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African Alliance files recapitalisation plan with NAICOM

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Dangote Refinery eyes $5bn IPO to expand Lagos plant

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Four in 10 Nigerians remain without reliable electricity grid

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African Alliance files recapitalisation plan with NAICOM

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Tinubu approves incentives to fast-track Shell’s $5bn Bonga S’west project

President Bola Tinubu has approved targeted incentives to accelerate Shell’s long-delayed $5 billion Bonga South-West deepwater oil project. He also instructed his Special Adviser on Energy, Olu Verheijen, to ensure the incentives are gazetted in accordance with Nigeria’s existing legal and fiscal frameworks. The approval was granted on Wednesday when Tinubu received a Shell delegation, […]

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FG disburses N152bn to contractors amid ongoing payment protests

The Federal Government has announced that it has disbursed N152 billion to contractors for what it termed verified contracts, amid ongoing protests over unpaid dues. In a statement on Thursday, Minister of State for Finance Doris Uzoka-Anite said the payments were made following strict verification procedures in accordance with existing laws and regulations. She acknowledged […]

Business

Nestlé ‘recovers all plastic’ placed on Nigerian market

Nestlé Nigeria says it has reached 100 per cent plastic neutrality, recovering every tonne of plastic it placed on the market. The milestone was achieved through the Food and Beverage Recycling Alliance, Nigeria’s first Producer Responsibility Organisation, set up in 2018 under the Extended Producer Responsibility policy. Since then, FBRA has expanded from four founding […]

Business

Tinubu approves commercial oil exploration at Tongeji Island, Ogun

President Bola Tinubu has given approval for the start of commercial oil exploration at Tongeji Island in Ipokia Local Government Area of Ogun State. Governor Dapo Abiodun made this disclosure on Thursday while hosting the Flag Officer Commanding, Western Naval Command, Rear Admiral Abubakar Abdullahi Mustapha, and other senior naval officers during a courtesy visit […]

Business

Seplat Energy appoints Tony Elumelu as non-executive director

Seplat Energy Plc has named Mr. Tony O. Elumelu as a Non-Executive Director, following the resignation of Mr. Olivier Cleret De Langavant, who stepped down after Etablissements Maurel et Prom SA divested its stake in the company. The company’s statement, signed by Company Secretary Mrs. Edith Onwuchekwa, confirmed that Mr. Elumelu’s appointment and Mr. Langavant’s […]

Banking

GTCO raises N10bn via fully subscribed private placement

Guaranty Trust Holding Company Plc has successfully concluded its N10 billion private placement, with all 125 million ordinary shares offered fully subscribed by a single investor. Priced at N80 per share, the transaction was swiftly executed and approved by the Securities and Exchange Commission. According to a corporate filing with the Nigerian Exchange on Thursday, […]

EFCC faults fintech over fraud among unbanked and middle class
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EFCC links banks, fintechs to N162bn crypto fraud

The Economic and Financial Crimes Commission has linked a new-generation commercial bank, six fintech firms, and several microfinance banks to a major financial fraud involving cryptocurrency transactions worth N162 billion. The disclosure was made on Thursday during a press briefing at the EFCC headquarters in Abuja. EFCC Director of Public Affairs, Mr. Wilson Uwujaren, said […]

Business

Dangote, Indorama projects to position Nigeria as fertiliser export hub

The Nigerian Midstream and Downstream Petroleum Regulatory Authority says ongoing expansions at Indorama, Dangote Fertilizer and other plants are expected to position Nigeria as a net exporter of urea and fertiliser by 2028. The Chief Executive Officer of NMDPRA, Saidu Mohammed, disclosed this during an operational tour of Indorama Eleme Petrochemical Limited on Wednesday, January […]

Price of of cooking gas rose by 13.75% in May 2024
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Local refineries supplied 87% of Nigeria’s cooking gas in 2025

Local refineries and gas processing plants, led by the Dangote Petroleum Refinery and NLNG Limited, supplied 87 per cent of Nigeria’s domestic Liquefied Petroleum Gas, also known as cooking gas, in 2025, significantly reducing the country’s dependence on imports. Vanguard reported that the sharp rise in domestic supply marked a major shift from 2023, when […]

Meta offered $100m bonuses to lure OpenAI staff, Altman alleges
Tech

OpenAI unveils plan to protect local energy costs

OpenAI on Tuesday announced its Stargate Community plan, designed to offset energy usage and ensure its operations do not increase electricity costs for local communities. The Stargate initiative, valued at $500 billion, is a multi-year effort to build AI data centers for training and inference. It is backed by major investors, including Oracle, and received […]

Tech

88% of Nigerians use AI for learning, entrepreneurship – Google

Google says Nigerians are not only adopting artificial intelligence but are emerging as global leaders in its use. In its Tuesday report, “Our Life with AI: Helpfulness in the Hands of More People,” the company highlighted that Nigerians are leveraging AI for a wide range of activities, from education to entrepreneurship, demonstrating strong optimism about […]

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