Category: Corporate Affairs

LAGOS, Nigeria (NPA) — United Nigeria Airlines has named two newly acquired Boeing 737-800NG aircraft after renowned Nigerian literary icon, Professor Chinua Achebe, and the Obi of Onitsha, Igwe Alfred Nnaemeka Achebe, in recognition of their enduring contributions to society.

The aircraft were unveiled on Thursday in Lagos by Abia State Governor, Alex Otti, who commended the airline for honouring two distinguished Nigerians whose legacies continue to inspire generations.

In a statement issued after the event, Otti described the gesture as a fitting tribute to individuals who have made significant contributions to national development and cultural heritage.

“Today in Lagos, I had the honour of unveiling two newly acquired Boeing 737-800NG aircraft by United Nigeria Airlines, named in recognition of two exceptional sons of Nigeria: the late Professor Chinua Achebe, the globally celebrated literary icon, and His Royal Majesty, Igwe Alfred Nnaemeka Achebe, CFR, the Obi of Onitsha,” the governor said.

Otti praised the Chairman and Founder of United Nigeria Airlines, Professor Obiora Okonkwo, for immortalising personalities whose impact has transcended generations.

“I commend Professor Obiora Okonkwo for this thoughtful gesture. Honouring excellence and service inspires future generations and strengthens our collective national identity,” he said.

The governor noted that the acquisition of the aircraft reflects growing confidence in Nigeria’s aviation sector and demonstrates the resilience and expansion of indigenous enterprises.

He also lauded the Minister of Aviation and Aerospace Development, Mr Festus Keyamo, SAN, for implementing reforms aimed at creating a more conducive environment for private sector participation in the aviation industry.

According to Otti, ongoing initiatives such as aircraft leasing arrangements would strengthen local airlines, improve access to aviation assets and enhance the competitiveness of indigenous carriers.

“I particularly welcome ongoing efforts to strengthen local airlines through innovative initiatives such as aircraft leasing arrangements, which will enhance competitiveness, improve access to aviation assets and support sustainable growth across the sector,” he said.

The governor further expressed appreciation for the Federal Government’s support for the Abia Airport project, disclosing that construction work on the runway had reached an advanced stage.

He reaffirmed his administration’s commitment to delivering a world-class airport capable of boosting economic activities, improving connectivity and positioning Abia State as a major destination for commerce and investment.

Otti congratulated United Nigeria Airlines on the milestone and wished the airline greater success in its efforts to contribute to national development, create employment opportunities and strengthen Nigeria’s aviation industry.

He also commended the airline’s management and stakeholders for their vision and dedication in making the acquisition possible.

ABUJA, Nigeria (NPA) — NNPC Limited and TotalEnergies have renewed their partnership to accelerate methane emissions reduction across Nigeria’s upstream oil and gas sector through the continued deployment of advanced emissions-monitoring technology.

The two companies signed an agreement extending the use of the Airborne Ultralight Spectrometer for Environmental Applications (AUSEA) technology for an additional 24 months.

The agreement was signed at the NNPC Towers in Abuja by NNPC Ltd’s Executive Vice President, Upstream, Mr. Udy Ntia, and TotalEnergies Country Chair and Managing Director, Mr. Matthieu Bouyer.

The renewed partnership builds on an earlier agreement signed in 2023 for the adoption of the AUSEA technology, which is designed to detect, measure, and reduce methane and carbon emissions across oil and gas operations.

According to NNPC, the initiative forms part of its broader strategy to meet gas flare reduction obligations and advance its decarbonisation objectives under the Oil and Gas Decarbonisation Charter (OGDC), the Oil and Gas Methane Partnership (OGMP) 2.0, and its commitment to achieving near-zero methane emissions by 2030.

Speaking at the signing ceremony, Ntia expressed satisfaction with the results recorded during the first phase of the project and called for wider deployment of the technology across additional assets.

“Today’s signing represents a practical step in NNPC Limited’s journey to build a credible, transparent, and action-oriented decarbonisation programme,” he said.

“Through the AUSEA initiative, we are strengthening our ability to detect, quantify, and prioritise methane abatement opportunities using advanced measurement technology.”

He also advocated stronger progress reporting mechanisms to support regulatory compliance and stressed the importance of exploring opportunities for technology transfer.

On his part, TotalEnergies Senior Vice President for Africa, Mr. Mike Sangster, described the partnership as a reflection of the strong cooperation between both companies.

Sangster noted that TotalEnergies was the first oil-producing company in Nigeria to eliminate routine gas flaring across all its assets, adding that the AUSEA technology played a significant role in achieving that milestone.

He said the company remains committed to its target of achieving near-zero methane emissions by 2030.

The AUSEA system is a drone-based technology developed by TotalEnergies in collaboration with the French National Centre for Scientific Research (CNRS) and the University of Reims.

The technology enables operators to identify previously undetected emission sources, improve emissions reporting processes, assess flare combustion efficiency, and generate data needed to implement corrective operational measures.

Industry experts say methane reduction has become a major priority for the global energy sector because methane is one of the most potent greenhouse gases contributing to climate change.

The renewed partnership underscores growing efforts by energy companies operating in Nigeria to align with global environmental standards, reduce carbon footprints, and support the transition to more sustainable energy production.

NNPC said the collaboration with TotalEnergies will strengthen transparency, improve environmental performance, and contribute to Nigeria’s broader climate and energy transition goals.

LAGOS, Nigeria (NPA) — Air Peace has announced the launch of scheduled flight services from Lagos to Douala (Cameroon), Libreville (Gabon), Bamako (Mali), and Conakry (Guinea), effective August 1, 2026.

The new routes form part of the airline’s expansion strategy aimed at strengthening connectivity across West and Central Africa while supporting trade, tourism, investment, and regional integration.

Under the new schedule, Air Peace will operate the Lagos–Douala–Libreville route four times weekly on Mondays, Wednesdays, Fridays, and Sundays.

The Lagos–Bamako–Conakry service will operate on Tuesdays, Thursdays, and Saturdays.

The airline said the additional destinations will further strengthen Lagos’ position as a major aviation hub linking West and Central Africa with its extensive domestic and international network.

Passengers travelling from Douala, Libreville, Bamako, and Conakry will have access to onward connections to several Nigerian cities, including Abuja, Port Harcourt, Enugu, Benin, Owerri, Kano, Asaba, Ibadan, Yola, Maiduguri, and Gombe.

According to a report by The Travel Port, the new services will also provide easier access to Air Peace’s international destinations, including London Gatwick in the United Kingdom and Caribbean destinations such as Antigua and Barbados.

Commenting on the development, Air Peace management said the expansion reflects the airline’s commitment to providing safe, reliable, and affordable air transportation across Africa.

“The launch of these new regional services underscores our commitment to connecting Africa through safe, reliable, and affordable air transportation. By expanding our footprint across West and Central Africa, we are facilitating commerce, tourism, investment, and regional integration,” the airline said.

Air Peace noted that the routes align with the objectives of the African Continental Free Trade Area (AfCFTA) and the Single African Air Transport Market (SAATM), which seek to improve connectivity and reduce travel barriers across the continent.

Bookings for the new services are now available through the airline’s website, mobile application, contact centre, and accredited travel agencies.

The carrier said it remains committed to expanding access to air travel while strengthening Nigeria’s position as a leading aviation gateway in Africa.

CAIRO, Egypt (NPA) — African Export-Import Bank (Afreximbank) has been assigned a ‘BBB+’ long-term issuer credit rating and an ‘A-2’ short-term issuer credit rating by S&P Global Ratings, with a Stable Outlook. The move reinforces the Bank’s strong financial standing and its critical role in driving trade, industrialisation, and economic development across Africa and the wider Global Africa community.

According to S&P, the rating reflects Afreximbank’s growing strategic importance, robust enterprise risk profile, and expanding role as a countercyclical institution supporting African economies through periods of global and regional uncertainty. The agency highlighted the Bank’s strong policy relevance and shareholder support, underscoring its role in advancing intra-African trade, supporting the African Continental Free Trade Area, and developing transformative platforms that strengthen regional integration and resilience.

Between 2015 and 2025, Afreximbank’s total assets expanded from $7.1 billion to $42.3 billion, while shareholders’ equity grew from $1.3 billion to $8.4 billion, reflecting significant capital injections and lending growth.

Commenting on the rating, Afreximbank President and Chairman of the Board Dr. George Elombi described it as “a strong endorsement of Afreximbank’s financial strength, stability, and international credibility, and a clear affirmation of its strategic importance to — and impact across — Global Africa.” He added that Africa’s economic transformation requires “deliberate, bold, courageous and decisive action by the continent itself, working with its diaspora.”

S&P also noted Afreximbank’s track record in responding to external shocks, including the global financial crisis, commodity price downturn, COVID-19, the Russia-Ukraine conflict, and most recently the Middle East crisis. The Bank has announced a US$10 billion Gulf Crisis Response Programme (GCRP) to shield African and Caribbean economies from regional shocks.

Afreximbank continues to strengthen systems supporting African trade and investment, including the Pan-African Payment and Settlement System, the Africa Trade Gateway, and the AfCFTA Adjustment Fund. The Stable Outlook reflects S&P’s view of Afreximbank’s strengthened role as a countercyclical lender, ongoing shareholder support, and consecutive capital increases.

The Bank remains focused on delivering its mandate to transform the structure of African trade by supporting industrialisation, expanding intra-African trade, strengthening regional value chains, and increasing Africa’s participation in global trade.

ABUJA, Nigeria (NPA) — The Transmission Company of Nigeria (TCN) has announced a planned power outage that will affect electricity supply to parts of the Federal Capital Territory and neighbouring communities in Niger State.

In a notice issued on Saturday, TCN said the temporary disruption is necessary to facilitate scheduled maintenance work at its Katampe 330/132/33kV Transmission Substation in Abuja.

According to the company, the maintenance exercise will take place on Saturday, June 13, 2026, between 10:00 a.m. and 2:00 p.m.

During the four-hour maintenance window, TCN engineers will carry out critical works on the 150MVA 330/132/33kV transformer and its associated switchgear equipment at the substation.

As a result of the exercise, the Abuja Electricity Distribution Company (AEDC) will be unable to receive bulk power supply from the affected transformer for onward distribution to customers.

The planned outage is expected to affect electricity consumers in Kubwa, Suleja, Bwari, and surrounding communities.

TCN explained that the maintenance forms part of efforts to improve the reliability, efficiency, and stability of power transmission infrastructure serving the affected areas.

The company appealed to residents and businesses that may be impacted by the temporary interruption to bear with the inconvenience.

“TCN apologises for any inconvenience this maintenance exercise may cause customers supplied through the affected transformer,” the company stated.

The transmission firm assured the public that normal electricity supply would be restored immediately after the completion of the scheduled maintenance works.

The latest exercise is part of TCN’s ongoing network maintenance programme aimed at strengthening the national grid and enhancing power delivery across the country.

ABUJA, Nigeria (NPA) — The Nigerian National Petroleum Company (NNPC) Limited recorded a profit after tax of N481 billion in April 2026, while crude oil and condensate production rose to 1.68 million barrels per day, according to the company’s latest monthly report.

The report showed that NNPC generated N4.97 trillion in revenue during the month, while statutory payments from January to April stood at N3.71 trillion.

Natural gas production remained strong at 7,730 million standard cubic feet per day (mmscf/d), while gas sales reached 5,044 mmscf/d.

NNPC attributed the improved production performance largely to enhanced facilities uptime, although it noted that output was impacted by the delayed restart of the Trans Ramos Pipeline following turnaround maintenance and the discovery of leaks and other integrity issues in some assets.

The company reported that upstream pipeline availability stood at 79 per cent during the period.

On strategic gas infrastructure projects, NNPC disclosed that the Obiafu-Obrikom-Oben (OB3) Gas Pipeline project achieved a major milestone with the successful completion of the River Niger crossing.

The company said the development brings Nigeria closer to achieving its gas infrastructure expansion goals and strengthening national energy security.

NNPC also reported significant progress on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline project, with completion reaching 94 per cent. The OB3 project has now attained 96 per cent completion.

According to the report, collaboration with stakeholders continues to advance construction and installation activities on the AKK pipeline, to deliver gas to Abuja in 2026.

Beyond its commercial operations, NNPC highlighted a number of social intervention programmes undertaken through the NNPC Foundation. The company said it commissioned and handed over three rehabilitated and fully equipped wards with a combined capacity of 102 beds at the National Orthopaedic Hospital, Igbobi, Lagos, to strengthen orthopaedic healthcare services in the Southwest and across Nigeria.

NNPC Foundation also provided humanitarian assistance to flood victims in Mokwa, Niger State, distributing food items and bedding materials to affected communities.

In recognition of its healthcare interventions, the foundation received the CSR Champion Award (Health) 2025 at the Silver Jubilee edition of the Independent Newspapers Awards held in Lagos.

The report further revealed that NNPC conducted a nationwide financial literacy programme for members of the National Youth Service Corps (NYSC) Batch A Stream II across all 37 orientation camps, reaching 72,657 participants and bringing the total number of beneficiaries under the initiative to more than 1.3 million corps members nationwide.

NNPC reiterated its commitment to improving production performance, enhancing energy security and supporting social development through strategic investments and community-focused interventions.