Zenith Bank Plc has obtained approval from the Nigerian Exchange Limited to delay the submission of its audited half-year financial statements for the period ended 30 June 2026.

The lender disclosed the development in a notice to the investing public dated 18 August 2026, signed by its Company Secretary, Michael Osilama Otu.

Zenith Bank was initially expected to file the audited results by 29 August. However, following its application, the NGX granted the bank an additional six weeks to complete the process.

The new deadline means the bank could publish its H1 2026 audited financial statements on or before 9 October 2026.

Zenith Bank explained that its Board of Directors had approved the financial statements on 29 July. The results, however, are still awaiting final clearance from the bank’s primary regulator before they can be released to the market.

The lender said the regulatory approval process was responsible for the delay and expressed confidence that the audited accounts would be published before the extended deadline.

The extension comes amid a series of delayed half-year filings by major financial institutions as banks work through regulatory and audit requirements following the completion of their June 2026 accounts.

Access Holdings Plc similarly secured an extension from the NGX for its H1 2026 audited results, with its new filing deadline set for 30 September 2026, subject to the required regulatory approval.

President Bola Tinubu’s new tax incentive for deep offshore oil and gas projects could unlock about $50bn in investments and add nearly one million barrels per day of crude oil and condensate to Nigeria’s production within the next four to five years, the Nigerian Upstream Petroleum Regulatory Commission has said.

The Executive Commissioner for Development and Production at the NUPRC, Enorense Amadasu, disclosed this during an interview on NTA where he represented the Commission Chief Executive, Oritsemeyiwa Eyesan.

According to a statement issued on Wednesday by the NUPRC’s Head of Media and Corporate Communications, Eniola Akinkuotu, Amadasu said the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Executive Order, 2026, recently signed by Tinubu, could accelerate investment decisions on major projects that have already received regulatory approvals.

The statement read, “The Deep Offshore Oil and Gas Project Incentives (Tax Remission) Executive Order 2026 recently signed by President Bola Tinubu has the potential not only to unlock $50bn in investments but can also create an additional one million barrels per day of crude oil and condensate from deep offshore fields.”

The executive order, also known as Executive Order 9, is designed to improve the economics of deep offshore oil and gas projects by providing tax incentives and a more predictable framework for investors.

Amadasu said the reform could open a new phase of investment in Nigeria’s offshore petroleum industry, where projects typically require billions of dollars and take several years to move from discovery to production.

“We are on the right path all thanks to Mr President. It will be a huge leap. As of today, we have mined over 4.6 billion barrels from deep offshore assets. In cargo terms, that is about 5,000 tankers,” he said.

Nigeria currently produces about 1.7 million barrels per day of crude oil and condensate, according to Amadasu, with deep offshore fields accounting for about 24 per cent of the country’s oil production and 19 per cent of gas output.

He said the new framework would create greater opportunities for investment and support the next generation of deep offshore projects. The NUPRC executive commissioner explained that nine projects had already received approved Field Development Plans, leaving the companies to take Final Investment Decisions before development could commence.

“So, where will these volumes be coming from? Nine of these projects have approved FDPs, so the next step expected is the FID in the near to midterm. The $10bn Bonga South will come in 2027, and within the next four to five years, we are expecting almost an additional one million barrels per day,” Amadasu stated.

The potential one million barrels per day addition would represent a major increase to Nigeria’s current production and could significantly alter the country’s oil revenue outlook if the projects proceed as planned.

Amadasu said the executive order would encourage international oil companies and other investors to move faster in taking Final Investment Decisions on the approved projects.

He explained that the reform established a transparent and rules-based investment framework capable of supporting the next generation of deep offshore developments.

The order is particularly significant because deep offshore projects are among the most capital-intensive ventures in the petroleum industry. They require huge investments in drilling, floating production facilities, subsea infrastructure and specialised logistics, making fiscal terms and regulatory certainty critical to investment decisions.

Amadasu added that the anticipated projects could create opportunities across other sectors of the economy, particularly Nigeria’s marine and logistics industries. According to him, the country would need to expand its marine and logistics capacity to support the volume of offshore projects expected under the new investment framework.

“It aims to make Nigeria the regional hub for deep offshore projects,” Amadasu said.

He added that other expected benefits included an increase in Nigeria’s oil and gas reserves, technology and skills transfer, and the creation of new jobs.

The PUNCH reports that Nigeria has been seeking to revive investment in its deep offshore petroleum sector as it targets higher crude oil production and seeks to reverse years of underinvestment in major upstream projects.

The signing of Deep Offshore Oil and Gas Project Incentives forms part of the Tinubu administration’s broader effort to improve the competitiveness of Nigeria’s oil and gas fiscal regime following the Petroleum Industry Act.

With nine projects already holding approved Field Development Plans, the success of the new incentive will largely depend on whether it can translate regulatory approvals into Final Investment Decisions and eventually into new barrels.

For Nigeria, the stakes are substantial: if the projected projects move ahead, the country could secure billions of dollars in fresh investment and add almost one million barrels of crude oil and condensate daily to its production over the next five years.

Standard Bank Group, Africa’s largest lender by assets, is considering taking a stake in Nigerian fintech company OPay ahead of the company’s proposed initial public offering in the United States.

The South African banking group has held preliminary discussions over a possible investment in the SoftBank-backed payments company, according to Bloomberg, citing people familiar with the matter.

The talks are still at an early stage and may not result in a transaction.

The size of the potential investment and the percentage stake being considered have not been disclosed. Standard Bank and OPay have also not confirmed that an agreement is imminent.

A deal would give Standard Bank exposure to one of Nigeria’s major digital payments platforms as traditional financial institutions increasingly seek opportunities in Africa’s expanding fintech and digital payments market.

For OPay, an investment by Standard Bank could strengthen its institutional investor base ahead of the proposed US listing and provide additional backing as it seeks to demonstrate the scale and growth potential of its Nigerian business.

Meanwhile, OPay is preparing for a possible US initial public offering later in 2026, with the company reportedly targeting a valuation of about $4bn.

Citigroup, Deutsche Bank and JPMorgan Chase have been appointed to work on the proposed share sale, according to earlier reports. The timing, size and eventual valuation of the offering will depend on market conditions and investor demand.

A $4bn valuation would represent a significant increase from OPay’s last major funding round in 2021, when fintech raised $400m at a valuation of $2bn, experts say.

The 2021 funding round was led by SoftBank Vision Fund 2, with participation from Sequoia Capital China, Source Code Capital, Redpoint China, Long-Z Capital and 3W Capital.

An investment by Standard Bank before the proposed IPO could provide OPay with another major institutional shareholder while giving the South African lender an opportunity to participate in any future increase in the fintech’s valuation.

Founded in 2018, OPay has developed into one of Nigeria’s largest digital financial platforms, offering services including mobile payments, bank transfers, merchant payments, debit cards, savings and agency banking.

The company has also expanded into markets such as Egypt, Pakistan and Indonesia, but Nigeria remains at the centre of its operations.

Figures contained in an investment document prepared ahead of the proposed IPO showed that Nigeria accounted for 88.1 per cent of OPay’s revenue in 2025.

The document also indicated that OPay processed $358bn in gross transaction value during the year, compared with $166.2bn in 2024.

Its monthly active users increased from 25.1m to 39.3m over the same period, while revenue rose from $205.7m to $536.3m.

The company also returned to operating profitability in 2025, according to the document, although the figures have not been independently published in audited financial statements by OPay.

Standard Bank already has a significant presence in Nigeria through Stanbic IBTC Holdings, in which it holds a controlling stake.

The Nigerian group provides banking, investment, pension and asset management services, while Standard Bank has previously indicated plans to deepen its investment in the country.

Airtel Africa Plc has formally announced the purchase and planned cancellation of 927,133 of its ordinary shares, acquired between 10 and 14 August 2026, as part of its ongoing share buyback initiative.

Executed through Barclays Capital Securities Limited, the transactions took place across several major trading venues, including the London Stock Exchange, BATS Europe, CHI-X Europe, Aquis Exchange, and Turquoise. Across the five-day trading period, share prices ranged from a low of 323.00 GBp to a high of 329.60 GBp.

The transaction volume varied throughout the week, opening with 499,275 shares purchased on Monday at a volume-weighted average price of 325.0613 GBp. Buying continued with 83,351 shares on Tuesday at an average of 323.7478 GBp, 290,000 shares on Wednesday at 325.2560 GBp, 26,499 shares on Thursday at 325.0749 GBp, and concluded with 28,408 shares on Friday at an average price of 326.5127 GBp.

Since launching the buyback initiative on 22 May 2026, the company has repurchased a cumulative total of 18,338,632 ordinary shares at an overall volume-weighted average price of 337.11 GBp per share.

In tandem with the transaction details, Airtel Africa revealed an amendment to its agreement with Barclays Capital Securities Limited, expanding the financial scope of the buyback. Under the modified agreement, the maximum aggregate limit for discretionary purchase orders has been raised by $15m, shifting the cap from $50m to $65m.

All other baseline conditions from the May announcement remain intact, leaving the programme structured in two parallel streams.

The revised framework pairs a non-discretionary component, under which Barclays independently trades between $50m and $60m worth of shares, alongside the expanded discretionary component allowing Airtel Africa to issue specific purchase instructions for up to $65m.

The telecommunications firm reconfirmed that the sole objective of these repurchases is to reduce the company’s capital, confirming that every share acquired through the programme will be cancelled.

The expanded capital return strategy comes as Airtel Africa continues to navigate severe foreign exchange pressures across key African markets, particularly in Nigeria, its largest market, where local currency devaluations have significantly impacted reported earnings and dollar-denominated revenue figures over the past year.

Share buybacks are increasingly being leveraged by cross-listed telecommunication giants operating in emerging markets as a tool to support earnings per share, offset foreign exchange headwinds, and efficiently deploy surplus capital when management views market valuations as undervalued.

By systematically repurchasing and cancelling shares on the London Stock Exchange, Airtel Africa reduces its total floating share count. This capital reduction mechanism automatically boosts key shareholder metrics, such as net asset value and EPS, without requiring additional dividend payout commitments during volatile market cycles.

Trading activity on the FMDQ Exchange reached N426.51tn between January and July 2026, as strong foreign exchange transactions and demand for Open Market Operations bills drove activity across Nigeria’s financial markets.

The figure is contained in the FMDQ Newsletter Edition 141 for July 2026.

It represents a sharp increase from the N249.18tn recorded in the first four months of the year. Between May and July alone, an additional N177.3tn was recorded.

The seven-month turnover is already about 63 per cent of the N676.71 trillion recorded for the entire 2025 financial year.

The latest performance reflects increased activity across the FX, fixed-income and money markets as banks and investors manage liquidity and seek returns in an environment of elevated interest rates.

Foreign exchange transactions accounted for the largest share of FMDQ turnover during the period.

FX trading generated N143.34tn, representing 33.6 per cent of total turnover. FX derivatives contributed another N17.72tn.

Together, the two FX-related segments recorded N161.07tn, accounting for about 37.8 per cent of activity on the Exchange.

OMO Bills followed with N126.35tn in turnover, representing 29.6 per cent of the total.

The strong activity in OMO bills points to sustained demand for short-term CBN instruments as investors seek attractive yields and financial institutions manage liquidity.

Meanwhile, government debt instruments remained a major source of activity during the seven-month period.

OMO bills, treasury bills, FGN bonds and Sukuk collectively generated approximately N202.55tn, equivalent to about 47.5 per cent of total FMDQ turnover.

Treasury bills accounted for N37.02tntn, while FGN Bonds contributed N38.84tn.

Repurchase agreements and open repos recorded N59.3tn, while unsecured placements and takings added N2.66tn.

Combined turnover from these money-market liquidity instruments stood at about N61.98tn.

Eurobonds generated N930.47bn while Sukuk bonds recorded N330.60bn.

FMDQ’s dealing-member activity was heavily concentrated among major financial institutions.

Stanbic IBTC Bank ranked as the largest dealing-member bank between January and July, followed by First Bank of Nigeria and Coronation Merchant Bank.

The top 10 dealing-member banks accounted for 75.27 per cent of total market turnover, equivalent to approximately N321.02tn.

The three largest banks alone accounted for 52.27 per cent of the activity recorded by the top 10, representing about N169.40tn in transactions.

The figures highlight the significant role of major banks in providing liquidity across Nigeria’s foreign exchange, fixed-income and money markets.

Chevron has confirmed an oil and gas condensate discovery at the 105-4X exploration well in Block 0, offshore Angola.

The well is operated by wholly owned subsidiary Cabinda Gulf Oil Company Limited.

The discovery marks the beginning of a new phase of work, says Kevin McLachlan, Chevron’s vice president of exploration.

The company said its lead teams will now determine whether it can be developed using nearby facilities as new discoveries often become more competitive when they can be tied to existing infrastructure.

“The early results are encouraging, and additional work will help determine the resource’s full potential and possible development opportunities.” Said McLachlan.

Reliable energy begins with decisions made years before homes and businesses ever use it. Offshore Angola, Chevron believes the latest discovery could become one of those opportunities.

The well encountered more than 2,000 feet of oil and gas condensate column. It included more than 300 feet of net pay. “I would describe it as excellent reservoir quality,” said McLachlan.

Since its first geological survey in Angola, in 1954, Chevron has discovered and developed major oil fields—and played a crucial role in the nation’s economic growth.

Chevron targeted the Lower Congo Basin because of its proven geology and decades of experience in Angola.

Through its subsidiaries, Chevron has operated in the country since the 1930s. It began exploration and production activities in 1954 and made its first offshore discovery in 1966.

The discovery follows another recent milestone in the region. The South N’dola Platform, also located in Block 0, delivered first oil in December 2025.

Chevron’s South N’dola Platform in Angola delivered first oil in December 2025. The milestone was reached just over two years after construction on the platform began.

The Angola discovery is part of a broader exploration campaign across Sub-Saharan Africa.

Chevron currently produces around 300,000 barrels of oil equivalent per day net in the region. The company has expanded its position through new acreage and recent exploration successes in Nigeria.

McLachlan said, “Every successful well adds information, confidence and potential pathways for future growth.” Additional exploration activity is planned across the region, including Namibia, Nigeria, Guinea-Bissau and Equatorial Guinea.

“Discoveries create value when they combine resource potential with a practical path to development. The opportunity we’re evaluating in Angola reflects both, and it reinforces our confidence in the broader exploration portfolio we’re building.” McLachlan said.

As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.

Heirs Insurance Group (HIG), has published the audited financial results of its companies for the year ended December 31, 2025, delivering a landmark performance marked by strong year-on-year record, increased claims payout, and international recognition for growth.

The Group reported a combined Gross Written Premium (GWP) of ₦115 billion in 2025, an 88.5% increase from ₦61 billion recorded in 2024.

Combined earned Insurance Revenue also rose by 70% from N29.43billion in 2024 to ₦53.4 billion in 2025, while combined total assets grew by 83% from N89bn in 2024 to ₦169.7in 2025, underscoring its sustained momentum.

Also, combined Profit Before Tax (PBT) dipped slightly in response to macroeconomic headwinds, particularly foreign exchange volatility, recording ₦9.53 billion in 2025, compared to ₦11.2 billion in 2024.

Demonstrating its commitment to customers, Heirs Insurance Group paid a combined ₦19.4 billion in claims in 2025, an 87% increase from ₦10.4 billion paid in 2024.

The results come on the heels of a landmark international recognition: Heirs Life Assurance and Heirs General Insurance were both named among the Financial Times’ Africa’s Fastest-Growing Companies 2026, one of the most respected rankings of corporate growth and performance. Of the 130 companies recognised across all sectors, Heirs Life Assurance ranked 7th, while Heirs General Insurance ranked 41st, reinforcing the Group’s position as one of Africa’s most dynamic insurance businesses.

Breaking the results down by company, Heirs Life Assurance (HLA), the specialist life insurance company of Heirs Insurance Group, delivered exceptional results across all key indicators.

GWP doubled from ₦44.22 billion in 2024 to ₦88.59 billion in 2025, representing 100% growth.

Insurance Revenue grew by 80% from N15.1 billion in 2024 to ₦27.2 billion[WF1] [IO2] in 2025.

Profit Before Tax rose by 38% from N5.5 billion in 2024 to ₦7.6 billion in 2025.

Investment income surged by 430%, growing from ₦4.6 billion in 2024 to ₦24.8 billion in 2025.

Claims paid rose by 121% to ₦14.4 billion, compared to ₦6.5 billion paid the prior year.

Total assets more than doubled to ₦136.2 billion, compared ₦66.2 billion in 2024.

Heirs General Insurance (HGI), the general insurance company of Heirs Insurance Group, maintained a strong growth trajectory.

Gross Written Premium rose by 57% from ₦16.9 billion in 2024 to ₦26.6 billion in 2025.

Insurance Revenue rose by 67% from N14.32billion in 2024 to ₦23.9 billion in 2025.

Claims paid increased by 22% from N4billion in 2024 to ₦5 billion in 2025.

Total assets rose by 25% from N26.8billion in 2024 to ₦33.5 billion.

Profit Before Tax dipped from N4.9billion in 2024 to ₦1.07 billion, reflecting the impact of foreign exchange rate volatility.

Subsequently, investment income dipped from ₦5.7 billion in 2024 to ₦2.5 billion in 2025.

Heirs Insurance Brokers (HIB), the Group’s insurance broking arm, also recorded consistent growth.

Revenue grew by 19% from ₦1.97 billion in 2024 to ₦2.34 billion in 2025, driven by increased client acquisition and retention.

Profit Before Tax rose from ₦1.21 billion to ₦1.35 billion, reflecting strong cost discipline and operational efficiency.

All results were audited by PricewaterhouseCoopers (PwC) and approved by the National Insurance Commission (NAICOM).

The insurance group has continued to roll out innovative[WF3] [IO4] initiatives, empowering customers across Nigeria easily access insurance. Its latest roll out of a WhatsApp-powered Gen AI chatbot, Prince AI, ensures that customers can transact insurance in seconds in eleven local and international languages right from their phones.

Heirs Insurance Group is the insurance arm of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents.

With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group, comprising Heirs General Insurance Limited, Heirs Life Assurance Limited, and Heirs Insurance Brokers, serves both corporate and individual customers across Nigeria.

Heirs Insurance Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance.

Downstream marketing Association has challenged the Nigerian National Petroleum Company Limited (NNPCL), to move beyond ceremonial restarts of state run refineries to measurable indicators including commercial viability, throughput, plant availability, operating margins and returns on investment.

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), advised the Company to take advantage of President Bola Ahmed Tinubu’s renewed commitment to the revival of Nigeria’s refineries, by translating the commitment into a binding, milestone-driven execution plan.

In a statement, PETROAN said the President’s recent assertion that a refinery showing “ordinary flame and smoke” does not necessarily mean it is working represents an important shift in how Nigeria should assess refinery rehabilitation.

PETROAN’s National President, Dr. Billy Gillis-Harry, also welcomed President Tinubu’s position that the administration would accept the assets and liabilities inherited from previous governments without resorting to blame.

The association said such institutional continuity was essential to restoring investor confidence, arguing that technical and financial partners require contractual certainty and confidence that government will honour inherited obligations.

This latest commitment punctures former President Olusegun Obasanjo’s long-standing argument that the Nigerian National Petroleum Company Limited cannot successfully operate the government-owned refineries.

Obasanjo recently reiterated his position in an interview aired on television by Sony Irabor Live, arguing that public-private partnerships offered a better model for running major government assets.

PETROAN said the need for a fundamental reset in the management of Nigeria’s refineries was justified by the country’s long history of spending on rehabilitation without achieving sustained operations.

It noted that about $4.15 billion was allocated between 1993 and 2019 for interventions in the Port Harcourt, Warri and Kaduna refineries.

It further recalled that the Federal Executive Council approved another rehabilitation package of approximately $3.14 billion in March 2021, comprising $1.5 billion for the Port Harcourt Refining Company, $897.6 million for the Warri Refining and Petrochemical Company and $740.67 million for the Kaduna refinery.

According to PETROAN, parliamentary and union sources have also put operating and rehabilitation expenditure between 2020 and 2025 at about N11.35 trillion, alongside substantial foreign-currency components.

The association observed that the Port Harcourt refinery briefly resumed operations in late 2024 before shutting down on May 24, 2025, for maintenance initially scheduled to last 30 days. It said the facility had yet to return to operation at the time of the statement.

PETROAN added that an internal NNPC Ltd assessment in February 2026 found the refineries to be operating at material losses.

The association expressed support for the National Assembly’s ongoing inquiry into the deployment of funds for refinery rehabilitation, saying the exercise should help establish accountability and provide the basis for future capital discipline.

“Capital discipline is retrospective before it is prospective,” PETROAN stated, maintaining that the fundamental problem had not been a lack of money but weaknesses in governance, technical ownership and accountability for outcomes.

While acknowledging the dramatic decline in Nigeria’s petrol import bill and the increasing contribution of domestic refineries, PETROAN cautioned against assuming that the country’s refining challenge had been completely resolved by private-sector investments.

The association noted that petrol imports fell from N2.271 trillion in the first quarter of 2025 to N87.4 billion in the first quarter of 2026, representing a decline of about 96 per cent.

It also said domestic refineries supplied approximately 76.7 per cent of national petrol volumes during the first quarter of 2026, compared with 45.2 per cent a year earlier.

PETROAN argued, however, that a market that has moved from import dependence to dependence on a single major domestic source has merely changed the nature of its vulnerability.

According to the marketing body, refinery maintenance, unplanned outages, marine logistics disruptions and other operational challenges make plurality of supply essential for national energy security.

PETROAN said restoring the Port Harcourt refinery’s 210,000 barrels-per-day capacity and Warri’s 125,000 barrels-per-day capacity would add 335,000 barrels per day of geographically distributed refining capacity to the national system.

It said the strategic value of the two facilities now goes beyond import substitution to include supply resilience, price discipline, regional balance and stronger negotiating leverage in the downstream market.

PETROAN also welcomed the Memorandum of Understanding executed in Jiaxing City, China, on April 30, 2026, between NNPC Ltd, Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd.

The proposed Technical Equity Partnership covers completion, operation and maintenance of the refineries, petrochemical expansion and co-located gas-based industrial development.

The association said the equity structure could better align the interests of the technical partner with the long-term performance of the refineries because a partner with a stake in the margins would have a greater incentive to ensure sustained operations.

However, PETROAN stressed that the MoU remains non-binding and subject to regulatory approval and further negotiations.

It therefore urged NNPC Ltd and other stakeholders to make several conditions precedent to what it described as “public celebration” of the partnership.

These include converting the MoU into a binding agreement with clear completion dates, throughput guarantees, availability thresholds and enforceable penalties for non-performance.

The association also called for disclosure, to the extent permitted by law, of the equity structure, capital commitments, offtake arrangements, crude supply pricing and treatment of accumulated liabilities.

It further demanded independent technical due diligence, including verification of the residual value and remaining useful life of existing refinery units.

PETROAN identified reliable feedstock supply as another critical condition for the success of the refinery revival programme.

It called for firm implementation of the Domestic Crude Supply Obligation under the Petroleum Industry Act, with transparent pricing and dependable evacuation infrastructure.

The association warned that without guaranteed access to crude, a refinery could remain a stranded asset regardless of the amount invested in rehabilitation.

It also called for meaningful Nigerian content through the transfer of technical and operational knowledge to Nigerian engineers and managers, rather than relying primarily on employment headcount targets.

According to PETROAN, a successful partnership must ultimately build sufficient Nigerian institutional and technical capacity to operate the refineries independently.

The association equally stressed the need to strengthen product evacuation and distribution infrastructure, including pipeline security and depot rehabilitation, while ensuring equitable access to domestically produced products for independent retailers.

PETROAN said its interest in refinery revival stems directly from the realities faced by petroleum product retailers, who bear working-capital risks arising from price fluctuations and supply disruptions.

The association said its members employ, directly and indirectly, hundreds of thousands of Nigerians across filling stations, haulage, maintenance, security and related activities.

It argued that functioning refineries in Port Harcourt and Warri would shorten supply routes to the South-South and South-East, reduce exposure to freight and foreign-exchange volatility, improve margin predictability and foster a more competitive downstream market.

PETROAN further described the two refinery corridors as important economic anchors whose revival could restore jobs and business opportunities for contractors, technicians, artisans and small enterprises that have been affected by the decline of refining activity.

The association said bringing the Port Harcourt and Warri refineries into sustainable operation before the next general election would constitute one of the administration’s most significant economic achievements.

However, PETROAN cautioned that an electoral timetable should not override engineering requirements, safety standards or commissioning integrity.

Rather, it said the political calendar could provide a public benchmark against which delivery would be assessed.

“Delivery, not announcement, is the currency,” the association stated, adding that “a refinery that runs is its own argument.”

PETROAN also commended NUPENG National Executive President, Comrade (Dr.) Salimon Akanni Oladiti, and the union’s leadership for keeping refinery revival on the national agenda.

The association expressed support for NUPENG’s call for an end to the casualisation of workers in the upstream sector, stressing that decent and secure employment was part of, rather than separate from, energy security.

PETROAN, under the leadership of Dr. Billy Gillis-Harry, reaffirmed its readiness to work with the Federal Ministry of Petroleum Resources, NNPC Ltd, the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the National Assembly to establish a framework capable of translating the presidential commitment into functioning refineries, verifiable production and greater value retention within Nigeria.

The association noted that Nigeria possesses the crude resources, technical personnel and domestic market required to sustain refining, adding that the critical missing ingredient is now “execution discipline.”