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Oando Suspends Petrol Importation as Dangote Refinery Boosts Domestic Fuel Supply

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Oando Plc has halted the importation of Premium Motor Spirit (PMS), as increased domestic output from the Dangote Petroleum Refinery continues to shift Nigeria away from reliance on foreign gasoline supplies.

The development was disclosed in Oando’s Half-Year and Nine-Month 2025 financial statements, where the company reported a 20% decline in trading revenue and a 42% drop in gross profit, largely driven by the reduction in imported petrol volumes.

According to the report, the expansion of local refining capacity — particularly output from the Dangote facility — has significantly altered market demand, making imported PMS less competitive. With more Nigerian fuel marketers now sourcing directly from domestic refineries, the need for foreign gasoline purchases has continued to shrink.

Industry analysts note that the move marks a turning point in Nigeria’s decades-long dependence on fuel imports, a situation that has historically strained foreign exchange reserves and increased consumer pump prices due to shipping and landing costs.

Energy observers say Oando’s shift underscores a broader realignment in the downstream sector, with marketers increasingly restructuring portfolios to adapt to local refining economics and Nigeria’s push toward energy self-sufficiency.

The trend is expected to accelerate as the Dangote Refinery ramps up to full operational capacity and state-owned and modular refineries continue to increase output across the country.

 

Governor Sanwo-Olu Reaffirms Lagos’ Climate Action Commitment at 11th International Climate Change Summit

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Governor Babajide Sanwo-Olu has reiterated the Lagos State Government’s commitment to tackling climate change through innovative, long-term resilience strategies tailored to the state’s unique environmental challenges. The Governor made the remarks today while speaking at the 11th Lagos International Climate Change Summit, where policymakers, climate experts, development partners, and private-sector leaders convened to deliberate on sustainable solutions.

Sanwo-Olu noted that climate change is not a distant or theoretical concern for Lagos, but a pressing reality with direct implications on daily life. With a population of over 22 million people and a coastline stretching 187 kilometres, Lagos faces heightened vulnerability to flooding, erosion, and rising sea levels.

“For us in Lagos, climate change is not an abstract discussion; it is a daily reality,” the Governor stated. “It affects our homes, our economy, and our way of life. We understand what is at stake, and we are responding with urgency and innovation.”

Among the key initiatives highlighted at the summit were:

  • The Great Wall of Lagos: An expansive coastal defence and shoreline protection system designed to mitigate tidal surges and safeguard communities along the Atlantic front.
  • The Omi Èkó Initiative: A clean water transport project aimed at reducing carbon emissions, easing traffic congestion, and improving mobility through eco-friendly waterways.
  • Lagos Carbon: Africa’s first domestic environmental market, structured to stimulate private-sector participation and investment in carbon reduction and green projects.

According to the Governor, these initiatives form part of a broader sustainability strategy rooted in climate adaptation, environmental resilience, green infrastructure, and economic inclusion.

“Our focus remains to protect lives, create opportunities, and build a Lagos that is sustainable and resilient for generations to come,” he said.

The summit concluded with calls for stronger intergovernmental cooperation, increased funding for climate innovation, and sustained public participation in environmental conservation.

Lagos Hosts “The Design Table,” A New Platform Advancing Dialogue on the Future of African Fashion

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A new cultural and creative industry forum, The Design Table, made its debut in Lagos on Saturday, introducing a fresh space for collaboration and discourse within Africa’s fashion ecosystem. The gathering was co-created by So.Me Solutions in partnership with Chika Uwazie, host of The Afropolitan Podcast.

Held strategically during Lagos Fashion Week, the event brought together designers, editors, brand executives, investors, and cultural tastemakers from across the continent and the diaspora. The objective was to move discussions around African fashion beyond styling and creativity, and into strengthened infrastructure, commercial growth, and global positioning.

Speaking at the event, co-convener Chika Uwazie emphasized that sustainable progress in the African fashion value chain requires collective knowledge-building and shared responsibility among key players. She noted that while the continent is widely celebrated for its creativity, greater attention must now be placed on systems that support scalability, ethical production, and long-term industry viability.

Participants engaged in conversations on design innovation, supply chain development, storytelling, manufacturing capacity, and the changing expectations of global consumers. Attendees described the gathering as “a meeting of minds” and “a blueprint moment” for aligning vision with practical pathways for growth.

Unlike typical social or fashion gatherings, The Design Table prioritized intentional dialogue, reflective exchange, and actionable insight-sharing. Organizers stated that additional editions are planned, with the goal of building a long-term community of practitioners committed to shaping the future of African creativity.

The launch signals a broader trend toward reimagining African fashion as not only an artistic force, but an economic and cultural institution capable of influencing global markets and narratives.

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NNPC Targets $60 Billion Investment by 2030 to Drive Africa’s Energy Transition

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The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced a bold target to attract between $30 billion and $60 billion in new investments by 2030 through strategic international partnerships aimed at redefining Africa’s energy landscape.

The Group Chief Executive Officer of NNPC Ltd, Engr. Bashir Bayo Ojulari, made the disclosure on Tuesday during the “Energy Talk” session at the ongoing Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2025) holding in Abu Dhabi, United Arab Emirates.

Speaking during an interactive session moderated by acclaimed energy author and Pulitzer Prize winner, Daniel Yergin, the GCEO highlighted Nigeria’s central role in Africa’s evolving energy ecosystem, stressing that NNPC Ltd remains the key national driver for sustainable energy growth, supply stability, and regional energy security.

Ojulari noted that Nigeria possesses some of the continent’s most significant oil and gas reserves, alongside strong renewable energy potential. He said under President Bola Ahmed Tinubu’s Renewed Hope Agenda, the nation is shifting from a predominantly extractive model to a diversified and investment-driven energy economy.

“Africa’s energy future must be built on pragmatism, partnerships, and purpose,” Ojulari stated.

“At NNPC Limited, we are not just participating in the energy transition, we are shaping it from an African perspective. Our focus is pragmatic: grow production, monetize gas, deepen partnerships, and deliver value to Nigerians and global partners alike.”

Production Output on the Rise

Ojulari disclosed that Nigeria’s oil production has been restored to 1.7 million barrels per day following targeted interventions, with further plans to increase output to 2 million barrels per day by 2027, and eventually 3 million barrels per day in the long term.

He attributed the progress to improved cooperation with International Oil Companies (IOCs), indigenous producers, and a renewed commercial framework that addresses legacy operational challenges.

Policy Reforms Driving Investor Confidence

The GCEO further explained that recent government incentives, designed to complement the Petroleum Industry Act (PIA), are attracting renewed foreign interest across:

  • Deepwater exploration projects
  • Gas development and monetization plans
  • Cost efficiency and operational optimization initiatives

Strengthened Regional and Global Partnerships

Ojulari emphasized that NNPC Ltd is actively collaborating with:

  • OPEC member partners
  • African national oil companies (NOCs)
  • International financial and investment institutions

to secure long-term funding and drive sustainable development within the region’s energy value chain.

He underscored that the next decade is critical for Africa in determining how it balances energy access, affordability, and sustainability.

NNPC Ltd is positioning itself at the forefront of Africa’s energy transition — not only as a national oil company but as a central player in the continent’s future energy architecture.

Nigeria Raises $2.35bn in Record Eurobond Issuance, Attracts Unprecedented $13bn in Investor Orders

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Nigeria has marked a significant milestone in its re-entry into the international capital markets, successfully raising $2.35 billion through a Eurobond issuance that drew an exceptional $13 billion in investor orders — the largest orderbook ever recorded for the country.

The Debt Management Office (DMO) confirmed the development in a statement issued on Wednesday, describing the outcome as a “landmark success” that underscores strong global investor confidence in Nigeria’s ongoing economic reforms and fiscal stability efforts.

Highest Oversubscription in Nigeria’s Eurobond History

The issuance, which was oversubscribed by 477 percent, demonstrates robust appetite from global institutional investors despite prevailing geopolitical and market uncertainties.

The DMO noted that the transaction stands out not only for its record order volume, but also for the competitive pricing and favourable terms secured by Nigeria in the international debt market.

“The level of interest exhibited by global investors reflects growing confidence in Nigeria’s reform agenda, macroeconomic management, and long-term economic outlook,” the DMO stated.

Reforms Driving Investor Sentiment

Analysts attribute the strong investor response to recent policy measures by the Federal Government aimed at:

  • Stabilizing the exchange rate
  • Strengthening fiscal transparency
  • Encouraging private-sector-led growth
  • Deepening global financial integration

The issuance comes at a time when Nigeria continues to implement structural reforms under the Renewed Hope economic framework, which prioritizes macroeconomic stabilization, revenue diversification, and improved public sector efficiency.

Geopolitical Risks Did Not Deter Investors

Remarkably, the strong investor demand emerged despite rising geopolitical tensions and diplomatic strain, including the recent U.S. threat of military action over allegations of targeted violence against Christian communities in Northern Nigeria — a claim the Federal Government has repeatedly denied.

Market analysts say the oversubscription signals that global investors are more focused on Nigeria’s economic fundamentals and reform momentum than on external political pressures.

Strategic Impact

The Eurobond proceeds are expected to:

  • Support budget financing
  • Strengthen foreign exchange reserves
  • Enhance Nigeria’s global market credibility

The successful issuance repositions Nigeria as an active and credible participant in the international capital markets and reinforces the administration’s message of economic stabilization and renewed investor confidence.

 

FIRS to Unveil Nigeria’s New Tax Reform Acts on November 10

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The Federal Inland Revenue Service (FIRS) will officially unveil the Nigeria Tax Reform Acts on Monday, November 10, in a high-level stakeholder engagement session aimed at clarifying the scope and implications of the newly introduced tax laws.

The engagement, which will bring together policymakers, private sector leaders, financial experts, and development partners, is expected to provide a comprehensive breakdown of how the reforms will impact businesses, government revenue plans, and Nigeria’s broader fiscal direction.

According to officials, the reforms are designed to modernize Nigeria’s tax framework, improve compliance efficiency, widen the tax net, and strengthen revenue collection to support national development priorities.

The discussions will cover:

  • Adjustments to corporate and individual tax obligations
  • New incentives for investment and production
  • Measures to reduce bottlenecks and administrative challenges
  • Strategies to enhance transparency and digital tax operations

Economic analysts note that the unveiling comes at a crucial time, as the Federal Government pushes to diversify revenue sources and reduce dependence on crude oil, in line with the medium-term fiscal sustainability plan.

The engagement is expected to outline how the reforms align with Nigeria’s long-term goals of enhancing tax fairness, improving the business environment, and building a stronger, more resilient economy.

Further details from the event are anticipated to shape both public understanding and strategic planning among businesses and investors in the months ahead.

Nestoil Drags Eight Banks and Afreximbank to Court to Halt Receivership Proceedings

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Oil and gas engineering firm Nestoil Limited has instituted legal action against eight Nigerian banks and the African Export-Import Bank (Afreximbank) at the Federal High Court in Abuja, seeking restraining orders to stop ongoing receivership steps initiated against the company over alleged loan defaults.

The suit came before Justice Mohammed Umar on Wednesday, with legal representatives of Nestoil and the involved financial institutions — including Access Bank and FBNQuest Merchant Bank Limited — present in court.

This development follows a recent enforcement move in Lagos where armed operatives of the Nigeria Police Force (NPF) sealed off the company’s headquarters in Victoria Island. The action was carried out pursuant to a Federal High Court order that froze Nestoil’s bank accounts, shares, and other assets in connection with an alleged $1.01 billion and N430 billion debt owed to FBNQuest Merchant Bank Limited and First Trustees Limited, both subsidiaries of First Bank of Nigeria Limited.

Background to the Dispute

The financial disagreement stems from what the creditor banks describe as loan repayment defaults under syndicated financing arrangements. The lenders had issued a Notice of Default, a formal legal step that typically precedes asset takeover, receivership, or liquidation processes.

However, Nestoil maintains that the enforcement actions were premature and unlawful, arguing that:

  • The loan terms are still under dispute
  • Negotiation and restructuring discussions were ongoing
  • The company remains solvent and operational

Based on these claims, the firm is seeking injunctive relief to stop the banks from executing receivership or enforcing asset takeover until the court resolves the underlying commercial disagreements.

What Happens Next

Justice Mohammed Umar has directed all parties to file necessary processes, with further hearings expected in the coming days. The outcome is being closely watched in both banking and oil and gas circles due to the scale of the debt and the reputational stakes involved.

Nestoil is one of Nigeria’s major indigenous engineering, procurement, and construction (EPC) players in the oil and gas sector, and the case has potential implications for:

  • Credit market stability
  • Corporate debt restructuring practices
  • Investor perception of Nigeria’s energy services sector

More updates are expected as proceedings continue.

NNPC Targets $60 Billion Investment by 2030 to Drive Africa’s Energy Transition

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The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced a bold target to attract between $30 billion and $60 billion in new investments by 2030 through strategic international partnerships aimed at redefining Africa’s energy landscape.

The Group Chief Executive Officer of NNPC Ltd, Engr. Bashir Bayo Ojulari, made the disclosure on Tuesday during the “Energy Talk” session at the ongoing Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2025) holding in Abu Dhabi, United Arab Emirates.

Speaking during an interactive session moderated by acclaimed energy author and Pulitzer Prize winner, Daniel Yergin, the GCEO highlighted Nigeria’s central role in Africa’s evolving energy ecosystem, stressing that NNPC Ltd remains the key national driver for sustainable energy growth, supply stability, and regional energy security.

Ojulari noted that Nigeria possesses some of the continent’s most significant oil and gas reserves, alongside strong renewable energy potential. He said under President Bola Ahmed Tinubu’s Renewed Hope Agenda, the nation is shifting from a predominantly extractive model to a diversified and investment-driven energy economy.

“Africa’s energy future must be built on pragmatism, partnerships, and purpose,” Ojulari stated.

“At NNPC Limited, we are not just participating in the energy transition, we are shaping it from an African perspective. Our focus is pragmatic: grow production, monetize gas, deepen partnerships, and deliver value to Nigerians and global partners alike.”

Production Output on the Rise

Ojulari disclosed that Nigeria’s oil production has been restored to 1.7 million barrels per day following targeted interventions, with further plans to increase output to 2 million barrels per day by 2027, and eventually 3 million barrels per day in the long term.

He attributed the progress to improved cooperation with International Oil Companies (IOCs), indigenous producers, and a renewed commercial framework that addresses legacy operational challenges.

Policy Reforms Driving Investor Confidence

The GCEO further explained that recent government incentives, designed to complement the Petroleum Industry Act (PIA), are attracting renewed foreign interest across:

  • Deepwater exploration projects
  • Gas development and monetization plans
  • Cost efficiency and operational optimization initiatives

Strengthened Regional and Global Partnerships

Ojulari emphasized that NNPC Ltd is actively collaborating with:

  • OPEC member partners
  • African national oil companies (NOCs)
  • International financial and investment institutions

to secure long-term funding and drive sustainable development within the region’s energy value chain.

He underscored that the next decade is critical for Africa in determining how it balances energy access, affordability, and sustainability.

NNPC Ltd is positioning itself at the forefront of Africa’s energy transition — not only as a national oil company but as a central player in the continent’s future energy architecture.

‘How Depression Saved My Life’ — Memoir by Chude Jideonwo officially released, now in stores and on Amazon

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Media entrepreneur and host of the viral talk show #WithChude, Chude Jideonwo, has officially released his deeply personal memoir, How Depression Saved My Life. The book is now available in bookshops across Nigeria, on NarrativeLandscape.com, and globally on Amazon.
The striking yellow‑covered memoir, first announced and unveiled in March 2025, tells an extraordinary story of pain, purpose, and transformation. It traces ten years of Jideonwo’s life, from the dizzying professional highs of running major presidential campaigns to the depths of depression, and finally to building one of Africa’s most influential storytelling platforms.
Published by Narrative Landscape Press, the same publishing house behind recent works by Chimamanda Ngozi Adichie and Femi Otedola, How Depression Saved My Life is a groundbreaking Nigerian memoir that merges politics and personal healing, faith and psychology, public triumph and private despair.
“It tells the story of how after the high of the Buhari campaign in 2015 and the Akufo- Addo campaign in 2016, I was diagnosed with clinical depression and then Tourette’s syndrome, contemplated suicide in the middle of incredible pain, quit my job as CEO of RED, decided to relocate to America, changed my mind on relocation and returned to Nigeria, and three years after, emerged from the wilderness with #WithChude,” Jideonwo said in a post announcing the book’s release.
Structured across ten chapters and over three hundred pages, the memoir spans 2014 to 2024, offering a rare window into the mind of a man who helped shape public narratives in Africa before turning inward to confront his own. It begins with his time leading one of Nigeria’s most influential media and communication firms, RED, and culminates in the founding of #WithChude,  the talk show and movement that has become synonymous with vulnerability, empathy, and emotional truth in African storytelling.
Through research, philosophy, faith teaching, and intimate recollections, Jideonwo explores the relationship between personal struggle and creative purpose. The book weaves together his own mental‑health journey with lessons from conversations with global thinkers and African icons who have appeared on his platforms. It is, as he describes it, “a practical, vulnerable guide to how I took the biggest adversities in my life and turned them into the greatest joy.”
“If you’re going through a terrible, difficult or confusing moment in your life, and you don’t know how to survive it, this book will teach not only how to survive it, but also show you exactly how to transform it into joy,” he adds.
The book situates Jideonwo’s personal transformation within Nigeria’s contemporary history capturing the intensity of working at the center of politics, fame, and media, and the eventual breakdown that forced him to redefine success. His journey through depression and diagnosis is told with a rare openness in Nigerian public life, where such conversations remain taboo.
From the euphoria of helping elect a president, to sleepless nights of fear and anxiety, to sitting across from some of Africa’s most beloved cultural figures on #WithChude, Jideonwo chronicles the unpredictable road from burnout to meaning. In doing so, he bridges the gap between personal healing and social storytelling, demonstrating that emotional honesty can be a form of public service.
How Depression Saved My Life is part confessional, part manual for resilience, and part chronicle of a generation’s struggle to make sense of success, failure, and faith in a chaotic time. It touches on therapy, medication, spirituality, and the human capacity for renewal. Written in clear, unsentimental prose, it speaks directly to Nigerians and Africans navigating uncertainty, loss, and reinvention.
Jideonwo’s journey, marked by deep self‑inquiry, ultimately gave birth to a new mission: to build platforms that help others find healing and meaning through story. The result is #WithChude, #WithChude Live, and the larger ecosystem of work around emotional well‑being and storytelling that he has since become known for.
In a landscape where conversations around mental health, emotions and purpose are still emerging, How Depression Saved My Life stands as a landmark contribution to Nigerian literature, one that connects the political, the spiritual, and the profoundly personal.
The book invites readers not only to witness one man’s redemption but also to reflect on their own, offering hope that even in the darkest times, transformation is possible.
About the Author
Chude Jideonwo is host of #WithChude, one of Africa’s most watched talk shows and #WithChudeLive, Africa’s biggest talk concert. A lawyer, filmmaker and media entrepreneur, he is co-founder and former chief executive of African media companies RED | For Africa, Joy, Inc. and YNaija – working across 21 African countries and advising presidents and presidential elections in Nigeria, Ghana, Kenya, Liberia, Senegal and Sierra Leone.
He has been a Forbes 30 Under 30 honoree, CNBC Young Business Leader of the Year, an Archbishop Desmond Tutu Fellow, a World Fellow at Yale University and Creative-In-Residence at the London School of Economics. In 2020, he launched #WithChude, a viral podcast and multi-platform talk show featuring intimate, transformative conversations with African leaders and celebrities.
Syndicated on three Pan-African networks, streamed on withChude.com, with tens of millions of views on YouTube, it has become one of the continent’s largest IP libraries for stories of healing, resilience and growth. In 2025, he announced the Fourthmainland Fund, with which he is personally investing $500,000 in African creators as the future of independent media on the continent.
His writing and work have been featured in The New York Times, The Guardian, BBC, CNN, Al Jazeera, The Huffington Post, and The Financial Times. His latest book, ‘How Depression Saved My Life’ is published by Narrative Landscape.