The Nigerian Upstream Petroleum Regulatory Commission has urged members of the Crude Oil Refinery Owners Association of Nigeria to consider acquiring oil blocks in upcoming licensing rounds as a long-term solution to crude supply challenges.

The Commission Chief Executive, Mrs Oritsemeyiwa Eyesan, made the call during a recent courtesy visit by CORAN members to the NUPRC headquarters in Abuja, where both parties discussed ways to strengthen domestic refining capacity and ensure sustainable crude supply.

According to details of the meeting provided by the CORAN spokesperson, Eche Idoko, on Friday, Eyesan said, “Encouraging indigenous refiners to participate in upstream asset ownership would create more stable and commercially viable crude supply arrangements while also deepening local participation across the petroleum value chain.”

She assured the refiners that Nigeria has adequate crude resources to meet domestic refining needs and reiterated the commission’s commitment to policies that promote in-country value addition.

The NUPRC boss also advised refinery operators to adopt long-term crude supply contracts with producers as a practical approach to guaranteeing feedstock availability, improving operational planning, and achieving pricing stability.

However, she noted that infrastructure gaps remain a major hurdle to seamless crude delivery, citing inadequate pipeline networks, evacuation bottlenecks, storage constraints, marine logistics, and other supply chain challenges as areas requiring urgent investment and coordinated efforts.

Members of CORAN commended the commission’s ongoing regulatory reforms and its support for domestic refining, while stressing the need for effective implementation of frameworks that ensure consistent crude supply to local refineries.

Industry stakeholders have repeatedly highlighted that improved access to crude feedstock is critical to reducing Nigeria’s dependence on imported petroleum products, enhancing energy security, conserving foreign exchange, and creating jobs through the growth of local refining capacity.

Idoko said the meeting is part of ongoing engagements between regulators and private refinery operators aimed at unlocking the full potential of Nigeria’s downstream petroleum sector.

The President of the Dangote Group, Aliko Dangote, has announced that the expansion of the Dangote Petroleum Refinery to a production capacity of 1.4 million barrels per day will generate employment for no fewer than 95,000 skilled workers at peak construction.

According to a statement by the firm, Dangote disclosed this on Saturday in Lagos during his induction as an honorary fellow of the Nigerian Academy of Engineering, describing the project as a major milestone in Nigeria’s industrial transformation.

According to him, the expansion underscores the group’s continued commitment to engineering excellence, job creation, and sustainable economic growth.

“This award is particularly meaningful because it recognises what we are doing in the industry, especially our commitment to employing engineers and skilled professionals. At the peak of construction for this expansion, we expect to have about 95,000 skilled workers on site, and we will continue to grow,” Dangote said.

Upon completion, Dangote said the expanded refinery will surpass the Jamnagar refinery in India to become the largest refinery in the world, significantly strengthening Nigeria’s refining capacity.

Dangote noted that the project would rely heavily on Nigerian expertise, creating substantial opportunities for engineers, technicians, artisans, and other skilled professionals. He added that the expansion reflects the group’s long-term vision for industrialisation in Nigeria and across Africa.

Beyond employment generation, the refinery said the expansion is expected to stimulate local manufacturing, enhance technology transfer, and deepen Nigeria’s oil and gas value chain.

It will also improve fuel security, reduce dependence on imported petroleum products, and deliver significant foreign exchange savings for the Nigerian economy.

“The scale of this expansion reflects our confidence in Nigerian capacity and our belief that Africa has the ability to build world-class infrastructure that meets global standards,” Dangote stated.

In his remarks, the President of the Nigerian Academy of Engineering, Prof Rahamon Bello, described the honour as well-deserved, noting that Dangote’s impact transcends physical infrastructure.

“What makes this recognition fitting is not only what has been built but also what has been inspired. Alhaji Aliko Dangote’s journey continues to motivate a new generation of engineers, entrepreneurs, and innovators to think boldly, act decisively, and believe in the immense possibilities within our continent,” Bello said.

From the current 650,000 bpd, Dangote plans to scale up the refinery in three years.

 

Africa’s Global Bank, United Bank for Africa (UBA) Plc has announced its audited financial results for the year ended December 31, 2025, recording total assets growth of 9.4 per cent to N33.2 trillion up from N30.3 trillion at the end of 2024, alongside an 11.8 per cent increase in customer deposits from N24.3 trillion in 2024 to N27.2 trillion.

 

The results released to the Nigerian Exchange Limited on Friday, showed that the Group also delivered strong gross earnings of N3.09 trillion from N3.19 trillion recorded the previous year. Although recording a slight drop in gross earnings, the performance was still strengthened by resilient core business fundamentals and a diversified Pan-African footprint, even as the year reflected a strategic repositioning of its balance sheet for sustainable long-term growth.

 

Overall, the bank’s 2025 performance was impacted by prudent and forward-looking risk management decisions, including loan loss provisions of N331 billion and fair value changes on derivatives amounting to N278 billion.

 

These changes which are largely non-recurrent in nature, weighed on profitability but are not expected to recur at similar magnitudes in future periods.

 

Despite this, the Group maintained strong underlying performance, with operating profit exceeding N1 trillion before these exceptional items, highlighting the resilience of its core banking operations.

 

A critical look at the performance showed that UBA’s capital position remained robust, with shareholders’ funds rising to N4.25 trillion in 2025; up from N3.42 trillion the previous year, with share capital and premium hitting N505 billion following a very successful rights issue.

 

The Group’s capital adequacy ratio of 23.2 percent provides a solid foundation to support future growth, just as the Bank has also strengthened its recovery efforts, with a fortified recovery team aggressively pursuing delinquent exposures, ensuring that recoveries will positively impact earnings from full year 2026 and beyond.

 

Operating in 20 African countries and in the US, UK, France and UAE, the Group’s Pan-African operations continue to be a major growth driver, contributing over 50 per cent of total assets, revenue, and profit. Notably, West Africa operations recorded a 53 per cent profit growth, while East and Southern Africa delivered a 61 per cent increase, reinforcing the strength and scalability of UBA’s diversified business model across the continent.

 

Commenting on the results, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, said, the bank continues to demonstrate the true strength of its Pan-African diversified model, despite the moderation in bottom-line performance compared to the prior year’s highs, as core business engines, especially in the subsidiaries outside Nigeria delivered double-digit growth.

 

“The 2025 financial year was defined by UBA’s proactive approach to the Central Bank of Nigeria’s (CBN) new recapitalization requirements. The Group successfully concluded capital raising programme, which was oversubscribed, reflecting strong investor confidence in UBA’s long-term growth strategy. A total of N395 billion additional capital was raised, enhancing our capacity to support our footprints, and expanding lending to key sectors.”

 

Continuing the GMD said, “We have also made significant investments in innovation, technology and resources to drive our payment and digital offerings; this will help scale digital-led income streams across our markets.”

 

In his forecast for the 2026 financial year, Alawuba stated, “Looking ahead, UBA is well-positioned to accelerate growth, with plans to strategically expand its risk asset base across key sectors as macroeconomic conditions improve. With expectations of over N1 trillion in additional growth in the near term, the Group remains committed to driving sustainable earnings, deepening financial inclusion, and delivering superior value to shareholders across all its markets.”

 

On his part, UBA’s Executive Director, Finance & Risk Management, Ugo Nwaghodoh, said the 2025 financial year marked a deliberate strengthening of the balance sheet and a shift toward more sustainable, higher-quality earnings in a normalizing macroeconomic environment.

 

“We believe that proactively recognizing potential credit losses positions us well to navigate uncertainties and support sustainable performance in future periods. The reversal of prior-year derivative gains and foreign exchange-related losses of N282.5 billion drove a decline in non-interest income; these will not recur in this magnitude and should result in future earnings upside,” he explained.

 

According to him, despite the impact of these changes on profitability, the bank’s core business fundamentals as well as its capital and liquidity positions remain strong, with shareholders’ funds now at N4.25trillion and capital adequacy ratio at 23.2 per cent, having exited the CBN forbearance regime in 2025.

 

“With deliberate steps we have taken to reposition our Nigerian operations, we are well placed to cautiously drive risk asset growth in line with improving macroeconomic conditions. The bank is also intensifying recovery efforts on the provisioned loans, creating a clear pathway for earnings upside,” Nwaghodoh explained.

 

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.

The Nigerian Communications Commission has unveiled a national strategy to accelerate the adoption of Internet Protocol version 6, setting out clear targets for government agencies, telecommunications operators, and private sector players as it seeks to close a widening gap with global peers and strengthen its digital infrastructure.

The roadmap, launched on Thursday at the inauguration of the Nigeria IPv6 Council in Lagos by the NCC, aims to lift the country’s IPv6 adoption rate from roughly 5 per cent today to levels comparable with leading African economies within the next three years and to about 30 per cent by 2030.

Speaking at the event, the Executive Vice Chairman of the regulator, Aminu Maida, framed the transition as critical to Nigeria’s economic competitiveness and digital sovereignty, warning that continued reliance on the legacy IPv4 system risks constraining growth in next-generation technologies.

“IPv6 is no longer optional; it is a strategic necessity for national competitiveness, security, and economic sovereignty,” the executive said, noting that global IPv4 address reserves have been exhausted while demand for connectivity continues to surge, driven by 5G, cloud computing, artificial intelligence, and the Internet of Things.

Under the strategy, at least 20 per cent of government networks are expected to become IPv6-compliant by 2027, while a minimum of 25 per cent of telecom operators are to actively deploy the protocol. Nationwide adoption is projected to reach approximately 30 per cent by the end of the decade.

The newly inaugurated council, which operates as Nigeria’s chapter of the global IPv6 Forum, has been tasked with coordinating implementation across sectors, including developing monitoring frameworks, issuing annual progress reports, and advising on policy incentives to accelerate uptake.

It will also work with the African Network Information Centre to deepen technical capacity as part of broader efforts to address a persistent skills gap in network engineering.

Industry stakeholders say the targets are ambitious but achievable, provided there is sustained coordination between regulators, operators, and enterprise users.

Data presented at the launch show Nigeria lagging behind global benchmarks, with IPv6 adoption at about 5 per cent, compared with a global average exceeding 40 per cent and an African average of around 6 per cent.

This is despite the country having more than 200 Autonomous System Numbers and over 100 networks that have already secured IPv6 address allocations. Only a fraction, however, are actively deploying the protocol or assigning IPv6 addresses to end users.

According to the Chief Executive Officer of the Internet Exchange Point of Nigeria, one of the key bottlenecks is the continued functionality of IPv4, which reduces the urgency for migration among operators.

“Because IPv4 still works, many organisations are not under immediate pressure to transition,” he said. “The shift requires investment in infrastructure, training, and awareness, and many are unsure of the immediate commercial returns.”

weakens demand, as most consumers are indifferent to the underlying internet protocol as long as connectivity is maintained.

Stakeholders at the event point to broader structural challenges, including funding constraints and a shortage of skilled professionals, as barriers to faster adoption. While Nigeria has trained a number of engineers in IPv6 deployment through public and private initiatives, many have emigrated, creating a recurring talent deficit.

The council plans to train at least 50 additional professionals by October this year as part of its initial capacity-building efforts, with a longer-term goal of establishing a nationwide pipeline of certified engineers.

Funding remains another constraint. Much of the council’s current work is being supported through contributions from stakeholders, raising questions about the sustainability of large-scale implementation without dedicated financing mechanisms.

The strategy places significant emphasis on public sector leadership, requiring government ministries, departments, and agencies to migrate their digital infrastructure to dual-stack or IPv6-native systems.

Private sector players, including telecom operators, internet service providers, data centres, and financial institutions, are expected to follow suit by upgrading infrastructure and integrating IPv6 into procurement and network expansion plans.

The regulator is also expected to introduce incentives and standards to drive compliance, though details of these measures are yet to be fully outlined.

The transition to IPv6 is essential for scaling Nigeria’s digital economy, which is projected to generate more than $15bn in value, as well as for improving cybersecurity and enabling emerging technologies.

IPv6 offers a vastly expanded address space compared with IPv4, allowing for direct device-to-device connectivity and reducing reliance on network address translation, a workaround that can limit performance, traceability, and security.

Technology leaders warn that failure to accelerate adoption could deepen Nigeria’s technological dependence and erode its competitiveness.

“We cannot continue to rely on legacy systems while the rest of the world moves forward,” industry oracle Chris Uwaje said. “IPv6 adoption requires a national mindset shift, one that prioritises infrastructure, skills, and digital independence.”

The Nigerian National Petroleum Company Limited has raised the alarm over the circulation of false information claiming that it is selling refinery scrap materials, equipment, and components to individuals and private firms.

This was contained in a statement signed by the NNPC Chief Corporate Communications Officer, Andy Odeh, on Friday. In the statement, the company categorically denied issuing any request for bids, tenders, expressions of interest, or approvals for the sale of scrap materials or refinery components from the Port Harcourt, Warri, and Kaduna refineries.

“NNPC Limited wishes to alert the public to the circulation of misleading and false information suggesting that the company is selling scrap materials, equipment, or components from its refineries to individuals and private companies,” the company said.

The NNPC stated that the claims being circulated were misleading and untrue, stressing that it has not authorised the sale of any items from the warehouses or inventories of its refineries.

“The company wishes to categorically state that this information is untrue. NNPC Limited has not issued any request for bids, tenders, expressions of interest, or approvals for the sale of scrap materials, refinery components, or any items from the warehouses or inventories of any of its refineries,” it was stated.

It also disclosed that it had received reports of individuals falsely presenting themselves as its representatives or agents, claiming to facilitate the sale of so-called scrap metals and refinery equipment.

It warned that such individuals are not authorised and are attempting to mislead members of the public. The NNPC, therefore, advised the public, corporate organisations, and industry stakeholders to disregard any such claims or solicitations, urging them to exercise caution when dealing with persons making such representations.

“For the avoidance of doubt, NNPC Limited is not conducting, nor has it authorised, any sale of scrap metals, equipment, or refinery components from any of its facilities,” the company stated.

It added that any legitimate disposal of assets would only be conducted through established and transparent processes, publicly communicated via its official channels, and in line with applicable regulations.

The oil firm further encouraged members of the public who encounter individuals or entities making such claims to report the matter to the appropriate law enforcement authorities. It reiterated its commitment to transparency, accountability, and the responsible management of national energy assets.

“Any legitimate disposal of assets by NNPC Limited will only be conducted through established and transparent processes, publicly communicated through the company’s official channels, and in accordance with applicable regulations.

“Members of the public who encounter individuals or entities making such claims are encouraged to report the matter to the appropriate law enforcement authorities. NNPC Limited remains committed to transparency, accountability, and the responsible management of national energy assets,” the statement concluded.

The three NNPC refineries have remained idle over the years as efforts to revive them proved abortive. While stakeholders expressed concerns that the refineries may never work again, the NNPC Group Chief Executive Officer, Bayo Ojulari, said they would be revived.

Coronation Group Limited, a leading African financial services conglomerate, has announced that GCR Ratings has upgraded its national-scale long- and short-term issuer ratings to A- and A1, respectively, from BBB+ and A2, with a Stable Outlook.

It stated in a statement on Friday that the rating action reflects sustained improvements in the Group’s capitalisation, earnings resilience, and balance sheet quality. “It also reinforces Coronation’s strong competitive position within Nigeria’s financial services sector and its ability to execute consistently across market cycles,” the firm stated.

It also noted that GCR pointed out that the upgrade is underpinned by Coronation’s strengthened capital base, improved earnings generation, and disciplined risk management, supported by a well-diversified operating model spanning asset management, investment banking, private markets, securities trading, trusteeship, and registrar business verticals.

In its commentary, GCR stated that the rating action reflects “the Group’s improved capitalisation, enhanced earnings capacity, and disciplined risk management, which collectively support a stronger credit profile and underpin the Stable Outlook.”

The Stable Outlook further reflects expectations that Coronation will maintain its current financial profile over the medium term, supported by internal capital generation, controlled risk appetite, and continued strategic execution.

Commenting on the upgrade, Managing Director/Chief Executive Officer of Coronation Group Limited, Wole Onasanya, said, “This upgrade affirms the strength of our strategy, governance, and execution discipline. It reflects the deliberate steps we have taken to strengthen our capital base, enhance earnings quality, and build a resilient, diversified financial services platform.

“We remain focused on delivering sustainable long-term value to our clients and stakeholders, while maintaining a disciplined risk culture and positioning the Group for continued growth across our core markets.”

The upgrade positions Coronation within the upper tier of nationally rated financial institutions, strengthening its standing with counterparties, investors, and regulators. It also enhances the Group’s ability to access funding markets on more competitive terms as it continues to scale its operations.

Coronation remains focused on deepening its integrated platform, leveraging innovation, expertise, and strong governance to drive sustainable growth, while maintaining financial strength and resilience in an evolving macroeconomic environment.

Africa’s richest man, Aliko Dangote, has unveiled plans to build another 650,000 barrels-per-day refinery in East Africa, signalling an ambitious expansion of his refining footprint beyond Nigeria as the continent seeks to cut reliance on imported fuel.

Dangote disclosed this during a presidential panel at the Africa We Build Summit, organised by Africa Finance Corporation, on Thursday in Nairobi, saying his company is ready to replicate the scale and model of its Lagos-based refinery if governments in the region provide the needed support. Our correspondent monitored the proceedings of the panel session.

He sought the support of East African governments to replicate his Nigeria-scale refinery in the region in a move that could reshape fuel supply.

His remarks came as Kenya, Uganda, and Tanzania intensified talks to establish a joint refining hub in the Tanzanian port city of Tanga, a project expected to process crude from across the region, including supplies from the Democratic Republic of Congo and South Sudan.

Speaking at the forum, Dangote expressed confidence in the feasibility of the project, citing his experience in delivering the 650,000bpd refinery in Nigeria.

He said, “I can give commitment to the presidents here today that if they support the refinery, we will build the identical one that we have in Nigeria, a 650,000 barrels-per-day refinery. The discussions are still early, but it will work. There is nothing that can stop it. We have done it before in Nigeria, and that is why we are taking this bold step again.”

Dangote revealed that his group had already commenced expansion works in Nigeria to scale up refining capacity to 1.4 million barrels per day, a move he said would position the facility as the largest refinery in the world.

“We have already started piling for the expansion. We are building it to a scale of 1.4 million barrels per day. It will be the largest refinery globally. That also means we will account for about 10 per cent of the entire refining capacity of the United States, alongside significant petrochemical production,” he added.

The billionaire industrialist stressed that Africa must prioritise industrial self-sufficiency, warning that continued dependence on imports exposes economies to severe price shocks. He cited recent volatility in global petrochemical markets as evidence of the risks.

“Look at what is happening today. If not for the local production of polypropylene in Nigeria, many businesses would have collapsed. Cement packaging, flour, rice, grains—everything depends on it. In just 45 days, the price jumped from about $900 per tonne to nearly $3,000 per tonne. That tells you why we must build local capacity and stop relying on imports,” Dangote said.

According to him, the proposed refinery will not only deepen Africa’s refining capacity but also unlock large-scale investment opportunities for the continent. “We now have strong financial institutions that are willing to support big-ticket projects, and we also have the vision to execute them. This was not the case years ago.

“There was a time in Nigeria when interest rates were as high as 44 per cent. We had to rely on international institutions like the IFC to raise about $478m for our early projects. Today, the landscape has changed significantly,” he said.

Dangote also disclosed plans to open up ownership of his refinery business to African investors, promising dollar-denominated returns. “We want all Africans to invest. This is a continental asset, and we will be paying dividends in dollars. It will deepen the market and give Africans a stake in critical infrastructure,” he added.

On timelines, he said the East African refinery could be delivered within four to five years once agreements are reached. “My commitment is that if we agree with three or four governments in the region, we will lead the process and ensure that the refinery is built within the next four or five years,” he stated

Earlier, Kenya’s President, William Ruto, confirmed that discussions were ongoing with Dangote and regional partners to establish a joint refinery in Tanga.

Ruto said, “We are going to have a joint refinery in Tanga to benefit all of us because that refinery will take crude from the DRC, Kenya, South Sudan, and Uganda. We are in talks with Dangote to see how we can collaborate on building a refinery in the region. This is part of our broader strategy to strengthen energy security and reduce dependence on imported petroleum products.”

He added that the project would be supported by a pipeline linking Kenya’s coastal city of Mombasa to Tanga, ensuring a steady supply of crude to the facility.

Industry data shows that about 75 per cent of refined petroleum products consumed in East and Southern Africa are imported, largely from the Middle East, exposing the region to supply disruptions and price spikes, particularly during geopolitical tensions.

The push for a regional refinery gained urgency following recent global supply uncertainties, including disruptions linked to tensions involving Iran, which highlighted Africa’s vulnerability to external shocks.

The planned refinery also comes as Uganda advances its own refining ambitions, having signed a deal in 2024 with UAE-based Alpha MBM Investments to develop a 60,000bpd plant.

Dangote’s refining expansion builds on the successful rollout of his 650,000bpd refinery in Lagos, which commenced operations in 2024 and is designed to meet Nigeria’s domestic fuel demand while exporting surplus products.

The facility is widely regarded as Africa’s largest refinery and a cornerstone of efforts to transform the continent from a net importer of refined petroleum products to a refining hub.

Beyond refining, Dangote also announced plans to establish about 20 fertiliser blending plants across Africa by 2028, further deepening his footprint in the continent’s industrial value chain.

Energy experts say the proposed East African refinery, if realised, could significantly alter Africa’s fuel supply dynamics, reduce import dependence, and enhance regional energy security.