The Federal Government has said it is targeting the establishment of 2,322 Compressed Natural Gas stations nationwide by 2027 as part of efforts to deepen the adoption of alternative fuel vehicles and expand gas mobility infrastructure across the country.

The Executive Chairman and Chief Executive of the Presidential Initiative on Compressed Natural Gas and Electronic Vehicles, Ismaeel Ahmed, disclosed this during the Nigerian Oil and Gas Midstream and Downstream Summit organised recently by the Nigerian Content Development and Monitoring Board in Lagos.

Represented by an official of the agency, Olayinka Rufai, the chairman said the government had made significant progress in expanding CNG infrastructure and vehicle conversion across the country within less than three years.

According to him, at inception, about one state had CNG available commercially, but the gas is now available in 24 of the 36 states of the country.

“Today, in less than three years, we now have 24 states active. We are looking at what goes on elsewhere. I think we can safely say that it is probably the fastest we have seen anywhere in the world, especially if you consider the conditions under which we are doing this, the economy, and everything,” he said.

Ahmed stated that over 100,000 vehicles had already been converted to run on CNG, noting that most of them were commercial vehicles due to the government’s focus on reducing transportation costs for ordinary Nigerians.

“Because of the palliative nature with which we started, the majority of those vehicles turned out to be commercial vehicles, because we intended to make an impact that touched the common man,” he said.

He explained that the initiative was designed to cushion the effect of fuel subsidy removal on transport costs. He disclosed that the initiative had also attracted over $1bn in investments into the CNG mobility sector.

“Also, we have been able to attract over a billion dollars of investment directly into this new industry/market called CNG for mobility,” he stated.

Speaking on infrastructure development, the PICNG boss maintained that Nigeria currently has 72 active CNG refuelling stations and 175 more under development. “And of course, from next-to-zero refueling stations outside of Benin, at our inception, over 72 active CNG stations are in Nigeria today. And believe you me, that number continues to climb,” he said.

According to him, Nigeria also has 28 compression stations in operation and 65 under development to support virtual gas pipeline distribution.

Ahmed further disclosed that more than 350 conversion centres had been established nationwide, describing them as small Nigerian businesses driving the sector’s growth.

“We have 28 compression stations in operation today. There are 65 in development. We have 72 refueling stations, which we call daughter stations, but there are 175 in development. That means that whatever number you see today, we expect to triple it in less than 18 months, which will, of course, increase the capacity to supply, which we hope should drive greater interest and greater demand.

”We have done this primarily without much involvement of the major. So you can only imagine when they finally kick in, how that growth of retail supply infrastructure will explode. Also, we have over 350 conversion centres. In this audience, I need us to appreciate that these 350 are all small Nigerian businesses,” he stressed.

On manpower development, he said over 5,600 technicians had been trained and certified in CNG conversion technologies. He explained that the training became necessary because mechanics across the country needed to understand how to maintain converted vehicles.

“We have over 5,600 Nigerian technicians trained and certified in CNG, over 5,650. You can have 100 well-placed conversion centres, and you convert everything and give yourself 10.

“But what happens when the car is on the road and you have millions of mechanics who today don’t know anything about the CNG-converted vehicle? So we have placed a lot of emphasis on training and retraining technicians out in this space so that they are literate, familiar, and conversant with the different conversion technologies that exist,” he stressed.

Ahmed also revealed that the government had deployed 4,318 CNG tricycles, noting that 95 per cent of them were assembled locally. He added that Nigeria was witnessing increased local vehicle assembly activities, especially in tricycles and motorcycles. “It may interest you to know that the largest motorcycle assembly plant in Africa is here in Lagos,” he stated.

On the cost advantage of CNG, the CEO said the fuel remained significantly cheaper than petrol, saying, “The compelling argument is simple. CNG is N380 to N450 per standard cubic metre, which is the equivalent of one litre of petrol, which is N1,300 to N1,350 per litre. You do the maths. Where would you rather be?” he asked.

He added that the initiative was also scaling up electric vehicle deployment alongside CNG adoption. “We are scaling up CNG now, making it a reasonable, viable alternative to petrol and diesel. But we have also now picked up EV, and we are going to be deploying pilot EV projects across the nation and looking at recharging infrastructure,” he said.

He disclosed that the initiative’s 2027 targets include 2,322 CNG stations nationwide; 3,000 active conversion workshops; 1,000,000 total vehicle conversions; 75,000 direct jobs created and 300,000 indirect jobs.”

Lagos State recorded a total revenue of N2.6 trillion in 2025, marking a 16 per cent increase from the N2.3 trillion generated in 2024, the Commissioner for Finance, Abayomi Oluyomi, has disclosed.

Oluyomi revealed the figures on Friday during a press briefing held in Alausa, Ikeja, as part of activities commemorating the seventh anniversary of the administration of Governor Babajide Sanwo-Olu.

The commissioner explained that “the state’s internally generated revenue rose sharply to N1.87 trillion in 2025, compared to N1.58 trillion in 2024, representing an 18.5 per cent growth.”

According to him, tax revenue collection also witnessed remarkable growth over the past two years.

He said collections increased from N678.13 billion in 2023 to N1.04 trillion in 2024, reflecting a 54.2 per cent rise and marking the first time the Lagos State Internal Revenue Service surpassed the N1 trillion benchmark.

Oluyomi added that tax revenue climbed further to N1.44 trillion in 2025, indicating a 38 per cent increase over the previous year.

He attributed the improved performance to reforms in tax administration and the expansion of digital payment systems aimed at making revenue collection easier and more efficient for residents and businesses.

The commissioner noted that the state upgraded several payment platforms, including mobile payment channels, point-of-sale terminals, USSD services, WhatsApp integration, and online payment options to enhance accessibility and compliance.

He further disclosed that Lagos completed the migration from a hybrid tax filing structure to a fully electronic filing system in 2023, adding that more digital modules have since been introduced to strengthen operations.

“Lagos State Internal Revenue Service (LIRS) remains focused on broadening the tax base, closing revenue gaps, and fostering long-term revenue growth, all essential to funding the State’s expanding urban and infrastructure requirements,” Oluyomi said.

Speaking on the state’s fiscal position, the commissioner said Lagos maintained a debt-service-to-revenue ratio of 19.2 per cent, which he noted remains below the 30 per cent fiscal responsibility benchmark.

He also stated that the state’s total debt-to-GDP ratio currently stands at 4.11 per cent, far below the 20 per cent threshold recommended by the World Bank.

Electricity distribution companies installed 241,590 meters across Nigeria in the first two months of 2026 amid ongoing efforts to reduce estimated billing and close the country’s metering gap.

Data released by the Nigerian Electricity Regulatory Commission in its January and February 2026 metering fact sheet showed that 119,792 customers were metered in January, while another 121,798 customers received meters in February.

The report showed that the number of metered electricity customers increased from 7,086,376 in January to 7,208,174 in February.

However, despite the additional installations, the national metering rate rose marginally from 57.93 per cent in January to 58.57 per cent in February, indicating that millions of electricity consumers are still without meters.

According to the data, the total number of active electricity customers increased from 12,232,130 in January to 12,307,314 in February.

An analysis of the figures showed that more than five million electricity customers remain unmetered nationwide, leaving them exposed to estimated billing practices that have repeatedly triggered complaints from consumers.

The report further showed that Eko Electricity Distribution Company maintained the highest metering rate among all DisCos at 87.62 per cent in February, up from 87.15 per cent recorded in January.

Ikeja Electric followed closely with a metering rate of 87.16 per cent in February compared to 86.69 per cent in January, while Abuja DisCo recorded 79.37 per cent, improving from 78.54 per cent.

Port Harcourt DisCo also remained above the national average, with its metering rate rising from 65.47 per cent in January to 66.36 per cent in February.

Benin DisCo improved from 55.16 per cent to 56.75 per cent during the review period and emerged as the utility with the highest number of newly metered customers over the two months. The utility installed 25,912 meters in January and 25,658 in February, bringing its total new installations within the period to 51,570.

Ibadan DisCo, which has the largest customer base in the country, recorded a metering rate of 52.23 per cent in February, slightly higher than the 51.99 per cent posted in January. The data showed that the utility had 2.48 million active customers as of February, but nearly half of them remained unmetered.

Also, Enugu DisCo posted one of the weakest monthly improvements in the period under review. Its metering rate moved marginally from 51.79 per cent in January to 51.83 per cent in February. The utility also recorded a sharp drop in newly metered customers, falling from 4,839 in January to just 691 in February.

Meanwhile, northern DisCos continued to record the weakest metering performance nationwide. The NERC data indicated that Jos DisCo’s metering rate rose slightly from 32.94 per cent in January to 34.04 per cent in February, while Kaduna improved from 34.82 per cent to 35.59 per cent.

Kano DisCo recorded one of the slowest meter deployment rates in the country, with its metering rate moving marginally from 35.36 per cent to 35.37 per cent. The company installed only 161 meters in January and 149 in February despite having close to 800,000 active customers.

Similarly, Yola DisCo remained below others in terms of metering penetration, although its metering rate improved slightly from 30.85 per cent in January to 31.86 per cent in February.

Stakeholders have repeatedly linked the slow pace of metering to financing constraints, foreign exchange pressures, supply chain challenges, and the high cost of meter procurement.

The Federal Government and the regulator have, in recent years, introduced several metering initiatives aimed at reducing estimated billing, improving market revenues, and boosting transparency in electricity billing.

Despite these interventions, the latest data indicate that Nigeria’s metering gap remains significant, with about four out of every 10 electricity customers still without meters.

The Minister of Aviation and Aerospace Development, Festus Keyamo, has outlined five key priorities he believes are critical to improving connectivity across Africa, warning that the continent can no longer afford to remain one of the least connected regions in the world.

Keyamo made the call in a paper presented on Thursday during the Annual Lecture Series of the Chartered Institute of Logistics and Transport held in Abuja, where he emphasised that improved air connectivity remained central to Africa’s economic growth, industrialisation, and integration.

The minister, who was represented by the Managing Director of the Federal Airports Authority of Nigeria, Olubunmi Kuku, said aviation should no longer be viewed as a luxury but as economic infrastructure capable of transforming African economies.

Speaking before policymakers, aviation professionals, diplomats, and industry stakeholders, Kuku said Africa’s enormous economic potential would remain largely untapped unless countries deliberately improve movement across borders.

She said, “Air transport is no longer a luxury reserved for a privileged few. In the 21st century, aviation is an economic infrastructure. For a continent as vast and diverse as Africa, where geography often limits road and rail integration, aviation becomes the bridge that connects economies, accelerates trade, and strengthens people-to-people relationships.”

The FAAN boss noted that the vision behind the Yamoussoukro Decision and the Single African Air Transport Market was to dismantle restrictions limiting African airlines and create a more liberalised continental aviation market.

According to her, greater liberalisation would lead to lower airfares, increased flight frequencies, stronger tourism traffic, job creation, and measurable economic growth across the continent.

She stated, “When connectivity improves, investment follows. When investment grows, jobs are created. When jobs are created, poverty declines, and prosperity expands. The cost of inaction is far greater than the challenges of reform.”

Speaking on what she described as practical steps toward achieving the vision, the minister proposed five priorities for accelerating Africa’s connectivity agenda.

She said the first priority should be the acceleration of the Single African Air Transport Market and the implementation of the Yamoussoukro Decision through gradual and pragmatic liberalisation policies among African countries.

The second priority, according to her, is the harmonisation of legal and judicial systems across Africa to strengthen compliance with the Cape Town Convention and improve dispute resolution mechanisms capable of attracting global aviation financing.

Kuku added that African countries must also unlock innovative financing models and aircraft leasing mechanisms through blended financing structures and regional risk-sharing facilities to support indigenous airlines.

The minister further advocated embedding sustainability into aviation liberalisation by encouraging fuel-efficient aircraft fleets, greener airport infrastructure, and reduced carbon emissions through optimised regional hubs.

She also stressed the need for aggressive investment in human capital development, technical education, aviation institutions, and skills transfer partnerships to prepare young Africans for emerging opportunities within the aerospace industry.

Shareholders of Berger Paints Nigeria Plc have approved a final dividend payout of N1.25 per share for the financial year ended 31 December 2025, bringing the total dividend for the year to N1.65 per share, a 37.5 per cent increase over the 2024 financial year. The company had earlier paid an interim dividend of 40 kobo per share in November 2025, reflecting its commitment to rewarding shareholders amid strong financial performance.

At the Annual General Meeting held virtually in Lagos on 6 May 2026, shareholders commended the company’s impressive performance and consistent improvement in dividend payouts.

Speaking at the event, the leader of the Independent Shareholders Association of Nigeria, Moses Igbrude, praised the management for demonstrating strong leadership and strategic direction, which resulted in the outstanding performance and attractive dividend payout.

Also commenting, the National Coordinator of the Pragmatic Shareholders Association of Nigeria, Adebisi Bakare, commended the management for the stellar performance across the board, the high dividend payout, and its promotion of gender balance within the organisa

Similarly, Lawrence Oguntoye praised the ingenuity of the management for delivering exponential growth and attractive returns to shareholders, while encouraging the company to remain focused on sustaining profitability, capital appreciation, and shareholder value.

Speaking on the 2025 results at the AGM, the Chairman of Berger Paints, Abi Ayida, said the company recorded significant growth across major financial indicators, driven by disciplined execution of its strategic priorities.

According to him, the company recorded a profit after tax of N1.57bn, compared to N610.8m in 2024, representing remarkable growth of 157 per cent. Revenue also increased 20 per cent, rising from N10.8bn in 2024 to N12.9bn in 2025.

The chairman said the performance demonstrated the efficiency and effectiveness of the company’s long-term strategic turnaround initiatives.

“These results underscore the effectiveness of our strategic initiatives and the unwavering commitment of our management team, employees, and business partners,” he said.

Ayida also attributed the strong performance to sustained focus on operational efficiency, disciplined cost management, strengthened distribution channels, enhanced pricing strategies, and improved supply chain management. He further disclosed that Berger Paints strengthened its market presence during the year through sustained brand engagement, strategic partnerships, and targeted marketing initiatives aimed at enhancing customer loyalty and increasing brand visibility across Nigeria.

“The company would continue to focus on operational efficiency, product innovation, enhanced customer engagement, and stronger distribution channels while exploring opportunities for sustainable growth,” he said.

Similarly, the Group Managing Director and Chief Executive Officer, Alaba Fagun, said the 2025 financial year marked a defining period for the company, characterised by operational resilience and improved profitability.

Fagun explained that the company’s high profit margin reflected its strong emphasis on efficiency, margin enhancement, manufacturing productivity, and the positive impact of its strategic initiatives and operational discipline.

According to her, the Group maintained a strong balance sheet and deepened stakeholder confidence through consistent execution of its strategic objectives.

“We would continue refining its product portfolio by prioritising profitable and high-demand product categories while increasing investments in technology, digital capabilities, and data-driven decision-making to improve operational efficiency and responsiveness to market changes. We have strategic priorities that would position us to take advantage of emerging opportunities and continue creating long-term value for shareholders,” Fagun asserted.

During the financial year, Berger Paints grew revenue 20 per cent, increasing from N10.8bn to N12.9bn, while gross profit rose 49 per cent. Operating profit surged 110 per cent, rising from N1.12bn to N2.35bn, while profit after tax stood at N1.57bn, up from N610.8m in 2024, representing 157 per cent growth.

Analysts said the combination of robust earnings growth and strong dividend expectations triggered renewed buying interest in the stock on the Nigerian Exchange Limited as investors moved to take positions.

United Bank for Africa Plc has reaffirmed its commitment to strengthening diaspora engagement and advancing healthcare development in Nigeria through the introduction of its healthcare investment proposition to the Nigerian-American medical community at the 2026 ANPA Carolinas Symposium held in Charlotte, North Carolina.

The ANPA Carolinas Symposium, hosted annually by the South Carolina and North Carolina Chapters of the Association of Nigerian Physicians in the Americas, convenes over 170 physicians and healthcare professionals for medical and scientific dialogue on issues impacting communities across North America, the Caribbean, and Africa, particularly among people of Nigerian descent.

Speaking at the event, UBA’s Head of Diaspora Banking, Anant Rao, made a compelling case for structured diaspora participation in Nigeria’s healthcare transformation, encouraging attendees to expand their contribution beyond remittances towards long-term institution-building.

“The financial infrastructure required to connect your success abroad to sustainable institutional impact at home has not been intentionally designed for diaspora healthcare investors until now,” Rao said

During his presentation, Rao introduced the ANPA–UBA Diaspora Healthcare Investment Platform, a professionally managed investment vehicle designed to channel diaspora capital into specialist hospitals, diagnostic centres, telemedicine infrastructure, and medical training institutions across Nigeria.

“Every dollar invested delivers a dual return, creating value for investors while contributing meaningfully to Nigeria’s healthcare future. We now have the regulatory framework, banking infrastructure, governance structures, and institutional commitment to make this possible,” he added.

Under the proposed structure, UBA will serve as custodian and structuring bank, while United Capital Asset Management, one of Nigeria’s leading asset managers with over N1.2tn in assets under management, will act as fund manager.

As part of deepening engagement with the Nigerian-American medical community, Rao also proposed a Memorandum of Understanding between UBA and the two ANPA chapters. The proposed collaboration is anchored on six strategic pillars: preferred banking offerings for ANPA members; quarterly financial education sessions; the joint Healthcare Infrastructure Fund; a dedicated ANPA Wealth and Legacy Desk; access to group-rate family healthcare plans through Avon HMO; and a UBA co-matching contribution framework to support qualifying impact vehicles under the Pearl Endowment Fund.

The initiative represents a further expansion of UBA’s diaspora value proposition, which currently includes Non-Resident Nigerian accounts in multiple currencies; fixed-income and dollar-denominated investment solutions through United Capital; elder-care trust solutions under the Homeland Anchor Care Trust programme in partnership with Avon HMO; and private wealth management offerings tailored to senior diaspora professionals.

The 2026 ANPA Carolinas Symposium marks another milestone in UBA’s strategic engagement with the diaspora community and reinforces the bank’s long-held belief that diaspora capital can play a transformative role in accelerating healthcare and infrastructure development across Africa.

Following the sustained high cost of aviation fuel, Nigerian airlines have increased airfares to N200,000 and above for one-hour one-way flights.

A cost analysis across the airlines’ websites showed an upward review in ticket prices by some domestic carriers, except a few that had yet to review their airfares as of the time of filing this report. The checks on the websites showed that the operators had quietly increased airfares without any official communication.

It was, however, gathered that the increase in fares was in response to the hike in aviation fuel, which varies depending on the delivery airport location, but sells for between N1,750 and N2,650 per litre.

Recall that operators under the umbrella of the Airline Operators of Nigeria had repeatedly warned that the soaring cost of Jet A1 was becoming unsustainable, noting that while global crude prices recorded moderate increases of about 30 per cent, aviation fuel prices in Nigeria surged far beyond that margin.

The operators said they had continued to absorb the risicosts over the past four weeks to sustain flight operations nationwide, despite worsening financial strain and persistent foreign exchange challenges.

Recently, Ibom Air raised fresh alarm over the deepening crisis, revealing that it now spends about N7.6m to fuel a single flight.

Failed promises

Although the airlines had taken the matter to the Federal Government, operators stated that the current high cost of aviation fuel is not sustainable.

Meanwhile, The PUNCH gathered that promises made to the operators have yet to be fulfilled by the Federal Government, more than three weeks later.

In a related development, the Dangote Petroleum Refinery reduced the aviation fuel price, a development that received the commendation of airline operators. But the latest increase in airfares is coming barely 24 hours after the refinery reduced aviation fuel prices.

New realities

On the website of Ibom Air, our correspondent, who has been monitoring prices since the Jet A1 price began to rise, observed that a one-way trip between Lagos and Abuja cost N143,200 as of Wednesday, but it has been pegged at N200,300 from Thursday, May 21, 2026.

Also on the same website, from Thursday, Lagos-Port Harcourt flights will cost N181,300, with indications that another increase may occur in a few days.

For United Nigeria, effective Wednesday, May 20, an Abuja-Lagos flight costs N231,000, while Lagos-Abuja is pegged at N200,000 per trip. Air Peace has also pegged its fares at N192,600 for a one-way trip between Lagos and Abuja.

Meanwhile, Aero Contractors and ValueJet appeared to have retained their prices as of the time of filing this report. Aero Contractors still had ticket fares ranging between N123,127 and N146,702 for selected routes, while ValueJet fares stood between N118,571 and N132,857 for flights from Lagos to Abuja.

A source in one of the airlines that increased its prices, who declined to be named because he was not authorised to speak on the matter, said the fare increase became inevitable as operators battled rising operational costs caused by fuel prices and charges, as well as dwindling cash flow.

He said the carriers made the decision after extensive consultations and careful consideration of prevailing economic realities. “We have adjusted our minimum fares to N200,000 per flight, irrespective of the route. This is something we have done with a lot of pain and after serious consideration of many factors.

“We cannot continue to subsidise travellers with the current situation of Jet A1. Without the adjustment, there will be a serious crisis in the industry. Cash flows have run out, and debts are mounting. It is a painful decision, but we cannot continue to bury our heads in the sand.”

Airlines speak

The spokesperson for United Nigeria, Chibuike Uloka, said the reason for the review was obvious, considering the struggles operators had faced in recent times. Uloka added that airlines had been running on loans, a business model he said they could no longer sustain.

“The reason is obvious. We, along with sister airlines, have been running on loans, absorbing the losses since the price of fuel began to bite hard. We can no longer continue like this,” he said.

When contacted, the Ibom Air spokesperson Annie Essienette argued that the airline had yet to increase fares even though it had plans to do so.

She said, “Wait for me to put up an official position on the matter. Although the plan is to increase, we have yet to increase. I can still see N185,000 on our website, but you can wait until I get an official position.”

A former Rector of the Nigerian College of Aviation Technology, Zaria, Capt Samuel Caulcrick, acknowledged the operators’ difficulties in managing their businesses despite skyrocketing aviation fuel prices.

He further advised that rather than increase the baseline ticket prices, operators should instead increase the fuel surcharge to reflect current realities. He said, “It is straightforward. At one point, it was N50,000; when the naira was devalued, it went to over N100,000, and now it is N200,000.

“I understand their reason was the hike in fuel prices. But my own view is they could have left it at N150,000 and then increased the fuel surcharge percentage to reflect present realities, and that would have been more transparent instead of tampering with the baseline.”

The Monetary Policy Committee of the Central Bank of Nigeria has retained the benchmark interest rate at 26.5 per cent.

The CBN Governor, Olayemi Cardoso, announced the decision on Wednesday at the end of the committee’s 305th meeting in Abuja.

Cardoso said, “The Committee’s decision is as follows: retain the monetary policy rate at 26.5 per cent.”

The move follows the 50-basis-point cut announced in February 2026 and a hold at the MPC briefing in November 2025.

The PUNCH observed that the MPC’s decision to retain rates occurred after an increase in Nigeria’s inflation rate.

According to the most recent Consumer Price Index report released by the National Bureau of Statistics, the country’s headline inflation rose marginally to 15.69 per cent in April 2026 from 15.38 per cent in March 2026, representing a 0.31 percentage point increase.