TotalEnergies has reaffirmed its commitment to continuously improve initiatives that will improve on its local content delivery.

Speaking at the 9th Nigerian International Energy Summit, Mr. Cyprian Ojum, Deputy General Manager, Nigerian Content, TotalEnergies, emphasized that local content is a strategic priority, not just a compliance checkbox.

He stated that the Nigerian Oil and Gas Industry Content Development Act of 2010 is clear: every operator must treat local content as an operating philosophy, focusing on retaining value locally.

“This week, we are discussing content as a strategic priority. We are here to tell a story, one that centers on local consciousness. This is not about ticking a compliance checkbox or fulfilling a political obligation. It is about having a deliberate plan”

“The Nigerian Oil and Gas Industry Content Development Act of 2010 is very clear, every operator, alliance partner, project promoter, contractor, or any entity involved in monitoring the oil and gas industry in Nigeria must treat local content as an operating philosophy”

“From the moment a project is conceived, the key question becomes: what quantity of value will be retained locally at the end of this project? That is precisely how local content is defined under the 2010 Act. Project design must therefore be driven by value retention”.

“This is why, at the early stages of our projects, we engage in extensive iterations with the SDLD. We make multiple visits to the NCDMB and sit with the Project Certification and Operations Department to review and refine our Nigerian Content Plan.”

“As mentioned earlier, the Act covers 17 service categories and over 300 subsections, each with clearly defined minimum and maximum local content thresholds. Whether the activity involves fabrication, construction, procurement, installation, transportation, drilling, mud services, or other operations, there are specific percentages that must be achieved, he said.

Ojum emphasized that local content is not just about compliance, but about building expertise and retaining value in-country. He cited the Agena project as an example of successful capacity building and value creation.

“Beyond value retention, Sections 10, 27, 28, 29, and 30 of the Act emphasize training Nigerians and developing capacity. For us, performance-driven local content is anchored on capacity building”.

“Take the Agena project as an example. Capacity development was deliberately built into the project through infrastructure investment. When LADOL and the Samsung–LADOL collaboration were referenced earlier, that speaks directly to TotalEnergies’ commitment.The largest FSO in Nigeria was delivered through this project”

“Within the Agena project alone, about 200 Nigerians were trained in critical skills that are actively deployed across the industry today not only within TotalEnergies, but also across other companies.

“Today, Agena contributes nearly 10 per cent of TotalEnergies’ global production. That level of impact underscores the scale of value created in Nigeria”, he said.

He explained that Total Energies’ approach includes: Human Capacity Development, designed to respond to industry needs, focusing on sustainability.

Value retention, by prioritizing local value creation and retention, and collaboration, this is done by working with local contractors and NCDMB to meet local content thresholds.

Ojum said TotalEnergies has achieved significant success in local content development, with its IKAN project reaching 95 per cent Nigerian content.

Highlighting the company’s commitment to building expertise and retaining value in the country,Ojum emphasized that Nigerians can deliver complex oil and gas projects to international standards, citing the IKAN project’s success, adding that the Ubata project aims to further push local content boundaries.

Ojum’s remarks highlight the importance of local content in driving Nigeria’s energy industry growth and sustainability.

First HoldCo Plc has announced its unaudited financial results for the year ended 31 December 2025, reflecting a year of deliberate strategic actions aimed at strengthening its balance sheet, improving asset quality, and positioning the business for more resilient and sustainable growth amidst successful capital raise activities.

As stated in the unaudited Group financial statement, FirstHoldCo recorded a 4.8% year-on-year (y-o-y) increase in its Gross earnings to N3.4 trillion, supported by a 36.3% y-o-y growth in net interest income of N1.9 trillion on the back of enhanced earnings yield and margins of 17.11% and 11.0%, respectively. Similarly, net fees and commissions improved by 18.7% y-o-y to N290.7 billion. These are clear indications of the strength of the revenue generating capacity of the core business which continues to be solid.

The Executive Director, Commercial and Institutional Banking for Lagos and the South-West at The Alternative Bank, Korede Demola-Adeniyi, has called for stronger public-private collaboration and predictable policies to accelerate blended finance and mobilise private capital for inclusive growth.

According to a press statement on Thursday, Demola-Adeniyi made the call at the Africa Social Impact Summit High-Level Policy Engagement held at the State House Conference Centre, Abuja.

The session was hosted by the Office of the Vice President in partnership with Sterling One Foundation and the United Nations Nigeria, under the theme Scaling Action Driving Inclusive Growth Through Policy and Innovation.

She said blended finance could deliver commercially sound outcomes while advancing development priorities when transactions are properly structured, and risks are transparently shared among government, development finance institutions, banks, and other stakeholders.

According to her, DFI-supported blended finance structures often record stronger repayment performance than conventional lending when risks are clearly allocated and execution is actively monitored.

“Blended finance works when the structure is clear, and the risk-sharing is real,” she said. “However, private capital will not be committed at scale when the rules can change halfway through execution. If we want investors to show up, policy has to be predictable.”

Demola-Adeniyi explained that the bank approaches transactions as partnerships rather than conventional interest-based lending, assessing viability through profitability, agreed profit-sharing structures, and the responsibilities of each party.

“If a project is viable, we evaluate how it makes money, how profit is shared, and what each party is responsible for,” she said. “Our model is that of a partnership built to deliver results.”

She cited the bank’s impact collaborations as proof that blended finance can move from policy conversations to measurable outcomes when execution is properly supported.

In Kano, she said the bank delivered an electric mobility initiative through the UK government’s FCDO-funded LINKS programme, while also working with women’s cooperatives and transport stakeholders to train about 100 women, certify 30 mechanics, and support operations with tools, a service centre arrangement, and battery recharging infrastructure.

She said the project showed how coordinated capital and implementation could expand economic participation. Demola-Adeniyi identified policy inconsistency as a major barrier that weakens investor confidence and can threaten transactions after capital has been mobilised.

“When a policy is introduced, stakeholders structure and fund projects around it, and then it changes midstream, the project is put at risk,” she said. “That is how capital gets stranded on the table.”

She urged policymakers to adopt a multi-year blended finance framework that protects already approved transactions from midstream policy changes through clear stabilisation provisions, noting that predictability is critical for long-term capital planning. “If the goal is a $1tn economy, then we need rules that investors can trust long enough to build,” she said.

The Vice President, Kashim Shettima, also called for a shift in development thinking beyond public spending to long-term investments in human capital, productive systems, climate resilience, digital infrastructure, and inclusive markets. He was represented by Hauwa Liman, Technical Adviser on Women, Youth Engagement and Impact.

“The future of this continent will not be financed by aid alone. It will be driven by patient capital, catalytic capital, blended finance, and private enterprise deployed with discipline and guided by impact,” Shettima said.

He reaffirmed the administration’s commitment to expanding opportunities for young people and women, warning that fragmentation among stakeholders could undermine progress. “The stakes are too high for disunity. Development is not done to people; it is built with them. Progress demands coalition,” he said.

Shettima urged African leaders and partners to close the gap between promise and performance, noting that leadership would ultimately be judged by systems built, institutions strengthened, and futures secured.

Transcorp Hotels Plc, the hospitality subsidiary of Transnational Corporation Plc, has reported a historic revenue worth N97.04bn in 2025, which is 38 per cent higher than N70.13bn in the previous year.

This was indicated in the audited financial reports of the company filed with the Nigerian Exchange Limited on Friday.

The PUNCH reports that the hospitality business is one of the companies on the NGX with a market capitalisation in excess of N1tn.

In the period under review, the company’s record revenue of N97.04bn was driven by robust demand in room bookings, conferencing, food and beverage services, and other ancillary services offerings.

It’s Gross Profit margin expanded to 77 per cent, from 71 per cent in FY 2024, driven by increased volumes, effective cost management, and operational efficiencies.

Operating Profit hit N35.24bn, up 35 per cent from N26.03bn in 2024. Profit Before Tax rose by 45 per cent to N32.82bn, from N22.61bn in FY 2024.

Similarly, Profit After Tax rose to N21.85bn from N14.90bn, marking a 47 per cent appreciation year-on-year.

In a statement accompanying the report, the Board Chair, Transcorp Hotels Plc, Dr Awele Elumelu, said, “I am delighted with the FY 2025 performance of Transcorp Hotels Plc, led by Mrs Uzoamaka Oshogwe.

“We have continued to strengthen the foundation of our company, with our growing asset base and equity–increasing by 14 per cent & 18 per cent, respectively, positioning us for the future.

“We will continue to be focused on driving operational excellence and business growth, whilst exploring new avenues for sustainable long-term value creation for all.”

Managing Director/Chief Executive Officer, Transcorp Hotels Plc, Uzoamaka Oshogwe, added, “Our full-year 2025 performance represents a major milestone, with record revenue of N97.04bn and retained earnings rising sharply from N63.23bn in FY 2024 to N77.53bn, further enhancing our financial resilience and long-term growth capacity. Our success results from disciplined operational efficiency, strong cost management, and most importantly, our exceptional team’s commitment to service excellence.

“Guided by a bold, future-focused vision, we continue to invest in transformative infrastructure, notably the 5,000-seat world-class Transcorp Centre, positioning Nigeria as a premier global convening destination for high-profile events, including the Afreximbank Annual Meetings, ECOWAS Summits and many more. Looking ahead, we will continue to innovate and leverage cutting-edge technology to strengthen our brand and redefine hospitality standards across Africa.”

On its balance sheet, the total assets of Transcorp Hotels hit N159.91bn, representing a 14 per cent increase from N140.70bn in 2024, reflecting substantial investments in physical
facilities, supporting our future growth trajectory.

Its total equity increased to N95.23bn from N80.52bn.

The pump price of Premium Motor Spirit (petrol) may rise to N1,000 per litre in the coming days due to the surge in crude oil prices on the international market.

Fuel marketers told Saturday PUNCH that the sudden surge in the global crude prices to over $70 per barrel could trigger another increase in the pump prices of both imported and locally-produced petroleum products.

The increase in petrol prices came at a time when the Dangote Petroleum Refinery raised petrol prices from N739 to N839. Also, oil prices rose above $70 per barrel on Thursday, the highest in the past five months.

The commodity rose by three per cent on Thursday on rising concerns that global supplies could be disrupted if the United States attacks Iran, one of the biggest crude producers of the Organisation of Petroleum Exporting Countries.

According to Reuters, Brent futures rose $2.31, or 3.4 per cent, to settle at $70.71 a barrel, while US West Texas Intermediate gained $2.21, or 3.5 per cent, to trade at $65.42. As of Friday afternoon, oilprice.com reports that Brent settled at $70.89 while WTI was $65.80 a barrel, indicating a further rise in price.

It is worth stating that Brent crude is the global benchmark for crude oil, and a rise in its price affects the pricing dynamics of refined petroleum products globally.

Reuters reports that the US-Iran tension pushed both crude benchmarks ‌into technically overbought territory, with Brent closing at its highest since July 31 and WTI closing at its highest since September 26.

US President Donald Trump is weighing options against Iran that include targeted strikes on security forces and leaders to inspire protesters, multiple sources said, even as Israeli and Arab officials said air power alone would not topple Tehran’s clerical rulers.

In Iran, it was said that plainclothes security forces rounded up thousands of people in a campaign of mass arrests and intimidation to deter further protests.

“The immediate (market) concern is the collateral damage done if Iran takes a swing at its neighbours or, possibly even more tellingly, it closes the Strait of Hormuz to the 20 million barrels per day of oil that navigates it,” PVM analyst John Evans was quoted as saying.

Iran was the third-biggest crude producer in the Organisation of the Petroleum Exporting Countries, behind Saudi Arabia and Iraq, in 2025, according to US Energy Information Administration data.

Speaking with our correspondent, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, expressed worries that unless crude oil prices reduce, the pump price of petrol would be affected.

According to him, crude oil and condensate exchange rates are the major determinants of fuel prices, saying a change in either would affect how petroleum products would be sold in the domestic market.

Ukadike mentioned that petrol could hit N1,000 per litre if the crude price surge continues, especially in locations far from fuel depots.

“As an independent marketer, we don’t normally want the price of petroleum products to go up; any increase you see now will be because of this international manoeuvre and everything happening in the international community in terms of crude oil price.

“The crude surge will definitely affect our local market. The price of petroleum products will come down if the crude price goes down, that’s the common principle of the market,” Ukadike said, admitting that the price of petrol may rise to N1,000, especially “in some other places that are not closer to the refinery or depots. That’s the speculation”.

While emphasising the importance of the price of crude to that of PMS, Ukadike stressed that the increase in petrol prices is putting pressure on marketers, limiting their purchasing power.

“Crude oil is important in refining petroleum products; once it goes up, the prices of petroleum products will also go up. We are gearing towards that. The only problem is that it is also giving us pressure in terms of our purchasing power because too much naira is now pursuing a few litres of petroleum products,” he added.

With the increase in petrol prices, Ukadike said sales are becoming slow compared to the December festive period. According to him, many consumers are becoming conservative now, reducing their fuel consumption because of the price.

“The market is becoming slow now, unlike in the festive season when the prices were low. People were filling their tanks then, but now, people are becoming conservative because of the price increase,” the IPMAN spokesman stated.

Another dealer, a major oil marketer and PMS importer, confirmed that the cost of petrol was bound to rise, stressing that the landing cost of the commodity could cross N900/litre if the global prices of crude sustain a northward swing.