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Category: Business

  • Steering NNPCL towards transparent, productive future: The Ojulari model

    Steering NNPCL towards transparent, productive future: The Ojulari model

    In a bold move well commended by industry experts globally, President Bola Tinubu appointed Engr. Bayo Bashir Ojulari as Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL) in April 2025, signaling Nigeria’s renewed commitment to revitalising its oil and gas sector..

    Succeeding Mr. Mele Kyari, Engr. Ojulari has hit the ground running, implementing sweeping reforms under President Bola Tinubu’s mandate to boost production, expand refining capacity, and foster unprecedented transparency. In just a few short months, his leadership has already yielded impressive results, positioning NNPCL as a beacon of progress in Africa’s energy landscape.

    Transformation Agenda

    Engr. Ojulari’s focus is clear about transforming NNPCL into a world-class energy company that not only meets Nigeria’s domestic needs but also attracts global investment. “Our reforms are about building a sustainable future for Nigeria’s energy sector,” he emphasised in recent statements. Operating with a mandate from the moment of his appointment, he has focused on three pillars: ramping up production and investments, revitalising refining infrastructure, and embedding transparency into the fabric of the company.

    One of Engr. Ojulari’s most notable achievements has been the dramatic boost in crude oil output. When he assumed office, Nigeria’s daily production hovered around 1.2 million barrels/day. In August 2025, through enhanced collaboration with upstream partners and fortified pipeline security measures, output surged to 1.8 million barrels per day (mbpd). This 50% increase is not just a statistic – it is a lifeline for Nigeria’s economy, reducing reliance on imports and stabilising foreign exchange reserves.

    Engr. Ojulari’s appetite for reform is voracious. To sustain this momentum, NNPCL under his guidance is aggressively pursuing $60 billion in fresh investments. “Investor confidence is key,” he notes, highlighting how ongoing transformations are designed to create a predictable and profitable environment for partners. This includes targeted gas development initiatives, such as accelerating the Ajaokuta-Kaduna-Kano (AKK) pipeline project. In engaging with off-takers and customers, NNPCL aims to significantly ramp up gas output, unlocking new revenue streams and supporting Nigeria’s transition to cleaner energy sources.

    AIndustry experts have commended these efforts. “Engr. Ojulari’s approach is pragmatic and results-oriented,” says Dr. Amina Bello, an energy analyst at the Lagos-based Institute for Energy Studies. “In addressing security bottlenecks and fostering partnerships, he is laying the groundwork for long-term growth.”

    For decades, Nigeria’s refining sector has been plagued by inefficiencies and breakdowns. Engr. Ojulari is changing that narrative with a focused revival strategy. Key refineries in Warri and Port Harcourt are being rehabilitated through an Incorporated Joint Venture (IJV) model, emphasising sustainable operations over quick fixes. “We are not just patching things up; we are building resilience,” Engr. Ojulari states.

    The outlook

    Looking ahead, his mandate includes expanding the nation’s refining capacity by an additional 500,000 barrels per day by 2030. This ambitious target aligns with President Tinubu’s vision of energy self-sufficiency, reducing the billions spent annually on imported petroleum products. Early progress in these areas has already sparked optimism among stakeholders, who see Engr. Ojulari’s leadership as a turning point for domestic refining.

    Perhaps the most transformative aspect of him in the saddle is his unwavering commitment to transparency. After years of opacity, NNPCL has resumed publishing monthly financial and operational reports, a move hailed by civil society groups as a step toward accountability. “Transparency is not optional; it is essential for trust,” Engr. Ojulari affirms.

    To bolster this, the company has strengthened internal structures, including the appointment of a Chief Compliance Officer. Furthermore, NNPCL is deepening its collaboration with the Nigeria Extractive Industries Transparency Initiative (NEITI), pledging comprehensive data for the 2024 and 2025 audits. These initiatives are not mere formalities; they represent a cultural shift within the organisation, ensuring that every decision is scrutinised and aligned with best practices.

    Of course, no transformation is without hurdles. Engr. Ojulari has openly acknowledged resistance to his reforms, from entrenched interests to operational complexities. “Change is difficult, but we are committed to seeing it through,” he assured stakeholders during a recent industry forum. Sustaining these early gains will require continued vigilance, particularly in attracting major investments and maintaining production levels amid global market fluctuations.

    Yet, Engr. Ojulari’s track record suggests he is up to the task. With a background in engineering and a proven ability to deliver results, he embodies the innovative spirit Nigeria needs. As NNPCL continues to evolve under his stewardship, the ripple effects could extend far beyond the oil fields, driving economic growth, job creation, and a more prosperous future for all Nigerians.

    In a time where energy security is paramount, Engr. Bayo Bashir Ojulari is not just leading NNPCL; he is redefining what a national oil company can achieve. As the company presses forward, the world will be watching – and Nigeria stands to gain immensely.

  • Nigerian stock market opens bullish with N193bn gain

    Nigerian stock market opens bullish with N193bn gain

    The Nigerian stock market opened the week on a  bullish note on Monday, gaining N193 billion thereby sustaining the previous week’s gain.

    Specifically, the market capitalisation, which opened at N76,339 trillion, added 193 billion or 0.25 per cent to close at N76.532 trillion.

    The positive performance was driven by increased investors interest in large capitalised stocks like Cadbury, Ellah Lakes, Tripple Gee, UPDCreit, Red Star Express and 50 others.

    The All-Share Index also gained 0.25 per cent or 305.67 points, to settle at 121,295.33 against 120,989.66 recorded on Friday.

    Also, the market breadth closed positive with 55 gainers and 23 losers.

    Top gainers

    Cadbury Nigeria led the advancers chart, increasing by 10 per cent, closing at N53.35 and Ellah Lakes also soared by 10 per cent, settling at N8.91 per share.

    Tripple Gee rose by 10 per cent, ending the session at N2.97 while UPDCREIT also climbed by 10 per cent, finishing at N7.15 per share.

    Also, Red Star Express grew by 9.92 per cent, closing at N9.20 per share.

    Losers

    On the flip side, Sunu Assurances shed 10 per cent, settling at N4.50 while RT Briscoe declined by 9.59 per cent, finishing at N3.30 per share.

    Prestige dropped by 9.09 per cent, closing at N1.20 and UPDC fell by 8.23 per cent, ending the session at N4.35 per share.

    Berger Paints lost 7.58 per cent, closing at N30.50 per share.

    Cumulate performance

    Altogether, 824.10 million shares worth N14.44 billion were traded across 24,042 transactions, compared to

    Transactions in the shares of Universal Insurance topped the activity chart with 71.92 million shares worth N48.94 million.

    First City Monument Bank followed with 61.4 million shares valued at N564.78 million while Ja Paul Gold transacted 53.34 million shares worth N136.1 million.

    Access Corporation sold 42.02 million shares valued at N942.81 million and AIICO Insurance traded 40.10 million shares worth N64.84 million. 

  • Pause on FRCN levy enforcement to remain – FG

    A new law required large private entities reclassified as PIEs to pay 0.02 per cent to 0.05 per cent of turnover, without a maximum cap.

    The Federal Government says the 60-day administrative pause on the N25 million levy by the Financial Reporting Council of Nigeria (FRCN) will remain in place.

    The pause will continue in the medium-to long term, pending a broader legislative review on the contentious annual dues cap.

    This decision follows widespread criticism of the FRCN’s N25 million fixed annual levy for Public Interest Entities (PIEs).

    Dr Jumoke Oduwole, Minister of Trade, Industry and Investment, confirmed this in a statement on Sunday in Abuja.

    She stated that the government would maintain the pause while legislative reforms are considered to address stakeholder concerns.

    In March 2025, the Federal Government, through the Minister, established a Team Working Committee for stakeholder engagement.

    The committee included representatives from NECA, MAN, NACCIMA, and other private sector bodies, alongside a robust FRCN team.

    The group met six times within three weeks, deliberating on the issues causing friction between government and the private sector.

    “These sessions produced a report assessing Section 33D of the FRC (Amendment) Act 2023,” said Oduwole.

    She said the report was submitted to the Minister on April 17 for further action.

    Please Read: The Nigerian Tax Reform Acts

    The Ministry briefed President Bola Tinubu on key concerns from private sector stakeholders regarding the levy and related issues.

    Before pausing the levy, stakeholders recommended steps based on findings from the consultations and submitted report.

    “The pause remains in effect mid-to long term, pending broader legislative reform,” Oduwole reiterated.

    She added that in March 2025, the Ministry convened a broader stakeholder meeting on the FRC (Amendment) Act 2023.

    The move was in response to widespread concern over annual dues for PIEs under the amended law.

    In December 2024, groups like OPTS and ALTON expressed dissatisfaction through direct engagements and public statements.

    The main concern was the reclassification of large private firms as PIEs, creating a heavy financial burden.

    The new law required private PIEs to pay 0.02 per cent to 0.05 per cent of turnover, without a maximum cap.

    This was unlike the fixed N25 million levy applied to publicly listed companies, regardless of size.

    “The FRCN remains central in setting and enforcing accounting and reporting standards,” said Oduwole.

    She noted stakeholders feared the law could cause unsustainable compliance costs and reduce investor confidence.

    Oduwole affirmed that the Tinubu administration remains committed to transparency and a pro-business regulatory framework.

    She said the Ministry conducted a public consultation to align policy with fairness and competitiveness.

    The consultation resulted in two actions: a temporary pause and creation of a Technical Working Group.

    “To provide clarity, I’ve directed FRCN to cap private PIEs’ dues at N25 million,” the Minister said.

    This interim cap aligns with the amount already fixed for publicly listed companies under current law.

    “The move ensures stability and transparency for affected firms in the short term,” she stated.

    It also reflects the Ministry’s goal of boosting investor confidence and regulatory fairness.

    “Meanwhile, the Ministry of Justice will consider legislative amendments, if necessary,” Oduwole added.

    The News Agency of Nigeria (NAN) reports that the FRCN was established by Act No. 6, 2011.

    It operates under the supervision of the Ministry and develops accounting and financial reporting standards in Nigeria.

    The amended FRCN Act was signed into law on May 3, 2023, strengthening corporate governance frameworks.

    Section 33(1)(c) of the Act mandates quoted companies and PIEs to pay 0.002 per cent of market capitalisation or N25 million.

  • Airports to go cashless, FAAN holds concessionaires’ engagement 

    The Federal Airports Authority of Nigeria (FAAN)  is finalising automation of payment processes at airports nationwide starting with Murtala Muhammed International Airport.

    The Managing Director of FAAN, Mrs Olubunmi Kuku, gave the assurance on Monday in Lagos.

    Kuku spoke at FAAN’s Directorate of Commercial and Business Development Stakeholder Engagement.

    The engagement  had the theme: “Strengthening Partnerships for Sustainable Growth and Development”.

    Kuku emphasised the need for Electronic Cash Register (ECR) devices for payments and automation of toll gates and parking facilities to enhance transparency and accountability.

    “Today, the environment is slightly porous as people are just using physical ID cards and identification to pass through.

    “We are actually going to be integrating that with BVN and  NIN  and, of course, biometrics on the domestic side,” she said.

    Kuku said that the authority was commitment to providing smart airports and processes for business partners.

    She  emphasised  the need for concessionaires to make timely payments and adhere to contract terms.

    Kuku expressed dissatisfaction at the presence of tankers, which did not have any business at airport area.

    She asked  that they should vacate the area or be sanctioned.

    “We are going to be taking very drastic actions because it is obnoxious for an airport environment.

    “I have realised that a lot of these tankers do not belong to those who operate in our environment.”

    Kuku said there was the need to update and categorise concessionaires to address fee discrepancies.

    She identified four major categories based on business type, retail mix and offerings to ensure fair and transparent fee structures.

    The Director of Commercial and Business Development, FAAN, Ms Adebola Agunbiade, spoke on FAAN’s revenue scorecard for 2024.

    Agunbiade said that FAAN  generated 92 per cent of revenue from aeronautics and  eight per cent  from non-aeronautics.

    “This is not very good for us. International standard is 55 per cent aeronautical revenue and  45 per cent non-aeronautical, and we are very far from that.

    “All of the initiatives that we have come up with and keep coming up with are to help us to drive our non-aeronautic businesses.

    “That is why you all are here. We are hoping that we will get your support to be able to achieve this,” she said.

    She said that FAAN would review its tariffs, adding that it had ‘suffered a lot from obsolete charges’.

    Stakeholders in catering, car hiring, retailing and indoor advertising, among others, were present at the event. 

  • Naira appreciates steady, gains N12.34 against dollar 

    Naira appreciates steady, gains N12.34 against dollar 

    The Naira further appreciated on Thursday, trading at N1,553.11 against the dollar in the official foreign exchange market.

    Data from the Central Bank of Nigeria showed the Naira gained N12.35, representing a 0.79 per cent appreciation when compared to Wednesday’s trading at N1,565.46 per dollar.

    See Also: Afrexim’s medical centre to plug Nigeria’s $2bn healthcare loss

    The Naira has been on a steady appreciation, trading at N1,579.27 on Tuesday and N1,581.58 against the dollar on Monday.

    The Naira, which also closed the previous week bullish, opened the new week with a gain of N4.56.

    These steady gains were recorded even as the recapitalisation for Bureau De Change Operators (BDCs) began on June 3. 

  • Puzzle Craft Company: emergent PR powerhouse, delivers strategic edge

    Puzzle Craft Company: emergent PR powerhouse, delivers strategic edge

    Puzzle Craft PR & Communications, a newly established public relations and communications firm, has commenced operations in Abuja.

    The company offers a range of services focused on brand visibility, reputation management, and stakeholder engagement. Its client base includes individuals and organisations from various sectors, such as corporate, political, faith-based, and non-profit.

    The launch event, held in Garki Area 1, Abuja, included an introduction to the company’s leadership team and its areas of operation.

    Speaking at the event, the Chief Executive Officer and Principal Consultant,, Mrs. Beatrice Izeagbe Okpara, said the firm was set up to address communication challenges using structured and research-informed approaches.

    “We help political figures, movements, and institutions communicate with clarity, credibility, and strategic intent. But our work extends well beyond that; we support businesses, executives, and organisations in shaping narratives and managing relationships with their stakeholders,” said Mrs Okpara.

    See Also: AFREXIM Annual Meetings, Abuja, 2025

    According to the company, its services include brand strategy, corporate communications, crisis and reputation management, digital public relations, content development, event communications, and executive visibility.

    It also works in internal communications, leadership messaging, and employer engagement. These services are supported by research and digital analysis tools.

    “At Puzzle Craft PR & Communications, we help brands find their voice, shape their story, and own their spotlight. Our communication solutions aim to spark influence, inspire trust, and drive long-term impact,” Mrs Okpara said.

    The Team

    The team includes Chief Operating Officer, Mr Chidiebere Norbert, and Director, Stakeholder Engagement & Strategic Partnerships, Mr Dahiru Gani Ali. The firm also employs specialists in digital media, public relation, research, copywriting, and design.

    “We transform legacy publicity models by blending proven methods with digital innovation powered by analytics, media intelligence, and forward-thinking tech solutions,” Mr. Norbert stated.

    The firm is currently working with clients in the financial, medical and lifestyle sectors and is considering future engagements in education, technology, and civil society.

    ____________________________________

    For media inquiries or further information, please contact

    Puzzle Craft PR & Communications
    No. 8 Bichi Close, Off Sokoto Street
    Garki Area 1, Abuja, Nigeria
    Phone: +234 810 602 2149
    Email: Beatrice@puzzlecraftng.com
    Website: www.puzzlecraftng.com

  • FG inaugurates Intra-African Air Cargo Corridor with 50% discount

    FG inaugurates Intra-African Air Cargo Corridor with 50% discount

    The Ministry of Industry, Trade and Investment, in collaboration with United Nations Development Programme (UNDP) and Uganda Airlines, have inaugurated the Nigeria-East/Southern Africa Air Cargo Corridor with 50 per cent discount.

    The Minister, Dr Jumoke Oduwole, at the inauguration and marking of the African Day in Abuja on Sunday, said it’s a transformative export initiative under the African Continental Free Trade Area (AfCFTA) framework.

    Oduwole said the new air cargo corridor would provide Nigerian exporters with access to three key African hubs, Uganda, Kenya, and South Africa.

    She said that the air cargo rates are discounted between 50 to 75 per cent in logistics cost, including regulatory charges.

    “This initiative marks the fulfilment of a key campaign promise by President Bola Tinubu, to accelerate the diversification of Nigeria’s non-oil exports by leveraging the opportunities presented by the AfCFTA.

    “The Federal Government remains committed to supporting Nigerian businesses in scaling their exports across the continent.

    “Specifically designed to empower Nigerian enterprises particularly, Micro, Small and Medium-sized Enterprises (MSMEs).

    “This initiative enables them to expand into African markets with greater confidence, lower costs, faster delivery timelines, and reduced risk,” she said.

    The Minister said the preferential cargo rates would apply to businesses affiliated with leading national business associations.

    According to her, this includes, Nigeria Association of Small Scale Industrialists (NASSI), Nigeria Association of Small and Medium Enterprises (NASME) and Women Chamber of Commerce, Industry, Mines and Agriculture (WCCIMA), among others.

    “This will also ensure inclusive participation and coordinated implementation,” she said.

    Oduwole said the milestone followed the President’s approval and the gazetting of Nigeria’s Provisional Schedule of Tariff Concessions (PSTCs) in April.

    “With support from the UNDP Regional Bureau for Africa, the Ministry has worked to position Nigeria not just as a participant in AfCFTA, but as a leader in shaping and advancing the agreement’s implementation.

    She said participating airlines will “Operate from Lagos and Abuja, as the corridor is backed by strong government collaboration.”

    Oduwuole expressed appreciation to the Minister of Finance and the Coordinating Minister of the Economy, the Minister of Aviation, as well as the Comptroller General of the Nigeria Customs Service, and the Federal Airports Authority of Nigeria.

    She disclosed that they facilitated the success of the inauguration.

    Oduwole noted that the inaugural cargo shipment featured a diverse basket of Made-in-Nigeria products, including textiles, cosmetics, fashion accessories, and agro-processed goods.

    The Minister said that the efforts marked the beginning of a new era for Nigerian exports into African markets.

    According to her, all exporters on the historic flight were women-owned businesses.

    “These female entrepreneurs were recognised as pioneers, leading the charge in positioning Nigerian enterprises at the forefront of intra-African trade.

    “AfCFTA tariffs are now gazetted, enabling Nigerian goods to benefit from lower tariffs across African markets.

    “As we mark Africa Day, I want to especially commend and thank the indefatigable Nigerian businesses participating in this inaugural flight.

    “This Administration will continue to stand with you as you take even bigger and bolder leaps to expand Nigeria’s footprint across the continent,” she said. 

  • NGX: Investors trade ₦63.79bn in weekly deals

    NGX: Investors trade ₦63.79bn in weekly deals

    The bears held sway at the Nigerian Stock market in the past week, as the total value of transactions fell by 20.7 per cent, week-on-week.

    On the aggregate, investors traded 2.606 billion shares worth ₦63.785 billion in 77,593 transactions this week on the floor of the Nigerian Exchange Ltd. (NGX).

    This compares to 2.645 billion shares valued at ₦77.005 billion exchanged in 86,110 deals during the previous week.

    The Financial Services industry topped the activity chart with 1.540 billion shares worth ₦28.963 billion in 32,805 transactions.

    This accounted for 59.08 per cent of turnover volume and 45.41 per cent of total value traded on the Exchange.

    The Services industry followed with 286.833 million shares valued at ₦1.711 billion in 6,280 deals.

    The Consumer Goods industry placed third with 202.565 million shares worth ₦7.439 billion in 9,708 transactions.

    FCMB Group Plc, Access Holdings Plc and Tantalizer Plc led trading with 600.684 million shares worth ₦6.570 billion in 7,201 deals.

    These three equities represented 23.05 per cent of turnover volume and 10.30 per cent of the value.

    The NGX All-Share Index rose by 0.90 per cent to close at 109,710.37 points.

    Market capitalisation also appreciated, ending the week at ₦68.953 trillion.

    All sectoral indices closed higher, except NGX Premium and NGX Lotus II which fell by 0.05 and 0.92 per cent, respectively.

    Sixty-one equities gained during the week, down from 68 in the previous week.

    Thirty-one equities recorded losses, up from 28 recorded in the prior week.

    Fifty-six equities remained unchanged, compared to 52 in the preceding week.

    Top decliners included Multiverse Mining, Union Dicon Salt, NAHCO, University Press, and Legend Internet at ₦1.95, ₦1.00, ₦8.00, 44k and 60k, respectively.

    Top gainers were Beta Glass, Champion Breweries, Caverton Offshore, FTN Cocoa and Northern Nigeria Flour Mills.

    They appreciated by 46.31, 42.08, 37.70, 36.32 and 32.49 per cent, respectively.

    Their respective gains stood at ₦72.40, ₦2.02, ₦1.15, 69k and ₦29.40 for the week.

  • Chinese researchers create synthetic bacteria to clean industrial wastewater

    Chinese researchers create synthetic bacteria to clean industrial wastewater

    Chinese scientists have developed an innovative synthetic bacteria strain capable of simultaneously degrading five persistent organic pollutants commonly found in high-salinity industrial wastewater.

    This was reported by CGTN, a partner of TV BRICS.

    The research was led by a team from the Shenzhen Institutes of Advanced Technology (SIAT) at the Chinese Academy of Sciences.

    The scientists designed a novel bacterial strain equipped with five engineered metabolic pathways that allow it to break down a complex mix of hazardous aromatic pollutants, including biphenyl, phenol, naphthalene, dibenzofuran, and toluene.

    High-salinity wastewater, often produced by chemical manufacturing and oil and gas operations, poses an environmental threat due to its combination of organic pollutants, heavy metals, and toxic substances.

    Natural microbial solutions have been unable to address such mixtures effectively, as most bacteria can only target a limited range of contaminants.

    The Chinese research team constructed a modular strain capable of degrading multiple pollutants in parallel to overcome the situation.

    Laboratory trials showed that within 48 hours, the engineered bacterium achieved over 60 per cent removal across all five target compounds, including full degradation of biphenyl and nearly 90 per cent efficiency in breaking down toluene and dibenzofuran.

    According to the research team, the breakthrough opens new pathways for large-scale environmental remediation.

    The bacteria’s potential applications include industrial wastewater treatment, oil spill response, and possibly even the future biodegradation of microplastics. 

  • FCCPC to META: Quiting Nigeria does not absolve you of liability

    The Federal Competion and Consumer Protection Council (FCCPC) has cautioned META not to contemplate running away from Nigeria as the option does not offer it relief from culpability.

    The regulatory body profferred the advise following WhatsApp’s claim that it may be forced to exit Nigeria due to FCCPC’s recent order.

    FCCPC insists that it appears that the tech giant could also be contemplating the option as a calculated move aimed at inducing negative public reaction and potentially pressuring the FCCPC to reconsider its decision.

    The FCCPC investigated Meta Platforms and WhatsApp (jointly referred to as “Meta Parties”) for allegedly violating the Federal Competition and Consumer Protection Act (FCCPA) and the Nigeria Data Protection Regulation (NDPR).

    The Commission found that Meta Parties engaged in multiple and repeated infringements of the FCCPA (2018) and the NDPR.

    In a statement by FCCPC Director of Corporate Affairs, Ondaje Ijagwu, the antitrust czar affirms that the infringements included denying Nigerians the right to control their personal data, transferring and sharing Nigerian user data without authorisation.

    Others include discriminating against Nigerian users compared to users in other jurisdictions and abusing their dominant market position by forcing unfair privacy policies.

    Interestingly, Meta had been fined for similar breaches in Texas ($1.5b) and only recently was asked to pay $1.3 Billion for violating E.U. Data Privacy Rules.

    Elsewhere in India, South Korea, France and Australia, Meta had faced varying penalties for similar breaches.

    Mr. Ondaje argued that interestingly, Meta never resorted to the blackmail of threatening to exit those countries, but obeyed the judgement.

    The recent affirmation of FCCPC’s final order by the Competition and Consumer Protection Tribunal requires Meta Parties to take steps to comply with Nigerian law and stop exploiting Nigerian consumers.

    It also urged META to change their practices to meet Nigerian standards and respect consumer rights, consistent with international best practices.

    Ondaje cautioned in the statement that hreatening to leave Nigeria does not absolve Meta of liabilities for the outcome of a judicial process.

    For the avoidance of doubt, the FCCPC remains committed in its pursuit of consumer protection and data privacy towards ensuring a fairer digital market in Nigeria.