President Bola Tinubu has approved a N4tn bond to clear verified debts owed to power generation companies and gas suppliers as part of efforts to stabilise Nigeria’s electricity market and restore confidence in the sector.

The Minister of Power, Adebayo Adelabu, made the disclosure in Abuja at the Expert Forum on ‘Uninterrupted Power: The Industrial Imperative’ organised by the Nigeria Economic Summit Group, where he outlined ongoing reforms under the Federal Government’s Renewed Hope Agenda to make the power sector sustainable and commercially viable.

According to him, the bond approval forms part of a broader financial stabilisation plan designed to address legacy liabilities that have hindered investment and liquidity across the electricity value chain.

“To stabilise the market, Mr President has approved a N4tn bond to clear verified GenCo and gas supply debts. Alongside this, a targeted subsidy framework is being developed to protect vulnerable households and ensure a sustainable path toward full commercialisation and a viable industry.”

He explained that the Federal Government is pursuing a comprehensive, multi-pronged approach to reposition the sector for “sustainability, efficiency, and growth”, spanning legislation, policy reform, infrastructure development, energy transition, and local content expansion.

The minister further stated that the government’s tariff policy reforms have begun to yield positive results, noting that through tariff policy reforms which enabled cost-reflective tariffs for select consumers, supply reliability has improved while reducing energy costs for industries.

He revealed that sector revenue had grown substantially in the last year, adding, “Industry revenue has increased by 70 per cent to N1.7tn in 2024 compared to the previous year, and the revenue is expected to exceed N2tn for 2025.”

While highlighting the government’s commitment to ensuring a stable electricity market, he emphasised that the debt clearance would provide relief to GenCos and gas suppliers whose unpaid invoices have long crippled generation capacity and operational efficiency.

The minister also assured stakeholders that ongoing efforts in infrastructure development, including the Presidential Power Initiative, are targeted at expanding generation and transmission capacity across the country.

He urged participants to support the Federal Government’s ongoing reforms, expressing optimism that collaboration with the private sector and development partners will accelerate Nigeria’s journey toward a stable, reliable, and industrially competitive power sector.

In the area of infrastructure development, Adelabu explained that the Federal Government had introduced targeted national programmes aimed at accelerating the viability, expansion, and modernisation of the national grid.

“Under the phase zero of the Presidential Power Initiative, we enhanced transmission capacity, grid stability, and overall system reliability, with over 700 megawatts of additional transmission capacity already achieved. Under Presidential Power Initiative Phase One, contracts have been signed with Siemens Energy, CMEC, Elswedy Electric, and Power China. Financing arrangements are underway to support implementation. Phase one is planned to add 7000 MW of operational capacity to the grid,” he said.

In parallel to the grid expansion, Adelabu stressed that generation capacity is being expanded through the rehabilitation of existing NIPP plants to unlock about 345 MW, alongside the successful integration of the 700 MW Zungeru Hydropower Plant into the grid.

Ecobank Nigeria has announced the launch of its upgraded mobile app targeted at delivering a faster, smarter, and simpler banking experience for its customers.

Disclosing this in a statement on Monday, the bank said that the upgrade reflected its commitment to digital innovation and financial empowerment.

The newly enhanced mobile app features a modern design and improved functionalities, including advanced facial recognition, seamless bill payments, airtime top-ups, and QR code payments, all tailored to make banking more convenient for customers on the go.

The Managing Director of Ecobank Nigeria, Bolaji Lawal, said, “These new features make smart banking effortless for our customers using their smartphones. The new mobile app leverages digital technology to offer real convenience, security, and flexibility, enabling individuals to manage their finances with ease.”

Also speaking, Executive Director, Commercial and Consumer Banking, Ecobank Nigeria, Kola Adeleke, explained, “The upgraded app comes with account opening, cardless onboarding, end-to-end card management for card request, activation, PIN change, block and unblock account, end-to-end profile management, dormant account reactivation and live monitoring of foreign exchange rates.”

He added, “This app is not just a digital tool; it represents how we want to engage with our customers. Our goal is to make banking faster, smarter, and simpler for our customers.”

The upgraded Ecobank Mobile App is now available for download on both the App Store and Google Play Store.

The United Bank for Africa Plc has officially flagged off its annual Customer Service Week for 2025.

Embracing the global theme of ‘Mission Possible’, the bank indicated a commitment to making the impossible possible for its customers across Africa and beyond.

Every year, Customer Service Week celebrates the vital role of service excellence and customer engagement, and UBA joins the rest of the world to mark this all-important event, given its Customer First philosophy, which states that the customer is at the forefront of all its activities.

In a statement on Sunday, the lender said that this year’s theme resonates deeply with the bank’s vision of turning challenges into possibilities, consistently going beyond expectations to deliver innovative solutions for individuals, businesses, and communities.

Speaking on the 2025 Customer Service Week launch, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, said that the bank prides itself as customer-centric and does all it can to ensure the satisfaction of its customers across all touchpoints.

“As Africa’s global bank, we understand the unique challenges our customers face across different markets. That is why we are constantly investing in technology, people, and processes that make banking easier, faster, and more rewarding. This week is not just about celebrating our customers, but about renewing our pledge to make the impossible possible for them, because at UBA, we remain committed to not just meeting expectations, but we are also committed to exceeding them.”

Also speaking, UBA’s Group Head, Customer Experience, Michelle Nwoga, noted that this year’s celebration marks a renewed commitment to deepening the bank’s focus on customer satisfaction and doing even more to deliver value at every touch point.

“At UBA, our mission is clear: to make the seemingly impossible possible for our customers. Whether it is enabling cross-border transactions in real time, ensuring seamless digital access to banking, or supporting small businesses to scale against the odds, we are committed to delivering service that transforms lives. This week is a celebration of that mission and of the customers who inspire us to raise the bar every day,” she noted.

As part of this year’s celebration, the bank said it is rolling out a series of mission-driven initiatives that go beyond banking, including business series for Small and Medium Scale business owners, opportunities for their kids and wards to participate in the ongoing National Essay Competition for Senior Secondary Schools, and other financial literacy programmes to equip them to navigate today’s economic realities.

Investors in the Nigerian Exchange Limited extended their winning streak on Monday, as bullish trading lifted the market capitalisation by N786bn to close at N91.9tn.

The positive momentum came despite a slight decline in trading volume and turnover, driven largely by price appreciation in heavyweight stocks such as Seplat Energy Plc and AXA Mansard Insurance Plc.

At the close of trading, the All-Share Index rose by 1,238.71 points, or 0.86 per cent to settle at 144,822.75 points, marking a one-week gain of 1.89 per cent, a four-week rise of 4.2 per cent, and a year-to-date increase of 40.71 per cent.

Data from the NGX showed that investors traded a total of 519.9 million shares valued at N14.53bn across 35,467 deals. This represented a five per cent decline in volume, a 26 per cent drop in turnover, but a 31 per cent improvement in the number of deals compared with the previous trading session.

In total, 128 equities participated in trading, ending with 47 gainers and 24 losers.

Seplat Energy Plc led the gainers’ chart with a 10 per cent increase to close at N5,917.20 per share. It was followed by AXA Mansard Insurance Plc, which also gained 10 per cent to finish at N15.84 per share. Skye Shelter Fund appreciated by 9.97 per cent to close at N381.10, while Ellah Lakes Plc rose 9.95 per cent to end the session at N14.81 per share. Chams Holding Company Plc advanced 9.87 per cent to N4.23, and Omatek Ventures Plc gained 9.84 per cent to close at N1.34 per share.

On the losers’ chart, International Energy Insurance Plc led with a decline of 8.42 per cent to close at N2.72 per share. McNichols Plc followed with a loss of 8.31 per cent to finish at N3.20, while Thomas Wyatt Nigeria Plc shed 7.72 per cent to close at N2.99 per share.

Berger Paints Plc dropped 6.8 per cent to N37.00, ABC Transport Plc declined 5.81 per cent to N4.05, and C&I Leasing Plc fe 3.23 per cent to N6.00 per share.

Ellah Lakes Plc recorded the highest volume of traded shares, exchanging 80.07 million units valued at N1.18bn. Chams Holding Company Plc followed with 30.21 million shares worth N127.26m, while Sterling Bank Plc traded 24.74 million shares valued at N205.65m. Custodian & Allied Plc recorded 21.83 million shares worth N903.74m, and Guaranty Trust Holding Company Plc traded 20.06 million shares valued at N1.97bn.

In terms of value, GTCO led the chart with N1.97bn worth of shares, followed by Seplat Energy Plc with N1.65bn, Aradel Holdings Plc with N1.21bn, Ellah Lakes Plc with N1.18bn, and Zenith Bank Plc with N1.12bn.

Sectoral performance was largely positive, as the Oil and Gas Index gained 3.35 per cent, the Insurance Index rose 3.13 per cent, the Premium Index advanced 2.06 per cent, the Pension Index appreciated 1.23 per cent, and the Banking Index closed 0.64 per cent higher.

Market analysts attributed the sustained rally to strong investor sentiment in fundamentally sound stocks and renewed interest in oil and insurance equities, which continued to benefit from favourable sector dynamics.

Last week, the Nigerian Exchange Limited closed the first week of October on a positive note as investors gained N1.18tn in a four-day trading week, despite the Federal Government declaring Wednesday, October 1, a public holiday to mark Independence Day. The All-Share Index rose 1.02 per cent to close at 143,584.04 points, while market capitalisation appreciated 1.31 per cent to settle at N91.135tn, compared to N89.955tn in the previous week.

Despite receiving petrol at N820 per litre with no logistics costs, partners of the Dangote Refinery have yet to reduce pump prices at their filling stations.

Findings by The PUNCH on Sunday revealed that Heyden, AP, MRS and other major partners continued to sell petrol at N865 per litre.

Apart from a few MRS outlets in Lagos that adjusted their prices to N841 per litre, most stations maintained the previous rates. The MRS station at Alapere experienced long queues as motorists rushed to buy petrol at N841, while others along the same axis sold for N865 per litre.

However, at the MRS station in Olowotedo, along the Mowe–Ibafo axis of Ogun State, petrol sold for as high as N875 per litre. Heyden offered N863, while Ardova and others retained prices between N865 and N870 per litre.

Recall that marketers, including Conoil, Eterna, Golden Super, Nepal Energies, Kifayat Global Energy, and Riquest and Gas, had partnered with the Dangote Refinery under its logistics-free fuel distribution scheme.

The refinery had earlier announced that from Monday, September 15, petrol prices were expected to drop following the rollout of more than 1,000 compressed natural gas-powered trucks to enable direct fuel distribution across the country. According to Dangote, the initiative was designed to cut logistics costs and reduce the ex-depot price to N820 per litre, translating into lower pump prices nationwide.

Under the new pricing framework, motorists in Lagos and other South-Western states were expected to pay N841 per litre, while those in Abuja, Rivers, Delta, Edo and Kwara states were projected to buy at N851 per litre.

The adjustment was meant to take immediate effect in selected states, with a nationwide rollout to follow as more CNG trucks were deployed. However, nearly three weeks later, the anticipated relief has not materialised, as most filling stations continue to sell at old rates.

Our correspondent observed several Dangote CNG trucks along the Lagos–Ibadan Expressway, confirming the commencement of the direct, logistics-free fuel distribution scheme.

Some marketers claimed that they had not reduced prices because they still held old stock purchased at higher costs, saying adjustments would be made once the new supplies reached their tanks.

However, a source at the Dangote Refinery told The PUNCH that many of the marketers had already received new supplies and had no justification for maintaining prices above N841 or N851 per litre, depending on their location.

“It’s unfair to keep selling at old rates. They are receiving the product at N820 per litre with free logistics, yet they’re still selling higher, that’s not right,” the source, who requested anonymity, said.

The source further explained that the refinery could not enforce pump prices.

“We can’t compel them as before. It’s purely on recommendation, since marketers insist the law does not permit us to fix pump prices, and NMDPRA seems to agree,” the official noted.

“Those who submitted their station lists are already getting supplies. We would have covered more ground if not for the PENGASSAN issue, but by this new week, we expect wider coverage. Still, marketers should understand that Nigerians are watching and expecting new prices; that’s why you see queues at the MRS station in Alapere,” the source added.

Meanwhile, not all stakeholders have welcomed Dangote’s frequent price adjustments. The Depot and Petroleum Products Marketers Association of Nigeria recently criticised the refinery’s pricing strategy, saying the timing of its cuts often disrupts market stability.

DAPPMAN Executive Secretary, Olufemi Adewole, argued that portraying the price reductions as patriotic gestures ignored their broader implications.

“Claims that repeated fuel price reductions by the Dangote Refinery are patriotic overlook their timing and market impact. These cuts are often introduced when other importers have active cargoes at sea or in tanks, creating price shocks that distort competition and impose financial strain on market participants — including the refinery’s own domestic customers,” Adewole said.

For over a year since commencing petrol production, the Dangote Refinery has effectively taken over as the market’s price trendsetter, displacing the Nigerian National Petroleum Company Limited from its traditional role.

NNPC spokesperson Andy Odeh confirmed that the company had not adjusted its rates.

“Our current pump price in Lagos remains N865. We have not made any changes,” he said.

Independent marketers had previously pledged to review pump prices once they began receiving supplies from Dangote, but as of Sunday, no adjustments had been made.

Seplat Energy Plc, leading Nigerian independent energy company, says that domestic gas remains the engine of prosperity for Nigeria and Africa in general – from powering homes, to fuelling industry and providing a cleaner alternative for cooking and transportation. This informed the company’s heavy investment in gas processing capacity devoted to the domestic market, including the ANOH gas plant which is expected to come on stream before the end of the year.

The Director, New Energy at Seplat, Mr. Okechukwu Mba, said this at the 2025 Africa Energy Week (AEW) held in Cape Town, South Africa. Mba, who spoke during a panel discussion titled “Beyond Exports: Developing Commercially Viable Domestic Gas Markets”, said stakeholders need to ensure that the challenges in the gas to power value chain from molecules at the wellhead to electrons in homes are addressed for Nigeria to realize the goal of increased power supply to Nigerians. He also emphasized the importance of a commercially viable power sector which is critical to achieving growth in the domestic gas market. 

He said: “Bankable anchor customers are needed to underpin the development of new gas projects whilst identifying infrastructural challenges in power transmission and distribution as well as the liquidity crises in the power sector as two areas that require urgent attention in order to unlock new gas projects.   Mba highlighted that Seplat Energy currently supplies gas to five (5) power stations in Nigeria which underscores its commitment to the power sector, noting that gas is well positioned to provide reliable and affordable base load energy to drive to economic growth.

According to Mba, Seplat Energy adopts a comprehensive approach to growing the domestic gas market.  “Beside investments in pipeline gas projects, Seplat is also investing in Liquefied Petroleum Gas (LPG) and Compressed Natural Gas (CNG) facilities,” he added.

In addition to the significant volumes of butane now supplied to the domestic market from its NGL plant in Bonny River Terminal, Seplat Energy also intends to commence delivery of LPG from its Sapele and ANOH gas plants before the end of the year. This, Mba said, will make Seplat Energy one of the leading suppliers of LPG, displacing biomass and providing a cleaner cooking fuel that will improve the health and living conditions of Nigerians.   He added that Seplat Energy’s investment into CNG was to make gas available to customers not currently connected to the domestic gas pipeline network.

The New Energy boss at Seplat stated that the company plans to take its operated gas production to over 1 Bcf/d by 2030, while noting that the recent incentives granted by government to the gas sector will aid the achievement of this goal. 

In a related development, the Director External Affairs & Social Performance, Seplat Energy, Chioma Afe, who featured in a panel discussed dubbed “Bureaucracy or Bridge? Tailoring Global ESG Approaches for African Realities”, said in all the company’s moves in driving to drive access to reliable and affordable energy for Nigerians, ESG fundamentals are strongly upheld and practicalised.  

According to her, the peculiarities of the Nigerian people and Africa at large remain very germane in implementing Seplat Energy’s ESG framework and affirming its commitments.

She said: “For a truly successful and impactful ESG implementation, it is highly imperative to move from a “one size fits all” mindset, to a co-created framework and implementation that is focused on value creation and empowers African nations to define their own sustainable growth plan. One that ensures ESG principles become a bridge across industries and countries driving growth and not a bureaucratic exercise.” 

“Adapting ESG to local needs is key. Therefore, we should explore customizing global ESG frameworks to address the unique socio-economic conditions, developmental challenges, including infrastructure, education and healthcare, as well as vulnerabilities to climate change and economic empowerment, across the continent.”

Speaking to the company’s model, she noted that: “At Seplat Energy, our approach has been a regular and systematic process of identifying and analyzing the development ‘gaps’ in our areas of operation and partnering with our communities to define project goals, prioritize resources and develop effective strategies to achieve them.”