All Posts in "Month: October 2025"

LASWA Announces Jetty Closures For E1 Championship

The Lagos State Waterways Authority (LASWA), has announced partial closures of jetties and terminals along the iconic Five Cowries Creek from October 2 to 5, 2025.

This carefully planned disruption is designed to ensure the safety, security, and smooth running of the much-anticipated E1 Championship Lagos series. Starting Thursday, October 2, there will be partial closure between Falomo bridge and Oriental Hotel from 10 a.m. to 6 p.m. On Friday, October 3, a full closure will be in effect from Oriental Hotel to Mekwen bridge during the same hours. The weekend will see full closures again, from Falomo bridge to Oriental Hotel, between 8 a.m. and 6 p.m. on both Saturday and Sunday.

LASWA reminds ferry operators, passengers, and all waterway users to plan their travel accordingly and use alternate routes as they host the international sporting event that positions Lagos as a leading global destination for sporting excellence.

Normal ferry services along these routes will resume on Monday, October 6.The Lagos State Government extends its appreciation for everyone’s understanding and cooperation as the city prepares to welcome the world for this groundbreaking championship.

Dan Poster by — October 1, 2025 in General News 0
Tinubu Unhappy With Death Of Arise TV Journalist

President Bola Ahmed Tinubu has said he received with deep sorrow the news of the tragic passing of Ms Somtochukwu ‘Sommie’ Maduagwu, a brilliant news anchor with Arise News Television, who was killed during an attack by robbers at her residence in Katampe, Abuja.

 

Tinubu, extended his heartfelt condolences to the family of Ms Maduagwu, the management and staff of Arise News Television, and the entire Nigerian media fraternity over this painful loss.

 

Tinubu says: ” Ms Maduagwu was a promising professional journalist whose life was cut short in a cruel and condemnable manner.

 

” Security and law enforcement agencies should conduct a quick and thorough investigation into the incident and ensure that the perpetrators are apprehended and brought to justice without delay”.

 

While commiserating with the bereaved family, President Tinubu assures Nigerians that his administration remains committed to ensuring the safety and security of all citizens, and will continue to strengthen measures aimed at combating crime in all its forms.

Dan Poster by — October 1, 2025 in General News 0
Public Offer Drive: Investors Compete For Sterling Holdco Shares

Sterling Financial Holdings Company Plc. (‘Sterling Holdco’), the parent company of The Alternative Bank, Sterling Bank, SterlingFI, and a number of other novel business solutions, has witnessed a very positive response to its public offer, as investors rally for a stake in the company’s future.
The public offer, launched on September 17, 2025, has quickly become one of the most talked-about opportunities in the Nigerian financial market, with analysts predicting that the offer will prove to be amongst the most lucrative in the sector’s investment landscape.
The Sterling Public Offer has sparked widespread interest, with market experts
noting that the price, which is about 6% below its current trading price, presents
an attractive entry point for both institutional and retail investors.
 The offer is set to close soon, but the rapid pace of interest has led many to speculate that
the full subscription has already been reached or even exceeded much earlier than expected.
According to leading financial analysts, Sterling Holdco’s strategic expansion
plans, solid market position, and innovative financial products have positioned
it as a major contender in Nigeria’s banking sector.
 The public offer is widely
regarded as an exciting proposition for investors looking to capitalise on a company with strong fundamentals and an ambitious growth trajectory.
With a price point set at a discount to current trading prices, the offer is seen as a
compelling opportunity for both long-term and short-term investors.
Sterling Holdco has consistently demonstrated a commitment to innovation
and sustainable growth. One of the most compelling indicators of the company’s underlying strength is the impressive growth of its share price.
 In the past year, the Holding company’s share price has grown steadily from ₦4.00 to
nearly ₦8.00 per share. This increase in the company’s stock price speaks volumes about the underlying value and confidence in its business model, leadership, and growth trajectory.
Sterling Holdco, known for its strategic ownership of two banks, a wealth management company, and a number of innovative consumer businesses, is seeking to raise additional capital through the issuance of 12.58 billion ordinary shares at ₦7.00 per share.
The proceeds from the public offer will be strategically deployed to further strengthen the Holdco’s capital base and
fund its growth initiatives over the next 36 months.
Dan Poster by — October 1, 2025 in Business 0
$25B Nigeria-Morocco Pipeline Advances With Creation Of Dedicated Project Company

The $25 billion Nigeria-Morocco Gas Pipeline (NMGP) project has recorded a new milestone with the creation of a dedicated Project Company.

The establishment of this structure signals the transition from the feasibility and financial study phase to setting up the institutional and financial framework necessary to execute the pipeline’s construction.

The project has attracted the involvement of several international financiers, including the European Investment Bank (EIB) and the Islamic Development Bank (IsDB), which had been previously mentioned by project stakeholders.

The pipeline is set to transport up to 30 billion cubic meters (bcm) of gas annually across more than 6,000 kilometers, connecting a dozen West African countries to the Moroccan network and ultimately to Europe.

Nigeria, Africa’s top oil producer and holder of the continent’s largest proven gas reserves, is actively seeking to diversify its export markets beyond the region.

For Morocco and the transit nations, the pipeline aims to improve access to energy while strengthening their role in the international gas market.

The creation of a Project Company is a critical step for such infrastructure.

It centralizes responsibilities, structures financing, and clarifies governance. As the World Bank notes, such an entity is created to exclusively house the project’s assets, enhancing the transparency of commitments.

Support from multilateral financial institutions helps validate the project’s economic viability and attract potential investors.

The final investment decision (FID), expected by the end of 2025, will be decisive in gauging the ability to finance the massive infrastructure.

Dan Poster by — October 1, 2025 in Business 0
Nigeria At 65: Chevron Sees Brighter Future In Oil And Gas Sector

Chevron Nigeria has said it is expanding deepwater production in Nigeria in a sustained effort to expand new growth opportunities.

The Company said it is committed to further exploration and development of oil and gas resources by converting its joint venture and deepwater leases under the Petroleum Industry Act (PIA).

The Chairman and Managing Director, Chevron Companies in Nigeria, Mr. Jim Swartz, while speaking on Nigeria’s 65th independence anniversary, said the Company is proud of its partnership and contribution to the social and economic development of the country.

In over six decades of operation in Nigeria, Chevron Nigeria has continued to make significant investments in the country that have helped generate socio-economic development in several communities across Nigeria, Swartz said.

To further boost its business development, the Chairman said Chevron is executing infill drilling programs as part of its efforts to improve the current production base upon which the future can be sustained, and has also signed a 20-year renewal of four deepwater leases, in addition to planned infill drilling to mitigate production decline in its Agbami hub, non-operated Usan hub, and support for continued maturation of the Owowo development

He said entry into Oil Prospecting License 215 aims to boost deepwater development opportunities, while completion of seismic data acquisition across several of its deepwater leases aims to position itself for future exploration and demonstrate Chevron’s commitment to future growth in Nigeria.

The Chairman also mentioned the near-field discovery with the successful drilling of the Meji NW-1 appraisal well.

Swartz, while offering explanation on the business perspective of Chevron Nigeria said, “At Chevron Nigeria, we strive to build lasting relationships to help enable human progress now and into the future. Chevron has a long commitment to Nigeria. We have been making significant investments in Nigeria for over 60 years, contributing to the growth and development of the country.”

According to him, “Chevron Nigeria produces oil and natural gas from various fields, supplying domestic and international markets, while utilizing natural gas to produce diesel and naphtha. The joint venture between Chevron Nigeria Limited (CNL) and the Nigerian National Petroleum Company Limited (NNPCL/CNL JV) is one of the major natural gas suppliers to Nigeria’s domestic market and remains ahead in maximizing the supply of on-spec gas in the domestic and regional markets.”

He added that Chevron Nigeria has been successful in leading and investing in major initiatives which include the development of the Deep Water Agbami project which has produced over 1 billion barrels of oil; the development of the Escravos Gas Plant facility to enable the reduction of gas flares, processing of gas and the development of the Escravos Gas-to-Liquids (EGTL) facility.

The EGTL facility has helped to significantly reduce gas flaring and produce high quality products, including refined diesel.

Also, in partnership with other private and state entities from the Economic Community of West African States, Chevron led the development of the ~700km West African Gas Pipeline project through which Nigeria supplies gas to Benin, Togo, and Ghana, helping to boost economic development in the region.

“We prioritize local content and human capacity building as over 90% of our workforce in the country are Nigerians. We also provide contract opportunities to Nigerian companies in all our projects. Chevron supports the PIA, and we commend the efforts of the Federal Government of Nigeria to reposition the oil and gas industry for growth through several industry regulations,” Jim further stated.

 

Olusoga Oduselu, Chevron Nigeria’s General Manager, Corporate Affairs, highlighted the company’s focus on helping to engender the development of communities in the Niger Delta through the legacy Global Memorandum of Understanding, the current Host Community Development Trusts and the Foundation for Partnership Initiatives in the Niger Delta.

According to Olusoga, “Chevron Nigeria’s social investment footprint extends beyond its areas of operation. Among other health initiatives, Chevron Nigeria built and donated a DNA Molecular laboratory to the University of Lagos Teaching Hospital, and the facility is very significant to medical research in Nigeria.

At the height of the coronavirus (“COVID-19”) pandemic, Chevron Nigeria donated a Polymerase Chain Reaction laboratory to Warri Central Hospital to support the Delta State government in the fight against the COVID-19 pandemic, in addition to other industry-collaborations. Chevron Nigeria has also implemented health initiatives such as the Roll Back Malaria, Prevention of Mother to-Child transmission of HIV/AIDS and awareness programmes on River blindness.”

 

In its deep offshore operations, Chevron Nigeria has continued to implement projects and programmes in the areas of health, education, and socio-economic development across Nigeria. For instance, Star Deep Water Petroleum Company Limited (a Chevron company) and its parties in the Agbami field have been investing in fighting Tuberculosis (TB) with the construction and equipment of chest clinics in Nigeria to support the treatment and care of tuberculosis patients in Nigeria. Currently, twenty-eight such chest clinics, fully equipped with standard X-Ray machines, male and female wards, treatment rooms, laboratories and Gene Xpert Machines have been completed across the country to support Nigerian health system. The Agbami parties have also donated nine (9) mother-and-child health care centers and one medical diagnostics laboratory in some States in Nigeria. Some of the donated chest clinics and mother and childcare centers became useful for COVID-19 response in some states during the heat of the pandemic.

Chevron Nigeria continues to support development of education in the Niger Delta region and across the country through development of education infrastructure, capacity building and scholarships.

The scholarships include: the NNPC/CNL JV’s national university scholarship and the community scholarship program which caters for students in both secondary and tertiary institutions from communities in Chevron Nigeria’s areas of operations. Additionally, Chevron Nigeria awards scholarships to visually impaired students to enhance their access to quality education. Over 23,000 people have benefitted from the company’s scholarship programs which include scholarship for community postgraduates’ scholars in Nigeria and foreign universities.

Since inception of the Agbami Medical and Engineering Professional Scholarship programme in 2009, over 16,500 students from all the states of Nigeria have benefitted from the scholarship, out of which 715 students have graduated with first class degrees. Chevron Nigeria and its Deepwater parties have continued to invest in education infrastructure.

The parties have executed 39 Science laboratory complexes and 25 conventional and hybrid libraries across the country. Also, Chevron and its partners take a wide-ranging activity to encourage students to develop interest in key subjects of Science, Technology, Engineering, and Mathematics and, ultimately, pursue STEM courses and career.

Chevron Corporation has also sponsored certain global health and environmental-related initiatives that have an impact in Nigeria.

These efforts include the contribution to Global Fund against HIV/AIDS, malaria, and TB which has benefitted Nigeria in the areas of providing access to lifesaving antiretroviral therapy for people living with HIV, provision of long-lasting insecticide-treated mosquito nets and detection of tuberculosis cases. Also, as part of its efforts in environmental conservation, Chevron Nigeria with the support of Chevron Corporation, built and donated the Lekki Conservation Centre to the Nigerian Conservation Foundation in 1992.

The 78-hectare facility has become a center of excellence in environmental research and education, reserved as a sanctuary for the rich flora and fauna of the Lekki Peninsula, Lagos.

The CNL also sponsors the Junior Tennis tournament, the National Arts competition, and other activities by various organizations.

 

Chevron Nigeria is optimistic about the future of the oil and gas business in Nigeria. As the Chairman/Managing Director emphasized: “Chevron remains committed to our partnership in ensuring safe, reliable, and efficient operations in Nigeria and delivering a reliable, ever cleaner, and efficient energy supply for Nigeria, the West African region, and the world.”

Dan Poster by — October 1, 2025 in Business 0
World Bank Extends $500 Million Loan To Facilitate Nigeria’s BRIDGE Digital Project

The World Bank has approved a $500 million financing package for Nigeria under the BRIDGE project (Building Resilient Digital Infrastructure for Growth). Led by the Ministry of Communications, Innovation and Digital Economy, the program aims to address structural gaps that limit broadband access in underserved areas.

With a total cost of $1.6 billion, the project will be largely supported by $1.1 billion in private investment, with additional backing from the African Development Bank, the European Investment Bank, and the Islamic Development Bank.

It includes the rollout of about 90,000 km of climate-resilient fiber optic cable, powered where necessary by renewable energy solutions. The implementation plan features seven national rings, 37 metropolitan loops, 77 regional networks, and several edge data centers.

The government’s target is to expand the national backbone from its current 35,000 km to more than 125,000 km, covering 70 per cent of the population in the near term. “Over the past two years, we have worked tirelessly on what is arguably the most ambitious and fundamental digital infrastructure project in Nigeria’s history,” said Minister of Communications, Innovation and Digital Economy Bosun Tijani in August, during the technical design presentation of BRIDGE.

The move comes as Nigeria faces a slowdown in broadband growth. According to the Nigerian Communications Commission (NCC), combined fixed and mobile internet penetration fell to 48.01 per cent in July 2025, down from 48.81 per cent in May. Total connections also declined, from 105.7 million in June to about 104 million in July, highlighting the urgency of expanding the country’s digital infrastructure.

By strengthening Nigeria’s digital backbone, the BRIDGE project is expected to support more inclusive economic growth, enhance delivery of digital public services in health, education, and governance, and boost the fintech and startup ecosystem.

Dan Poster by — October 1, 2025 in Business 0
Dangote Refinery Accuses Unions Of Chasing Check-Off Dues, Not Workers’ Welfare

Dangote Petroleum Refinery has accused the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Trade Union Congress (TUC) of prioritising union dues and personal interests over workers’ welfare, following fresh calls by the unions for industrial action.

 

In a strongly worded statement issued on Monday, the refinery described the TUC as “zombie-like” for declaring “full solidarity” with PENGASSAN and threatening nationwide strike action against its management, without making any effort to verify the claims on which the action was based.

 

The refinery noted, “We are told that he who hears only from one side and passes judgment without hearing the other side is a fool. Unfortunately, the Trade Union Congress has placed itself in that position. Without hearing from Dangote Refinery, the Congress has passed a guilty verdict on the Refinery’s management and now parrots the PENGASSAN line, zombie-like, calling ‘for a national industrial action if Dangote management fails to comply with’ its demands.”

 

Dangote Refinery accused the unions of being driven solely by the desire to secure check-off dues. The company cited comments by PENGASSAN President Festus Osifo, who, in a recent interview with Channels Television, stated that the union had written to Dangote Refinery to begin remitting dues the day after workers allegedly unionised.

 

In its statement, the company dismissed both unions as self-serving and controlled by “oligarchs”, insisting that their real agenda is not the protection of workers but the preservation of their financial interests.

 

“PENGASSAN and TUC are two peas in a pod. They are twins from the same womb. Their interests do not extend beyond themselves and the oligarchs that run their affairs. The monthly check-off dues and other subscriptions and scams that feed their lifestyles are the primary concern and interests of these oligarchs. At least, one of them, Festus Osifo, President of PENGASSAN admitted that much on national television very recently.”

 

The statement added, “During his interview with Seun Okunbaloye on Channels TV, Mr. Osifo purported that “the workers” in Dangote Refinery “unionized . . . on Monday and we sent a letter to them at Dangote Refineries informing them of the decision and asking the organization to remit their dues from source, on Tuesday”. If we must believe Mr. Osifo’s account – and Dangote Refinery is not thereby admitting the accuracy of his account – the PENGASSAN oligarchs could not even wait for 24 hours after the purported unionization before demanding for their monthly check-off dues. And on account of these monthly check-off dues, PENGASSAN and its collaborators and co-conspirators – one of whom revealed itself as Trade Union Congress – are ready to plunge Nigeria and Nigerians into utter darkness and anarchy.”

 

It further alleged that neither PENGASSAN, TUC, nor allied unions such as NUPENG have offered accountability for the funds collected from workers. Instead, it accused them of funding “lavish and opulent lifestyles”.

 

“Meanwhile, none of these Unions – PENGASSAN, TUC, NUPENG and its other unnamed co-travellers – bothers to give an account to their members and the Nigerian public of these monthly check-off dues. We only see the proof of these check-off dues’ payments in their lavish and opulent lifestyles. It is time Nigerians stood up against these enemies of progress,” the company said.

 

The refinery called on the Federal Government to resist what it described as attempts by union leaders to return Nigeria to “the dark ages” of energy insecurity and industrial sabotage.

 

It declared, “Dangote Refinery is a national asset that requires our collective protection and prayers. To paraphrase the TUC Press Release, TUC and its cohorts, ‘regardless of size or wealth’ must not ‘be allowed to trample on the dignity and rights of’ 230 million Nigerians.”

 

The refinery challenged the unions to publish their financial records, “Finally, we demand that TUC join its co-travellers, PENGASSAN and NUPENG in publishing its 10-year audited accounts. Surely, the workers in whose name they all purport to be working, deserve to know what the Unions have been doing with their monthly check-off dues.”

Dan Poster by — October 1, 2025 in Business 0
CBN Governor Champions Next-Gen Leadership with New National Lecture Series

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, will deliver a landmark lecture at Lagos Business School on Friday, October 3, 2025. The lecture, titled “Next Generation Leadership in Monetary Policy & Nation Building,” marks the launch of the CBN Governor’s Lecture Series, the first in a series of thought-leadership discourses to be held in collaboration with leading tertiary institutions across the country over the next three years.
This inaugural edition also commemorates the second anniversary of Team Cardoso’s leadership at the Central Bank of Nigeria, a period defined by renewed focus on price stability, institutional transparency, and anchoring monetary policy to the everyday realities of Nigerians.
The Governor’s Lecture Series, part of Mr. Cardoso’s broader Knowledge Acceleration and Thought Leadership Initiative, is central to the CBN’s strategy of deepening public understanding and strengthening the transmission of monetary policy. It aims to foster dialogue, promote innovation, and advance an inclusive financial system that works for all Nigerians, while positioning the country as a leader on both the African and have global stages.
Since assuming office in September 2023, Mr. Cardoso has consistently emphasized linking central banking to the daily realities of citizens. He has stressed that the Bank’s core mandate, safeguarding price stability, is essential to driving sustainable economic growth and protecting livelihoods.
“Nigeria is at a pivotal moment, where technology, global financial realignments, and the energy of its youthful population are reshaping its economic future. Innovation must be harnessed intentionally and confidently, particularly by institutions like the CBN,” Cardoso noted in an earlier engagement.
The lecture is expected to attract senior policymakers, industry leaders, academics, and students, underscoring the crucial role of monetary policy in fostering stability, growth, and national development.
Dan Poster by — October 1, 2025 in Business 0