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Category: Business

  • AEDC announces two-day planned power outage in abuja over infrastructure relocation

    AEDC announces two-day planned power outage in abuja over infrastructure relocation

    ABUJA, Nigeria — The Abuja Electricity Distribution Company has announced a two-day planned power outage affecting parts of the Federal Capital Territory (FCT) to allow for the relocation of critical electricity infrastructure.

    According to a public notice dated May 8, 2026, the outage will affect residents in Lugbe, Airport Road, Gaduwa, and parts of Apo.

    The shutdown is scheduled for Saturday and Sunday, May 9 and 10, 2026, and is being carried out at the instance of the Federal Capital Development Authority.

    AEDC said the exercise is necessary to facilitate the relocation of power infrastructure along the 33kV Feeders H21 and H23, as well as the 11kV Feeder H1A in the Gaduwa District, to enable ongoing road construction works in the area.

    During the period, electricity supply to the affected communities will be temporarily interrupted, with restoration expected upon completion of the relocation exercise.

    The company assured residents that the outage is part of efforts to support public infrastructure development while maintaining the integrity of the electricity distribution network.

    AEDC also provided a contact line for enquiries and appealed for understanding from affected customers.

    “We sincerely apologise for any inconvenience caused and appreciate your understanding,” the notice stated.

  • Armed robbers invade Offa transmission station, TCN declares force majeure

    Armed robbers invade Offa transmission station, TCN declares force majeure

    ABUJA, Nigeria (NPA) — The Transmission Company of Nigeria (TCN) has declared force majeure on the Offa 132kV Transmission Substation following a robbery incident at the facility.

    According to the company, the substation, located in Offa, was invaded by heavily armed men who reportedly forced their way into the control room and held personnel on duty hostage at gunpoint.

    In a statement issued by General Manager, Public Affairs, Ndidi Mbah, the attackers allegedly ordered the operator on duty to shut down both the Offa and Ojoku 33kV feeders at exactly 12:45 a.m. on Thursday, May 7, 2026.

    The assailants were also said to have demanded a total shutdown of the substation. During the incident, some control switches and relay buttons were reportedly tampered with, while the 40MVA transformer was shut down at about 1:07 a.m.

    TCN disclosed that efforts were immediately made to restore operations after the incident.

    According to the company, the 40MVA transformer was restored at 1:13 a.m., while the Offa 33kV feeder was restored at 1:14 a.m. The Ojoku 33kV feeder was subsequently restored at 2:15 a.m.

    The company expressed regret over the inconvenience caused by the incident and reaffirmed its commitment to efficient electricity transmission across the country.

    “TCN regrets the inconvenience this incident may have caused and reaffirms its mandate to transmit bulk electricity efficiently to distribution companies’ load centres across the country,” the statement said.

  • NNPC/Renaissance JV flags off Vision First Plus health outreach in Ogoniland

    NNPC/Renaissance JV flags off Vision First Plus health outreach in Ogoniland

    RIVERS STATE, Nigeria (NPA) — The Nigerian National Petroleum Company Limited (NNPC) and its partners — Renaissance, TotalEnergies, and AENR Joint Venture, operated by Renaissance Africa Energy Company Limited — have launched the B-Dere Vision First Plus (Vision First + Health-In-Motion) Programme at the Model Primary Health Care Centre in B-Dere Community, Gokana Local Government Area of Rivers State.

    The four-day outreach, held from May 5 to May 8, 2026, was delivered in collaboration with the Rivers State Ministry of Health and the Kolmarg Eyesight Foundation. Hundreds of residents turned out to access free medical services, including eye screening, consultations and surgeries, provision of reading glasses, dental care, cancer screening, laboratory testing, health education, treatment of chronic and minor ailments, and distribution of insecticide-treated nets.

    During the flag-off ceremony, Nkechi Anaedobe, Head of Business Services at NUIMS, NNPC Ltd., joined Dr. Vincent Nwachukwu, Director of Medical Services at the Rivers State Ministry of Health, to present wellness packs to community members.

    The programme is part of NNPC Ltd.’s commitment to expanding access to quality healthcare in host communities and building sustainable partnerships with state institutions and credible non-profits.

  • 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.