November 2025 Archives

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Airlines face uneven fuel costs as currencies weaken — IATA

Jet fuel price volatility is hitting airlines unevenly across global markets as weakening local currencies deepen cost pressures, according to new insights from the International Air Transport Association.

According to a statement issued by the body, “The first chart of the week, a decade ago, showed that jet fuel price declines had uneven impacts across economies due to fluctuations in local currencies against the US dollar.”

The situation has worsened over the past four years, with jet fuel prices swinging dramatically. The report noted that “jet fuel price volatility in USD has intensified, especially since 2020, driven by the pandemic-induced demand collapse, the post-pandemic recovery amid supply chain disruptions, and escalating geopolitical tensions.”

Countries whose currencies have weakened are now paying significantly more for fuel. The statement highlighted that “The most pronounced impacts are observed in Russia and Brazil, whose currencies have depreciated the most against the dollar since 2014.” Russia’s ruble has slid following the invasion of Ukraine and subsequent international sanctions, while “the Brazilian real has also suffered recently as expectations are high that the central bank will loosen monetary policy in spite of persistent fiscal woes and the detrimental effect of tariffs on the country’s external accounts.”

Even major economies have felt the pressure. “Although less pronounced than in Russia and Brazil, the EU, China, and India have all seen their currencies weaken against the US dollar since mid-2022,” the analysis stated. However, it also pointed out that “the dollar has lost around 10 per cent of its value this year against many currencies. The countries lucky enough to find themselves in the latter group have seen their fuel bills cheapen in local currency terms.”

Jet fuel remains one of the largest cost components in aviation. As emphasised by the statement, “Fuel costs make up close to 26 per cent of total operating expenses of airlines, alternating with labour as the largest cost category.” Additionally, “Approximately 55–60 per cent of all global airline costs are denominated in USD, compared to 50–55 per cent of revenues.”

This imbalance has direct consequences for profitability. The report explained that “Based on this, a one per cent appreciation of the USD against global currencies could reduce operating margins by about 0.1 percentage points, while a one per cent depreciation could improve margins by a similar amount.”

by Dan Poster — November 26, 2025 in Business 0

NIWA under scrutiny: regulatory tensions, channel gaps and tragic boat accidents

Picture: Over 60 people perished in this accident

By Foster Obi

As Nigeria races to unlock the potential of its inland waterways to decongest its seaports and cut logistics costs, the National Inland Waterways Authority (NIWA) is under renewed pressure. Beyond its institutional and regulatory challenges, NIWA also faces harsh criticism over repeated fatal boat accidents on the country’s rivers, incidents that raise serious questions about safety, enforcement, and its capacity to deliver on its mandate. Some of the reported incidents are as follows.

In October 2025 in Kogi State, a boat carrying traders on the River Niger in the Ibaji Local Government Area capsized. At least 14 people were confirmed dead, 24 rescued, and 42 passengers reported missing.

In September 2025 in Niger State, a vessel carrying over 100 passengers for a condolence visit struck a submerged tree stump and capsized near the Gausawa community in the Borgu Local Government Area. The death toll rose to at least 60 people.

Also in August 2025 in Sokoto State, an overloaded boat heading to Goronyo Market capsized, leaving over 40 people missing. NEMA deployed rescue teams, and about 10 people were initially rescued.

In July 2025 in Niger State, a boat accident near Gumu village in the Shiroro area claimed at least 25 lives, including 10 members of the same family.

In December 2024 in Benue State, a boat carrying around 70 traders to a market capsized on the Benue River. At least 10 bodies were recovered, and 50 people were rescued.

In October 2024 in Niger State, a wooden boat with nearly 300 passengers, many of them women and children returning from a religious festival, capsized in the Mokwa area. Initial reports indicated over 100 people were missing, with at least 60 confirmed dead.

Also, in September 2024, in Zamfara State, an overloaded boat carrying farmers across a river to their fields capsized, drowning at least 40 people.

These accidents are not isolated. Safety advocates argue that they reflect deeper systemic issues ranging from rickety boats to lax enforcement and inadequate capacity.

Regulatory overlaps, inconsistent enforcement

Fleet operators and barge companies continue to voice frustration over NIWA’s tangled relationship with state-level authorities, particularly in Lagos. With overlapping jurisdiction, dual levies, and parallel approval processes, the regulatory burden remains heavy. Meanwhile, many boats being used for passenger transport are far from standard. According to NIWA itself, up to 75 percent of the roughly 2,200 boats on Lagos waterways are unseaworthy.

NIWA’s defence and reform push

NIWA’s management, during the tenure of its now resigned Managing Director, Bola Oyebamiji, acknowledged the scale of the problem and insisted it was taking concrete steps. The MD, however, believes that the problem is beyond NIIWA.

Oyebamiji, who resigned to pursue his 2026 Osun State governorship ambition, reiterated to The Punch last week that to effectively and efficiently make a substantial impact on the waterways, NIWA would require consistent substantial funding.

“While there, as expected from a big organisation such as NIWA, our major challenge was the poor attitude of people to safety on the inland waterways. Regardless of our efforts and achievements, once there is an accident on the waterways, it sets us back by many miles.

“Another challenge is funding. To effectively manage and make a substantial impact on the waterways, the authority requires substantial funding consistently,” Oyebamiji said.

He called for a considerable shift in the attitude of users of the waterways, stressing that safety begins with individuals.

“In any case, our experience while there showed human errors as the leading causes of accidents on the inland waterways. Secondly, the agency requires substantial funding to deliver on its mandates. This, however, could be achieved through strong collaboration with the states and private interests,” he advised.

“We removed wrecks in key corridors and greatly expanded our hydrographic surveys,” a NIWA official told our reporter.

“There has been progress: the waterways are safer than they were five years ago. But we also know that more must be done.”

In response to the rising death toll, the Minister of Marine and Blue Economy, Adegboyega Oyetola, inaugurated a Special Committee in early 2025 to tackle the root causes of these accidents. The committee, chaired by the NIWA MD, was tasked with reviewing commercial boat operations, licensing practices, safety standards, and recommending reforms.

The committee’s report, submitted to the Ministry, proposed several major reforms including:

A national boat design policy to standardise craft used on waterways, Mandatory certification and training for boat captains, Increased funding for NIWA to strengthen marine-engineering capacity, Search and rescue stations strategically placed along high-risk waterways, and Distribution of thousands of life jackets in riverine communities. NIWA alone says it has distributed 42,000 life jackets across several states to reduce fatalities.

Still a gap between policy and practice

Critics note that while reforms are promising on paper, NIWA’s capacity to enforce them remains uncertain. Many waterways still lack adequate buoy markers, channel surveys remain irregular, and some operators continue to use heavily worn wooden vessels. A regional water-safety expert told this paper, “You can have the best regulations in the world, but if NIWA doesn’t patrol, enforce, and punish, accidents will keep happening.”

Indeed, the recent high-casualty accidents suggest that oversight lapses are not simply administrative; they are material. Overloading, lack of life jackets, night-time travel, and poorly maintained craft all show up repeatedly in NEMA and NIWA’s own investigations.

NIWA stands at a critical point. Its role in the federal government’s plan to shift cargo and people from road to water is central but its reputation is battered by recurring boat disasters. While the agency has launched a serious reform effort, stakeholders warn that the human cost of failure is too high. Unless NIWA translates its strategy into rigorous enforcement and tangible action, the tragedy of Nigeria’s waterways may continue in painful new chapters.

by DFC Management — November 25, 2025 in Transport/Maritime 0

Ebonyi: Former PDP chieftain, Odeh dumps party, joins APC

A former Peoples Democratic Party (PDP) stalwart and ex-Commissioner in Ebonyi State, Barrister Timothy Odah, has officially defected to the ruling All Progressives Congress (APC).

He urged political actors to embrace peace, unity and collective development in the state.

Odah, who previously served as PDP State Financial Secretary and Legal Adviser, announced his defection during a visit to the APC Secretariat in Abakaliki on Monday.

He said his decision to join the ruling party was motivated by a renewed desire to support leaders working for the progress of Ebonyi State.

Expressing deep appreciation to Governor Francis Nwifuru, Odah commended him for creating an atmosphere where every political actor feels welcome.

He said the governor’s inclusive approach had made political reunification in Ebonyi State both possible and meaningful.

He recalled that many people once doubted the possibility of a united political front in the state, but the current administration’s style of governance had strengthened collaboration rather than division.

Odah stressed that political differences must never escalate into hostility, insisting that genuine development can only be achieved through dialogue and collective reasoning.

“There is no need for a battle when we can sit at a round table and solve our problems.

“Even countries that go to war eventually return to dialogue. If our intention is to develop the state, then there is no need for fighting,” he said.

He described both APC and PDP in Ebonyi as one political family with shared history and common faces, dismissing the idea of “winning someone over” as an unnecessary narrative.

According to him, the parties only took different paths, but their roots remain intact.

The former commissioner vowed to bring back the peace-driven politics he had always championed, calling on politicians to avoid violence, especially during elections.

He warned that destructive politics only empowers adversaries.

“If we pound ourselves into the mud and cook our soup with our blood, who will eat it?

“The enemy will eat it. Let’s win elections without violence, particularly in Igbo land,” he said.

Odah urged APC members to be ambassadors of peace, empathy, tolerance, and brotherhood, stressing that political success must translate into the wellbeing of the people.

He also clarified that his long absence from partisan politics was self-imposed to allow younger politicians space to grow, emphasizing that he holds no grudges against anyone.

On development concerns, Odah lamented the absence of electricity and motorable roads in his Ukawu community.

He expressed optimism that his return to active politics would help attract needed infrastructure.

“If my coming back to the party will bring my people these amenities, let it be,” he said.

Earlier, the State APC Chairman, Chief Stanley Okoro Emegha, welcomed Odah into the party, praising Governor Nwifuru for fostering the kind of political environment where all interested individuals feel free to join or return.

Emegha reiterated that the APC in Ebonyi is committed to peaceful dialogue and collective problem solving.

“Not that opposition is not good, it challenges the ruling party to do more.

“But there is no need for a battle when we can sit at a round table and proffer solutions. If your blueprint is to develop the state, then there is no need for fighting,” he said.

by Dan Poster — November 25, 2025 in Politics 0

Insecurity: APC only concerned about receiving defectors – Buba Galadima

A member of the Board of Trustees, New Nigeria Peoples Party, NNPP, Buba Galadima, has accused the All Progressives Congress, APC-led Federal Government of not being concerned about Nigeria’s worsening insecurity.

Galadima made this accusation on Monday when he featured in an interview on ‘Prime Time’, a programme on Arise Television monitored by DAILY POST.

He said instead of tackling The ills of insecurity, the APC government is busy receiving defectors and destroying opposition political parties.

“The Federal Government has given 99% of its time to politicking.

“Governance, especially in a country like Nigeria, is a serious business. It’s not how to make money but how much sacrifice the leaders would make on behalf of the people.
“If you are a Nigerian president or governor or even chairman of a Local Government, you shouldn’t have more than six hours for leisure, the remaining must be hands on the wheel. That we are not seeing.

“This government is only concerned receiving defectors or trying to destroy opposition political parties. And I want to tell them for the world to know that it’s not in their interest to destroy opposition because without opposition, there’s no democracy.

“And if there’s no democracy, it means we are sliding into fascism and dictatorship. They must put on their thinking cap and do the needful to protect lives and properties,” he said.

by Dan Poster — November 25, 2025 in Politics 0

Tinubu rejects use of mercenaries in counter-terrorism efforts

President Bola Tinubu on Monday rejected the growing reliance on private military and security contractors in conflict zones in Africa, warning that their involvement undermines sovereignty and complicates counter-terrorism operations across the continent.

Speaking during the first plenary session on ’Peace, Security, Governance and Multilateralism’ at the 7th African Union–European Union Summit in Luanda, Angola, Tinubu said peace efforts must be led and owned by African governments rather than outsourced to private actors with opaque mandates.

President Tinubu, represented by Vice President Kashim Shettima, told heads of state and EU leaders: “We stand resolutely against the use of private military and security companies in African conflicts, as their presence often complicates resolution efforts and undermines state sovereignty.”

Tinubu argued that Africa’s security challenges, from terrorism to transnational organised crime, require coordinated state-driven responses, not parallel forces that weaken command structures.

He said Nigeria’s position aligns with its long-standing approach to regional peace missions under ECOWAS and the AU.

The Nigerian leader also cautioned that the global shift away from multilateralism has created a more fragile security environment, noting that the EU remains one of the few platforms still engaging Africa on a “continent-to-continent basis, anchored on mutual respect and shared aspirations.”

He reaffirmed Nigeria’s commitment to strengthening peace and democratic stability across the continent, saying the country is “more prepared than ever” to work with the EU to build “a stable, just and prosperous world.”

Tinubu also intensified Nigeria’s bid to secure permanent seats with veto-wielding authority in the United Nations Security Council for Africa, insisting that a comprehensive reform of the global governance system is long overdue.

He tasked the EU with co-creating peace and security initiatives alongside its African partners, anchored on African-led frameworks, as a pathway to achieving sustainable stability across the continent.

Tinubu disclosed that over 250,000 Boko Haram-affiliated individuals had surrendered in early 2025 following the Nigerian Government’s kinetic and non-kinetic measures.

The President stressed that the challenges of armed conflict, illicit weapons, climate pressures, irregular migration, and political instability across Africa now demand stronger cooperation.

“It is time for Africa to occupy permanent seats on the UN Security Council, with all attendant privileges, including the veto. Genuine text-based negotiations under the Intergovernmental Negotiations framework must now commence.

“It is our hope that EU Member States will support Africa’s long-standing and legitimate call for reform of the United Nations,” he stated.

He noted that addressing these challenges requires renewed AU–EU focus on preventive diplomacy, inclusive governance, and long-term investment in people and infrastructure.

The Nigerian leader acknowledged that the EU has remained one of the AU’s most reliable partners since the creation of the African Peace and Security Architecture in 2002.

He also recalled that Nigeria’s experience has shown that regional instability, if left unchecked, fuels terrorism, insurgency, banditry, and transnational organised crime.

Addressing this, the President stated that his administration had adopted a combination of kinetic and non-kinetic measures, including the Multinational Joint Task Force in the Lake Chad Basin, which, according to him, remains an effective model of African-led cooperative security.

He further noted that a major component of Nigeria’s strategy continues to yield positive security outcomes, adding: “As of early 2025, over 120,000 Boko Haram-affiliated individuals, including family members, have surrendered.”

Nigeria’s commitment to regional stability is further reinforced by the recent Sea-Lift Agreement between the Nigerian Navy and the AU Standby Force, enhancing Africa’s rapid deployment capabilities for peace operations and humanitarian support,” he added.

Furthermore, the President commended the EU’s commitment to restoring peace in the Sahel, while recognising Europe’s understandable concern over irregular migration, much of which originates from ungoverned spaces shaped by insecurity.

On the security situation, the President called for an EU initiative anchored on African-led frameworks and regional ownership to drive positive outcomes.

He said, “However, recent experience has shown that externally driven initiatives, however well-intentioned, cannot succeed at pace without strong regional ownership and a grounded understanding of local dynamics.

“Peace and security initiatives must therefore be co-created with African partners and anchored in African-led frameworks.”

On irregular migration, the President advised that the issue must be addressed in a manner that acknowledges its deep economic and demographic drivers, as criminalising mobility has only compounded insecurity across the continent and beyond.

Instead, he proposed structured labour pathways, such as Nigeria’s Technical Aid Corps for cooperation within the Global South and Business Process Outsourcing, where Nigeria’s highly skilled youthful population can contribute to Europe’s labour needs without resorting to irregular migration.

“Seasonal mobility has underpinned West African civilisation for centuries the ECOWAS Protocol on Free Movement simply acknowledges this reality.

“Our joint task is to convert mobility into safe, orderly, and productive pathways that benefit both continents,” he said.

Similarly, the President frowned on the resurgence of Unconstitutional Changes of Government in Africa, highlighting that it undermines the democratic foundations upon which the African Union was built.

by Dan Poster — November 25, 2025 in General News 0

Judge’s absence stalls Natasha’s cybercrime trial

The trial of Senator Natasha Akpoti-Uduaghan on allegations of cybercrime was on Monday stalled at the Federal High Court in Abuja following the absence of the presiding judge, Justice Mohammed Umar.

The matter, earlier fixed for hearing, has now been rescheduled for February 4, 2025, for the commencement of trial.

The case had also failed to proceed on October 21, after activists led by Mr. Omoyele Sowore staged a protest at the court premises demanding the release of Nnamdi Kanu, recently convicted of terrorism offences.

Justice Umar had initially fixed October 21 for hearing after proceedings were stalled on September 22 owing to a preliminary objection raised by the defence.

Akpoti-Uduaghan was arraigned on June 30 on six counts filed by the Director of Public Prosecutions of the Federation, Mohammed Abubakar.

The charges arose from petitions by the Senate President, Godswill Akpabio and a former Kogi State governor, Yahaya Bello.

She was granted bail, and the matter was adjourned to September 22 for trial.

At the resumed sitting on that date, as prosecuting counsel, David Kaswe, prepared to call the first witness, after a television screen had been mounted in the courtroom, but defence counsel, Ehiogie West-Idahosa (SAN), objected to the commencement of trial.

He informed the court that he had filed a notice of preliminary objection, challenging the court’s jurisdiction, alleging an abuse of the prosecutorial powers of the Attorney-General of the Federation.

He also complained that he had not been served with the statements of the prosecution witnesses.

Although Kaswe urged the court to proceed, Justice Umar ruled that the prosecution must first respond to the objection, stressing that he intended to determine the issue before taking further steps in the matter.

In the charge marked FHC/ABJ/CR/195/2025, Akpoti-Uduaghan is accused of transmitting false and injurious information via electronic means with intent to malign, incite, endanger lives, and breach public order.

The senator is alleged to have, on April 4 in Ihima, Kogi State, accused Akpabio of directing ex-governor Bello to have her killed, an allegation she is also said to have repeated in a television interview.

The charges are brought under the Cybercrimes (Prohibition, Prevention, etc.) (Amendment) Act, 2024.

by Dan Poster — November 25, 2025 in General News 0

Alleged invasion: DSS, SERAP to canvass final arguments

Justice Yusuf Halilu of the Federal Capital Territory High Court, Maitama, has fixed February 19, 2026 for final arguments in the N5bn defamation suit filed by the Department of State Services against human rights organisation, Socio-Economic Rights and Accountability Project.

The suit, marked FCT/HC/CV/4547/24, was filed by DSS officials, Sarah John and Gabriel Ogundele and has SERAP and its Deputy Director, Kolawole Oluwadare, as defendants.

The case stemmed from SERAP’s alarm of an alleged invasion of its office by the DSS.

At the resumed hearing on Monday, the 2nd defendant, Deputy Director of SERAP, Kolawole Oluwadare, opened the organisation’s defence after the court granted a housekeeping application for amendment of process

Oluwadare, testifying as PW2, adopted his earlier statement on oath and provided further clarifications regarding SERAP’s work and the alleged invasion of its Abuja office.

He reaffirmed that SERAP is a registered non-governmental organisation dedicated to advancing transparency, accountability, and social justice in Nigeria.

He dismissed suggestions that the organisation exists solely to criticise the government, stressing that its mandate is to promote and protect human rights, including socio-economic rights, in the public interest.

Oluwadare told the court that harassment and intimidation of civic actors pose a serious threat to SERAP’s work, particularly its efforts to hold public institutions accountable.

He also confirmed that SERAP operates with support from both local and international donors.

Under cross-examination, Oluwadare maintained that DSS operatives were present at the organisation’s premises, prompting SERAP to issue public alerts.

He said multiple staff members—including a front-desk officer, a security guard, and another lawyer—reported the presence of the officials.

While acknowledging that no staff member was physically assaulted and no doors were broken, Oluwadare explained that the manner of entry and the presence of unmarked vehicles raised serious concerns, which informed SERAP’s public statements.

He further confirmed that the organisation possesses CCTV footage of the incident and insisted that the tweets issued reflected the seriousness of what staff observed that day.

After cross-examination, counsel for the claimant, Oluwagmileke Kehinde, informed the court that both parties had concluded trial and requested a date for filing and adoption of final written addresses.

by Dan Poster — November 25, 2025 in General News 0

Strike: ASUU NEC to review FG’s final terms Wednesday

The National Executive Council of the Academic Staff Union of Universities will meet on Wednesday to decide the union’s next line of action following the conclusion of renegotiations undertaken by the Yayale Ahmed-led committee set up by the Federal Government,

In a last-minute effort to avert a fresh ASUU strike, the government’s renegotiation team reconvened talks with the union on Monday.

The meeting, which began yesterday, is expected to formally conclude today (Tuesday), according to a senior ASUU NEC member who spoke on condition of anonymity due to restrictions placed on media engagement during the negotiation process.

“The renegotiation meeting started on Monday and will end on Tuesday. After that, NEC will meet and determine our next steps by Wednesday. Everyone will know the outcome then,” the NEC member said.

ASUU’s one-month ultimatum to the Federal Government elapsed on Saturday, heightening anxiety across public universities.

The union has repeatedly threatened a full-scale strike, accusing the government of a “nonchalant” attitude towards its longstanding demands.

The demands include the review of the 2009 ASUU–Federal Government agreement, payment of outstanding salaries and earned allowances, and the release of funds for university revitalisation.

Despite these grievances, the Minister of Education, Dr. Tunji Alausa, who is currently out of the country, insists that the government has met the union’s demands.

Speaking to State House correspondents two weeks ago, Alausa reaffirmed President Bola Tinubu’s directive that no strike should occur in public universities, stressing that negotiations were ongoing.

“As I told you, the President has mandated us that he doesn’t want ASUU to go on strike, and we’re doing everything humanly possible to ensure that our students stay in school,” he said.

“We’ve met nearly all their requirements and have returned to the negotiation table. We will resolve this.”

The Nigeria Labour Congress has declared its support for ASUU, warning that it will “fight alongside the academic community” if the government fails to address the union’s demands.

by Dan Poster — November 25, 2025 in General News 0

NNPC sets June 2026 deadline for refinery partners

The Nigerian National Petroleum Company Limited has announced a fresh target of June 2026 to finalise the selection of technical partners for the country’s state-owned refineries, following years of failed rehabilitation efforts and a sharp decline in refining expertise.

The Group Chief Executive Officer of NNPCL, Bayo Ojulari, disclosed this during a question-and-answer session at a press briefing on Monday in Abuja, where the company announced a Profit After Tax of N5.4tn for the 2024 financial year, the strongest in its corporate history.

Ojulari said Nigeria’s refineries, the Port Harcourt, Warri, and Kaduna plants, despite ongoing rehabilitation, remain “well below international standards,” making their products commercially uncompetitive, especially compared to the privately owned Dangote Refinery.

He, however, explained that the current management is seeking competent private partners with proven refinery management experience to support the revival of Nigeria’s state-owned refineries.

According to him, the new strategy is to work only with private entities that already own and operate functioning refineries, stressing that the partnerships would be based strictly on verifiable track records and structured as business collaborations.

He stressed that any collaboration would be business‑driven, based on solid track records and structured as commercial (not state‑driven) arrangements. Citing the Dangote Refinery as an example of how technical capacity has shifted abroad, he noted that many of the experts currently running such facilities are foreign because Nigeria has “lost capability over time.”

The NNPCL boss explained that years of underinvestment, weak governance, and collapsing technical capacity had left Nigeria unable to operate the refineries to global standards.

He said, “Now, going forward, what are we really looking for? We realise that, you know, if you look at Dangote Refinery and look at the capabilities of the people running it, a lot of foreign people are there. We may not like it, but we need to review that capability, because we have lost the capability over time in terms of the overall capacity to run.

“So what we are looking at is some partnership with a private entity, just like you said, but private entities that have existing refineries that they are running and operating. So it’s not by mouth, right? So they would have that track record. And our intention is to partner with them as a business. Remember, we are not partnering as a government.

“We are partnering as a CAMA company. It’s very different. It’s a commercial arrangement where they bring in technical capacity, technical resources, and all of that, and we complement with the capability that we have, and we cooperate with them. But they lead the operation, because we want people who are in the game, So that’s what the intention is.”

He added that NNPCL may redesign its refineries into hybrid plants to meet global product specifications and compete internationally. However, firm completion dates will only be announced after redesign and hybridisation plans are finalised. Ojulari said NNPCL expects a clearer timetable by mid-2026.

He further warned that if the original rehabilitation plan for the state-owned refineries is followed, the output would still fall “two steps below current international specifications.”

“You talked about the timeline. I think the timeline is a bit challenging to say, but I will just tell you that sometime in the middle of next year, I will be in a better position to give a firmer timeline. But the timeline I can give you is that by the middle of next year, we will have agreed and defined the partnerships, the technical partnerships, the new relationship, and the new contracts.

“Everything will be in place. So I will have a clear roadmap towards the completion of those refineries. Let me give you two more things that most people may not be aware of. If we go by the original plan, let’s just assume we go ahead, right? By the time we finish the ongoing rehabilitation, the products from those refineries will be far lower standard than the Dangote refinery, and will be two steps lower standard than the current international specifications.

“So when you use the word hybrid, right, is that we want to redesign to a hybrid, so that the product that we produce will be of international standard, so that we can commercially market it, right? That requires some redesign. So we don’t want to preempt by just giving you a date just for it, but we know that we should be able to do that more credibly sometime in Q2 next year.”

He said the company would only release firm completion dates after finalising the redesigns and hybridisation plans necessary to meet global refining standards. The new timeline continues the government’s long-standing efforts to revive Nigeria’s ailing refineries.

The country’s three state-owned plants, Port Harcourt, Warri, and Kaduna, with a combined installed capacity of 445,000 barrels per day, have been largely moribund for over a decade, producing little to no output in most years despite billions spent on turnaround maintenance and rehabilitation projects.

Despite billions of dollars totalling around N18tn committed to Turnaround Maintenance since the early 2000s, none of the refineries has returned to steady production. The Port Harcourt plant is undergoing a $1.5bn rehabilitation, Warri is being revamped under a joint programme with Daewoo Engineering, while Kaduna refinery requires an extensive overhaul and new configurations to handle more complex crude.

The emergence of Dangote Refinery, now producing Euro-V standard fuels, has further exposed the outdated configuration and technological gap of the state-owned plants.

Beyond refining, Ojulari said NNPCL is working with partners to lift Nigeria’s crude oil output to 1.7 million barrels per day by year’s end, supported by improved security, better Joint Ventures financing, and new upstream investments.

He revealed that Nigeria’s oil production is on a gradual upward trajectory, noting that output last year was around 1.5 million barrels per day. This year, the target is to reach about 1.7 million barrels per day, with expectations to hit 1.8 million barrels next year.

He added that, with ongoing investments in the sector, the government remains confident of achieving its ambitious goal of two million barrels per day by 2027, emphasizing that the approach involves taking all necessary steps to ensure the target is met.

He said the company’s strong financial outlook, including the N5.4tn profit declared for 2025, reflects improved operational fundamentals.

“We will have a better financial year in 2025 compared to 2024 on the basis of our fundamental performance,” he said. “If you exclude foreign exchange gains and price effects, our fundamentals show that 2025 will outperform 2024.”

Ojulari emphasised repeatedly that NNPCL now operates as a limited liability company under the Companies and Allied Matters Act, with greater commercial freedom under the Petroleum Industry Act.

“We must correct a misconception. NNPC is now largely a private company. Yes, we have government oversight and national accountability under the PIA, but we are not operating as a government parastatal,” he said. “The PIA created an environment where NNPC is able to consummate commercial agreements like never before.”

The GCEO said NNPCL’s long-term strategy hinges on improving partnerships and boosting investor confidence. “The partner you have today is your best ambassador. If partners are unhappy, they damage your reputation,” he said. “We are improving the quality of partnerships across the board, and we are already seeing new investment opportunities emerge.”

He added that governance reforms, transparency initiatives, and staff development would remain central to the company’s ambition to become “one of the most competitive companies on the continent.”

Ojulari praised the over 6,000 direct and 6,000 indirect staff of NNPCL for driving the company’s turnaround, saying the organisation was investing heavily in new technical skills to keep pace with fast-changing energy technologies.

“It’s our people that do the work. We are unleashing their full potential by giving them the tools, training, and autonomy they need to take us into the future,” he said.

by Dan Poster — November 25, 2025 in Business 0

Hilal Takaful Insurance appoints Olanrewaju as MD/CEO

Hilal Takaful Nigeria Limited, a subsidiary of Cornerstone Insurance Plc, has appointed Mr Hassan Olanrewaju as its new Managing Director/Chief Executive Officer, effective immediately.

In a statement made available to The PUNCH, the firm said the appointment underscores its commitment to ethical insurance practices, innovation, and participant-focused service delivery.

According to the statement, Olanrewaju is a chartered insurance professional with over two decades of experience.

“Mr Olanrewaju brings a wealth of expertise spanning technical operations, business development, and strategic management. His career includes leadership roles at Mutual Benefits Assurance Plc, Great Nigeria Insurance Plc, Law Union & Rock Plc, and Oceanic Insurance Group, where he consistently delivered growth, operational efficiency, and market expansion. His deep industry insight and proven leadership make him well-suited to advance Hilal Takaful Insurance’s mission of offering ethical, innovative, and customer-focused solutions,” the statement read.

The Board of Hilal Takaful Insurance also expressed confidence in Olanrewaju, noting, “We believe Mr Hassan’s leadership will further strengthen Hilal Takaful’s presence in the Takaful ecosystem, driving greater impact, innovation, and excellence in service delivery.”

Speaking on his appointment, the new MD/CEO said, “It is a privilege to lead Hilal Takaful Insurance at such a defining time. I look forward to working with our dedicated team to enhance our offerings, deliver exceptional value to our participants, and uphold the ethical principles that are the cornerstone of our brand.”

by Dan Poster — November 25, 2025 in Business 0

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