Welcome

Category: Business

  • Tony Elumelu to Step Down as UBA Chairman as Emmanuel Nnorom Takes Over

    Tony Elumelu will retire as Group Chairman of United Bank for Africa on August 21, 2026, after reaching the 12-year tenure limit for non-executive directors set by the Central Bank of Nigeria.

    The announcement was made by UBA on Monday, confirming that the transition is part of the bank’s compliance with the CBN’s corporate governance guidelines.

    Nnorom named successor

    The bank also announced the appointment of Emmanuel N. Nnorom as the new Group Chairman, effective immediately after Elumelu’s retirement.

    Nnorom is an experienced banker and long-serving Non-Executive Director of UBA. He previously served as the bank’s Group Chief Operating Officer and Group Chief Financial Officer and currently holds the position of Group Chief Executive Officer of Heirs Holdings.

    End of an era at UBA

    Elumelu has been one of the driving forces behind UBA’s transformation into one of Africa’s leading financial institutions.

    Under his leadership, the bank expanded its operations across 20 African countries and established a presence in global financial centres, including the United Kingdom, France, the United Arab Emirates and the United States. UBA now serves more than 50 million customers across its markets.

    His leadership also focused on digital banking, financial inclusion and pan-African expansion.

    Beyond banking

    Outside UBA, Elumelu is widely recognised for promoting his Africapitalism philosophy, which advocates private sector-led development across Africa.

    Through the Tony Elumelu Foundation, he has supported thousands of entrepreneurs across the continent.

    Reports also indicate that Elumelu is expected to assume the role of Chairman of Seplat Energy from January 1, 2027.

    The leadership transition is expected to ensure continuity at UBA as the bank begins a new chapter under Nnorom’s chairmanship.

  • Tinubu Approves Free CAC Registration for 250,000 Small Businesses

    President Bola Tinubu has approved the free registration of 250,000 Micro, Small and Medium Enterprises (MSMEs) with the Corporate Affairs Commission (CAC) as part of efforts to support small businesses across Nigeria.

    The approval was announced during the 8th National MSME Awards, with the initiative aimed at reducing the cost of formalising businesses and expanding opportunities for entrepreneurs.

    Application through SMEDAN portal

    Eligible entrepreneurs are required to submit their applications through the official Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) portal.

    The registration exercise is expected to help more small businesses gain legal recognition, improve access to government support programmes and strengthen their participation in the formal economy.

    SMEDAN-registered businesses qualify automatically

    According to the announcement, businesses already registered on the SMEDAN database but without Corporate Affairs Commission registration will automatically qualify for the waiver.

    The initiative forms part of the Federal Government’s efforts to promote entrepreneurship, support MSMEs and encourage business growth across the country.

    You can apply through portal.smedan.gov.ng

     

  • Dangote Refinery Slashes Petrol Gantry Price by ₦75 to ₦1,175 per Litre

    Dangote Petroleum Refinery has reduced the ex-gantry price of Premium Motor Spirit (petrol) by ₦75 per litre, bringing it down to ₦1,175 effective June 16, 2026. The adjustment was communicated to fuel marketers in a circular issued by the refinery.

    The price cut comes amid easing global crude oil prices following reduced tensions in the Middle East, which had previously driven up energy costs worldwide.

    Global Oil Shift Triggers Adjustment

    According to the refinery, the decision reflects changing international market conditions, particularly the decline in geopolitical risks affecting crude supply and pricing.

    The coastal price per metric tonne was also reduced from ₦1,595,790 to ₦1,495,215. The company noted that any outstanding but undelivered volumes will now be adjusted to reflect the new pricing structure.

    Industry data from Petroleumprice.ng indicates that Dangote Refinery currently offers the most competitive petrol price among major suppliers in the domestic market.

    Impact on Nigerian Fuel Market

    Before this latest adjustment, marketers were reportedly lifting petrol at around ₦1,240 per litre, making Dangote’s new rate significantly lower than prevailing market levels.

    The refinery’s move follows months of instability in global crude prices, previously driven by conflict-related disruptions that pushed Brent crude above $120 per barrel at peak periods.

    During that phase, petrol prices in Nigeria rose sharply, in some locations exceeding ₦1,300 per litre.

    Market Outlook and Expectations

    Recent easing in global tensions, including a ceasefire agreement and partial reopening of key shipping routes, has helped crude prices decline to around $83 per barrel.

    Analysts suggest that if the current trend continues, pump prices in Nigeria could see further reductions, potentially moving closer to ₦900 per litre, although existing higher-cost crude stock may slow immediate transmission to consumers.

    Marketers and consumers have welcomed the development, describing it as a positive signal for easing fuel costs. The Dangote Refinery, with its 650,000 barrels-per-day capacity, continues to reshape Nigeria’s downstream market as reliance on imports gradually declines.

  • Dangote Refinery Drives 96% Drop in Nigeria’s Petrol Imports as Trade Surplus Climbs

    Nigeria recorded a significant decline in petrol imports in the first quarter of 2026, with import expenditure falling by 96 per cent to ₦87.4 billion from ₦2.27 trillion recorded during the same period in 2025.

    The sharp reduction has been linked to increased domestic refining capacity, particularly the growing output from the Dangote Petroleum Refinery, which has become a major supplier of fuel to the local market.

    Domestic Refining Reduces Dependence on Imports

    The 650,000 barrels-per-day Dangote Refinery is now estimated to be supplying about 80 per cent of Nigeria’s petrol requirements, significantly reducing the country’s reliance on imported fuel.

    Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) showed that local refineries supplied approximately 3.18 billion litres of petrol during the first quarter of 2026, while imports accounted for about 965 million litres.

    The development marks a major shift for Nigeria, which for decades depended heavily on imported refined petroleum products despite being one of Africa’s leading crude oil producers.

    Trade Surplus Records Major Growth

    The reduction in petrol imports also contributed to an improvement in Nigeria’s external trade performance.

    According to available data, the country’s trade surplus rose by 341 per cent to ₦7.55 trillion during the quarter, supported by crude oil exports, agricultural exports and growing contributions from refined petroleum products.

    Analysts say lower fuel imports are helping Nigeria conserve foreign exchange and reduce pressure on the naira by cutting demand for dollars used to finance fuel purchases abroad.

    Benefits Yet to Reflect Fully on Consumers

    Despite the gains recorded at the macroeconomic level, many Nigerians continue to face high petrol prices.

    Industry observers note that global oil market conditions, exchange rate pressures and distribution costs remain factors affecting pump prices across the country.

    As a result, many consumers say the reduction in imports and increased local refining have yet to translate into noticeable relief in transportation and living costs.

    Outlook for the Sector

    The expansion of domestic refining is widely seen as a major milestone in Nigeria’s quest for energy self-sufficiency.

    With the Dangote Refinery expected to sustain production and potentially expand capacity in the future, experts believe Nigeria could further reduce fuel imports and strengthen its position as a supplier of refined petroleum products to neighbouring countries.

  • Vice President Shettima Hails Lagos as Nigeria’s Economic Powerhouse, Sparks Debate

    Vice President Kashim Shettima has described Lagos State as the economic backbone of Nigeria and a major driver of Africa’s commercial growth, praising its role in shaping leading business fortunes across the continent.

    Shettima made the remarks on Sunday during the opening of the Invest Lagos 3.0 Summit held at Eko Hotel and Suites, Victoria Island, Lagos, themed “Lagos: The Business Gateway to Africa.”

    Lagos as Africa’s Economic Engine

    Speaking at the summit, Shettima described Lagos as the “live wire” of Africa’s economy, noting that the state continues to serve as a hub for innovation, investment and enterprise.

    He said Lagos has played a central role in the rise of some of Africa’s most prominent business figures, highlighting its importance in Nigeria’s economic structure.

    “It was Lagos that gave Africa its richest man, not Kano. Aliko Dangote is a Lagos man,” he said.

    He also referenced BUA Group Chairman Abdulsamad Rabiu, saying Lagos had similarly played a key role in the expansion of his business empire.

    Debate Over Economic Narratives

    Shettima’s comments have since triggered debate online, with supporters praising Lagos as a thriving commercial hub that attracts investment and talent from across the country.

    Critics, however, argued that the remarks downplayed the origins and contributions of business leaders from other regions, insisting that their success stories are rooted in diverse backgrounds beyond Lagos.

    Dangote and Rabiu’s Business Roots

    Aliko Dangote, originally from Kano State, built his early trading ventures through commodity markets before expanding significantly via Lagos’ ports and industrial ecosystem.

    Similarly, Abdulsamad Rabiu, also from Kano, grew BUA Group into a major conglomerate spanning cement, sugar, and manufacturing, with Lagos serving as a central base for operations and expansion.

    Summit Focus

    The Invest Lagos 3.0 Summit brought together policymakers, investors and business leaders to explore opportunities in Africa’s largest city economy.

    Organisers said the event aims to promote investment, innovation and stronger public-private partnerships to support economic growth.

    The Vice President also linked Lagos’ performance to broader national goals, including Nigeria’s push toward a $1 trillion economy target under President Bola Tinubu’s administration.

     

  • CBN Approves Abbey Mortgage Bank’s Conversion to Regional Commercial Bank

    The Central Bank of Nigeria (CBN) has approved the conversion of Abbey Mortgage Bank Plc into a regional commercial bank, paving the way for the institution to expand its services beyond mortgage banking.

    The approval marks a significant milestone for the bank, which has also completed a corporate rebranding and will now operate as Abbey Bank Plc.

    Bank adopts new identity

    The name change follows resolutions approved by shareholders in January 2025 as part of the institution’s long-term transformation strategy.

    With the new licence, Abbey Bank can now offer a wider range of commercial banking services while maintaining its presence in Nigeria’s financial sector.

    The move is expected to strengthen the bank’s ability to serve more customers and support financial inclusion initiatives across its operating region.

    Expansion and recapitalisation plans

    As part of its transition, Abbey Bank has begun efforts to meet the CBN’s recapitalisation requirement for regional commercial banks, which is set at N50 billion.

    Regulatory filings indicate that the bank has secured approvals to raise additional capital and establish a N100 billion debt issuance programme to support future growth and expansion.

    The institution said the initiative would enhance its operational capacity and support the development of its digital banking ecosystem.

    Strong financial performance

    Recent financial results released by the bank showed continued growth in key performance indicators.

    According to the latest figures, total assets rose to more than N222 billion as of March 2026, while gross earnings and profitability also recorded significant year-on-year increases.

    The conversion places Abbey Bank among financial institutions that have transitioned from specialised banking operations to broader commercial banking models as competition and regulatory expectations continue to reshape Nigeria’s banking industry.

  • Dangote Refinery Cuts Petrol, Diesel Prices Again After Recent Increase

    The Dangote Petroleum Refinery and Petrochemicals has announced a fresh reduction in the prices of Premium Motor Spirit (PMS), popularly known as petrol, and Automotive Gas Oil (AGO), also known as diesel.

    The latest adjustment comes weeks after the refinery increased its ex-gantry petrol price, a move that triggered reactions across the downstream petroleum sector.

    Petrol Price Reduced by ₦25

    According to the new pricing structure, the refinery has cut the gantry price of petrol by ₦25 per litre.

    The product will now sell at ₦1,250 per litre, down from the previous price of ₦1,275 per litre.

    The reduction is expected to influence retail pump prices in various parts of the country, depending on transportation and distribution costs.

    Diesel Price Drops by ₦100

    The refinery also announced a significant reduction in the price of diesel.

    Automotive Gas Oil will now be sold at ₦1,700 per litre at the gantry, representing a ₦100 decrease from the previous price of ₦1,800 per litre.

    The adjustment is expected to provide some relief for businesses, manufacturers, transport operators and other diesel-dependent sectors.

    Comes Weeks After Price Hike

    The latest development comes about three weeks after reports emerged that the refinery had increased the ex-gantry price of petrol.

    The earlier increase was linked to market dynamics and fluctuations within the global energy sector.

    The new reduction is likely to be welcomed by consumers and industry operators who have continued to grapple with rising energy costs.

    Potential Impact on Consumers

    Industry observers say the reduction could eventually reflect in pump prices if marketers pass on the savings to consumers.

    However, the final retail price will still depend on factors such as logistics, transportation costs, depot charges and market competition.

    The Dangote Refinery remains a major player in Nigeria’s downstream petroleum sector, with its pricing decisions often influencing fuel market trends nationwide.

  • Petrol Price Jumps To ₦1,532 Per Litre as Diesel Soars 50% in One Month – NBS

    The average retail price of Premium Motor Spirit (PMS), popularly known as petrol, rose sharply to ₦1,532.93 per litre in April 2026, according to the latest Price Watch report released by the National Bureau of Statistics (NBS).

    The figure represents an 18.97 per cent increase from the ₦1,288.54 recorded in March, highlighting the continued pressure on fuel consumers across the country.

    Petrol Records Major Increase

    The NBS report also showed that petrol prices increased by 23.69 per cent on a year-on-year basis, compared to the ₦1,239.33 average recorded in April 2025.

    The latest data underscores the impact of rising energy costs on transportation, businesses, and household spending nationwide.

    Yobe, Edo Top Petrol Price Chart

    State-by-state analysis revealed that Yobe recorded the highest average petrol price at ₦1,599.05 per litre.

    Edo followed closely with ₦1,595.74, while Bauchi recorded ₦1,589.07 per litre.

    On the other hand, Niger State posted the lowest average retail price at ₦1,403.89 per litre. Sokoto and Katsina followed with ₦1,404.16 and ₦1,406.28 respectively.

    South-South Records Highest Regional Cost

    Regional analysis showed that the South-South zone recorded the highest average petrol price in April at ₦1,566.76 per litre.

    The North-West zone had the lowest average retail price at ₦1,508.81 per litre.

    Diesel Price Surges By 50 Per Cent

    The NBS also reported a dramatic increase in the price of Automotive Gas Oil (diesel), which climbed by 50.16 per cent month-on-month.

    Diesel rose from an average of ₦1,648.06 per litre in March to ₦2,474.69 per litre in April.

    Compared to April 2025, diesel prices increased by 43.67 per cent from ₦1,722.45 per litre.

    Nasarawa, Ebonyi Record Highest Diesel Prices

    Nasarawa State recorded the highest average diesel price at ₦2,818.94 per litre.

    Ebonyi followed at ₦2,754.06, while Taraba recorded ₦2,704.76 per litre.

    Kebbi posted the lowest average diesel price at ₦2,180.28 per litre, followed by Kogi at ₦2,192.70 and Katsina at ₦2,269.14.

    The North-East zone recorded the highest regional average diesel price at ₦2,603.00 per litre, while the North-West had the lowest at ₦2,409.34.

    Global Factors Driving Fuel Costs

    Energy analysts attribute the sharp increases in petrol and diesel prices to rising geopolitical tensions in the Middle East.

    The uncertainty surrounding key global oil supply routes, particularly the Strait of Hormuz, has contributed to volatility in international crude oil prices, increasing landing costs and ultimately pushing up retail fuel prices in Nigeria.

  • ECOWAS Projects Nigeria as Potential 5th Largest Economy Globally Within 50 Years

    The Economic Community of West African States (ECOWAS) has projected that Nigeria could emerge as the world’s fifth-largest economy within the next 50 years if ongoing regional integration and economic reforms are sustained.

    The forecast was presented during the bloc’s 2026 parliamentary session in Abuja, where officials highlighted long-term growth prospects across West Africa’s major economies.

    West Africa’s Long-Term Economic Outlook

    Dr Kalilou Sylla, ECOWAS Commissioner for Economic Affairs and Agriculture, said the region is entering what he described as a major economic realignment driven by increased trade and cooperation.

    He noted that Nigeria, Ghana and Côte d’Ivoire are positioned to benefit significantly if regional integration continues to deepen over the coming decades.

    According to him, Ghana and Côte d’Ivoire could also rank among the world’s top 15 economies within 25 years, with Côte d’Ivoire potentially overtaking France in the long term.

    Nigeria’s Growth Tied to Regional Trade

    Sylla said Nigeria’s future economic expansion will depend more on strengthening West African markets than reliance on traditional Western trading partners.

    “It is not the American or English markets that will let the Nigerian market grow, but the sub-regional markets,” he told lawmakers during the session.

    He added that stronger intra-regional trade would play a key role in driving industrial growth and long-term economic stability across the bloc.

    Intra-Regional Trade on the Rise

    ECOWAS officials also pointed to increasing trade within West Africa as evidence of gradual economic integration despite ongoing challenges in the region.

    According to Sylla, intra-regional trade has doubled to about 40 percent in the last four years, even with political instability, border tensions, and currency pressures affecting member states.

    He noted that institutions within the bloc must now match the pace of private-sector and cross-border business activity already shaping the region’s economic landscape.

    Outlook for West Africa’s Economic Future

    The projections underscore growing optimism about West Africa’s long-term economic trajectory, with Nigeria identified as a central driver of regional growth.

    However, officials emphasized that sustained reforms, stronger institutions, and deeper regional cooperation will be critical to achieving the forecasted economic outcomes over the next few decades.

     

  • Otedola Commits $100m Stake in Dangote Refinery Amid Billion-Dollar IPO Plan

    Business mogul and Chairman of First HoldCo, Femi Otedola, has announced plans to invest $100 million in Dangote Refinery, marking a fresh boost to the multibillion-dollar energy project.

    Otedola made the disclosure on Wednesday after leading a delegation of top executives from First HoldCo on a visit to the refinery owned by Africa’s richest man, Aliko Dangote.

    The investment is part of a broader private placement exercise targeting about $2 billion ahead of the refinery’s eventual public listing.

    “Personal commitment to Dangote project”

    Otedola said his decision followed repeated engagements with Dangote and a personal interest in supporting the refinery’s expansion and long-term vision.

    He noted that his investment would come through allocated shares in the ongoing private placement, describing it as a strategic shift of his portfolio.

    According to him, “From a personal note, I’ve appealed to him. I’ve been here with him 25 times, so my compensation is he’s going to allocate to me shares worth $100 million in the private placement.”

    He also revealed that proceeds from the sale of his stake in Geregu Power would be redirected into the refinery investment.

    Dangote Refinery IPO plans gather momentum

    The development comes as Dangote Refinery prepares for a potential initial public offering (IPO), which could see up to 10 percent of the company floated on the market.

    Reports suggest the refinery could be valued at as much as $5 billion during listing, with projections pushing overall valuation toward $50 billion.

    Dangote has previously stated that the IPO is aimed at widening ownership and allowing more Africans participate in the continent’s industrial growth.

    Strategic push for energy investment

    Otedola’s latest move adds to growing investor confidence in the refinery, which is regarded as one of the largest single-train refineries in the world.

    Analysts say the investment signals renewed momentum in Nigeria’s downstream oil sector and could attract more high-net-worth participation ahead of the listing.