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MAN President Commended BAT’s Role In Nigeria’s Manufacturing Growth, Sustainability

By Fidelia Okafor

The President of the Manufacturers’ Association of Nigeria (MAN), Otunba Francis Meshioye, alongside the Director-General, Segun Ajayi-Kadir, led a distinguished delegation on a courtesy visit to the British American Tobacco (BAT) factory in Ibadan.

This visit not only underscores BAT’s critical role as a dedicated member of MAN but also highlights the organisation’s ongoing efforts to strengthen collaboration between the government and the manufacturing sector.

During the visit, Meshioye, the president of MAN, commended BAT for its high operational standards and commitment to excellence.

“From the moment we arrived, BAT’s dedication to safety, quality, and innovation was evident. The company’s Environmental, Health, and Safety (EHS) induction process reflects its strong commitment to workplace safety and employee welfare. I encourage BAT to intensify its transition to reduced-risk products. MAN remains committed to supporting BAT’s initiatives and recognises its leadership in the sector,” Meshioye stated.

Echoing this sentiment, Ajayi-Kadir, MAN DG, applauded BAT for its resilience and steadfast commitment to the Nigerian manufacturing landscape, particularly in the face of a complex regulatory environment.

“BAT stands out as a responsible and committed member of MAN, effectively addressing industry challenges. The government needs to support businesses that adhere to regulations, and BAT exemplifies this commitment. We deeply appreciate BAT’s substantial contributions to the manufacturing sector and encourage the company to continue its efforts,” he added.

The delegation observed BAT’s rigorous EHS induction protocols, reinforcing the company’s unwavering commitment to workplace safety.

The visit coincided with BAT’s celebration of an impressive milestone: four years of zero lost-time incidents at the factory which highlights BAT’s robust safety culture and operational excellence, setting a benchmark within the industry.

The visiting delegation participated in a guided factory tour, donning protective gear to witness BAT’s advanced production processes firsthand.

Hasnain Ishtiaq, BAT’s Operations Director, reaffirmed the company’s commitment to sustainability and employee welfare.

“At BAT, we are dedicated to building A Better Tomorrow by prioritising employee safety, minimising our environmental impact, and embracing sustainable practices. Our mission is to continue innovating and leading the industry while upholding responsible manufacturing standards,” he stated.

Ishtiaq highlighted BAT’s legacy since its founding in 1902, noting its presence in Nigeria since 1912 and the commissioning of the Ibadan facility in 2003.

“With ₦500 billion in tax remittances (2018–2024), we have created over 350,000 jobs and strengthened Nigeria’s economy,” he said.

He emphasised that the Ibadan factory, with 16 production lines, generates up to $110 million in foreign exchange annually.

“This visit and MAN’s endorsement reaffirms BAT’s role as a strategic manufacturing partner committed to innovation, safety, and sustainability,” he concluded.

by Online Poster — July 2, 2025 in Industry 0

Agbo Francis, Olawale Peace, Others Shine At 4th Cycling Lagos

L-R: Kosok Idrisi, Cycling Official ; Bamidele Adeleye, Convener Cycling Lagos;
Balogun Abdulazeez, Male Professional Sliver Medal Winner; Agbo Francis, Gold Medal Winner; Ibrahim Asiru, Bronze Medal Winner and Temilade Oluokun, Marketing Operations Officer, Samsung during the 4th Cycling Lagos held on Saturday June 28, 2025 at the National Stadium, Surulere, Lagos.

L-R: Kosok Idrisi, Cycling Official; Bamidele Adeleye, Convener Cycling Lagos;
Oyewole Kate, Female Professional Sliver Medal Winner; Olawale Peace, Gold Medal Winner and Azeez Medinate, Bronze Medal Winner during the 4th Cycling Lagos held on Saturday June 28, 2025 at the National Stadium, Surulere, Lagos.

The National Stadium in Surulere, Lagos, came alive on Saturday as cyclists from all corners of the country gathered in full force for the thrilling 4th edition of Cycling Lagos event.

Agbo Francis, a professional cyclist from Ogun State who placed second in 2024, clinched the gold medal in the male professional category. Balogun Abdulazeez from Lagos State took the silver, while the bronze went to the promising young athlete Ibrahim Asiru, also from Lagos.

In the female professional category, Olawale Peace from Oyo State—last year’s Amateur Race gold medalist—won gold again, this time in the professional class. Oyewole Kate, a young cyclist from Lagos who came third in 2024, moved up to claim silver, while Azeez Medinate from Oyo State secured the bronze medal.

Young cyclists also had their moment in the spotlight. In the Under-15 male category, Akinola Desting from Oyo State won gold, Goodluck Emmanuel from Osun State took silver, and Hamzat Keyinde, also from Oyo, claimed bronze.

For the Under-15 female category, Oyo State athletes dominated the podium: Azeez Hazanat won gold, Aminu Olamide took silver, and Odebiyi Iqnat earned bronze.

In the Under-10 male category, Amoo Malik from Ogun State came first, winning gold. Ridiwan Fuwad from Oyo State placed second for silver, and Bello Adams finished third with bronze.

The Under-10 female race saw Aminu Olamikposi from Oyo State take gold, followed by Azeez Amira with silver, and Abidoye Ayomide with bronze—both also from Oyo State.

Speaking at the event, the Convener of Cycling Lagos and Managing Director of BrandEscort Communications, Bamidele Adeleye, congratulated all participants.

“Let me specially congratulate all our winners for this year’s Cycling Lagos event. For those who didn’t win a medal, I still celebrate you. Your participation matters, and with more effort on the pedals, you might just be our champion in 2026,” he said.

Adeleye also expressed excitement over the visible progress of several athletes: “Agbo Francis, who came second last year, is now our gold medalist. Similarly, Olawale Peace has moved from winning in the amateur category to becoming a professional champion. This is the kind of growth we love to see.”

He called on both state and federal governments to invest more in sports development. “Sports is a global business that creates jobs and opportunities. Nigeria is blessed with millions of talented youths. With just a little support, they can shine on the world stage. But government must provide the right environment and backing to make this happen.”

“At Cycling Lagos, we remain committed to identifying, encouraging, and showcasing young Nigerian cyclists who are passionate about excelling in sports,” he added.

Cycling Lagos is an annual event designed to promote healthy living and a cycling culture among enthusiasts, corporate executives, and the wider public across Nigeria.

Themed “Sustainability Energy,” the 2025 edition was proudly sponsored by Samsung, with support from Nestlé Nigeria Plc, Mountains Energy Solution, Cway, Peak Yoghurt, Leadway Assurance, DStv, and the Lagos State Cycling Association.

by Online Poster — June 30, 2025 in Industry 0

Corridors To Trade Can Support Nigeria’s Protein Needs

By Fidelia Okafor

Keynote panel discussion analysing the food and nutrition security landscape of Nigeria. The panel was moderated by Foluso Alabi, Country Team Lead – Nigeria, USSEC

The U.S. Soybean Export Council hosted its signature “Nigeria: NOW” conference in Lagos this week, bringing together stakeholders across the government and private sectors, including poultry producers, nutritionists and more.

Participants dove into discussions about addressing Nigeria’s protein gap, trade and economic growth.

Speaking at the event, Acting U.S. Consul General, Lagos, Nigeria, JoEllen Gorg emphasized, “The U.S. Soybean Export Council’s Nigeria: NOW conference marks a pivotal milestone in creating a pathway for mutual prosperity and shared economic success. By addressing Nigeria’s protein gap, fostering innovation, and promoting best practices, the U.S. Soy industry is helping to build a resilient agricultural sector in Nigeria, ensuring long-term food security and economic stability.”

She added, “We are enthusiastic about the opportunities arising from the collaboration between USSEC and the U.S. Mission in Nigeria. This partnership is crucial in helping export-ready U.S. companies build business relationships with Nigerian agribusinesses, training Nigerians in new agricultural practices, and promoting the use of U.S. soy in Nigeria’s feed and food industries.”

Participation by high-level Nigerian stakeholders, including former President, Chief Olusegun Obasanjo, Grand Commander of the Order of the Federal Republic; Engr. Seyi Makinde, Executive Governor of Oyo State; and Abisola Olusanya, Honorable Commissioner for Agriculture & Food System, Lagos State, emphasized the opportunity for greater collaboration between U.S. Soy and Nigeria.

With a population of over 236 million and growing, Nigeria’s protein consumption per capita remains low at only 45.4 grams per person per day compared to the FAO’s minimum recommended intake of 60 grams. The global average is around 64 grams. While Nigeria grows soybeans domestically, demand significantly outpaces supply. The USDA Foreign Agricultural Service estimated Nigeria’s local production at around 1.15 million metric tons for the marketing year (MY) 2023/24, with the animal feed sector accounting for the majority of its use.

As a result of the demand-supply mismatch this year, Nigeria imported 62,100 metric tons of soybeans from the U.S. after a pause of six years. This renewed access offers a promising opportunity for deeper collaboration between U.S. Soy and Nigeria.

“Trade is vital to the global economy and, more importantly, to local economies,” added Jim Sutter, USSEC CEO. “U.S. Soy is at the forefront of collaborating with its partners as a reliable supplier.”

Robert Alpers, a generational U.S. Soy farmer and United Soybean Director, echoed this, “I’m proud to be playing my role in helping to feed the world sustainably. As U.S. Soy farmers, we are committed to ensuring we produce more using fewer resources and reducing our environmental footprint.”

By strengthening relationships, building trust, and leveraging comparative advantage, Nigeria and U.S. Soy can achieve mutually beneficial economic growth and a protein-secure future.

by Online Poster — June 30, 2025 in Industry 0

Dangote Is The Pride Of Nigeria’s Financial Market, Says NGX Group Chairman

The Group Chairman of Nigerian Exchange Group (NGX Group), Alhaji (Dr.) Umaru Kwairanga, has praised the President/Chief Executive, Dangote Group, Aliko Dangote for his substantial contributions to the Nigerian capital market and private sector development.

He noted this during a courtesy visit to the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited by capital market stakeholders.

Kwairanga, who called for the listing of Dangote Petroleum Refinery and Dangote Fertiliser on the NGX, stated that it would represent a natural progression in the Dangote Group’s journey towards transparency, market leadership, and inclusive wealth creation.

Noting that the Nigerian capital market takes great pride in Dangote and his contributions to the economy, he commended the impact of the Dangote Petroleum Refinery on the Nigerian economy, stressing that the various initiatives introduced have provided much-needed relief to Nigerians.

Kwairanga recalled Dangote’s tenure as President of the Council of the Nigerian Stock Exchange, describing him as a visionary whose leadership shaped the capital market landscape.

“Through the listing of companies such as Dangote Cement Plc, Dangote Sugar Refinery Plc, and NASCON Allied Industries Plc, the Group has significantly deepened market liquidity, boosted investor confidence, and driven long-term value creation for shareholders,” he stated.

The Chairman emphasised that the visit was more than a tour; it was a reaffirmation of the NGX’s commitment to aligning investment capital with national development goals.

The President/ Chief Executive of the Dangote Group, Aliko Dangote, reaffirmed that the Group will soon list the Dangote Fertiliser Limited on the Nigerian Exchange (NGX), with the aim of revolutionising the capital market.

He assured shareholders that those investing in Dangote Fertiliser Limited would not need to worry about the value of the local currency, as the company operates within a dollarised business framework.

“So, what are we aiming to do to bring about a major revolution in the capital market? The main challenge is that many investors are hesitant, thinking, ‘If I invest my naira now, by the time I receive dividends in ten years, the naira will have lost value.’ However, we are entering the market with a dollarised business model,” he explained.

Dangote further disclosed that the company is working on expanding its fertiliser plants to boost revenue, with a target dividend payment to shareholders exceeding $3 billion.

“In the next 40 months, our fertiliser business should generate $20 million in revenue per day. We are pushing hard. We expect to reach over $70 billion in revenue and possibly pay dividends of $3–4 billion. Our philosophy is to always think big,” he said.

He added that the Group is also strengthening its cement business by investing in new plants and targeting clinker exports to West African countries, which will boost revenue and provide better dividends for shareholders.

Praising the recent progress of the NGX, Dangote stressed that Nigeria needs companies like Reliance Industries Limited, which once held its Annual General Meetings in a stadium. Such companies, he noted, would stimulate the economy and encourage wealth distribution.

Emphasising that Nigeria cannot attain its $1 trillion economy target without a vibrant stock exchange, Dangote affirmed his continued engagement and support for the NGX, acknowledging its crucial role.

The Vice President of Oil & Gas at Dangote Group, Edwin Devakumar, who led the delegation on a tour of the facilities, described the construction of the 650,000-barrel-per-day refinery as a monumental achievement that demanded immense courage, vision, and determination. He noted that the Group acted as its own Engineering, Procurement, and Construction (EPC) contractor for the refinery—a feat never before attempted at this scale.

He also stressed that the refinery has ensured Nigeria is no longer reliant on imports to meet its petroleum needs and is now exporting refined products to various continents worldwide.

Also present were the CEO of NGX, Temi Popoola; Managing Director/CEO of Central Securities Clearing System Plc (CSCS), Haruna Jalo-Waziri; CIS President, Oluropo Dada; ASHON Chairman, Sam Onukwe; CEO of NGX Regulation, Olufemi Shobanjo; CEO of Lagos Commodity Exchange, Akeredolu Ali; and other major stakeholders.

by Online Poster — June 27, 2025 in Industry 0

RE: FIDELITY BANK PLC – STATEMENT ON CBN CIRCULAR ON FORBEARANCE LOANS

Fidelity Bank Plc (“the Bank”) refers to the recent circular issued by the Central Bank of Nigeria “CBN” (Reference No. BSD/DIR/CON/LAB/018/008) concerning regulatory forbearance on Single
Obligor Limit (SOL) and other credit facilities and wishes to provide the clarifications below to its esteemed shareholders, NGX Regulation Limited (NGX RegCo), and other stakeholders:

(a) As a responsible financial organization, Fidelity Bank Plc remains committed to ensuring compliance with regulatory policies and directives, including the CBN circular on forbearance which is aimed at strengthening capital buffers and enhancing financial prudence within the banking industry.

(b) In terms of Capital, the Bank successfully raised ₦273 billion through a recent Public Offer and Rights Issue which were oversubscribed by 237.92% and 137.73% respectively and intends to raise the additional sum of ₦200 billion through a Private Placement in 2025FY, to achieve the
new minimum regulatory capital requirement of ₦500 billion for banks with international
authorisation. The CBN and Shareholders’ approval have been obtained for the Private
Placement, while other regulatory approvals are being processed to ensure completion in 2025.

(c) The Bank’s exposure under the SOL forbearance relates to two obligors. We are confident that this exposure will be brought within the applicable regulatory limit in H1 2025.

(d) With respect to the forbearance granted on other credit facilities, the Bank confirms that this applies to four customers. We have proactively made substantial provisions on these facilities and have taken targeted and comprehensive steps to ensure full provisioning or return of the accounts to performing status by June 30, 2025.
Thus, the Bank expects to exit all CBN forbearance arrangements (SOL/Credit) and remains in a strong position to meet the prevailing requirements to enable it to pay dividends for the current financial year and subsequently.

by Online Poster — June 19, 2025 in Industry 0

Smartcash PSB Launches Access To Instant Motor Insurance Via Leadway Assurance

By Winifred Bosa

In continuation of its mission to make financial services simpler, faster, and more accessible, SmartCash Payment Service Bank, a subsidiary of Airtel Nigeria, has announced a strategic partnership with Leadway Assurance to offer Smartcash users an effortless access to Leadway’s mobile-friendly motor insurance service.

Starting from ₦15,000, this new offering provides a convenient and affordable way for motorists to stay protected and compliant with national insurance requirements.

With this collaboration, new and existing Smartcash customers can now acquire or renew two types of Leadway Assurance motor insurance: the Third-Party Insurance and AutoBase Comprehensive Insurance, directly on the Smartcash app or by dialling *939#.

While the third-party motor insurance plan offers the legally required minimum cover, protecting motorists from liability for damages or injuries caused to others, the AutoBase Comprehensive Insurance plan extends that protection to cover the user’s own vehicle in the event of accidents.

Commenting on this partnership, Chief Executive Officer, Smartcash PSB, Tunde Kuponiyi highlighted the importance of the collaboration in driving convenient and inclusive insurance access for Nigerians.

“At Smartcash, our goal has always been to bring inclusive financial solutions closer to everyday Nigerians. By partnering with Leadway Assurance, we’re making it easier for motorists to insure their vehicles without stress or delays. It’s insurance that moves at your speed,” he said.

He also noted that Smartcash users can complete the entire purchase process in under three minutes, from plan selection to payment with no physical paperwork or documentation required. Customers receive instant confirmation and their digital policy documents via email, making insurance more accessible than ever.

Also speaking on the partnership, Kike Fischer, Director, Sales, Retail and Partnership, Leadway Assurance, added: “At Leadway, innovation and exceptional service are at the core of our mission to deepen insurance penetration and inclusion.

This collaboration with SmartCash enables us to deliver real-time protection to more Nigerians via a trusted, everyday platform. It marks a bold step in transforming how insurance is accessed and experienced across the country.”

The insurance integrated service is also fully inclusive, as it works across all types of mobile phones. Users without smartphones or internet access can access the same features via USSD, ensuring nationwide reach, especially in rural and underserved areas.

This partnership reinforces Smartcash’s commitment to delivering digital-first financial services that meet the real-world needs of Nigerians. By simplifying access to essential products like motor insurance, Smartcash continues to empower users with tools that protect, support, and uplift their daily lives.

by Online Poster — June 18, 2025 in Industry 0

Airtel Concludes Nationwide Environment Week With Market Clean-Up By Employees

By Winifred Bosa

Leading telecommunications provider, Airtel Nigeria, has wrapped up its 2025 World Environment Week campaign, themed ‘Ending Plastic Pollution’, with an employee-driven market clean-up exercise at Elegushi Model Market, Jakande, Lekki, Lagos.

The activity was supported by the Ecobarter Company, a social enterprise focused on the promotion of a circular economy.

Branded #UnPlasticAfrica, the events spanned six states and mobilised Airtel employees, community leaders, government partners, and market communities in a united effort to combat plastic pollution.

With the Lagos Market Cleanup, Airtel staff and community members joined forces to remove plastic waste and sensitize the locals on individual contributions towards a plastic-free environment.

To support sustainability and align with Lagos State’s ban on single-use plastic, large bins for refuse sorting as well as parasols, and reusable tote with #UnPlasticAfrica messaging were distributed to traders and their customers in the market to encourage behavioural change.

Speaking on behalf of Airtel Nigeria CEO Dinesh Balsingh at the clean-up exercise, Director, Corporate Communications & CSR, Airtel Nigeria, Femi Adeniran, highlighted the critical importance of community participation in safeguarding the environment and commended the market leadership for their openness and commitment to such impactful initiatives.

“True environmental care starts with action: keeping our gutters and surroundings clean and ensuring that plastic waste never finds its way into our canals and waterways. The Elegushi market community has shown remarkable leadership by welcoming this initiative, and we are proud to have partnered with them to make a tangible difference as we commemorate World Environment Day 2025.

We believe that this effort will spark a ripple effect, inspiring communities across the nation to take bold steps towards a cleaner, healthier Nigeria,” he said.

In her response on behalf of the President of the Elegushi Model Market traders’ association Iyaloja Simbiat Ronke Lawal, the Secretary of the trade association Elizabeth Afolabi, conveyed the group’s appreciation to the volunteers and Airtel Nigeria as an organisation. She commended the company for the clean-up initiative which she noted would leave a positive impact on the market.

“We want to thank Airtel Nigeria and all the volunteers for coming to our market to help clean and support us. This has really helped us and made our market a better place. We are incredibly happy and promise to sustain what you have started here today,” she said.

Recall that the Airtel Nigeria World Environment Week campaign began on June 4 with an employee seminar led by Mr Balsingh, followed by market clean-up exercises at Bodija Market, Oyo State; Oba Market, Benin City, Edo State; Wuse Market, Abuja; Artisan Market, Enugu State; Yankaba Market, Kano State; and finally, Elegushi Model Market, Jakande, Lagos.

by Online Poster — June 18, 2025 in Industry 0

Airtel Africa Publishes Sustainability Report 2025 Reinforcing Commitment To ESG Impact

By Winifred Bosa

Airtel Africa, a leading provider of telecommunications and mobile money services across 14 African countries, today publishes its Sustainability Report 2025, reaffirming its corporate purpose of transforming lives by expanding access to essential digital services, supporting inclusive economic growth, and advancing environmental stewardship throughout its operations.

In 2024/25, Airtel Africa made significant progress in bridging the digital divide, advancing financial inclusion and supporting underserved communities through strategic investment in connectivity, people, and sustainable practices.

Airtel Africa’s chief executive officer Sunil Taldar said: “This year’s achievements, from connecting 2,176 schools through the UNICEF partnership to reaching 44.6 million Airtel Money customers with near-gender parity, prove that the power of technology is a catalyst for gender balance. At Airtel Africa, we believe to not only expanding networks but we’re also building bridges to education, financial security and sustainable growth for Africa’s next generation.”

Key ESG highlights:

Providing underserved communities with access to reliable network and connectivity:

81.2% population coverage across 14 markets (up from 80.4% in 2023/24)

36,159 4G infrastructure sites, including more than 15,300 in rural areas.

Continued investment of $670m in network expansion and modernisation to boost speed, coverage and capacity.

Airtel Africa is connecting the unconnected, giving millions access to voice, data and mobile money services – driving economic opportunity and enhancing access to essential services.

Bridging the digital divide, driving financial inclusion and addressing gender inequality

73.4 million data customers (+14.1% vs 2023/24)

44.6 million Airtel Money customers (+17.3%), with 44.2% Airtel Money customers who are women (+6.2% vs 2023/24)

1.7 million Airtel Money agents in our distribution network (+23.4% vs 2023/24)

29.2% women in the workforce across the Group (up from 28.3% vs 2023/24)

Through inclusive digital services and affordable financial products, Airtel Africa is empowering individuals and communities, particularly women, to fully participate in the digital economy.

Unlocking potential through education and employment opportunities

2,176 schools connected to the internet free of charge (up from 1,201 in 2023/24)

By providing free connectivity and online resources to schools, Airtel Africa is helping young people reach their full potential.

A growing agent network also supports employment and entrepreneurship opportunities across its footprint.

Minimising the impact of our operations on the environment

500 off-grid sites converted to on-grid power, reducing reliance on diesel generators.

93% of total waste recycled (+3% vs 2023/24)

Airtel Africa is committed to reducing the impact of its operations on the environment through investment in renewable energy solutions and responsible waste management.

The Sustainability Report 2025 adheres to the Global Reporting Initiative (GRI) and GSMA telecommunications industry standards.

To view Airtel Africa’s Sustainability Report 2025, visit Sustainability Report 2025.

by Online Poster — June 18, 2025 in Industry 0

IHS Nigeria Reaffirms Commitment To Raising Nigeria’s Next Tech Giants

Leading telecommunications infrastructure provider, IHS Nigeria, has reiterated its commitment to transforming the Ilorin Innovation Hub into a leading destination for talent and technology development across North-Central Nigeria.

The company envisions the Hub as a launchpad for future unicorns and a magnet for young innovators from Kwara State and the surrounding regions.

Speaking during a virtual town hall session organized by the Ilorin Innovation Hub with the theme “From Ilorin to the World: Building a Globally Recognized Technology Hub,”, Mr. Kazeem Oladepo, Senior Vice President & Chief Operating Officer of IHS Nigeria, emphasized the importance of collaboration, mentorship, and community engagement in nurturing the next generation of entrepreneurs.

“We see the Ilorin Innovation Hub as a platform to attract top talent—not just from Ilorin, but from across the region’s tertiary institutions and tech ecosystem,” Oladepo said. “This is an opportunity to build globally impactful companies by harnessing local brilliance with global insight.”

Mr. Temi Kolawole, Managing Director/CEO of the Ilorin Innovation Hub, described the town hall as a homecoming for top minds with roots in Kwara State.

“This is a convergence of visionaries—people who’ve built, scaled, and invested in world-class companies—now giving back to shape a collective future,” Kolawole said. “Our partnership with IHS Nigeria exemplifies what’s possible when public sector ambition meets private sector expertise.”

Responding to a participant’s question on how individuals could contribute towards the growth of the hub, Mr. Oladepo encouraged industry experts present to engage directly with the Hub’s program managers – future Africa and Cc-Hub, provide mentorship, and help in aligning the training modules with local and global market realities.

“IHS is already investing financial, technical, and intellectual resources into the Hub. But to truly thrive, we need champions within the ecosystem—mentors who’ve built real businesses—to guide young people as they develop transformative ideas,” he noted.

Highlighting long-term sustainability, Oladepo called for the inclusion of successful professionals and entrepreneurs in the Hub’s activities to ensure relevance and adaptability.

“Let’s bring in those who’ve succeeded in fields like e-commerce, logistics, Healthtech, and Data Mining. Their insights can help refine the Hub’s programs and ensure participants extract real value,” he added.

Other speakers at the session included Ms. Anu Adasolum, Founder & CEO of Sabi, and Mr. Chris Folayan, Founder of Founder Centered. The virtual townhall was well attended with participants including tech enthusiasts, founders, startups drawn from both within and outside Nigeria.

by Winifred Bosa — June 7, 2025 in Industry 0

Oando Profit-After-Tax Up 267% To N220 Billion In FY2024 Audited Results

Oando Announces N60.3bn PAT for FY 2023 Audited Results - Proshare

Oando PLC, Africa’s leading integrated energy company listed on both the Nigerian Exchange Group (NGX) and Johannesburg Stock Exchange (JSE), posted robust Audited Full Year (FY) 2024 financial results with a 44% increase in revenue to N4.1trillion compared to N2.9 trillion in FY 2023.

In the upstream, Oando’s production witnessed a 3% increase to 23,727 boepd; made up of crude oil production which increased by 27% to 7,558 bopd, while NGL production and gas decreased respectively by 35% to 156 bpd, and 5% to 16,013 boepd. The company’s 2P reserves grew 95% year-on-year to 983 MMboe (2023: 505 MMboe), representing a 188% reserves replacement ratio and underscoring the strength of the company’s upstream portfolio post-acquisition. The company also reported a sustained operational uptime of 86%, supporting off-take reliability and reducing deferred production.

Similarly, other indigenous players have also reported significant revenue growth following the recent wave of International Oil Company divestments. Seplat recorded a revenue of ₦1.65 trillion, representing a 137% increase from 2023, while Aradel posted ₦581.2 billion in revenue, a 162% increase compared to the previous year.

Speaking on the company’s upstream performance, Group Chief Executive, Oando PLC, Wale Tinubu said, “2024 was a defining year for Oando, with the successful acquisition and integration of NAOC marking the culmination of a decade-long strategic growth journey which has significantly deepened our upstream portfolio, resulting in our assumption of operatorship of the OML 60–63 series and the doubling of our working interest in the assets from 20% to 40%, as well as our 2P reserves from 500 million barrels of oil equivalent to 1 billion barrels.”

In the downstream, Oando’s trading subsidiary reported that it sold 20.7 million barrels of crude oil in 2024; a 37% decline from 2023 due to structural changes in the Nigerian oil market. Additionally, refined product volumes declined by 64% to just over 599 kMT, due to weakened domestic demand, driven by the challenging macroeconomic in-country.

Projections for global oil prices and demand in 2025 remain uncertain due to persistent macroeconomic and trade policy uncertainties. JP Morgan pegs Brent to peak at $66/bbl in 2025 and $58/bbl in 2026 while the U.S. Energy Information Administration’s (EIA) predictions project Brent crude oil prices to fall from an average of $81 per barrel (b) in 2024 to $74/b in 2025 and $66/b in 2026 citing an increase in global production coupled with slower global demand growth.

Within its renewable energy business, the company continued to advance its clean energy agenda recording measurable progress across multiple verticals. By the end of 2024 the electric mass transit programme had covered 121,145 km, transported over 205,000 passengers, displacing 163,546 kg of CO₂ emissions and saving more than 60,000 litres of diesel.

Other notable achievements include signing MoUs for wind projects with Cross River and Edo State as well as launching a geothermal feasibility study in collaboration with NNPC, exploring the conversion of mature wells to renewable power assets.

As the company continues to integrate its expanded portfolio following its most recent strategic acquisition, current projections show it’s gone into 2025 with strong momentum and clear ambition. Tinubu remarked ‘Looking ahead, 2025 will be our year of execution. Our key priorities shall include unlocking synergies from the acquisition, addressing above-ground security risks through the implementation of a revamped security framework aimed at curbing the persistent theft of oil, cost optimization, balance sheet restructuring, enhancing operational efficiency, and leveraging technology to improve productivity across our operations. In our bid to ramp up production towards achieving our target of 100,000 bopd and 1.5 tcf of gas by 2029, we shall pursue a dual-track approach of rig-less interventions and well workovers, complemented by an aggressive drilling program. We are excited by the opportunities that lie ahead and remain committed to delivering enhanced shareholder returns, shared prosperity and maintaining our position as a leading player in Africa’s evolving energy landscape.’

The published audited FY 2024 results also include approximately four months of contribution from Nigerian Agip Oil Company (NAOC), following the completion of the acquisition on August 22, 2024. Following this, the company has set a production guidance of 30,000–40,000 barrels of oil equivalent per day (boepd) in its 2025 outlook. This aligns with its post-acquisition optimisation plans to maximise portfolio value and supports its four-year target of reaching 100,000 barrels per day.

It is evident that local players, particularly those that have become operators following the recent IOC divestments, are increasingly well-positioned to drive the future of the Nigerian energy sector. These indigenous companies possess unique insights and contextual experience that enable them to more effectively manage onshore and shallow water assets. This shift is expected to generate a ripple effect across the economy by increasing local employment, enhancing capacity development, and improving government revenue through taxes retained within the country, revenue that was previously repatriated to the home countries of the International Oil Companies (IOCs).

Oando Profit-After-Tax up 267% to N220 billion in FY2024 Audited Results

by Online Poster — June 5, 2025 in Industry 0