Energia appoints new director

Energia appoints new directorEnergia Limited has appointed Tai Adetokunbo Oshisanya as an Independent Non-Executive Director on its board, effective May 2026.

A statement on Sunday said Oshisanya joins the board with over four decades of distinguished leadership experience spanning the energy, financial services, pension administration, and development sectors across Africa and Europe.

Her appointment, according to the company, further reinforces Energia’s commitment to strong corporate governance, strategic oversight, and sustainable value creation.

An accomplished finance executive, board director, and governance professional, Oshisanya is widely recognised as the first Nigerian female chief financial officer of an international oil and gas company in Nigeria, having served as Executive Director, Finance & Control, and Chief Financial Officer of TotalEnergies EP Nigeria.

Throughout her career, she has reportedly established an exceptional track record in financial stewardship, business transformation, risk management, corporate strategy, and organisational leadership.

Prior to her retirement from TotalEnergies, she was said to have held several senior leadership positions across Nigeria, France, South Africa, and the Netherlands, where she oversaw complex financial operations, joint venture partnerships, performance management frameworks, and enterprise-wide transformation initiatives.

Commenting on the appointment, Chairman of Energia Limited, George Osahon, said, “We are delighted to welcome Tai Oshisanya to the board of Energia Limited. Her exceptional leadership experience, governance expertise, and deep understanding of the energy industry will bring invaluable insight to our board. Her strategic perspective and wealth of experience will support our long-term growth ambitions and commitment to creating sustainable value for all stakeholders.”

She currently serves as an independent non-executive director on the boards of leading institutions across the financial services sector and remains actively involved in advancing corporate governance, leadership development, and women’s economic empowerment.

Reacting to her appointment, she said, “I am honoured to join the board of Energia Limited at this important stage of the company’s journey. Energia has established itself as a respected indigenous operator with a strong commitment to operational excellence, local content development, and sustainable growth. I look forward to working with the board and management team to support the company’s continued success, strengthen governance, and contribute to long-term value creation for stakeholders.”

The statement added that her appointment reflects Energia’s continued focus on attracting accomplished professionals with diverse expertise to support the company’s strategic objectives and further strengthen its governance framework.

Energia is an indigenous oil & gas exploration and production company committed to delivering sustainable energy solutions that support Nigeria’s economic growth and energy security.

MTN defends tariff hike, plans N1tn investment

MTN Nigeria said it invested N900bn in network expansion and maintenance in 2025 and plans to spend more than N1tn in 2026.

The Chief Executive Officer of MTN Nigeria, Karl Toriola, argued that the recent tariff increase was necessary to prevent the telecommunications company and the wider industry from slipping into insolvency.

Toriola disclosed this during the company’s recent stakeholder engagement on internet data spending, themed ‘Data on Trial’, held in Lagos. The event featured a law court-style debate session hosted by Ebuka Obi-Uchendu and attended by content creators, MTN subscribers and regulators.

Speaking on the rationale for the tariff adjustment, Toriola said the company faced severe financial pressure before the increase was approved. He explained, “The tariff increase was implemented for one primary reason: to allow the industry to survive. At the point in time when the tariff increase was implemented, we practically could not pay our bills.”

He added, “There was not enough money coming into MTN’s accounts to pay our bills for diesel, rent and software licences. We were effectively bankrupt. Without that tariff increase, we would have had to shut down the network.”

Toriola said the company was technically insolvent at the time, with negative equity, and warned that network operations were at risk.

According to him, “In the period when the tariff increase was implemented, technically speaking, we were insolvent. We were in negative equity, for those who are financial people. So it was necessary for the industry first just to survive. It was really on the verge of breaking down. And then to allow us to continue to invest.”

The MTN boss said the company invested N900bn in 2025 and would exceed that figure this year as it continues to expand and maintain its infrastructure.

According to him, “Last year, we invested N900bn. This year, we’re going to invest in excess of a trillion. We invest more in the expansion and maintenance of this company than we make in profits.”

Toriola also linked network quality challenges to the country’s operating environment, citing vandalism, insecurity and disruptions at telecom sites.

The MTN boss remarked, “We’re in a country where area boys will block us from network sites. We’re in a country where someone, for the heck of it, will light up a telecom manhole that will affect 30,000 subscribers, or base stations serving up to two million people.”

Despite the challenges, he maintained that MTN delivers services comparable to international standards. According to him, “I still believe that I’m proud that we provide pretty much a global standard of service.”

On complaints about data costs, Toriola argued that mobile operators cannot sustainably offer unlimited data packages because of capacity constraints.

The MTN Nigeria chief said, “We cannot give unlimited internet data to everyone, as much as we would desire it. We will not be able to build the networks that we will use in any way whatsoever.”

He further claimed that data prices in Nigeria remain among the lowest globally despite the tariff review. According to him, “Go and check in Kenya, go and check in Congo, go and check across the world, and tell me if you are not going to tell me that data in Nigeria is one of the cheapest in the world, even after the tariff increase.”

The Chief Customer Relations and Experience Officer, Ugonwa Nwonye, said the engagement aimed to educate subscribers on how data is consumed and provide tools to help them track usage.

She said video-streaming applications such as TikTok remain among the biggest drivers of data consumption and noted that device settings, video quality and automatic backups often contribute to faster depletion.

According to Nwonye, “We have built a data calculator. We have built a data dashboard personalised to our customers. And we’re going to make this available by the end of this month so that customers can also go to such places and look at how much data they’ve spent on different applications.”

She added that MTN would take the campaign nationwide over the next six months to improve consumer understanding of data usage.

On her part, the Chief Marketing Officer, Onyinye Ikenna-Emeka, said the programme was designed to address long-standing concerns about data depletion, expiry and transparency.

According to her, “The whole idea is to provide that clarity, the understanding, the transparency, and the behind-the-scenes of exactly what happens when we are in the process of using data.”

She said MTN would continue engaging customers and improving transparency around data usage patterns. According to Ikenna-Emeka, the company currently serves more than 87 million subscribers across Nigeria.

One of the participants at the event, Yemisi Odusanya, popularly known as Sisi Yemmie, said she arrived at the engagement frustrated by what she perceived as rapid data depletion. “I was very angry when I was coming,” Odusanya said. “Because I’m like, we just subscribed, let’s say two days ago, and now it is expired.”

However, the content creator said the explanations provided during the session helped her better understand how data is consumed across multiple devices and applications.

According to Odusanya, “After the explanations, I was like, you know what, this actually makes sense. I’m going home to go and reconfigure everything.”

The MTN team fielded questions from more users on internet costs and usage. Some users in attendance included entertainment content creators Peller and Jarvis, tech influencer Fisayo Fosudo, and legal influencer/content creator Timi Agbaje.

Trade surplus jumps 341% to N7.55tn – NBS

nbs, tradeNigeria recorded a sharp improvement in its merchandise trade balance in the first quarter of 2026 as exports rose and imports declined significantly, pushing the country’s trade surplus to N7.55tn.

According to the National Bureau of Statistics’ Foreign Trade in Goods Statistics report released on Monday, total trade stood at N34.79tn in the review period, with exports accounting for N21.17tn and imports amounting to N13.62tn.

The report showed that the trade balance remained positive at N7.55tn, representing a 340.88 per cent increase compared to the preceding quarter.

“The merchandise trade balance for Q1 2026 remained positive at N7.55tn, indicating an increase of 340.88 per cent compared to the value recorded in the preceding quarter,” the NBS stated, attributing the development largely to lower petroleum product imports and higher crude oil exports.

The statistics office disclosed that total exports rose by 2.77 per cent year-on-year from N20.60tn recorded in the corresponding period of 2025 and increased by 11.63 per cent from N18.96tn in the fourth quarter of 2025.

Exports accounted for 60.85 per cent of total trade during the quarter. Crude oil remained Nigeria’s dominant export commodity, generating N11.20tn and accounting for 52.92 per cent of total exports.

Non-crude oil exports stood at N9.97tn, while non-oil exports contributed N3.19tn, representing 15.05 per cent of total exports. The report noted that crude oil exports, despite declining by 13.53 per cent from N12.96tn recorded a year earlier, increased by 15.45 per cent compared to the previous quarter.

Other petroleum product exports surged by 51.49 per cent year-on-year to N6.78tn. India emerged as Nigeria’s largest export destination during the quarter with goods valued at N2.77tn, representing 13.09 per cent of total exports.

It was followed by France with N1.97tn, the Netherlands with N1.95tn, Spain with N1.63tn and the United States with N1.18tn. Together, the five countries accounted for 44.84 per cent of Nigeria’s total exports.

The NBS further revealed that exports were concentrated in mineral products valued at N18.16tn, representing 85.77 per cent of total exports. Europe remained the leading destination for Nigerian exports, accounting for N7.93tn or 37.44 per cent of total exports, followed by Asia with N6.42tn.

On the import side, Nigeria’s import bill fell sharply to N13.62tn, representing an 18.17 per cent decline from N16.64tn recorded in the first quarter of 2025 and a 21.05 per cent decrease from N17.25tn in the preceding quarter. Imports accounted for 39.15 per cent of total trade.

According to the report, machinery and transport equipment remained the largest import category, valued at N5.01tn and accounting for 36.79 per cent of total imports.

Mineral fuels followed with N2.65tn, while chemicals and related products accounted for N2.02tn. China retained its position as Nigeria’s largest source of imports, supplying goods worth N5.10tn or 37.42 per cent of total imports.

The United States followed with imports valued at N2.81tn, while India, Germany and the United Arab Emirates completed the top five import sources.

The NBS stated that imports were driven largely by crude petroleum oils valued at N1.91tn, gas oil worth N364.42bn, durum wheat valued at N340.07bn, telecommunications equipment worth N299.56bn and used diesel vehicles valued at N284.07bn.

A breakdown by sector showed mixed performance. Agricultural exports declined by 31.2 per cent to N1.17tn from N1.70tn recorded in the corresponding quarter of 2025, while agricultural imports also dropped by 20.09 per cent to N827.72bn.

Superior quality cocoa beans remained the country’s leading agricultural export, generating N596.90bn during the period. Raw material exports rose strongly by 46.83 per cent to N1.53tn, while solid mineral exports increased by 74.63 per cent to N102.80bn. Manufactured goods exports edged up by 2.79 per cent to N302.64bn.

The report also showed that Nigeria maintained a substantial trade surplus with Africa. Exports to African countries stood at N4.06tn, compared to imports of N654.94bn. Togo remained Nigeria’s biggest export destination in Africa with goods valued at N1.08tn, followed by South Africa, Côte d’Ivoire, Egypt and Senegal.

Within West Africa, exports totalled N2.27tn against imports of N76.54bn, while trade with ECOWAS member states produced exports worth N2.20tn compared with imports of N65.91bn.

Petroleum products dominated Nigeria’s exports to both West Africa and ECOWAS countries. The report further showed that maritime transport remained the dominant channel for trade, accounting for 99.07 per cent of exports and 92.93 per cent of imports. Apapa Port handled the largest share of both exports and imports, recording N15.48tn in exports and N4.92tn in imports during the quarter.

MTN, 37 others generated 600MW without licences – LASERC

Lagos State Electricity Regulatory CommissionThe Lagos State Electricity Regulatory Commission has identified 38 companies operating across Lagos State that have failed to apply for licences and necessary regularisation despite repeated directives,

The firms, including MTN, Flour Mills, Golden Penny, First Global Commerce Solutions Limited, African Steel Mills Nigeria Limited, Lekki Port LFTZ Enterprise Limited and others, have a combined generation capacity of almost 600 megawatts.

LASERC said the firms, which hold various categories of permits issued under the predecessor federal regulatory framework, the Nigerian Electricity Regulatory Commission, have not commenced the mandatory application process required under the state’s electricity regulatory framework.

The affected licensees cut across multiple permit categories, including captive Power generation, embedded generation, independent electricity distribution network, isolated mini-grid, interconnected mini-grid, and off-grid generation licences, covering industrial, commercial, and distribution operations spread across several local government areas in the state.

“This is to officially notify all concerned stakeholders and the general public that the underlisted 38 licensees are yet to apply to the Lagos State Electricity Regulatory Commission for the necessary licensing and regularisation in line with the regulatory requirements guiding electricity operations within Lagos State.

“Despite ongoing engagements, notifications, and directives issued by the Commission, the affected entities are yet to commence or complete the required application process for licensing with LASERC as mandated under the applicable laws and regulatory framework,” the commission said in a public notice sighted by our correspondent on Sunday.

Among the largest operators on the list is First Global Commerce Solutions Limited, which holds a captive power generation permit for a 77-megawatt plant at Railway Compound, Ebute-Meta – one of the highest-capacity facilities with licences yet to be regularised.

Flour Mills Nigeria Plc follows with a 74.5MW captive power facility at Golden Penny Place, Wharf Road, Apapa, while Lekki Port LFTZ Enterprise Limited, located at the Lagos Free Trade Zone, Itoke Village, Ibeju-Lekki, is listed for a 30MW facility.

Irele Energy LFZ Enterprise, also operating within the Lagos Free Trade Zone in Ibeju-Lekki, holds an embedded generation licence for a 50MW plant and features on the list alongside Geogrid Lightech Limited, which holds a licence for a 30MW facility at Cadbury Nigeria Limited, Lateef Jakande Road, Agidingbi, Lagos.

MTN Nigeria Communication Plc appears three times, reflecting the telecoms giant’s multiple captive power installations across the state. The company is listed for a 3.46MW plant at Apapa Switch, a 4.5MW installation at Ojota Switch Energy Centre 4, and a 5.4MW facility at Ojota Switch Energy Centre 5, all yet to be regularised with LASERC.

Similarly, Golden Penny Power Limited features three times on the list, covering a 32.4MW plant at Plots 43, 45 and 46, Iganmu Industrial Estate, Surulere; a 26MW facility at NPA Premises, Tincan Island, Apapa; and a 57.2MW installation at 1 Golden Penny Place, Wharf Road, Apapa — bringing its total unlisted capacity alone to over 115MW.

Other firms named include African Steel Mills Nigeria Limited, with a 20MW facility at Plot 337, Ikorodu Industrial Estate, Odogunyan, Ikorodu; CHI Limited (14.60MW) at CHI Avenue, Ajao Estate; CCK Electric Power Technology Company Limited (8.8MW) at Alfred Garden Estate, Off Kudirat Abiola Way, Opebi, Ikeja; and Uraga Power Solutions Limited (30MW) at Honeywell Flour Mills Plc, NPA Premises, Apapa.

Tarkwa Bay Green Power Freezone Enterprise and Alaro Power Free Zone Enterprise each hold embedded generation licences of 24MW and 10MW respectively, while Contour Global Solutions Nigeria Limited and Daybreak Power Solutions Limited hold off-grid generation licences.

Daybreak Power Solutions Limited appears twice for a 2MW plant in Ikeja and a 3.5MW facility in Badagry.

Among the IEDN licence holders yet to regularise are ABV Utility Limited, covering the Western Foreshore Estate, Suncity Estate, and Maben Terraces Maisonettes Estate in Lekki; Alaro Connect Free Zone Enterprise, serving Alaro City, Northwest Quadrant, and the Lekki-Epe Expressway; and Igboya Power LFZ Enterprise at the Lagos Free Trade Zone, Itoke Village, Ibeju-Lekki.

Others include IPL Distribution Company Limited, covering several Lagos government establishments, including the General Hospital, Island Maternity Hospital, High Court, Magistrate Court, State House, and street lights; Ladol Integrated Logistics FZE Enterprise at Ladol Free Zone, Apapa Port; and Zeta Technical Services Limited, serving PZ Cussons Nigeria Plc, Friesland Campina, and WAMCO Nigeria Plc in Ikorodu.

In the mini-grid category, A4&T Power Solutions Limited holds an interconnected mini-grid permit covering Odo-Ayan, Mojoda, and Ibowon communities in Epe, with a capacity of 880kW, while Solad Integrated Power Solutions Limited holds an isolated mini-grid permit for Balogun Modern Market, Lagos, at 300kW.

LASERC warned that continued non-compliance could attract “sanctions or enforcement actions as provided by law”. The commission said it remains committed to “a transparent, efficient, and properly regulated electricity market” in the state, urging all the 38 firms to comply “without further delay to avoid regulatory penalties and ensure continued operations within the provisions of the law”.

LASERC was established following the devolution of electricity regulatory powers to states under Nigeria’s 2023 Electricity Act, which granted subnational governments authority to regulate electricity generation, distribution, and retail within their jurisdictions.

Lagos State has since moved to assert regulatory control over power operators within its territory, with the commission issuing several compliance directives since its establishment.

The failure of 38 licensees to seek regularisation suggests that a significant segment of the market has yet to align with the new state-level regulatory order, though they were initially licensed by NERC.

NUPRC, NNRA to cut oil production costs, boost safety regulations

The Nigerian Upstream Petroleum Regulatory Commission has commenced moves to harmonise regulatory processes with the Nigerian Nuclear Regulatory Authority as part of efforts to strengthen radiological safety in oil and gas operations and reduce the cost of doing business in the upstream petroleum sector.

The initiative emerged from a recent meeting between the Chief Executive of the NUPRC, Oritsemeyiwa Eyesan, and the Director-General and Chief Executive Officer of the NNRA, Yau Idris, at the commission’s headquarters in Abuja.

According to a statement issued by the Head of Corporate Communications and Media at the NUPRC, Eniola Akinkuotu, on Sunday, the collaboration is expected to address overlapping regulatory requirements, close existing gaps in oversight, and create a more efficient compliance framework for operators in the industry.

The statement read, “The Nigerian Upstream Petroleum Regulatory Commission is partnering with the Nigerian Nuclear Regulatory Authority in order to enforce radiological safety in oil and gas operations and reduce the overall cost of operations.”

While the NUPRC regulates the technical, commercial, and operational aspects of oil and gas exploration and production, the NNRA is responsible for regulating the possession, use, transportation, and disposal of radioactive materials and radiation-emitting equipment across the country.

Speaking during the meeting, Eyesan stressed the need for greater collaboration among regulators to eliminate duplication and improve the investment climate in Nigeria’s oil and gas sector.

She noted that excessive regulatory requirements often translate into additional costs for operators, ultimately affecting the competitiveness of the industry.

“The only way we can safeguard investments is to reduce our cost of operations, and when you have a multiplicity of laws, the likelihood is that you will have higher costs because each law normally will come with its own fees and charges,” the NUPRC boss said.

Eyesan nominated senior officials from the commission who will work closely with the NNRA on the task ahead.

“We have identified critical areas on both sides and we believe that, as we collaborate, we can close existing gaps,” she said.

Responding, Idris said the cooperation of the NUPRC was crucial because the upstream petroleum industry remains one of the largest users of radioactive sources and radiation-emitting equipment in Nigeria.

According to him, radioactive technologies are widely deployed in well logging, industrial radiography, and nucleonic gauging activities that support oil and gas exploration and production.

He explained that the partnership would enable both agencies to share information and simplify compliance procedures for operators.

“The goal is a single-window approach, where both agencies share information rather than requiring operators to submit the same data twice,” he said.

Idris further stated that, since oil and gas extraction often brings Naturally Occurring Radioactive Materials (NORM) to the surface, the NNRA seeks the assistance of the commission to ensure that operators conduct radiological impact assessments as part of their broader Environmental Impact Assessments, while NORM management protocols are incorporated into the NUPRC’s environmental guidelines for the upstream sector.

The two agencies also agreed to deepen collaboration in training, capacity building, and knowledge sharing on radiation protection and safe operational practices.

The latest partnership comes as the Federal Government intensifies efforts to boost investment in the petroleum sector, increase production, and enhance operational efficiency following the implementation of the Petroleum Industry Act.

On Sunday, The PUNCH reported that Nigeria’s oil and gas sector recorded a 283.3 per cent increase in foreign capital inflows in the first quarter of 2026, but the industry continued to attract only a negligible share of total investments entering the country, official data showed.

Figures obtained from the latest Capital Importation Report released by the National Bureau of Statistics and analysed by our correspondent on Friday showed that the oil and gas sector attracted just $0.46 million in foreign capital during the review period, compared to $0.12 million recorded in the corresponding period of 2025.

Although the year-on-year growth represents a significant percentage increase, the actual value of investments flowing into the industry remained extremely low when compared to the overall capital imported into the Nigerian economy.

The NBS report indicated that total capital importation into Nigeria rose to $10.37 billion in the first quarter of 2026 from $5.64 billion recorded in the same period of 2025, representing an increase of 83.83 per cent.

Trade sector attracts $65.79m foreign investment – Report

Trade sector attracts $65.79m foreign investment – ReportNigeria’s trade sector attracted $65.79m in foreign capital in the first quarter of 2026, representing a 91.31 per cent increase from the $34.39m recorded in the corresponding period of 2025, despite a slowdown from the strong inflows recorded in the second half of last year.

Data from the National Bureau of Statistics’ capital importation report showed that foreign investment into the trade sector rose 91.31 per cent year-on-year, underscoring renewed investor confidence in commercial activities and cross-border trade.

The latest inflow, however, fell below the $80.94m recorded in the third quarter of 2025 and the $119.21m attracted in the fourth quarter of 2025, indicating that momentum moderated after two consecutive quarters of strong growth.

The development came as the National Bureau of Statistics National Bureau of Statistics Nigeria reported that trade emerged as the single largest contributor to Nigeria’s Gross Domestic Product in the first quarter of 2026, accounting for 17.89 per cent of total output.

Commenting on the GDP performance, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said the sector’s strong contribution reflected improving macroeconomic conditions.

“One of the most significant highlights of the report is the emergence of the trade sector as the single largest contributor to GDP at 17.89 per cent. This reflects the positive effects of improved exchange rate stability, better FX liquidity conditions, easing inflationary pressures and recovering business confidence on commercial activities and trade flows,” Yusuf said.

He, however, cautioned against relying solely on commerce for economic growth. “However, sustainable economic transformation cannot be driven by commerce alone. Long-term growth resilience requires stronger productive capacity, deeper industrialisation and significantly higher domestic value addition,” Yusuf said.

Industry experts also projected that trade would play an increasingly important role in driving growth across Nigeria and the African continent as governments and businesses deepen regional integration under the African Continental Free Trade Area.

In her contribution to The Boardroom Africa 2026 Industry Trends Report, the Chief Executive Officer of Seedtree Capital, Bowale Adeoye, said innovations in trade finance and logistics would accelerate cross-border commerce.

“Trade finance innovation is reshaping intra-African commerce. The shift from dollar-intermediated systems toward continental payment infrastructure is reducing transaction costs and settlement delays while addressing Africa’s $100–120bn trade finance gap,” Adeoye said.

Adeoye observed that platforms such as the Pan-African Payment and Settlement System are helping businesses settle transactions faster in local currencies, thereby improving liquidity and lowering trading costs across African markets.

She also highlighted the growing importance of cold-chain infrastructure in supporting trade resilience. “Cold chain logistics is becoming a critical enabler of Africa’s trade resilience. Historically underdeveloped, the sector is shifting toward technology-enabled, asset-light models that address food preservation and pharmaceutical integrity,” Adeoye remarked.

The Seedtree Capital chief added that local value addition had become a competitive necessity for African economies. “Localisation is no longer aspirational; it is foundational to competitiveness, tariff optimisation, and supply resilience,” Adeoye said.

Similarly, the Chief Executive Officer of NAHCO Commodities Limited, Ijeoma Ezenwa, said Africa’s agricultural sector was increasingly moving from raw commodity exports to value creation through processing and integrated supply chains.

APPO confirms Sept launch for energy bank

The African Energy Bank is scheduled to launch in September in Abuja, Nigeria’s Federal Capital Territory, the African Petroleum Producers’ Organisation African Petroleum Producers Organisation has said.

According to Argus Media, APPO Secretary General Farid Ghezali acknowledged “several postponements” but said the new deadline is “to make the bank operational in September 2026 in view of the incompressible deadlines from an administrative point of view”.

A planned April start was pushed back to June before APPO members were again mobilised around a third-quarter deadline. At a recent meeting, the Nigerian government reiterated the country’s commitment to the African Energy Bank’s formal commencement of operations.

The bank was established by the APPO and the African Export-Import Bank to address the critical financing needs of Africa’s oil, gas and broader energy sectors and mitigate the global funding pressure against hydrocarbon investments in Africa.

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, and the Executive Secretary of the Nigerian Content Development and Monitoring Board Nigerian Content Development and Monitoring Board, Felix Ogbe, were among the Nigerian delegation who attended the 46th extraordinary ministerial meeting, which was held virtually.

The Nigerian delegation was said to have assured that the country is ready and committed to the bank’s commencement of operations. Ogbe serves as an Executive Board member of APPO, representing Nigeria.

It is reported that the AEB is positioned to become Africa’s premier partner in mobilising private-sector funds for energy projects across the continent, providing accessible and affordable financing for the development of energy projects in Africa.

The bank was originally billed to take off before the end of April and was expected to have held shareholder meetings, appointed management and board, recruited staff and completed other necessary procedures.

However, funding has remained a major challenge even when the Nigerian government said the headquarters of the bank was ready.

Ghezali called on APPO members to redeem their pledges towards the $500m start-up capital before the end of June.

Argus quoted sources as saying that 91 per cent of the capital had been raised and that the Nigerian National Petroleum Company Limited and the Nigerian Content Development and Monitoring Board would make up the balance.

Ghezali said AEB aims to reverse the situation that sees Africa importing more than 60 per cent of its oil products consumption and producing only 12 per cent of global upstream liquids while being home to many of the world’s largest national oil and gas reserves.

The Nigerian Content Development and Monitoring Board said AEB will achieve its aim by “mobilising private-sector funds for energy projects across the continent”.

The APPO boss had stated that the bank will target the financing of 20–30 LNG, petroleum products pipeline, terminals and refining projects by 2030. Projects that monetise natural gas as a transition fuel will take up 40 per cent of AEB’s loan book, and priority will be given to projects that contribute towards the creation of “500,000 to 1 million direct and indirect jobs in the energy value chain”.

But even with the September start, Ghezali said AEB loan-making will only “open at the end of 2026”.

Banks face N100m penalty for forex violations

cbnThe Central Bank of Nigeria has set a N100m penalty for banks that process foreign exchange transactions without adequate documentation as part of a sweeping compliance regime unveiled in its newly released Foreign Exchange Manual.

Under the offences and sanctions section of the fourth edition of the manual, the apex bank stated, “Authorised dealers shall pay N100m in addition to N10m per transaction” for consummating foreign exchange transactions with inadequate documentation.

The sanction forms part of a broader framework aimed at tightening oversight of Nigeria’s foreign exchange market, strengthening compliance standards, and curbing abuses among authorised dealers and other market participants.

The revised manual, issued by the CBN’s Trade and Exchange Department in May 2026, is the first major update since 2017. It serves as a regulatory guide for banks, authorised buyers, exporters, investors, and members of the public participating in foreign exchange transactions.

According to the CBN, the manual seeks to promote transparency in foreign exchange inflows and outflows, establish clear documentation and reporting requirements, strengthen enforcement mechanisms, and support national economic priorities by ensuring foreign exchange is channelled to productive uses.

Beyond the N100m sanction, the manual introduces a range of penalties for violations in the Nigerian Foreign Exchange Market.

Banks that exceed their approved Net Open Position limits face escalating punishments. A first offender will receive a warning letter, while a second offence attracts a 10-working-day suspension from the foreign exchange market. A third violation will result in a 90-day suspension from the market.

The apex bank also tightened reporting obligations for authorised dealers. Banks are required to submit daily returns on foreign exchange transactions by 10 a.m. for the preceding day and monthly returns within five working days after month-end. Failure to comply attracts sanctions.

Under the new rules, late rendition of returns will attract a penalty of N500,000, while non-rendition carries a minimum fine of N5m and an additional N500,000 for every day the violation continues.

The CBN further warned banks against reallocating foreign exchange funds without regulatory approval, stating that such actions could attract monetary fines, suspension of authorised dealership licences for at least six months, or outright licence revocation, depending on the severity of the breach.

Import-related transactions also received significant attention in the revised framework. The manual requires importers to submit Exchange Control Documents within 90 days of negotiating shipping documents with overseas correspondent banks. Importers who fail to comply will be restricted from conducting valid and non-valid foreign exchange transactions, including the processing of Form M applications.

First-time offenders will face a 90-day restriction, rising to 180 days for a second offence and 360 days for a third. A fourth violation will attract a complete ban from the foreign exchange market.

Where banks fail to report such defaults, they risk sanctions, including a warning and a N10m penalty for each affected transaction.

The manual also imposes stricter obligations on exporters. For non-oil exports, proceeds must be repatriated and credited to exporters’ domiciliary accounts within 180 days of shipment, while oil and gas export proceeds must be received within 90 days.

Exporters that fail to repatriate proceeds within the stipulated period will pay a penalty equivalent to one per cent of the naira value of the outstanding proceeds, while banks that fail to ensure compliance will be fined 0.5 per cent of the outstanding amount.

The manual further empowers the CBN to sanction banks for late approvals of export documentation, non-remittance of export supervision levies, and failure to render returns on export proceeds.

In addition to the sanctions, the revised framework introduces several operational reforms designed to improve market efficiency.

Among the changes are an increase in allowable advance payment for imports from 15 per cent to 30 per cent, the introduction of a permissible import shortfall or excess margin of plus or minus 10 per cent of the Cost and Freight value on Form M, and the removal of processing fees for Form NXP used for exports.

The CBN also introduced provisions covering service exports, technology-related remittances, Pan-African Payment and Settlement System transactions, non-resident investment accounts, and tuition fee remittances of up to $25,000 per semester for undergraduate and postgraduate studies abroad.

The manual additionally removed the mandatory requirement for Form A in remittances funded through ordinary domiciliary accounts, although banks are still required to verify the legitimacy and purpose of such transactions.

The apex bank said the reforms were developed after extensive consultations with banks, exporters, corporates, regulators, and development partners and are intended to support a transparent, rules-based, and market-oriented foreign exchange system.

According to the CBN, the revised manual is expected to improve compliance, reduce transaction bottlenecks, deepen market confidence, attract investment inflows, and strengthen the integrity of Nigeria’s foreign exchange market.

The Governor of the CBN, Mr Olayemi Cardoso, earlier said the initiative reflected the apex bank’s commitment to strengthening macroeconomic stability and modernising Nigeria’s foreign exchange administration.

He said the revised manual became necessary following evolving global economic conditions, domestic structural adjustments, and ongoing reforms in Nigeria’s foreign exchange market.

The Deputy Governor, Corporate Services Directorate of the CBN, Dr Muhammad Abdullahi, said the revised manual formed part of broader reforms initiated under Cardoso’s leadership to restore confidence, improve transparency, deepen liquidity, and strengthen market efficiency.

He said the review was undertaken to align Nigeria’s foreign exchange framework with current market realities and international best practices.

“Our goal is to reduce transaction frictions, improve processing timelines, deepen market confidence, encourage formal market participation, and create a more seamless and efficient experience for legitimate users of Nigeria’s foreign exchange market,” he said.

Govt, FAO launch $350,000 bird flu response programme

Idi Mukhtar MaihaThe Federal Government has said it is partnering with the Food and Agriculture Organisation to strengthen Nigeria’s preparedness, detection, and response to Highly Pathogenic Avian Influenza through a $350,000 intervention that will also train 240 animal health personnel.

The government disclosed this in a statement issued on Thursday night by the livestock ministry following the inauguration of the FAO Technical Cooperation Programme Project on Strengthening HPAI Preparedness, Detection, and Response in Nigeria.

According to the statement, the initiative is designed to improve disease surveillance, laboratory diagnostic capacity, risk communication, and stakeholder coordination under the One Health framework.

The Minister of Livestock Development, Idi Maiha, was quoted as saying that the poultry industry remains vital to Nigeria’s food security and economic growth but continues to face threats from transboundary animal diseases.

“The poultry industry remains a critical component of Nigeria’s livestock sector. However, it continues to face threats from transboundary animal diseases, particularly Highly Pathogenic Avian Influenza, which has remained a recurring challenge since its first occurrence in Nigeria in 2006,” the minister said.

Maiha noted that the resurgence of the disease since 2021 has continued to affect poultry farmers across different scales of operation, with implications for food security and international trade.

“We are concerned because of the destructive effect of avian influenza in Nigeria. It is threatening livelihoods, threatening food security, and threatening international trade. We must work together to restore livelihoods, close gaps in poultry product supply, and reconnect our poultry industry to international markets,” he stated.

The minister commended the FAO for approving and funding the project, describing the intervention as timely and consistent with the Federal Government’s efforts to strengthen disease prevention and control within the livestock sector.

The statement also quoted the Permanent Secretary of the ministry, Dr Chinyere Ijeoma Akujobi, represented by the Chief Veterinary Officer of Nigeria, Dr Samuel Anzaku, as saying that Nigeria has continued to record outbreaks of HPAI annually despite progress made in disease control.

“The epidemiology of the disease has evolved, with outbreaks now affecting multiple avian species. Layer farms remain the most severely impacted segment, resulting in substantial economic losses and disruptions across poultry value chains,” she said.

The FAO representative, Dr Otto Muhinda, reaffirmed the organisation’s commitment to supporting Nigeria in combating transboundary animal diseases and building a resilient poultry industry.

“FAO is proud to partner with the Federal Ministry of Livestock Development and other stakeholders in building a more resilient poultry sector. Through this project, we aim to enhance Nigeria’s capacity for early detection, preparedness, and rapid response to Highly Pathogenic Avian Influenza, thereby protecting livelihoods, food security, and public health.

“Over the next nine months, the project will train 240 animal health personnel, contributing to a stronger frontline workforce capable of preventing and responding to disease outbreaks. It will also support the development of predictive tools to improve preparedness and reduce future risks of HPAI in Nigeria,” he said.

According to the statement, stakeholders, including representatives of the Office of the National Security Adviser, the Veterinary Council of Nigeria, the Nigerian Veterinary Medical Association, the Federal Ministry of Health and Social Welfare, and the Federal Ministry of Environment, stressed the need for collaboration in tackling disease outbreaks.

The ministry stated that Nigeria recorded confirmed outbreaks of HPAI in Kebbi, Kano, Katsina, Plateau, and Bauchi states in 2026, underscoring the continued threat posed by the disease to the poultry industry, food security, and livelihoods.

It added that the FAO-supported intervention would be implemented in seven pilot states to strengthen disease surveillance, improve laboratory diagnostic capacity, enhance biosecurity measures, promote risk communication, and bolster rapid response mechanisms.

NNPC donates MRI machine to Kano hospital

NNPC donates MRI machine to Kano hospitalNNPC Foundation, the Corporate Social Responsibility arm of NNPC Ltd., has commissioned and handed over a fully installed state-of-the-art 1.5 Tesla Magnetic Resonance Imaging system to the National Orthopaedic Hospital, Dala, Kano State.

This is contained in a statement by the Chief Corporate Communications Officer of NNPC Ltd., Andy Odeh, a copy of which was made available to PUNCH Online on Friday.

The intervention, which is in furtherance of NNPC Ltd’s commitment to improving healthcare access and strengthening medical infrastructure across Nigeria, is expected to enhance the diagnosis and treatment of orthopaedic, neurological, trauma, musculoskeletal, and gynaecological conditions.

“Before the intervention, patients needing advanced MRI diagnostic services often faced challenges of travelling long distances, longer waiting times, and delays in care due to high cost and availability,” the statement partly read.

Speaking at the ceremony held on the hospital’s premises in Kano on Thursday, the Group Chief Executive Officer of NNPC Ltd., represented by the Managing Director of NNPC Foundation, Mrs Emmanuella Arukwe, said the donation is part of a wider corporate goal and focus to contribute strategically to national healthcare development.

“At NNPC Limited, we are intentional about ensuring that our social investments are impactful, sustainable, and beneficial to the communities we serve. Through the NNPC Foundation, we will continue to implement interventions that create measurable social value across Nigeria,” he said.

He described the intervention as timely and necessary, noting that it presents an opportunity to strengthen Nigeria’s healthcare system amid challenges of infrastructure deficits, equipment limitations, and increasing demand for specialised services.

Also speaking, the Executive Vice President, Business Services, NNPC Ltd., Mrs Sophia Mbakwe, represented by the Executive Director, Programme Management at the NNPC Foundation, Mrs. Rose Okonkwo, said NNPC Limited goes beyond crude oil production to impact lives positively, reaffirming the company’s commitment to improving the well-being of Nigerians as well as strengthening key national institutions.

“Today’s event is a testament to our steadfast commitment to delivering measurable impacts and scalable, sustainable interventions to communities across Nigeria, inclusively targeting underserved and vulnerable members of society.

“By this intervention, NNPC Limited aims to strengthen healthcare delivery and improve the quality of life of the people of Kano State, the North-West geopolitical zone, and, by extension, all Nigerians who depend on the National Orthopaedic Hospital, Dala for specialised medical care,” she stated.

In his remarks, Kano State Governor Abba Yusuf, who was represented by the Commissioner for Health, Abubakar Labaran Yusuf, commended NNPC Foundation for the donation, describing it as a major milestone in improving healthcare services in the region through early and accurate diagnosis and care.

The Chief Medical Director of the hospital, Dr Isa Nurudeen, expressed appreciation to NNPC Ltd. for the intervention, noting that the donation will have a transformative impact on the hospital’s operations and services.