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Rising energy bills hit Nigeria’s biggest firms with fourfold cost shock

Nigeria’s largest listed companies spent nearly four times more on energy in the first half of 2026 than a year earlier, as rising fuel prices and unreliable grid electricity drive up operating costs and threaten profit margins.

Seven of the Nigerian Exchange’s top 30 listed companies that disclosed energy expenditure recorded combined spending of N12.72 billion in January to June, up from N3.32 billion in the same period of 2025, according to data compiled by BusinessDay from their financial reports.

The figures represent an increase of about 283 percent, highlighting how Nigeria’s electricity shortfall is feeding into corporate accounts and raising the cost of doing business across manufacturing, consumer goods, banking and energy.

The companies surveyed cut across manufacturing, consumer goods, banking and energy. They include Dangote Cement, BUA Foods, HBM Nigeria, UAC, First Holdings, Zenith Bank and Aradel Holdings.

The surge comes as businesses contend with an electricity system that struggles to deliver reliable power, forcing companies to rely on diesel generators, gas-fired plants and other alternative sources to keep operations running.

‘The rising energy burden underscores a deeper problem facing Nigeria’s private sector: companies are increasingly required to spend more simply to maintain existing levels of production and service delivery, rather than directing those resources towards expansion,’ Jovita Eiyike, an analyst covering the Nigerian consumer goods sector, said.

Eiyike added, ‘The resulting pressure could weaken earnings, constrain investment and make Nigerian businesses less competitive, particularly as manufacturers struggle to pass higher operating costs on to consumers already facing elevated living expenses.’

How energy costs increased for companies

Aradel Holdings posted the sharpest increase. Its spending on fuel and utilities climbed to N10.28 billion from N1.45 billion a year earlier, a rise of more than 600 percent.

BUA Foods’ energy bill rose 50 percent to N589.34 million from N392.71 million. UAC, another consumer-goods company, reported energy costs of N1.22 billion, up from N971.98 million.

Financial institutions recorded smaller increases in energy expenditure than manufacturers, but their reliance on uninterrupted electricity makes them particularly vulnerable to supply disruptions.

Zenith Bank’s energy spending rose 11 percent to N79.69 million from N71.72 million. First Holdings, the parent of First Bank of Nigeria, reported N22.45 million, up from N21.31 million.

Although the increases were more modest, banks face a different set of operational pressures. Banks’ extensive branch networks, automated teller machines, transaction infrastructure and data centres require continuous electricity to support financial services.

BusinessDay’s findings showed Nigeria’s electricity supply challenges have long forced businesses to invest in alternative power sources.

However, the cost of operating generators has increased as diesel and other fuels become more expensive, creating an additional burden for companies already facing elevated production costs.

The impact is particularly significant for food manufacturers, whose operations often depend on uninterrupted power to maintain production lines and preserve raw materials.

Luqman Agboola, head of research at Sofidam Capital, said the rise in energy expenditure could affect earnings if companies cannot pass the additional costs to consumers.

‘Energy costs are becoming a critical determinant of profitability,’ the analyst said.

Leye Kupoluyi, president of Lagos Chamber of Commerce and Industry (LCCI), Nigeria’s largest business think tank, said energy costs remain the most significant constraint, stating that sharp increases in petrol and diesel prices in 2026 raised costs of operating generators, transporting goods and distributing products, amid high electricity tariffs and logistics costs.

Kupoluyi said the high upfront costs of solar systems, battery storage, gas conversion equipment and energy-efficient machinery remained significant barriers to cleaner energy adoption among businesses.

He observed that unreliable electricity supply had forced many enterprises to depend on petrol and diesel generators, exposing them to fluctuating fuel prices, high maintenance costs and production disruptions.

According to him, improving energy affordability would require investment in gas gathering and processing facilities, transportation infrastructure, distribution networks and storage systems to connect Nigeria’s gas resources with the businesses that need reliable energy.

He also advocated targeted tax incentives, accelerated capital allowances and reduced import-related costs for qualifying clean energy equipment to encourage wider adoption.

The LCCI president stressed that expanding the national electricity grid alone would not immediately meet the energy needs of all SMEs.

Kupoluyi maintained that Nigeria’s energy transition should accommodate different technologies, including natural gas, solar power and battery storage, depending on their affordability and suitability for businesses.

PM leaves for CHOGM in Antigua and Barbuda

Prime Minister Harini Amarasuriya left for Antigua and Barbuda on Saturday to attend the 2026 Commonwealth Heads of Government Meeting (CHOGM) in St. John’s. During the visit, which runs until 6 November, the Prime Minister will engage with Commonwealth leaders and take part in discussions on matters of shared interest to member states, the Prime Minister’s Media Division said.

Uba Sani inaugurates reconstruction of abandoned Binawa bridge in Kaduna

Kaduna State Governor Senator Uba Sani has inaugurated the reconstruction of the Binawa Bridge in Kauru Local Government Area which had been abandoned for over 14 years.

The bridge links Mariri Geshere Binawa and other communities in the area.

Sani represented by the Senator representing Kaduna South Senatorial District Sunday Marshall Katung performed the groundbreaking ceremony in Binawa describing the project as a major infrastructure intervention that would improve connectivity and ease the hardship faced by residents.

Katung said the reconstruction marked the beginning of further development interventions in the area expressing optimism that the long-awaited Kibangari Bridge would also receive government attention.

He urged residents to support the state government’s development efforts noting that the reconstructed bridge would improve access to markets schools and healthcare facilities while facilitating socioeconomic activities across the communities.

The senator also called on traditional rulers youths and security agencies to strengthen collaboration in tackling insecurity and sustaining peace in the area.

Earlier the Managing Director of the Kaduna State Roads Agency (KADRA) Dr Abdullahi Baba Ahmad said the bridge would ease the movement of people agricultural produce and essential services.

He explained that the project would enhance access to markets schools and healthcare facilities support businesses and strengthen social and economic ties among communities.

Baba Ahmad assured residents that the agency would ensure strict compliance with engineering standards with emphasis on quality durability and timely completion of the project.

Also speaking the member representing Kauru/Chawai Federal Constituency Rep. Zakari Haruna Chawai commended the state government for the intervention describing the bridge as a valuable project for the entire local government.

Chawai said the reconstruction was expected to be completed within two to three months urging residents to cooperate with the government and support its development initiatives.

He expressed optimism that more development projects would be attracted to the area and called on residents to support the All Progressives Congress (APC) in the 2027 general elections.

In his remarks the District Head of Kumana Mr Samaila Yanaba praised the state government for undertaking the reconstruction of the bridge which he said had been abandoned for more than 14 years.

Some residents who spoke at the ceremony also expressed appreciation to the government lamenting that the collapse of the bridge had severely disrupted their socioeconomic activities and movement within and outside the area.

They said the reconstruction would restore vital links among communities and ease the transportation of people and goods.

City Boy Movement deepens nationwide mobilisation ahead of 2027 elections

City Boy Movement has intensified its nationwide mobilisation ahead of the 2027 general election with its patron Seyi Tinubu saying the organisation is consolidating its existing structures expanding its national footprint and strengthening grassroots engagement across the country.

In a statement issued at the weekend by the movement’s Deputy National Publicity Secretary Arabinrin Aderonke Tinubu said the mobilisation was already underway describing the movement’s expanding activities as a deliberate effort to build a formidable national network ahead of the next electoral cycle.

‘The City Boy Movement is already on the ground mobilising organising and expanding its national reach ahead of the 2027 general election. What we are witnessing is a deliberate effort to build on the structures already established deepen grassroots engagement and strengthen our presence across the country’ he said.

The movement’s activities have taken it to the Southeast Jigawa Bauchi Gombe Adamawa and Taraba states among other parts of the federation with engagements extending to grassroots communities. The spread of its activities reflects its stated commitment to building a national platform that reaches beyond conventional political centres and engages communities at the local level.

Tinubu who expressed confidence in members’ commitment and determination said the task ahead required focus purpose and collective responsibility. He noted that the movement’s progress would depend not merely on its visibility but also on the strength of its organisation and the dedication of its members.

‘As patron I am confident in the commitment energy and determination of our members. We understand the task ahead and we are approaching it with focus purpose and a clear sense of responsibility’ he said.

A lawyer and entrepreneur Seyi Tinubu is the founder of Loatsad Promomedia an outdoor advertising company and has been associated with youth-focused initiatives and philanthropy. As patron he sits at the forefront of the movement’s leadership and organisational direction.

Reaffirming the movement’s resolve he said: ‘City Boy is not a movement of empty declarations. We are building mobilising and taking the work seriously. Let there be no doubt: City Boy means business.’

City Boy Movement a youth-oriented political mobilisation platform that emerged during the 2023 election cycle has continued to build its organisational presence nationwide.

It says its current mobilisation is directed at supporting President Bola Ahmed Tinubu’s re-election in 2027 and delivering the mandate.

2027 Permutations Favour Tinubu – Deputy Senate President

The Deputy President of the Senate, Senator Barau Jibrin, has expressed optimism that President Bola Ahmed Tinubu will emerge victorious in the January 16, presidential election, citing the prevailing political situation in the country.

Barau stated this at the weekend during the inauguration of campaign committees for Dawakin Tofa, Tofa and Rimin Gado Local Government Areas of Kano State, where he charged party members to work towards securing victory for all candidates of the All Progressives Congress (APC) in the forthcoming general elections.

In a statement issued by his media aide, Ismail Mudashir, the Deputy President of the Senate said the foundation laid by President Tinubu during his first term would yield the desired results in his second term.

He expressed appreciation to party leaders, elected representatives, local government chairmen, Governor Abba Kabir Yusuf and other stakeholders for their support and commitment to the APC, assuring that the unity and cooperation currently being enjoyed by the party would be sustained.

‘Based on the assessments of political analysts and the current state of Nigerian politics, all indications suggest that, Bola Ahmed Tinubu will win the presidential election,’ he said.

He noted that Kano, being one of the largest states in the country and second only to Lagos in terms of the latest registered voters, deserved greater attention and opportunities from the Federal Government.

According to him, the Governor’s decision to lead the people from the New Nigeria People’s Party (NNPP) to the APC was a strategic move that have enhanced Kano’s political relevance and improved its access to developmental opportunities.

The Deputy President of the Senate expressed confidence that the political unity achieved in Kano would translate into tangible benefits for the people, particularly with the alignment of councillors, local government chairmen, state legislators, members of the National Assembly and the Governor under the APC.

He added that the coming elections would usher in a new phase of political and developmental activities, with elected representatives expected to contribute meaningfully to the development of their respective constituencies.

Barau explained that the campaign committees were carefully constituted to accommodate party leaders, members of the party’s executive committees, former and serving legislators, councillors, local government chairmen, new party members and respected elders.

Gov Diri: Only A God-Fearing Person Will Succeed Me

Governor Douye Diri of Bayelsa State has urged those aspiring to succeed him to seek God’s guidance and approval through prayer, saying only a God-fearing individual will succeed him.

Speaking at the Ecumenical Centre, Igbogene-Yenagoa, during the state’s 15th thanksgiving, on Monday, Diri stated that nobody can say no to anyone accepted by God.

He said Bayelsa had been handed over to God, maintaining that the Almighty would always have the final say on the affairs of the state.

Diri also stressed the need for people of the state to remain united, tolerant and peaceful, saying that it was the only way Bayelsa can witness the much needed development.

He reaffirmed the commitment of his administration to continue to impact on the lives of the people positively and that it had the political will to transform the state, which he said had one of the best environments for development.

He thanked the people for standing by his administration.

He said, ‘All who want to be governor, go and seek the face of God. Anyone who wants to be governor must be God-fearing. If God said yes, nobody can say no, not even me.

‘Let us continue to worship God. Let us be tolerant and patient as we will become victorious at the end of the day.

‘The Bible itself recognises that it is good to give thanks to the Lord. Today we came to say thank you Father.

‘As I keep saying, those of us who were born in Yenagoa or know Bayelsa of old can see the difference today. It is enough to give thanks.

‘We have one of the best environments in Nigeria and with the political will we are bringing development to our people.’

The guest preacher and former state chairman of the Christian Association of Nigeria (CAN), Very Rev. Joseph Opelema, who took his sermon on the theme: ‘Called to be Good Christians and Good Citizens,’ said Christians hold dual citizenship – citizens of the church and citizens of the society.

Drawing his message from Matthew 22:15-22, where the Pharisees attempted to trap Jesus on payment of tax, he said His response: ‘Give to Caesar what belongs to Caesar, and to God what belongs to God’ underscored the call for Christians to be good citizens.

According to the Catholic cleric, the Bible passage, which he said had often been misinterpreted, emphasised that Christians must bring the virtues of sacrifice, prudence, accountability, justice, love, care and charity to bear wherever they find themselves, especially in public office.

He lamented that there were many worshippers today but few live the Christian life, stressing that Jesus called on believers to be witnesses, salt of the earth, light of the world, and to use any public position in Bayelsa and Nigeria to serve and witness to Christ.

Rev. Opelema described Bayelsa as abundantly blessed with natural and human resources, good weather, land and rivers, capable of making it a tourism hub in Nigeria, adding that with a God-fearing leader, the state would in no time attain its full potential.

High points of the service was the unveiling of a book: ‘Lively Oracle’ containing the scriptural declarations of the governor during morning devotions, and song ministrations by various Gospel artistes.

Daily Trust reports that Bayelsa’s governorship election will hold a few months after the 2027 general election.

UBEC charges PR personnel to embrace innovation in promoting intervention activities

The Universal Basic Education Commission (UBEC) has charged public relations and information officers across the country to embrace innovation, professionalism and strategic communication in promoting its interventions and improving public understanding of government investments in basic education.

The Executive Secretary of UBEC, Dr Aisha Garba, gave the charge on Monday in Keffi, Nasarawa State, at the commission’s 12th Annual Training Workshop for public relations and information officers of UBEC and State Universal Basic Education Boards (SUBEBs) from the 36 states and the Federal Capital Territory (FCT).

The training programme was declared open by the Chairman of Nasarawa State Universal Basic Education Board, Dr Kassim Mohamed.

Garba, whose speech was delivered on her behalf by the Director, North Central Zone, Mr Edward Ababalaka, said effective communication was a strategic pillar of educational development and essential to ensuring that the achievements of government interventions were understood and appreciated by the public.

She noted that although substantial progress had been recorded in school infrastructure development, teacher professional development, the provision of instructional materials and digital learning initiatives, the success of such interventions also depended on how effectively they were communicated to stakeholders.

According to her, public relations officers are critical to translating educational policies and programmes into narratives of impact, building public confidence and mobilising communities to support basic education delivery.

She urged the participants to be proactive, innovative and responsive in the discharge of their responsibilities, particularly in the face of the growing influence of digital media and the challenges of misinformation.

Garba said the workshop was designed to strengthen their capacity in advocacy, media relations, stakeholder engagement, content development, digital communication, reputation management and strategic information dissemination.

She urged them to go beyond routine publicity by documenting and showcasing success stories from schools and communities, noting that every classroom constructed, teacher trained and learning resource provided represented a story of transformation deserving public attention.

The UBEC boss also called on SUBEB chairmen to adequately support and empower their public relations departments, describing the officers as image-makers responsible for projecting the achievements of their respective boards.

The Acting Head of Corporate Communications, UBEC, Mrs Kemi Abass, in her welcome address, said the responsibilities of public relations officers went beyond issuing press releases, covering events and posting activities on social media.

She urged the officers to move from routine publicity to proactive, strategic and impact-driven communication capable of demonstrating how government interventions were improving teaching and learning outcomes.

Abass advised the participants to adopt modern communication tools, including short documentaries, human-interest stories, infographics, interviews and beneficiary testimonials, to make their messages more engaging and impactful.

She also called for stronger collaboration between UBEC and SUBEB communication units to ensure timely information sharing, coordinated messaging and consistent projection of achievements across the country.

She disclosed that the commission was looking towards establishing a regular UBEC publicity bulletin, producing a documentary showcasing success stories across UBEC and SUBEBs, and launching a coordinated national digital campaign to improve awareness and visibility of basic education interventions.

According to her, the workshop was expected to strengthen the communication capacity of UBEC and SUBEB personnel, improve collaboration among their public relations units and promote greater public awareness of interventions aimed at expanding access to quality basic education across the country.

Also speaking, the Special Adviser to the Minister of Education on Media and Communications, Mr Ikharo Attah, stressed the need for effective and timely communication to showcase the achievements of the Federal Government in the basic education sector.

Attah, while reaffirming the commitment of the Minister of Education, Dr Olatunji Alausa, to transforming the education sector, acknowledged the progress recorded in school infrastructure development. He said such achievements must be consistently communicated to the public to prevent isolated cases of inadequate facilities from overshadowing broader improvements across the country.

He maintained that public relations officers must tell the stories of government interventions and ensure that the public was adequately informed about ongoing projects and their impact.

He also commended UBEC’s corporate communications efforts, particularly its publicity materials, frequently asked questions and public awareness activities, urging the commission to extend such initiatives to the state level.

Earlier, the Dean of UBEC/SUBEB Public Relations Officers, Mr Richard Nanpon Jonah, called for dedicated budgetary allocations for public relations activities across SUBEBs to enable the officers to effectively communicate the impact of interventions in their respective states.

Jonah said the substantial investments in basic education would achieve greater public impact if supported by effective communication, transparency and stakeholder engagement.

Lanao del Sur farmers get climate-resilient rice farming training

Around 200 rice farmers from Maguing and Poona Bayabao in Lanao del Sur received fertilizer assistance after participating in a training program on improving rice production and adapting to climate change, particularly the effects of El Niño.

The Provincial Government of Lanao del Sur, through its Office of the Provincial Agriculturist (OPAg), conducted the training on the PalayCheck System as part of its flagship agriculture and livelihood program.

In a post on its official Facebook page, the provincial government said the participants received either urea or complete fertilizer to support their rice production.

Last week’s training covered farmer profiling, pre- and post-training assessments, and cost and return analysis to help farmers improve their knowledge and adopt more effective rice farming practices.

It also focused on climate-resilient agricultural techniques to prepare farmers for changing weather conditions and the potential impact of El Niño on their crops and livelihoods.

The provincial government acknowledged the support of the Ministry of Agriculture, Fisheries and Agrarian Reform (MAFAR), represented by Agriculturist I Baimona Ditual, and Municipal Planning and Development Coordinator Engr. Asral Barauntong, particularly in the fertilizer distribution.

In Poona Bayabao, MAFAR Agricultural Technologist Zenaida Daud and Municipal Information Officer Mojib Romero also underscored the importance of training in helping farmers deal with the effects of El Niño.

‘Through this initiative, OPAg continues to promote improved rice production and climate-resilient farming practices to help sustain farmers’ livelihoods,’ the provincial government said.

The program is part of the provincial government’s efforts to strengthen agricultural productivity and support farmers through technical training and farm inputs.

Naia expects Undas season passenger count to exceed 1 million

The New NAIA Infra Corp. (NNIC) is anticipating at least 144,000 passengers at the Ninoy Aquino International Airport (NAIA) on Monday, All Souls’ Day.

This is on top of the 868,423 passengers recorded from October 27 to November 1, which will push the total number of travelers using the country’s primary airport to over 1 million before the end of the Undas season.

‘Based on the projection of NNIC-AICCC (Airport Integrated Command and Control Center) passenger traffic is expected to reach at least 144,000 today,’ the Manila International Airport Authority (MIAA) said in a text message to the media.

MIAA also said it is anticipating less passengers on Tuesday, Nov. 3.

‘Mas mataas po ang expected passenger volume namin today based on the projection, compared to November 3, we are expecting at least 139,000 passengers na lang po,’ MIAA told the Inquirer in a text message.

(The expected passenger volume today is higher based on projection compared to November 3, we are expecting at least 139,000 passengers.)

In 2025, NAIA handled 1,237,653 passengers from Oct. 27 to Nov. 4.

Vietjet signs agreement with Starlink to bring free high-speed Wi-Fi

During the working visit to the United States by Vietnam’s General Secretary and President To Lam, Vietjet, together with its group companies Galaxy Holdings and Galaxy Telecom, signed a strategic partnership agreement with Starlink, the satellite internet service engineered and operated by SpaceX, to provide passengers with free, high-speed Wi-Fi on Vietjet flights.

The agreement was exchanged in the presence of Vietnam’s General Secretary and President To Lam, senior leaders and business representatives from both countries, marking a new milestone in aviation technology cooperation between Vietnam and the United States.

In the initial phase, Starlink will be installed on 120 Vietjet aircraft, including 100 Airbus A321 and Boeing 737 aircraft and 20 Airbus A330 aircraft. Vietjet also plans to equip all future aircraft deliveries with high-speed internet, extending connectivity across its Vietnam domestic and international network, including the Colombo to Ho Chi Minh City service.

With high-speed, low-latency connectivity and coverage over oceans, polar regions and remote areas, Starlink will enable passengers to work, stay connected, stream entertainment and access online content throughout their journey. Vietjet aims to make high-speed inflight Wi-Fi no longer a premium amenity, but an essential and widely accessible digital service for everyday air travel.

Vietjet Chairwoman Dr. Nguyen Thi Phuong Thao said: ‘With Starlink, time in the air no longer has to mean time offline. Vietjet passengers will be able to stay connected throughout their journey, whether working, staying entertained, or keeping in touch with family and friends. This reflects Vietjet’s longstanding commitment to innovation and our ambition to bring leading technologies closer to more people.’

SpaceX Senior Vice President of Global Business and Government Affairs Tim Hughes said: ‘The introduction of Starlink on Vietjet will build on the fast, reliable service already connecting homes and businesses on the ground in Vietnam. We are thrilled to deliver a connectivity experience to Vietjet and its customers, making every journey better, smoother and infinitely more enjoyable.’

The Starlink agreement marks the beginning of a long-term technology relationship between Vietjet and SpaceX. Together with its modern fleet and continued investment in data, artificial intelligence and highly skilled talent, Vietjet is building a digital aviation ecosystem that keeps millions of passengers, including those flying to and from Sri Lanka, connected to the world throughout their journeys.