The bank explained that the promo targets a broad demographic, including NYSC members, women, children, and small traders, with participation starting from deposits as low as N2,000.

It stated that the draws were supervised by the Federal Competition and Consumer Protection Commission to ensure fairness and transparency.

Each N5,000 deposit qualifies customers for the monthly and grand draws, where N10m, N5m, and N2m will be awarded to the grand prize winner, first runner-up, and second runner-up respectively.

Fidelity Bank added that N47m remains available to be won in upcoming draws, including N30m in the monthly draws and N17m in the grand finale scheduled for December.

In the seventh and eighth monthly draws, 20 customers received N1m each.

Speaking on the development, the bank’s Divisional Head of Product Development, Osita Ede, said the promo’s extension was based on customer feedback.

“They asked for more opportunities to benefit from the promo, and we listened. With management and regulatory consent, we’re thrilled to keep the excitement going for another three months,” he said.

The President of the Dangote Group, Alhaji Aliko Dangote, has said the Nigerian National Petroleum Company Limited has the opportunity to increase its 7.2 per cent stake in the Dangote refinery.

However, Dangote said this would happen after he must have proven to the state-owned company what the refinery can do.

Dangote stated this in a recent interview with S&P Global Commodity Insights.

“The door remains open for Nigerian National Petroleum Co. to boost its stake after the state oil company trimmed its interest to 7.2 per cent, but not before its next phase of growth is well underway.

“I want to demonstrate what this refinery can do, then we can sit down and talk,” Dangote was quoted as saying.

A close aide of Dangote was also reported to have said that the company would exert caution before inviting additional participation from NNPC.

Within the next year, he noted that the refining business will list 5–10 per cent of its shares on the Nigerian stock exchange.

“We don’t want to keep more than 65-70 per cent,” Dangote said, explaining that shares will be offered incrementally subject to investor appetite and market depth.

The NNPC had reduced its stake in the Dangote refinery from 20 per cent to 7.2 per cent.

The former spokesperson of the Nigerian National Petroleum Company Limited, Olufemi Soneye, disclosed last year that the state-owned energy firm reduced its stake in the Dangote refinery to invest in compressed natural gas.

Soneye revealed that the NNPC capped its stake at 7.2 per cent instead of 20 per cent to build CNG stations across the nation.

He stated this while featuring on Berekete Family Radio, a video of which was sighted by our correspondent.

He mentioned that the NNPC realised that CNG was more affordable as a better energy alternative for Nigerians, especially during the period of energy transition.

He added that Nigerians could fuel their vehicles with N10,000 when using CNG, compared to petrol.

“The reason for reducing our stake in the Dangote refinery is because we wanted to invest in CNG. We observed that CNG is very cheap, and all over the world, people are investing in clean and cheaper alternative energy.

“That is why the NNPC is building different CNG stations everywhere. We understand that with N10,000, Nigerians can fill their cars and use it for two weeks. We realised that gas is cheaper in Nigeria; why don’t we invest in it?” the former NNPC spokesman said in August 2024.

The new Group Chief Executive Officer of the NNPC, Bayo Ojulari, had recently told Argus Media that NNPC remains committed to increasing its stake in the 650,000-barrel-per-day Dangote refinery.

Many Nigerians were surprised to hear from Dangote in 2024 the the NNPC had trimmed its investment in the refinery to a paltry 7.2 per cent.

Nigeria’s equities market sustained its upward trajectory on Thursday, recording a gain of N479bn in market capitalisation as investors continued to respond positively to ongoing economic reforms and improving macroeconomic indicators.

At the close of trading, the Nigerian Exchange index advanced by 753.65 points, or 0.49 per cent, to close at 154,489.90 points, while the market capitalisation appreciated to N98.1tn from the N97.6tn recorded in the previous session. The week-to-date performance showed a 4.14 per cent increase, reflecting renewed buying interest in blue-chip stocks across key sectors.

Market data showed that a total of 926.91 million shares valued at N26.94bn were traded in 30,685 deals, representing a 57 per cent improvement in volume, a 12 per cent rise in turnover, and an eight per cent increase in the number of deals compared to the previous trading day.

In all, 130 listed equities participated in the day’s trading, with 34 gainers and 37 losers. PZ Cussons Nigeria led the gainers’ chart with a 10 per cent rise to close at N42.90 per share, followed by The Initiates Plc, which also gained 10 per cent to close at N14.30. Aso Savings and Loans appreciated 9.09 per cent to N0.60, while CAP Plc added 8.82 per cent to settle at N74.00 per share. Lafarge WAPCO climbed 8.63 per cent to N150.45 amid renewed investor interest in industrial stocks.

On the flip side, John Holt Plc topped the losers’ chart, declining 9.72 per cent to N6.50 per share. Multiverse Mining and Exploration dropped 9.71 per cent to N12.55, while Stanbic IBTC Holdings and Nigerian Breweries shed 9.15 per cent and 7.83 per cent, closing at N107.20 and N70.00 per share, respectively.

Japaul Gold and Ventures led in trading volume with 436.04 million shares worth N1.09bn, followed by Fidelity Bank with 77.3 million shares valued at N1.53bn. Lafarge WAPCO traded 46.4 million shares worth N6.98bn, while Access Holdings exchanged 32.6 million shares valued at N804.76m. NASCON Allied Industries also featured among the top trades with 17.9 million shares worth N1.99bn.

The top five stocks by value were Lafarge WAPCO (N6.98bn), Seplat Energy (N2.31bn), NASCON (N1.99bn), Presco Plc (N1.75bn), and Aradel Holdings (N1.62bn).

Sectoral performance showed mixed sentiments as the Industrial Index surged 3.09 per cent, the Premium Index rose 1.67 per cent, and the Oil and Gas Index appreciated 1.13 per cent. However, the Main Board Index declined slightly by 0.17 per cent.

Analysts attributed the sustained market rally to reform-led optimism, stronger foreign exchange liquidity, and improving macroeconomic coordination between fiscal and monetary authorities. They noted that the liberalisation of the naira, removal of fuel subsidies, and passage of the new Investments and Securities Act have contributed to renewed investor confidence.

At the recently held Financial Times Africa Summit 2025 in London, the Group Managing Director and Chief Executive Officer of NGX Group, Temi Popoola, highlighted the role of coordinated reforms in restoring investor trust. “The strength we’ve seen in the market has been driven largely by reforms, from the president’s economic agenda to decisive actions by the Central Bank of Nigeria, the Securities and Exchange Commission, PENCOM, and other regulators,” he said.

Similarly, the Director-General of the Securities and Exchange Commission, Emomotimi Agama, noted that the new Investments and Securities Act 2025 has enhanced governance and regulatory transparency in the market. “Robust regulation has been central to restoring market integrity and investor trust, providing the clarity required to anchor long-term capital formation in Nigeria,” he stated.

With a year-to-date gain of 50.1 per cent, the NGX remains one of the best-performing markets globally, reflecting growing investor conviction that Nigeria’s policy realignment is beginning to yield tangible results. Analysts believe that sustained reform implementation and deepening private sector participation will further enhance market stability and attract long-term capital inflows into the economy.

Savannah Energy Plc, a British independent energy company focused on the delivery of critical energy projects, has reported a total revenue of US$185.2m for the nine months ended September 30, 2025, representing a nine per cent increase from the US$169.3m recorded in the corresponding period of 2024.

The unaudited operational and financial update released by the company showed that cash collections also rose by five per cent to US$241.6m from US$229.3m in the same period of 2024. Savannah’s cash balance grew significantly to US$101.8m as of September 30, 2025, up from US$32.6m at the end of December 2024.

According to the report, the company recorded a one per cent and nine per cent reduction in net debt and trade receivables, respectively. Net debt stood at US$629.9m, down from US$636.9m as of December 2024, while trade receivables dropped to US$493.3m compared to US$538.9m at year-end 2024.

Savannah disclosed that it signed agreements with a consortium of five Nigerian banks to increase its Accugas debt facility from N340bn (approximately US$222m) to N772bn (around US$500m). The transitional facility is expected to help repay the remaining outstanding balance of the Accugas US$ facility by the end of 2025.

The company also said it had reached a term sheet agreement between its wholly owned subsidiary, Savannah Energy EA, and a major African financial institution for a new US$37.4m debt facility to fund its planned acquisition of a 50.1 per cent stake in Klinchenberg BV, which holds indirect interests in three East African hydropower projects.

As part of its fundraising efforts, Savannah announced plans to raise about £11.3m through the subscription of 161,061,510 new ordinary shares at seven pence per share. It added that the completion of the final tranche of its March 2025 fundraising—138,977,614 new shares at seven pence per share—is expected soon, with approximately £9.7m in subscription funds to be received.

Savannah further announced the planned entry of a new strategic shareholder, NIPCO, a Nigerian energy conglomerate, which intends to invest around £28.7m in the company through a combination of new share purchases and secondary market acquisitions, representing an estimated 19.4 per cent stake in the company’s enlarged share capital.

United Bank for Africa has partnered with Renewvia Solar Nigeria to deploy solar solutions across 25 UBA branches in five Nigerian states.

According to a statement from the lender on Wednesday, the move strengthened economic ties between Nigeria and Norway.

The partnership was formalised at the ribbon-cutting ceremony held at the UBA Oba Akran 2 branch, Ikeja-Lagos, Nigeria, which was attended by the Nordic Ambassador to Nigeria, Mr. Svein Bæra, following an inspection of the Inverter/Battery room and operations by the Renewvia team.

This initiative reflects a growing commitment to sustainable investment and innovation, a key message emphasised by UBA Group Chairman, Tony Elumelu, during the recent Norway–Africa Business Summit held in Oslo, where he urged global partners to view Africa not as an aid destination, but as a continent of opportunity and enterprise.

The partnership between UBA and Renewvia embodies that call, channelling Nordic investment and African innovation into tangible, long-term impact. Supported by Empower New Energy, a leading Norway-based renewable investment company, and Incremental Energy Solution, the project will deliver the first phase of 152,000 kWh of clean energy monthly, reducing UBA’s carbon footprint by over 89,000 kilograms of CO₂ each month.

Under a 10-year Power-as-a-Service agreement, Renewvia will deploy advanced solar and battery hybrid systems across UBA’s branches, ensuring superior power reliability, operational efficiency, and an enhanced customer experience. Upon full rollout, the project will cover 50 locations across 18 states, representing 3 MWp of solar capacity and 7 MWh of energy storage.

On the partnership, UBA’s Deputy Managing Director, Muyiwa Akinyemi, said, “At UBA, we believe sustainability is not just a responsibility but a key part of building Africa’s future. This project demonstrates how innovation and partnership can deliver lasting impact in terms of growth and advancement, as well as reducing our carbon footprint, improving operational efficiency, and contributing to a cleaner environment. We are proud to work with Renewvia Solar Nigeria, Incremental Energy Solutions, and Empower New Energy to make this vision a reality.”

Earlier, in his goodwill message, the Norwegian Ambassador to Nigeria, Svein Bæra, noted that the partnership is a shining example of what can be achieved when African ambition meets Nordic investment and innovative practices. “It also represents not just an energy milestone but a strong statement of shared commitment to sustainable growth and climate responsibility,” he said.

On his part, the Managing Director of Renewvia Solar Nigeria Limited, Adebowale Dosunmu, said, “This partnership with UBA marks a major milestone in our mission to deliver reliable, clean energy to commercial and industrial clients across Nigeria. We are proud to support UBA’s leadership in sustainability and operational excellence.

The CEO of Incremental Energy Solutions Ltd, Oladipupo Omodara, who also spoke on the project, said, “We appreciate the cooperation and proactiveness of the UBA management team, whose support helped bring this remarkable project and partnership to life. We at IES are particularly pleased that this success reinforces our commitment to helping Africa claim its rightful place in global energy investment and technology deployment.”

Giving his remarks, CEO of Empower New Energy, Terje Osmundsen, stated that Empower New Energy is proud to be the financing partner for a landmark project with Renewvia Solar Nigeria, supporting UBA’s commitment to cleaner and more reliable energy.

“This partnership reflects our mission to enable African businesses to access sustainable power through innovative financing. It also demonstrates the strength of Nordic-African cooperation in accelerating the transition to renewable energy,” Osmundsen explained.

The Nigerian National Petroleum Company Limited has suffered a drop in both production and earnings, losing about N380bn in September 2025 when compared to the previous month, according to its latest monthly performance report.

Figures from the September report showed that the company’s total revenue stood at N4.27tn, lower than the N4.65tn posted in August, representing a month-on-month loss of about N380bn.

Profit after tax also declined from N539bn in August to N216bn in September.

The report indicated that total crude oil and condensate production averaged 1.61 million barrels per day in September, compared to 1.65 million barrels per day in August.

NNPC explained that the shortfall was caused by “planned maintenance activities, including those at NLNG, alongside the phased recovery of previously shut-in assets and delays in the commencement of operations at OMLs 71 and 72.”

Data from the report showed that crude oil production slipped from 1.39 mbpd to 1.37 mbpd, while condensate output dropped from 0.26 mbpd to 0.24 mbpd.

Natural gas production also fell within the same period. According to the report, gas output declined from 6,949 million standard cubic feet per day in August to 6,284 mmscf/d in September, while gas sales reduced from 4,201 mmscf/d to 3,443 mmscf/d.

Despite the lower output, NNPC said work advanced on major gas projects. It reported that sustained focus is being directed towards completion of the mainline works on the Ajaokuta-Kaduna-Kano gas pipeline, which had reached 88 per cent completion as of September.

On the Obiafu-Obrikom-Oben gas pipeline, the company stated that “implementation of a revised execution strategy is underway to ensure delivery within target timelines.”

It added that a “113 km portion of the OB3 Gas Pipeline has been commissioned and is flowing circa 300 mmscf/d of gas” from producers including AHL, Platform, Chorus, and Xenergi.

NNPC’s cumulative statutory payments from January to August stood at N10.07tn, unchanged from the previous month.

Its retail station wetness across the country, an indicator of petrol availability, also dipped slightly from 79 per cent in August to 77 per cent in September.

It was stated that the NNPC Foundation expanded its social impact initiatives during the period as the foundation flagged off its training for vulnerable farmers in the Northern Zones, with 2,141 farmers trained in the North-Central Geopolitical Zone, bringing the total number of smallholder farmers trained to 7,072.

It also said that “in partnership with the Nigerian Cardiac Society, the foundation provided 25 indigent Nigerians with life-saving percutaneous cardiac interventions alongside basic life support training.”

The foundation also participated in the Africa Film Finance Forum, where it “showcased NNPC Ltd’s social interventions and supported youth entrepreneurship in the creative industry with participation sponsorship for youth corps members and undergraduates.”

The combined data from August and September indicate that while the company maintained progress on infrastructure and social projects, operational performance weakened in September as reduced oil and gas output led to lower revenue and profit.

The NNPC Group Chief Executive Officer, Bayo Ojulari, had earlier said the two-day strike embarked upon by oil workers’ unions during their crises with the Dangote refinery also affected productions.