Category: Business Day

The Nigerian National Petroleum Company (NNPC) Limited has signed a fresh two-year crude supply agreement with the Dangote Petroleum Refinery, ensuring steady feedstock to the 650,000-barrel-per-day plant in Lekki, Lagos.

The deal, sealed in August, is part of the Federal Government’s drive to prioritise crude deliveries to the privately owned refinery, particularly in naira, to support energy security and stabilise domestic fuel supply.

According to industry data, about 82 million barrels of crude have been allocated to Dangote Refinery between October 2024 and September 2025. Of this volume, 49.3 million barrels – or 60 percent – were supplied in naira under the crude-for-naira initiative.

The agreement follows recent tension after the refinery suspended naira-based petrol sales citing the depletion of its naira crude allocation. Sales later resumed following intervention by the Naira-for-Crude Technical Committee chairman.

Andy Odeh, NNPC’s Chief Corporate Communications Officer, confirmed that the state-owned company continues to allocate crude in naira to the refinery.

He explained that NNPC, Dangote Refinery, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) periodically reconcile the volume and value of crude delivered in naira.

‘The state-owned energy company and the refinery have negotiated and signed a new sales and purchase agreement that will run until 2027,’ Odeh said.

‘In line with the FGN Crude for Naira Initiative, NNPC Limited has continued to allocate crude to Dangote Refinery in naira for the sale of products in the domestic market.

‘On this basis, NNPC, DPRP and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) periodically reconcile the volume and cost of product supplied in naira commensurate with the crude delivered,’ Odeh explained.

He disclosed that NNPC allocated three naira crude cargoes in August, and five cargoes each for September and October 2025. While loading operations for August have been completed, September allocations are currently underway, with two vessels undergoing pre-loading formalities at terminals.

Odeh added that between October 2024 and October 2025, a total of 82 million barrels of crude had been allocated to Dangote Refinery, with 60 percent (49.3 million barrels) supplied in naira.

The new deal will run until 2027, ensuring continuity of supply following recent concerns when Dangote Refinery briefly suspended naira-based petrol sales citing exhaustion of its naira crude allocation. Sales later resumed after federal intervention.

Dangote’s media team has yet to respond to requests for further details on the arrangement.

The Federal Capital Territory (FCT) Police Command has expressed deep sorrow over the tragic death of Somtochukwu Maduagwu, a journalist with Arise News Channel, who was killed during an armed robbery at her residence in the Katampe area of Abuja.

Maduagwu, a news anchor, reporter, and producer, was attacked in the early hours of Monday, September 29, 2025.

In a statement issued on Tuesday, Ajao Adewale, Commissioner of Police, FCT Command, described the killing as a cruel and senseless act that has no place in a civilised society.

He extended his condolences to the family, friends, and colleagues of the deceased, assuring them that the police will leave no stone unturned in the pursuit of justice.

Adewale disclosed that he had ordered a discreet and comprehensive investigation into the circumstances surrounding the incident.

He further directed the deployment of intelligence and operational teams to track down and apprehend those behind the attack.

‘The Command remains fully committed to ensuring that justice is served,’ he said, while urging residents of the FCT to assist investigators with timely and useful information that could help in the arrest of the perpetrators.

He also encouraged the public to remain vigilant and raise alarms at the sight of suspicious activities in their neighbourhoods.

Residents can reach the Command through its emergency lines: 08032003913, 08028940883, or the Complaint Response Unit (CRU) via 08107314192.

The statement, signed by Josephine Adeh, Police Public Relations Officer, emphasised that the Command stands in solidarity with the bereaved family and the Nigerian media industry, pledging to intensify efforts to bring the culprits to justice.

Kayode Egbetokun, Inspector-General of Police (IGP), on Monday urged newly called-to-Bar police officers to uphold integrity, professionalism, and discipline as they assume dual responsibilities as law enforcement officers and legal practitioners.

Addressing the officers at the Force Headquarters in Abuja, the IGP described their success as a milestone achievement that would add strategic value to the Nigeria Police Force (NPF) and strengthen the country’s justice system.

‘It gives me great pride to welcome you. Today, we are not only recognizing personal success; we are celebrating an achievement that strengthens the Nigeria Police Force and adds value to our country,’ he said.

He also congratulated the officers on their successful completion of the Nigerian Law School programme, noting with pride that one of them graduated with First Class Honours, which he described as a rare and outstanding feat that has brought honour to the Force.

The Police Chief emphasized that law enforcement cannot be effective without a strong legal foundation.

He stressed that the officers’ legal training positioned them to serve as defenders of the law in the field and as custodians of justice in the courtroom.

According to him, every action taken by the Police must be grounded in law, every power exercised must be backed by law, and every responsibility borne must be judged by law.

Egbetokun highlighted that their entry into the profession coincided with the recent elevation of the Police Legal Section to the Force Directorate of Legal Services, now headed by an Assistant Inspector-General of Police.

He explained that the upgrade was not symbolic but strategic, designed to provide sharper legal direction, ensure watertight prosecutions, safeguard the institution against legal vulnerabilities, and influence policy at the highest levels.

He told the officers that they were joining the Directorate at a defining moment and that its success would depend heavily on their contributions.

He further stressed that the Police did not need lawyers in uniform for decoration, but officers who would add tangible value to the institution.

He urged them to ensure that prosecutions are handled professionally, conduct themselves with integrity that is above reproach, and provide legal opinions that commanders can rely on with confidence.

He also encouraged them to help align the Force with constitutional standards, human rights obligations, and international best practices, while serving as role models to other officers who aspire to combine policing with legal practice.

The IGP reminded the officers that their call to the Bar had doubled their responsibilities, making them accountable to the Force, the legal profession, and the Nigerian people.

He cautioned them against misusing their legal knowledge for personal advantage, urging them instead to channel it into service that would strengthen the Directorate and uplift the Police Force.

‘Excellence will be recognized and rewarded. Mediocrity will not be tolerated,’ he said.

He added that the combination of their uniform and the lawyer’s gown placed them in a demanding yet privileged position, requiring humility, discipline, and loyalty to the Force.

Egbetokun charged the officers to justify the investment the Police had made in their legal education, insisting that their performance would not only shape their careers but also determine the credibility of the Nigeria Police as a professional law enforcement institution.

He declared that the achievement was not merely about the gown they would wear in court, but about the standards they would set while in uniform.

‘The Police at this time, more than ever before, need lawyers who will make the law work for justice, for discipline, and for Nigeria,’ he said.

Boko Haram terrorists shot and killed one person and abducted four young girls in renewed attacks on the border town in Gwoza Local Government Area, southern Borno State, eyewitnesses have said.

The terrorists came in their multitudes and overpowered the Joint Task Force in Kirawa town, Monday, razing more than 20 commercial vehicles and shops with goods worth millions of naira.

It was gathered that the multinational joint task force had withdrawn most of its personnel after brutal attacks on their bases led to the death of 20 soldiers.

According to a VJTF source, the palace of the District Head of Kirawa, Alhaji Abdulrahaman Abubakar, was equally burnt after the invaders looted and carted away valuable items.

The source said, ‘One resident was shot dead in the attack Monday night that lasted for hours. They abducted four young girls ages between 10-13 years.’ Another source added, ‘the terrorists invaded our community around 9 pm on motorbikes, burning other structures, shops and more than 20 vehicles.

‘We are left to face our fate. We haven’t had soldiers for more than two months now; as you see, this town (Kirawa) is very strategic in term of economic activity between Nigeria and Cameroon.’

Yakubu Kirawa, the Chairman of the Kirawa Development Association, while corroborating the account, called for the establishment of a brigade in the community to safeguard the lives and properties. He said the assailants shot at people and displaced many residents to Cameroon.

‘They arrived in the community around 9 pm and shot sporadically; they burnt houses and shops, and many of our people ran to Cameroon. One person was also shot.

While calling for a military base, he said, ‘Being a border community where it is just a river that separates us and Cameroon, we are requesting the federal government to establish a brigade and increase military deployment.’

A resident in the community, Shaibu Abdul, confirmed that the palace of the district head was burnt down.

‘They attacked the palace of the district head, Alhaji Abdulrahman Abubakar and burnt down his house, although, he escaped the attack,’ he said.

Meanwhile, the Senator representing Borno South Senatorial districts, Ali Ndume in an electronic communication said, ‘the renewed Boko Haram attacks in Kirawa and other communities have became a source of concern and frustrating, as many resilient Internally Displaced Persons have returned back to their ancestral homes that were facilitated and supported by Governor Babagana Zulum’.

The Senator troops appealed to the military authorities to ‘deploy more troops and or platoons in the affected areas of Kirawa, Ngoshe, Agapalwa, Chikide among other vulnerable communities’.

He also reiterated his call on the federal government and the Nigerian Military to deploy drones, Attack Helicopters, as well as use Technology, Equipment, Arms and Ammunition, Motivation (TEAAM).

He said; ‘It is the only way to end the over decade Boko Haram atrocities in Borno, North East and other parts of the country.’ he added.

Kylian Mbappe scored a hat-trick as Real Madrid thrashed Kairat 5-0 in the group stage of the UEFA Champions League in Kazakhstan on Tuesday.

Xabi Alonso’s side bounced back emphatically from their derby humiliation against Atletico Madrid on Saturday, travelling over 7,000 kilometres to secure a dominant victory on the road.

Mbappe opened the scoring from the penalty spot after 18-year-old goalkeeper Sherkhan Kalmurza fouled Franco Mastantuono in the box.

The Frenchman added two more to complete his treble, while Eduardo Camavinga and Brahim Díaz rounded off the scoring to send Madrid provisionally top of the group. Despite his hat-trick and a tally of 13 goals in nine games this season, Mbappe admitted he wanted even more.

‘My work is helping the team, doing what I can so that the team wins,’ he told Movistar. ‘If I have five chances, I want to score five goals, that’s why Real Madrid bought me. I’ll work to be better and more efficient in front of goal.’

Kairat, competing in the group stage for the first time after eliminating Celtic in qualifying, struggled badly, particularly with their teenage stand-in goalkeeper forced into action because of injuries to three senior shot-stoppers.

Real Madrid, however, looked every bit the European giants, led once again by Mbappe’s brilliance.

Headline fighters Brandon Glanton and Marcus Browne have promised fireworks when they clash in the cruiserweight main event of the ‘Chaos in the Ring’ card on October 1, Nigeria’s Independence Day, at the Mobolaji Johnson Arena, Lagos.

The blockbuster event, organised Dr. Ezekiel Adamu, CEO of Balmoral Group, in conjunction with Amir Khan, British boxing legend, is being billed as Nigeria’s biggest boxing spectacle since the historic ‘Rumble in the Jungle’ in 1974. Marcus Browne (25-2, 16 KOs), a 2012 Olympian and former WBA interim light heavyweight champion, said the fight is another step in his mission to become a two-division titleholder.

‘I’m fully loaded and I’m ready to press the trigger,’ Browne declared at the Lagos press conference.

‘Fans should expect power boxing, fireworks, and a statement for the cruiserweight division. This fight is sentimental for me, being Liberian, I feel at home in West Africa. I’m grateful for the opportunity, and I want to put on a show for Nigeria.’ His opponent, Brandon Glanton, a heavy-handed American with a reputation for knockout power, dismissed Browne’s comments, insisting he is ready to impose himself in Lagos.

‘I’m fully prepared. I’ve got great opposition in front of me, but I’m here to show myself,’ Glanton said. ‘People know I don’t come to dance around the ring. Expect an explosive fight-I’m coming to show exactly who I am.’

Event organiser Dr. Adamu, described ‘Chaos in the Ring’ as the biggest boxing showcase in Africa since Ali vs. Foreman.

‘Our ambition is to stage a boxing spectacle that rivals Saudi Arabia’s recent mega-events while highlighting Nigeria’s unique energy and passion,’ Adamu said.

The undercard features a strong mix of local and international bouts, including Basit Adebayo vs. Tony Rashid for the WBO Africa Title, Emanuel Odiase vs. Idris Afini for the WBA Africa heavyweight crown, Dan Azeez vs. Sulaimon Adeosun in light heavyweight action, Yusuf Adeniji vs. Akimos Annang Ampiah in a featherweight clash, and Samuel Takyi vs. Fatiu Ijomoni for the WBO World Youth lightweight belt.

Leading smartphone brand, Infinix, has once again proven its dominance in the Nigerian mobile market by clinching two prestigious honors at the 2025 Edge Awards, organized by Marketing Edge and held on Friday, September 26, at the Balmoral Event Centre in Lagos. The brand won the awards for Outstanding Smartphone Launch of the Year for its Hot 60 Series, and Innovative Smartphone Brand of the Year for its Note 50 Series.

These recognitions highlight Infinix’s continued commitment to delivering cutting-edge technology, stylish design, and user-focused innovation in the Nigerian market.

Speaking on the awards, Oluwayemisi Ode, Integrated Marketing Communications and PR Manager at Infinix Nigeria, expressed gratitude to customers and stakeholders for their continued trust and support for the brand. ‘This double win is a testament to the work we put into understanding our consumers and delivering devices that not only meet but exceed their expectations. At Infinix, we believe technology should be empowering, stylish, and accessible, and these awards reinforce our commitment to that mission”. Speaking on the Marketing Edge Awards, John Ajayi, CEO and Founder, Marketing Edge Group and Edge Awards, highlighted that the award ceremony serves as a way to celebrate achievement of others and a reminder that hard work, service and innovation are rewarded. ‘As brands, agencies and personalities navigate the complexities of the Nigerian market, balancing traditional values with cutting-edge technology, this year’s EDGE AWARDS offers a prestigious platform to celebrate those who have pushed the limits of creativity and innovation with insight-driven initiatives’ he stated.

These recent awards strengthen Infinix’s position as a trailblazer in Nigeria’s highly competitive smartphone industry and a testament to its reputation as a brand that is committed to consistently delivering cutting-edge smart devices, and continues to push the boundaries of what mid-range smartphones can deliver.

Nigeria has launched a pound 175 million climate adaptation initiative, backed by the European Investment Bank (EIB), to combat the country’s worsening erosion, flooding, and watershed degradation.

The programme, known as the Nigeria Climate Adaptation, Erosion and Watershed Project (NEWMAP-EIB), is designed to protect vulnerable communities, restore farmlands, and build climate resilience across 23 States.

Speaking at the official launch in Abuja on Tuesday, Balarabe Lawal, Minister of Environment and Chairman of the NEWMAP-EIB Steering Committee, announced that the Federal Government had met all conditions for the project’s take-off, making it now ‘disbursement-effective.’ He described the initiative as a lifeline in the fight against climate disasters that had destroyed lives, livelihoods and infrastructure across the country.

‘Today’s launch signifies a clear testimony to the power of collaboration and shared vision. ‘The support of the European Investment Bank in climate finance has provided Nigeria with a vital lifeline for erosion control, flood management, and watershed restoration,’ Lawal declared.

The project builds on the Nigeria Erosion and Watershed Management Project (NEWMAP-IDA), first introduced in 2010 with World Bank financing.

That programme, which closed in 2022, rehabilitated dozens of gully erosion sites, supported food security, and improved institutional response to land degradation in 23 States.

With the EIB’s support, Nigeria has now scaled up the initiative under a five-year programme targeting 23 States, including Abia, Anambra, Cross River, Delta, Ebonyi, Enugu, Imo, Edo, Plateau, Sokoto, and Borno.

The intervention will focus on two components such as erosion and watershed management infrastructure investment, and project management.

The Ogun State Government has debunked alleged complicity over a dead body found in Arakanga River suspected to be a pupil of Ilugun High School located in Elega Area of Abeokuta North Local Government.

A lifeless body of a teenager suspected to be a pupil of Ilugun High School (Junior) was found in Arakanga River at the weekend as rumour was rife that the victim and others were chased away by the School Principal (Junior) with the support of local security agents, prompting their resolve to swim through the river located at the back of the School.

Reports have it that one of them was unlucky as he was swept away by the rising river tides. The dead body of the victim was later found some days later, causing people in the area to concoct different versions of a story that led to the death of the pupil.

But, speaking at a Press Conference held in Abeokuta on Tuesday, Abayomi Arigbabu, Professor and Commissioner for Education, Science and Technology, confirmed that the principal engaged in illegal collection of fees against the Government’s directive, but disowned the victim as one of the pupils of the School. He said, ‘Preliminary investigations reveal that the young man who lost his life was not a bonafide student of the school, with evidence pointing to an illegal enrolment.

‘The deceased was found to have been using three different names; Babalola Ayornide, Salako Jimoh and Afolabi Babalola. None of which appeared in the State’s Education Database, OGSERA.

‘In addition, we also discovered that the Principal of Ilugun High School (Junior) had been involved in the collection of illegal fees. In light of these findings, Government has decided to place both the Junior (Alaba Olukoga) and Senior (Temitope Ladipo) Principals of Ilugun High School on suspension while we conduct a thorough investigation into the immediate and remote causes of this unfortunate incident.

‘Let me assure the good people of Ogun State that the Administration of His Excellency, Prince Dapo Abiodun, CON remains unshaken in its commitment to provide free education for every school-age child in this State, irrespective of where they live, their gender, economic status, religious belief, or political affiliation’.

Nigerians who are abroad, working remotely in the country, or who serve as influencers, are going to be taxed as part of a broader measure to ensure all and sundry are brought into the tax net, according to Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms.

‘If you are a remote worker, you are a worker. You work for a company, which may be American or European, and you earn a salary; you will self-declare it because if that company were to be in Nigeria, it would deduct and pay on your behalf. The obligation falls on you to self-declare,’ Oyedele said at an event.

‘If you now refuse to declare, the government will see the movement of the money, and they will deem it as your income, charge you tax on it, add a penalty, and interest for the late payment. The same thing applies to influencers.’ Nigeria has embarked on an overhaul of its many tax laws and harmonised them into four in a move to widen its revenue base, increase its share as a percentage of gross domestic product to 18 percent within three years, and provide succor for low-income households whose spending power has been eroded.

In less than four months to the kick-off of the tax laws, clarity on how the new rules will impact the citizens and corporates has led to widespread controversies, which the Oyedele-led committee is making efforts to broaden public enlightenment ahead of January 1. According to the tax boss, dual citizens who are living abroad are taxable if they spend six months in Nigeria, adding that the new laws make provisions for unilateral tax credits to avoid diasporans being double-taxed. ‘If you spend 183 days here in Nigeria, that’s about six months in a year in Nigeria, physically, our laws say you’re tax resident here. You must pay tax on the income you earn from anywhere in the world in Nigeria. When you get back to the other country and they want to collect tax, ask them to give you a credit for the tax you paid in Nigeria,’ Oyede said.

‘If you spend four months in Nigeria and the remaining eight months you’re in America, you’re not tax resident here. But if you have a house here and you rent it out, we’ll collect tax on that house,’ he added. The tax chief also stated that anyone rendering a service, including sex workers, will be taxed from January 2026 as long as an income is received, emphasising that the new tax laws don’t differentiate between what’s legitimate or not.

On capital gains, Oyedele said if what an individual sells at the capital market in a year is not more than N150 million and the gain is not more than N10 million, no tax will be paid, stressing that the new rules were intentionally designed to be progressive in all manners.

‘The current system of capital gains will charge you at 10 percent. Those gains are isolated regardless of your losses. Under the new regime, we net off first, so gains less losses. When you end up with a net gain, we then have a conversation about whether you should pay tax. If those gains still make you a low-income earner, you will not pay anything – zero percent,’ he said.

‘We have a very robust new law on crypto. The old law says when you make gains on crypto, you pay tax on it, but people also make losses on crypto, and the law totally ignores it, and that’s not fair. Under the new regime, we take your net, gain minus losses, so you pay tax like anybody will pay tax on their income. But you have to self-declare to the authorities.’