Flour Mills of Nigeria has invested more than N300m in 11 innovators and businesses through its FMN Prize for Innovation initiative, as the food and agro-allied group seeks to accelerate sustainable food systems in Nigeria and across Africa.

The company said the investment had provided financial, technical and strategic support to innovators developing solutions for food production and processing since the initiative began in 2021.

FMN said the initiative was established as part of its long-term strategy to strengthen food security through product and process innovation, local content development and investments across critical agricultural value chains.

The group operates across grains, sugar, cassava starch, feeds and protein, edible oil and fats, with more than 17 facilities across Nigeria.

According to the company, the FMN PFI was designed to support innovative businesses in the food and agro-allied sector and help build sustainable food systems.

“The brand’s commitment to the FMN Prize for Innovation is strategic and deliberately geared towards revolutionising and attaining food sustainability in Nigeria, and eventually across Africa,” the company said.

The first edition, launched in December 2021 under the theme, ‘Enabling Sustainable Food Systems,’ focused on reducing losses and waste in food production and improving agricultural value chains.

The inaugural winners included Urban Akwu Agro-allied Limited and Eupepsia Place Limited, which specialises in soilless farming through hydroponics.

The second edition shifted attention to local content development, challenging participants to develop solutions that could reduce reliance on imported raw materials and strengthen domestic production capacity.

Osomobegbe Global Ventures Limited, which developed solar dryers, won the top prize, while Palmark Syndicate Limited, a tomato powder producer, and Indigo Farms and BioResources, which developed cassava residue pellets for animal feeds, emerged as first and second runners-up, respectively.

FMN said innovations submitted across the first two editions included solar-powered storage systems, hydroponic farming, bio-recycling plants and technologies for generating electricity from food waste.

The third edition focused on precision agriculture and food self-sufficiency, with D-Olivette, a waste-to-biogas conversion company, emerging as the winner.

Green Eden Farms and Farmspace Action Lab, which focus on precision greenhouse farming and soil testing, respectively, emerged as first and second runners-up.

The fourth edition, which focused on innovative livestock farming practices, attracted about 2,000 entries.

Levitate Aquaria & Breeder Farms won the top prize. Vet Konect, a digital animal health company, and Bionet Innovations, which converts food waste and livestock droppings into high-protein animal nutrition, placed second and third, respectively.

The fifth edition focused on cassava production and processing and attracted more than 2,700 entries.

Kiyoko Foods Limited, founded by Victoria Ogwanighie, emerged as the winner with its innovation for converting cassava into nutrient-rich cheese balls.

PNeedles Limited, which converts cassava peels into plant-based leather, emerged as first runner-up, while Bach and Moen Limited, which developed cassava processing hubs for smallholder farmers, placed third.

FMN said the fifth edition also marked the emergence of the first female winner in the prize’s five-year history. The company said its chairman, John Coumantaros, and the special guest of honour doubled the prize money for the top three finalists to N10m, N6m and N4m, respectively.

The company said the beneficiaries had recorded significant business growth following the prize money, mentorship and other strategic support.

“From data and information garnered through the mentorship sessions and other strategic support provided to the winners, FMN discovered that all beneficiaries’ businesses have experienced remarkable growth, with their operations expanding by over 50 per cent since receiving the prize money and resources from FMN,” the company said.

FMN said it would continue to use innovation, local content development and strategic investment to support food self-sufficiency and sustainable food systems in Nigeria, with the long-term goal of extending the impact across Africa.

A consortium led by Ardova Plc and including Diadem Energy has agreed to acquire Powergas Global Investments Nigeria Limited and Powergas Ebedei Limited, collectively known as Powergas, in a transaction expected to close by the end of 2026.

The deal, announced on Friday by A.P. Moller Capital, will see the Danish investor exit its stake in one of Africa’s largest compressed natural gas producers and virtual pipeline distributors.

Powergas, founded in 2013 by the Clean Energy Group, pioneered the “virtual pipeline” model—compressing natural gas and transporting it by road to industrial, commercial and power customers beyond the reach of Nigeria’s fixed pipeline grid.

Its flagship Ebedei flare gas monetisation project in Delta State, developed with A.P. Moller Capital’s backing since 2019, converts otherwise flared gas into usable energy and has helped cut emissions while supplying firms that would otherwise rely on diesel generators.

The company now operates four mother stations—in Ikorodu (Lagos), Ogbele (Rivers), Ebedei (Delta) and Ore (Ondo)—and a fleet of more than 250 tube skids, having delivered over 600 million standard cubic metres of CNG as at December 2025.

For Ardova, the acquisition adds a strategic gas platform to its existing downstream portfolio of petroleum products, LPG, aviation fuel, lubricants, shipping and logistics.

The Lagos-based integrated energy company, which traces its roots to BP Nigeria in 1964, plans to deploy CNG infrastructure across its nationwide retail network, targeting 100 CNG refuelling sites within 24 months.

The expansion aligns with the federal government’s Decade of Gas initiative, launched in 2021 to transform Nigeria into a gas-powered economy by 2030, and President Bola Tinubu’s Presidential Initiative on Compressed Natural Gas and Electric Vehicles, which seeks to lower transport costs and emissions by promoting auto-gas adoption.

“Nigeria’s next era of energy development will be built on gas, and it will be built at scale. “Powergas has built the compression backbone required to take natural gas beyond the conventional pipeline grid. Ardova brings a national distribution network, deep customer relationships, and the ability to invest for the long term.

“Together, we intend to connect Nigeria’s abundant gas resources to industry, power and transportation, supporting President Bola Ahmed Tinubu’s Presidential Initiative on Compressed Natural Gas and Electric Vehicles and the federal government’s Decade of Gas programme.

“Our ambition is to deliver more affordable, lower-emission energy and lower transportation costs for Nigerians, while building a gas platform with relevance far beyond Nigeria,” explained the Executive Chairman of Ardova Plc, Dr AbdulWasiu Sowami.

The Managing Director of Ardova Plc, Dr Abiola Babatunde-Ojo, noted that the deal would enable the firm to harness the opportunities in the gas industry.

“This combination gives us the infrastructure, reach and capabilities to turn the opportunity in gas into something tangible for customers across Nigeria. Our focus now is execution: expanding compression capacity, bringing CNG into our retail network and connecting more industries and fleets to a reliable domestic energy source. We are building a platform that will serve customers at scale today and grow with Nigeria’s energy needs for decades to come,” he asserted.

“Powergas began in 2013 with the Clean Energy Group’s vision of taking gas beyond the pipeline, and A.P. Moller Capital’s partnership helped us scale it. We are deeply grateful to both. Ardova’s national reach and our compression backbone are a natural fit – together, we can expand into new markets and geographies and play a leading role in delivering Nigeria’s Auto-Gas vision. We are very excited about the next chapter,” Vice-Chairman of Powergas, Pulak Sen, added.

According to a Partner at A.P. Moller Capital, Sam Senbanjo, since 2019, PEL has progressed from concept to a fully operational compressed-natural-gas business.

“Working alongside our partners, management and employees, we supported the business through development, construction, commissioning and scale-up, helping customers access domestic gas beyond the reach of the pipeline network. We are proud of what has been achieved and believe Ardova and Diadem are well placed to support Powergas in its next phase of growth,” he stated.

“Having worked closely with Powergas as its virtual-pipeline logistics partner, we have seen first-hand the transformative potential of taking natural gas beyond the conventional pipeline network. For Diadem Group, this is the continuation of a journey that began on the ground with Powergas, and a real opportunity to contribute to Nigeria’s energy future,” Chairman of Diadem Group, the parent company of Diadem Energy, George Eluwa, highlighted.

The enlarged platform is expected to position Ardova as a leading domestic gas infrastructure and monetisation partner for upstream producers, with plans to expand compression capacity across viable gas-producing corridors and extend the business into wider West African markets over time.

The deal’s completion is subject to customary closing conditions, including regulatory and third-party approvals.

The Federal Government, through the Securities and Exchange Commission, is set to unveil the Nigerian Capital Market Master Plan 2.0 and the National Savings Scheme at the 2026 National Capital Market Conference scheduled for 19 October in Abuja.

The event, which will bring together key stakeholders from the public and private sectors to deliberate on measures to deepen Nigeria’s capital market, is billed to take place at the Banquet Hall of the Presidential Villa.

In a statement, the SEC said the conference would focus on strategic initiatives to enhance domestic resource mobilisation, strengthen investor participation and support sustainable economic growth and national development.

The Vice-President, Senator Kashim Shettima, will be the Special Guest of Honour, while the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, will serve as Chief Host. The Director-General of the SEC, Dr Emomotimi Agama, is the host.

Speaking on the conference, Agama explained that the Capital Market Master Plan 2.0 is a 10-year strategy designed to guide the development of Nigeria’s capital market. He described the master plan as a critical document for measuring the growth and development of the market, adding that the endorsement of Vice-President Shettima would be vital to its implementation.

On the National Savings Scheme, Agama said it was principally an inclusion tool designed to provide Nigerians across income groups with opportunities to save and invest for the future. He said tax incentives would also be provided to encourage participation in the scheme

According to him, the initiative aligns with the Federal Government’s fiscal policy direction, including tax relief for citizens earning below a specified income threshold, which he said would leave them with more disposable income.

The Central Bank of Nigeria raised N8.14tn through Treasury bills issuances in the third quarter of 2026, surpassing the Debt Management Office’s N5.8tn target by N2.34tn, as investor demand exceeded the government’s borrowing plans.

A review of eight Nigerian Treasury Bills auctions conducted between July and September shows that total allotments were 40.34 per cent above the planned issuance for the quarter.

The 364-day Treasury bill accounted for the largest share of the funds raised, attracting N7.09tn, representing 87 per cent of total allotments during the period.

The concentration of borrowing in the one-year instrument came amid high yields in July and August, which sustained investor interest in government securities.

However, yields began to decline in September following a shift in monetary policy, with the CBN lowering stop rates across the three tenors.

The stop rate on the 364-day bill fell to 15.89 per cent at the 23 September auction, down from a quarterly peak of 17.70 percent recorded on 8 July.

A review of eight Nigerian Treasury Bills (NTBs) auctions conducted between July and September shows that total allotments were 40.34 per cent above the planned issuance for the quarter.

This represents a decline of 181 basis points, reflecting the change in borrowing costs in the primary Treasury bills market over the quarter.

Group Managing Director and Chief Executive Officer, United Bank for Africa (UBA) Plc, Oliver Alawuba, has called for greater focus on turning Africa’s vast opportunities into investable projects.

Alawuba spoke in New York at the Forward Africa Leaders Symposium, held during the ongoing United Nations General Assembly engagements (UNGA), where he participated in a fireside chat themed “From Mandate to Impact.”

Speaking on the need to translate Africa’s development ambitions into tangible outcomes, the UBA boss said Africa’s opportunities deserve rigorous preparation and serious capital, noting that projects must be commercially sustainable and supported by institutions capable of delivering on their commitments.

He also emphasised the need for dependable revenues, credible institutions and accountable delivery to unlock sustainable capital for the continent.

Drawing from UBA’s experience across the continent, Alawuba highlighted the bank’s role in connecting African enterprise with capital, expertise and financial infrastructure, citing projects across telecommunications, energy, roads, digital services and other critical sectors.

In Chad, for instance, he explained that UBA financed a $6.56m telecommunications modernisation project initiated in 2021, with completion recorded in 2025 and the loan fully repaid. For Alawuba, the project demonstrates how a clearly defined development need can move from financing to completion and repayment when the right structure and accountability are in place.

According to Alawuba, UBA has consistently remained instrumental in propelling Africa’s growth aa is further evidenced in a $45m million loan facility to Oak Asset SPV for road construction in Kenya, where the bank’s relationships extend beyond project financing to government collections and contractor facilities, creating banking support around the broader delivery chain.

Beyond physical infrastructure, he highlighted the role of digital finance in expanding opportunities across African markets, pointing to Leo, UBA’s digital banking platform, which now serves more than six million users across 20 African countries and processes over 16 million transactions annually.

Highlighting Leo’s support for English, French, Portuguese and Swahili, he noted that UBA continues to take the lead with innovation demonstrating, how digital services can help bridge language and market barriers, while its payment capabilities support everyday banking and cross-border commerce.

He also pointed to UBA’s financing activities across markets including Burkina Faso, the Democratic Republic of Congo, Ghana, Tanzania and Liberia as examples of the different ways commercial banking can support African development, ranging from direct lending and syndicated financing to guarantees, contractor facilities and banking services supporting project operations.

Alawuba noted that, these experiences reinforce the importance of African financial institutions being close enough to understand local markets while maintaining the international connections required to mobilise capital and support cross-border investment, saying, “At UBA, Africa’s Global Bank, we bring the conviction that African enterprise belongs at the centre of Africa’s transformation, supported by strong institutions and productive global partnerships.”

The Petroleum Technology Association of Nigeria has called on the Federal Government and regulators to remove oil operators that lack the technical capacity to develop their assets, saying this is necessary for the country to achieve its target of raising crude oil production to three million barrels per day by 2030.

The President of PETAN, Wole Ogunsanya, made the call at the just-concluded Energy Leaders Summit organised by The Energy Year in Lagos, where he said some oil assets with significant production potential had been awarded to companies that lacked the expertise and capacity to maximise them.

Ogunsanya said Nigeria currently has an opportunity to significantly increase production, noting that several deepwater projects are expected to commence drilling before the end of the year. “We have a bunch of assets awarded to companies that do not have the expertise to handle those assets.

“People raise money; they don’t have what it takes to do it. I always say this, and sometimes I say it the way I say it as much as I can. So, we’ve got assets that have huge potential awarded to people who were not prepared or did not have the expertise to do it before.

“And that’s why we are behind in some of the production, even where we had the assets that should be producing two or three times what they are producing, and for years, even when we bought these assets, they were producing less than the volume that we bought them at.”

The PETAN president urged the regulators and the Nigerian National Petroleum Company Limited to ensure that oil assets were transferred to operators with the requisite technical and financial capacity where existing operators failed to deliver.

“We are going to rely on NNPC. We are going to rely on the regulators. Policies are coming up now. If you cannot produce the asset, they are going to take it from you.

“If the regulators are serious about increasing this production, it’s to ensure that the assets will be handed over to the people that have the capacity to do them. We just did a bid round with a lot of stories around it. Another one is coming. If we truly want to increase oil and gas production in Nigeria, let’s give those assets to people that have the capacity to do them,” he emphasised.

Nigeria has set an ambition to raise crude oil production to about three million barrels per day by 2030, from the current level of between 1.7 million and 1.8 million barrels per day, according to Ogunsanya.

He said the target was ambitious but achievable, citing increased activity in the deepwater, land and swamp areas. “There is a lot of FID in the deepwater; there is a bunch of fields that are being awarded on land and swamp,” he said.

He also identified the planned development of shallow-water assets as another major opportunity for increased production, citing Seplat Energy and Renaissance Africa Energy as examples.

According to him, Seplat, which acquired ExxonMobil’s Nigerian shallow-water assets, has access to funding through its London listing and could increase production from the assets.

“That asset was producing at a time over 300,000 barrels under ExxonMobil. I think they tried to push about 200,000 barrels a day,” Ogunsanya said.

He noted that Renaissance, which acquired Shell’s onshore and shallow-water assets, is also increasing its drilling activity.

“As for Renaissance, some of us have engaged them. They are doing a lot to find partners to develop a number of their fields. They are moving from about eight or nine rigs to about 23 rigs. That is moving already now, so we are expecting probably another 350–400,000 barrels from that,” he disclosed.

Ogunsanya said funding remains another major challenge confronting operators seeking to increase production, stressing that the government needed to create an environment capable of attracting investment.

“I’m going to advise the government to ensure that the environment is convenient enough. Nigerian credibility should be strong enough to ensure we can attract funding. The operators are serious about helping us to improve gas production in Nigeria. So funding is a critical point for me that we need to cover,” he said.

On gas production, the PETAN president called for greater investment in pipeline infrastructure and increased development of non-associated gas.

Ogunsanya also pointed to the growing refining capacity in Nigeria, saying the country could soon have substantial domestic refining capacity alongside its crude export potential.

He noted that Dangote Petroleum Refinery currently had a 650,000 barrels-per-day capacity, with plans to increase it, while BUA was developing additional refining capacity, and several modular refineries were operating across the country.

Meanwhile, the Technical Director at Navante Oil and Gas, Emeka Onwuechi, called for greater collaboration between energy producers and indigenous oilfield service companies to deepen local capacity.

Onwuechi said Nigeria still relied heavily on foreign service centres and expatriate expertise for some critical oilfield equipment and services.

He said the country lacked sufficient capacity to manufacture some critical equipment, including Christmas trees, forcing operators to depend on facilities outside Nigeria.

“For instance, currently in-country, we have no capacity to do things like Christmas trees. We still have to rely on maybe some service centres like Angola,” Onwuechi said.

He urged international oil companies to establish more facilities and develop infrastructure in Nigeria to support upcoming projects and create sustainable local capacity.

A Partner at Dentons ACAS-Law, Josephine Udonsak, stressed the importance of proper project preparation, stakeholder engagement and early involvement of regulators and advisers in energy projects.

She said project developers need to understand regulatory and financing requirements before structuring deals, rather than bringing advisers into projects after key decisions have already been made.

“I think the foundation needs project preparation, and that’s so key. And what does that entail? It entails stakeholder engagement,” Udonsak said.

The Managing Director/Chief Executive Officer of First Trustees Limited, Ereifemi Akeredolu, has said sustainable growth in Nigeria’s agricultural sector requires more than funding, stressing the need for clear responsibilities, sound governance and proper risk allocation.

Akeredolu stated this at the maiden Commercial Trust Colloquium organised by First Trustees Limited, a subsidiary of FirstHoldCo Plc, in Lagos, according to a statement on Friday.

The colloquium, themed “Beyond Intervention Funds: Building Sustainable Financing Models for Nigerian Agriculture,” brought together stakeholders from the public and private sectors to discuss financing options for the agricultural sector.

She said the availability of capital alone was not sufficient to guarantee sustainable growth, noting that investors were more likely to commit funds when risks were properly understood, and the structures surrounding transactions were reliable.

“In my work across trust and financial services, I have seen that sustainable growth is rarely the result of funding alone. Capital moves more confidently when responsibilities are clear, risks are properly understood, governance is sound, and all parties can rely on the structures around a transaction,” Akeredolu said.

According to her, trust institutions have a role to play in establishing accountability, protecting the interests of parties involved in transactions and ensuring that agreed obligations are fulfilled. She said such functions could help create structures capable of supporting long-term investment in agriculture.

The discussions at the colloquium focused on financing models beyond government intervention funds, with participants examining issues around agricultural value chains, risk allocation, productivity and private-sector investment.

The stakeholders also considered ways of developing financing structures that could attract long-term private capital to viable businesses across the agricultural value chain.

Agriculture remains a major contributor to Nigeria’s food supply, employment and industrial activities, while access to sustainable financing remains a key challenge for businesses operating across the sector.

The event also featured the unveiling of an upgraded digital platform by First Trustees, which the company said would digitise some of its trust-service processes and reduce paperwork and documentation requirements.

The Dangote Petroleum Refinery supplied more petrol to the Nigerian market than all importers combined in August, as domestic Premium Motor Spirit (petrol) receipts rose sharply while imports fell, according to the latest data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

According to the NMDPRA’s August 2026 State of the Midstream and Downstream Sector factsheet released on Thursday, domestic PMS receipts increased from 25.8 million litres per day in July to 35.9 million litres per day in August.

Over the same period, petrol imports dropped from 19.7 million litres per day to 14.6 million litres per day. This means domestic PMS receipts exceeded imports by 21.3 million litres per day in August.

Overall, the country received 50.5 million litres of petrol daily during the month, representing an 11 per cent increase from the 45.5 million litres recorded in July.

The NMDPRA figures showed that domestic supply accounted for about 71 per cent of the total PMS receipts in August, while imports accounted for the remaining 29 per cent.

The report read, “PMS daily receipts increased by 11 per cent, rising from 45.5 million litres per day in July to 50.5 million litres per day in August. Domestic PMS receipts rose by 39 per cent, from 25.8 million litres per day in July to 35.9 million litres per day in August.

“Over the same period, PMS imports declined by 26 per cent, from 19.7 million litres per day to 14.6 million litres per day. Domestic PMS receipts exceeded petrol imports by 21.3 million litres per day in August.

“PMS consumption declined by 14 per cent, from 48.3 million litres per day in July to 41.5 million litres per day in August.”

The development marks another shift in the structure of Nigeria’s petrol supply, as the country continues to reduce its dependence on imported refined petroleum products following the commencement of operations at the 700,000-barrel-per-day Dangote refinery.

The NMDPRA data also showed that the Dangote refinery produced an average of 41.94 million litres of PMS daily in August, of which 35.87 million litres were supplied to the domestic market, while 9.73 million litres were exported.

The refinery also ended August with 360.4 million litres of PMS in stock. The refinery’s average capacity utilisation was put at 105.21 per cent during the month, highlighting its growing contribution to domestic fuel supply.

The August figures came as total PMS receipts increased by 11 per cent from 45.5 million litres per day in July to 50.5 million litres per day in August.

However, the increase in supply was accompanied by a 14 per cent fall in recorded domestic PMS consumption, which declined from 48.3 million litres per day in July to 41.5 million litres per day in August.

The regulator said its consumption figures were based on volumes trucked out into the domestic market.

The changing supply pattern comes against the backdrop of the Federal Government’s push to increase domestic refining and reduce Nigeria’s long-standing dependence on imported petroleum products.

The August data also showed a broader increase in crude supplied to domestic refineries. Crude oil receipts rose by 17 per cent from 585,000 barrels per day in July to 683,000 barrels per day in August.

Between January and August, domestic refineries received 137.98 million barrels of feedstock, comprising 109.88 million barrels of domestic crude and 28.10 million barrels of imported seaborne crude.

Domestic crude therefore accounted for 79.64 per cent of the total refinery feedstock during the eight-month period, while imported crude made up 20.36 per cent.

The regulator also reported that petrol stock sufficiency improved marginally from 22.4 days in July to 22.9 days in August.

The data further showed a sharp decline in diesel imports, with Automotive Gas Oil imports falling by 84 per cent from 7.9 million litres per day in July to 1.3 million litres per day in August. Domestic AGO supply also declined by 16 per cent to 13.2 million litres per day.

Meanwhile, aviation fuel receipts rose by 63 per cent from 1.9 million litres per day to 3.1 million litres per day. The latest figures indicate that the growing output of domestic refineries is beginning to reshape the balance between locally refined petroleum products and imported supplies.

For petrol, the August figures put domestic supply ahead of imports by a wide margin, with the Dangote refinery alone recording domestic PMS receipts of 35.87 million litres per day, compared with total petrol imports of 14.6 million litres per day.

The development could further reduce the volume of foreign-refined petrol required to meet Nigeria’s domestic demand if domestic refining output and crude supply remain sustained.