Google, via its charitable arm Google.org, on Friday pledged N3bn to Nigeria to accelerate the nation’s digital transformation, directing funds toward artificial-intelligence training and measures to make its booming online environment safer.

The initiative, announced at a press conference in Lagos, is built around a two-pronged strategy and will funnel resources through five local organisations with significant track records in human development. These organisations include the FATE Foundation, the African Institute for Mathematical Sciences, the African Technology Forum, Junior Achievement Africa, and the CyberSafe Foundation.

One strand focuses on cultivating advanced AI talent; the other on strengthening digital security. Together, the search engine giant aims to equip Nigeria with both a skilled workforce and a more resilient digital ecosystem, addressing the twin challenges of talent shortages and cyber vulnerability that threaten the country’s ambitious digital agenda.

The Minister of Communications, Innovation & Digital Economy, Bosun Tijani, commented, “Artificial Intelligence sits at the heart of Nigeria’s desire to raise the level of productivity in our economy as well as our ambition to compete globally in technology and innovation.

“I welcome this important and timely investment from Google and Google.org, which reflects the power of meaningful private-sector partnership in nurturing our talent, strengthening our digital infrastructure, and advancing our national AI priorities. This collaboration directly supports our drive to operationalise our National AI Strategy and to position Nigerian innovators at the forefront of the global AI revolution,” he stated.

To develop AI expertise, FATE Foundation, in collaboration with the African Institute for Mathematical Sciences, will integrate advanced AI curricula into universities, equipping students and lecturers with cutting-edge knowledge. Meanwhile, the African Technology Forum will launch an innovation challenge designed to guide developers from learning to creating practical, real-world AI solutions.

The Executive Director of FATE Foundation, Adenike Adeyemi, said, “We are incredibly proud to partner with the African Institute of Management Sciences on the Advanced AI Upskilling Project, with support from Google.org.

“This groundbreaking initiative is a direct response to the urgent need for deep AI competencies in Africa, empowering tertiary institutions, lecturers, and students in Nigeria, Ghana, Kenya, and South Africa.

“This strategic support aligns perfectly with FATE Foundation’s mission to foster innovation and sustainable economic growth across the continent, ensuring Africa is fully equipped to lead in the global technological future,” the executive told a press conference.

On the digital safety front, Junior Achievement Africa will expand its Be Internet Awesome curriculum to reach more youths, teaching them safe online practices. The CyberSafe Foundation will focus on improving the cybersecurity posture of public institutions, helping them protect sensitive data and digital infrastructure from cyber threats.

The initiative aligns with Nigeria’s National AI Strategy and the government’s goal of creating one million digital jobs. According to research by Public First, the country is projected to unlock $15bn in economic value from AI by 2030, making the development of both skills and digital safety critical for sustainable growth.

The Director for West Africa at Google, Olumide Balogun, said, “Google has been a foundational partner in Nigeria’s digital journey, and this N3bn commitment is the next chapter in that story.

“This is an investment in people, aimed at empowering them with advanced AI skills and ensuring a safe digital space to operate. We are honoured to continue our collaboration in support of the ministry’s efforts to help build a future where the promise of AI creates opportunity for everyone.”

This announcement builds on Google’s long-standing commitment to Nigeria, including infrastructure investments such as the Equiano subsea cable and successful initiatives like the 2023 Skills Sprint programme, a N1.2bn commitment to Mind the Gap.

The programme trained 20,991 participants, including 5,217 women in AI and tech, and enabled 3,576 participants to move into jobs, internships, or businesses, demonstrating tangible progress in advancing Nigeria’s digital economy.

Coronation Merchant Bank has announced the appointment of Mr Paul Abiagam as Managing Director and Chief Executive Officer, effective 1 December 2025, following approval from the Central Bank of Nigeria.

It said in a statement on Friday that the confirmation aligns with the bank’s tenth anniversary, signalling the beginning of a new chapter marked by heightened ambition and deeper institutional maturity.

“Mr Abiagam steps into the position after serving as Acting Managing Director, a period during which the bank recorded one of its strongest performances in recent years. Growth accelerated across core metrics, profitability improved significantly, and client engagement deepened.

“The bank also expanded its balance sheet, reinforced its capital position, and strengthened its market presence—outcomes the institution said reflected the clarity and conviction of its leadership,” the bank state

It stated that the year 2024 proved transformative for Coronation Merchant Bank. During the period, the institution launched new business verticals—Public Sector and Financial Institutions—designed to sharpen execution and broaden client relationships across an expanded sector base.

It also strengthened its standing in the Equity Capital Markets, advising on several landmark capital-raising transactions for leading institutions navigating regulatory reforms. These achievements, the bank noted, underscore renewed agility and strategic momentum.

Abiagam brings more than 27 years of experience spanning commercial and corporate banking, pensions, wealth management, investment banking, and risk management. His career includes senior leadership roles at Diamond Bank and Guaranty Trust Bank, where he led Commercial and Corporate Banking divisions. He also served as Managing Director/CEO of Guaranty Trust Pension Managers and as a Non-Executive Director at GTBank Côte d’Ivoire.

Beyond executive leadership, he has participated in key industry dialogues at the Africa Financial Industry Summit and the Africa CEO Forum, contributing to discussions on competitiveness, innovation, governance, and the evolving structure of African finance.

He is a Fellow of the combined body of the American Institute of Certified Public Accountants and the Chartered Institute of Management Accountants, and an Honorary Fellow Member of the Chartered Institute of Bankers of Nigeria. He studied at Lagos Business School and Nanyang Business School in Singapore.

Commenting on the appointment, the Chairman of the Board, Babatunde Folawiyo, said, “Paul’s appointment reflects our confidence in his ability to sustain the Bank’s growth trajectory and guide it into a new era of performance and industry leadership. His strategic insight and steady execution have already strengthened the foundation for what lies ahead.”

Abiagam described his confirmation as a privilege. “It is an honour to lead Coronation Merchant Bank at this pivotal moment. As we celebrate a decade of impact, our focus remains on deepening value for clients, strengthening our market position, and driving innovation across every part of our business,” he stated.

The announcement follows a year marked by multiple recognitions for Coronation Merchant Bank across investment banking, brand leadership, and capital markets excellence.

Stanbic IBTC Pension Managers, a subsidiary of Stanbic IBTC Holdings, has sponsored The Library, an installation dedicated to knowledge, continuity and cultural insight at the 10th ART X Lagos.

The 2025 fair embraced the theme: “Imagining Otherwise, No Matter the Tide”, inviting audiences to reflect on how imagination can foster healthier, more connected urban futures.

Over the years, ART X Lagos has grown into a vital platform for contemporary African expression.

Stanbic IBTC Pension Managers said the partnership aligns with its belief that creativity, knowledge and cultural preservation are essential to building thriving societies

This year, the organisation expanded its contribution through The Library, an interactive installation designed as a space for quiet reflection and shared discovery. It was indicated that the installation was inspired by the resilience of Nigeria’s mangrove ecosystems.

At the event, Chief Executive of Stanbic IBTC Pension Managers, Olumide Oyetan, highlighted how the theme reflects Nigeria’s resilience, mirrored in the ingenuity and determination of communities nationwide. He noted that imagination is central not only to artistic expression but also to long-term planning, resilience and financial confidence, enabling people to envision possibilities beyond the present and build sustainable futures rooted in shared purpose.

He described The Library as a space for reflection, learning, inspiration and a drive for tomorrow.

Oyetan emphasised the importance of nurturing young minds, encouraging them to appreciate art and inspiring them to imagine a promising future. He also expressed appreciation for the creativity and innovation of African artists, noting that showcasing this rich cultural heritage reflects a belief in every individual’s potential to foster positive change.

He concluded by encouraging everyone to celebrate their culture and the promise of what lies ahead.

The event also featured the signature Kids Tour, welcoming 60 students from Lisabi Grammar School, Abeokuta; Mile High International School, Ikotun; and Roy Dek Academy, Makoko, Yaba, Lagos.

Since ART X Lagos’ debut in 2016, Stanbic IBTC Pension Managers’ involvement has grown from a simple contribution to a purposeful collaboration focused on nurturing artistic expression and amplifying African perspectives globally. In addition to The Library, the organisation hosted a private VIP experience for select high-net-worth clients, offering an intimate view of standout artworks and space for thoughtful conversation about legacy, creativity and the evolving landscape of African art.

Through these initiatives, ART X Lagos and Stanbic IBTC Pension Managers strengthened connections between art, education and community engagement.

The Dangote Group has announced a wave of major technical partnerships aimed at propelling a sweeping expansion of its fertiliser operations in Nigeria and supporting the development of a new multi-billion-dollar fertiliser plant in Ethiopia.

A statement issued by the management on Thursday announced the development. The conglomerate said the new agreements would enable it to triple Nigeria’s urea production capacity from three million metric tonnes to nine million metric tonnes annually, positioning the country as a leading fertiliser hub for African and global markets.

Under the plan, Dangote’s existing two-train fertiliser complex in Lagos, which currently produces three million metric tonnes of urea yearly, will be expanded with four additional production trains, raising output to meet rising demand from farmers, agro-dealers, and international off-takers.

This development comes just two days after the group selected US-based Honeywell as its strategic partner to support its push to double capacity to 1.4 million barrels per day by 2028.

The statement read, “Dangote Group is pleased to announce a series of strategic technical partnerships to support the next phase of expansion of its fertiliser operations in Nigeria, as well as the development of new fertiliser plants in Ethiopia. These collaborations mark a significant step in our long-term plan to strengthen regional food security, enhance agricultural productivity, and deepen Africa’s position in the global fertiliser market.

“Through these strategic partnerships, Dangote Group will increase its urea production capacity in Nigeria from the current three million metric tons to nine million metric tons annually. The existing facility operates two trains with a combined capacity of three million metric tons. The expansion will introduce four additional trains, enabling the Group to meet the rising demand for high-quality fertiliser across Africa and global markets.”

Beyond Nigeria, the Group has also commenced work on a massive $2.5bn fertiliser project in Gode, Ethiopia, designed to produce another three million metric tonnes of urea annually. The project underscores Dangote’s long-term ambition to support food security, cut Africa’s import dependence, and build resilience against global fertiliser price shocks.

The groundbreaking ceremony was held recently, marking a strategic push by the Group to deepen its continental footprint after the successful rollout of its Nigerian operations. To deliver the expansions to world-class standards, Dangote finalised technical partnership agreements with four leading global engineering and technology companies, including Topsoe, Saipem, Thyssenkrupp/UFT, and Engineers India Limited.

Topsoe will provide ammonia technology licensing and full process design packages for six ammonia plants, four in Nigeria and two in Ethiopia. The Danish company is renowned for advanced low-emission ammonia technology widely used in top fertiliser facilities.

Italian engineering giant Saipem will supply technology licensing and design packages for urea melt units in all six plants, bringing decades of fertiliser engineering expertise into the project.

Germany’s Thyssenkrupp, through its UFT division, will provide the granulation technology for the six plants, ensuring the production of premium-grade urea granules suitable for both local and export markets.

Engineers India Limited has been appointed project management consultant for the four new fertiliser trains in Lekki, overseeing engineering, procurement, and construction management. Dangote Group said the expansion reflects its commitment to building robust industrial capacity and strengthening agricultural value chains across Africa.

“These partnerships reflect Dangote Group’s commitment to delivering high-quality industrial assets that meet the most rigorous global standards. The planned expansion will significantly increase regional urea and ammonia production capacity, create new jobs, support agricultural value chains, and contribute to sustainable economic growth in Nigeria, Ethiopia, and across the continent.

“Dangote Group remains fully dedicated to building resilient industrial capacity, supporting national development priorities, and forging strong global collaborations that advance Africa’s long-term prosperity,” the group concluded.

Africa currently consumes less than 20 per cent of the fertiliser required to support optimal crop yields due to inadequate production, high prices, and supply chain disruptions. Nigeria’s Dangote Fertiliser facility, the largest in Africa, has been central to reversing this trend, already exporting to Brazil, Mexico, and key West African markets.

With the new expansion, Nigeria is poised to become one of the top global urea producers, strengthening food production capacity at a time when climate pressures and geopolitical conflicts are reshaping global agricultural supply chains.

The Federation has racked up a staggering N17.5tn as debt owed to the Nigerian National Petroleum Company Limited for pipeline protection and energy security operations the oil giant undertook on behalf of the nation in the financial year ended 2024.

This came as analysts demanded a forensic audit of the N17.5tn spending, and expressed concern over the pipeline protection and energy-security costs, citing persistent leakages, low crude production, and systemic opacity in the national oil company.

Findings showed that out of the total amount, N7.13tn was spent as energy-security costs to keep petrol prices stable whenever the gap between the exchange rate and the ex-coastal price of refined petrol widened. This is according to NNPC’s 2024 consolidated financial statements, analysed by our correspondent on Thursday.

The costs also showed that a significant portion of the expenditure went into safeguarding Nigeria’s critical oil and gas infrastructure. This included pipeline surveillance, repairs, prevention of crude oil theft, and security operations aimed at ensuring an uninterrupted energy supply across the country.

Recall that on Monday, the Nigerian National Petroleum Company Limited declared a profit after tax of N5.4tn for the financial year ended 2024, marking one of its strongest performances since its transition into a limited liability company. The Group Chief Executive Officer of NNPCL, Bayo Ojulari, announced the financial results during a press briefing in Abuja.

The latest figures represent a sharp improvement from the 2023 financial year, when the company posted a Profit After Tax of N3.297tn. The 2024 profit reflects a 64 per cent year-on-year increase, signalling the impact of higher production volumes, cost-cutting measures, and enhanced operational efficiency across its assets.

In the document, NNPC disclosed that N8.67tn of the total amount was spent directly as under-recovery on refined petroleum products, highlighting the immense financial burden of maintaining operations under regulated fuel prices.

Under Section 64(m) of the Petroleum Industry Act (PIA) 2021, any cost incurred by NNPC Limited (Group) as the “supplier of last resort” for energy-security purposes is to be borne by the Federation. In line with this provision, the Federal Government directed that NNPC Ltd must not sell Premium Motor Spirit above a fixed, regulated price. However, the actual import cost of PMS is often significantly higher than this regulated pump price.

This gap between the true landing cost of PMS and the approved selling price gives rise to under-recovery. The under-recovery amount is applied to reduce the Group’s cost of sales, while the corresponding balance is either netted off against liabilities owed to the Federation or recorded as a receivable from the Federation.

The report read, “In line with Section 64/M) of the Petroleum Industry Act 2021, the cost incurred by NNPC Limited (Group) as the energy supplier of last resort for energy security reasons, and all associated costs shall be on the account of the Federation. The government instructed that NNPC Limited cannot sell its Premium Motor Spirit above a certain regulated price.

“However, the cost of importing this PMS is usually much higher than the regulated price. The under recovery is essentially the difference between the actual landing cost of the product and the regulated price. This balance is used to reduce the cost of sales of the Group. The corresponding entry is either used to reduce the liability due to the Federation or used as a receivable from the Federation.”

A breakdown showed that the year opened with an under-recovery balance of N6.25tn, up from N2.06tn in 2023. After deducting an exchange-rate difference of N40.95bn, the opening balance stood at N6.21tn.

It added that energy-security costs rose sharply to N7.13tn in 2024, compared to N4.843tn in 2023. As of December 31, the total amount owed under energy-security expenses had climbed to N8.67tn, up from N6.25tn the previous year, representing an increase of N2.42tn, or roughly 38.7 per cent.

Another N8.84tn was recorded under “Other Receivables from Federation,” covering advances to the Federal Government and additional security costs incurred in protecting oil and gas assets.

These payments were made under an approval framework between the government and NNPC, allowing the company to shoulder costs upfront and recover them later from the Federation.

“Other receivables from federation relate to advance payment to federation and the security costs incurred in protecting the oil and have assets. This is under the framework of approval between the group and the government of Nigeria to incur security costs and charge the same to the federation,” the report read.

The disclosure underscores growing pressure on NNPC’s balance sheet, as the company continues to operate with the expectation of reimbursement from the government.

It also raises a question about President Bola Tinubu’s May 29, 2023 announcement that “fuel subsidy is gone,” a statement that was expected to mark a decisive end to decades of costly subsidy spending but which now appears at odds with emerging figures showing continued government support for petrol pricing.

The 2024 debt nearly doubled the N9.36tn recorded in 2023, reflecting mounting strain on NNPC’s cash flow and the increasing financial challenge of maintaining national energy security while meeting the government’s fuel price regulations.

However, the document offered no indication of whether the Federal Government has refunded any part of the amount or outlined a plan to offset the mounting bill, leaving the repayment timeline unclear. The figures underscore the mounting financial pressure on Nigeria’s national oil company amid an environment of regulated fuel prices, exchange-rate volatility, and rising operational costs.

As Nigeria grapples with energy infrastructure security and under-recovery of fuel costs, stakeholders insist that a transparent and timely reimbursement framework is critical to avoid passing the financial burden onto NNPC, and ultimately, the Nigerian public.

Meanwhile, the NNPC report shows that throughput charges rose to N145.7bn in 2024, representing commissions paid to private depot owners for handling petroleum products at terminals. It added that marketing and distribution expenses cover the cost of transporting petroleum products to water-fed depots within and outside the country.

Commenting on the report, Proshare, a leading Nigerian financial information and investment research platform, described the 2024 financial results as “strong and commercially encouraging,” highlighting significant revenue growth across multiple segments.

In its commentary on the financial statements, Proshare noted, “NNPC delivered robust top-line and operating performance in FY 2024, with total revenue rising by 87.89 per cent, from N23.99tn in FY 2023 to N45.08tn in 2024.

This growth was broad-based but primarily driven by crude oil sales, which more than doubled to N29.21tn, reflecting higher national production, stabilised export volumes, and more efficient trading operations.”

The analyst platform also pointed to substantial gains from other revenue streams. “Revenue from petroleum products increased by 35.39 per cent, while natural gas and power surged 125.66 per cent, and services climbed 110.88 per cent,” Proshare said. “Power revenues alone jumped from N94m in FY 2023 to N9.42bn in FY 2024, demonstrating deeper involvement in the gas-to-power value chain.”

On profitability, Proshare observed that NNPC’s net income rose by 64.20 per cent, with EBITDA nearly doubling, improved operational efficiency, and commercial discipline. However, it cautioned, “The quality of earnings warrants careful oversight given the substantial rise in finance costs and the narrowing of gross profit margins. The growing leverage ratio underscores the importance of prudent cash-flow and liability management, particularly in light of an increasing debt-to-equity ratio and expanding inventories and receivables.”

Looking ahead, Proshare highlighted both opportunities and challenges for the national oil company. “NNPC sits at a pivotal point in its transformation under the Petroleum Industry Act. Higher national output, evolving into a more commercially-driven entity, and the emergence of new domestic refining capacity offer significant upside potential. However, sustaining this growth will require disciplined execution, tighter working-capital management, and careful navigation of the increasingly complex Nigerian and global energy markets,” the platform added.

Commenting, energy economists and analysts raised concerns over the disclosure by NNPC that it spent N17.5tn on pipeline protection, security, and other energy-security related costs in 2024, describing the expenditure as “outrageous”, demanding a full-scale forensic audit.

The Chief Executive Officer of Petroleumprice.ng, Jeremiah Olatide, said the figures contained in the company’s 2024 financials reinforced long-standing fears of deep-rooted leakages and opacity in the national oil company.

According to him, the scale of expenditure is indefensible given the country’s daily production realities. “N17.5tn spent on pipeline security and energy-security costs in a single year is outrageous and should be probed,” Olatide said. “This reaffirms the leakages in NNPCL because one of the main causes of oil theft is internal corruption and conspiracy with oil thieves.”

He argued that despite claims of improved crude output, Nigeria’s production still averages around 1.4–1.5 million barrels per day, far below its potential of 2.5–3 million barrels per day.

“How do you justify such a humongous expense when production remains depressed?” he queried. “Declaring N17.5tn for pipeline protection and subsidy-linked costs is unacceptable. A thorough, transparent, and independent audit must be carried out.”

Olatide noted that persistent losses from theft, vandalism, and operational sabotage point to systemic collusion, insisting that the financial disclosures should trigger scrutiny by regulators and the National Assembly.

In a separate reaction, public finance analyst and co-founder of Dairy Hills, Kelvin Emmanuel, said the NNPCL’s disclosures validate long-standing allegations that crude oil is routinely allocated to armed groups under the guise of pipeline surveillance contracts.

Writing on X on Wednesday, Emmanuel said he had repeatedly warned that the government was effectively compensating militants with crude barrels, rather than cash contracts, to keep pipelines secure.

“For months I have been saying that the government is giving crude oil daily to militants for pipeline protection,” he wrote. “Now that NNPC’s financial statement shows that N7.1tn was disbursed in 2024 from supposed subsidy savings for pipeline security contracts, I am sure the 78,000 to 110,000 barrels per day is now confirmed.”

He said the figures underscore the urgent need for open contracting, third-party verification of security-related payments, and an overhaul of the opaque pipeline protection architecture that has remained unchanged for more than a decade.

The Securities and Exchange Commission has directed all Capital Market Operators to declare their compliance status and ensure that every tradable instrument under their management is fully registered in line with the Investments and Securities Act 2025 by January 2026.

The Director-General of SEC, Emomotimi Agama, issued the directive on Wednesday at the Commission’s Journalists’ Academy 2025 held in Lagos. The event had the theme: “The ISA 2025 and the Future of Nigeria’s Capital Market: Innovation, Protection and Growth.”

Agama, represented by the Commissioner of Operations, Bola Ajomale, said the new Act provides a stronger regulatory foundation for Nigeria’s capital market and places clear responsibilities on operators to align with updated standards.

He said anyone offering a tradable instrument must register with the Commission and complete the required process within the stipulated period.

“If we get this right, ISA 2025 will serve as the powerful foundation for the capital market Nigeria needs and deserves: deep, efficient, innovative and globally competitive. The ISA 2025 is more than a replacement for the 2007 Act. It is a forward-looking instrument designed to reposition Nigeria’s capital market for a rapidly changing world,” he said.

According to him, the Act strengthens investor protection, empowers market operators and enhances the SEC’s ability to ensure transparent and fair market practices.

Agama noted that the reform became necessary due to the rise of digital trading and fintech, adding that the ISA 2025 aligns Nigeria’s capital market regulation with global best practices while addressing local challenges and systemic risks.

“One of the most transformative aspects of the ISA 2025 is the clarity it brings to the mandate of the Securities and Exchange Commission. For the first time, the Act explicitly sets out the regulatory objectives, functions and powers of the Commission, including acting in the public interest, protecting investors, maintaining fair and transparent markets, preventing unlawful practices, reducing systemic risk and supporting capital formation,” he added.

According to him, this clarity strengthens regulatory authority and enhances institutional accountability.

He added that it also eliminates ambiguities that previously complicated enforcement actions and improves the alignment of the SEC’s work with national economic goals.

Agama said the Act expands the Commission’s investigative capacity, not only over regulated entities but also over unrelated third parties where necessary for enforcement.

“This closes a major loophole that hindered previous investigations into market abuse and complex financial schemes. Such provisions signal that the SEC is no longer limited by outdated definitions or narrow supervisory boundaries. The regulator now has modern tools to protect the integrity of the market,” he said.

Agama said the Act represents a collective resolve to modernise the capital market architecture.

He noted that several factors made the reform necessary: the rise of digital trading, fintech platforms and virtual assets; the inadequacies of the previous Act in addressing Ponzi schemes, systemic risks and new financing structures; the need for stronger alignment with IOSCO standards; and the imperative to deepen Nigeria’s capital market as a tool for national development.