The World Bank has reduced the size of a planned grant to the Central Bank of Nigeria from $10.50m to $6.80m, with board consideration for the project now scheduled for March 27, according to updated project information reviewed by The PUNCH.

The funding, which remains a grant and not a loan, is for the CBN Technical Assistance Facility, a project designed to strengthen the apex bank’s technology-enabled, data-driven supervision of the banking sector and to improve oversight of domestic payment and remittance systems.

Updated information from the World Bank website indicates that the project has reached the decision meeting stage, the final internal stage before approval by the World Bank Group’s board.

This marks a clear advancement from its earlier concept review stage, when The PUNCH first reported the project in April 2025.

The approval date is now listed as March 27, 2026, a shift from the earlier June 12, 2025, timeline associated with the initial $10.50m grant proposal.

The revised commitment amount of $6.80m will be financed entirely through the Finance for Development Multi-Donor Trust Fund, with no involvement of the International Development Association or the International Bank for Reconstruction and Development, confirming that the project does not add to Nigeria’s external debt.

The Central Bank of Nigeria is listed as the implementing agency. According to the project overview, the facility is designed to integrate advanced tools and data science into the CBN’s regulatory and supervisory processes, addressing both long-standing and emerging risks in Nigeria’s evolving financial system.

The development objective is “to strengthen CBN’s technology-enabled and data-driven oversight of the banking sector and deepen understanding of payment and remittance systems in Nigeria,” the World Bank noted on its website.

The project carries a moderate environmental and social risk rating and is expected to close on February 28, 2029. While the updated information does not state why the grant size was cut, the progression from concept review to decision meeting suggests that the project has been refined, even as its financing envelope has been adjusted.

Commenting on the reduction and changes reflected on the project page, a top source at the World Bank office in Nigeria told The PUNCH that such revisions were normal at this stage.

“Please note that projects or operations under preparation, as indicated on the World Bank website, can be subject to changes,” the source said. “Until the World Bank Board approves them, elements such as design, components, and financing envelopes may be revised or adjusted. This is normal for projects in the preparation stage.”

If approved next month, the grant will formalise a partnership focused on strengthening the CBN’s supervisory capacity through technology, data analytics, and improved oversight of the payment system in Africa’s largest economy.

The World Bank Group remains Nigeria’s largest single creditor, accounting for $19.39bn of the country’s total external debt, comprising $18.04bn from the IDA and $1.35bn from the IBRD. This represents 41.3 per cent of the country’s external debt, underscoring the bank’s dominant role in financing Nigeria’s development initiatives.

The PUNCH earlier reported that World Bank loans to Nigeria between 2023 and 2025 are projected to reach $9.65bn by the end of this year as fresh approvals, ongoing negotiations, and disbursements gather pace across key sectors.

The amount covers International Bank for Reconstruction and Development and International Development Association loans, according to an analysis of data on the bank’s website by The PUNCH. When grants are added, total World Bank support rises to about $9.77bn within the three-year window.

The Nigerian Aviation Handling Company Plc has deepened its diversification drive with the launch of a 20-room luxury airport hotel at the Murtala Muhammed International Airport, Lagos. The move underscores its transition from a traditional ground handling firm to an integrated aviation services group.

The new facility, Sapphire Hotel, located directly within the Terminal II departure area, comes as the company delivers a 2025 financial performance that saw its profit rise 40 per cent to N18bn.

The company’s unaudited results for the year ended 31 December 2025, released on the Nigerian Exchange, showed that revenue increased 21.8 per cent from N53.54bn in 2024 to N65.21bn in 2025. Gross profit climbed to N38.61bn from N33.08bn, while operating profit rose 25 per cent to N24.84bn.

Profit before tax grew 30 per cent to N24.26bn, compared to N18.70bn in the previous year. After-tax profit rose 39.91 per cent to N17.99bn from N12.87bn, pushing earnings per share up 40 per cent from N6.60 to N9.24.

The performance, achieved despite inflationary pressures, reflects improved operational efficiency and cost management, with administrative expenses largely flat at N13.89bn.

Speaking at the hotel launch, NAHCO’s Group Executive Director, Commercial and Business Development, Prince Saheed Lasisi, described the hotel as a strategic expansion of the company’s footprint within the aviation value chain.

He said the project, operated by NAHCO Travel and Hospitality Limited, represents a deliberate move to build a comprehensive travel ecosystem beyond ground handling.

“As one of Nigeria’s most reliable travel management organisations, NAHCO continues to position itself as a trusted partner for hassle-free movement. We guarantee that the guest experience at Sapphire Hotel will be second to none in the country,” Lasisi said.

According to him, the hotel was designed to provide premium comfort for international travellers, transit passengers on layovers and business executives, offering round‑the‑clock services just steps away from check‑in and boarding gates.

The Chief Executive Officer of NAHCO Travel and Hospitality Limited, Ms Ruky Ogbetuo, said the facility features high‑end furnished rooms, an on‑site business office, a workout area, laundry services and complimentary breakfast, alongside diverse lunch and dinner options.

She added that the hotel’s proximity to the 127‑seat Sapphire Lounge, which includes a VVIP section and a dedicated prayer area, enhances its appeal to premium passengers seeking convenience and exclusivity.

Industry stakeholders who attended the launch, including officials of the Federal Airports Authority of Nigeria and representatives of international airlines, described the initiative as a significant private‑sector investment within Nigeria’s airport infrastructure.

Analysts say the move could strengthen NAHCO’s non‑aeronautical revenue stream and improve earnings stability.

Ecobank Transnational Incorporated has reported a 29 per cent rise in profit after tax to N950.0bn for the financial year ended December 31, 2025, driven by growth in interest income and non-interest revenue.

This was indicated in the Condensed Consolidated Unaudited Financial Statements for the year ended December 2025 filed on the Nigerian Exchange Limited on Friday.

According to the report, the pan-African banking group’s gross earnings rose 14 per cent to N4.82tn, while total revenue increased 18 per cent to N3.67tn. Profit before tax climbed 30 per cent to N1.28tn, up from N986.7bn in 2024. Operating profit before impairment charges rose 29 per cent to N1.89tn.

In the period under review, net interest income grew 22 per cent year on year to N2.14tn, supported by a 15 per cent increase in interest income to N3.18tn. Interest expense rose modestly by four per cent to N1.04tn

Non-interest revenue also strengthened, rising 13 per cent to N1.53tn, buoyed by a 17 per cent increase in fee and commission income to N1.03tn, and a 14 per cent growth in trading income and foreign exchange gains to N559.36bn.

However, other operating income declined 22 per cent to N68.6bn, while net losses on investment securities widened to N10.98bn. Impairment charges on financial assets rose 28 per cent to N613.26bn, reflecting higher credit risk provisioning during the period. Despite this, operating profit after impairment increased 30 per cent to N1.28tn.

Total profit stood at N950.0bn, compared to N735.9bn in 2024. Total assets expanded 14 per cent to N49.44tn, up from N43.30tn in 2024.

Loans and advances to customers increased 11 per cent to N17.09tn, while deposits from customers rose 15 per cent to N36.45tn, reinforcing the bank’s funding base. Total equity strengthened significantly, rising 50 per cent to N4.17tn, driven largely by retained earnings growth.

Equity attributable to ordinary shareholders stood at N2.91tn, up from N1.75tn. Total liabilities increased to N45.27tn, from N40.52tn in the previous year.

Ecobank operates in 34 African countries and several international financial centres, serving more than 32 million customers across consumer, commercial, corporate, and investment banking segments.

The Minister of Aviation and Aerospace Development, Festus Keyamo, has met with the Chancellor of Baze University, Yusuf Datti Baba-Ahmed, to discuss plans for the establishment of a School of Aviation in Abuja, a move aimed at boosting Nigeria’s aviation manpower and reducing dependence on foreign training.

Baba-Ahmed, who was the running mate to Labour Party presidential candidate Peter Obi during the 2023 general election, led a delegation of Baze University’s management on a courtesy and project-advocacy visit to the Ministry in his office in Abuja.

Members of the delegation included the Vice-Chancellor, Prof Jamila Shu’ara, the Registrar, Prof Abiodun Adeniyi, and other senior officials of the university.

The discussions, according to the statement, were centred on Baze University’s proposal to site a School of Aviation in Bwari, Abuja, complete with a dedicated training runway for pilot training and other aviation-related professional programmes.

This was made known through a statement made available to Saturday PUNCH by the Special Adviser on Media and Communications to the minister, Tunde Moshood, on Friday.

Speaking at the meeting, Baba-Ahmed expressed appreciation to the Minister for his support and willingness to engage, describing the project as a national investment rather than a private venture.

He said, “We are grateful for the Honourable Minister’s magnanimity and his decision to place national interest above every other consideration. This project is about Nigeria and Africa preparing for the future of aviation.”

The Chancellor recalled that Baze University began operations in 2011 with just 17 students, 60 staff members, and about 3,000 square metres of academic space, noting that the institution has grown significantly over the years.

“Today, we have graduated over 5,000 students, expanded our academic facilities to more than 75,000 square metres, and established Africa’s largest private hospital, which was commissioned during the administration of the late President Muhammadu Buhari,” Baba-Ahmed said.

According to him, graduates of the university are performing strongly in both local and international spaces. “Our graduates are in public service, family businesses, and global institutions. In one cohort of our Master’s students abroad, 30 out of 31 returned with distinctions. We believe we can replicate this success in aviation training,” he added.

Giving reasons for the establishment of the aviation school, Baba-Ahmed stressed that aviation is one of the fastest-growing sectors globally, warning that Africa risks falling behind if it fails to build capacity.

“Over the next 20 years, the world will require about 780,000 aircraft maintenance engineers. Are we going to remain consumers of expertise, or will we start producing our own?” he asked.

He said the proposed School of Aviation would focus on pilot training, aeronautical engineering, air traffic control, meteorology, and other critical aviation disciplines, expressing confidence that the project would soon take off. “Within a year, we hope to invite the minister to flag off the Baze University School of Aviation,” he said.

In his response, Keyamo welcomed the delegation and described the proposal as timely and aligned with the Federal Government’s objective of strengthening the aviation sector.

He said the proposed aviation school would help address the shortage of skilled professionals in the sector, including pilots and air traffic controllers, while also improving regional connectivity.

He said, “We have been discussing this initiative for some time, and I am encouraged by your passion and vision. I put national interest first because I have taken an oath to be fair to all.

“Looking at what Baze University has already achieved, no one can doubt your capacity,” Keyamo noted. “This project addresses both the skills gap and connectivity challenges we face, particularly in West Africa.”

While acknowledging existing aviation institutions such as the Nigerian College of Aviation Technology, Zaria, and the African Aviation and Aerospace University, Abuja, the Minister said the establishment of additional training centres would strengthen the industry.

“This is healthy competition, and healthy competition is good for the aviation ecosystem,” he said.

Keyamo assured the delegation of the Ministry’s full support, directing aviation regulatory agencies to fast-track approval processes for the project.

“All regulatory bodies are on red alert to give you the necessary approvals. You will not be arm-twisted by bureaucracy. No one should ask you for one kobo. If anyone does, report directly to me,” Keyamo promised.

The Chartered Institute of Bankers of Nigeria has commended Abia State Governor, Alex Otti, for the notable economic progress recorded in the state under his leadership.

The President and Chairman of the Council of the CIBN, Prof. Pius Olarenwaju, made this known on Thursday when he led members of the institute on a courtesy visit to the governor at his office.

He noted that the state had recorded significant economic milestones, including a 10 per cent increase in Gross Domestic Product, an eight per cent reduction in poverty, the attraction of investments and the creation of over 10,000 jobs.

“You have achieved, within this short time, notable economic progress, including a 10 per cent GDP increase, an eight per cent poverty reduction in this part of the country, the attraction of significant investments and the creation of over 10,000 jobs

“We have heard about it in the newspapers, but it is more glorious for us to see it firsthand and go back to tell more people. So, we appreciate you, sir,” he stated.

Olarenwaju also lauded improvements in the social sector, including strengthened healthcare delivery, reduced mortality rates, the introduction of health insurance and enhanced education infrastructure through free education policies.

He further acknowledged improvements in road infrastructure and other ongoing projects, which he described as evidence of purposeful governance.

He commended the state’s Operation Crush initiative, noting that it had improved security, boosted youth confidence and enhanced economic activities across Abia.

The CIBN chairman also saluted Otti’s contributions to the banking and finance profession and informed him of plans by the institute to organise an event later in the year to honour outstanding former bank chief executives for their impact on the industry.

Describing Otti as a goodwill ambassador of the institute, Olarenwaju said the governor’s achievements had become a source of pride to CIBN members.

He added that Otti continued to represent the institute well, having made a mark in the banking industry and now excelling in public service.

Olarenwaju called for deeper collaboration between the CIBN and the Abia State Government in areas such as financial literacy, financial inclusion, completion of the CIBN state office and infrastructural development, among others.

He disclosed that the institute was involved in a national programme aimed at training 10 million women and youths on financial inclusion, describing financial literacy as fundamental to economic empowerment.

“We want the involvement of the state in this programme. I mentioned earlier that there is a condition precedent to financial inclusion, and that is financial literacy.

“We are intentional about this, and we will go ahead to do this,” he stated.

Receiving the delegation, Otti reaffirmed his commitment to sustainable development and stronger collaboration with the CIBN.

He said he was keen on deepening the partnership with the institute, adding that the relationship was already well established.

The governor highlighted some key achievements of his administration, including job creation, economic growth, poverty reduction, the introduction of free and compulsory education, and improved healthcare delivery.

He disclosed that the free education policy had resulted in over a 100 per cent increase in school enrolment, adding that his administration had recruited 5,394 teachers, with the process of employing an additional 4,000 currently ongoing.

Otti, who commended the CIBN’s efforts in curriculum reform, expressed interest in adopting its updated curriculum across state-owned tertiary institutions and appreciated its proposals for regional conferences, financial literacy programmes and broader collaboration.

“The institute’s programme on financial inclusion and financial literacy for members of the public is very important.

“You find that even for those of us who claim to have some knowledge, we still make mistakes in investment—not deliberately, but because we do not know. So, I am very happy that you are doing this,” Otti stated.

The governor was joined by the Commissioner for Finance, Hon. Uwaoma; the Commissioner for Agriculture, Hon. Cliff Agbaeze; the Accountant-General of the State, Mrs Njum Uma-Onyemenam, FCA; and other senior government officials

Nestlé Nigeria Plc has been awarded the highest level of Authorised Economic Operator certification by the Nigeria Customs Service. The company received security and safety status under the programme, which is valid for five years and recognises compliance with trade regulations and supply chain security standards.

The certification followed an evaluation process that included customs audits and on-site operational assessments. Out of 391 applications received nationwide, only 35 companies were granted full certification, with fewer achieving the security and safety status.

At the presentation in Abuja, the Comptroller General of the Nigeria Customs Service, Bashir Adeniyi, said the certificates reflect that compliance is achievable even within challenging business environments.

For Nestlé Nigeria, the AEO Security and Safety status is expected to support faster customs clearance, reduced inspections at ports and warehouses, improved material availability, and better engagement with regulators and trade partners.

Commenting on the certification, Supply Chain Manager Kasum Diabate said it reflects the company’s structured approach to operations and reinforces the reliability of its supply chain.

Dangote Petroleum Refinery has warned that continued reliance on coastal delivery of petroleum products could push petrol prices close to N1,000 per litre in Nigeria.

The company stressed that its preferred gantry loading remains the most efficient and cost-effective method to ensure price stability for consumers.

The refinery, in a statement on Thursday, explained that its position is supported by sustained investments in critical infrastructure, including a “world-class gantry facility” with 91 loading bays capable of loading up to 2,900 tankers daily.

Operating on a 24-hour basis, it said the facility can evacuate over 50 million litres of premium motor spirit, 14 million litres of diesel, and other refined products each day.

While acknowledging that coastal loading is an option where logistics require, the refinery emphasised that gantry evacuation eliminates additional costs.

“Direct gantry evacuation eliminates port charges, maritime levies and vessel-related costs that do not add value to end users, helping to optimise costs, improve distribution efficiency and support price stability,” the company stated.

It also clarified that marketers are free to choose their preferred mode of evacuation, with PMS and other refined products available at competitive gantry prices.

“However, reliance on coastal delivery, particularly within Lagos, may introduce avoidable costs with material implications for fuel pricing, consumer welfare, and overall economic well-being. In our opinion, coastal logistics can add approximately N75 per litre to the cost of petrol, which, if passed on to consumers, would push the pump price of PMS close to N1,000 per litre,” the refinery said.

The company further estimated that sustained dependence on coastal logistics could impose an additional annual cost of roughly N1.75tn, based on Nigeria’s average daily consumption of about 50 million litres of PMS and 14 million litres of diesel.

It warned that this cost would ultimately be borne by producers or Nigerian consumers.

Dangote refinery also renewed calls for coordinated investment in pipeline infrastructure nationwide. It argued that functional pipelines linking refineries to depots would significantly cut distribution costs, improve supply reliability, and strengthen national energy security.

Addressing allegations that it imports finished petroleum products, the refinery described such claims as misleading.

“While our Residue Fluid Catalytic Cracking Unit is currently undergoing maintenance, we only import intermediate feedstock in line with global industry practice. We challenge anyone with credible evidence of finished product importation to present it to the appropriate regulatory authorities. Such claims are often driven by interests seeking to justify continued dependence on fuel imports,” the refinery reiterated.

Explaining the benefits of domestic refining, the company noted that since operations began, diesel prices have fallen from about N1,700 per litre to between N980 and N990, while PMS prices have dropped from around N1,250 per litre to between N839 and N900.

It added that increased local supply has sharply reduced fuel importation, eased foreign exchange pressures, and contributed to a stronger naira, recently trading at about N1,385 to the dollar.

The refinery concluded by urging marketers, regulators, and policymakers to support logistics and distribution decisions that align with national economic interests, protect consumers, and sustain the long-term benefits of domestic refining.

Savannah Energy Plc, has released its financial and operational update on its Nigerian operations and other markets in Africa, including up-to-date cash collections in its Nigerian business.

The report also shows that its cash collections in Nigeria increased by over 12 per cent to US$278.0 million, compared to the previous year’s US$248.5 million, with the trend continuing into 2026 with cash collections during January 2026 at over US$64.4 million, compared to US$20.4 million in January 2024.

The update shows that its gross production in Nigeria averaged 18.8 Kboepd for 2025, of which 83 per cent was gas.

Following the completion of the SIPEC Acquisition in March 2025, it had commenced an 18-month expansion programme that saw it Stubb Creek average gross daily production increase to 3.0 Kbopd in 2025, approximately 13 per cent above the 2024 average.

According to the report, Savannah’s Total Revenues for FY 2025 stood at US$235.0 million, compared to US$258.9 million in FY 2024. As at 31 December 2025, its cash balances stood at US$39.5 million, compared to US$32.6 million in FY 2024, with a net debt US$655.9 million, compared to US$636.9 million as at 31 December 2024.

It also reported a Gross debt US$698.4 million as at 31 December 2025, of which only US$39.0 million (6%) was recourse to the Company, with the balance sitting within subsidiary companies on a non-recourse basis. Its Trade Receivables balance as at 31 December 2025 stood at US$507.2 million, a 6 per cent improvement on year-end 2024’s US$538.9 million.

Savannah also reported that it has made significant progress in refinancing its debt facilities.

It reports that following the previously announced increase in the Accugas debt facility from NGN340 billion to up to approximately NGN772 billion as at 31 December 2025, there was a remaining principal balance under the US$ Facility of approximately US$2 million, which has been repaid in early 2026.

Savannah also provided new updates on its Uquo NE development well, the Uquo South exploration well, and the new compression system at the Uquo Central Processing Facility, It reports that site construction on the Uquo NE development well is expected to be completed this month, with the rig ready for deployment, and mobilisation scheduled over the next few weeks, with first gas from the facility targeted by the end of Q2 2026. Well site preparation has also commenced on the Uquo South exploration well.

According to the company, the newly completed and fully commissioned compression system at the Uquo Central Processing Facility which was delivered safely and approximately 10 per cent under the original US$45 million budget, will enable it to maximise production from its existing and future gas wells.

It also announced signed a gas contract extension agreement with the Central Horizon Gas Company Limited to end December 2026 for up to 10 MMscfpd.

On the renewable energy front, Savannah, which had in 2025 repositioned its power sector business model to pursue operating asset opportunities in both the thermal and renewable energy spaces alongside interests in large scale renewable energy development projects, said it has set itself the target of completing its proposed acquisition of indirect interests in three East African hydropower projects by H1 2026. The assets include the 255 MW Bujagali power plant, with a 13-year operating and payment track record, and two advanced-stage development projects, marking Savannah’s potential for entry into five new countries – Uganda, Burundi, the Democratic Republic of the Congo, Malawi and Rwanda.

It is also continuing to progress its existing priority Power Division projects, including the up to 250 MW Parc Eolien de la Tarka wind farm project in Niger and the up to 95 MW Bini a Warak hybrid hydroelectric and solar project in Cameroon.

In Niger, its subsidiary is considering commencing a four-well testing programme and/or a return to exploration activity in the R1234 PSC contract area in 2026/27, subject to a satisfactory agreement being reached with the country’s government.

Andrew Knott, CEO of Savannah Energy, said, “2025 was a year of execution for Savannah with good progress delivered across the nine focus areas we set out at the start of the year. In Nigeria, we increased our rate of cash collections year-on-year by 12%, a trend which we hope to continue into 2026, and have made significant progress in refinancing our debt facilities.

In our Hydrocarbons Division, the completion of the SIPEC acquisition in March enabled us to commence an expansion programme at Stubb Creek, increasing 2025 production materially above 2024 levels. At Uquo we delivered the new compression system under budget and advanced site construction ahead of the planned commencement of drilling of the new Uquo NE well. During the year, we also announced a 21% 2P Reserves upgrade at the Uquo gas field and a 29% upgrade to Stubb Creek oil field 2P Reserves. In Niger, we remain actively engaged with the Government on future activity, with the R3 East development plan significantly enhanced during the year.

In the power sector, we repositioned our business model and advanced both operating and development opportunities, including the proposed acquisition of interests in three East African hydropower projects, which is targeted for completion in H1 this year. We have also continued to progress on our wind, solar and hydro portfolio. Alongside this, we continue to pursue further value-accretive acquisitions across both hydrocarbons and power, with several other opportunities under active discussion.

We also continued to progress our arbitration claims, with the Savannah Chad Inc (“SCI”) and Savannah Midstream Investment Limited (“SMIL”) proceedings currently expected to be concluded in the first half of 2026.

Overall, this progress provides a strong platform for continued delivery in 2026.”