The Lagos State Government generated about N80bn in 2025 through building approval applications,

The Commissioner for Physical Planning and Urban Development, Dr Oluyinka Olumide, disclosed this on Friday in Lagos during the 2026 Ministerial Briefing in commemoration of the seventh year of Mr Babajide Sanwo-Olu’s administration as Lagos State Governor.

Speaking on the charges for obtaining building approval, Olumide explained that the rate is determined by the size of the development and the particular location.

“For example, somebody developing in Ikorodu may not pay the same thing as somebody developing in Ikoyi. So that is a good example,” he said.

He added that all payments are made through the bank, and the applicant will only present a receipt of payment to the ministry, where the approval will be issued.

“It is after getting that receipt that you come to us and show the receipt. So a copy of the receipt goes into your file here, and we process it. We don’t charge money; we don’t make it available.

“What we know is that at the end of the year, our total revenue will be estimated for revenue and taxation. It will display our performance. So far, we are gaining from our exercise in terms of planning and processing. Last year, I think we got about N80bn or so,” he said.

Olumide pointed out that discrepancies in tax payments can delay the processing of building approvals.

“Now, you have somebody who pays N200,000 as annual tax, and you bring in land, and you want to develop a N3bn building, something is not okay. You have not disclosed the right tax. So such an application would not work because your tax status is in doubt,” he added.

The commissioner warned against building under power lines and gas lines, adding that building outside what was approved attracts immediate demolition.

“Now, the condition that can warrant immediate demolition in Lagos: if you build on the gas line, we will remove it immediately. If you build on that power line, we will remove it immediately.

“If you build excessively and aggressively out of order, not in line with the approval granted, you can also be demolished. Those are areas that can warrant immediate demolition. I don’t want to go into the control part,” Olumide added.

According to him, a distressed building could also attract immediate demolition. “If you have a distressed building, that’s another one that can warrant immediate demolition. If your building is assessed or adjudged as no longer suitable, it can be brought down immediately.

“So if we say a building is not suitable, take it like that. And when we say buildings are not suitable, it doesn’t mean that the demolition is done. What it simply means is, take attention,” Olumide disclosed.

Olumide reiterated that when a building is marked as distressed, “they are just calling your attention that you need to do something.”

The Nigerian Airspace Management Agency has attributed the delay in the payment of outstanding retirees’ entitlements to longstanding bureaucratic, policy, and pension-related challenges inherited from previous administrations.

The aviation agency insisted that the current management under its Managing Director, Farouk Umar, has taken concrete steps to resolve the issue. The agency said this while responding to allegations of laxity by the management of the organisation on workers-related issues.

NAMA spoke through a statement signed by the spokesperson for the agency, Abdullahi Musa, on Friday.

In his response to the allegations raised during a recent television interview by some aggrieved retirees, the agency said while it recognises the right of former employees to seek redress on welfare concerns, it was necessary to place the facts in proper perspective.

Musa maintained that the problem of unpaid retirees’ benefits did not originate under the present leadership. He said, “The issue of outstanding retirees’ benefits is a longstanding institutional challenge inherited from previous administrations due largely to policy implementation gaps, pension-related complications, and bureaucratic bottlenecks associated with public sector financial obligations.”

The agency stressed that, contrary to claims of neglect, the administration of Farouk had demonstrated commitment towards addressing the backlog.

The statement read partly, “Significantly, it was under Engr. Farouk’s administration, which renewed administrative attention, institutional commitment, and official approvals, secured towards addressing the outstanding obligations.

“Following engagements with relevant stakeholders and retirees’ representatives, the Managing Director immediately directed the appropriate departments to commence the necessary processes required for settlement.”

NAMA, however, explained that the disbursement process is governed by strict public service regulations that cannot be circumvented.

“Responsible governance within the public sector requires strict compliance with statutory procedures involving documentation, budgetary appropriations, administrative vetting, and government approvals before final disbursement can be effected.

“Any attempt to deliberately ignore these procedural realities and portray them as neglect is both unfair and misleading,” the agency stated.

Beyond the retirees’ issue, the agency stated that several welfare reforms have been implemented under the current administration, noting that workers have witnessed significant improvements in their conditions of service.

He said, “Under Farouk’s leadership, NAMA successfully implemented the Staff Conditions of Service in full, an achievement that eluded several previous administrations despite years of agitation by workers.”

The agency further disclosed that a new salary structure was recently approved and implemented, leading to improved remuneration for employees.

“This landmark salary enhancement demonstrates the administration’s unwavering commitment to improving the living conditions of employees and repositioning NAMA as a more motivated, efficient, and professionally competitive institution within the aviation industry,” the statement noted.

The Dangote Petroleum Refinery is planning to expand its crude processing flexibility to as many as 130 different crude grades.

The refinery, which recently reached its full capacity of 650,000 barrels per day, is also preparing for a major capacity expansion that will double output and significantly widen its crude sourcing options beyond Nigeria’s domestic supply base.

The Chief Executive Officer of the refinery, David Bird, disclosed this in an interview with S&P Global Energy, describing the facility as a fully merchant-style refinery built to compete with global trading hubs rather than a conventional single-feed crude processing plant.

“This is not a traditional refinery in an oil-producing country that just sits at the end of a crude pipeline and processes one crude. This is a fully merchant refining model that you could see in Europe or Asia,” Bird was quoted as saying in the interview, obtained by our correspondent on Friday.

Bird told S&P Global that the refinery currently processes around 40 crude grades but is strategically positioned to expand that number significantly as it scales operations, with a long-term target of about 130 crude types comparable to some of the world’s most complex refining hubs, such as Singapore’s Pulau Bukom refinery.

According to him, the expansion will allow the refinery to move deeper into crude blending operations and take advantage of a wider range of global supply sources, including Middle Eastern, US, and heavier crude grades.

“We will be in the crude blending game. So you can easily imagine at 1.4 million bpd, we could process 30 per cent Middle Eastern grades on each train,” he said.

Bird also highlighted the refinery’s cost structure, noting that operating expenses are expected to decline further as scale efficiencies kick in following the expansion.

According to the report, industry projections tied to the $10bn expansion programme indicate that operating costs could fall below $2 per barrel, strengthening the refinery’s position as one of the world’s lowest-cost large-scale refineries.

The planned expansion, it was said, will raise capacity to about 1.4 million b/d, equivalent to nearly 90 per cent of Nigeria’s current crude oil output, forcing the facility to rely more heavily on imported crude streams, including US WTI Midland, alongside domestic supply.

Bird said the refinery’s flexibility is central to its long-term competitiveness in an increasingly volatile global energy market.

The Dangote refinery, located in the Lekki Free Zone in Lagos, is also integrating petrochemical units and logistics infrastructure as part of a wider industrial expansion aimed at turning the complex into a global energy hub comparable to major refining centres in Asia and the Middle East.

As part of its expansion strategy, the company is also developing regional infrastructure, including tank farms and potential pipeline linkages across Africa, to improve fuel distribution and export efficiency.

The refinery’s management has maintained that its long-term goal is to position Nigeria as a net exporter of refined petroleum products while competing directly with established global refining and trading hubs.

After the Middle East war began, Dangote shifted to what was termed “max jet mode”, and in April, it became the world’s single largest exporter of aviation fuel, according to S&P Global Commodities at Sea data.

The refinery is also producing 200 per cent of its petrol potential by importing blending components like GTL naphtha and Bonny condensate, Bird said.

As such, it can “comfortably” make 75 million litres per day (about 650,000 b/d) and could do 100 million l/d with better storage infrastructure, he added.

Africa’s economic growth has been predicted to slow slightly to 4.2 per cent in 2026 before returning to 4.4 per cent in 2027, matching the level recorded in 2025, says African Development Bank (AfDB) .

The is according to the Banks forecasts which appeared in the 2026 edition of the African Economic Outlook report presented during its annual meetings in Brazzaville.

According to the AfDB, the expected slowdown in 2026 mainly reflects the impact of the conflict in the Middle East on the global economy.

“The impact of this shock on growth and macroeconomic stability will depend on the duration of the supply chain disruptions and their effects on global energy and fertilizer prices,” the report said.

East Africa is expected to remain the continent’s fastest-growing region, despite a slowdown from 6.6% in 2025 to 5.9% in 2026. The AfDB links the weaker pace to logistics disruptions and higher energy costs.

West Africa should maintain relatively stable growth around 4.7%, supported by agriculture, infrastructure investment and continued expansion in the mining and oil sectors. In North Africa, growth is expected to slow to 4% in 2026 as higher energy costs and weaker tourist arrivals from Gulf countries affect economic activity.

Central Africa’s economy should grow by 3.8% in 2026, mainly supported by sustained commodity prices, especially oil. Southern Africa is expected to remain the continent’s weakest-performing region, with growth limited to 2.1% because of supply chain disruptions and the broader economic effects of the Middle East conflict.

The AfDB expects average inflation across Africa to reach 10.4% in 2026, driven mainly by higher global oil and gas prices. Even so, that level would remain below the 13.7% recorded in 2025.

The continent’s average fiscal deficit should narrow slightly to 4.8% of GDP in 2026. The report also points to temporary stabilization in external balances, but warns that rising energy and fertilizer prices could widen current account deficits again. The institution also highlighted risks linked to lower development aid and possible pressure on migrant remittances.

The AfDB said African economies continue to face a difficult international environment marked by rising trade tensions, climate shocks, lower foreign investment, geopolitical fragmentation and the lingering effects of the COVID-19 pandemic.

The institution also cited the uncertain consequences of the conflict in the Middle East, which continue to affect global markets and supply chains. To help economies absorb external shocks, the AfDB called on governments to strengthen coordination between monetary and fiscal policy, improve social support measures and avoid broad fuel subsidies.

“African central banks need to implement prudent monetary and exchange rate policies tailored to anchor long-term inflation expectations,” the institution said.

The bank added that central banks and finance ministries should act quickly to limit second-round effects linked to rising food and energy prices. The AfDB also urged countries to accelerate investment in renewable energy, regional infrastructure and industrial transformation in order to reduce dependence on imports. The institution called for deeper implementation of the African Continental Free Trade Area (AfCFTA), broader tax bases and stronger African financial systems.

The Bank stressed the need for greater economic sovereignty through stronger domestic resource mobilization, the development of African financial institutions and deeper regional integration. The AfDB’s forecasts broadly match projections published earlier this year by the United Nations Conference on Trade and Development (UNCTAD), which expects Africa’s economy to grow by 4% in 2026 and 4.1% in 2027, compared with 3.9% in 2025.

According to UNCTAD, the improvement should come from stronger macroeconomic stability, higher investment levels and firmer domestic demand.

The Dangote refinery in a sustainable growth movement has hit full capacity at a critical moment. Within weeks of reaching 650,000 barrels/day in February, the African producer was shipping record quantities of diesel and jet fuel to countries cut off from Middle Eastern supply.

Sustaining current run rates demands another order of trading sophistication, testing the limits of Dangote’s logistics, said David Bird, who left OQ8, owner of Oman’s Duqm refinery, in 2025 to become the company’s first CEO.

Bird has a three-year deadline to expand the Nigerian refineryto become the largest in the world. But first, cementing its role as a global heavyweight depends on feedstock diversification, securing offtake commitments and fixing supply chain bottlenecks, he told Platts in an interview at the refinery. Platts is part of S&P Global Energy.

“This is not a traditional refinery in an oil-producing country that just sits on the end of a crude pipeline and processes one crude,” Bird said. “This is a fully merchant refining model that you could see in Europe or Asia.”

Dangote transformed Nigeria’s fuel sector when it launched in 2024, but its output was capped at around 450,000 b/d during a gradual ramp-up punctuated by repeated outages on its main gasoline-producing unit. Since reaching 650,000 b/d in February, the refinery has remained at close to full capacity.

After the Middle East war began, Dangote shifted to “max jet mode,” and in April it became the world’s single largest exporter of aviation fuel, according to S&P Global Commodities at Sea data.

The refinery is also producing 200% of its gasoline potential by importing blending components like GTL naphtha and Bonny condensate, Bird said. As such, it can “comfortably” make 75 million liters/day (about 650,000 b/d), and could do 100 million l/d with better storage infrastructure, he added.

Other projects will further diversify the feedstock coming into Dangote. In addition to a new linear alkylbenzene plant and diesel hydrotreater, the company is planning to build a new 750,000 metric ton/year propane dehydrogenation plant, which will process imported LPG and convert it into polypropylene.

The Dangote model was designed to process the light sweet crude native to OPEC member Nigeria, but has been challenged by what the refinery says is a lack of local supply and poor terminal reliability.

Dangote can now refine 40 different types of crude, but Bird would like to see the number get closer to the 130 used at Singapore’s Pulau Bukom refinery, which he ran between 2012 and 2015, he said.

Dangote’s $10 billion expansion project will make the refinery capable of processing 1.4 million b/d, equivalent to 90% of Nigeria’s oil output forcing it to seek new crude streams. It has so far relied on US WTI Midland crude to supplement local supply, but as it scales up, it can incorporate heavier grades and residues, Bird said.

“We will be in the crude blending game,” he said. “So you can easily imagine at 1.4 million b/d we could process 30% Middle Eastern grades on each train.”

In an interview before the Middle East war began, founder Aliko Dangote said his business was eyeing crudes from countries like the UAE, and would consider Russian oil should sanctions be lifted. The refinery already has competitive operating costs of under $2.50/b, but the number could drop to $1.50/b post-expansion, he said. South American residues are also being considered, according to Bird.

In time, the company hopes to stimulate regional demand with low-cost fuel. It is finalizing approvals for a Namibian tank farm, which it plans to connect to Zambia by pipeline, and is also discussing a Djibouti oil link and storage in Cameroon, according to Bird and Devakumar Edwin, Dangote’s vice president for oil and gas.

The refinery currently ships half of its production overseas and plans to export all additional product from its expansion to international markets, Edwin said in a separate interview at the site.

By design, the refinery lacks storage capacity.

“We normally try to avoid stocks in all of the businesses,” Edwin said, explaining a wider Dangote Group ethos of forcing salespersons to move product.

However, limited tankage space leaves little margin for error for operators facing “a tsunami of product coming down the pipe every day” and unpredictable truck demand, Bird said.

Consequently, the business is deviating from its existing spot model, managed mostly by international trading companies, to pursue more long-term purchasing commitments from governments, distributors and national oil companies.

“We’ll be making sure that we’re not the supplier of last resort,” Bird said. “We want to start building some of those direct offtake relationships.”

Dangote has had an influx of requests from African countries and a recent deal with Ethiopian Airlines, Bird said. In contrast to its first years, the refinery is better positioned to offer competitive credit and payment terms, he added.

The company is also tailoring its port infrastructure to support smaller cargoes and reduce dependence on truck-outs. After hitting constraints with its single-point mooring system, it is developing a four-berth marine jetty to accommodate LR2-size ships and below, Bird said.

The refinery expansion will involve “ruthless replication of the existing plant,” Bird said, partly to cut engineering time. Nevertheless, the second train will likely involve different catalyst choices to meet winter fuel-grade specifications in the Northern Hemisphere, which incur a heavy yield penalty with the current configuration, he said.

The project is being supported by an IPO later this year, which Dangote hopes will value the business at $50 billion. The company will list 5%-10% of its shares on the Nigerian stock exchange and is considering others, including London and Dubai.

According to Bird, the refinery is on the cusp of transforming the Lekki free zone, where it is located, into an industrial hub that could resemble some of the largest in the Middle East. “It will be a very brave person that underestimates Alhaji Aliko Dangote,” Bird said. “You come here in 10, 15 years, and this will look like Jebel Ali.”

MTN Nigeria has recorded an expanded network coverage to 93.7 per cent of the population, to support the country’s broadband penetration and digital inclusion in 2025.

According to the company’s just-released 2025 Sustainability Report, the company invested N2.7 billion in social-impact initiatives that reached more than 534,000 people.

The company attributed the improved coverage, up from 93% in 2024, to continued rollout of base stations across rural and underserved communities.

This included the deployment of 229 integrated renewable, solar-powered rural telephony sites under its Project Zero initiative. Broadband penetration across MTN’s network footprint reached 90.1%, while 4G population coverage remained stable at about 82%.

The Nigerian Communications Commission (NCC) says MTN Nigeria accounted for more than half of the country’s active GSM connections in 2025, serving approximately 89.64 million active mobile lines.

The CSR footprint of the company also expanded last year. MTN Foundation’s increased recipients rose to more than 534,000.

The programmes in 2025 spanned community infrastructure, maternal healthcare, youth empowerment and digital access. Under its STEM scholarship scheme, 300 students studying science and technology disciplines in public tertiary institutions received scholarships worth N300,000 annually through graduation.

The company also continued its Scholarship for Blind Students and Top-10 UTME Scholarship initiatives, while distributing more than 25,000 learning devices in partnership with state governments.

Another focus for the year was child online safety as MTN Nigeria’s ‘Help Children Be Children’ in response to growing concerns around online grooming and exposure to harmful digital content.

The initiative includes school sensitisation programmes, parental workshops and collaborations with civil society organisations.

Communication Strategy Workshop

On the flip side, the company disclosed that it spent more than NGN1 billion on infrastructure repairs and security interventions following 9,218 fibre cuts recorded nationwide during the year, incidents linked largely to vandalism and theft of telecoms assets

The Minister of State for Petroleum Resources (Oil), Hon. Senator Heineken Lokpobiri, has been confirmed as a featured speaker at African Energy Week (AEW) 2026, where he is expected to outline Nigeria’s accelerating upstream transformation and its expanding role as one of Africa’s leading oil and gas investment destinations.

Nigeria’s energy sector has recorded one of its strongest investment cycles in a decade, driven by regulatory reforms under the Petroleum Industry Act (PIA), improved fiscal incentives and renewed confidence from international oil companies (IOCs) and indigenous operators.

In 2025 alone, Nigeria approved 28 new Field Development Plans valued at $18.2 billion, unlocking an estimated 1.4 billion barrels of crude oil reserves, according to government disclosures. These approvals mark a decisive shift toward accelerating project execution timelines and reversing years of stalled upstream development.

Lokpobiri has consistently credited this momentum to reforms under the PIA, alongside faster licensing processes and investment-friendly fiscal adjustments. Speaking in Abuja earlier this year, he noted that Nigeria secured four of seven major Final Investment Decisions in Africa between 2024 and 2025, positioning the country as a leading upstream investment hub on the continent.

A central pillar of this resurgence is Shell’s Bonga deepwater complex, where the company has taken a $5 billion final investment decision on the Bonga North project, a subsea tie-back expected to add over 300 million barrels of recoverable resources and significantly boost long-term output from the FPSO hub. The development is widely viewed as a benchmark for Nigeria’s renewed deepwater competitiveness.

Meanwhile, ExxonMobil’s planned investment in the Usan deepwater oil field is expected to inject up to $1.5 billion between 2025 and 2027, supporting production revitalization through new drilling and infrastructure upgrades.

Alongside IOC-led expansion, Nigeria’s indigenous producers are increasingly central to near-term output growth, with Heirs Energies targeting up to 100,000 barrels per day as it ramps up development across its onshore Niger Delta portfolio, including OML 17. This momentum is complemented by Seplat Energy’s optimization of its expanded onshore portfolio following the ExxonMobil acquisition, reinforcing the growing role of local operators in stabilising production and driving Nigeria’s short-term output gains.

Lokpobiri is also expected to highlight Nigeria’s broader energy transition framework at AEW 2026, which seeks to balance oil production growth with gas monetization, domestic refining expansion and increased local content participation. His policy messaging has consistently emphasized that Nigeria’s oil and gas sector is structured to accommodate both IOCs and a growing base of indigenous operators.

“Nigeria is once again proving what is possible when policy meets execution,” said NJ Ayuk, Executive Chairman of the African Energy Chamber. “Under leaders like Heineken Lokpobiri, we are seeing renewed seriousness about production, investment and getting projects across the line – from deepwater developments to indigenous-led growth. This is exactly the kind of momentum Africa needs: not promises, but barrels, projects, and bankable deals.”

As AEW 2026 prepares to convene policymakers, investors, and operators from across Africa and beyond, Lokpobiri’s address is expected to serve as one of the defining policy moments of the conference – spotlighting Nigeria’s resurgence at the center of Africa’s upstream growth story and its ambition to convert recent investment momentum into sustained production gains.

The Nigerian capital market is set to transition to a T + 1 Settlement Cycle effective Monday, 1st June 2026, marking another significant milestone in the continued modernization of Nigeria’s post-trade infrastructure and market operations.

The transition, approved by the Securities and Exchange Commission (SEC) and being coordinated by the Central Securities Clearing System Plc (CSCS) alongside key capital market stakeholders, reflects the market’s collective commitment to strengthening efficiency, reducing settlement risk, enhancing liquidity, and aligning with global best practices.

Under the T + 1 settlement cycle framework, trades executed in the Nigerian capital market will settle one business day after the trade date, enabling faster movement of securities and funds across the market ecosystem.

Ahead of the go-live date, extensive stakeholder engagements, readiness assessments, and awareness initiatives have been conducted across the market to support a seamless transition. As part of the awareness and readiness assessment leading to the transition, CSCS hosted industry engagement webinars with Exchanges and Trade Associations to reinforce stakeholder alignment, operational preparedness, and market-wide coordination ahead of go-live.

Market participants across the capital market ecosystem have also continued to undertake system upgrades, operational testing, internal readiness activities ahead of the transition.

Commenting on the transition, Mr. Shehu Yahaya Shantali, the Managing Director/Chief Executive Officer of CSCS, stated:

“The transition to T+1 represents another important milestone in the evolution of Nigeria’s capital market infrastructure. It reflects the market’s readiness to embrace reforms that enhance efficiency, strengthen investor confidence, improve liquidity, and align Nigeria more closely with leading global market.”

He further noted:”The successful implementation of T + 1 is a product of extensive collaboration across the capital market ecosystem. We appreciate the commitment demonstrated by our regulator, Securities and Exchange Commission (SEC), Exchanges, Trade Associations, market operators and the T + 1 Implementation Plan Committee.”

The Securities and Exchange Commission (SEC) has also continued to emphasize the strategic importance of the transition as a part of broader efforts aimed at strengthening market competitiveness, ensure orderly, fair and efficient markets. The Commission highlighted that a shorter cycle signals discipline, infrastructure quality, and regulatory credibility.

To commemorate the official transition, CSCS in collaboration with the Nigerian Exchange Group (NGX) will host a Special Closing Gong ceremony on Monday, 1st June 2026 at the NGX House, Lagos.

The event will bring together regulars, market operators, Trade Associations and key stakeholders across the capital market ecosystem to formally mark the commencement of the T + 1 settlement cycle in Nigeria.

CSCS remains committed to driving innovation, operational resilience, and stakeholder collaboration as the Nigerian capital market progresses toward a more efficient, transparent, and globally competitive future.