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Category: Business

  • Enugu Air cleared for regional flights, international operations set for year-end — Peter Mbah

    Enugu Air cleared for regional flights, international operations set for year-end — Peter Mbah

    ENUGU, Nigeria (NPA) —Governor Peter Mbah has announced that Enugu Air has received clearance from relevant aviation authorities to commence regional flight operations from Enugu State.

    Mbah disclosed that the state government secured approval from the Federal Ministry of Aviation for the state-owned airline to begin regional operations, adding that the airline already has aircraft ready to connect residents and businesses to wider opportunities across the region.

    The governor also revealed that Enugu Air is expected to commence international flight operations before the end of the year as part of efforts to position the state as a major economic and tourism hub in southeastern Nigeria.

    “We are building a system where movement in and out of Enugu is seamless, efficient, and reliable,” he said.

    Explaining the vision behind the initiative, Mbah described Enugu Air as “the pride of Ndi-Enugu,” noting that the airline’s fleet expansion was progressing aggressively.

    “We will soon start our regional flights by May. We have the aircraft to do so. Before the end of the year, we will commence our international flights. It is part of our global strategy to bring three million visitors to Enugu,” the governor stated.

    According to him, the airline forms a key component of the state’s broader economic development strategy aimed at attracting investment, boosting tourism, and expanding business opportunities.

    “Our goal is clear: to make Enugu the number one state for living and investment, and to grow our economy at the scale that truly transforms lives,” Mbah added.

  • CAC introduces seamless online payments for business name filings

    CAC introduces seamless online payments for business name filings

    ABUJA, Nigeria (NPA) — The Corporate Affairs Commission (CAC) has announced the introduction of seamless payment options on its portal to improve service delivery and enhance user experience.

    In a public notice issued on May 6, 2026, the Commission said customers can now conveniently make payments for selected filings directly on its Intelligent Company Registration Portal (iCRP) via the ReVOps platform.

    The CAC listed the affected services to include annual returns filing, change of principal place of business, cessation of business, change of business name, and modification of business objects for registered business names.

    Other services covered are changes in proprietors or partners, correction of proprietor or partner information, requests for certified true copies or extracts, and document downloads such as status reports and letters of good standing.

    The Commission stated that the initiative forms part of its ongoing efforts to make filing processes more seamless, efficient, and customer-friendly.

    It expressed appreciation to customers for their continued trust and reaffirmed its commitment to improving service delivery and providing more accessible digital solutions.

  • BREAKING: Dangote refinery denies PMS price increase, maintains ex-depot rate

    BREAKING: Dangote refinery denies PMS price increase, maintains ex-depot rate

    LAGOS, Nigeria (NPA) — Dangote Petroleum Refinery and Petrochemicals has denied reports of an increase in the ex-depot price of Premium Motor Spirit (PMS), stating that the price remains unchanged.

    In a statement issued on May 6, 2026, the company dismissed the claims and reaffirmed its commitment to maintaining stability in Nigeria’s domestic energy market.

    The refinery noted that keeping prices steady is part of its broader strategy to cushion the economy against external shocks, moderate inflationary pressures, and ensure energy affordability for consumers.

    It added that price stability is also critical to sustaining uninterrupted supply of petroleum products amid ongoing global uncertainties in the energy market.

    The management urged the public to rely only on official communications from the company for accurate information, reiterating its responsibility to safeguard consumers and support the broader economy.

  • Nigeria will not return to fuel subsidy regime — Oyedele

    Nigeria will not return to fuel subsidy regime — Oyedele

    PARIS, France (NPA) — Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has clarified that the Federal Government has no plans to return to the fuel subsidy regime despite the recent disruption in global petroleum prices triggered by the Middle East conflict and tensions in the Strait of Hormuz.

    Oyedele made the clarification during engagements with global investors in Paris as part of President Bola Ahmed Tinubu’s working visit to France. He maintained that the subsidy regime created distortions in the Nigerian economy and was not sustainable.

    “We will not bring back fuel subsidy because it creates distortions for the economy,” the minister said.

    He also ruled out the possibility of price controls on refined petroleum products, stressing that the government remains committed to market-driven reforms and believes market forces would ultimately stabilize prices.

    According to him, the ongoing tensions involving Iran and the Strait of Hormuz present new economic opportunities for Nigeria as countries seek to diversify energy sources and explore emerging investment destinations.

    Speaking on the performance of the Nigerian economy, Oyedele said the country recorded an 11.2 per cent Gross Domestic Product (GDP) growth rate in U.S. dollar terms in 2025, adding that the performance reinforces Nigeria’s ambition of building a $1 trillion economy by 2030.

    President Tinubu and his delegation are expected to depart France for Nairobi, Kenya, where the Nigerian leader will participate in the Africa CEO Forum after concluding his engagements in Paris. The forum is expected to bring together African leaders, global investors, and top business executives to discuss economic growth, regional integration, and private sector development across the continent.

  • A’Ibom Governor Eno thanks Tinubu, others over international status approval for Victor Attah Airport

    A’Ibom Governor Eno thanks Tinubu, others over international status approval for Victor Attah Airport

    UYO, Nigeria (NPA) — Governor Umo Eno of Akwa Ibom State has expressed appreciation to President Bola Tinubu for approving the upgrade of the Victor Attah Airport to international status following the airport’s inaugural international flight to Ghana over the weekend.

    In a personally signed note of appreciation issued on Tuesday, the governor described the development as a major milestone for the state’s aviation and economic development aspirations.

    Eno also commended the Minister of Aviation and Aerospace Development, Festus Keyamo, for what he described as his commitment, cooperation, and support toward the achievement. “Your dedication, cooperation, and shared vision have been instrumental in the progress recorded within the aviation sector,” the governor stated.

    He further appreciated members of the National Assembly from Akwa Ibom State for their contributions and support toward the realization of the project.

    The governor also acknowledged the roles played by the Minister of State for Petroleum (Gas), Ekperikpe Ekpo, the Speaker and members of the Akwa Ibom State House of Assembly, the judiciary, political parties, traditional rulers, the clergy, and other stakeholders.

    Eno specifically commended the management of Ibom Air and the Ibom Airport Development Company for their contributions to the successful commencement of international flight operations.

    He also thanked residents of the state and various support groups who turned out to witness the maiden international flight from the Victor Attah International Airport to Accra on May 2 and those who welcomed the delegation on its return the following day. “Your enthusiasm, unity, and pride in this great milestone are deeply appreciated,” the governor said.

    According to him, the state government remains committed to completing 85 ongoing projects across Akwa Ibom State while sustaining momentum in the aviation sector.

    Eno described the airport upgrade as a “golden moment” for the state and said the newly established Ministry of Aviation and Airport Development would help expand transportation, tourism, and socio-economic growth.

    The governor reiterated his administration’s resolve to position Akwa Ibom as a major aviation hub within the Gulf of Guinea region.

    “Once again, please accept my deepest appreciation to all who contributed in diverse ways to the success of this historic achievement,” the governor added.

  • Dangote refinery targets multi-billion-dollar pan-African share listing

    Dangote refinery targets multi-billion-dollar pan-African share listing

    LAGOS, Nigeria (NPA) — Aliko Dangote is advancing plans to float shares of the $20 billion Dangote Petroleum Refinery and Petrochemicals across several African stock exchanges in what could become one of the continent’s largest public offerings.

    The proposed listing is expected to deepen regional capital market integration while expanding African ownership of major industrial assets.

    Industry sources said the company is considering a primary listing on the Nigerian Exchange Group alongside broader access for investors through other African exchanges, including the Johannesburg Stock Exchange, Nairobi Securities Exchange, Ghana Stock Exchange, Ethiopian Securities Exchange, and the Bourse Régionale des Valeurs Mobilières.

    The refinery, regarded as Africa’s largest single industrial project, currently processes 650,000 barrels of crude oil per day and has significantly altered Nigeria’s fuel supply chain while also exporting refined products to neighbouring countries.

    Financial advisers handling the transaction reportedly include Stanbic IBTC Capital, Vetiva Capital Management, and FirstCap.

    Market projections indicate the company could offer between five and 10 per cent equity to investors, with the fundraising target estimated at up to $5 billion.

    Sources familiar with the process said documentation for the public offering could be filed as early as April, followed by investor engagements and roadshows in May ahead of a possible listing between June and July 2026.

    Analysts say the move could redefine how large-scale African infrastructure and industrial projects are financed by opening participation to pension funds, retail investors, and institutional players across the continent.

    The planned share sale is also expected to support further expansion of the refinery and fertiliser businesses as the group seeks additional long-term capital for future projects.

    Observers believe a successful cross-border listing could encourage more African companies in sectors such as mining, infrastructure, manufacturing, and renewable energy to pursue regional fundraising strategies.

    The development comes amid growing efforts by African governments to reduce dependence on imported petroleum products and strengthen regional energy security.

  • FGN savings bond opens May issuance window with up to 14.525% return

    FGN savings bond opens May issuance window with up to 14.525% return

    LAGOS, Nigeria (NPA) — The Nigerian Exchange Group (NGX Group), a leading financial market infrastructure provider in Africa, has announced the opening of the May issuance of the Federal Government of Nigeria (FGN) Savings Bond, offering investors a secure, low-risk investment opportunity backed by the Federal Government.

    The offer, conducted in collaboration with the Debt Management Office Nigeria (DMO), provides retail investors access to sovereign debt instruments with competitive yields and flexible entry requirements.

    According to the announcement, the bond issuance includes two tranches:

    • 2-Year FGN Savings Bond: 13.525% per annum, maturing on March 13, 2028
    • 3-Year FGN Savings Bond: 14.525% per annum, maturing on May 13, 2029

    The DMO stated that the issuance opened on Monday, May 4, 2026, and is scheduled to close on Friday, March 8, 2026. The unit price is set at ₦1,000 per unit, with a minimum subscription of ₦5,000 and a maximum subscription limit of ₦50,000,000.

    Market operators say the FGN Savings Bond continues to serve as a key instrument for encouraging retail participation in government securities, while also supporting domestic savings and financial inclusion.

    The NGX Group described the offering as a “simple, safe, and rewarding” investment channel for Nigerians seeking stable returns in a regulated environment.

    Investors have been advised to obtain further information and subscription details through the official NGX platform at ngxgroup.com.

  • South Africa raises petrol price by R2.04/litre amid global oil tensions

    South Africa raises petrol price by R2.04/litre amid global oil tensions

    PRETORIA, South Africa (NPA) — South Africa has announced an upward adjustment in fuel prices effective May 6, 2026, with petrol prices rising by R2.04 per litre as global crude oil prices and supply disruptions continue to pressure international energy markets.

    The adjustment was announced by the country’s Ministry of Mineral and Petroleum Resources in an official statement outlining the factors behind the latest fuel price review.

    According to the ministry, the increase follows a rise in average Brent crude oil prices from 93.67 dollars per barrel to 101 dollars during the review period, driven largely by tensions between the United States and Iran, the closure of the Strait of Hormuz, and damage to critical oil infrastructure affecting global supply chains.

    The statement noted that international petroleum product prices also increased significantly, particularly for diesel and paraffin, due to stronger demand and reduced supply from the Persian Gulf region.

    Authorities said the rising costs contributed to increases of:

    • R2.04 per litre for petrol,
    • R4.96 per litre for diesel, and
    • R4.21 per litre for illuminating paraffin.

    The ministry added that prices of propane and butane also increased during the period due to limited global supply linked to the continued closure of the Strait of Hormuz.

    On currency performance, the government said the rand remained relatively stable against the U.S. dollar during the review period, contributing less than one cent per litre to fuel price adjustments.

    The statement further disclosed that the cumulative slate balance for petrol and diesel stood at a negative R14.173 billion as of March 2026, prompting the implementation of a slate levy of 122.70 cents per litre in line with the country’s self-adjusting fuel pricing mechanism.

    Despite the increases, the South African government announced a temporary extension of fuel levy relief measures aimed at cushioning the impact on consumers.

    According to the ministry, the Minister of Finance, in consultation with the Minister of Mineral and Petroleum Resources, approved a further temporary reduction in the general fuel levy of 300.0 cents per litre for petrol and R393.0 cents per litre for diesel from May 6 to June 2, 2026.

    The government also announced new Maximum Refinery Gate Price and Maximum Retail Price levels for LPG imported through the Port of Saldanha Bay in Western Cape Province.

    Under the revised pricing structure, LPG will sell at R18,375.72 per metric ton and R40.85 per kilogram effective May 6, 2026.

  • GTCO posts N302.9BN profit before tax in Q1 2026, records strong balance sheet growth

    GTCO posts N302.9BN profit before tax in Q1 2026, records strong balance sheet growth

    LAGOS, Nigeria (NPA) — Guaranty Trust Holding Company (GTCO) has reported a profit before tax of N302.9 billion for the first quarter ended March 31, 2026, reflecting sustained growth across its core banking and financial services operations.

    The group disclosed the results on Thursday in Lagos in its unaudited consolidated and separate financial statements for the period under review.

    According to the report, interest income increased by 17.5 per cent year-on-year, while fee income rose by 7.1 per cent, driven by continued momentum in its banking activities.

    GTCO’s loan portfolio grew modestly by 1.3 per cent to N3.17 trillion, supported by a 6.3 per cent rise in customer deposits to N13.69 trillion. Total assets closed at N18.7 trillion, while shareholders’ funds stood at N3.6 trillion, underscoring what the group described as a strong capital position.

    The Capital Adequacy Ratio remained robust at 39.5 per cent during the period, reflecting solid regulatory capital buffers.

    Asset quality also improved, with IFRS 9 Stage 3 loans declining to 4.4 per cent from 5.0 per cent in December 2025. Cost of risk dropped significantly to 0.2 per cent from 2.2 per cent in the previous period.

    “The group recorded growth across all asset lines and maintains a healthy, liquid and diversified balance sheet across its banking, payments, pension and funds businesses,” the statement said.

    Group Chief Executive Officer, Mr Segun Agbaje, said the results reflected a shift in earnings quality and operational strength.

    “Our Q1 2026 results mark a defining shift in the quality and composition of earnings,” Agbaje said. “We delivered solid growth across core income lines, supported by disciplined execution and a diversified, strong and healthy balance sheet.”

    He added that the group remains focused on sustainable earnings growth through stronger customer relationships, expansion of ecosystem businesses, and increased use of technology to deliver faster financial services.

    “We see significant headroom across payments, wealth management and banking in Nigeria and across West and East Africa,” he said. “We are positioning the group to capture these opportunities while sustaining strong, long-term value creation.”

    Key performance indicators showed a pre-tax return on average equity (ROAE) of 34.4 per cent and return on average assets (ROAA) of 6.6 per cent.

    The group also recorded a cost-to-income ratio of 31.5 per cent, reflecting continued operational efficiency across its businesses.

  • Wole Soyinka says NAS secretariat will strengthen humanitarian services, advocacy initiatives

    Wole Soyinka says NAS secretariat will strengthen humanitarian services, advocacy initiatives

    ABUJA, Nigeria (NPA) — Nobel Laureate Wole Soyinka says the new secretariat of the National Association of Seadogs will strengthen humanitarian services, expand charitable interventions and deepen social advocacy across communities.

    Soyinka spoke on Friday during the foundation-laying ceremony of the association’s secretariat at the Abuja Chamber of Commerce and Industry, attended by members of the association, business leaders and invited guests.

    He said the facility would serve as a permanent base for coordinating outreach, education and advocacy programmes, while also helping to address public misconceptions about the organisation.

    According to Soyinka, members must continue to uphold the association’s core values of discipline, integrity and service in all its activities.

    “Your work already speaks for itself,” Soyinka said, commending the association’s sustained humanitarian interventions and public enlightenment campaigns across the country.

    The Nobel Laureate also praised the chamber, describing it as a leading institution in economic development and private sector representation with a strong record of supporting enterprise growth.

    President of the chamber, Chief Emeka Obegolu, welcomed Soyinka and members of the association, applauding their contributions through humanitarian services, advocacy and public enlightenment initiatives.

    Obegolu highlighted the association’s interventions, including medical outreach programmes, charity drives, environmental sanitation campaigns, and the promotion of human rights, social justice and good governance.

    He said the initiatives had improved community welfare, raised public awareness and encouraged responsible citizenship and national development, particularly in underserved communities.

    According to him, the association’s activities complement government programmes while promoting civic responsibility and inclusive participation in national development efforts.

    Obegolu also urged members to strengthen collaboration with the chamber, which he described as the voice of Nigeria’s private sector with more than 16 sectoral groups.

    He noted that stronger partnerships would enhance impact, create opportunities for joint programmes and broaden the reach of both organisations’ initiatives.