Author: Mujeedat

United Bank for Africa Plc has announced a favourable judgment in its N156 billion debt recovery proceedings against the Vaswani brothers and Stallion Group, with the Federal High Court in Ikoyi, Lagos, upholding the appointment of a Receiver/Manager and affirming the liability of guarantors. According to a statement from the bank, Justice Daniel Osiagor delivered the judgment on Friday, granting all the reliefs sought by UBA and affirming the enforceability of the mortgage security underpinning the recovery action. The bank said the court upheld the Receiver/Manager’s authority to take possession of the mortgaged property and seek protective orders…

The Group Chairman of Nigerian Exchange Group, Alhaji (Dr.) Umaru Kwairanga, has called for stronger institutions, responsible leadership and deliberate investment in young professionals to translate Nigeria’s economic potential into sustainable growth. Speaking as chairman of a leadership event organised by SixthSense Leadership at the Oriental Hotel, Lagos, Kwairanga said the country’s development would depend not only on its resources and opportunities but also on the quality of decisions made by those entrusted with responsibility. He noted that Nigeria’s enterprising population, natural resources and growing pool of professionals offered considerable advantages, but turning those strengths into lasting progress…

Renaissance Adds 100,000 Barrels to Nigeria’s Oil Production in First 100 Days Renaissance Africa Energy Company Limited (RAE) says it added approximately 100,000 barrels of oil to its portfolio and Nigeria’s production within the first 100 days of taking over operatorship of its assets in March 2025. The company also announced plans to raise oil production to 500,000 barrels per day by 2030 and expand its overall production portfolio to one million barrels of oil equivalent per day within the same period. The targets will be supported by increased gas production and investments in exploration, development…

Investor interest in the energy sector has strengthened over the past five years despite recent global disruptions, according to the ADIPEC Global Energy Report 2026: Power Shift. The report found that 85 per cent of surveyed energy industry leaders indicated growing investor appetite for the sector, reflecting increased confidence in its long-term prospects. Drawing on responses from more than 1,800 senior decision-makers across energy, technology, finance and manufacturing, including 304 oil and gas leaders, the study examined expectations for investment, energy security and technological change. Overall, 64 per cent of respondents said the global energy system had…

The Petroleum Technology Association of Nigeria (PETAN) has expressed concern that prolonged contract approval processes, delayed payments and high borrowing costs continue to hamper oil and gas projects despite presidential directives intended to accelerate investment and execution. The association said its members had yet to experience meaningful improvements in tender processing and payment timelines, raising questions about the implementation of President Bola Tinubu’s March 2024 directives on local content and oil and gas contracting. Speaking at a pre-conference workshop organised by the Nigerian Association of Petroleum Explorationists (NAPE), PETAN’s Publicity Secretary, Dr Joan Faluyi, said these persistent bottlenecks…

President Bola Ahmed Tinubu has reaffirmed his administration’s commitment to developing Nigeria’s gas resources to power industries, improve electricity supply, create jobs and increase export earnings. Speaking while receiving the Founder and Chairman of Lee Engineering Group, Chief Leemon Ikpea, in Abuja, the President also urged international oil companies to give qualified Nigerian engineering and manufacturing firms greater opportunities to participate in major energy projects. Tinubu said his administration’s **Nigeria First** policy must deliver practical benefits through more contracts for capable local companies, increased use of Nigerian-made equipment and the creation of skilled jobs. He encouraged international…

Dangote’s $1.6 billion refinery initial public offering could increase Nigeria’s active investor base by as much as fivefold, while strengthening links between the country’s capital market and other African exchanges. Nigerian Exchange Group Chief Executive Officer, Temi Popoola, said the offering presented an opportunity to attract millions of retail investors and broaden participation beyond the relatively small number of Nigerians who actively trade. Speaking to Reuters at the Financial Times Africa Summit, Popoola said about 5 per cent of Nigerians, approximately 12 million people, participate in capital markets, although active traders number only in the hundreds of thousands.…

The President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Mrs Ekeoma Ezeibe, has urged Nigeria’s insurance sector to take a more prominent role in the country’s development by financing, de-risking and sustaining critical infrastructure. She made the call at the opening of the 2026 National Insurance Brokers Conference and Exhibition in Abuja, where she said insurers could no longer limit themselves to reacting to risks after they occur. According to her, the industry should actively help mobilise long-term capital for projects such as roads, railways, power facilities, ports, digital networks and climate-resilient infrastructure needed to drive…

The global oil market is facing renewed supply pressure as the cost of transporting crude oil has risen by about seven times over the past year. The development is adding strain to petroleum markets even as Middle Eastern producers work to restore export volumes disrupted by the conflict involving Iran. Goldman Sachs said in an October 20 research note that average international crude freight costs have risen above $20 per barrel, compared with about $3 a year earlier. On some Middle Eastern routes, transportation costs have exceeded $35 per barrel. The investment bank warned that if…

Strategic partnerships have been identified as crucial to accelerating Nigeria’s transition to Compressed Natural Gas (CNG), a move aimed at reducing dependence on fossil fuels, lowering transportation costs and strengthening climate resilience. The National Compressed Natural Gas Forum (NCNG-F) has therefore called on transport unions, organised labour, private-sector organisations and financial institutions to intensify efforts to promote CNG as an alternative to petrol and diesel for transportation in Nigeria. The forum said stronger collaboration among government agencies, industry operators, financial institutions and organised groups was necessary to make CNG more accessible, affordable, safe and reliable for Nigerians. …