All Posts in "Month: October 2026"

NLNG to raise cooking gas output by 50%

Cooking gas cylindersThe Nigeria Liquefied Natural Gas company is planning to increase its Liquefied Petroleum Gas (cooking gas) production by 50 per cent by the end of 2027, as the firm seeks to meet rising demand for cooking gas in Nigeria.

The Managing Director and Chief Executive Officer of the company, Adeleye Falade, disclosed this at the completion ceremony of the Asiko Energy Holdings Limited LPG and propane terminal in Ijora, Lagos, noting that the company’s domestic LPG production had grown significantly since it introduced cooking gas into the Nigerian market.

Falade said NLNG produced about 500,000 tonnes of LPG in-country as of last year, but that the volume accounted for only about 40 per cent of the country’s demand, indicating the need for increased supply and investment in infrastructure.

“We actually pioneered the introduction of cooking gas into Nigeria in 2005 when we started at 70,000 tonnes, and at that time we had 100 per cent of the market share. As of last year, we were already producing in-country 500,000 tonnes of LPG, but guess what? It’s now just about 40 per cent of the country’s demand. This means demand is growing; it means we need to look for more opportunities in order for us to be able to bring the gas in,” he said.

The NLNG boss noted that the company’s board decided in 2022 that 100 per cent of its retained LPG production would be supplied to the domestic market, despite the company’s export-oriented operations.

He asserted that the country’s major challenge was not a lack of gas resources but inadequate infrastructure for distributing the commodity.

“While we have the gas, one of the things that is also obvious to us is that we’re a country that is very deficit in infrastructure, and that’s the critical piece that Asiko Energy Holdings is filling,” Falade said.

Falade added that NLNG would increase its capacity to produce LPG by 50 per cent by the end of next year.

“We’re also on the growth agenda. By next year, towards the end of next year, by God’s grace, we’ll be able to increase our capacity to produce more LPG by fifty per cent, and we trust that that will also help,” he said.

Falade maintained that the additional production would require companies such as Asiko Energy to provide infrastructure capable of receiving and distributing the product to consumers.

“While we produce it, we need the likes of Asiko Energy to be able to take it and make sure that it touches the lives of the average Nigerian in a positive way,” he stated.

The Chairman, Board of Directors, Asiko Energy Holdings Limited, Alex Ogedegbe, said the completion of the LPG and propane terminal demonstrated the importance of collaboration between the government and private sector in developing Nigeria’s gas infrastructure.

Ogedegbe said the terminal had an LPG and propane capacity of approximately 5,000 metric tonnes, adding that the project had taken about 20 years from conception to completion.

Ogedegbe appreciated the Federal Government for its partnership through the Midstream and Downstream Gas Infrastructure Fund, adding that the support had helped catalyse private-sector investment in critical energy infrastructure.

The Managing Director and Chief Executive Officer, Asiko Energy Holdings Limited, Felix Ekundayo, said the terminal was designed to receive a wider variety of LPG, including cheaper supplies that could be blended to meet the required specification for the Nigerian market.

Ekundayo said the terminal was connected to three of the largest jetties used for LPG deliveries into Nigeria, enabling it to receive cargoes through multiple points.

The Divisional Head, Extractive Industries, Bank of Industry, Nafisa Sambo, said the bank had supported the Asiko project for more than five years.

She said the facility would contribute to energy security, job creation, and industrial development, while the bank remained committed to financing projects that expanded local value creation and strengthened Nigeria’s industrial base.

admin by — October 1, 2026 in Business 0
NGX drops N425bn on month-end profit-taking

NGX drops N425bn on month-end profit-takingThe Nigerian equities market closed the final trading session of September on a bearish note, as profit-taking dragged key benchmark metrics lower, eroding N425.73bn in investor wealth.

At the close of transactions on Wednesday, the All-Share Index of the Nigerian Exchange Limited dropped by 0.28 per cent to settle at 251,211.67 basis points, compared to 251,913.20 points recorded on Tuesday.

In tandem with the contraction in index points, total market capitalisation shrank from N163.53tn to N163.10tn.

Market sentiment remained mixed across key sector indices, with heavy selling pressure impacting blue-chip banking and telecommunications firms, while selective demand in industrial and consumer goods stocks provided mild cushioning.

The NGX Premium Index slid by 1.02 per cent to close at 31,771.57 points, largely hampered by losses in major telecom and banking giants.

The NGX Banking Index lost 0.58 per cent to drop to 2,712.10 points, while the NGX Insurance Index fell by 1.01 per cent to 1,087.10 points.

Conversely, the NGX Industrial Index posted a gain of 0.66 per cent to reach 10,440.27 points, buoyed by buying interest in BUA Cement Plc. The NGX Consumer Goods Index recorded a slight uptick of 0.04 per cent to finish at 4,058.25 points, while the NGX Growth Index expanded by 0.68 per cent to 27,452.85 points.

Trading volume across the bourse experienced substantial activity, with investors exchanging 1.035 billion shares in 44,398 deals.

VFD Group Plc led the volume chart, recording an exchange of 367.32 million shares. UAC of Nigeria Plc followed with 158.18 million shares traded, Abbey Mortgage Bank Plc with 72.43 million shares, Chams Holding Company Plc with 63.89 million shares, and Guaranty Trust Holding Company Plc with 39.55 million shares.

On the gainers’ chart, Haldane McCall Plc emerged as the top performer, advancing by the maximum daily limit of 10.00 per cent to close at N3.41 per share from N3.10.

Critical Minerals Financing Corp Plc appreciated by 9.92 per cent to close at N4.32, Cornerstone Insurance Plc climbed 9.80 per cent to N5.60, LivingTrust Mortgage Bank Plc surged 9.79 per cent to N3.14, and ABC Transport Plc rose 9.76 per cent to N6.75 per share.

Other notable gainers included Royal Exchange Plc (+9.52 per cent to N1.15), VFD Group Plc (+8.21 per cent to N14.50), BUA Cement Plc (+N9.20 to N297.00), and Oando Plc (+1.45 per cent to N35.00).

On the losers’ log, Learn Africa Plc topped the decliners, dropping 10.00 per cent to close at N7.65 per share from N8.50. Thomas Wyatt Nigeria Plc fell by 9.80 per cent to N2.67, while Sovereign Trust Insurance Plc lost 6.78 per cent to end at N2.20.

Heavyweight telecom stock MTN Nigeria Communications Plc recorded a decline of 3.01 per cent, shedding N26.00 to close at N837.00 per share

Tier-one lenders also faced selling pressure as Access Holdings Plc declined 2.25 per cent to N30.40, United Bank for Africa Plc dropped 1.20 per cent to N45.45, and GTCO eased 0.38 per cent to N132.00 per share.

admin by — October 1, 2026 in Business 0
CBN prepares to mop up N4.69tn as liquidity rises

CBNLiquidity in Nigeria’s banking system climbed sharply to N8.84tn ahead of the settlement of the Central Bank of Nigeria’s latest Open Market Operation bills, raising expectations of a substantial cash withdrawal from the financial system.

The latest liquidity position represents a 37.01 per cent increase from N6.45tn, according to market data from AIICO Capital Limited.

The surge has pushed excess liquidity to more than twice the N3.82tn recorded at the beginning of the year, reflecting the combined impact of OMO maturities and other inflows into the money market.

The buildup occurred despite renewed efforts by the CBN to absorb surplus cash through the sale of government securities.

The apex bank offered N2.5tn in OMO bills across three maturities on Tuesday, with strong investor demand reportedly taking the eventual amount raised to about N5tn.

The transactions are expected to reverse part of the liquidity buildup once the securities are settled, with market participants closely monitoring the impact on short-term funding rates.

Despite the abundant liquidity, overnight borrowing costs recorded a modest increase.

Analysts said the overnight lending rate rose by 28 basis points to 20.86 per cent, while the overnight policy rate remained at 20.50 per cent.

The Nigerian Overnight Financing Rate, however, stayed at 20 per cent, which represents the lower boundary of the current interest-rate corridor following the CBN’s recent monetary policy easing.

The average Treasury bill rate also remained unchanged at 17.84 per cent, according to AIICO Capital.

AIICO Capital expects money market rates to remain close to the 20 per cent floor as long as banking-system liquidity remains above N8tn.

The investment firm, however, expects the settlement of the latest OMO transaction to significantly reduce the amount of cash available to banks.

According to the market assessment, about N4.69tn from the OMO sale is expected to be debited from the system upon settlement.

This would represent a sizeable withdrawal from the current N8.84tn liquidity pool and could alter the direction of short-term money-market rates.

The liquidity position has become an important market indicator as banks manage their cash positions amid the CBN’s ongoing use of open-market operations to regulate financial-system liquidity.

The heavy demand for OMO instruments also highlights continued appetite for high-yielding naira assets, particularly as monetary policy and short-term interest rates adjust.

admin by — October 1, 2026 in Business 0
EFCC Arraigns Businessman  for  Alleged N30.14m Fraud

The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, on Tuesday, September 29, 2026, arraigned a businessman, Christopher Elendu Enyinnwa, before Justice Olubunmi Abike-Fadipe of the Special Offences Court sitting in Ikeja, Lagos, for an alleged N30.14 million fraud.

 

Enyinnwa was arraigned on a four-count charge bordering on fraudulent conversion and obtaining money under false pretences in connection with the proposed supply of slippers from China.

 

The defendant was alleged to have collected a total sum of N30,140,000 from the petitioner, Chidebere Love Okafor, for the supply of slippers from China.

 

Counts One reads:

“Christopher Elendu Enyinwa sometime in August 2024, at Lagos within the Ikeja Judicial Division, fraudulently converted for your own use the sum of Two Million Naira (N2,000,000.00) , property of Chidebere Love Okafor.”

 

Count Two reads:

“Christopher Elendu Enyinwa sometime in August 2024, at Lagos within the Ikeja Judicial Division, fraudulently converted for your own use the sum of Eleven Million, Nine Hundred and Twenty-Three Thousand Naira (N11,923,000.00), property of Chidebere Love Okafor.”

 

The defendant pleaded not guilty to the charges.

 

Following his plea, prosecution counsel, Fanen Anum, informed the court that the prosecution was ready for trial and had two witnesses available in court.

 

Defence counsel, K.C. Atuenyi, however, sought an adjournment to enable him prepare for trial, explaining that he had only prepared for the arraignment.

 

Justice Abike-Fadipe overruled the defence request and directed the prosecution to call its first witness.

 

The first prosecution witness, PW1, Okafor Love Chidebere, works in Gomac Industry Nigeria Limited and the petitioner, told the court that she knew the defendant as a fellow church member.

 

According to her, Enyinnwa had told her that he travelled to China for business and could assist her in purchasing slippers from China.

 

She said, “He is my church member. I knew him in church. He told me he buys goods, and I approached him to buy slippers in China for me.”

 

The witness explained that after discussing the product she wanted to purchase, she gave the defendant a sample of the slippers to take to China.

 

She said the defendant subsequently provided a price for the goods, which she initially considered high because she was negotiating with another company offering a lower price.

 

According to her, she eventually trusted Enyinnwa because he was her church member and agreed to proceed with the transaction.

 

She told the court that the defendant requested an initial deposit of N2 million, which she paid into his Access Bank account in August 2024.

 

The witness further stated that after the defendant returned from China, he showed them samples of the slippers, following which some amendments were made and the samples were returned to him.

 

She said the defendant later requested N11,923,000 to commence production, which was also paid into his Access Bank account.

 

According to her, the defendant subsequently demanded another N15 million as the balance, which was paid to him.

 

She said, “After that, he told us that he will go back to ship the goods in a very short while.”

 

However, when the defendant did not travel as expected, the witness said they contacted him and he claimed that he was having issues with his traveling documents.

 

She further told the court that, after several calls, the defendant requested another N2 million to facilitate his traveling documents.

 

According to her, she and her husband agreed to provide the money because they wanted him to travel back to China and complete the transaction.

 

The witness said the defendant eventually travelled to China in February 2025 and later informed them that he had shipped goods, including clothes, and would provide the relevant documents when the shipment arrived.

 

She said the goods, however, did not arrive as promised.

 

The witness further narrated that her pastor subsequently summoned her to his office and informed her that some of the defendant’s claims were allegedly untrue.

She said members of the church intervened in the matter and the defendant promised to refund the money, but had yet to do so.

According to PW1, “The total amount is N30,140,000. Up till now, I have not seen the goods and the money.”

During cross-examination, defence counsel, K.C. Atuenyi, requested another date to cross-examine the witness.

The prosecution thereafter urged the court to remand the defendant in a Correctional facility.

Justice Abike-Fadipe adjourned the matter to November 26, December 16 and 17, 2026, for continuation of trial and ordered that the defendant be remanded in a Correctional facility.

admin by — October 1, 2026 in News 0
Debit Card vs Credit Card: How to Choose the Right Card for Every Expense

Understanding what happens to your money after a payment is just as important as completing the transaction.
Picture a professional preparing for a trip. The flight must be booked, the hotel needs to be paid for and regular household expenses have not stopped simply because travel is approaching.
There are two cards in the wallet, a debit card and a credit card.
Both cards can be used to make payments, but they affect the cardholder’s finances differently. A debit card draws money directly from the available balance in a linked bank account. A credit card allows the cardholder to borrow within an approved credit limit and repay the amount under agreed terms.
Understanding the difference between a debit card and a credit card is the first step towards choosing the right payment option for every expense.
What is the difference between a debit card and a credit card?
The main difference lies in the source of the money used for a transaction.
When you pay with a debit card, you are spending money already available in your bank account. When you use a credit card, you are accessing an approved borrowing facility that must be repaid.
This distinction affects budgeting, repayment obligations and the overall cost of a purchase. Before selecting either card, consider whether you want to pay immediately from your available funds or repay the amount later under the applicable credit terms.
When should you use a debit card?
A debit card may be suitable for everyday expenses such as groceries, fuel, utility payments, subscriptions and meals.
Because each payment is deducted from the linked account, a debit card creates a direct relationship between spending and the available account balance. This can help customers who prefer to keep routine expenses closely aligned with money they already have.
Fidelity Bank offers debit card options for different payment needs, including Naira and Dollar cards. Customers should select a card based on where they intend to use it, the transaction currency and the applicable terms.
Before making a payment, it is important to confirm that the account has sufficient funds and that the card supports the intended transaction.
When should you consider a credit card?
A credit card can provide financial flexibility when the timing of an expense does not match the timing of available funds.
For example, a traveller may need to pay for a flight or hotel before receiving an expected payment. A credit card can help bridge that timing gap, provided there is a clear and realistic repayment plan.
Before using a credit card, ask three important questions:
Is the purchase necessary?
Can I repay the amount by the due date?
What will happen if the expected funds arrive late?
An available credit limit shows how much the cardholder is permitted to borrow. It does not automatically determine how much the customer can comfortably afford to spend.
How to use a credit card responsibly
Credit-card flexibility works best when it is supported by proper planning.
Before completing a transaction, review the applicable interest rate, fees, repayment date and minimum payment requirement. Paying only the minimum amount may leave an outstanding balance that continues to attract interest in line with the card’s terms.
A responsible credit-card plan should identify the source of repayment, the expected repayment date and the total potential cost of the transaction.
These considerations apply to major expenses and smaller purchases. Several modest transactions can accumulate into a significant outstanding balance if spending is not monitored carefully.
Choosing a card for international travel
When choosing a card for travel, customers should look beyond the payment itself. Currency, card acceptance, travel frequency, repayment capacity and available benefits may all influence the decision.
A debit card allows the traveller to spend from available funds, while a credit card provides access to an approved credit facility. The better option will depend on the traveller’s financial habits, destination and ability to manage repayment.
For customers considering premium cards, the value of travel-related benefits should also be assessed against how frequently those benefits will be used.
Fidelity Bank Visa Signature and Visa Infinite Cards
Fidelity Bank’s premium card offering includes the Visa Signature Debit Card and Visa Infinite Credit Card.
The Visa Signature Debit Card draws from the customer’s available funds, while the Visa Infinite Credit Card provides an approved credit facility.
Benefits associated with the Visa Infinite Credit Card include unlimited complimentary access to more than 850 LoungeKey lounges for the cardholder and one guest per visit, concierge services, benefits at more than 900 hotels, multi-trip travel insurance and discounted personal fast-track services at more than 380 international airports.
For frequent travelers, airport lounge access can provide a more comfortable place to wait between flights, while concierge services may assist with selected travel arrangements. The value of these benefits will depend on usage, eligibility and the applicable terms.
Customers considering the Visa Signature Debit Card should also review its separate benefits schedule before making a decision.
Debit card or credit card: Which is better?
Neither option is automatically better for every customer or transaction. The right card is the one that fits the customer’s spending habits, financial position and repayment capacity.
A practical approach may be to use:
A debit card for routine expenses and purchases that can be paid for immediately.
A credit card selectively for planned expenses supported by a clear repayment strategy.
A premium debit or credit card when the associated travel and lifestyle benefits match established spending patterns.
The objective is to choose deliberately rather than simply using whichever card is closest at the time of payment.
How to request a Fidelity Bank card
Eligible Fidelity Bank debit cards can be requested through the Fidelity Mobile App. Customers interested in a credit card or Fidelity Bank’s premium card suite can visit a branch or speak with a relationship manager to discuss eligibility, fees, repayment terms and available benefits.
Before applying, customers should review the card’s currency, charges, transaction limits, repayment obligations and benefit terms.
Make every card payment a considered decision
Choosing between a debit card and a credit card begins before the transaction.
Ask yourself whose money is being spent today, how the payment will affect your available balance and what financial obligation will remain tomorrow.
When the card matches the expense and the customer has a clear spending or repayment plan, it becomes more than a convenient payment tool. It becomes part of responsible money management.
admin by — October 1, 2026 in Business 0