Author: Gift Ifeanyi

Nigeria’s petroleum regulator has underscored its commitment to accountability in the oil sector with the approval of Shell Nigeria Exploration and Production Company (SNEPCo) and Nigerian Agip Exploration (NAE) as new holders of TotalEnergies’ 12.5 per cent stake in Oil Mining Lease (OML) 118. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said on Thursday that the approval was granted after a rigorous due diligence process under the Petroleum Industry Act (PIA) 2021. SNEPCo will acquire 10 per cent of the interest for $408 million, while NAE will take 2.5 per cent for $102 million. Protecting State Interests In line with…

Dangote Oil Refinery has confirmed a recent restructuring exercise within its operations, stating that the move was necessary to strengthen efficiency and ensure the safety of its facility. The company explained that the decision followed incidents of sabotage that had affected operations, making a reorganisation unavoidable. While the exact number of affected employees was not disclosed, the refinery emphasised that more than 3,000 Nigerian staff members continue to work at the plant. A letter seen by Reuters indicated that some staff exits took effect on September 25. The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has raised…

Nigeria’s tech ecosystem has quietly but powerfully transformed. Once dismissed as a marginal player in global innovation, the country now produces unicorns, attracts major venture capital, and exports talent and ideas worldwide. Behind the headlines, however, are stories of resilience, ingenuity, and relentless ambition. Many of the country’s top tech founders didn’t start with fame or funding. They began in unexpected places: banking halls, consulting firms, or personal projects pursued after hours. Through grit, vision, and a willingness to take risks, these innovators turned small experiments into platforms that now influence millions of lives across Africa and beyond. Take Olugbenga…

In a sparkling event at The Anthonia, Ikoyi, Nigeria marked the 4th edition of the Veuve Clicquot Bold Woman Award, an initiative that spotlights women who challenge conventions, innovate fearlessly, and inspire change. This year, Remi Martins-Johnson, founder and CEO of Texture Science Lab, was recognized for her groundbreaking work in beauty and wellness tailored to African hair and skin. For the first time in Nigeria, the ceremony also introduced the Bold Future Award, presented to Funmilola Aderemi and Teniola Tunde-Oni, co-founders of PharmaRun, a digital health-tech startup transforming access to essential medicines across the country. Remi Martins-Johnson: Championing Innovation…

In a dynamic push to prepare Nigerian youths for financial self-reliance, Digiville Nigeria Ltd, led by tech innovator Emmanuel Olorunshola, hosted a free e-commerce and digital business training at the University of Ibadan, drawing over 300 participants from across the South-West. Following successful sessions in Lagos and Kano, the Ibadan program attracted aspiring entrepreneurs from Ilorin, Akure, Abeokuta, Abule Egba, Ilesha, Ekiti, and Lagos, all eager to explore opportunities in the digital economy. The hall buzzed with energy as attendees prepared to step beyond conventional career paths and harness online business potential. Olorunshola, founder of Digiville and a prominent figure…

Abuja – In a landmark boost for Nigeria’s small business sector, the Development Bank of Nigeria (DBN) has facilitated the disbursement of roughly N1.1 trillion to Micro, Small, and Medium Enterprises (MSMEs) across the country. Announcing this milestone during DBN’s 6th Annual Lecture in Abuja, Managing Director Dr. Tony Okpanachi said the funding was channelled through 79 partner financial institutions, reaching more than 700,000 businesses. “These numbers reflect more than financial support; they signify livelihoods protected, dreams realised, and businesses primed for expansion,” he explained. Dr. Okpanachi highlighted that Nigerian MSMEs have historically faced barriers such as inconsistent policies and…

Atlanta, Georgia – Fidelity Bank Plc has reaffirmed its commitment to driving Nigeria’s trade beyond oil, spotlighting local enterprises on the global stage. The bank’s Managing Director and CEO, Dr. Nneka Onyeali-Ikpe, emphasized plans to boost Nigeria’s non-oil exports, currently valued at under $5 billion annually, through strategic international engagement. Central to this effort is the Fidelity Nigeria International Trade & Creative Connect (FNITCC), recently held in Atlanta from September 18 to 20, 2025. The event, which will now be hosted annually, brought together export-ready Nigerian businesses spanning fashion, arts, manufacturing, and technology, creating a dynamic platform for trade, collaboration,…

Port Harcourt – The Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture (PHCCIMA) is spearheading a search for what it calls the “one solution” that could unlock Nigeria’s economic potential. Speaking at the 15th Make-In-Nigeria Annual Conference in Port Harcourt, Emmanuel Ogbondah, PHCCIMA’s Financial Secretary, delivered remarks on behalf of President Chinyere Nwoga, urging attendees to recognize that the solution lies within every Nigerian. “The business community should be the apple of society and government’s eye, yet it has faced significant challenges,” Ogbondah stated. “Inflation, poor infrastructure, forex volatility — these are real problems, but the solution is in…

In a bold effort to address Nigeria’s persistent challenges of unemployment and poverty, Aazik Group has unveiled a new initiative aimed at equipping underprivileged young Nigerians with practical, high-demand vocational skills. Frank Azikiwe, chairman of Aazik Group and renowned philanthropist, revealed that the program will focus on empowering disadvantaged youths through training in trades such as vehicle servicing, carpentry, welding, tiling, and other essential skills. The official launch is scheduled for later this year. “True charity goes beyond short-term relief—it’s about equipping people to create lasting value for themselves and their communities,” Azikiwe stated. “By providing technical and vocational training,…

Mohammad Nimatallahi Kpayero, a 500-Level Law student at the University of Ilorin (UNILORIN), is redefining entrepreneurship for Nigerian youths. At just 20-something, she has transformed a centuries-old shea butter trade from her hometown in Baruten Local Government, Kwara State, into a flourishing business that empowers women, employs students, and attracts customers globally. Heritage as Inspiration Growing up in a community where women produced shea butter yet received little recognition, Nimatallahi was determined to spotlight their contributions. “These women have been doing this for years without acknowledgment. I wanted to turn their craft into something bigger,” she explains. Her venture, Baru…

Nigeria’s financial landscape is vast and complex, supporting millions of accounts and fueling businesses across the country. Yet despite its scale, the banking sector continues to grapple with loan defaults, a persistent issue that reduces profitability, limits credit access, and increases risk for both lenders and borrowers. Traditional credit evaluation methods — relying on limited demographic data or incomplete credit bureau reports — struggle to keep pace with Nigeria’s rapidly evolving economy. Many borrowers operate outside formal financial channels, leaving banks without a clear picture of repayment ability. As a result, strong candidates are sometimes denied loans, while higher-risk borrowers…

In a year defined by economic turbulence, from soaring inflation to currency volatility, some Nigerian companies did more than survive—they thrived. Behind every headline of devaluation or subsidy removal were CEOs and enterprises who turned disruption into opportunity, proving that strategic vision and bold decision-making are the ultimate assets in uncertain times. The 2024 financial year challenged businesses across sectors. Interest rate hikes squeezed capital, supply chains were stretched, and consumer costs surged. Yet, certain leaders navigated these headwinds with ingenuity, expanding market share, sustaining jobs, and innovating under pressure. Their stories highlight a critical truth: resilient leadership can transform…

Nigeria’s oil marketers have dismissed billionaire Femi Otedola’s suggestion that petroleum depot owners abandon their facilities and shift focus to retail fuel stations. Speaking on Tuesday, Billy Gillis-Harry, national president of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), said Mr. Otedola’s position overlooks the realities of long-standing investments in the downstream sector. “Suggesting that depots should be scrapped is not a thoughtful statement,” Mr. Gillis-Harry said during an interview on Channels Television. “It raises the question — should all the massive investments made by entrepreneurs over decades now be treated as waste?” Otedola’s position In a statement…

Social media has recently been awash with claims that Nigerians without a Tax Identification Number (TIN) will lose access to their bank accounts from January 1, 2026. A viral story even suggested that Mama Ngozi, a tomato seller at Ajah Market in Lagos, had been warned by her bank that her account would be blocked without a TIN. The rumour sparked widespread anxiety, but official clarifications now show the situation is far more nuanced. What exactly is a TIN? A TIN is a 13-digit identifier issued by the Federal Inland Revenue Service (FIRS) and the Joint Tax Board (JTB). It…

The family of Olorogun Oskar Ibru, Nigerian industrialist and chairman of the Ibru Organisation, has confirmed his passing at the age of 67, following what they described as a brief illness. Born into the illustrious Ibru dynasty, Oskar was one of the most prominent heirs to the business empire established by his father, Olorogun Michael Ibru, whose conglomerate broke new ground in indigenous entrepreneurship with ventures in shipping, oil and gas, aviation, real estate, and commerce. Oskar Ibru’s academic path took him from Igbobi College, Lagos, to Skidmore College, USA, and later to Atlanta University’s Graduate School of Business, where…

Student entrepreneurs at Ahmadu Bello University (ABU), Zaria, have received a combined ₦2.25 million in seed investments at the ICERFE Student Enterprise Pitch 2.0, held on Saturday, September 6, 2025. The initiative, organized by the International Centre of Excellence for Rural Finance and Entrepreneurship (ICERFE), attracted more than 300 entries from student-led ventures. After a rigorous screening process, 20 teams were admitted into the UNDP Cohort 1, with 10 finalists advancing to the live pitch before a panel of judges. Beacon Aromatics clinched the top spot and walked away with the ₦1 million grand prize. Miemie’s Wears earned ₦750,000 as…

As global institutions confront rising pressures of disruption, accountability, and sustainability, the Society for Corporate Governance Nigeria (SCGN) is preparing to host its 20th Anniversary Corporate Governance Conference. The event, scheduled for October 9, 2025, in Lagos, will gather regulators, board leaders, and business executives to shape the future of governance in Nigeria. Themed “Strengthening Ethical Governance in a Disrupted World: Reflections on the Governance Journey for a Sustainable Future,” the conference will reflect on two decades of progress in Nigeria’s governance landscape while addressing the realities of today’s boardrooms. Participants will examine critical questions: How do organisations stay resilient…

Nigeria is recalibrating its global economic posture with a firm emphasis on self-reliance and African integration. Foreign Minister Yusuf Tuggar, speaking in London, said the country will no longer be drawn into the rivalries of major powers but will instead pursue what he called a path of “strategic autonomy.” Rather than choosing sides in the ongoing competition between Washington and Beijing, Nigeria intends to build pragmatic alliances that serve its development goals. A cornerstone of this approach is maximizing the African Continental Free Trade Area (AfCFTA), seen by Abuja as the continent’s most powerful tool for spurring domestic industries and…

Nigeria’s oil regulator has withdrawn its earlier consent for the planned sale of TotalEnergies’ stake in a major oil venture to Chappal Energies, citing unmet financial obligations. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed on Wednesday that Chappal failed to mobilize the required funds for the $860 million acquisition. This shortfall meant TotalEnergies could not settle mandatory fees, including payments meant for environmental cleanup and future liabilities. “The approval granted came with specific financial duties tied to the Nigerian people and clear deadlines. After several extensions, neither side met those obligations, leaving us no choice but to revoke the…

Nigeria’s journey toward reducing dependence on imported dairy has found a steady ally in Arla Nigeria, the makers of Dano Milk. As the company marks 10 years of operations in the country, its impact is being felt not just on supermarket shelves but across farms, households, and rural communities. Since entering the market in 2015, Arla has gone beyond selling trusted brands like Dano and Lurpak by positioning itself as a partner in national development. Through projects such as the Arla-Dano Farm in Damau, Kaduna, the company is laying the foundation for a modern dairy value chain — producing fresh…