Category: Business

ABUJA, Nigeria (NPA) — The Transmission Company of Nigeria (TCN) has announced a scheduled power outage in parts of the Federal Capital Territory and Nasarawa State to enable annual preventive maintenance on the Karu–Keffi–Akwanga 132kV transmission line.

In a statement issued on Wednesday, TCN said the maintenance would take place on Thursday, July 9, from 10:00 a.m. to 5:00 p.m.

According to the company, the exercise will allow its engineers to carry out routine preventive maintenance on the Karu–Keffi–Akwanga 132kV transmission line bay and its associated switchgear at the Karu 132kV Transmission Substation.

As a result, the Abuja Electricity Distribution Company (AEDC) will be unable to receive bulk power supply from the Keffi and Akwanga Transmission Substations during the maintenance period.

Communities expected to be affected include Karu, Nyanya, Jikwoyi, Kurudu, Orozo, Karshi, Mararaba, Ado, Masaka, Auta Balefi, Keffi, Akwanga, Nasarawa Eggon and surrounding areas.

TCN apologised for the temporary disruption and appealed to electricity consumers in the affected communities for their understanding while the maintenance is carried out.

LAGOS, Nigeria (NPA) — Air Peace has taken delivery of its first Embraer E175 aircraft, marking another milestone in the airline’s fleet expansion and regional growth strategy.

In a statement issued on Wednesday, the airline said the newly acquired aircraft arrived in Lagos on the night of July 7.

“Our first-ever Embraer E175 is finally home. Here’s a closer look at the newest addition to our growing fleet as we continue bringing more comfort, flexibility and connectivity to every journey,” the airline said.

Air Peace is currently regarded as West Africa’s largest airline by fleet size, route network and passenger capacity. The carrier operates a fleet of more than 40 aircraft, serves over 20 domestic destinations and 10 regional and international routes, and has been ranked the leading airline in West Africa and the eighth best airline in Africa, reflecting its rapid growth and expanding influence across the continent’s aviation industry.

In a separate post, Air Peace described the arrival as another significant milestone in its commitment to expanding connectivity across Nigeria and the wider region.

The Embraer E175 is expected to strengthen the airline’s domestic and regional operations by providing greater operational flexibility and improved passenger comfort.

The latest acquisition comes as Air Peace accelerates its international expansion.

Newpost Africa reports that the airline secured approval from Brazil’s National Civil Aviation Agency (ANAC) to operate scheduled passenger and cargo services between Nigeria and Brazil, opening the way for regular flights to South America’s largest economy.

Air Peace has also announced the launch of new services from Lagos to Douala in Cameroon, Libreville in Gabon, Bamako in Mali and Conakry in Guinea from August 1, 2026.

According to the airline, the new routes are designed to strengthen connectivity across West and Central Africa while promoting trade, tourism, investment and regional integration.

The expansion is also expected to reinforce Lagos’ position as a major aviation hub connecting West and Central Africa with Air Peace’s growing domestic and international network.

LAGOS, Nigeria (NPA) — Chairman of Heirs Holdings, Mr Tony Elumelu, has described his tenure as Chairman of the United Bank for Africa (UBA) as a mission to build an enduring African institution capable of driving economic growth across the continent.

In a farewell statement published on his blog on Monday, titled “Celebrating an African Institution: My Farewell from UBA – Why Create an Institution?”, Elumelu said he would conclude his tenure as Chairman of the UBA Group Board on August 21, 2026, after 12 years in the role and decades of association with the bank.

He said his vision was to build a financial institution that would outlive individuals while connecting Africa to itself and the rest of the world.

“My objective was to build an institution that would outlive individuals, one capable of connecting Africa to itself and the world, creating opportunities for businesses, empowering entrepreneurs, supporting governments, rewarding shareholders and transforming lives,” he said.

According to Elumelu, Africa’s greatest challenge is not a shortage of talented people but the absence of institutions capable of enduring beyond individual leaders.

“I have never been able to look at Africa and see only borders. Where many see 54 separate markets, I saw one continent, one destiny.

“Africa does not have a shortage of brilliant women and men. Africa suffers a shortage of institutions that outlast brilliant women and men,” he said.

Elumelu noted that under his leadership, UBA evolved from a Nigerian bank into what he described as “Africa’s global bank.”

Today, he said, the bank serves more than 50 million customers, operates in 20 African countries and across four continents, while supporting trade, investment and economic development across the continent.

He attributed the bank’s growth to the contributions of its management, employees, shareholders, regulators, customers and business partners.

Elumelu also announced Mr Emmanuel N. Nnorom as his successor, expressing confidence in his ability to provide strategic leadership and continuity.

“I have every confidence in his ability to lead the Bank. His experience, leadership and deep understanding of our institution will provide the continuity and strategic direction needed to build on the strong foundation we have established,” he said.

Reflecting on his broader vision for Africa, Elumelu said his commitment to the philosophy of Africapitalism remains unwavering.

He said that through Heirs Holdings and the Tony Elumelu Foundation, he would continue investing in entrepreneurship and critical sectors, including financial services, energy, healthcare, hospitality and technology.

“I have given my life to Africapitalism — the conviction that the African private sector, through long-term investment, can create not only economic prosperity but social wealth.

“As I close this chapter at UBA, I do so not with nostalgia, but with excitement for the future of UBA, the future of African enterprise and the limitless opportunities that lie ahead for our continent,” he said.

ABUJA, Nigeria (NPA) — President of the African Export-Import Bank (Afreximbank), Dr George Elombi, has called on African journalists to reshape global perceptions of the continent by highlighting its economic achievements rather than reinforcing negative stereotypes that discourage investment.

Speaking at a media roundtable in Abuja on Wednesday, Elombi said persistent negative narratives about Africa continue to undermine the continent’s ability to attract investment, mobilise capital and secure the expertise needed for sustainable development.

According to him, international media coverage of Africa is overwhelmingly dominated by stories of conflict, hunger, coups, disasters and political instability, while giving little attention to the continent’s industrial, infrastructure and economic successes.

He said the imbalance reinforces what he described as a “colonised mindset” that leaves Africa dependent on external validation.

“We must change that narrative by highlighting African successes and demonstrating that excellence is an everyday reality across the continent,” Elombi said.

The Afreximbank president also criticised international credit rating agencies for what he described as unfair assessments of African institutions, arguing that they routinely assign lower ratings simply because organisations operate on the continent.

According to him, African financial institutions, including Afreximbank, have consistently recorded lower loan default rates than many institutions in other regions despite being labelled as high-risk.

“What is the basis for describing Africa as a risky environment when less money is lost here than elsewhere? We must change that narrative to show that Africa is not more risky than the rest of the world, at least in terms of loan defaults,” he said.

Elombi expressed support for the African Union’s plan to establish an independent African credit rating agency, saying such an institution would assess African businesses based on local realities rather than external biases.

“We must have an African rating agency run by Africans and based in Africa to rate corporates seeking finance according to our realities on the continent,” he added.

Highlighting Afreximbank’s development initiatives, Elombi cited the African Medical Centre of Excellence (AMCE) in Abuja as a flagship project designed to reduce medical tourism by providing world-class specialised healthcare, particularly in cardiology and haematology.

He disclosed that the bank had established a 75 million-dollar endowment fund to support research into diseases such as sickle cell disorder, which disproportionately affects people of African descent.

Elombi also highlighted Afreximbank’s role in promoting industrialisation through strategic infrastructure financing.

He revealed that the bank provided 2.5 billion dollars in support for the Dangote Refinery to strengthen Africa’s energy security, reduce dependence on imported petroleum products and demonstrate the continent’s capacity to process its own raw materials.

He added that Afreximbank has since supported the refinery with a further one billion-dollar working capital facility while also serving as financial adviser on Nigeria’s naira-for-crude initiative.

On regional trade integration, Elombi said the Pan-African Payment and Settlement System (PAPSS) is now operational in 28 African countries, with participation from their central banks as well as more than 190 commercial banks and fintech companies.

He described PAPSS as a transformative platform that enables cross-border trade using African currencies, reducing reliance on the U.S. dollar and strengthening intra-African commerce.

Elombi urged journalists across the continent to consistently project stories of innovation, industrialisation and economic transformation, stressing that changing Africa’s global narrative is essential to attracting investment, creating jobs and accelerating sustainable development.

LAGOS, Nigeria (NPA) — Dangote Petroleum Refinery and Petrochemicals has announced another reduction in the ex-depot price of Premium Motor Spirit (PMS), marking its fourth price cut within one month, while assuring Nigerians that further reductions are expected as lower-cost crude oil gradually enters its production cycle.

The latest ₦50 per litre reduction brings the cumulative decrease in the refinery’s ex-depot petrol price to ₦200 per litre since May 30, 2026, lowering the gantry price to ₦1,075 per litre.

Over the same period, the refinery has reduced the ex-depot price of Automotive Gas Oil (AGO), commonly known as diesel, by ₦300 per litre, while Jet A1 aviation fuel has recorded a cumulative reduction of ₦520 per litre.

The company said the successive price cuts underscore its commitment to ensuring Nigerians benefit from favourable market developments while maintaining the operational and financial sustainability of Africa’s largest refinery.

The clarification comes amid growing public concern over the continued high cost of petroleum products despite the recent decline in global crude oil prices following the ceasefire agreement between the United States and Iran.

In a statement issued on Thursday, Dangote Refinery explained that petroleum product prices do not immediately mirror daily movements in international crude oil prices because crude is procured weeks—and in some cases months—before it is refined.

According to the company, crude supply contracts are largely based on monthly average pricing mechanisms rather than prevailing spot market prices.

As a result, the petroleum products currently being supplied to the Nigerian market are being produced from inventories acquired when crude prices were substantially higher than current international benchmarks.

The refinery disclosed that the average landed cost of crude processed in May was approximately 124.80 US dollars per barrel, while June averaged 95.25 US dollars per barrel, compared with the current international benchmark price of about 71.01 US dollars per barrel.

It also noted that its crude purchases are not based solely on the Brent benchmark quoted in international markets but include Dated Brent premiums, freight and logistics costs, resulting in significantly higher landed costs.

Despite the elevated feedstock costs, the refinery said it deliberately absorbed a substantial portion of the increase instead of transferring the full burden to consumers.

According to the company, the strategy was adopted to promote market stability, ease inflationary pressures and shield Nigerians from the extreme volatility experienced in global energy markets.

“These reductions demonstrate our commitment to passing on cost efficiencies to consumers while maintaining the operational and financial sustainability of domestic refining,” the statement said.

The company added that the latest ₦50 per litre reduction is the fourth cut in petrol prices within one month, stressing that its pricing decisions are based on actual production economics and inventory costs rather than short-term fluctuations in international oil prices.

Dangote Refinery also highlighted the strategic role of domestic refining in strengthening Nigeria’s energy security.

It said local refining has significantly reduced dependence on imported petroleum products, conserved foreign exchange and enhanced price stability for consumers and businesses.

Looking ahead, the refinery expressed optimism that fuel prices would continue to moderate as lower-cost crude cargoes gradually replace higher-priced inventories, provided international market conditions remain favourable.

“Our objective remains unchanged: to supply high-quality, internationally compliant petroleum products at competitive prices while strengthening Nigeria’s energy security, supporting economic growth and ensuring the long-term sustainability of Africa’s largest refinery,” the company said.

It thanked Nigerians for their continued confidence and support, reaffirming its commitment to building a stable, efficient and globally competitive downstream petroleum industry that serves the interests of consumers, businesses and the nation.