New Post Africa

Category: Business

  • Nigeria’s NNPC launches Cawthorne Crude onto global market

    Nigeria’s NNPC launches Cawthorne Crude onto global market

    ABUJA, Nigeria, 11 April 2026 (NPA) — The Nigerian National Petroleum Company (NNPC) Limited has commenced export of its new crude grade, Cawthorne, marking a significant milestone in Nigeria’s drive to boost crude oil production and diversify its export portfolio.

    Cawthorne blend crude, the latest addition to Nigeria’s basket of grades, has an API gravity of 36.4, placing it firmly within the light, sweet category. Comparable to Bonny Light, it is highly valued internationally for its superior petrol and diesel yields.

    NNPC Ltd confirmed that on 5 April 2026, the maiden cargo of 950,000 barrels was loaded onto the MT Eburones vessel via the Cawthorne Floating Storage and Offloading (FSO) facility offshore Bonny, Rivers State, and shipped to the Netherlands. The FSO enhances crude evacuation from OML 18, strengthening Nigeria’s export reliability, operational efficiency, and energy security.

    According to a statement signed by Andy Odeh, Chief Corporate Communications Officer, the launch of Cawthorne underscores NNPC Ltd’s deliberate strategy to unlock value from its asset base, deepen competitiveness, and support the Presidential mandate of scaling crude oil production to three million barrels per day and gas output to 12 billion cubic feet per day by 2030.

    Group Chief Executive Officer Engr. Bashir Bayo Ojulari commended President Bola Ahmed Tinubu’s policy direction and sector reforms, as well as the collaboration of OML 18 partners, the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), and other stakeholders. He stressed that NNPC Ltd remains focused on disciplined execution, innovation, and partnerships to ensure sustainable growth and energy security.

    Ojulari added: “This milestone reflects the direction we have set for NNPC Limited — one anchored on execution, partnership, and value creation. We are moving decisively from resource potential to resource monetisation, ensuring that every asset delivers measurable commercial outcomes.”

    The successful export of Cawthorne follows recent additions such as Nembe and Utapate, reinforcing Nigeria’s position as a reliable global energy supplier. NNPC Ltd pledged to continue leveraging innovation and strategic partnerships to unlock the full value of Nigeria’s hydrocarbon resources while safeguarding long‑term energy security and economic growth.

  • TCN announces planned power outage in Uyo, Eket, Ekim, and Ibom Power over planned maintenance 

    TCN announces planned power outage in Uyo, Eket, Ekim, and Ibom Power over planned maintenance 

    ABUJA, Nigeria, 11 April 2026 (NPA) — The Transmission Company of Nigeria (TCN) has announced a planned maintenance exercise on the Uyo/Itu 132kV Transmission Line.

    According to a statement signed by Ndidi Mbah, General Manager, Public Affairs, the outage will run daily from 8 a.m. to 5 p.m. for fourteen days, spread across three days each week, beginning on 9 April 2026 at 2:05 p.m. The exercise is to enable contractors to string the Optical Ground Wire (OPGW) along the line. Once completed, the project is expected to boost wheeling capacity, reduce frequent outages, and enhance overall system stability.

    TCN confirmed that contractors are already on-site working to ensure the bulk power supply is restored as quickly as possible.

    As a result, the Port Harcourt Electricity Distribution Company (PHEDC) will be unable to off‑take power supply to customers in Uyo, Eket, Ekim, and Ibom Power during the outage period.

    TCN apologised for the inconvenience to electricity consumers in the affected areas and assured that every effort is being made to complete the exercise within the stipulated timeframe.

  • Nigerian equities close bullish as ASI gains 0.54%

    Nigerian equities close bullish as ASI gains 0.54%

    LAGOS, Nigeria, 10 April 2026 (NPA) — The Nigerian Exchange (NGX) closed bullish on Friday as the All‑Share Index (ASI) rose by 0.54% to 203,770.43 points. Market capitalisation of listed equities also advanced by 0.54%, closing at ₦131.16 trillion.

    Fixed income securities recorded growth, with market capitalisation rising to ₦48.71 trillion, while Exchange‑Traded Products (ETPs) dipped to ₦136.33 billion.

    Top gainers included TRANEX (+9.91% to ₦3.77), Chams (+9.84% to ₦3.35), Guinness Nigeria (+9.38% to ₦462.90), and another stock surging +36.30% to ₦115.86. These strong performances helped lift overall market sentiment.

  • NNPC reports oil production growth following pipeline security measures

    NNPC reports oil production growth following pipeline security measures

    ABUJA, Nigeria, 10 April 2026 (NPA) — The Nigerian National Petroleum Company Limited (NNPC) says national crude oil production has rebounded significantly, rising from a historic low of 960,000 barrels per day in 2022 to an average of 1.71 million barrels per day, with a peak of 1.84 million barrels per day in 2025. The growth is attributed to the integrated energy security framework for pipelines in the Niger Delta.

    According to a statement by Chief Corporate Communications Officer Andy Odeh, Group Chief Executive Officer Engr. Bashir Bayo Ojulari disclosed the figures at the Parliamentary Roundtable on Pipeline Security held at the National Assembly on 8 April.

    Ojulari said the success was achieved through an “integrated energy security model” combining legislative and executive policy alignment, actionable intelligence, kinetic deployment, regulatory oversight, industry cooperation, and community‑based surveillance. He noted that tackling oil theft and pipeline sabotage has restored investor confidence in Nigeria’s oil and gas sector.

    In his address, Senate President Godswill Akpabio, represented by Senator Jimoh Ibrahim, called for stronger collaboration among agencies and stakeholders to sustain production growth. Speaker of the House of Representatives, represented by House Leader Hon. (Prof.) Julius Ihonvbere, urged the forum to evaluate progress to ensure fairness and equity.

    The roundtable was convened by the Joint Senate and House Committees on Petroleum Resources and attended by the Senate President, the Speaker, the National Security Adviser, the Minister of Defence, and representatives of regulatory agencies. Presentations were also delivered by the Chief of Defence Staff, Inspector General of Police, Director‑General of the Department of State Services, Commandant‑General of the Nigerian Security and Civil Defence Corps, and private security companies.

  • Afreximbank posts US$1.2 billion profit as assets hit US$48.5 billion

    Afreximbank posts US$1.2 billion profit as assets hit US$48.5 billion

    CAIRO, Egypt, 10 April 2026 (NPA) — The African Export‑Import Bank (Afreximbank) and its subsidiaries have reported a net profit of US$1.2 billion for the year ended 31 December 2025, underscoring sustained resilience, market confidence and strategic execution.

    Total assets and contingencies grew by 21% to US$48.5 billion, up from US$40.1 billion in 2024, while net loans and advances rose 16% to US$33.5 billion, driven by disbursements across Africa and the Caribbean in manufacturing, infrastructure, food security and climate adaptation.

    The Group’s non‑performing loan ratio remained stable at 2.43%, with liquidity strengthened by cash and equivalents of US$6.0 billion, representing 14% of total assets. Shareholders’ funds increased by 17% to US$8.4 billion, supported by net income and new equity inflows of US$299.4 million under the General Capital Increase II.

    Gross income rose by 6% to US$3.5 billion, while operating expenses climbed to US$459.2 million, reflecting staff expansion and inflationary pressures. Despite this, the cost‑to‑income ratio stood at 21%, well below the strategic ceiling of 30%.

    In 2025, Afreximbank successfully raised over US$800 million from Japan and China through Samurai and Panda bonds, demonstrating its fundraising capacity and reinforcing its role as a pan‑African multilateral financial institution.

    The Bank said the results were achieved through expanded delivery of tailored financial and advisory solutions that supported trade, fostered industrialisation and enhanced economic self‑reliance across the continent.

  • Federal Government to deliver 480MW Abeokuta substation by December

    Federal Government to deliver 480MW Abeokuta substation by December

    ABUJA, Nigeria, 9 April 2026 (Agency Report) — The Federal Government has announced that the new 480‑megawatt Abeokuta substation under construction in Ogun State will be completed and inaugurated by December.

    Managing Director and Chief Executive Officer of FGN Power Company, Mr Kenny Anuwe, gave the assurance on Thursday during an inspection of the project at Toolu community in Obafemi Owode Local Government Area. He reaffirmed the government’s commitment to improving the electricity supply nationwide, noting that President Bola Tinubu’s administration is investing heavily in power infrastructure to address longstanding challenges.

    Anuwe disclosed that resources have been committed to upgrading five brownfield substations in Abeokuta, Ayede, Offa, Onitsha and Sokoto under Phase One, expected to add about 986 megawatts to the national grid. He added that over 1,000 megawatts have already been injected through mobile substations and transformers under the Presidential Power Initiative.

    “The new facility, which complements the existing substation, will add 480 megawatts to the grid and improve electricity supply across the state. Civil works will be completed between June and July, followed by electrical installations, with commissioning scheduled for December,” Anuwe said. He commended President Tinubu for providing resources and urged contractors to sustain momentum.

    Chief Technical Officer of FGN Power Company, Mr Ebenezer Fapounda, explained that the project would upgrade capacity from 132kV to 330kV, reducing load shedding and addressing supply shortfalls from Ikeja West to Ogun.

    Project Manager for Siemens Energy, Mr Yusuf Mayhaja, assured that work is progressing as planned, while Project Director Mr Eli Akiki expressed confidence in timely completion, stressing that the company remains committed to delivering and inaugurating the substation before the end of 2026.

  • NAFDAC hails Sam Pharmaceuticals’ new lagos facility as boost for local drug production

    NAFDAC hails Sam Pharmaceuticals’ new lagos facility as boost for local drug production

    LAGOS, Nigeria, 9 April 2026 (NPA) — The Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC) has commended Sam Pharmaceuticals following the commissioning of its new manufacturing facility in Lagos.

    NAFDAC described the commissioning of Sam Pharmaceuticals Ltd’s plant as a significant milestone in advancing local pharmaceutical production in Nigeria. The event also featured tributes to the Agency’s Director-General, Professor Mojisola Adeyeye, for her leadership in strengthening the sector through policies that promote quality, safety, and local capacity development.

    In a statement issued today, NAFDAC noted that stakeholders at the event highlighted the Agency’s 5+5 Policy as instrumental in driving increased local manufacturing, contributing to a rise in domestic pharmaceutical output. They further acknowledged that NAFDAC’s regulatory reforms and commitment to global best practices have enhanced investor confidence and supported industry growth.

    Reaffirming its commitment, NAFDAC pledged to continue fostering a robust and self-sufficient pharmaceutical sector, ensuring the availability of safe, effective, and affordable medicines for Nigerians. The Agency emphasised that sustained collaboration between regulators and industry players remains critical to achieving national drug security and improved healthcare outcomes.

  • Scheduled preventive maintenance at Omotosho Transmission Substation, power outage expected

    Scheduled preventive maintenance at Omotosho Transmission Substation, power outage expected

    ABUJA, Nigeria, 8 April 2026 (NPA) — The Transmission Company of Nigeria (TCN) has announced a scheduled preventive maintenance exercise at the Omotosho Transmission Substation.

    The work will take place today, 8 April 2026, from 9:00 a.m. to 5:00 p.m. on the 150MVA 330/132/33kV transformer and the 44/40MVA 132/33kV transformer.

    According to a statement issued by Ndidi Mbah, General Manager (Public Affairs), the exercise is necessary to investigate and rectify a fault affecting the remote operation of the secondary breaker on the 150MVA transformer. In addition, annual preventive maintenance will be carried out on the 44/40MVA transformer and its associated equipment.

    As a result, the Niger Delta Power Holding Company (NDPHC) and the Benin Electricity Distribution Company (BEDC) will be unable to offtake power through the Weewood, Igbotako, Rubber Estate, Igbokoda, and Ode-Aye 33kV feeders during the period.

    TCN has apologised for any inconvenience caused to electricity consumers in the affected areas.

  • SWEDD Empowered young women driving change through skills and jobs in West and Central Africa

    SWEDD Empowered young women driving change through skills and jobs in West and Central Africa

    INTERNATIONAL, April 6, 2026 (NPA) — From potential to skills and real jobs, young women across Western and Central Africa are reshaping their futures through training and employment opportunities provided by the Sub-Saharan Africa Women’s Empowerment and Demographic Dividend project (SWEDD/SWEDD+).

    Since its inception in 2015, the initiative has reached nearly 3 million women and adolescent girls, linking education, skills development, and access to health services with real economic pathways. More than 255,000 participants have acquired practical skills and transitioned into stable employment, showing how investment in women’s education and workforce participation strengthens families, communities, and local economies.

    Across the region, stories of transformation abound. In Benin, Angelique and Odette, who left school early due to financial hardship, were trained in solar photovoltaic installation through SWEDD. Today, they work with a private company, installing solar panels and bringing renewable energy to rural villages. “Now we’re motivated and earning money to support our families. We’re happy to bring solar energy to the villages,” Angelique said, her pride evident.

    Harmelle, also from Benin, faced similar challenges after leaving school at 14 and becoming a widow at a young age. With her twin sister, she joined a SWEDD entrepreneurship program in snail farming. The training and starter kit provided not only income but also stability. “When I started farming, there were difficulties, but then we began earning money, and everyone was better off,” she recalled.

    In Chad, Djogoita pursued midwifery, inspired by her father’s service as a police officer. Her training now allows her to provide essential maternal and child health services. “When they bring me a pregnant woman or a child, I can use the knowledge I gained to help them,” she said proudly, highlighting the confidence and purpose her new role has given her.

    These individual stories reflect a broader shift. While about 40% of young women in West and Central Africa remain outside school, training, or employment, SWEDD+ is changing trajectories by expanding opportunities, building confidence, and strengthening institutional capacity for equal rights.

    The World Bank Group emphasizes that investing in women is one of the smartest economic bets for powering local economies. By equipping young women with relevant skills and connecting them to jobs, programs like SWEDD+ turn human potential into productive employment that fuels inclusive and sustainable growth.

    As the activities marking the International Women’s Month wind down, the voices of Angelique, Odette, Harmelle, and Djogoita is a remind that Africa’s future resilience is already taking shape — one empowered young woman at a time, trained, employed, and determined to drive change in her community.

  • Tinubu approves ₦3.3 trillion power bailout to end Nigeria’s decade of darkness

    Tinubu approves ₦3.3 trillion power bailout to end Nigeria’s decade of darkness

    ABUJA, NIGERIA, April 5, 2026 (NPA) — President Bola Ahmed Tinubu has approved a ₦3.3 trillion payment plan aimed at restoring reliable electricity across Nigeria. The landmark move seeks to finally settle long-standing debts under the Presidential Power Sector Financial Reforms Programme, resolving legacy issues that have crippled the sector for more than a decade.

    According to Bayo Onanuga, Special Adviser to the President (Information and Strategy), today, the debts accumulated between February 2015 and March 2025. Following verification, ₦3.3 trillion was agreed as a full and final settlement, ensuring transparency and fairness.

    Implementation is already underway, with 15 power plants signing settlement agreements worth ₦2.3 trillion. The Federal Government has raised ₦501 billion to fund the payments, of which ₦223 billion has been disbursed, with further payments in progress.

    Officials say the bailout will stabilize power generation, improve electricity reliability, and attract new investments. “This programme is not just about settling debts. It is about restoring confidence across the power sector — ensuring gas suppliers are paid, power plants keep running, and the system works more reliably,” explained Olu Arowolo-Verheijen, Special Adviser on Energy to the President.

    She added that reforms also include better metering and service-based tariffs, linking payments to electricity quality, while prioritizing supply to businesses and industries to boost jobs and economic growth.

    President Tinubu commended stakeholders for supporting the resolution of legacy issues and confirmed that the next phase of the programme (Series II) will begin this quarter.