Category: Business Day

The Federal Government, as part of efforts to boost power generation in the country, has pledged to revive of the Rusal Alumini Company of Nigeria (ALSCON), Ikot Abasi, Akwa Ibom State by ensuring its connection to the national grid.

Adebayo Adelabu, Minister of Power, made this commitment during a working visit to the company.

The minister, in a statement issued to Journalists on Tuesday, decried that several years after its establishment the company had suffered lack of alternative electricity supply, which he said, had hindered the country from benefiting from the huge investment.

He however stated that when revived and fully operational, the plant would add 540 megawatts of electricity to the grid, while providing direct and indirect employment opportunities for about 15,000 Nigerian professionals and the teeming youth population.

According to him, the company has an installed capacity of 540 MW, comprising of six turbines of 90 MW each. He also reiterated the relevance of the company in the supply of raw materials to downstream aluminium companies. He said, ‘These huge investments by the country have suffered from lack of power supply in the last 27 years, as they have not been connected to the grid, and we are very much aware of the huge potential of an institution like this in the upstream, midstream and downstream conversion of aluminium, that can create a lot of employment for our teeming youths, that can also serve as a supplier of raw materials to every downstream aluminium company and save us huge foreign exchange for imports of these raw materials.

‘We have determined what the short-term solution is to connect this company to the national grid, and we have also agreed on what the medium-term solution should be. But the most important part of this meeting is the fact that the company also has the potential of supplying 540 MW of power onto the national grid when fully completed.

‘Once all the infrastructures are put in place, the 330/132KV substation, which is being constructed by the Niger Delta Power Holding Company, together with the 330kv DC lines from Ikot- Ekpene to Ikot-Abasi, we will be able to evacuate the entire of this 540 MW to the national grid’, he said.

The minister speaking further, hinted on the possibility of expanding the capacity by about 120 MW. He noted an open circuit line, which for him, could be made a combined circuit, by which an additional 20 MW per turbine could be added to make 660 MW of power. ‘You can imagine what this will add to the national grid capacity. So I’m happy that I came here today. I’ve listened to the company, I’ve listened to all the stakeholders, and we have a solution in sight. All we need to do now is to go back and work on all the agreed action lines, which I will personally supervise.

‘And I believe that once, within the next 90 days, we’re able to achieve the short-term solution, the country will feel the impact of this company beginning operations. From the number of employments they will generate for us in the country, they have the potential of employing up to 3,000 employees here,’ he added.

Speaking on gas supply challenge affecting power generation in the country, Adelabu said that it is imperative for parties to agree on an appropriate price.

He maintained that if the price is right, the gas company would supply, adding that the gas market is a highly competitive market and the preference would be given to those that pay higher.

‘So we believe they can sit down with the gas companies and agree on a commercially viable price and ensure that gas is supplied.

‘That’s the least of the problems here. I believe this can be resolved with appropriate pricing. The gas pipeline is working very well. There’s a power company here that is getting gas. This is less than 500 meters from here. So the gas pipeline is working well. It’s a matter of agreeing to the correct price, or the right price, with the gas company, and the turbines will be fired immediately’, he said.

Also speaking, Viacheslav Krylov, Development Advisor noted the challenges in ALSCON which had hampered operation since the presidential directives in July 2024 to restart operations in the plant.

He said the plant could not begin operation as there was no alternative source of electricity, adding that the current energy options at the plant were completely inadequate to restart the plant.

Krylov, however hinted that plans were ongoing, to ensure the plant achieve full production capacity of 200, 000 MT in the sixth year with over 15, 000 direct and indirect employment for Nigerians.

Nigerian-born heavyweight contender Kingsley Ibeh has issued a direct challenge to Anthony Joshua, pushing for a potential fight in Nigeria and vowing to knock out the former world champion.

With growing speculation that Anthony Joshua could make a comeback fight in Africa, with Ghana and Nigeria reportedly among the potential venues, Ibeh says he is the perfect opponent to give fans a thrilling all-Nigerian clash on home soil. ‘I’m the right man to face AJ, and there’d be no better place than Nigeria,’ Ibeh told Sky Sports.

‘That would be a dream come true; amazing for me, amazing for Africa. But it doesn’t matter where it is, I’m ready. Even if it’s in the UK, I’d love to dance with him at the O2 Arena. ‘I would definitely stop him, no questions about that, it’s just a matter of how soon it happens.’

Ibeh boasts a 16-2-1 record with 14 knockouts and is currently on an 11-fight winning streak since losing to top prospect Jared Anderson in 2021. His most recent victory came with an emphatic third-round knockout of former world title challenger Gerald Washington.

Joshua, meanwhile, has been inactive since his knockout defeat to Daniel Dubois in 2024, and his team has reportedly received offers to stage a return fight in Africa.

While names like Martin Bakole and Efe Ajagba have been linked, Ibeh believes he deserves the opportunity to face his countryman in what would be a historic showdown in Nigeria.

‘I’m just excited to see what the future holds,’ Ibeh added. ‘I haven’t even shown what we’ve been working on. Give me the platform, and I’ll make a statement, starting with AJ.’

When Mali, Niger, and Burkina Faso withdrew from ECOWAS and formalised their cooperation under the Alliance of Sahel States (AES), the political landscape of West Africa entered uncharted terrain. What began two years ago as a revolt against sanctions and external dictates has matured into a deliberate reordering of the regional map – one that forces Nigeria, long the anchor of West African diplomacy, to confront the limits of its influence and the necessity of recalibrating its leadership.

The evolution of AES from protest to project has been swift. What initially appeared as a reactive coalition of juntas has developed into an embryonic political and security framework. The establishment of a joint military force, a shared defence charter pledging mutual protection, and exploratory discussions about economic and judicial coordination signal a bloc seeking durability rather than transience. The message is unmistakable: the Sahel intends to govern itself on its own terms, no longer as a periphery to ECOWAS or as a theatre of Western strategy.

‘What Nigeria must avoid most of all is complacency. The AES has already survived early predictions of collapse and is beginning to institutionalise its identity.’

This posture is more than symbolic. It represents an assertion of political agency by states that have long felt marginalised within the structures of African regionalism. The leaders of AES are not merely repudiating the authority of ECOWAS; they are redefining legitimacy itself. For them, the credibility of a government rests not on adherence to electoral timelines or international recognition, but on the ability to secure borders, reclaim resources, and resist dependency. Their slogan – sovereignty over democracy – captures a sentiment that resonates widely across a region fatigued by insecurity, corruption, and external tutelage.

This ideological inversion strikes at the heart of Nigeria’s regional philosophy. Since the 1970s, Abuja’s foreign policy has been built on two intertwined principles: the defence of democratic order and the pursuit of regional integration through ECOWAS. Both now stand contested. The AES challenges Nigeria’s moral authority by positioning itself as the voice of disillusioned societies that have lost faith in the democratic process. At the same time, the fragmentation of ECOWAS weakens Nigeria’s most potent instrument of regional influence. In short, Nigeria faces a crisis not only of security but also of relevance.

The immediate danger is practical. The withdrawal of AES from ECOWAS security frameworks, including the Multinational Joint Task Force around Lake Chad, threatens to unravel years of coordination against transnational insurgent networks. The jihadist belt that stretches from central Mali through Burkina Faso and Niger intersects directly with Nigeria’s northwest and northeast. Intelligence sharing, joint patrols, and cross-border operations are already being disrupted by political distrust. Without careful management, ideological divergence could translate into operational failure – allowing militants to exploit the gaps between divided states.

Yet the deeper challenge is conceptual. The AES’s critique of governance in the region has struck a chord far beyond its borders. Across Africa, the idea that democracy has become formed without substance – a ritual devoid of results – is gaining traction. Military rulers in the Sahel now claim to speak on behalf of ordinary citizens, casting themselves as patriots restoring dignity and order. Whether or not one accepts their claim, the appeal is undeniable. Nigeria’s task, therefore, is not to dismiss this narrative but to confront the grievances that fuel it.

To do so, Nigeria must first look inward. Its own democratic credibility is the foundation of its external legitimacy. If Nigerians experience insecurity, joblessness, and corruption under elected governments, Abuja’s moral leverage over its neighbours will continue to erode. The most effective response to the AES is not rhetorical condemnation but demonstrable performance. Nigeria must make democracy work – visibly and measurably – by providing security, infrastructure, and opportunity. Only then will its advocacy of democratic governance carry persuasive weight across West Africa.

This internal renewal must be matched by external strategy. Nigeria’s response to the AES requires a recalibrated blend of pragmatism, restraint, and initiative. Sanctions and isolation have proved ineffective in reversing the Sahelian drift; they have merely entrenched defiance. What is required now is selective engagement – a willingness to sustain cooperation on essential fronts even amid political estrangement. Security coordination, humanitarian aid, and border management are too vital to be held hostage to ideological differences. Quiet diplomacy and functional partnerships must replace the rhetoric of punishment.

Economic diplomacy offers another, perhaps more sustainable, avenue for influence. West African integration will not be salvaged by declarations; it will be sustained by mutual prosperity. Nigeria’s size gives it a natural advantage – one that must be leveraged through investment in connective infrastructure linking its markets to those of the Sahel. Rail lines, energy grids, and trade corridors can turn economic interdependence into a stabilising force. A farmer in Tillabéri or a trader in Maradi whose livelihood depends on Nigerian goods and transport routes will be less inclined to view Nigeria as an adversary. Commerce can succeed where politics falters.

This economic outreach should be complemented by an intellectual one. The AES narrative has drawn strength from the perception that Africa’s institutions are shaped elsewhere and imposed from above. Nigeria, with its historical experience of balancing nationalism and multilateralism, is uniquely positioned to propose a new discourse – one that reclaims democracy as an African project, rooted in accountability and development rather than imported procedure. Such a reframing would allow Nigeria to compete on ideological terrain without abandoning its principles.

At the same time, Nigeria must navigate a rapidly shifting geopolitical environment. The Sahel has become an arena for renewed great-power rivalry. France’s retreat has created a vacuum that Russia and, to a lesser extent, China are eager to fill. Moscow’s involvement, through security contractors and disinformation campaigns, has provided the AES with short-term leverage but at the cost of deepening its dependency on external patrons. Western capitals, meanwhile, increasingly look to Nigeria as the last democratic bulwark in a region tilting toward authoritarian nationalism. This dual expectation – from East and West – presents Nigeria with both opportunity and risk.

Abuja must resist being drawn into binary alignments. Its foreign policy should be guided by interest, not allegiance. Engagement with Moscow and Beijing should be pursued where it advances security or development, but without compromising Nigeria’s autonomy. Partnerships with Western powers must also be recalibrated to ensure mutual respect rather than dependence. In a multipolar world, Nigeria’s strength lies in its ability to maintain equilibrium – to act as a bridge rather than a satellite.

What Nigeria must avoid most of all is complacency. The AES has already survived early predictions of collapse and is beginning to institutionalise its identity. Whether it consolidates further or eventually fractures, its existence has redefined the boundaries of regional politics. The notion that ECOWAS speaks for West Africa can no longer be taken for granted. Nigeria must therefore prepare for a long-term coexistence with the AES – one that demands both vigilance and adaptability.

This coexistence does not have to be antagonistic. Even as political models diverge, pragmatic cooperation on shared interests remains possible. Border management, counterterrorism, climate adaptation, and trade connectivity are areas where engagement can continue quietly, insulated from ideological posturing. Nigeria should lead in institutionalising such low-visibility collaboration, recognising that stability in the Sahel ultimately underpins stability at home.

The broader contest unfolding between ECOWAS and the AES is, in truth, less about blocs than about ideas. It is a struggle between procedural democracy and performance-based sovereignty, between legitimacy derived from consent and legitimacy derived from control. For now, the two models coexist uneasily. The durability of either will depend not on rhetoric, but on results. If Nigeria can show that democratic systems deliver more effectively than autocratic improvisations, it will reclaim the moral and strategic initiative. If not, the gravitational pull of the AES narrative will only strengthen.

In this emerging order, Nigeria’s leadership must rest not on nostalgia for past pre-eminence but on a forward-looking demonstration of capacity. Power in West Africa will increasingly belong to those who can secure their people and stabilise their economies – regardless of ideological label. If Nigeria wishes to lead, it must embody both.

The Alliance of Sahel States has forced the region to confront uncomfortable truths about governance, sovereignty, and external influence. Whether one sees it as rebellion or renewal, it has already altered the conversation. Nigeria’s task is to shape what comes next – to prove that democracy, grounded in delivery and dignity, remains Africa’s most credible path to sovereignty. In the Sahel’s defiance lies both a warning and an invitation. How Nigeria responds will determine not just the fate of ECOWAS but the future balance of power across West Africa.

A BusinessDay media crew of Tony Ailemen, Tunde Adeniyi, Ladi Patrick- Okwoli and Michael Godwin narrowly escaped death on Monday as police fired teargas at their vehicle during the #FreeNnamdiKanuNow protest in Abuja.

The teargas shattered the windshield of their vehicle. The incident occurred while the journalists were covering the protest around the city centre.

The situation escalated as another group that was reportedly pro-federal government emerged later in the day, heightening tensions in the capital.

Witnesses said the journalists could have suffocated inside the car if not for the quick intervention of commuters waiting at the Ministry of Finance bus stop, where the attack occurred around 1 pm.

The BDTV Journalists crew were conducting a voice pop on the protest when the teargas was fired.

The policemen, who were moving around the city center, first fired teargas at an elderly woman selling Okpa, a traditional Igbo cake, at the bus stop, before going after the BusinessDay crew.

As soon as the teargas was fired at the woman, people rushed to help her. However, police intensified the attack, forcing everyone at the scene to hurriedly run for safety, abandoning the elderly woman.

The canister shattered the back windscreen, injuring the camera man, Tunde Adeniyi.

It took the swift intervention of commuters at the bus stop to rescue the BusinessDay crew and their car.

Disruption in commercial activities

Before the incident, it was observed that commercial and government activities had already been disrupted in Abuja’s Central Business District (CBD) as protesters demanded the release of Nnamdi Kanu, leader of the Indigenous People of Biafra (IPOB), chanting, ‘free Nnamdi Kanu now!’

The protest, under the banner #FreeNnamdiKanuNow, led to restriction of movement and the use of teargas by security agencies to disperse them

The protesters had earlier gathered at the Unity Fountain, Abuja, from where they marched through the city, moving around government locations, including the Federal Secretariat, the National Assembly junction, and the Eagle Square.

The situation quickly escalated, prompting the deployment of heavily armed security personnel throwing teargas canisters at the protesters and passers-by.

‘We identified ourselves as press, but the police still fired teargas in our direction,’ one of BusinessDay’s journalists said. ‘They launched teargas at our car, and we had to flee.’

Activities at the Federal Secretariat, which houses ministries of education, health, and interior were suspended as civil servants were unable to access their offices due to roadblocks and police presence.

Traders, food vendors, and transport operators near the Secretariat, Eagle Square, Federal High Court, and Ministry of Justice were forced to vacate the area.

Commuters were stranded as roads were blocked and traffic built up across the Central Business District.

Police set up checkpoints at key junctions, including Gana Street, Shehu Shagari Way, and NITEL Junction in Wuse 2. Water cannon trucks were positioned near the National Assembly and the road leading to the Presidential Villa in Asokoro.

In some areas, pedestrians were turned back, and gatherings were dispersed with teargas.

The protest coincided with a scheduled hearing at the Federal High Court involving the police and Omoyele Sowore, a political activist and former presidential candidate.

The police had filed an ex-parte motion to stop Sowore and others from protesting in restricted areas.

As of 9:30 a.m., all 13 courtrooms at the Federal High Court were locked. A few staff, lawyers, and security personnel were present, but no judge was seen and proceedings were suspended.

Justice Mohammed Umar had on Friday granted an interim order barring Sowore and other respondents, including Sahara Reporters Ltd., Sahara Reporters Media Foundation, the Take It Back Movement, and unnamed individuals, from holding protests near locations such as the Presidential Villa, National Assembly, Force Headquarters, Eagle Square, and Shehu Shagari Way.

The suit, filed under FHC/ABJ/CS/2202/2025, required the respondents to file responses by 9:00 a.m. Monday, the same day the motion on notice was scheduled to be heard.

In an affidavit supporting the motion, Bassey Ibithan, a police officer with the Directorate of Legal Services, argued that the protest posed a threat to national security.

Sowore had announced plans for a peaceful protest in support of Nnamdi Kanu, who has been in the custody of the Department of State Services (DSS) since 2021 despite several court rulings ordering his release.

The #FreeNnamdiKanuNow campaign has gained traction in recent weeks, with activists and rights groups renewing calls for a political resolution to Kanu’s case.

As of press time, the FCT Police Command had not released an official statement on arrests or injuries. Eyewitnesses, however, reported at least three people were detained during the protest.

The incident has again raised concerns about the government’s stance on civil liberties, press freedom, and the right to peaceful assembly.

The Federal Capital Territory High Court in Maitama, Abuja, will hear an ?850 million dispute involving the Apo Resettlement Market on November 13, 2025, over allegations that the claimants violated a court injunction by continuing construction on the contested site.

The defendants, have filed a motion seeking punitive damages for the alleged breach of a court order issued on April 15, 2025, which restrained further development pending the resolution of the case.

The defendants/applicants, represented by their lawyer, Realwan Okpanachi, submitted a motion numbered M/10869/25.

They are requesting that the court order the claimants/respondents to pay ?50 million as punitive costs, accusing them of failing to comply with a court order issued on April 15, 2025.

The case, originally scheduled for hearing on Tuesday, was postponed because the presiding judge, Justice Yusuf Halilu, was attending a workshop at the National Judicial Institute. A court official later informed all parties of the new hearing date.

The dispute involves Plot 1729, Cadastral Zone E27, Apo District, Abuja, where a market project is under development.

In the main lawsuit, the claimants/respondents include AMAC Investment and Development Company and two others. The respondents/applicants are Dr. Shuaibu Omeiza Musari and Techs and Concretes Nigeria Limited.

On April 15, 2025, Justice Halilu issued an interlocutory injunction barring all parties, especially the claimants, from carrying out construction work on the disputed land until the substantive case (CV/467/2024) is resolved.

This injunction followed an application by Techs and Concretes Nigeria Ltd to maintain the status quo.

Despite the order, Okpanachi, counsel to the defendants/applicants, accused the claimants/respondents in suit FCT/HC/CV/467/2024 of continuing construction in defiance of the injunction.

In the current motion, the defendants’ counsel seeks an order requiring the claimants to pay ?850 million in punitive damages for disregarding the court’s directive. They also request an order to demolish any structures built on the disputed land in violation of the injunction.

Alternatively, the defendants ask the court to direct the Inspector-General of Police, the FCT Commissioner of Police, and the Director-General of the Department of State Services to seal the property to protect the subject matter and enforce compliance.

In an affidavit supporting the motion, Techs and Concretes stated that although the April 15 order was served and posted at the site, the claimants removed the notice and erased all markings before resuming construction, violating the injunction.

The company warned that if the court does not impose sanctions, its orders risk being ignored, undermining the court’s authority.

Earlier, Techs and Concretes informed the court of a joint venture agreement with Manillah Integrated Partners Ltd, under which Techs and Concretes acted as financier, co-developer, and sole marketer, while Manillah was the developer.

Techs and Concretes accused Manillah and its associates of breaching the agreement by continuing the market development alone and filing a suit to avoid accountability.

In his April 15 ruling, Justice Halilu confirmed the joint venture agreement’s validity, recognised Techs and Concretes’ legal interest, and granted the interlocutory injunction. Following the ruling, Musari and security officials visited the site to enforce the court’s order by posting copies of the injunction and instructing workers to stop construction.

Musari said his actions were motivated by respect for the rule of law and a commitment to ensuring all parties comply with court orders.

In a resounding affirmation of excellence, Quantum Zenith Capital and Investments Limited was honoured as the Financial Intermediation Leader of the Year at the prestigious BusinessDay BAFI Awards.

Alongside this, Quantum Zenith Asset Management and Investments Limited was celebrated as the Fastest-Growing Asset Management Firm by AUM, reinforcing its position as a dynamic force in Nigeria’s financial services sector.

With over two decades of exceptional investment banking expertise, Quantum Zenith Capital stands out as one of Nigeria’s leading investment banks. The firm is renowned for its robust capital mobilization capabilities, backed by strong relationships with capital providers. In 2024, it ranked No. 1 Commercial Papers Primary Market Sponsor and No. 2 Overall Primary Market Sponsor on the FMDQ Primary Market Sponsors League Table. Quantum Zenith Capital has proudly served prominent clients, including MTN Nigeria Communications PLC and Flour Mills Nigeria PLC, upholding core values of Teamwork, Integrity, Professionalism, and Excellent Service.

Quantum Zenith Asset Management, with over two decades of fund management expertise, employs a strong risk management framework to deliver competitive returns. The firm offers a wide range of innovative products and services to both individual and institutional investors, and ensures a seamless investment experience through the Quantum Zenith mobile app. Its impressive growth in assets under management is driven by rising mutual fund NAVs, discretionary portfolio services, and its role as a fund manager for Host Community Development Trusts.

These recognitions reflect Quantum Zenith’s unwavering commitment to innovation, strategic growth, and client-focused solutions. We extend our sincere appreciation to our clients and partners. Your trust and support continue to inspire our pursuit of excellence.

This dual honour is not just an award; it is a celebration of leadership, performance, and the future of finance.

The Independent National Electoral Commission (INEC) has reaffirmed its readiness to conduct a free, fair, and credible governorship election in Anambra State scheduled for November 8, 2025.

Speaking at a forum for media executives, reporters, producers, and on-air personalities held on Tuesday in Awka, Sam Olumekun, national commissioner and chairman, Information and Voter Education Committee (IVEC), commended journalists for their professionalism during the recent by-election in the state and called for stronger collaboration in promoting democracy through responsible communication, according to a statement by the Commission.

‘This forum is a reaffirmation of the Commission’s commitment to transparency, openness, and collaboration with the media-our indispensable partners in nation-building,’ Olumekun said.

He described the media as ‘the oxygen of democracy,’ urging practitioners to uphold accuracy and balance in their reportage to ensure that citizens remain well-informed ahead of the polls.

Olumekun assured participants that INEC had made significant progress in its preparations for the upcoming election.

‘All non-sensitive materials have been delivered to the state, while sensitive materials will arrive in due course under strict security arrangements,’ he disclosed.

The Commissioner explained that INEC’s ongoing week-long readiness assessment includes meetings with key stakeholders such as the Inter-Agency Consultative Committee on Election Security (ICCES), transport unions, and a mock accreditation exercise to fine-tune logistics and operational efficiency.

He also announced that Permanent Voter Cards (PVCs) from the recent Continuous Voter Registration (CVR) exercise are now available for collection between Wednesday, October 22, and Sunday, October 26, 2025, at registration ward levels across the state.

‘There will be no collection by proxy,’ he emphasised. ‘We seek your support to mobilize voters through your platforms to collect their PVCs and participate in the November 8 election.’

Olumekun reminded journalists that the online accreditation portal for election coverage will close on Thursday, October 24, 2025, stressing that no extensions would be granted. Accredited journalists, he said, can collect their tags from the NUJ Secretariat in Awka beginning Monday, November 3, 2025. Each tag will feature a unique barcode that security agencies can scan to verify accreditation details-an innovation aimed at enhancing safety and access control around election venues.

He further disclosed that the list of accredited journalists for the State Collation Centre would be shared with the Resident Electoral Commissioner (REC) and security agencies to ensure proper coordination and security during the collation of results

The INEC Commissioner highlighted fake news and misinformation as critical threats to electoral integrity and public confidence.

‘False stories and manipulated videos can create unnecessary tension and erode public trust,’ he warned. ‘Let truth remain your only compass-verify before you amplify.’

Reaffirming INEC’s long-standing partnership with the media, Olumekun stressed that the relationship was ‘not transactional but foundational.’ ‘We are united by a shared belief that democracy must be protected, not only at the polling units but also in the minds of citizens who rely on accurate information to make informed choices,’ he said.

He urged journalists to continue to play their vital role in ensuring that the Anambra Governorship Election of 2025 stands as a milestone in Nigeria’s democratic journey-peaceful, transparent, and credible.

Nigeria’s state-owned oil company, the Nigerian National Petroleum Company (NNPC), transferred a record N10.07 trillion to the federal government in the first seven months of 2025, underscoring the firm’s growing fiscal importance as authorities rely on oil revenue to stabilise public finances.

The figure, disclosed in NNPC’s September 2025 monthly report, represents the company’s statutory payments between January and August and is the highest seven-month total since its transition to a commercial entity in 2021.

BusinessDay’s findings showed the surge was supported by higher crude prices, improved production levels, and stronger gas sales.

Average crude oil and condensate production held steady at 1.61 million barrels a day (bpd) in September, according to the report, slightly below August’s 1.64 million bpd.

Production peaked at 1.77 million bpd earlier in the year before moderating amid maintenance at the Nigeria LNG plant and delayed start-ups at Oil Mining Leases (OMLs) 71 and 72.

The state energy firm stated that output has been supported by ‘industry-wide collaboration and production recovery initiatives,’ although challenges persist in curbing crude theft and vandalism in the Niger Delta.

Natural gas production averaged 6.28 billion standard cubic feet per day (scf/d) in September, down from about 6.95 billion in August, reflecting temporary maintenance slowdowns. NNPC said progress on the Ajaokuta-Kaduna-Kano (AKK) and Obiafu-Obrikom-Oben (OB3) pipelines remains on track, with the AKK now 88 percent complete.

‘These projects are pivotal for expanding industrial gas use and improving electricity generation,’ said Tola Oni, an energy economist at Lagos-based Sofidam Advisors. ‘They will also anchor Nigeria’s position in the regional gas market.’ NNPC reported N4.27 trillion in group revenue and N216 billion in profit after tax for the period, according to provisional data in the company’s monthly summary. The results include adjustments to the cost of sales and income tax.

Brent crude prices averaged around $65 a barrel during the third quarter, while Nigeria’s output recovery helped offset weaker refining margins and high domestic distribution costs.

The company, now operating under the Companies and Allied Matters Act, has emphasised a commercial turnaround since its incorporation in 2021, reducing inter-agency leakages and accelerating payment timelines to the federation.

‘NNPC’s commercial independence is beginning to pay off,’ said Olu Adeyemi, a senior research analyst at a consulting firm. ‘It’s remittance track record is improving transparency and strengthening fiscal buffers.’

Pipeline uptime across upstream operations averaged 96 percent in September, reflecting fewer disruptions from sabotage or leaks. Security collaborations with the Nigerian military and local surveillance groups have significantly reduced downtime in the Niger Delta.

Also, NNPC Retail Ltd sustained 77 percent petrol availability across its filling stations nationwide, signalling steady supply despite market disruptions following subsidy reforms. The company has also expanded the NNPC-branded network to more rural locations to improve fuel accessibility.

‘Without NNPC’s contributions, fiscal stability would be far weaker,’ said Ifeanyi Okoro, an analyst at Aneria Research. ‘The bigger challenge is sustaining these inflows as global investment shifts away from hydrocarbons.’

If current remittance trends hold, analysts say NNPC’s total payments could exceed N15 trillion by year-end, providing a crucial cushion for government finances and external reserves.

‘This trajectory shows NNPC evolving from a cost centre into a genuine profit engine,’ Okoro said. ‘The test now is whether it can institutionalise efficiency beyond temporary production gains.’

There was pandemonium in Ado-Ekiti, the Ekiti State capital, on Tuesday, after some suspected political thugs set ablaze the state secretariat of the African Democratic Congress (ADC).

The attack, which occurred in the early hours of the day, razed the party’s office located at Basiri Area of Ado-Ekiti and destroyed several valuables, including plastic chairs, canopies, sound system and office equipment.

It was gathered that the burnt canopies and chairs had been rented for the inauguration of the party’s executives across wards, local government areas, and the state level, scheduled to hold later in the day.

Several hours after the secretariat was razed, the hoodlums regrouped in large numbers and stormed the venue of the planned affirmation ceremony, disrupting preparations and attacking party leaders and supporters.

The attackers who stormed the venue in a commando-like style shot sporadically into the air, forcing several members of ADC, journalists, as well as passersby to scamper for safety. Rauf Aregbesola, former minister of the Interior, arrived at the venue amid tight security and proceeded with the inauguration of the newly affirmed executives. Speaking with journalists shortly after the brief inauguration of party executives, the former minister condemned the attack in strong terms, describing it as a shameful display of intolerance and a dangerous threat to democracy.

Aregbesola said that it was regrettable that individuals who emerged through democratic process could resort to violence and intimidation to suppress opposition voices.

Aregbesola also berated the security agencies for failing to protect the ADC secretariat and its members, accusing them of dereliction of duty.

‘The security agencies must protect lives and property, and when they fail to do so, they are violating the Constitution. Interestingly, the security acts make it compulsory to do so, and failure to do so exposes all of them as being compromised,’ he said.

Former Ekiti State Deputy Governor, Kolapo Olusola-Eleka, also condemned the incident, describing it as an act of political terrorism.

He said the incident was unfortunate and represented a dangerous assault on the democratic values and freedom of political association, lamenting that such acts of violence were creeping into Ekiti politics, a state once known for peace and tolerance.

Business and social activities have returned to normal in Abuja, the nation’s capital, 24 hours after a protest demanding the release of Nnamdi Kanu, leader of the proscribed Indigenous People of Biafra (IPOB), disrupted the city.

On Monday, security forces barricaded major roads in Abuja’s city centre to prevent protesters from marching, causing a halt in business and commercial activities across parts of the capital.

The demonstration, led by Omoyele Sowore, a human rights activist, despite a court order and police warnings, saw supporters chant slogans such as ‘Free Nnamdi Kanu now’ and ‘It’s our constitutional right to protest’ before security operatives fired tear gas to disperse the crowd. Protesters gathered near key landmarks including Transcorp Hilton, Unity Fountain, and the Nigeria Union of Journalists secretariat, where police and soldiers deployed security measures to block access to government zones such as the Three Arms Zone and Federal Secretariat.

However, by Tuesday morning, the city had returned to its usual pace.

BusinessDay confirmed that business, commercial, and social activities had resumed, with the police presence from the previous day reduced, though some security personnel remained to maintain order.

The protesters, who vowed to continue their demonstrations until Kanu’s release, had caused significant disruption during their march.

Kanu has been detained since 2021 following his arrest in Kenya and extradition to Nigeria. Despite the disruption, the swift return of business operations in Abuja highlights the resilience of the city’s commercial life amid political protests.

Some residents who spoke to BusinessDay expressed relief at the return to normalcy.

Amina Yusuf, a trader, expressed relief that business had returned to normal, saying yesterday was difficult because blocked roads prevented customers from coming to the market.

She welcomed the chance to resume daily activities without fear or disruption.

Emeka Okafor, a civil servant described the protest as peaceful but disruptive, acknowledging the right to protest while emphasising the importance of minimising the impact on ordinary people.

He was glad to see the city calm again, with traffic returning to normal.

Sarah Ade, a civil servant, said the previous day’s heavy security presence caused anxiety but noted that things felt safer now.

She hopes the government will address the issues raised to prevent further disruptions.