Category: Business

  • Dantsoho hosts UAE Consul-General to strengthen ports development, trade

    Dantsoho hosts UAE Consul-General to strengthen ports development, trade

    Following Nigeria’s participation at the recently concluded Abu Dhabi Sustainability, the Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has received the Consul-General of the United Arab Emirates (UAE) in Nigeria, His Excellency Salem Al-Jaberi, at the NPA Headquarters in Marina, Lagos to strengthen ports development, economic growth and expand trade volumes, particularly in the non-oil sector.

     The meeting comes on the heels of the signing of a Memorandum of Understanding (MoU) by Nigeria’s Minister of Marine and Blue Economy,  Adegboyega Oyetola, at the Abu Dhabi Sustainability Week, aimed at exploring strategic collaboration in ports development, maritime logistics and digital solutions.

     Speaking during the meeting, Dr. Dantsoho said that on the directive of President Bola Ahmed Tinubu and the Minister of Marine and Blue Economy, the NPA is committed to consolidating synergies with Abu Dhabi to expand trade volumes, particularly in the non-oil sector.

     “On the directive of His Excellency President Bola Ahmed Tinubu, GCFR, and our amiable Minister, Adegboyega Oyetola, we are poised to consolidate our synergies with Abu Dhabi as we work to grow trade volumes, especially in the non-oil sector,” Dantsoho said.

    In his response, the Consul-General of the UAE, Salem Al-Jaberi, described Nigeria and Abu Dhabi as strategic partners and expressed readiness to deepen bilateral cooperation.

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    “Nigeria and Abu Dhabi have become strategic partners, and we are ready to double bilateral and trade relations in the days ahead,” he said.

    The meeting, which was also attended by the Executive Directors of the NPA — Mrs. Vivian Richard-Edet (Finance and Administration), Engr. Ibrahim Abba Umar (Engineering and Technical Services) and Engr. Olalekan Badmus (Marine and Operations) — ended with a renewed commitment to explore the full range of trade and investment opportunities between Nigeria and the United Arab Emirates.

    The duo reaffirmed their resolve to strengthen cooperation in ports development, maritime logistics and related sectors, in line with ongoing efforts to boost trade, enhance efficiency and support economic growth in both countries.

  • Nigeria spends over $50m on biotech research

    Nigeria spends over $50m on biotech research

    Nigeria has committed over $50 million to biotechnology research and the development of climate-resilient seeds in the last two years, as part of efforts to raise agricultural output, deepen agribusiness value chains and improve national food security.

     The Director General of the National Agricultural Seeds Council (NASC), Fatuhu Muhammed, disclosed this during the official launch and stakeholders’ engagement of the ProSeV Project, where he delivered a keynote address on Variety Adoption and the Impact on Agribusiness. He was represented at the event by the Director of Seed Industry Development, Kunle Adeseko.

    Muhammed described seed as the most vital input in agriculture, stressing that widespread adoption of improved seed varieties is key to repositioning Nigeria’s agriculture from subsistence farming to a competitive and investment-ready agribusiness sector.

    He said improved varieties deliver significant advantages such as increased yields, resilience to climate stress, resistance to pests and diseases, enhanced nutritional value, and more sustainable farming practices.

    “As the global population grows and climate risks intensify, seed technology will play a decisive role in addressing food security challenges and promoting sustainable agriculture,” he said.

    The NASC chief noted that agribusiness planning in Nigeria had long been undermined by inadequate data on the varieties farmers actually cultivate and how those varieties perform after release.

     According to him, dependence on farmer recall, visual identification and administrative records often fails to reflect on-field realities, creating uncertainty for seed companies, processors, investors and policymakers.

    READ ALSO: Critical success factors for Nigeria’s economy this year

    To address this challenge, he said NASC is implementing the Institutionalizing Monitoring of Crop Variety Adoption through Genotyping (IMAGE) Project, which applies DNA fingerprinting to accurately identify crop varieties grown by farmers and monitor their movement across the seed system.

    “This approach brings accuracy, objectivity and credibility, three attributes modern agribusiness systems require,” Muhammed said.

    He explained that through nationwide surveys covering rice, maize, cassava and cowpea, the council has generated reliable field-level data on varietal dominance, adoption trends and sources of planting materials across different agro-ecological zones.

    Such data, he said, is critical for agribusiness development, enabling processors to forecast supply, investors to better assess risk, regulators to combat counterfeit seeds, and financial institutions to build confidence in agricultural investments.

    Muhammed noted that the seed sector has made significant progress in recent years, including the distribution of over 120,000 metric tonnes of certified seeds, directly reaching millions of smallholder farmers nationwide.

    He added that the Digital Seed Distribution System, introduced in 2021, has cut distribution costs by 25 per cent while improving efficiency and traceability. Under the Nigeria–Netherlands Collaborative Seed Programme, more than 20 new seed varieties, including drought-tolerant, pest-resistant and high-yield crops have been released in the past two years.

    According to him, women now represent 35 per cent of certified seed users, while over 2.5 million farmers have been trained on good agricultural practices and seed management across the country.

    Speaking further, Muhammed said the $50 million biotechnology investment has supported innovations such as pest-resistant cassava, drought-tolerant millet and high-yield rice. He added that partnerships with international research institutions, including the International Institute of Tropical Agriculture (IITA) and CGIAR, are accelerating advances in seed breeding and climate resilience.

    On regulation, he said Nigeria’s seed industry has been strengthened by the Plant Variety Protection Act and NASC’s membership of international bodies such as ISTA, UPOV, ISF, OECD Seed Schemes and AFSTA, positioning the country as a leading player in Africa’s seed market.

    In a welcome address, the Executive Director of the Foundation for Sustainable Smallholders Solutions (FSSS), Dr. Isaiah Gabriel, said many farmers struggle not because of lack of effort but due to insufficient access to reliable information.

    He explained that the ProSeV Project, supported by the Bill & Melinda Gates Foundation, is designed to replace guesswork with performance-based data, enabling farmers to select crop varieties best suited to their land, climate and market needs.

    “When farmers adopt the right varieties, productivity improves, agribusiness thrives and the entire value chain benefits,” Gabriel said.

    Muhammed noted that variety adoption lies at the crossroads of science, markets and investment, adding that data-driven seed systems are essential to unlocking Nigeria’s vast agribusiness potential.

  • Nigeria to begin Uriah export soon, says NMDPRA

    Nigeria to begin Uriah export soon, says NMDPRA

    Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has disclosed that efforts are underway for the country to begin the export of Uriah in 2028.

    The Chief Executive of the NMDPRA, Engr. Saidu Mohammed, who spoke after touring facilities at the Indorama Eleme Fertilizer and Chemicals Limited in Eleme Local Government Area of Rivers State, also said Nigeria would soon begin large scale export of fertilizers.

     Mohamed and his team visited the Indorama establishment as part of their three-day tour of selected midstream and downstream facilities in the oil-rich state of Rivers.

     Mohammed, who said the country was working towards becoming a major hub for value added products in the oil and gas industry, described the midstream as an important sector that required huge investment to reap the dividends. 

     He said the country had no business importing value-addition products like Uriah and fertilisers, especially with the investment being made by some private concerns in-country to boost her oil and gas, as well as related sectors.

    Mohammed said: “The midstream of the oil and gas business is really a tremendous segment that requires a lot of investment. We need $30 to $50 billion today if we must get what we need to get Nigeria on the right footing as being the hub of not only for the oil and gas, but whatever secondary recovery we can have.

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    “Value addition products like the fertilizers, Uriah, and what have you; we have no business importing any of those things and behold, with the expansion of what is going on today at Indorama and many other places including Dangote fertilisers, I am sure that in the next 24 months Nigeria will join the league of Uriah exporting countries and that is where we should be.

    “And not only being a hub for energy but also being a hub of secondary derivatives of oil and gas.”

    Landing Indorama’s investments, the NMDPRA boss said:  “It is really a manifestation of what Nigeria needs to have. We need a lot of these in the midstream. Definitely fertilisers plants and any value addition that we have on the Hydrocarbon sources is what is needed for this nation to propel.”

    Mohammed said he chose to visit Rivers first because of the state’s strategic importance in Nigeria’s oil and gas industry as it housed critical national assets such as refineries, manufacturing facilities, processing plants, among others.

    He said: “You know the midstream and downstream segment of Nigeria and Rivers State has a lot of them. There is no sample that we cannot take, if we want to see anything on the gas process, we will. If we want to see anything about the manufacturer, we shall. If we want to see any on the refinery, we can.

    “So we have selected just a few for us to be able to have an overview of what is going on and that is the main mission.

    “The authority is there to facilitate, for us to continue giving them the support that they need, to create the environment for them to continue to add on the investment while we are attracting more and more investments to grow. That is the whole essence.”

    In his remarks, the Chief Executive Officer of Indorama Eleme Fertilizer and Chemicals Limited, Munish Jindal, said the visit was important for the regulator to better appreciate what was on the ground, including the operations, successes and challenges.

    He noted that Indorma had been operating for over 20 years and acknowledged that the NMDPRA boss had been involved in the establishment of the Indorama company.

    He said:  “We thank the authorities for the understanding that they have developed all these years for the midstream industry. In the beginning when we came it was a big challenge for us, to make them understand the set of problems, how we operate, and what is more critical for us, I think that understanding has evolved in the past 18 years.

    “We are appreciative of the new regulators and we fully support that, however, there are one or two issues many believe that it would benefit our oil and gas industry and they are no more relevant to midstream companies like us.

     “However, we have made a keen request to the authority to kindly look into it, and see that this is not relevant in the manufacturing industry, if we are given an exemption.”

    The tour of midstream and downstream facilities in Rivers by the NMDPRA boss and his team would end on Friday after visiting other companies.

  • Tinubu okays oil drilling at Ogun Waterside

    Tinubu okays oil drilling at Ogun Waterside

    Ogun State’s long-standing aspiration to become an oil-producing state is set to materialise following the approval by President Bola Tinubu for the commencement of commercial oil drilling at Eba, Ogun Waterside.

    The state governor, Dapo Abiodun, disclosed this yesterday while receiving the Flag Officer Commanding, Western Naval Command, Rear Admiral Abubakar Abdullahi Mustapha, alongside senior officers of the command, during a courtesy visit to his office in Oke-Mosan, Abeokuta.

    The governor also said the President has approved the immediate take-off of the Olokola Deep Seaport project located in Ogun Waterside Local Government Area, marking a major breakthrough after years of anticipation surrounding the multibillion-dollar port development.

    According to Abiodun, both projects are of special interest to the President. He noted that while the Olokola Deep Seaport would significantly decongest the Lagos ports, commercial oil drilling at Tongeji Island would promote inclusion and economic empowerment for residents of the coastal communities.

    “Let me share with you that Mr President has approved the commencement of commercial oil drilling operations at Tongeji Island, and going forward, you will begin to see a lot of activities there.

     “Our proposed Olokola Port, which has been on the drawing board for several years, is now back on the table. I want to sincerely thank Mr President because this is solely his initiative.

    READ ALSO: Critical success factors for Nigeria’s economy this year

     In the last two weeks alone, we have held several meetings on Olokola, and Mr President has clearly expressed his desire to see the port become a reality,” the governor said.

    He added that the President specifically directed that construction of the port should be far advanced between now and next year, stressing that the project presents a strong opportunity to decongest the Lagos ports, particularly with the coastal road now providing an alternative logistics corridor.

    He further disclosed that the new seaport would be known as the Blue Marine Economic Zone, reflecting its strategic coastal location and vast economic and commercial potential.

    The governor commended the Nigerian Navy for establishing a Forward Operations Base at Tongeji Island, noting that the naval presence would help prevent infiltration from neighbouring Benin Republic and discourage any attempts to undermine Nigeria’s territorial integrity.

    He also disclosed that his administration is working to provide basic amenities for residents of the island in line with efforts to improve living conditions and support emerging economic activities.

    The governor appreciated the Nigerian Navy for its contribution to the state’s security architecture, noting that collaboration among security agencies has helped sustain the relative peace currently enjoyed in the state.

    Describing Rear Admiral Mustapha as a seasoned and accomplished officer, the governor expressed confidence that the state would experience enhanced security and progress under his leadership.

    “We are happy that someone with your antecedents, background, training, and experience is occupying this position at this time. You are a round peg in a round hole,” the governor said.

    Earlier, Rear Mustapha described the state as critical and strategic to Nigeria’s national security, disclosing that the naval outpost at Tongeji Island would be upgraded to a Forward Operations Base due to the area’s significant oil potential.

    He explained that the visit was aimed at strengthening synergy between the Nigerian Navy and the state government, adding that part of his responsibility was to safeguard Nigeria’s border with the Republic of Benin and prevent criminal elements from gaining a foothold in the state.

  • FCMB Asset Management to raise N20b for SDG investments

    FCMB Asset Management to raise N20b for SDG investments

    FCMB Asset Management (FCMBAM) Limited plans to raise up to N20 billion in debt capital for additional investments in companies which operations promote United Nations’ Sustainable Development Goals (SDGs).

    The FCMB-TLG Private Debt Fund, being managed by FCMBAM, is offering its second issuance to raise N20 billion, following the receipt of all the necessary regulatory approvals.

    The FCMB-TLG Private Debt Fund is Nigeria’s first naira-denominated private debt fund, with programme size of N100 billion, which was approved by the Securities and Exchange Commission (SEC) in 2024.

    The Series 1 of the Fund closed in 2024 with significant investor interest in a N10 billion offer that was oversubscribed by 4.3 per cent, as a total of N10.43 billion was raised from five different investor categories, including top-rated pension fund administrators (PFAs).

    FCMBAM stated that the FCMB-TLG Private Debt Fund Series 2 represented a continuation of the company’s commitment to offering qualified institutional investors (QIIs) and high networth individuals (HNIs) access to well-structured and diversified private debt opportunities, building on the strong performance of the Fund’s Series 1.

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    “The Fund’s Series 1 delivered positive real and competitive risk-adjusted return on investment in 2025 and paid distribution to unitholders in April and November 2025 despite prevailing macroeconomic headwinds; thus, reaffirming the relevance of private debt as a resilient income generating asset class that offers protection against inflation,” FCMBAM stated.

    FCMBAM, as fund manager, worked with key stakeholders, including its technical partner, TLG Capital Investments Limited (TLG Capital), the lead issuing house, FCMB Capital Markets, joint issuing houses, Stanbic IBTC Capital and Coronation Merchant Bank, as well as other professional parties to design the Fund’s Series 2 which is targeted at QIIs and HNIs.

    According to the company, similar to Series 1, Series 2 will aim to invest in the debt component of the capital structure of mid-sized companies with commercially viable and impact-oriented activities in sectors of the Nigerian economy aligned with the UN SGDs  while providing investors with an opportunity to earn competitive risk-adjusted return on investment.

    The upcoming Series will also support businesses in agriculture, clean energy, education, healthcare, information technology and transport and logistics.

    FCMBAM assured that it would continue to leverage its carefully designed and disciplined investment process, deep credit evaluation techniques, and rigorous duediligence framework to identify creditworthy mid-sized corporate organisations with strong operating fundamentals to be supported by the Fund.

    The company outlined that Series 2 would provide QIIs and HNIs with another opportunity to participate in the FCMB-TLG Private Debt Fund as it has been designed to generate periodic income, thereby contributing to the investor’s cashflows, offer competitive risk-adjusted return on investment and support Nigeria’s real economy, thereby contributing to the country’s economic growth and development.

    FCMBAM added that the new capital raising provides suitable debt capital required to scale the operations of mid-sized companies in selected sectors of the economy while supporting the attainment of the UN SGDs.

    The offer is scheduled to open on Monday January 26, 2026, to QIIs and HNIs and will be open for subscription for a specified period of time in line with regulatory approval.

  • Firms identify early signs of economic stability, improved forex liquidity

    Firms identify early signs of economic stability, improved forex liquidity

    Nigeria’s economy appears to be turning a corner, with early signs of stability and improving investor sentiment following a series of far-reaching structural reforms, according to the 2026 Macroeconomic Outlook: A Financial and Professional Services Perspective launched by EnterpriseNGR in collaboration with EY.

    The report provides a comprehensive assessment of the country’s economic trajectory, examining the effects of recent policy shifts such as foreign exchange market liberalisation, fiscal recalibration and measures to strengthen the financial system. Together, these reforms are reshaping Nigeria’s macroeconomic landscape and redefining its investment outlook.

    Speaking at the launch, Chief Executive Officer, Obi Ibekwe, said Nigeria is gradually moving from a difficult adjustment phase into a period of stabilisation and renewed confidence.

    “The foundations for macroeconomic stability have been laid. The priority now is to convert reform gains into sustainable growth, investment, and improved welfare,” she said.

    Presenting key findings from the report, EnterpriseNGR’s Head of Research, Omotayo Muritala, pointed to easing inflationary pressures, improved foreign exchange liquidity and stronger external buffers as clear indicators that the economy is beginning to stabilise. These developments, the report notes, are helping to reduce uncertainty for investors and businesses after months of volatility.

    From a policy standpoint, Director of Policy and Public Affairs, Oyelami Adekola, stressed that sustaining this momentum will depend largely on consistency.

    READ ALSO: Critical success factors for Nigeria’s economy this year

    “Confidence is built not just on reforms announced, but on reforms implemented and sustained,” he said, noting that policy discipline will be critical to deepening market outcomes and attracting long-term capital.

    The report also highlights the strategic role of the Financial and Professional Services (FPS) sector in Nigeria’s recovery and growth story. According to Associate Partner at EY-Parthenon, Olayinka Oyetunji, the sector is central to mobilising capital, supporting real-sector expansion and strengthening Nigeria’s overall investment case.

    Beyond macro stability, the outlook positions Nigeria as an emerging opportunity in several non-oil sectors, including financial services, energy, technology and critical mineral resources. These sectors, the report argues, could drive diversification, job creation and export growth if supported by stable policies and an enabling business environment.

    However, EnterpriseNGR cautions that the gains recorded so far remain fragile. The report emphasises that sustained policy discipline, institutional coordination and reform continuity will be essential to translating renewed confidence into inclusive and durable economic growth.

    As Nigeria enters 2026, the outlook suggests that while challenges persist, the combination of macroeconomic stabilisation and reform momentum offers a window of opportunity—one that investors, policymakers and the private sector must jointly seize to secure long-term prosperity.

  • Govt targets N3tr forex savings from cassava-based bioethanol project

    Govt targets N3tr forex savings from cassava-based bioethanol project

    The Federal Government has said Nigeria could save more than N3 trillion each year in foreign exchange by blending bioethanol with Premium Motor Spirit (PMS).

    This is aimed at cutting the country’s dependence on imported fuel and strengthening domestic agricultural and industrial value chains.

    The disclosure was made by the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, at a capacity-building workshop for stakeholders on the Cassava Bioethanol Value Chain Development Project for the South East zone, held in Enugu, Enugu State. The minister was represented at the event by the Director of Economic Growth in the ministry, Mr Auwal Mohammed.

    Bagudu said the proposed shift toward domestically produced bioethanol would place millions of smallholder farmers at the centre of a new growth strategy for the cassava sector, noting that the government had begun steps to empower about 14 million farmers to play key roles across the cassava value chain under the Cassava Bioethanol Value Chain Development Project.

    According to him, the initiative aligns with the national Bio-Economy Policy, which seeks to move beyond simple production and consumption of ethanol toward a broader circular economy model. “We are looking at the entire value chain, from high quality stems and starch to the CO2 captured during fermentation and the animal feeds produced from distillery grains,” he said.

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    He explained that the project is designed to combine agricultural innovation, private sector investment and institutional support through a Triple-Helix knowledge transfer partnership.

    The framework, he said, will focus on delivering high-yield, disease-resistant cassava varieties, attracting investments, facilitating access to technology and markets, and ensuring that the right infrastructure and policy environment are in place to support sustainable growth.

    In his welcome address, the Director of Agriculture in the Economic Growth Department, Mr Olaifa Alade, said the workshop was structured to strengthen the capacity of stakeholders for effective implementation of the project and to establish a solid base for a programme that connects industrial development, energy transition and rural empowerment.

    Alade assured participants that the Ministry of Budget and Economic Planning would provide the policy backing and monitoring framework required to guide the pilot phase and scale it into a nationwide programme. He expressed confidence that the training sessions would help drive meaningful change in Nigeria’s agricultural and energy sectors, fostering long-term, sustainable economic expansion.

    Participants were taken through a series of modules covering Nigeria’s bio-economy framework and the role of cassava-based bioethanol, value chain mapping, stakeholder engagement and public-private partnerships, project management, monitoring and evaluation, and strategies to improve implementation effectiveness.

    The workshop brought together representatives from state ministries of budget and economic planning, state ministries of agriculture, farmers’ associations, the Manufacturers Association of Nigeria, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, as well as universities and research institutions across the South East zone.

    The capacity-building programme was organised by the Federal Ministry of Budget and Economic Planning in partnership with Meatia Global Services Limited and the Association of Deans of Faculties of Agriculture of Nigerian Universities, as part of broader efforts to position cassava-based bioethanol as a driver of economic diversification, energy security and inclusive rural development.

  • Low-emission farming to unlock climate finance

    Low-emission farming to unlock climate finance

    Nigeria’s drive to cut short-lived climate pollutants (SLCPs) from agricultural activities is gaining traction as a potential gateway for climate finance and carbon market investment, the Federal Government has said.

    This was disclosed at the close-out workshop of the Abatement of Short-Lived Climate Pollutants in the Nigerian Agricultural Sector Project held in Abuja.

    Speaking, the Permanent Secretary of the Federal Ministry of Agriculture and Food Security, Dr. Marcus Ogunbiyi, said the initiative has shown how climate-smart agricultural practices can open new funding opportunities for farmers while advancing Nigeria’s climate obligations.

    The project, implemented by Self Help Africa in partnership with the Ministry and funded by the Climate and Clean Air Coalition, targeted reductions in methane and black carbon emissions by promoting alternatives to open-field burning across Nigeria’s six geopolitical zones.

    Ogunbiyi explained that although the project benefited from international grant support, its long-term value lies in its ability to deliver measurable, bankable climate outcomes capable of attracting private sector and blended financing.

    “Reducing methane and black carbon delivers fast climate benefits, and these are exactly the kinds of outcomes global climate finance and carbon markets are increasingly looking to support,” he said.

    READ ALSO: Critical success factors for Nigeria’s economy this year

    He noted that emission reductions achieved through practices such as water-efficient rice cultivation, sustainable management of crop residues and conservation agriculture could be packaged into carbon credit schemes, providing additional income streams for farmers and cooperatives.

    According to the Ministry, the project has demonstrated that smallholder farmers can effectively participate in carbon markets when mitigation measures are practical, verifiable and tied to productivity improvements.

    In more than 20 demonstration plots across 15 communities—particularly in Gboko Local Government Area of Benue State—farmers adopted no-burn farming methods, climate-resilient cropping systems and residue-to-briquette technologies. These approaches not only cut emissions but also improved crop yields and reduced household energy costs.

    “These results position Nigerian agriculture as a credible candidate for results-based climate finance, where farmers are rewarded not just for producing food, but for delivering climate services,” Ogunbiyi said.

    The SLCP Abatement Project aligns with the Climate Change Act of 2021 and Nigeria’s updated Nationally Determined Contributions (NDCs), which recognise agriculture as a key sector for both mitigation and adaptation efforts.

    Also speaking at the workshop, the Director of Agricultural Land and Climate Change Management Services (ALCCMS) said embedding SLCP mitigation into agricultural policy would enhance Nigeria’s access to global climate funds, voluntary carbon markets and emerging methane-reduction financing mechanisms.

    “Climate-smart agriculture is no longer just an environmental agenda; it is an investment opportunity,” the ALCCMS Director said.

    The Federal Government used the occasion to urge financial institutions to design tailored credit products for farmers adopting low-emission practices, while calling on development partners to support longer-term, results-based financing models that connect emission reductions with rural income growth.

    Ogunbiyi stressed that expanding the gains recorded under the project would require strong coordination among agricultural, environmental and financial institutions, alongside improvements in rural infrastructure and extension services.

    “As we conclude this project phase, the task before us is to convert pilot success into sustainable finance pipelines. With the right climate finance structures, Nigerian farmers can become active players in carbon markets while strengthening food security and rural livelihoods,” he said.

  • Seplat appoints Elumelu Director

    Seplat appoints Elumelu Director

    The board of Seplat Energy Plc has announced the appointment of Mr. Tony Elumelu as a Non-Executive Director of the company. The appointment took effect yesterday.

    This was made known in a statement the board chairman, Mr. Udoma Udo Udoma issued yesterday.

    “The Board is pleased to announce the appointment of Mr. Tony O. Elumelu,  as a Non-Executive Director on the Board effective 22 January 2026,” he said.

    The statement recalled that following the Company’s prior announcement regarding the sale of Etablissements Maurel et Prom SA (“M&P”) 20.07% shareholding in Seplat to a combination of Heirs Holdings Limited and Heirs Energies Limited, the Board of Seplat Energy today announces the resignation of Mr. Olivier Cleret De Langavant as a Non-Executive Director effective 22 January 2026. Mr. Langavant, who joined the Board on 28 January 2020 as a nominee of M&P, has rendered exceptional service throughout his tenure, providing strategic technical counsel and invaluable insights that have materially supported the Company’s progress, according to statement signed by Mrs. Edith Onwuchekwa, Director Legal/Company Secretary at Seplat Energy.

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    According to the statement, Elumelu is a distinguished African investor and philanthropist, globally recognized as one of the most prominent voices on Africa’s transformation agenda. He is the Founder and Chairman of Heirs Holdings, a diversified investment company with interests across strategic sectors of the African economy, including energy, power, banking, insurance, technology, real estate, hospitality, and healthcare.

    He also serves as Chairman of United Bank for Africa (UBA) Group, Heirs Energies, Transcorp Group, whose subsidiaries include Transcorp Power, and Transcorp Hotels Plc, Nigeria’s foremost hospitality brand.

    In 2010, he established The Tony Elumelu Foundation (TEF), the leading philanthropy dedicated to empowering African entrepreneurs across all 54 African countries. His global influence has been widely acknowledged, including recognition as one of TIME Magazine’s 100 Most Influential People in the World (2020) and the conferment of the Commander of the Order of the Federal Republic (2022).

    He also serves on several global boards, including UNICEF’s Generation Unlimited Global Leadership Council and the International Monetary Fund’s Advisory Council on Entrepreneurship and Growth.

    Udoma said, “We are confident that Mr. Elumelu’s extensive experience and visionary leadership will significantly advance Seplat Energy’s strategic objectives and reinforce the Company’s commitment to sustainable growth and long-term success.”

  • Fed Govt takes delivery of 500,000 smart meters

    Fed Govt takes delivery of 500,000 smart meters

    The federal government yesterday took delivery of about 500,000 meters smart meters as a further decisive step towards ending the metering gap across the country. The meters, coming under the World Bank funded Distribution Sector Recovery Programme (DISREP), is supporting the government to import a total of about 3.4 million meters in two batches.

    The first batch consists of 1.43 million meters, out of which about a million meters has been received. Currently, almost 150,000 meters have already been installed across customers, across all distribution companies in the four corners of the country.

    The delivery yesterday is also an initiative to further compliment the Presidential Metering Initiative (PMI), which has a target of procuring about 10 million meters over the next five years, at an average of two million meters in a year.

    Expectedly, with the synergy between the DISREP, the PMI, the Meter Acquisition Fund (MAF) and the MAP will translate into the desired result of completely eliminating the seven million current metering gap in the country.

    READ ALSO: Critical success factors for Nigeria’s economy this year

    The Minister of Power, Adebayo Adelabu, while inspecting and taking delivery of the imported meters at the APM Terminal, Apapa, was emphatic that the meters are to be installed free of charge.

    “I also want to mention that it is also unprecedented that these meters are to be installed and distributed to consumers free of charge, free of charge! Nobody should collect money from any consumer. It is an illegality. Is an offence for the officials of Distribution Companies (DisCos) across Nigeria to request for a dime before installation, even the indirect installers cannot ask the consumers for a dime. It has to be installed free of charge, so that Billings and collections will improve for the sector,” Adelabu warned.

    According to the Minister, with the delivery, the journey of completely eliminating the meter gap in the Nigerian power sector has just begun. He expressed optimism that in a couple of years from now, every household, business, institution, industry, will be fully metered, to ensure that billing and revenue collections in the power sector will become more transparent, very fair and will be very just, including improving the readiness of electricity consumers to pay their bills.

    Highlighting the benefits of adequate metering of consumers, Adelabu contended that it will lead to improved liquidity in the sector.

    “When you have improved liquidity in the sector, the sectoral revenue will be able to pay a higher percentage of the energy cost in the industry, which will eventually lead to improvement in efficiency, improvement in effectiveness of operations, and we will be able to achieve the much awaited stability, reliability and functionality of electric supply to our household, our businesses, our institutions and to our industries.

    “This will aid and accelerate our economic growth and industrial development, it will also improve the prosperity of our people, create more jobs, more productivity and revenues will be on the increase and ultimately, improve the standard of living of our people, while unemployment rates will be on the increase,” the Minister explained.

    He further revealed that yesterday’s milestone represented the first time in the country will be simultaneously importing and buying locally this volume of meters- all to ensure that the power sector is completely transformed.

    The Director General of the Bureau of Public Enterprises (BPE), Ayo Gbeleyi, assured that a new order prescribing the protocol and the processes that DisCos must follow in order to ensure that consumers have an unhindered access to meter installations and also that will address the concern that DisCos are delaying meter installations will soon be released by the Nigerian electricity Regulatory Commission (NERC).

    “We have our dashboard, we have our trackers and all stakeholders’ hands on deck to ensure seamless and rapid deployment of these meters. The meters you are seeing here are actually manufactured to the specific requirement of each DisCo. They are also inscribed on the meter; there’s also an anti-theft protocol embedded in it. The configuration is to a particular DisCo, so you can’t take a meter configured for Eko DisCo and go and install it in Ibadan,” Gbeleyi said.

    In similar vein, the Chairman, Mojec, Mojisola Abdul, explained that the meters supplied by the Federal government is to genuinely generate more revenue for the country to be able to supply more power.

    “Physically, we have installed almost close to 150,000 meters and they are free. Don’t give anybody money. You are not allowed. We had meeting Wednesday with the minister, and as well as the DG BPE about the further progress of how to make it easy for every Nigerians. And we are going to call it mobile registration of meter free. That means you register today, under three days, your meter is installed,” She said.

    Clarifying the delay in meter installations after months of application and payments made, the minister said: “In the past, we have never seen this volume of meter availability. So it was possible then that there was a rationalisation of the few that you have on the ground, and at that time you are also required to pay for it. But this one is from two perspectives. Number one, the volume is there. We have received over almost one million and more are still coming in the first phase.

    “In the second phase, another 1.55 million meters are coming. And again, it has to be installed free of charge for the consumers, so the issue of the complications you have expressed in the past would be completely eliminated. What you are seeing today is not the first set of deliveries; we’ve been receiving this in the past couple of months and they have been taken to their various destination in the discord territories, and we have installed almost 150, 000 meters,” Adelabu concluded.