Dangote Contracts Honeywell for Major Refinery Capacity Upgrade to 1.4m BPD

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28/11/2025

Dangote Group is pleased to announce that it has entered a strategic partnership with Honeywell International Inc to support the next phase of expansion of the Dangote Petroleum Refinery.

This collaboration will provide advanced technology and services that will enable the refinery to increase its processing capacity to 1.4 million barrels per day by 2028, marking a major milestone in our long-term vision to build the world’s largest petroleum refining complex.

Through this agreement, Honeywell will supply specialised catalysts, equipment, and process technologies that will allow the refinery to process a broader slate of crude grades efficiently and to further enhance product quality and operational reliability.

Honeywell, a global Fortune 100 industrial and technology company, offers a wide portfolio of solutions across aviation, automotive, industrial automation, and advanced materials.

Honeywell’s division UOP has been a technology partner to Dangote since 2017, providing proprietary refining systems, catalyst regeneration equipment, high performance column trays, and heat exchanger technologies that support our best-in-class operations.

Dangote Group is also advancing its petrochemical footprint. As part of the wider collaboration, we are scaling our polypropylene capacity to 2.4 million metric tons annually using Honeywell’s Oleflex technology. Polypropylene is a key industrial material widely used across packaging, manufacturing, and automotive applications.

In addition to refining expansion, Dangote Group is progressing with the next phase of its fertiliser growth plan in Nigeria. We will increase our urea production capacity from 3 million metric tons to 9 million metric tons annually. The existing plant consists of two trains of 1.5 million metric tons each. The expansion will add four additional trains to meet growing demand for high-quality fertiliser across Africa and global markets.

Dangote Group remains fully committed to delivering world-class industrial capacity, strengthening Nigeria’s energy security, and driving sustainable economic growth through long-term investment, innovation, and strategic global partnerships.

AIICO Launches All-in-One Financial Protection for Nigeria’s Underserved Population

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27/11/2025

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L-R:

Mr. Mike Eko – (Novus Agro Limited)

Mr. Oluwatosin Adesiyan (Associate Partner, Altimapa Capital, UK)

Mr. Isaac Magina (Africa Reinsurance Corporation)

Debo Abodunrin (MD/CEO, Truvis Agro Services Limited)

Mr. Lanre Sogbesan (GM, Scib Nigeria)

Alhaji Saheed Egbeyemi (DMD, Hogg Robinson Nigeria)

Mr. Edwin Igbiti (Immediate Past President, CIIN)

Honourable Esther Bepeh (Special Adviser – Governor of Cross River State)

Mr. Babatunde Fajemirokun (MD/CEO, AIICO Insurance Plc)

Mrs. Bola Odukale (DG, Nigerian Insurers Association)

Mr. Adewale Kadri (ED, Technical, AIICO Insurance Plc)

Mr. Stephen Raya (NAICOM)

Mrs. Funke Adenusi (Vice President, NCRIB)

Mr. Gbenga Ilori – (ED, Retail Business Division, AIICO Insurance Plc)

Dr. (Mrs.) Yeside Oyetayo (CIIN)

Mr. Dele Ige (CEO, Federated Loss Adjusters Limited)

AIICO Insurance Plc has officially launched its groundbreaking product, AIICO All-in-One Financial Protection, a bundled insurance solution designed to address the longstanding financial vulnerabilities faced by Nigeria’s smallholder farmers, rural families, and underserved populations.

The unveiling took place in Lagos, following an extensive countrywide engagement tour across Ibadan, Kano, and Calabar.

For decades, millions of hardworking Nigerians in the informal sector; market traders, smallholder farmers, artisans, transporters, and micro-entrepreneurs have remained exposed to huge financial shocks. A single illness, accident or emergency can erode years of savings, destabilise households, and push families deeper into poverty. Without structured retirement support, many also face the risk of hardship after their active working years.

AIICO’s All-in-One Financial Protection is a direct response to these socio-economic realities. Supported by AIICO’s international partners, LeapFrog Investments (UK) and the European Investment Bank (EIB), the solution brings together three essential covers in one accessible, affordable package:

Personal Accident Insurance – Provides compensation for accidental injury, permanent disability, or death.
Hospital Encashment – Offers cash benefits during hospital admission to help families manage medical and daily living expenses.
Deferred Annuity – A long-term retirement savings plan enabling low-income earners to build a financial cushion for the future.

Premiums have been intentionally structured to be affordable for low-income earners, with annual rates starting from ₦800 for Personal Accident and ₦5,000 for Hospital Encashment. Deferred Annuity contributions remain flexible and are determined by the customer’s age, selected annuity level, gender, and preferred commencement date.

Nationwide Engagement and Strong Reception

Ahead of the product launch, AIICO undertook market engagements and awareness campaigns across key agricultural regions – Ibadan (Southwest), Kano (North-Central), and Calabar (South-South).

The company met with traditional rulers, community leaders, farmer associations, aggregators, cooperatives, and rural households, introducing the product and capturing real-time feedback.

The reception was overwhelmingly positive, with admiration expressed for AIICO’s deliberate effort to bring insurance education and financial protection closer to the people.

Stakeholders highlighted the importance of simple, affordable solutions, especially offerings that cover health emergencies, accidents, and provide a pathway to retirement security.

A Vision Anchored on Financial Inclusion

Speaking at the launch, AIICO’s Managing Director/CEO, Mr. Babatunde Fajemirokun, reaffirmed the company’s commitment to expanding insurance penetration and strengthening financial inclusion across Nigeria.

“We have adopted a grassroots strategy, conducting enlightenment campaigns in Ibadan, Kano, and Calabar, and our interactions with these communities have provided valuable insights into their challenges and aspirations. The AIICO All-in-One Financial Protection is our promise of support to Nigeria’s smallholder farmers and informal workforce, ensuring that illness, accident, or emergency does not erode years of hard work. This innovation brings security and peace of mind to the hardworking individuals who form the backbone of our economy.”

He added: “As a company with a history spanning over 60 years, our mission continues to be about creating solutions that enable Nigerians to thrive. This product is a reflection of that commitment; simple, accessible, and designed for everyday people who deserve peace of mind.”

Stakeholder Appreciation and Assurance of Value

Also speaking at the unveiling, Mr. Adewale Kadri, Executive Director, Technical, expressed gratitude to the leaders, associations, and farmers who warmly welcomed the product during the engagement tours.

“We are deeply appreciative of the traditional leaders, community heads, farmer groups, and value-chain players who received us across Ibadan, Kano, and Calabar. Their encouragement, insights, and enthusiasm reaffirmed that this product is timely and truly needed,” he noted.

He emphasised the universal relevance of the solution: “The All-in-One Financial Protection is not just for farmers – it is suitable for nearly everyone, regardless of social or economic standing. It provides meaningful coverage that shields families from financial shocks while also supporting long-term financial stability.”

Mr. Kadri further highlighted AIICO’s track record: “Our industry leadership is built on trust, strengthened by consistent claims payment over the decades. This legacy drives us every day to innovate and design products that reflect the real needs of Nigerians. We are committed to ensuring that financial protection is not a privilege, but something accessible to all.”

A Catalyst for Deepening Insurance Penetration

The new product is expected to serve as a significant catalyst in closing Nigeria’s protection gap and driving insurance adoption, especially in rural and semi-urban communities where penetration remains low. By bundling three essential covers into one package at price points that align with the realities of low-income earners, the solution is poised to impact millions of families.

AIICO’s expanded distribution efforts, partnerships with community structures, and engagements across the agricultural value chain reinforce the company’s commitment to taking insurance beyond urban centers and embedding it in communities where vulnerabilities are highest.

AIICO Insurance is a leading composite insurer in Nigeria, with a 60-year record of accomplishment in delivering quality service to its clients. Founded in 1963, AIICO provides life and general insurance, health insurance, and investment management services to create and protect wealth for individuals, families, and corporate customers.

NNPC Declares ₦5.4tn Profit After Tax

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27/11/2025

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NNPC Limited has announced its financial performance for the full year ended 2024, reporting a Profit After Tax of ₦5.4 trillion on revenue of ₦45.1 trillion. The results, shared during its earnings call with analysts, underscore a year of strong operational delivery.

Building on this performance, the Company unveiled its strategic roadmap to drive sustained growth and support Nigeria’s energy transition through 2030. The plan prioritises increased oil and gas production and outlines a $60 billion investment pipeline across the energy value chain.

2024 Financial Highlights

NNPC Limited’s results demonstrate strengthened financial resilience and enhanced operational efficiency:

Revenue: ₦1 Trillion, 88% year-on-year growth
Profit After Tax: ₦4 Trillion, 64% year-on-year growth
Earnings Per Share: ₦07, 64% year-on-year growth

“The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” said Bashir Bayo Ojulari, Group Chief Executive Officer. “They offer a solid foundation for the ambitious growth ahead, in line with President Bola Ahmed Tinubu’s mandate, and reaffirm our commitment to delivering value to Nigerians.”

A Roadmap for Sustained Growth and Energy Security

NNPC Limited is accelerating investments across upstream operations, gas infrastructure, and clean energy to extend growth into the next decade. Key strategic targets include:

Increasing crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030.
Growing natural gas production to 10 bcf/d by 2027 and 12 bcf/d by 2030 and completing major gas infrastructure projects such as Ajaokuta-Kaduna-Kano (AKK), Escravos-Lagos Pipeline System (ELPS) and Obiafu-Obrikom-Oben (OB3) pipelines to strengthen domestic supply and regional integration.
Mobilising $60 billion in investments across the upstream, midstream, and downstream sectors by 2030.

“Our transformation is anchored on transparency, innovation, and disciplined growth,” Ojulari added. We are positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.”

NNPC Limited is Nigeria’s leading oil and gas company. Founded in 1977, the organisation underwent a major transformation in July 2022, becoming a fully commercial and profit-driven entity under the Petroleum Industry Act (PIA) of 2021.

Today, NNPC Limited plays a pivotal role across the entire oil and gas value chain, from exploration and production to refining and distribution, driving growth and energy security for Nigeria and the continent.

Stanbic IBTC Unveils Digital Lending Suite to Enhance Access to Credit

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27/11/2025

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Stanbic IBTC Bank, a member of Standard Bank Group, has launched its Digital Lending Suite, an integrated platform that consolidates all the Bank’s retail loan offerings into one digital access point.

The platform has products such as EZ Cash, Unsecured Personal Loan (UPL) and many more consumer loan options reflecting the bank’s commitment to simplifying borrowing and strengthening financial inclusion through technology.

The Digital Lending Suite was developed in response to customers’ evolving needs for convenient, secure, and reliable credit solutions. By providing seamless access to multiple loan products via digital channels, the bank continues to demonstrate its leadership in driving financial innovation within Nigeria’s banking sector.

EZ Cash is designed to meet immediate, short-term needs, offering customers instant access to loans from ₦50,000 up to ₦10 million with a tenor of up to 24 months. The Unsecured Personal Loan (UPL) caters to medium- to long-term financing requirements, providing larger loan amounts with repayment tenors of up to 48 months.

It is structured to accommodate salaried customers seeking to fund personal projects or lifestyle needs, with the added option to revolve the facility once a portion of the loan has been repaid.

Both products are exclusively available to salaried customers whose accounts are domiciled with Stanbic IBTC Bank; subject to credit assessments and approvals.

Commenting on the launch, Olu Delano, Executive Director, Personal & Private Banking, Stanbic IBTC Bank, noted that the Digital Lending Suite reinforces Stanbic IBTC Bank’s commitment to delivering customer-centric, technology-driven financial services.

By integrating our loan offerings into a single digital platform, we are improving access to credit while maintaining the speed, security, and reliability that our customers trust Stanbic IBTC Bank to provide.”

The Digital Lending Suite is available across multiple digital touchpoints, enabling customers to apply and receive funds with ease.

Applications are processed digitally via the new Stanbic IBTC Mobile App 3.0. The product is collateral-free, comes with a fixed monthly interest rate, and offers flexible repayment, including early repayment without penalty.

Ecobank Unveils SME Bazaar: A Festive Marketplace for Local Entrepreneurs

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27/11/2025

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Ecobank Nigeria, a member of Africa’s leading pan-African banking group, has announced the launch of the Ecobank SME Bazaar—a two-weekend festive marketplace designed to celebrate local creativity, empower entrepreneurs, and give Lagos residents a premium shopping experience this Detty December. The Bazaar will hold on 29–30 November and 6–7 December at the Ecobank Pan African Centre (EPAC), Ozumba Mbadiwe Road, Victoria Island, Lagos.

Speaking ahead of the event, Omoboye Odu, Head of SMEs, Ecobank Nigeria, reaffirmed the bank’s commitment to supporting small and medium-sized businesses, describing them as the heartbeat of Nigeria’s economy. She explained that the Ecobank SME Bazaar was created to enhance visibility for entrepreneurs, expand market access, and support sustainable business growth.

According to her, “This isn’t just a market—it’s a vibrant hub of culture, commerce, and connection. From fresh farm produce to trendy fashion, handcrafted pieces, lifestyle products, and delicious food and drinks, the Ecobank SME Bazaar promises an unforgettable experience for both shoppers and participating SMEs. Whether you’re shopping for festive gifts, hunting for unique finds, or soaking in the Detty December energy, this is the place to be.”

Ms. Odu added that participating businesses will enjoy increased brand exposure, deeper customer engagement, and meaningful networking opportunities—making the Bazaar a strong platform for both festive-season sales and long-term business growth.

The event is powered by Ecobank in partnership with TKD Farms, Eko Marche, Leyyow, and other SME-focused organisations committed to building sustainable enterprises.

About Ecobank Nigeria
Ecobank Nigeria is a member of the Ecobank Group, the foremost pan-African banking institution with operations in 33 African countries and international offices in London, Paris, Beijing, and Dubai. With over 220 branches, 50,000+ agency locations, and robust digital platforms, Ecobank delivers accessible, affordable, and instant banking services. The bank is strategically positioned to support Pan-African trade, particularly under the African Continental Free Trade Area (AfCFTA).

Nuclear is Critical in Nigeria’s ESG Transition

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27/11/2025

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Nigeria is entering a period of profound demographic and economic change. With a population of about 237.5 million people and rapid urbanisation, the country faces increasing pressure on land, resources and public services.

Today, about 40% of the population does not have access to electricity, while per capita electricity consumption remains extremely low at about 150 kWh per year, one of the lowest levels in Africa.

These pressures coincide with the need to create jobs, expand industrial capacity and improve the resilience of institutions that underpin long-term development.

As a result, questions of environmental responsibility, social progress and transparent governance are moving to the centre of national planning.

ESG principles are becoming relevant because they offer Nigeria a structured way to address challenges that are already shaping the country’s future.

Nigeria has already commenced a gradual formalisation of ESG standards across key sectors of the economy.

In 2024 the Financial Reporting Council approved a roadmap for adopting the ISSB S1 and S2 sustainability standards, which require companies to disclose climate risks, governance structures and social impacts. The Securities and Exchange Commission and the Nigerian Exchange have also introduced sustainability reporting guidelines for listed firms.

These initiatives aim to improve transparency, strengthen regulatory capacity and align Nigeria’s investment environment with international expectations. ESG, in this context, is becoming a practical tool for building the institutional foundations needed to support long-term development.

Energy is a central component of this effort because it influences almost every dimension of ESG. Reliable power is essential for social development, industrial growth and the functioning of public services. At the same time, reducing dependence on diesel-based systems can lower pollution and improve health outcomes.

Nigeria’s Energy Transition Plan prioritises the expansion of solar and other renewable sources, but also recognises the need for technologies that can provide stable output and support industrialisation. For ESG to have practical impact, the country requires an energy mix that strengthens institutions, reduces environmental pressures and supports a growing population.

Nuclear energy enters the ESG discussion at this point as one of the technologies capable of supporting long-term sustainability. Environmentally, nuclear power offers large-scale electricity generation with no direct greenhouse gas emissions during operation.

Socially, it creates high-value employment and supports the development of scientific and technical expertise. From a governance perspective, nuclear projects operate under rigorous international standards and require strong regulatory institutions, transparent oversight and well-defined responsibilities. These characteristics align nuclear energy with all three dimensions of ESG.

International experience shows how nuclear technologies contribute to wider development goals. China incorporates nuclear power into its low-carbon strategy and reports significant avoided emissions through its reactor fleet.

For instance, CGN Power stated that the amount of environmentally friendly electricity they generated in 2023 helped reduce the burning of conventional fuel equivalent to more than 100 million tonnes of standard coal and reduce carbon dioxide emissions by approximately 260 million tonnes.

Beyond electricity generation, nuclear technologies support a wide range of non-energy applications that align with the social and institutional dimensions of ESG. South Africa’s SAFARI-1 reactor has been in operation for 60 years, producing medical radioisotopes, supporting diagnostic and therapeutic procedures for millions of patients.

In 2018 South Africa’s Nuclear Energy Corporation (NECSA) and Russia’s Rosatom Health Technologies signed an agreement to expand cooperation in non-energy nuclear applications, including the production of medical isotopes and the development of healthcare technologies. SAFARI-1 has also enabled progress in agriculture, materials science and public health, illustrating the broad scope of peaceful nuclear applications.

Nigeria has already laid important foundations for its own peaceful nuclear programme. The research reactor NIRR-1, commissioned in 2004, supports training and scientific research.

Nigeria has identified two potential sites for its first nuclear power plant and expressed interest in small modular reactors during the IAEA Ministerial Conference in 2022.

The country works with several international partners on research, education and capacity building. In 2023 the Nigerian Atomic Energy Commission signed a memorandum with Russia’s Tomsk Polytechnic University on nuclear education and skills development.

These steps form the early institutional and educational base that any long-term nuclear programme requires and link directly to the governance and capacity-building pillars of ESG.

Nigeria’s ESG transition will require progress across environmental, social and governance dimensions. Nuclear energy has the potential to contribute to these goals when integrated into a broader strategy that includes renewables, grid improvements and institutional reform.

For a country facing rapid demographic expansion and long-term development pressures, nuclear represents a technology that can support resilience, economic growth and the practical demands of sustainable planning.

Sovereign Trust Insurance Secures Board’s Approval to Raise N5bn Capital

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25/11/2025

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Sovereign Trust Insurance Plc notifies its shareholders and the investing public that its Board of Directors, chaired by Mr. Abimbola Oguntunde, has approved an initial capital raise of N5 billion through a Rights Issue.

This represents a strategic first step in the Company’s phased recapitalisation agenda, undertaken in alignment with the requirements of the Nigerian Insurance Industry Reform Act (NIIRA) recently signed into law by President Bola Ahmed Tinubu.

The NIIRA framework mandates stronger capital buffers and enhanced solvency positions across the insurance sector, reinforcing the need for proactive capital planning by responsible operators.

The Rights Issue is projected to be completed within the first quarter of 2026. In line with global best practice, the Company has commenced structured engagements with all appointed professional parties, including issuing houses, legal advisers and auditors, and is currently finalising the necessary regulatory approvals prior to the formal opening of the offer to shareholders.

At the company’s 30th Annual General Meeting held on 25 September 2025; shareholders approved a set of key resolutions designed to strengthen Sovereign Trust Insurance Plc’s strategic and financial position. Chief among these was the endorsement of a capital raise of up to N20 billion to reinforce the balance sheet, improve liquidity buffers, and expand underwriting capacity in line with the heightened capital expectations introduced under the NIIRA regime.

Shareholders also approved the payment of a 5 kobo dividend per share, affirming confidence in the Company’s financial discipline and commitment to sustained value creation.

The market responded positively to these developments, with the Company’s stock emerging among the top gainers on the Nigerian Exchange (NGX) over several trading sessions in October 2025 – a clear indication of growing investor confidence and the strength of the Company’s operational fundamentals.

Commenting on this development, the Managing Director/Chief Executive Officer, Mr. Olaotan Soyinka, reiterated Management’s resolve to position the company among the top five insurers in Nigeria – a target aligned with industry benchmarks for operational efficiency, premium growth, and digital service delivery.

He encouraged shareholders to participate fully in the Rights Issue when it opens, noting that the Company remains firmly committed to innovation, digital transformation, market agility, and underwriting excellence.

According to him, these pillars are critical for sustaining long-term performance, improving customer experience and consolidating the Company’s position in a rapidly evolving insurance landscape.

Stanbic IBTC Pension Managers Highlights Innovation at ART X Lagos

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25/11/2025

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As ART X Lagos celebrated its tenth year, exploring how imagination can shape the future of African cities, Stanbic IBTC Pension Managers, a subsidiary of Stanbic IBTC Holdings, stood out through its sponsorship of The Library, an installation dedicated to knowledge, continuity, and cultural insight.

The 2025 fair, which was held in Lagos, embraced the theme ‘Imagining Otherwise, No Matter the Tide’, inviting audiences to reflect on how imagination can foster healthier, more connected urban futures. Over the years, ART X Lagos has grown into a vital platform for contemporary African expression.

For Stanbic IBTC Pension Managers, the partnership aligns with its belief that creativity, knowledge, and cultural preservation are essential to building thriving societies.

As an organisation committed to safeguarding the future of millions of Nigerians, it recognises art’s power to document history, inspire new thinking, and strengthen community bonds.

This year, the organisation expanded its contribution through The Library, an interactive installation designed as a space for quiet reflection and shared discovery. Inspired by the resilience of Nigeria’s mangrove ecosystems, The Library symbolises continuity, renewal, and the value of collective knowledge.

Visitors explored curated books and visual materials from the Guest Artists Space (G.A.S.) Foundation art library; selections from the ART X curator’s research archive; ART X Cinema programming; and an exhibition of works by the iconic Nigerian artist Bruce Onobrakpeya.

The installation offered a contemplative counterpoint to the fair’s vibrant energy, inviting audiences to consider how ideas and stories shape the world around them.

At the event, Olumide Oyetan, Chief Executive of Stanbic IBTC Pension Managers, highlighted how the theme reflects Nigeria’s resilience, a resilience mirrored in the ingenuity and determination of communities nationwide. He noted that imagination is central not only to artistic expression but also to long-term planning, resilience, and financial confidence, enabling us to envision possibilities beyond the present and build sustainable futures rooted in shared purpose.

He described The Library as a space for reflection, learning, inspiration, and a drive for tomorrow. Olumide emphasised the importance of nurturing young minds, encouraging them to appreciate art, and inspiring them to imagine a promising future.

He also expressed appreciation for the creativity and innovation of African artists, noting that showcasing this rich cultural heritage reflects a belief in every individual’s potential to foster positive change. He concluded by encouraging everyone to celebrate their culture and the promise of what lies ahead.

The event also featured the signature Kids Tour, welcoming 60 students from Lisabi Grammar School, Abeokuta; Mile High International School, Ikotun; and Roy Dek Academy, Makoko, Yaba, Lagos. The tour introduced participants to contemporary art, providing insights into various media and techniques while sparking curiosity and fostering early appreciation for visual arts.

Since ART X Lagos’ debut in 2016, Stanbic IBTC Pension Managers’ involvement has grown from a simple contribution to a purposeful collaboration focused on nurturing artistic expression and amplifying African perspectives globally.

In addition to The Library, the organisation hosted a private VIP experience for select high-net-worth clients, offering an intimate view of standout artworks and space for thoughtful conversation about legacy, creativity, and the evolving landscape of African art.

Through these initiatives, ART X Lagos and Stanbic IBTC Pension Managers strengthened connections between art, education, and community engagement.

As the fair enters a new decade, Stanbic IBTC Pension Managers remains a steadfast supporter of artists, curators, and cultural advocates enriching Nigeria’s creative landscape, and looks forward to expanding its cultural initiatives while championing imagination, knowledge preservation, and community resilience in the years ahead.

Union Bank Unveils “Save & Gain” Campaign to Reward Smart Savers

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25/11/2025

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Union Bank of Nigeria, one of Nigeria’s most trusted financial institutions, is excited to announce the launch of its new customer reward initiative designed to deepen engagement, drive premium account activity, and promote consistent savings behaviour among its customers.

Open to new and existing customers, the Save and Gain promo requires participants to open accounts, maintain and grow a monthly average balance of ₦50,000, complete at least five transactions monthly, and actively use digital channels such as cards, USSD, mobile, or internet banking.

Top deposit contributors will receive monthly rewards ranging from free debit cards, cash prizes of N50,000 and N100,000, respectively, within each level of participation.

A special reward of ₦30,000 cash vouchers will be awarded to top depositors and contributors for December. The grand prize of ₦5 million will be awarded to the highest average deposit contributors over the six-month campaign period.

The campaign builds on the success of the Save & Win Palli Promo, through which the bank has disbursed over ₦330 million in cash and prizes to more than 5,000 customers since 2021.

Unlike previous campaigns, Save & Gain demonstrates the bank’s focus on digital adoption and inclusion, with a performance-based reward system that prioritises transparency and consistency. Customers who reflect responsible account usage, maintain savings discipline, and embrace digital banking channels will be rewarded.

Prospective customers can download the UnionMobile app on their smartphones to open accounts or walk into any Union Bank branch.

About Union Bank

Union Bank of Nigeria, which has undergone different phases of transformation, has been a cornerstone of the Nigerian banking sector since 1917. With a commitment to delivering simple, smart, and personalised financial services, the bank continues to support individuals, SMEs, and corporations in achieving their growth aspirations.

As part of its ongoing expansion plan, Union Bank recently acquired Titan Trust Bank, one of the newest entities in the Nigerian banking space, further boosting the bank’s branch network and customer base.

Fidelity Bank Reaffirms Support for Indigenous Oil, Gas Development

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25/11/2025

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L – R: Executive Director -South, Mrs. Pamela Shodipo; Managing Director/Chief Executive Officer, Dr. Nneka Onyeali-Ikpe (both of Fidelity Bank Plc); Group Managing Director/Chief Executive Officer, Mr. Adebowale Olujimi; Group Executive Director, Mrs. Olugbesoye Olujimi (both of Emadeb Energy); Executive Director -Lagos and South West, Fidelity Bank Plc, Dr. Ken Opara; and Group Executive Director, Finance/Strategy, Emadeb Energy, Mr. Tosin Adewuyi; at the First Oil presentation event by Emadeb Energy at the Fidelity Bank head office in Lagos recently.

Fidelity Bank Plc has restated its commitment to advancing Nigeria’s oil and gas industry, with a strong focus on supporting indigenous operators.

This was highlighted by the bank’s Managing Director and Chief Executive Officer, Dr. Nneka Onyeali-Ikpe, during a first oil presentation event for Emadeb Energy at Fidelity Place, the bank’s corporate headquarters in Lagos.

At the event, Emadeb Energy’s Group Managing Director and Chief Executive Officer, Mr. Adebowale Olujimi, expressed appreciation for the bank’s role in enabling the company’s progress.

“What makes Fidelity Bank unique is its willingness to take calculated risks. Many banks prefer to work with companies only after they have achieved first oil because they want already-established customers. Fidelity Bank reviewed our proposal thoroughly, including legal, technical, financial and character assessments. We met these requirements and that is why they supported us,” Olujimi said.

Dr. Onyeali-Ikpe congratulated Emadeb Energy on its milestone and reaffirmed Fidelity Bank’s commitment to strengthening Nigeria’s energy sector.

“At Fidelity Bank, we are dedicated to supporting indigenous companies in developing oil and gas assets that enhance energy security and promote sustainable growth. Our interventions include financing Nigeria’s first privately built and operated onshore crude export terminal in over fifty years at the Otakikpo Marginal Field in Rivers State.

“We also led funding for the Pinnacle Oil and Gas Terminal in Lekki, Lagos, which improves petroleum product distribution and reduces costs. In addition, we part-financed the production of a 23,000-cubic-meter Liquefied Petroleum Gas carrier for Temile Development Company Limited, which supports cleaner energy use and strengthens local maritime participation,” she said.

Emadeb Petroleum Exploration and Production Company Limited, operator of Petroleum Prospecting License (PPL) 236, recently achieved first oil from the Ibom Field, a milestone regarded as a significant breakthrough in Nigeria’s upstream sector.

“Our next phase will be exciting. We plan to drill two additional wells and increase production to 12,000 barrels per day by the end of 2026. After that, we aim to expand our gas business and raise oil output to 30,000 barrels per day,” Olujimi added.

Stanbic IBTC Pension Managers wins Best PFA Nigeria 2025 at Global Banking & Finance Awards

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24/11/2025

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With a legacy built on trust, innovation, and results, Stanbic IBTC Pension Managers, a member of Stanbic IBTC Holdings, has emerged as the Best Pension Fund Administrator (PFA) Nigeria 2025 at the prestigious Global Banking & Finance Awards.

The award celebrates Stanbic IBTC Pension Managers’ dedication to securing the financial future of millions of Nigerians. This latest recognition further raises Stanbic IBTC Pension Managers’ standing as a PFA built for excellence, innovation and trust.

Since its inception in 2011, the Global Banking & Finance Awards has become one of the world’s most respected platforms for honouring outstanding performance and innovation across the financial services industry.

The awards spotlight institutions that drive meaningful progress and sustainable growth in their respective markets – a distinction Stanbic IBTC Pension Managers continue to embody.

Olumide Oyetan, Chief Executive, Stanbic IBTC Pension Managers, described the award as a validation of the company’s purpose-driven approach to pension management and client service excellence.

He said: “We are honoured by this global recognition, which reaffirms our promise to Nigerians to help them retire well. Our focus remains on ensuring that every contributor experiences consistent value, transparency, and peace of mind. We achieve this through a blend of innovation, sound governance, and a deep sense of responsibility to our clients.”

Olumide added that the PFA’s ongoing drive for innovation and client empowerment has positioned it as a trusted partner for individuals and businesses seeking stability in an evolving financial landscape.

Also commenting on the win, Chukwuma Nwokocha, Chief Executive, Stanbic IBTC Holdings PLC, lauded the Pension Managers arm for their consistent performance and commitment to the group’s broader mission of wealth creation and financial inclusion.

“This recognition reflects the group’s shared belief in the power of financial empowerment. The Pension business continues to be a cornerstone of our wealth-building strategy, providing Nigerians with trusted, technology-enabled solutions that secure their future,” he added.

Over the years, Stanbic IBTC Pension Managers has solidified its reputation as a pioneer in Nigeria’s pension industry. With over two million Retirement Savings Accounts (RSAs) under management, the company has combined robust investment strategies with technology-driven solutions to make pension access easier, faster, and more transparent.

Stanbic IBTC Pension Managers continues to lead critical conversations on financial preparedness and retirement planning, through a diverse array of impactful initiatives. In 2025, the company successfully delivered its annual Pre-Retirement Seminar Series across five cities – Kaduna, Jos, Benin, Ibadan, and Enugu; engaging over 4,500 in-person participants.

Each session offered insightful presentations on key topics such as investment strategies, pension scheme literacy, and health and lifestyle considerations for approaching retirement.

In August, the PFA hosted a two-day Employers’ Forum aimed at deepening collaboration, fostering dialogue, and strengthening client relationships. The event attracted over 1,200 participants and featured sessions on practical use of the Payment Solution Service Provider (PSSP) platform, navigating pension benefits with ease, leveraging self-service channels, and enhancing operational processes through collaboration.

Beyond these flagship programmes, Stanbic IBTC Pension Managers also delivered several other strategic initiatives:

Ladies At The Table Empowerment Series (LATTES): A thought-leadership and empowerment platform that sparks meaningful conversations and drives positive change among women from diverse backgrounds.

Ibru Varsity Pro-Chancellor, Anthony Kila, to Chair Business Journal Annual Lecture 2025

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24/11/2025

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Professor Anthony Kila, Pro-Chancellor, Michael & Cecilia Ibru University, will Chair the Business Journal Annual Lecture 2025 scheduled for Tuesday, December 16, 2025 at Oriental Hotel, Lekki Road, Victoria Island, Lagos. Time is 10.00 am prompt.

The THEME of the lecture is: AI & Digital Economy: Projecting the Future of Economic Growth in Nigeria.

Anthony Kila is a Jean Monnet Professor of Strategy and Development.

He is a jurist, political economist, strategist, policy analyst, popular essayist and the Director at the Institute of the Commonwealth. He also serves as an international Director of Studies at the European Centre for Advanced and Professional Studies. He is also the Pro-chancellor and Chairman of Council at the Ibru University

Kila is a regular commentator on the BBC and a columnist for the Independent, Telegraph, Europa and Panorama; his articles and essays are also published in various other news outlets.

Anthony was educated in Cambridge, London, Perugia, and Suffolk. He earned a first-class degree in Political Economy and further specialised in Political Anthropology, Law, Management and Public Policy.

His teaching career includes roles at several renowned institutions across Cambridge, Ipswich, Lagos, Lecce, London, Perugia and Siena.

Anthony Kila’s corporate background includes working as a banker in the City of London, and he has also made a name for himself as a project and management consultant. He is recognised as an authority in internationalisation and joint ventures, having contributed to numerous international projects worldwide.

He currently serves on several boards and works with organisations across sectors such as Aviation, Agriculture, Finance, Healthcare, ICT, Media, Public Affairs, and Security.

As a seasoned policy analyst and adviser, he has contributed his expertise to many organisations within European and Commonwealth countries.

Commenting, Prince Cookey, the Publisher/Editor-in-Chief of Business Journal Media Group said:

“We are indeed delighted to have Prof. Anthony Kila as Chairman of the Business Journal Annual Lecture 2025. A renowned economist and public policy icon, he would bring his vast wealth of experience to bear on the proceedings, content and output of the annual lecture.”

Cookey said the theme of the lecture reflects the current policy direction of major economies and organisations around the world to drive sustainable economic and business growth respectively on the back of AI and digitalisation.

“AI and digitalisation are two key concepts shaping the future of national economies and corporate entities across the globe. Our purpose is to draw them into focus for a better today and tomorrow. The objective of the annual lecture series of the Business Journal Media Group is to raise key issues of importance in the national economy and business of corporates in Nigeria.”

Insurers Support Partnership with State Govts to Drive Insurance Penetration in Nigeria

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Business Journal

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24/11/2025

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The insurance community in Nigeria is poised to upscale insurance penetration in Nigeria through strategic partnership with state governments.

The hint on this course of action was dropped recently by the new President/Chairman of Council of the Nigerian Council of Registered Insurance Brokers (NCRIB), Mrs. Ekeoma Ezeibe, at a media engagement in Lagos shortly after her investiture.

Ezeibe stated: “We want partnership with state governments to gain entry and penetration for the people and businesses to know the benefits of insurance from the level of the grassroots. From one state, we shall move to other states as well.”

Ezeibe said her One Insurance Industry agenda is to empower the insurance sector to take her pride of place in the economy of Nigeria by using penetration to spread the gospel of insurance across the nation and take advantage of the provisions of the Nigeria Insurance Industry Reform Act 2025 (NIIRA) which has given enforcement powers to the industry regulator.

Responding to the initiative, Mr. Nelson Akerele, Managing Director/CEO, Enterprise Life Assurance Nigeria Limited, said: “This is a great initiative by the new NCRIB president and shows the proactive approach the new president is set to immediately show her presence. Additionally, she has prioritised partnering with state governments to drive insurance penetration as a key aspect of her agenda themed: One Insurance Industry.”

Akerele listed his key thoughts on the partnership as follows:

A: The initiative focuses on leveraging on local government structures and economic centres to expand insurance awareness and uptake, particularly in under-insured regions

B: Deepening Insurance Penetration: This is the core objective. By partnering with state governments, the NCRIB aims to reach the grassroots and underserved populations, a strategy seen as vital for the Nigerian insurance industry’s overall growth

C: Leveraging Economic Hubs: The strategy involves a targeted approach, such as launching a pilot program in Abia State, specifically leveraging the economic vibrancy of Aba, known as the commercial heartbeat of the East. The goal is to secure the commerce and infrastructure in major markets.

D: Alignment with NIIRA 2025: The plan aligns with the newly enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025, which includes expanded compulsory insurance policies and strengthened enforcement powers for the National Insurance Commission (NAICOM). State government collaboration is essential for effective enforcement of compulsory insurance at the sub-national level.

E: Targeted Awareness Campaigns: The partnership will facilitate the spread of insurance awareness through the NCRIB’s six Area Committees, making them “engines for real insurance growth” across Nigeria, especially in regions with historically low penetration, like the Northern part of the country.

F: Building Public Trust: The success of this initiative is tied to promoting swift and prompt claims settlement, a vital component of building public trust in the insurance industry. Brokers, underwriters, and loss adjusters are all expected to collaborate in this effort.

G: Economic Sustainability: By securing assets and businesses through insurance, the initiative is positioned as a direct contribution to economic sustainability and the overall growth of the state and national economy.

“The new president’s focus on state-level partnerships is viewed as a strategic move to unlock the retail market and shift the perception of insurance from a service for the wealthy to a necessity for all businesses and individuals.”

Mrs. Idu Nwakuche-Okeahialam, Group Managing Director/CEO, Royal Exchange Plc, described the initiative as a good idea.

“It will help create the needed awareness of insurance products and services. It will also create jobs. Shareholders and Boards should encourage their management to engage.”

Mr. Jide Orimolade, Managing Director/CEO, Stanbic IBTC Insurance Limited, added: “This is a good initiative with the compulsory insurance and will further position the insurance industry in terms of insurance awareness. Partnership is one of the channels to use in the distribution of insurance products.”

Mr. Ezekiel Oloriegbe, former Corporate Services Executive, Veritas Kapital Assurance Plc, commended the NCRIB president for the market-state governments partnership idea.

“It is a good move. It’s long overdue. Deserves the support of the whole industry without exception.”

NB: First published in Africa Ahead!

NLNG Wins Award at WES 2025

By

Business Journal

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23/11/2025

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EFCC Invests in Digital Forensics to Tackle Emerging Crime Challenges

By

Business Journal

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23/11/2025

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L-R: Dr. Abidemi Cornelius Adegboye, Department of Economics, University of Lagos; Mr. Adeniran Adebayo, Chief Superintendent of EFCC representing Mr. Olanipekun Olukoyede, Executive Chairman, Economic and Financial Crimes Commission (EFCC); and Mr. Segun Adeleye, President/CEO, World Stage Limited at WorldStage Economic Summit 2025 at the Event Centre, Nigeria Exchange Limited, Lagos on November 21, 2025.

The Economic and Financial Crimes Commission (EFCC) has confirmed that it’s investing heavily in capacity building, digital forensics, and public education, especially among young entrepreneurs who represent the future of Nigeria’s economy in order tackled the emerging challenges such as cybercrime, cryptocurrency fraud, and illicit trade financing require continuous innovation in our enforcement and preventive strategies.

Mr. Olanipekun Olukoyede, Executive Chairman, Economic and Financial Crimes Commission (EFCC) in his address on Friday at the World Stage Economic Summit 2025 (WES 2025) with the theme: ‘Tackling The Issue of Low Productivity in Nigeria” said: “We are aware that corruption is adaptive; it evolves with new technologies and economic models.”

Represented by Mr Adeniran Adebayo, Chief Superintendent of EFCC, he said emerging challenges such as cybercrime, cryptocurrency fraud, and illicit trade financing require continuous innovation in our enforcement and preventive strategies.

The EFCC boss who spoke on the topic “Anti-Corruption Efforts of the EFCC to Boost the Ease of Doing Business in Nigeria” said: “It is an indisputable fact that corruption is not just a moral or legal issue; it is also an economic albatross that undermines productivity, discourages investment, and erodes public trust in institutions.”

He said every Naira lost to corruption translates to fewer schools, fewer hospitals, less infrastructure, and ultimately, fewer productive jobs.

“Globally, investors have been found to consider the adverse effects of corruption on their businesses, so they try to avoid any perceived corruption-filled environment. The reason is not far-fetched: in any environment where corruption thrives, there is bound to be a distortion of competition, an increase in the cost of doing business, and a drag on innovation. Consequently, productivity inevitably declines,” he said.

He said to tackle corruption should not be seen only from the point of view of enforcing laws, but about creating a fair, transparent, and efficient economic ecosystem where legitimate enterprise can thrive.

He said: “Over the years, the EFCC has implemented consistent reforms and policies towards achieving a more effective role in economic governance. Since its establishment, the EFCC has been a key institution in Nigeria’s anti-corruption architecture. Our mandate is clear: to investigate, prevent, and prosecute economic and financial crimes.

“I urge you to take more than a passing interest in our cherished mandate, and you will be greatly thrilled to know that our mandate directly supports the ease of doing business and combats the root causes of low productivity.”

He explained that EFCC had in recent years restructured its operations along Prevention, Investigation and Prosecution and statutorily, “we have collaborated with both local and international organisations to enforce all extant laws and regulations relating to economic and financial crimes.”

He listed the EFCC major anti-corruption initiatives, which had significantly enhanced entrepreneurship and positively impacted Nigeria’s business climate to include anti-corruption compliance framework for businesses; Collaboration with the Presidential Enabling Business Environment Council (PEBEC); Use of Technology and Data Analytics; Strengthening International Partnerships; Asset Recovery and Restitution

“The Commission has raised the bar on convictions and recovered assets worth billions of Naira. These funds are being redirected toward improving social infrastructure, education, and other productive sectors. Each recovery is a clear statement that corruption will no longer be profitable in Nigeria,” he said.

He also noted the activities of EFCC at promoting integrity as a driver of productivity, saying, a transparent business environment fuels productivity in multiple ways; It reduces uncertainty, allowing entrepreneurs to plan long-term; It encourages fair competition, which drives efficiency and innovation; It attracts both local and foreign investment; it builds public trust-the most valuable currency in any economy.

“The EFCC is not an enemy of business; rather, it is your partner in progress. Under the current administration, the Commission has continued to deploy all the instruments of the anti-corruption campaign to stimulate the economy, with the firm belief that ethical business practices are the foundation of sustainable prosperity,” he said.

He also said that the EFCC is engaging the judiciary, the National Assembly, and civil society to ensure that anti-corruption reforms are not only enforced but also institutionalised for long-term sustainability.

However, he said that the EFCC cannot win this battle alone while very sector of the society has a vital role to play.

“Integrity must become a national culture. When businesses refuse to pay bribes, when public servants reject inducements, and when citizens insist on accountability, we can collectively build a Nigeria where productivity thrives and poverty declines,” he said.

He concluded by saying that the ease of doing business is not just about reducing bureaucratic hurdles, it is about building trust in the Nigerian system.

“At the EFCC, our vision is simple yet powerful: to make corruption unprofitable and integrity rewarding. Together, we can create an economy where diligence is rewarded, enterprise is protected, and productivity becomes the natural outcome of a fair and transparent society,” he said.

He commended World Stage Limited, the organisers of the WorldStage Economic Summit for their choice of the topic, “Anti-Corruption Efforts of the EFCC to Boost the Ease of Doing Business in Nigeria,” and for spearheading the important national platform that stimulates dialogue, innovation, and collaboration between the public and private sectors towards economic growth and productivity.

Other speakers at the summit held at the Nigerian Exchange, Lagos include Dr. Olasupo Olusi, Managing Director/CEO, Bank of Industry (BOI) and Dr. Abidemi Adegboye, (Economics), Lecturer at University of Lagos.

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