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FG issues fresh petrol import permits

The Federal Government, through its Nigerian Midstream and Downstream Petroleum Regulatory Authority, has approved fresh imports of petrol and diesel for the third quarter of 2026 (July – September) as authorities move to prevent potential supply shortages in the domestic market, according to a report by global energy intelligence firm Argus Media.

The report published on Tuesday, which cited regulatory and industry sources, said the latest approvals were issued to major downstream operators amid declining fuel stock levels and concerns over reduced gasoline production at the Dangote Petroleum Refinery.

The move comes as Nigeria continues to balance increasing local refining capacity with the need to guarantee adequate supplies of petroleum products across the country.

According to the Argus report, domestic firms including AA Rano, AYM Shafa, Bono Energy, Nipco, Matrix Energy and Pinnacle Oil received permits to import Premium Motor Spirit, popularly known as petrol, during the July-September period.

The publication further reported that the same companies, with the exception of Nipco, were granted approvals to import Automotive Gas Oil, commonly known as diesel. The fresh approvals follow an earlier batch of petrol import permits issued by the regulator in May, covering about 720,000 metric tonnes.

Quoting a regulatory source, Argus reported that many of the companies granted the latest approvals were among those that had received permits in previous rounds. “These are some of the same ones that previously received the PMS permits,” the source was quoted as saying.

According to sources cited by the publication, AA Rano and Matrix Energy each received approvals to import 180,000 metric tonnes of petrol. AYM Shafa received approval for 120,000 metric tonnes, while Pinnacle Oil received a permit covering 150,000 metric tonnes.

For diesel imports, Argus reported that AYM Shafa obtained a permit for 60,000 metric tonnes, while Pinnacle secured approval for 45,000 metric tonnes. The report stated that the import approvals were issued only recently after being delayed from an initial target date of June 15.

The report read, “The Nigerian Midstream Downstream Petroleum Regulatory Authority has issued clean product import permits for July to address supply shortages, according to sources. Domestic firms AA Rano, AYM Shafa, Bono, Nipco, Matrix and Pinnacle received gasoline import permits, while the same companies – minus Nipco – received gasoil import permits for the third quarter, sources said.

“The recipients are some of the same ones that [previously] received the PMS [gasoline] permits,” according to a regulatory source. A regulatory source quoted by the publication said the permits were approved to forestall projected supply gaps in the country’s fuel market.

“The permits were issued to head off projected shortfalls in supply”, the source said. “Issuance is still ongoing, so the final volume cannot be determined right now. But gasoline permits will likely be above 800,000T”, the source continued.

If achieved, the projected volume would exceed the total quantity approved under the second-quarter import programme. The approvals come at a time when fuel inventories are showing signs of tightening.

According to data referenced by Argus, petrol stock sufficiency in Nigeria declined by 1.7 days to 16 days in May, while diesel stock sufficiency dropped by eight days to 31 days during the same period. Such declines often prompt regulators to take precautionary measures to ensure uninterrupted supply across the country.

The report linked the reduction in stock levels to lower gasoline production at the Dangote Petroleum Refinery in Lekki, Lagos. According to figures cited by Argus, gasoline production at the refinery fell by 16 per cent to 44.7 million litres per day, while diesel production increased by four per cent to 24.5 million litres daily.

Market participants quoted in the report attributed the drop in petrol output to maintenance activities on the refinery’s Residual Fluid Catalytic Cracker, one of its major gasoline-producing units.

Argus reported that a source close to the refinery described suggestions linking increased exports of low-sulphur straight-run fuel oil and the maintenance programme as “partially correct” but declined to provide additional details.

The Dangote refinery did not respond to requests for comment, according to the publication. The report also noted that recent movements in international fuel prices could make imports more attractive to independent marketers.

Argus said front-month Eurobob oxy swaps, increasingly used as the benchmark for gasoline trade in West Africa, averaged $946.25 per tonne in June, down from $1,128.50 per tonne during the corresponding period in May.

Similarly, offshore Lomé ship-to-ship diesel prices averaged $1,093.50 per tonne in June, compared to $1,409.25 per tonne in May. The lower international prices are expected to improve import economics for marketers seeking to supplement domestic supply.

Despite the availability of import permits, however, the report suggested that marketers may not fully utilise all approved volumes. According to preliminary vessel-tracking data from Kpler cited by Argus, independent marketers are expected to import about 354,000 metric tonnes of petrol during the current quarter.

The figure is substantially lower than the 720,000 metric tonnes approved under the second-quarter permit programme. The sources attributed the gap partly to the timing of the approvals, noting that marketers had limited time to execute import plans because the permits were issued midway through the quarter.

Meanwhile, the Dangote refinery is projected to import about 257,000 metric tonnes of gasoline during the current quarter, according to Kpler data referenced in the report.

Although the refinery operates as a free zone enterprise and does not require import permits to bring in foreign products, it must obtain regulatory approval from the NMDPRA before imported cargoes can be discharged into the Nigerian market.

The latest approvals underscore the continued role of imports in Nigeria’s fuel supply chain despite significant investments in domestic refining capacity.

The Dangote Petroleum Refinery, which began supplying refined products to the local market last year, has helped reduce Nigeria’s dependence on imported fuel. However, industry stakeholders maintain that imports remain necessary whenever local production falls short of demand or when refineries undergo maintenance.

admin by — June 24, 2026 in Business 0
Investors warned as SEC halts Dangote IPO publicity

Investors warned as SEC halts Dangote IPO publicityThe Securities and Exchange Commission has directed capital market operators to immediately halt all promotional activities relating to a purported initial public offering by Dangote Petroleum Refinery & Petrochemicals FZE, warning that it has neither received nor approved any application for such an offer.

The directive was contained in a public notice issued by the commission on Tuesday amid the circulation of advertisements, flyers, digital banners and targeted electronic mails promoting a supposed public offering by the refinery.

The SEC said it had become aware of the materials being circulated across social media platforms and investment channels and expressed concern over the involvement of some Registered Capital Market Operators in the exercise.

According to the commission, “The Securities and Exchange Commission has banned the marketing and promotion of a purported initial public offering by Dangote Petroleum Refinery & Petrochemicals FZE, warning that no application for such an offer has been filed with or approved by the regulator.”

The regulator described the ongoing pre-marketing campaign as an “unwholesome and manipulative exercise,” noting that some operators were actively soliciting advance subscriptions for an offer that had not been presented to the Commission.

It warned that such activities were capable of misleading investors and damaging confidence in the capital market. The notice stated that the activities were “capable of misleading investors, distorting market expectations, creating information asymmetry and generally undermining the integrity of the capital market.”

The commission added that invitations urging investors to create accounts, pre-fund investments or secure guaranteed allocations amounted to market manipulation and constituted a “serious violation of the Investments and Securities Act.”

Consequently, the SEC directed all Registered Capital Market Operators, particularly stockbrokers and digital platform promoters, to immediately stop all promotional activities relating to the purported offer.

It ordered operators to “cease with immediate effect from publishing, reposting, or distributing any promotional material, flyer, or commentary relating to the acquisition or allocation of shares in the refinery.”

The commission also directed operators to remove all unauthorised marketing materials from their websites, social media platforms and messaging groups within 24 hours.

The SEC also instructed operators to stop accepting deposits, commitments, account openings or expressions of interest from investors in connection with the purported public offer.

The regulator further ordered operators to “reverse and refund all funds already collected in connection with this purported offering to clients within 24 hours of this notice.”

It warned that any operator that failed to comply with the directive would be sanctioned in accordance with the provisions of the Investments and Securities Act 2025 and the SEC Rules and Regulations.

The commission also advised investors to exercise caution and rely only on official communications issued through its approved channels.

It stated, “All such high-pressure marketing tactics, or transfer of funds to any operator for ‘pre-IPO’ placement should be ignored as they did not receive the commission’s approval.”

The SEC assured investors that if it eventually receives and approves an application for a public offering by Dangote Petroleum Refinery & Petrochemicals FZE, an approved prospectus would be made available to the investing public in line with the provisions of the Investments and Securities Act 2025.

The PUNCH earlier reported that the Dangote Group plans to sell a 10 per cent stake in its $20bn, 650,000-barrel-per-day refinery through a landmark Pan-African Initial Public Offering in 2026.

admin by — June 24, 2026 in Business 0
Why Ekiti election exposes serious danger to 2027 polls – Analyst

A public affairs analyst, Godwin Omini, said the outcome of the Ekiti 2026 governorship election sends a dangerous signal ahead of 2027 elections.

He disclosed in a statement on Monday, noting that Saturday’s election in Ekiti exposed the Independent National Electoral Commission’s alleged partiality.

Recall that on Sunday, INEC had declared Biodun Oyebanji as the winner of Saturday’s governorship election.

The ruling All Progressives Congress’s Oyebanji won the polls ahead of the gubernatorial candidates of the Peoples Democratic Party and African Democratic Congress.

Reacting, Omini said Ekiti State has once again brought to the fore serious concerns about the conduct and neutrality of INEC.

“These developments raise profound questions about the Commission’s ability to serve as an impartial umpire in future elections, particularly the 2027 general elections.

“Indications emerged that INEC officials allegedly colluded with the ruling All Progressives Congress (APC) by facilitating the transfer of approximately 400,000 uncollected Permanent Voter Cards (PVCs) to the ruling party.

“These cards were reportedly distributed to non-indigenes in a manner that compromised the electoral process and undermined the will of genuine voters in Ekiti State.

“This alleged collaboration points to a troubling pattern of partiality that erodes public confidence in Nigeria’s electoral system,” he stated.

admin by — June 23, 2026 in News 0
ADC candidates reject Adamawa LG election results, demand fresh poll

The chairmanship and councillorship candidates of the African Democratic Congress (ADC), who participated in the June 13, 2026, local government election in Adamawa State, have rejected its outcome.

Describing the election as a charade, the candidates are calling for a fresh poll.

The election in question produced chairmen-elect of the state’s 21 local government areas and councillors-elect for 226 wards, all from the Peoples Democratic Party (PDP).

Addressing journalists in Yola, the candidates alleged that the exercise conducted by the Adamawa State Independent Electoral Commission (ADSIEC) lacked the basic ingredients of credibility.

One of the candidates, Abubakar Ahmadu, who spoke for all the candidates, said, “We wish to state emphatically that elections did not hold in all the local government councils across the state on June 13, 2026. We therefore wonder how results were concocted and how winners emerged.”

Ahmadu alleged that the announced results did not reflect the will of the people and could not be accepted.

“The purported conduct of the Adamawa council poll represents the height of electoral banditry,” he declared.

The ADC candidates called on democracy advocates and constitutional rights groups to intervene and defend democratic principles in the state.

Insisting that they do not recognise the announced winners, the ADC candidates demanded that ADSIEC fix a new date for a credible, transparent and inclusive local government election across Adamawa State.

admin by — June 23, 2026 in News 0
Plateau govt condemns attack on Bokkos community, orders security crackdown

Plateau State Government has condemned the attack on Kawel community in Mushere Chiefdom of Bokkos Local Government Area, which left several residents dead and others injured.

In a statement issued on Monday by the Commissioner for Information and Communication, Joyce Ramnap, the government described the attack as senseless and expressed condolences to the families of the victims.

The government said the incident highlighted the need for sustained efforts to tackle criminal elements threatening peace and stability in the state.

Governor Caleb Mutfwang has directed security agencies to intensify operations in the affected area and ensure that those responsible for the attack are identified, arrested and prosecuted.

The governor also directed emergency management and humanitarian agencies to provide support to victims and affected families, including those receiving treatment in hospitals.

The state government reaffirmed its commitment to protecting lives and property and preventing criminal elements from undermining efforts aimed at promoting peace and development in Plateau.

It urged residents of Kawel community, Mushere Chiefdom and other parts of the state to remain calm and cooperate with security agencies by providing credible information to aid ongoing investigations and operations.

The government also warned against reprisals, stressing that those responsible for the attack would be brought to justice through lawful means.

It assured residents of its commitment to maintaining peace, security and the rule of law across the state.

admin by — June 23, 2026 in News 0
Troops rescue 47 captives in fresh Borno operation

Troops of the Joint Task Force, North East, Operation HADIN KAI, have rescued more than 47 persons, mostly women and children, who were held captive by suspected Islamic State West Africa Province, ISWAP, fighters in Kangarwa, Kukawa Local Government Area of Borno State.

The development was disclosed in a statement issued on Monday by the Acting Military Information Officer of Operation HADIN KAI, Captain Mohammed Goni.

According to the statement, the victims were rescued on June 20, 2026, following sustained military operations targeting ISWAP enclaves in the Lake Chad region.

The military said continuous ground and air offensives mounted by troops forced the terrorists to abandon their positions, creating an opportunity for the captives to regain their freedom.

“The successful rescue operation was made possible through sustained aggressive pressure and relentless offensive operations conducted by OPHK troops against ISWAP enclaves in the Lake Chad region,” the statement said.

Military authorities said the sustained offensive disrupted activities within the terrorist camps, creating an opportunity for the captives to break free.

“The unrelenting ground and air offensives forced the terrorists to abandon their positions in confusion, enabling the victims to escape from prolonged captivity,” the statement added.

According to Operation HADIN KAI, the rescued persons have been moved to a secure location where they are receiving medical attention and humanitarian support.

The military further disclosed that relevant agencies are working to facilitate the reintegration of the victims into their communities.

“This rescue further highlights the commitment of OPHK troops to not only degrade terrorist capabilities but also to secure the release of innocent civilians held against their will,” the statement said.

Operation HADIN KAI reaffirmed its commitment to sustaining military operations across the North-East, noting that efforts would continue to dismantle remaining terrorist networks and restore peace to affected communities.

admin by — June 23, 2026 in News 0
Nigerians raise concerns over IMF’s proposed telecoms, petrol taxes

The International Monetary Fund, IMF, recommendation of more taxes on telecommunication services and petroleum products for the Nigerian government has sparked angry reactions from the citizens.

It could be recalled that recently, the IMF recommended introducing taxes on fuel products and telecommunications services in Nigeria as part of broader measures to increase government revenue and create fiscal space for development spending and social interventions.

This was contained in its Article IV report on Nigeria.

DAILY POST reports that the reactions that followed were spontaneous due to past experiences with the IMF.

Although Nigeria has dismissed reports suggesting it had adopted or was considering the introduction of new taxes on telecommunications services and petroleum products following recommendations contained in the latest IMF Article IV Consultation Report on Nigeria, Nigerians have continued to speak against the recommendation.

The government in a statement had stressed that recommendations contained in the IMF report were not binding on Nigeria and should not be interpreted as official government policy.

It maintained that decisions on taxation could only be made through constitutional and legislative processes and would be guided by national priorities and prevailing economic realities.

“The IMF Article IV Consultation Report contains the Fund’s assessment of Nigeria’s economy as well as recommendations for consideration by the authorities. Those recommendations do not amount to government policy and are not binding on Nigeria.

“Decisions on tax matters are taken through established constitutional and legislative processes and are guided by national priorities and prevailing economic realities,” part of the statement said.

Some Nigerians are of the view that such taxes would cripple businesses and deepen hardship, and that it would completely destroy whatever economic gains the current government had made in the last three years.

One of those who have spoken strongly against the negative impacts of such taxes is the chairman of the Alliance for Economic Research and Ethics LTD/GTE, Dele Oye.

He argued that such measures were insensitive and would further cripple businesses and deepen hardship for over 140 million poor Nigerians.

Oye insisted that Nigeria has the ability to grow its revenue without introducing additional taxes on struggling households and businesses, noting that tax collections rose by more than 180 percent in three years, from N10.1 trillion in 2022 to N28.3 trillion in 2025.

He noted that imposing fresh taxes on fuel and telecom services at a time when an estimated 140 million Nigerians live below the poverty line would amount to placing a heavier burden on citizens already grappling with inflation, high living costs and weak purchasing power.

He argued that Nigerian businesses were already weighed down by what he described as hidden taxes, including high borrowing costs, unreliable electricity, multiple levies imposed at different levels of government, foreign exchange volatility and security-related expenses.

He emphasised that commercial lending rates exceeding 35 percent and soaring energy costs have significantly increased the cost of doing business, warning that additional taxes could discourage investment and slow economic growth.

Also, a Lagos lawyer, who is versed in tax matters, Bolu Oyeniyi, equally questioned the rationale for introducing new taxes when improvements in tax administration could generate substantial additional revenue, citing the IMF’s own assessment that administrative reforms alone could deliver gains comparable to those expected from new tax measures.

Rather than imposing fresh levies, he wants the Federal Government to strengthen tax compliance, reduce the cost of governance, eliminate revenue leakages, formalise more of the informal economy and review tax incentives enjoyed by large corporations and extractive industries.

He further warned that taxing telecommunications would undermine digital inclusion and financial innovation, while additional taxes on fuel could ripple through the economy by increasing transport costs and driving up food prices.

He urged the government to prioritise economic recovery over new taxation and focus on creating an environment that enables businesses to grow and create jobs instead of placing additional burdens on consumers and entrepreneurs.

“The patient needs recovery time, not another surgery,” he said, urging the government to reject the IMF’s recommendations on telecom and fuel taxes and pursue reforms that expand the economy rather than deepen hardship.

Also contributing, a civil servant with the Lagos State Ministry of Commerce, Lanre Adebowale, condemned the IMF’s recommendation, warning the government against receiving further advice or recommendation from the international monetary agency.

He said he could remember how the same IMF’s advice in 1986 to the military government of Gen Ibrahim Babangida landed Nigeria in serious economic quagmire that it has not been able to extricate herself from ever since then.

He warned that no advice from the IMF will ever benefit any Nigerian, instead such economic advice would only bring more economic woes to Nigeria.

“I remember very well how the Babangida government destroyed Nigeria through borrowing from the IMF. One of the conditions for getting the loan then was for the government to implement an economic policy called the Structural Adjustment Programmes (SAP).

“This was the genesis of Nigeria’s economic crisis, which we are still struggling with till date,” he stated.

He lamented that the programmes which were designed to stabilize troubled economies, shrink government deficits and transition nations toward market-driven, globally competitive systems, ended up destroying Nigeria’s economy and inflicting grievous pains on Nigerians.

The core components of the programmes, according to him, included currency devaluation, privatization, cut in public spending, market liberalization and tax reforms.

“This was how state-owned enterprises like Nigeria Telecommunications Limited, NITEL, Nigeria Hotels, Nigeria Airways and a lot of other public companies which were the pride of Nigeria were sold at give-away prices to a few ‘connected’ individuals.

“It is the same IMF that has come again to recommend that our government should tax Nigerians again on petroleum products and telecommunications service. Remember that most household businesses have crumbled because there is no electricity and the price of fuel to power the generators has gone far beyond the reach of ordinary people at above N1200 per liter of petrol.

“Also, remember that Nigerians pay the highest in data among other nations of the world, a development that is still generating public outcry.

“And here we are reading about a recommendation from the same IMF to increase taxes on these products and services.

“This is quite unfortunate but the good news is that the government has come out to say it is not considering bringing more taxes on telecoms and petrol.

“That’s good enough, but going forward, I advise that Nigeria should not be listening to the IMF because it will always give advice that will favour it and not the one that will favour Nigeria,” he stated.

admin by — June 23, 2026 in News 0
Lagos Assembly swears in Adenike Oshinowo as first female clerk

Lagos State House of Assembly has inaugurated Barrister Adenike Oshinowo as the new Clerk of the Assembly following the retirement of Barrister Olalekan Onafeko.

Oshinowo, who was appointed on April 28, 2026, made history as the first woman to occupy the position since the establishment of the Assembly.

A specialist in legislative drafting, she is widely regarded for her experience in parliamentary administration, legal advisory services and public sector governance.

She obtained a Master of Laws, LL.M, degree in Legislative Drafting from the Nigerian Institute of Advanced Legal Studies and a Bachelor of Laws LL.B, degree from Lagos State University. She was called to the Nigerian Bar in 1995.

Oshinowo began her professional career in private legal practice before joining the Lagos State Civil Service in 1997 as a Legal Draftsman.

Her career within the Lagos State House of Assembly started in 1999, where she served until 2006 before moving to the Ministry of Justice. She later returned to the Assembly in 2008 and steadily advanced through various positions, eventually becoming Deputy Clerk in 2021 before her elevation to Clerk in 2026.

She belongs to several professional associations, including the Nigerian Bar Association and the International Bar Association.

Over the years, Oshinowo has received several recognitions for her service, including the Lagos State House of Assembly Long Service Award.

admin by — June 23, 2026 in News 0
Market liquidity tightens as NGX value slides to N151.3tn

NGXA heavy wave of profit-taking and technical price adjustments dragged the Nigerian Exchange Limited into negative territory during the week ended 19 June 2026, forcing a 3.59 per cent contraction in the benchmark All-Share Index to close at 235,941.27 points, JIDE AJIA reports.

This broad market retreat saw total Market Capitalisation slide to N151.327tn, tightening equity market liquidity despite a surge in gross transaction value to N254.614bn.

While a steep 10.49 per cent plunge in banking equities and heavy dividend markdowns on market bellwethers depressed index metrics, trading remained heavily concentrated within the financial services sector, which accounted for 67.44 per cent of the aggregate volume traded.

A pervasive bearish wave swept across the local bourse during the week under review, wiping billions off equity valuations and contracting market liquidity despite a late-week surge in gross transactional value.

The benchmark NGX All-Share Index and total Market Capitalisation depreciated by 3.59 per cent to close the week at 235,941.27 points and N151.327tn, respectively.

The performance reflected widespread portfolio rebalancing, profit-taking and significant price adjustments for heavyweight stocks that were marked down for dividends during the week.

Financials dominate

Market indicators revealed a tightening of aggregate liquidity as total trading volume plunged significantly.

Investors traded a total turnover of 3.075bn shares valued at N254.614bn in 287,157 deals.

This stands in contrast to a total of 4.964bn shares valued at N207.521bn that exchanged hands in the previous week in 235,966 deals.

As has become the standard on the trading floor, the Financial Services Industry led the activity chart by volume, with 2.074bn shares valued at N64.490bn traded in 121,981 deals.

The sector alone contributed 67.44 per cent and 25.33 per cent to the total equity turnover volume and value, respectively.

The Services Industry followed in second place with 175.743m shares worth N2.759bn in 19,590 deals.

The Consumer Goods Industry completed the top three spots, recording a turnover of 133.375m shares worth N12.680bn in 30,730 deals.

Among individual equities, trading in the top three volume leaders, Access Holdings Plc, Sterling Financial Holdings Company Plc and Jaiz Bank Plc, accounted for 819.234m shares worth N12.247bn in 21,809 deals.

Together, they contributed 26.64 per cent to the total weekly equity turnover volume.

Banking indices plunge

The bear run was felt uniformly across almost all sectors, as nearly all tracking indices finished lower, save for the NGX Sovereign Bond Index, which closed flat.

A deeper look at the sectoral metrics showed that the NGX Banking Index suffered a massive hit, plummeting by 10.49 per cent to close at 2,058.07 points.

Similarly, the NGX AFR Dividend Yield Index recorded the week’s steepest drop, crashing by 14.57 per cent to close at 30,847.23 points, heavily weighed down by stocks shedding their dividend values upon qualification dates.

Market breadth remained firmly negative throughout the week under review, with only 11 equities appreciating, lower than the 40 gainers recorded in the previous week.

Conversely, 78 equities depreciated in price compared to 53 in the prior period, while 57 equities remained unchanged.

Cornerstone Insurance Plc emerged as the top price gainer for the week, rising by 11.01 per cent to close at N6.05 per share.

It was followed by Academy Press Plc, which gained 8.72 per cent to close at N8.10, and Conoil Plc, which ticked up 8.25 per cent to end at N210.00.

On the flip side, International Energy Insurance Plc led the decliners, crashing by 28.83 per cent to close at N5.06.

Blue-chip financial entity First Holdco Plc also took a substantial hit, sliding by 20.29 per cent to close at N55.00, while John Holt Plc fell by 17.65 per cent to end the week at N11.20.

Dividends, listings, suspensions

The market’s benchmark downward pull was partially expected due to key price adjustments implemented by the Exchange during the week.

High-priced tickers were marked down for cash dividends, including Airtel Africa Plc, which was adjusted by N58.58 to an ex-dividend price of N3,962.62, and Dangote Cement Plc, which was adjusted by N45.00 to close at N1,110.00.

Other notable ex-dividend adjustments included Ecobank Transnational Incorporated Plc, which had a N2.18 markdown, UACN Plc with a N1.00 markdown, and FCMB Group Plc with a N0.35 markdown.

In corporate governance news, the Exchange implemented a full trading suspension on the shares of Fortis Global Insurance Plc effective Wednesday, 17 June 2026.

The regulatory freeze was enacted to enable the company’s registrars and the Central Securities and Clearing System Plc to reconcile records for a proposed share reconstruction framework and determine the final register of eligible shareholders.

Meanwhile, the NGX derivatives market recorded growth with the official listing of the NGX30Z6 and NGXPENSIONZ6 Futures Contracts on Monday, 15 June 2026.

The underlying index futures contracts are set to expire on 18 December 2026, providing institutional investors with a hedging mechanism against ongoing equity market volatility.

admin by — June 23, 2026 in Business 0
HBM Nigeria targets growth after corporate rebranding

HBM Nigeria targets growth after corporate rebrandingLafarge Africa Plc has officially changed its corporate identity and name to HBM Nigeria Plc, marking a new phase in the company’s operations following changes in its shareholder structure.

The company said in a statement on Monday the transition reflects its strategic evolution as a building solutions provider and aligns with its new ownership arrangement, while maintaining its operations, workforce, customer relationships and commitment to Nigeria’s infrastructure and economic development.

Speaking on the transition, the Group Managing Director and Chief Executive Officer, Lolu Alade-Akinyemi, said the new identity signals a new phase focused on operational efficiency, innovation, sustainability and long-term value creation.

“HBM Nigeria Plc represents an exciting new chapter in our journey as a leading building solutions company. While our corporate identity is evolving, our commitment to Nigeria remains unwavering. We remain focused on delivering quality cement, concrete, aggregates, and innovative building solutions that support infrastructure development, housing growth, and industrialisation.”

“This transition positions us for the future while reinforcing the values of excellence, sustainability, customer satisfaction, and responsible business practices that have defined our legacy for decades,” Alade-Akinyemi said.

He explained that the transition to HBM Nigeria Plc would be implemented through a phased process across the company’s operations nationwide.

According to him, employees, customers, shareholders, investors, host communities and other stakeholders should expect business continuity, continued investments and sustained efforts to create long-term economic and social value.

Chairman of HBM Nigeria Plc, Gbenga Oyebode, said the transition is intended to position the company for long-term growth while maintaining the values and principles that have guided its operations over the years.

Expressing confidence in the company’s new identity, Oyebode said, “I would like to express my sincere appreciation to our shareholders for their continued trust, to the Board and Management for their leadership, and to our employees whose dedication and commitment continue to drive the company forward.

“We are confident that HBM Nigeria Plc will continue to create sustainable value for shareholders, strengthen stakeholder trust, and deliver on its long-term ambitions.”

Also speaking at the unveiling, the Minister of Works, David Umahi, commended HBM Nigeria Plc, formerly Lafarge Africa Plc, for its contributions to infrastructure projects across the country.

Highlighting the company’s role in supporting the Federal Government’s infrastructure agenda, he said, “I can talk about Lafarge for a whole day because we have come a long way. Though the company is very strict and of high integrity, I can say that their products are impeccable.”

Among those present at the event were the Deputy Governor of Cross River State, Peter Odey; the representative of the Lagos State Governor, Olufemi Daramola; and the representative of the Ogun State Governor, Tokunbo Talabi.

Other attendees included government officials, traditional rulers from Cross River, Gombe and Ogun states, current and former board members, members of the company’s executive committee and business leaders.

The company stated that while the corporate identity change has taken effect, the rollout of operational integration processes, branding assets and customer-facing communications will continue across its operations to ensure business continuity and consistency for stakeholders.

admin by — June 23, 2026 in Business 0