Author: Mujeedat

Dangote Petroleum Refinery & Petrochemicals (DPRP) has secured a $1 billion underwriting programme ahead of its planned initial public offering (IPO), strengthening the capital markets foundation for what could become Africa’s most consequential industrial listing. The programme, structured by Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group, comprises a completed and funded $600 million private placement and a further $400 million underwriting commitment in support of the refinery’s planned IPO. The $600 million private placement has been underwritten and funded by Pan-African Refinery Investment SPV, a subsidiary of Lilium Capital Group. Marob Strategies and Lilium Capital…

President Bola Tinubu has committed himself and the All Progressives Congress (APC) to the tenets of the National Peace Accord ahead of the 2027 general elections, calling on political parties, politicians and non-state groups to work together to tackle electoral fraud and violence so as to preserve the country’s democratic system. Speaking through the Secretary to the Government of the Federation, Senator George Akume, at the signing of the peace accord on Tuesday, 19 August 2026, in Abuja, Tinubu said: “In the spirit of the accord we have just signed, we must conduct ourselves in ways that strengthen, not…

Zenith Bank Plc will host the 10th edition of its International Trade Seminar on Non-Oil Export on Tuesday, 25 August 2026, bringing together leading policymakers, regulators, exporters, manufacturers, investors and other key stakeholders to explore practical strategies for unlocking value and accelerating growth in Nigeria’s non-oil export sector. Themed “Unlocking Value and Harnessing Growth in Non-Oil Export”, the virtual seminar will examine how Nigeria can move beyond exporting raw commodities to build globally competitive value chains, expand market access, strengthen trade infrastructure and financing, and deepen the contribution of non-oil exports to sustainable economic growth. The high-level event…

Fidelity Bank Plc has donated more than 2,000 food packs to residents in Abeokuta, Ogun State, through its Fidelity Food Bank Initiative, as part of its efforts to alleviate hunger and support livelihoods across Nigeria. The distribution exercise, held at St. Peter and Paul Catholic Cathedral, Itesi, Adatan, Abeokuta, is part of the bank’s Corporate Social Responsibility (CSR) programme focused on supporting vulnerable populations and expanding access to essential food supplies. Speaking at the event, Folaranmi Jemirin, Regional Bank Head, South West 1, Fidelity Bank, disclosed that the bank has distributed over 300,000 food packs across Nigeria’s six geopolitical zones…

The Nigeria Customs Service (NCS), Apapa Area Command, has recorded another historic revenue milestone, generating ₦28,102,000,914.61k within 24 hours on Tuesday, 18 August 2026, the highest single-day revenue collection ever recorded by the Command. The N28.1 billion surpasses the previous daily record of ₦20.1 billion, achieved in September 2025, shortly after the assumption of office of the present Customs Area Controller (CAC), Comptroller Emmanuel Oshoba. The new record comes barely weeks after the Command achieved an unprecedented ₦323 billion monthly revenue collection in July 2026, further demonstrating the sustained impact of reforms, improved compliance, enhanced trade facilitation, intelligence-driven…

Eight of the world’s largest oil producers posted a combined $93 billion in profits in the second quarter of 2026, nearly double their earnings in the same period last year, as the Iran war and disruption to shipping through the Strait of Hormuz pushed oil prices higher. The eight companies assessed, Saudi Aramco, BP, Shell, Equinor, TotalEnergies, Eni, Chevron and ExxonMobil, saw their combined profits rise from just below $50 billion in Q2 2025 to over $90 billion in the three months from April to June 2026, following the U.S.-Israeli attack on Iran and the subsequent closure of the…

Chevron has confirmed an oil and gas condensate discovery at the 105-4X exploration well in Block 0, offshore Angola, marking the latest success in its broader exploration campaign across Sub-Saharan Africa. The well, operated by Chevron’s wholly owned subsidiary Cabinda Gulf Oil Company Limited (CABGOC), encountered more than 2,000 feet of oil and gas condensate column, including more than 300 feet of net pay in what the company described as “excellent reservoir quality.” Kevin McLachlan, Chevron’s vice president of exploration, said the early results are encouraging and that additional work will help determine the resource’s full potential and possible…

President Bola Tinubu has extended warm congratulations to retired General Ibrahim Badamosi Babangida, elder statesman and former military President, on his 85th birthday on 17 August 2026, describing him as an outstanding leader whose eight-year administration left enduring marks on Nigeria’s political, economic and geographic landscape. In a birthday message signed by his Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu said: “Like him or not, former President Babangida impacted Nigeria in ways no other leader has. His eight-year reign left enduring marks on our political, economic, and geographic landscape.” The President noted that General Babangida expanded…

Shipping through the Strait of Hormuz slowed sharply over the weekend of 16–17 August 2026, with shiptracking data showing just five commodity vessels transiting the strait on Saturday and none registered on Sunday, down from 31 in the prior weekend, following attacks on tankers and stalled U.S.-Iran talks to resolve the Middle East conflict. According to Kpler data, ships entering the strait on Saturday included an empty Very Large Crude Carrier with its Automatic Identification System (AIS) switched off and an Indian-flagged Very Large Gas Carrier that used the Iranian route. A small tanker laden with Iranian fuel oil…

Moody’s Ratings has cautioned that persistently high oil prices or fuel rationing could weaken broader economic activity and ultimately weigh on energy demand, even as it expects earnings growth for exploration and production (E&P) and integrated oil companies to remain elevated through 2026, supported by higher commodity prices and modest production growth. In a report released in mid-August 2026, Moody’s said credit conditions for global oil and gas producers strengthened during the first half of 2026, with E&P companies leading industry upgrades as higher crude prices improved earnings expectations. The agency upgraded 13 oil and gas companies globally during…