The Nation Newspaper

Category: Business

  • Ibom Air, Akwa United sign N200m sponsorship deal

    Ibom Air, Akwa United sign N200m sponsorship deal

    Bassey Anthony

    Ibom Air has signed a N200 million strategic sponsorship agreement with Akwa United Football Club.

    With the deal, the state airline has become the team’s official sponsor for the next two years.

    Stakeholders have described it as a major boost for sports development and private sector involvement in Akwa Ibom State.

    The deal, signed last Thursday at the Godswill Akpabio International Stadium, Uyo, will see Ibom Air contribute both cash and in-kind support, with 50 percent of the sponsorship delivered through services and logistics.

    Speaking at the ceremony, Acting Managing Director and Chief Executive Officer of Ibom Air, Mr. George Uriesi, said the partnership underscores the airline’s commitment to community development through sports, health and education.

     “Akwa United is a team with a proud history currently in a rebuilding phase. We want to support their resurgence and help them return to the top of Nigerian football. This partnership reflects our belief in the power of sports to inspire young people and unite our state,” Uriesi said.

    Chairman of Akwa United FC, Mr. Joseph Eno, described the sponsorship as timely and morale-boosting for the club’s players and technical crew.

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     “This support comes at a crucial moment as we restructure and strive to regain our competitive strength. Wearing the Ibom Air brand reminds us that we represent excellence, and we must live up to it,” he said.

    Commissioner for Sports, Elder Paul Bassey, praised the collaboration as a fulfilment of the Umo Eno administration’s ARISE Agenda, which encourages private sector participation in sports.

     “This is a dream come true. Bringing Akwa United and Ibom Air together is a visionary step. Beyond supporting our club, we are setting a foundation for sports in Akwa Ibom to meet global standards,” he added.

    The event also featured the unveiling of Akwa United’s new jersey bearing the Ibom Air logo and the inauguration of working committees to manage the partnership.

    Our Correspondent reports that; Akwa United, winners of the 2021 Nigeria Premier Football League and twice FA Cup champions, was founded in 1997 and remains one of the state’s flagship sporting institutions.

    The partnership is expected to strengthen the club’s financial stability, improve player welfare and enhance its competitiveness on the national and continental stage.

  • ‘Lagos Free Zone remains the best investment destination’

    ‘Lagos Free Zone remains the best investment destination’

    Lagos Free Zone, the nation’s first private special economic zone has been described as the best investment destination for Nordic companies in Nigeria.

    The zone is centrally located in Lagos State and it is promoted by Tolaram.

    Chief Executive Officer, Lagos Free Zone, Mrs. Adesuwa Ladoja, made this known during the Nordic Nigeria Connect 2025  in Lagos.

    Speaking during a panel discussion at the event,Mrs  Ladonna explained that the Zone offers business predictability and proper organisation for investors who intend to do business in Nigeria, unlike other places where they are more likely to be confronted by infrastructural or regulatory barriers.

    She stated that for Nordic companies that see Nigeria as a potential hub for business, Lagos Free Zone remains the ideal destination as it offers the proper infrastructure, enabling environment, and logistics capacity needed to thrive.

     “In Lagos Free Zone, we have a deep-sea port with state-of-the-art equipment. So, if you come to the Zone and have your business set up, it becomes easy for you to export, thus addressing the issue of delays and timing. With that, you canbring in your raw material seamlessly, effortlessly, all in the same place. So, with other access roads and coastal road being put in place, alongside plan to connect the axis through rail, many of these constraints would have been taken care of. Looking at it from a regulation perspective, we are creating our own single window where all the regulators you need to do your business are concentrated in the zone,” she added.

    She observed that the Tinubu administration’s two major policy reforms—the removal of fuel subsidies and the unification of the exchange rate—have created a more transparent, market-driven economy and brought back a sense of predictability in the investment climate for foreign investors. She maintained that the reforms have inspiredcautious optimism in the economy, witnessing headwinds turning into tailwinds.

    According to her, sustained currency stability, low interest rates, and downward-bending inflation curves in the last 12 months are good signals that the private sector capital formation cycle is ripe for revival. She also explained that with young, entrepreneurial, and passionately creative people occupying the biggest pie in the population, Nigeria offers a vast consumer market and a production base with access to the 400-million-strong ECOWAS region.

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     “This dynamic market, structural reform, and market stabilisation combination makes Nigeria one of Africa’s most appealing investment destinations today. However, the real potential is in being an early mover. As Nigeria’s infrastructure advances and its industries develop, those who establish a presence early will enjoy the greatest rewards,’ she added.

    She stated that the strength of the Nordic region, which can be found in specific sectors such as renewable energy, sustainable manufacturing, logistics, and digital solutions, remains highly complementary to Nigeria’s growth prioritiesas it unlocks enormous opportunities for collaboration that create shared value, drive innovation, jobs, and inclusive growth.

    She applauded Nordic countries for their leadership in clean technology, digital transformation, and responsible business practices, which align perfectly with Nigeria’s development aspirations.

    Other speakers at the panel discussion include Chief Executive Officer, APM Terminals Nigeria, Frederik Klinke;Executive Director/Chief Financial Officer, Development Bank of Nigeria, Ijeoma Ozulumba; Regional Director, West Africa, Norfund, Naana Winful Fynn; and Chief Executive Officer, Empower New Energy, Yerje Osmunden.

  • FCCPC refocuses on improving efficiency resilient institution

    FCCPC refocuses on improving efficiency resilient institution

    Federal Competition and Consumer Protection Commission (FCCPC) has refocused on improving efficiency and building a stronger, more resilient institution, with emphasis on taking a chance to take stock of the Commission’s progress, identify existing gaps, and chart a clear path towards better performance and service delivery.

    Executive Vice Chairman and Chief Executive Officer, Federal Competition and Consumer Protection Commission (FCCPC), Mr. Tunji Bello stated this during the 2025 management retreat in Abuja, with the theme, “Building Resilience for Sustainable Institutional Capacity” and stating that, even though the commission is relatively young and evolving, it has gained national and international recognition for its enforcement and advocacy work

    He said, “Lasting impact depends on continuous investment in staff capacity, modern tools, and a well-aligned structure, acknowledging that he took over the mantle of leadership of the FCCPC in July 2024, and inherited a thriving agency, which by all standards had created for itself an enviable image and a pride of place among the regulatory agencies of the Federal Government of Nigeria.

    “The strength of the FCCPC lies with a critical mass among the Commission’s staff, we must keep investing in knowledge, systems, and work environments that support productivity and professionalism. This retreat is not a formality, it is a deliberate effort to reposition the Commission for long-term success.

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    “The challenges facing the organisation go beyond technical competence. They also involve maintaining discipline, respecting communication channels and living up to the service values that define public institutions. We have to build a results-driven culture based on fairness, teamwork, and accountability,” he said.

    This retreat brings together senior officers and management staff to review ongoing operations, improve coordination across departments, and align priorities with the Commission’s mandate under the Federal Competition and Consumer Protection Act (FCCPA) 2018.

    Bello introduced Hajiya Ummusalma Isiyaku Rabiu and Mr. Louis Odion as the newly appointed Executive Commissioners for Corporate Services and Operations. Both officials, he noted, will soon attend the mandatory induction course at the Administrative Staff College of Nigeria (ASCON), Badagry, in line with Federal Government policy.

    He encouraged participants to make the discussions practical and forward-looking, assuring them that the retreat’s resolutions will guide upcoming reforms aimed at strengthening FCCPC’s operations in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu.

  • Stakeholders urge regulators on seafood safety

    Stakeholders urge regulators on seafood safety

    Stakeholders in the seafood value chain have urged regulatory authorities to ensure the integrity of post-imported seafoods in Nigeria to preserve the health of the citizens.

    They say the poor post-import handling practices in markets has become a source of great concern to all warning that the country risked major food safety issues unless retailers and market operators receive urgent training and regulatory guidance.

    The experts spoke at the weekend during an inspection visit to Whitesand Market in Oyingbo, one of the country’s largest seafood hubs in Lagos mainland.

    Led by representatives of the Norwegian Seafood Council and SUFI, a Norwegian seafood company, the experts expressed concern over reports of chemical use and poor storage methods by some local traders seeking to extend the shelf life of imported stockfish.

    The group emphasized that while Norwegian stockfish remained among the purest and safest globally, the real threat often begins after the products enter the local market.

    Finance Director of SUFI, Mr. Truls Hellnæs, said Norwegian stockfish is produced under strict hygienic natural conditions using only sun, wind, and cold air to dry wild-caught fish with no additives or chemicals involved.

    He noted that improper local storage, high temperatures, or chemical misuse could compromise product quality.

     “Any contamination noticed doesn’t start in Norway; it happens when handling standards are ignored locally. Training and enforcement are essential if Nigeria must protect consumers and the credibility of its seafood market,” Hellnæs said.

    Also speaking, Fisheries Consultant to the Norwegian Seafood Council, Mrs. Abiodun Cheke, confirmed that all containers of Norwegian stockfish undergo multiple levels of inspection first by the European Free Trade Association (EFTA) and later by Nigeria’s Federal Department of Fisheries before shipping into the country. However, she said these measures become useless if retailers are not properly trained on post-import storage and preservation.

     “After education comes enforcement. Those who use chemicals must be identified and retrained. The safety of consumers depends on what happens after the product enters Nigerian markets,” Cheke said, reiterating emphatically the position of Hellnæs that the stockgfish is prepared without any additives, not even common salt.

    Local traders also voiced frustrations over rising costs, which they say sometimes tempt handlers to cut corners. An official of Master Fish Enterprises, Chikodi Onyekwere said import tariffs and logistics costs have nearly tripled in recent years, driving up prices and slowing sales.

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     “The government must review import duties. Stockfish is a staple for many Nigerians, not a luxury item. If costs remain this high, traders may look for unsafe shortcuts to preserve or resell products faster,” he said.

    Another trader who identified herself simply as Chinyere lamented the high cost of stockfish, a development which has affected sales drastically. “Now that the Norwegians are here, they should help us use diplomatic channels to appeal to President Bola Tinubu to intervene in the stockfish trade. You can see how dull the business has become. When customers come and ask for price, when they hear the price, they just walk away. It is affecting us that are doing the business. We understand that the president is working hard to fix the broken economy. He should extend the zero-duty waiver he extended to some food items to cushion the impact of the reform to stockfish. It’s not only a delicacy, it is also a source of protein. And it is packaged in a manner that even the poor will be able to buy and cook for the children to support their protein needs,” she said.

    The stakeholders urged the National Agency for Food and Drug Administration and Control (NAFDAC) and the Federal Department of Fisheries to strengthen post-import training and monitoring frameworks, warning that neglect could undermine Nigeria’s food safety standards and consumer trust.

    The visit was part of a broader initiative by the Norwegian Seafood Council to promote safe food handling, improve trade relations, and support Nigeria’s seafood industry in aligning with global best practices.

  • Proposed law to boost consumer credit scheme

    Proposed law to boost consumer credit scheme

    The House of Representatives has passed for second reading a bill seeking to give legal backing to the establishment of the Nigeria Consumer Credit scheme and to create a Consumer Credit Development Fund.

    The Nigeria Consumer Credit Corporation (Establishment) Bill sponsored by the Speaker of the House, Abbas Tajudeen and Wale Hammed seeks to promote and enhance consumer credit system in the country.

    Leading the debate on the bill, Hammed who represents Agege federal constituency of Lagos state said the bill seeks to establish the Nigeria Consumer Credit Corporation for the regulation of consumer credit, consumer credit reporting, protection of consumer credit beneficiaries, and to create the Consumer Credit Development Fund for the promotion and enhancement of the consumer credit system in Nigeria.

    He described Consumer credit as the foundation of modern economic life, adding that in developed economies, citizens can acquire homes, cars, household items, and education through structured credit systems that are fair, transparent, and well-regulated.

    Such systems enhance purchasing power, stimulate demand, promote job creation, and enable citizens to enjoy decent living standards while contributing productively to the economy.

    He argued that In Nigeria, access to consumer credit remains severely limited, saying “our people rely heavily on informal lending channels that are often exploitative, opaque, and inaccessible to the average worker. This has resulted in low household consumption, stifled entrepreneurship, and limited economic empowerment.

    “This Bill therefore proposes a sustainable, transparent, and inclusive legal structure to institutionalize consumer credit through the establishment of the Nigeria Consumer Credit Corporation (CREDICORP) as a statutory establishment.

    He said “this Bill aligns directly with the Renewed Hope Consumer Credit Scheme recently launched by President Bola Ahmed Tinubu GCFR in 2024 to democratize access to consumer credit for working Nigerians.

    The Scheme, under the supervision of the Presidency and the Office of the Special Adviser on Ease of Doing Business, was conceived as a catalyst for financial inclusion and household empowerment.

    “However, while the current Nigeria Consumer Credit Corporation exists as a limited liability company registered under the Companies and Allied Matters Act, its operations lack a statutory foundation.

    “This Bill therefore seeks to transform that entity into a statutory corporation established by law, with defined powers, governance, and regulatory authority ensuring transparency, sustainability, and accountability in its operations.

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    “This legislation will give CREDICORP the legal status it needs to effectively regulate credit activities, protect consumers, and manage the Consumer Credit Development Fund which will serve as a financing vehicle for credit guarantees and expansion programmes.

    “Importantly, the CREDICORP will complements the efforts of the Central Bank of Nigeria, the Federal Competition and Consumer Protection Commission, and the Federal Ministry of Finance by providing a unified framework for credit regulation and consumer protection, and also safeguards the interests of consumers by prohibiting unfair practices, ensuring data privacy, and providing mechanisms for effective dispute resolution in consumer credit transactions.”

    He explained that the supports the administration’s goal of transitioning Nigeria from a cash-based economy to a credit-driven economy, one that enables Nigerians to build credit histories, acquire assets responsibly, and enhance productivity.

    The key objectives of the Bill, he said is to as regulate consumer credit activities in Nigeria, ensuring fair, transparent, and accountable operations by lenders, credit bureaux, and credit service providers and romote the expansion of consumer credit access to working Nigerians by building a fair and inclusive market system backed by government guarantees and reliable credit data.

    It will also Institutionalize CREDICORP as a statutory body, absorbing the existing Nigeria Consumer Credit Corporation into a public regulatory framework with perpetual succession and corporate powers; and foster collaboration with key institutions such as the Central Bank of Nigeria, the Federal Ministry of Finance, the Federal Competition and Consumer Protection Commission, and subnational governments to harmonize consumer credit laws and policies.

    He said the Bill was timely, visionary, and essential as it provides the legislative backbone for one of the most transformative initiatives of the Renewed Hope Administration ensuring that every Nigerian worker, whether in the public or private sector, can access affordable and transparent consumer credit.

    He told his colleagues that “by passing this Bill, the House will not only support the President’s economic reform agenda but also deliver tangible empowerment to millions of households, strengthen financial stability, and stimulate domestic production and consumption.

    “With this Bill, we are laying the foundation for a credit-based society, one where dignity, opportunity, and prosperity are accessible to all Nigerians”.

  • Global sustainable aviation fuel market to hit $312b by 2029

    Global sustainable aviation fuel market to hit $312b by 2029

    The global sustainable aviation fuel market is to hit $312 billion in the next four years as countries including Nigeria , including operators in the aviation and related ecosystems switch to environmentally friendly and sustainable energy options.

    The size of the sustainable fuel market, according to regulatory data  has experienced rapid expansion in the recent past. It  escalated from $175.41 billion in 2024 to $196.04 billion in 2025, it will exhibit a compound annual growth rate (CAGR) of 11.8 percent. The robust expansion during the past years , experts say has been driven by many considerations.

    They listed  fast-paced industrialization and urbanization, a swift transition to renewable energy sources, a steep rise in the biofuel demand, and dominant energy demand are among factors driving the growth of the space.

    The market size for sustainable fuel is predicted to undergo swift expansion in the coming years, with projections  of attaining   a 12.3 percent  compound annual growth rate (CAGR).

     The expansion during this forecast period , experts say is largely due to rising environmental worries linked to traditional fuels, surging demand in the transportation sector, an increasing realization of the pressing need to curb carbon emissions, growth in production of electric vehicles, and supportive laws and regulations.

     Key trends in the forecast period, experts have identified ,  comprise carbon capture technologies, advancements in environmentally-friendly sourcing methods, next-generation biofuels, developments in hydrogen-based fuels, and the emergence of waste-to-fuel technologies.

    Speaking in an interview, Managing Director of the Federal Airports Authority of Nigeria (FAAN), Mr Olubunmi Kuku canvassed collaboration among players in the ecosystem in order to

    reduce logistics costs and improve fuel availability nationwide.

    She said the authority is improving infrastructure to drive efficiency in the supply chain to boost operations.

    Kuku said : “More fuel farms across our airports will ease logistics, reduce costs, and enhance nationwide connectivity.”

    Highlighting the agency’s safety commitment, Kuku assured stakeholders that FAAN’s Quality Assurance framework would continue to uphold global standards in fuel storage, handling, and delivery.

    In addition, FAAN  she said plans to expand enabling infrastructure, from airside access to modern storage facilities, while encouraging innovation, particularly in exploring Sustainable Aviation Fuel (SAF) through partnerships with forward-thinking marketers.

    “In essence, “FAAN stands ready to be an enabler, facilitator, and partner in ensuring that Nigeria’s aviation fuel ecosystem becomes stronger, cleaner, and more resilient.”

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    Also speaking, General Manager, Operations, Octavus Petroleum Limited, Engr. Peter Dia has raised concerns on the quality of  technical personnel in aviation fuelling space.

    He stressed the need for regulators of aviation fuel business in both aviation and petroleum sectors to have adequate knowledge on what should be done to ensure products quality and safety assurance.

    “There are fuel marketers today who have no business being in this business,” he said, stating that there is no local standard for jet fuel.

    “Our crude oil in Nigeria is the right crude but kerosene is only called Jet A1 after it has gone through the right processes to be called Jet A1. It has to be given a refinery certificate of quality even if it comes from a refinery,” he said.

    Dia however, note that jet fuel marketing business is expensive and requires serious minded people. He said one brand new 45 litre capacity Bowser costs about N1 billion and that there are filters in Bowsers that eliminate water from the fuel and make them safe for aircraft.

    He recommended that the financial health of aviation fuel marketers should be checked by regulators.

    He also frowned at the absence of fuelling infrastructure at the planning stage of airports that were established and the failure to involve  aviation fuel stakeholders.

    “The airports in Nigeria are being planned without fuel marketers’ involvement. That is why we have new terminals today without fuel hydrants,” he said.

    Also speaking, Regional Manager, Lagos & West Africa, Ibom Air Limited, Mr. Martin Abhulimen  called on aviation fuel marketers in Nigeria to help the local airlines by championing their collaborative negotiations of jet fuel prices.

    He noted that jet fuel price hike that occurred between 2023 and 2024 significantly affected airline business and that impact of the occurrence could not be passed on to air travelers.

     He said fuel hedging would have been an option as is done in other climes but that because of volatility of the environment, hedging does not work in Nigeria.

    He therefore recommended collaboration of airlines in their negotiation with jet fuel marketers so as to get more favourable price bargain.

    He noted that infrastructure had posed a bigger challenge to airlines at secondary airports in Nigeria.

  • NIPCO acquires major stake in British Savannah Energy

    NIPCO acquires major stake in British Savannah Energy

    • Revenue hits $185.2m in 9 months

    NIPCO Plc has acquired 19.4 per cent major equity stake in British independent energy company, Savannah Energy Plc.

    Savannah Energy at the weekend indicated that NIPCO has emerged as a new major Nigerian investor, with approximately 19.4 per cent of the company following completion of primary investment and certain secondary share transactions.

    The funding from NIPCO would be used to advance certain business development opportunities currently under consideration.

    This was part of the highlights of the company’s third-quarter report released at the weekend. The nine-month report for the period ended September 30, 2025 showed continued growth trajectory, with appreciable increase in its total revenues and cash collections.

    The update released at the weekend showed that its total revenues during the period was $185.2 million, up nine per cent compared to $169.3 million in the first nine months in 2024.

    The company’s cash collections also rose by five per cent to $241.6 million compared to $229.3 million in the corresponding period in 2024. It also reported cash balances of $101.8 million, which as of 31 December 2024 stood at US$32.6 million.

    Likewise, net debt and trade receivables balance continue to see improvements, reducing by one per cent and nine per cent, respectively to 30 September 2025 since year 2024. The company’s net debt as of 30 September 2025 stood at $629.9 million

    It was $636.9 million by 31 December 2024), with gross debt at $731.7 million, of which only $41.4 million (6%) was recourse to Plc. Its trade receivables balance as of 30 September 2025 was $493.3 million, a nine per cent improvement on year-end 2024 of $538.9 million.

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    According to the update, agreements have also been signed with a consortium of five Nigerian banks in respect of an increase in the Accugas debt facility from N340 billion (approximately $222 million) to up to approximately N772 billion (about $500 million).

    It is expected that the transitional facility will be utilised to enable the remaining outstanding balance of the Accugas US$ Facility to be repaid by end 2025. This is in addition to the term sheet agreed between Savannah’s wholly owned subsidiary, Savannah Energy EA, and a major African based financial institution.

    The term sheet is for a new $37.4 million debt facility to provide funding for Savannah’s planned acquisition of a 50.1 per cent interest in Klinchenberg BV, which holds indirect interests in three East African hydropower projects.

    As part of its financial drive, Savannah announced its intention to complete a fundraising by way of subscription of 161,061,510 new ordinary shares at 7 pence per new ordinary share to raise approximately £11.3 million before expenses.

    The completion of the final tranche of the March 2025 fundraising of 138,977,614 new ordinary shares at 7 pence per new ordinary share is expected imminently, with the final approximate £9.7 million in subscription funds to be received.

    A key highlight of the update is the announcement of the planned introduction of a new strategic shareholder, NIPCO, a diversified Nigerian energy conglomerate, onto the company’s register.

    The new investor intends to acquire, for £7.9 million, 113,378,685 ordinary shares issued as part of the company’s March 2025 fundraising and expects to acquire a further £9.5 million, 135,674,944 ordinary shares through a series of secondary market trades.

    This represents a total investment of approximately £28.7 million in the company and an expected pro forma holding of around 19.4 pert cent of the company’s enlarged share capital (as enlarged by the various proposed share issues referred to in the announcement).

    Savannah also announced the intended sale of ordinary shares by the company’s employee benefit trust and issue of new ordinary shares to the EBT.

    Operationally, Savannah’s gross production in Nigeria averaged 20.1 Kboepd (9M 2024: 23.0 Kboepd), of which 85 per cent was gas (9M 2024: 88%). At Stubb Creek, the 18-month expansion programme has increased production to 3.3kbopd, 24 per cent above the 2024 average.

    Well site construction is currently on-going for the Uquo NE development well, following the earlier signing of a turnkey drilling contract for a planned two-well drilling campaign on the Uquo Field, scheduled to commence in January 2026, with first gas targeted by the end of that quarter.

    In Niger, Savannah is also considering commencing a four-well testing programme and/or a return to exploration activity in the R1234 PSC contract area 2026/27, subject to a satisfactory agreement being reached with the country’s government.

    The update also showed that Savannah’s new compression system at the Uquo Central Processing Facility has been completed and fully commissioned.

    This project, which was delivered safely and approximately 10 per cent under the original $45 million budget, is expected to allow Savannah to maximise the production from its existing and future gas wells.

    Savannah also announced that it has agreed a gas contract extension with the Central Horizon Gas Company Limited to end December 2026 for up to 10 MMscfpd.

    Savannah said it also progressing on its previously announced proposed acquisition of indirect interests in three East African hydropower projects, including the 255 MW Bujagali power plant, with a 13-year operating and payment track record, and two advanced-stage development projects, marking its planned entry into five new countries, namely: Uganda, Burundi, the Democratic Republic of the Congo, Malawi and Rwanda.

    The company continues to progress on its existing priority Power Division projects, including the up to 250 MW Parc Eolien de la Tarka wind farm project in Niger and the up to 95 MW Bini a Warak hybrid hydroelectric and solar project in Cameroon.

    It is also actively reviewing opportunities in both the thermal and renewable power sector, with the expectation of announcing transaction(s) currently under consideration over the course of the next 24 months in the African power space.

    CEO of Savannah Energy, Andrew Knott, said: “2025 has been a year of strong progress against the nine focus areas we set out at the beginning of the year. These include increasing our rate of cash collections in Nigeria, with performance remaining on track; advancing the refinancing of our principal Nigerian debt facilities, which we expect to complete by year-end; and successfully completing the acquisition of 100 per cent of Sinopec International Petroleum Exploration and Production Company Nigeria Limited in March.

    “We have also commenced the Stubb Creek expansion project, continued to advance our arbitral processes, and begun site construction ahead of the planned drilling of our Uquo development and exploration wells.

     “In Niger, discussions on the R3 East development are progressing, while in the power sector we have refined our business model to align with future growth opportunities.

     “Finally, we continue to pursue further value-accretive acquisitions across both the oil and gas and power sectors, with the Norfund transaction already announced and several other opportunities under active discussion.

     “Additionally, earlier in the year, the company reported a 21 per cent 2P Reserves upgrade on its Uquo gas field and a 29 per cent upgrade on its Stubb Creek oil field 2P Reserves. Collectively, these developments demonstrate the strong operational momentum within the Group and our continued focus on disciplined execution across all parts of the business.”

    With regards the emergence of NIPCO as new Nigerian investor, Knott said: “We are also pleased to welcome NIPCO Plc, a diversified Nigerian energy conglomerate, as a potential new investor in the company, who we expect to own approximately 19.4 per cent of the company following completion of their primary investment and certain secondary share transactions.

    The CEO said proceeds of the new investor’s primary investment are expected to enable, among other things, the advancement of certain business development opportunities currently under consideration.

    He stated that coupled with the imminent completion of the primary investment he committed to in March 2025, a series of secondary transactions, which are expected to occur, are anticipated to increase his shareholding in the company to approximately 12.6 per cent, demonstrating his continued strong faith in the company’s future potential.

    Knott further said: “In addition, we are pleased to announce that should we see a significant improvement in cash collections- and/or receive meaningful proceeds from the arbitral processes we are engaged in, it is the Board’s present intention to consider returning a portion of such funds to shareholders through a tender offer or share buy-back, subject to prevailing capital requirements and shareholder and regulatory approvals.

     “In this vein, today we are also announcing the signature of a conditional off-market share buyback agreement for approximately 6.8 per cent of the company’s enlarged share capital, to acquire shares prior to 31 March 2026. We are also announcing the proposed cancellation of warrants over approximately 101 million shares.

    He thanked all those who contributed to the company’s successes this year. “My incredibly dedicated and passionate colleagues, our host governments, communities, local authorities and regulators, our shareholders and lenders, and our customers, suppliers and partners, thank you all,” Knott said.

  • Lagos hosts tech innovation awards

    Lagos hosts tech innovation awards

    Building on the success of its eighth edition, which showcased achievements across Africa’s ICT and digital economy landscape, the Tech Innovation Awards (TIA) has announced the launch of its ninth annual event.

    The TIA event will recognise and celebrate Africa’s foremost innovators, policymakers, and industry titans. It is designed to honour those who are propelling the continent’s digital transformation through cutting-edge technologies and forward-thinking solutions in telecom, AI, fintech, and beyond.

    Organised by the InstinctWave Group in partnership with Digital Economy Magazine, the TIA highlights Nigeria’s pivotal role as a hub for technological advancement. The organisers invite submissions from organisations, individuals, teams, and government entities with operations across Africa.

    The event is slated for November 29, 2025, at the Oriental Hotel in Victoria Island, Lagos.

    With a rigorous selection process ensuring merit-based recognition, the awards spotlight innovations that enhance connectivity, foster economic inclusion, and drive sustainable growth—aligning seamlessly with Africa’s Agenda 2063 and the global push for equitable digital access.

    The award event proudly introduces a dynamic lineup of categories designed to spotlight excellence across Africa’s transformative tech landscape, reinforcing the continent’s leadership in sustainable and inclusive innovation:

    Sustainable Innovation: Categories such as Best Bank in Sustainability and Innovative Renewable Energy Provider of the Year honor organizations championing eco-friendly practices.

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    Financial Inclusion: The Financial Inclusion Bank of the Year and Cross-border Fintech Solution Award recognize trailblazers expanding access to financial services.

    Ingenuity & Infrastructure: The Technology Person of the Year and Innovative Tech Delivery Company of the Year celebrate individual and corporate ingenuity. These are complemented by Connectivity & Cloud Services Company of the Year and Digital Bank of the Year, which highlight advancements in digital infrastructure.

    Key Sector Transformation: Additionally, AgriTech Innovation of the Year and Innovative Shipping Company of the Year highlight the critical role of technology in revolutionizing agriculture and logistics—sectors vital to Africa’s economic growth and global competitiveness.

    Past editions have not only celebrated luminaries but also catalyzed collaborations that have scaled startups into regional powerhouses, amplified underrepresented voices in tech, and attracted billions in investments to Africa’s digital infrastructure.

    Chief Executive Officer of InstinctWave Group, Akin Naphtal, said: “The Tech Innovation Awards have consistently served as a beacon for Africa’s burgeoning digital economy, where groundbreaking ideas not only receive the recognition they deserve but also ignite collaborative ecosystems. As we gear up for the 9th edition, we are more committed than ever to fostering an inclusive platform that empowers diverse innovators to tackle pressing challenges in telecom, AI, and sustainable tech, ensuring Nigeria leads the charge in the global innovation narrative.”

    Echoing this vision, the Group Publisher of Digital Economy Magazine, emphasized the event’s transformative potential: “Through the TIA platform, we have witnessed how visionary leaders and organizations, armed with audacious technologies, are dismantling barriers to digital inclusion and economic empowerment in Africa, turning Lagos into a veritable Silicon Savannah that rivals the world’s foremost tech hubs. For the 9th awards, we invite all trailblazers to submit their stories of resilience and ingenuity, knowing that this celebration will not only honor excellence but also blueprint the next wave of investments and policies that will redefine our continent’s technological destiny for generations to come.”

  • NCSP, firm meet on real estate projects

    NCSP, firm meet on real estate projects

    The Nigeria–China Strategic Partnership (NCSP) has held a strategic meeting with Brains and Hammer Hengke Limited, a Joint Venture initiative between Brains and Hammers Ltd. and Hunan Hengke Group, a leading Chinese real estate and construction conglomerate.

    The partnership is set to pioneer the development of two 25-floor Brains and Hammers Towers, a state-of-the-art mixed-use complex combining hotel and residential spaces, as well as the construction of 30,000 smart, solar-powered homes across Nigeria.

    With a shared commitment to affordability, sustainability, and innovation, the projects are designed to create jobs, foster technology transfer, and strengthen local manufacturing capacity in critical components such as glass, roofing, and electrical systems.

    These efforts are in line with the NCSP’s transformative agenda and its mandate to promote inclusive and sustainable development through strategic partnerships.

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    The Director-General of the NCSP, Mr. Joseph Tegbe, in a statement which was made available to The Nation, commended the initiative and reaffirmed the Partnership’s support for the projects.

    He further emphasised the importance of aligning delivery with quality, while driving towards the vision of building the tallest, safest, smartest, and best-maintained structures in Abuja.

    Tegbe said the NCSP remains unwavering in its commitment to advancing partnerships that align with Nigeria’s national development priorities, ensuring that every collaboration drives real impact, sustainable growth, and mutual prosperity.

  • Vitel Wireless set for nationwide rollout

    Vitel Wireless set for nationwide rollout

    Nigeria’s telecommunications sector is set for a major boost as Vitel Wireless Limited, the country’s newest GSM operator licensed by the Nigerian Communications Commission (NCC), prepares to launch its nationwide operations.

    The move signals a new phase in Nigeria’s telecom evolution, with Vitel Wireless positioning itself as more than a communications provider, but a technology-driven platform integrating connectivity, safety, and smart systems.

    Ahead of the launch, Executive Chairman, Vitel Wireless, Engr. Kenneth Nwabueze, described the initiative as “a movement toward a smarter, safer, and more connected Nigeria.”

    According to him, the company’s mission is to redefine mobile communication through technology that connects and protects people. “Our goal is to bridge technology and humanity, using mobile innovation to improve lives, empower businesses, and strengthen national security,” he said.

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    Vitel Wireless, he explained, has established interconnectivity with major Mobile Network Operators (MNOs), MTN, Airtel, and Glo, and secured a nationwide roaming agreement with MTN. This, he noted, extends Vitel’s coverage to rank among the largest in the country.

    The company has also partnered with the NCC and law enforcement agencies to strengthen regulatory frameworks that promote safety and innovation within Nigeria’s telecom space.

    Executive Director of the company said Vitel’s experience positions it as both a technology partner and a regulatory ally, driving the next phase of Nigeria’s digital growth.

     “Our work goes beyond providing voice and data services. We are building a platform that integrates intelligence, safety, and efficiency, enabling both people and systems to function better,” he stated.

    Engr. Nwabueze said the nationwide rollout would “usher in a new era for the telecom industry, one where connectivity meets intelligence, and technology serves both purpose and people.”