert inflationary pressures, especially at a time when most domestic refineries are not yet fully operational.

    “While the Chamber supports policies that protect and encourage local industries, there is a need for a carefully sequenced rollout that allows sufficient time for the rehabilitation and stabilization of the nation’s refining infrastructure. A phased implementation strategy will allow the market to adjust gradually, prevent supply disruptions, and avoid sharp increases in fuel prices that could affect transportation, food costs, and small business operations”.

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    Obegolu noted that the success of the new tariff policy will depend largely on policy coordination, transparency, and stakeholder engagement. The government should  intensify consultations with industry players, including refineries, fuel marketers, transport unions, and consumer groups, to ensure that the tax achieves its intended objectives without creating undue hardship for citizens.

    He assured that the ACCI stands ready to work with the relevant ministries, departments, and agencies to design a policy framework that balances the goals of industrial protection and consumer welfare. The focus should be on achieving a sustainable transition, supporting local refineries to scale up production while maintaining healthy competition within the market.

    The Chamber also recommended that a portion of the projected revenue from the import tax be channeled into strategic social and economic relief measures, such as transportation subsidies, support for small and medium-sized enterprises (SMEs), and incentives for modular refineries to expand their capacity.

  • Energy access crucial to Nigeria’s growth, says Seplat

    Energy access crucial to Nigeria’s growth, says Seplat

    To build a prosperous and inclusive Nigeria, the nation must prioritise an energy system that is affordable, reliable, and accessible to all, Seplat Energy Plc has said.

    Speaking at the 43rd Annual International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos, Seplat Energy’s Chief Operating Officer, Samson Ezugworie, said the goal of national prosperity depends on ensuring universal energy access.

     “The imperative before us is clear. We must build a prosperous Nigeria, and we can only do that with affordable and reliable energy that is accessible to all”, Ezugworie said quoting a company statement signed by the Manager, Corporate Communications, Stanley Opara.

    According to him, Nigeria’s energy deficit remains alarming — over 70 million Nigerians still lack access to electricity, while more than 170 million rely on biomass for cooking. With the country’s population projected to reach 237 million by 2025 and 400 million by 2050, he warned that the need to act is urgent.

     “These challenges mean we must increase oil production — not just to boost government revenue and reduce fiscal shortfalls, but to drive GDP growth that strengthens Nigeria’s role as Africa’s economic powerhouse,” he said.

    Ezugworie emphasized the need to harness Nigeria’s vast gas reserves to expand domestic access, reduce reliance on polluting generators, provide cleaner cooking options, and power local industries.

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    He noted that the global energy transition is reshaping Nigeria’s oil and gas landscape, as ownership of key assets shifts from international oil companies to indigenous operators. This shift, he said, brings new capital and environmental responsibilities but also opportunities to deepen local participation.

     “With these challenges come opportunities — to enhance local expertise, build resilient partnerships with our industry peers and host communities, and ultimately, build an energy industry owned and managed by Nigerians, for Nigerians,” Ezugworie stated.

    Highlighting Seplat Energy’s strategy, he said the company’s focus rests on three principles: Leadership, Partnership, and Stewardship — values that continue to guide its operations and recent asset acquisitions.

    Ezugworie disclosed that since Seplat took control of its offshore assets, it had rehabilitated 33 wells, with 26 already producing about 33,000 barrels per day, closing part of Nigeria’s production gap.

    He also announced significant progress in the company’s gas business, including near completion of the ANOH Gas Processing Plant and the successful delivery of the first LPG cargoes from the upgraded Sapele Gas Plant.

     “We are on track to end routine flaring in our onshore operations, enabling us to capture and monetize gas while cutting emissions. This is a win-win for Seplat, the environment, and our host communities,” he said.

    Ezugworie described Seplat’s gas initiatives — including ANOH, Sapele, and LPG projects — as part of a broader commitment to national growth.

     “These projects are not just about energy. They are about transforming lives, creating jobs, and powering Nigeria’s development,” he stated.