Category: Business Day

Nigeria, Senegal, Mauritania and Ghana are each betting billions on gas as the fuel that pays for industrialisation and keeps the lights on. Nigeria alone ships enough liquefied natural gas to rank seventh globally, controlling 3.4 percent of world LNG exports, according to the International Gas Union’s World LNG Report 2026.

Senegal and Mauritania are pushing ahead with offshore developments that once looked decades away. Ghana is leaning harder on gas-to-power to steady a grid that industrial investors still treat warily.

None of that guarantees a payoff.

‘Possessing abundant gas reserves alone is no longer enough,’ said Iretomiwa Odusote, regional segment leader for energies and chemicals at Schneider Electric West Africa. Operators, she said, are being judged on three things: how fast they reach first gas, how safely and reliably they run once they get there, and whether they can hold production efficiency for the life of the asset.

The competition isn’t regional anymore. West African projects are chasing the same capital and the same long-term buyers as developments in the U.S. Gulf Coast, Qatar, Australia and East Africa. A project that slips its schedule doesn’t just lose money – it loses its place in the queue for customers who have other options.

That has turned first gas into a race with real financial consequences, given how capital-intensive these projects are from sanctioning onward. But getting there is the easy part, relatively speaking. The harder test comes after startup, when operators have to keep output safe, efficient and commercially viable for years, often decades.

That’s where many facilities still fall short. Data sits in silos. Maintenance is reactive rather than predictive. Energy use goes unmonitored until it shows up as a cost problem. The common thread, Odusote said, is a lack of real-time visibility across production, the kind that lets engineers catch a bottleneck before it becomes downtime.

Part of the issue traces back to how these plants get built. Electrification, automation, safety systems and digital monitoring have traditionally been bid out to separate vendors, each delivering a piece that works on its own but doesn’t necessarily talk to the others. The result, once construction wraps, is a patchwork that’s harder and more expensive to run.

An integrated build, one vendor, one architecture, spanning electrification through digital systems, simplifies life for the engineering and construction firms putting projects together and for the operators who inherit them, Odusote argued. Fewer handoffs during construction; fewer blind spots during operation.

West Africa isn’t short on gas, technical talent or investor interest. What separates the projects that merely get finished from those that generate returns for 20 or 30 years will be execution – how fast they start, how well they run, and how much visibility operators have into their own plants once the ribbon-cutting is over.

Schneider Electric is among the technology suppliers positioning itself around that shift, framing its role less as an equipment vendor and more as an infrastructure partner for a market it says is entering a more demanding phase.

Enugu State Governor, Peter Mbah, has challenged the government and the media to meet at the point of truth, urging journalists to go beyond headlines and political narratives by independently establishing facts through evidence, investigation and context.

Mbah said government had a responsibility to be transparent about its actions and accountable for its results, while the press must independently scrutinise those actions and report the truth, whether the findings exposed shortcomings or revealed progress.

The governor stated this on Thursday while welcoming over 300 editors to the 22nd All Nigeria Editors Conference (ANEC) organised by the Nigerian Guild of Editors (NGE) in Enugu.

The conference has as its theme, ‘The Ballot, the Media and the Task of Keeping Democracy Alive,’ while its sub-theme is ‘When Lies Look Real: Detecting and Debunking AI Misinformation Before, During and After Elections.’

Mbah said the relationship between government and the media should not always be defined by confrontation, stressing that both institutions had different responsibilities, but a common obligation to serve the Nigerian people.

‘Government must be transparent about what it is doing and be accountable for the results. The press must establish the facts and report the truth.

‘Sometimes that truth will expose failure. Sometimes it will reveal progress. The obligation for us both is the same in either case – serving the people of Nigeria,’ he said.

The governor urged journalists to deepen investigative reporting, particularly at a time when artificial intelligence and other technologies were making it increasingly difficult to distinguish between genuine and fabricated information.

He said AI could be used to fabricate photographs, clone voices and manipulate videos to make people appear to say things they never said, warning that the development had increased the responsibility of professional journalists.

‘My challenge to you, therefore, is simple – go deeper, beyond the surface,’ Mbah told the editors.

According to him, rigorous journalism should not involve searching for evidence to support a position that had already been taken.

‘Its value lies precisely in its independence: examine the evidence, test competing claims, establish what happened, and report what you find,’ he said.

Mbah added that the same standard should apply to government and its critics, stressing that government achievements should not be ignored simply because they did not fit a particular political narrative.

‘We have tried to build an Enugu government that is open about what it is doing and clear about what it is trying to achieve. Where we fall short, that should call for scrutiny and be reported. But the same principle applies when the evidence reveals progress,’ he said.

The governor also used the occasion to highlight some of his administration’s projects, including more than 1,500 kilometres of roads constructed or reconstructed, over 7,000 classrooms, Smart Green Schools and Type-2 Primary Healthcare Centres across the state’s 260 wards.

He listed other interventions as water infrastructure, new transport terminals and CNG buses, Enugu Air, the revival of dormant industries and the development of a new city.

Mbah said the administration was working to position Enugu as an economic gateway to the South-East, with the ambition of making the state one of Nigeria’s leading economies and a national leader in human development and quality of life.

He also acknowledged the support of President Bola Tinubu and the Federal Government, particularly in areas of roads, aviation, energy and regional development.

The governor urged the editors to use their presence in Enugu to independently assess the developments in the state.

‘Take some time to explore the city, speak to the people who live and work here, and get a sense of the direction in which Enugu is moving,’ he said.

One of the highpoints of the opening ceremony was the presentation of a plaque for good governance to Governor Mbah by the Guild.

The Confederation of African Football (CAF) has appointed Ethiopian referees to officiate Tuesday’s 2027 Africa Cup of Nations (AFCON) qualifying match between the Super Eagles of Nigeria and Guinea-Bissau in Bissau.

Tewodros Mitiku will serve as the centre referee, assisted by fellow compatriots Fasika Biru Fasika and Tigle Belachew as first and second assistant referees, respectively. Manuhe Woldetsadik has been appointed as the fourth official.

Senegalese official Yaya Balde will serve as the match commissioner, while former FIFA referee Papa Bakary Gassama of The Gambia will act as the referee assessor.

The appointment comes as the Super Eagles intensify preparations for the crucial Group L encounter at the Estádio Nacional 24 de Setembro in Bissau.

The Super Eagles arrived in Bissau on Sunday, determined to build on their hard-fought 2-1 comeback victory over Madagascar at the Godswill Akpabio International Stadium in Uyo on Friday.

Guinea-Bissau defeated Tanzania 2-0 in their first fixture, moving above Nigeria on goal difference.

Tuesday’s fixture will see both teams battle to strengthen their position in Group L after winning their opening qualifying matches.

Nigeria’s Super Eagles have arrived in Bissau ahead of Tuesday’s crucial 2027 Africa Cup of Nations (AFCON) qualifying clash against Guinea-Bissau.

Nigeria departed Uyo on Sunday aboard a chartered ValueJet aircraft after completing their final training session at the Godswill Akpabio Stadium, where they prepared for their second Group L fixture.

According to Super Eagles Media Officer, Promise Efoghe, the Nigerian delegation arrived at Osvaldo Vieira International Airport in Bissau on Sunday evening ahead of the encounter at the Estádio Nacional 24 de Setembro.

‘The Super Eagles had a final training session earlier on Sunday morning in Uyo before coach Eric Chelle and his players departed for Guinea-Bissau,’ Efoghe said.

The trip followed Nigeria’s 2-1 victory over Madagascar in Uyo on Friday, a result that gave the Super Eagles three points from their opening fixture.

Guinea-Bissau also won their opening Group L match, defeating Tanzania 2-0 to move above Nigeria on goal difference. With both teams starting the campaign with victories, Tuesday’s encounter represents an early battle for control of the group.

Acting General Secretary of the Nigeria Football Federation (NFF), Emmanuel Ikpeme, urged the Super Eagles to remain focused and avoid distractions ahead of the decisive fixture.

Ikpeme made the call as the Nigerian delegation arrived in Bissau for what is expected to be a competitive top-of-the-table clash.

Nigeria have a better record against Guinea-Bissau, winning three of their four previous senior international meetings.

However, the Djurtus recorded a 1-0 victory over Nigeria at the MKO Abiola National Stadium, Abuja, during the 2023 AFCON qualifiers. The Super Eagles responded with a 1-0 victory in Bissau a few days later, with Moses Simon converting a penalty.

Nigeria also defeated Guinea-Bissau 1-0 at the 2023 AFCON finals in Côte d’Ivoire, with the Super Eagles securing victory at the Félix Houphouët-Boigny Stadium in Abidjan.

Guinea-Bissau, ranked 132nd in the world and 38th in Africa, will be seeking another upset when the teams meet on Tuesday.

With Tanzania already guaranteed a place at AFCON 2027 as one of the co-hosts, Nigeria and Guinea-Bissau will be battling for the qualification spot available from Group L.

The Super Eagles will therefore be targeting another victory to strengthen their position in the group and maintain momentum under coach Eric Chelle.

Optimus Bank has launched a blood donation drive in Lagos to support emergency and maternal healthcare, amid concerns over Nigeria’s persistent gap in blood supply.

The initiative, organised under the bank’s Impact Starts With Us corporate social responsibility platform, brought together employees, stakeholders, and members of the public to donate blood under the theme ‘Give Blood. Give Life.’

Ademola Odeyemi, managing director and chief executive officer of Optimus Bank, said the bank was using its platform to support communities beyond financial services.

‘At Optimus Bank, we believe our responsibility goes beyond banking. The strength of any economy is connected to the well-being of its people, and we are committed to using our platform to create meaningful impact in the communities we serve,’ he said.

Odeyemi said the initiative was also aimed at encouraging Nigerians to contribute to efforts that could give patients another chance at life.

Nigeria requires an estimated 1.8 million to two million units of blood annually, but only 371,827 units were collected in 2024, according to the World Health Organisation (WHO).

The shortfall has implications for patients requiring urgent transfusions, including women experiencing bleeding during childbirth, accident victims, children with severe anaemia, people living with sickle cell disorder, and patients undergoing surgery.

Postpartum haemorrhage accounts for about 23 to 30 percent of maternal deaths in Nigeria, according to the WHO, highlighting the importance of timely access to safe blood during childbirth.

Morolake Philip-Ladipo, head of corporate communications at Optimus Bank, said the initiative was designed to encourage voluntary blood donation.

‘Behind every unit of blood is the possibility of helping a mother, a child, an accident victim, or a patient receive the care they urgently need,’ she said.

The drive received technical support from the Department of Haematology and Blood Transfusion, Lagos University Teaching Hospital (LUTH), to ensure compliance with medical and safety standards.

Titilope Adeyemo, a professor who is the head of the department, said regular voluntary donation was necessary to ensure hospitals had blood available when needed.

‘A safe and reliable blood supply is critical to saving lives. Regular voluntary blood donation helps ensure that blood is available for emergencies, childbirth, surgery, and patients who require ongoing transfusion support,’ she said.

The bank said the blood drive forms part of its broader social-impact activities spanning healthcare, education, economic empowerment, and environmental sustainability.

Optimus Bank said it intends for the initiative to extend beyond the immediate collection of blood by encouraging regular voluntary donation among Nigerians.

Botswana has suffered its second sovereign credit rating downgrade from Moody’s in less than a year as a prolonged slump in the global diamond market weakens government revenue and puts pressure on public finances.

The global rating agency on Friday downgraded the Southern African nation’s long-term domestic- and foreign-currency issuer ratings to Baa2 from Baa1, leaving the country two notches above junk status.

It also revised the outlook to stable from negative, citing a stronger fiscal policy response and the possibility that a sustained recovery in diamond revenues could slow the pace of debt accumulation.

The downgrade comes less than a year after Moody’s cut Botswana’s rating to Baa1 from A3 in October.

Botswana’s latest rating action highlights the growing fiscal risks facing one of Africa’s historically stronger economies as weaker diamond revenues expose the country’s dependence on the commodity.

Diamonds account for roughly one-third of government revenue and about three-quarters of foreign-exchange earnings, making the prolonged downturn in the global diamond market a major threat to government finances and external buffers.

Moody’s said weaker revenue from diamonds, lower-than-expected receipts from the Southern African Customs Union (SACU) and disappointing proceeds from newly introduced tax measures had weakened Botswana’s fiscal position.

The agency expects government debt to rise from about 31 percent of GDP in fiscal 2025 to 41 percent by fiscal 2027, despite the government recently reducing its forecast budget deficit for fiscal 2026/27 to 3.1 percent of GDP from 8.9 percent.

The downgrade comes days after Finance Minister Ndaba Gaolathe said Botswana expected a significantly smaller budget deficit in the current fiscal year, supported by higher-than-expected revenue from the central bank and measures to contain government spending.

Further pressure from De Beers deal

Moody’s also warned that Botswana could face further ratings pressure if it materially increases its investment in De Beers through debt-financed transactions.

Botswana currently owns a 15 percent stake in De Beers, while Anglo American is seeking to sell the diamond producer as part of a broader restructuring of its portfolio.

A significant debt-funded increase in Botswana’s stake could put additional pressure on the country’s fiscal position and trigger another rating action, Moody’s said.

The warning underscores the difficult policy choices facing Botswana as it seeks to protect its position in the diamond industry while managing rising public debt and weakening revenues.

Diamond dependence exposes fiscal vulnerability

Botswana has long been regarded as an African economic success story, transforming its diamond wealth into relatively strong institutions, fiscal buffers, and higher living standards than many commodity-dependent economies.

But its economic structure has also left it highly exposed to changes in the global diamond market.

Botswana is the world’s second-largest producer of natural rough diamonds, and diamonds have historically accounted for about 70 percent of exports, one-third of government revenue and roughly a quarter of GDP.

The sector has been under sustained pressure since late 2023 as global demand and prices weakened.

The downturn has been driven by a combination of weaker luxury spending, softer demand from China and growing competition from lab-grown diamonds.

Diamond prices have fallen substantially from their 2022 highs, reducing export earnings and putting pressure on government revenues.

For Botswana, the weakness is particularly significant because diamond revenues have historically helped the government build fiscal buffers and accumulate foreign-exchange reserves.

External buffers also weakening

The pressure is extending beyond government finances to Botswana’s external position.

Foreign-exchange reserves fell to about $3.8 billion at the end of 2025, from $7.5 billion in 2017, reflecting the impact of weaker diamond export earnings.

The Bank of Botswana has introduced several measures aimed at protecting reserves and supporting the pula.

In July 2025, the central bank increased the downward rate of crawl of the pula to 2.76 percent from 1.51 percent and widened trading margins to plus or minus 7.5 percent from 0.5 percent.

It subsequently introduced asymmetric trading margins in January 2026.

While the measures have helped support the country’s foreign-exchange position, reserves remain significantly below their previous levels, underscoring the longer-term challenge posed by weaker diamond revenues.

S and P also cuts Botswana rating

Moody’s is not the only major ratings agency to have raised concerns about Botswana’s fiscal outlook.

In March, S and P Global Ratings lowered Botswana’s long-term sovereign credit rating to BBB- from BBB, while cutting its short-term issuer credit rating to A-3 from A-2 and maintaining a negative outlook.

The downgrade reflected growing risks to fiscal stability as the country grappled with the prolonged weakness in the diamond market.

S and P’s downgrade took Botswana to its lowest investment-grade rating since the agency began assessing the country in 2001, according to BusinessDay analysis.

With Moody’s now also cutting its rating, Botswana faces increasing pressure to diversify government revenues, strengthen its fiscal position and reduce its dependence on diamonds.

The country remains investment grade under Moody’s Baa2 rating, but continued weakness in diamond revenues, rising debt, or a debt-funded expansion of its De Beers stake could increase pressure on its sovereign credit profile.

Federal Unity Colleges nationwide reopened on Monday, after weeks of protests by the senior civil servants and parents over the concession of King’s College, Lagos to the King’s College Old Boys’ Association (KCOBA) by the federal government.

As a result of the impasse, all 117 colleges were shut down, and academic activities were grounded, as a result of protests by the workers and parents who kicked against the concession plan.

BusinessDay correspondent who visited King’s College, Lagos, confirmed that the students have resumed academic activities as they were seen seated in their various classes waiting for the teachers.

However, a chat with Samuel Enag, unit chairman of the Association of Senior Civil Servants of Nigeria (ASCSN), revealed that the resumption is tentative.

‘We have resumed tentatively, for 14 days, to monitor the outcome of the minister’s meeting with the Trade Union Congress, the Association of Senior Civil Servants of Nigeria and other affiliated unions.

‘We still maintain our stand on reversion of the proposed concession of King’s College, Lagos. The old boys can contribute to the development of their alma mater, but not to take over the management of the school,’ he said.

Meanwhile, a parent who spoke with BusinessDay reporter said they were sent a circular last week on the resumption.

‘We received a notice last week that students should resume today, and were given seven days to pay the fees, though they’re yet to tell us how much the fees are,’ the parent said.

Recall that BusinessDay had reported that ASCSN called off its strike over the concession of King’s College, Lagos, clearing the way for the reopening of the country’s Federal Unity Colleges.

A communiqué issued on Wednesday showed the resolution followed a meeting in Kano on Tuesday between the leadership of the Trade Union Congress of Nigeria (TUC), the ASCSN and zonal coordinators of the Unity Schools.

The union leaders agreed to suspend the industrial action to give a seven-member committee room to review the concession document for King’s College.

The strike had kept all Unity Colleges shut for about two weeks after the ASCSN and the Parent Teacher Association protested the federal government’s decision to concede King’s College to its old boys’ association.

The colleges were due to resume on September 13, but workers boycotted the date, arguing that the concession threatened the future of the Unity College system.

According to the communiqué, the TUC, ASCSN and zonal coordinators reviewed both the agreement earlier reached between labour and the Federal Ministry of Education and the King’s College concession document, before resolving ‘to suspend the ongoing strike action in the Unity Colleges to enable the seven-man committee to review the concession document.’

Manchester City CEO Ferran Soriano says the club’s legal battle with the Premier League over its financial charges will take ‘a lot more time’ to conclude.

Soriano made the comments on Monday while speaking at a board meeting of the European Football Clubs (EFC), formerly the European Club Association, in Copenhagen ahead of the organisation’s general assembly.

According to the Press Association, Soriano told fellow executives, ‘It’s taken eight years to get here, and it’s going to take a lot more time,’ referring to the Premier League investigation, which began in 2018.

His comments came days after reports emerged that an independent panel had found Manchester City guilty of all but one of the 115 financial-rule charges brought against the club. Sanctions have yet to be determined, while City are expected to appeal the findings.

The charges relate to alleged breaches between 2009 and 2018, including claims that City failed to provide accurate financial information, failed to provide accurate details concerning player and manager payments, breached UEFA financial regulations and failed to cooperate with the Premier League’s investigation.

The Premier League has not commented on the reported verdict. City also stopped short of confirming or denying the reports, insisting that the process remains ongoing and subject to confidentiality.

‘The Premier League process remains ongoing with significant elements to be completed and subject to strict confidentiality,’ the club said in a statement.

The Federal High Court in Abuja has directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to keep granting petrol import licenses to Matrix Energy, AA Rano and AYM Shafa.

This ruling could reshape the balance between imported fuel and output from local refineries, including the giant Dangote plant.

Justice Inyang Ekwo said on Monday that the regulator’s refusal to issue licences to the three companies was in ‘direct non-compliance’ with the Petroleum Industry Act, the 2021 law that overhauled Nigeria’s oil and gas sector.

He also said the authority had acted beyond the provisions of the law.

The judge held that the ‘consequence of non-compliance’ with the Act and related laws makes any exercise by the authority in respect of import licences ‘null and void.’

He found that the plaintiffs had established their claim and that the case succeeded on its merits.

The dispute centered on the regulator’s refusal to issue and renew import licences for the three companies.

Their lawyers, Raji Ahmed, a senior advocate of Nigeria, and Chris Ekemezie, asked the court to declare that the Act does not ban the importation of petroleum products into Nigeria.

They also argued that it does not stop the regulator from granting or renewing licences for eligible importers.

Ekwo went further than simply ordering licences.

He declared that Sections 31 and 32 of the Act, read alongside Section 72 of the Federal Competition and Consumer Protection Act, oblige the regulator to promote a competitive market for midstream and downstream operations.

Those provisions, he said, also require it to prevent the abuse of dominant positions and restrictive business practices.

The court also ruled that the plaintiffs are entitled to be granted, extended or renewed import licences once they meet the conditions the regulator sets.

Those rulings tie the regulator’s discretion to its own stated requirements.

The judge also addressed who holds licensing power. He declared that under Sections 29(3), 32 and 33 of the Act, the regulation of midstream and downstream operations is vested in the regulator alone.

That includes the power to grant, issue, modify, extend, renew, suspend, cancel, reissue or terminate licences, permits and authorisations.

Ekwo directed the authority to continue to grant, issue, extend, renew or reissue all licences, permits and authorisations for midstream and downstream operations, particularly those relating to petroleum product imports, once the plaintiffs satisfy all statutory and regulatory preconditions.

In an affidavit, Sabiu Saidu Mahuta, executive director of A.A. Rano Nigeria Ltd., said the regulator had, since July 2025, issued or renewed import licences to the plaintiffs only sporadically rather than regularly.

He said the authority’s action or inaction was entrenching market dominance and monopolisation of the downstream sector by local refineries.

Mahuta also cited the scale of the companies’ investments.

‘Collectively, the Plaintiffs have invested more than $20,000,000,000 [Twenty Billion United States of America Dollars] in infrastructure, logistics and retail networks for the smooth operations of their licensed petroleum products businesses,’ he said in the affidavit. The figure is the plaintiffs’ own claim, and the court record supplied does not independently verify it.

Ahmed urged the court to hold that importing petroleum products alongside local production would encourage competition, check monopoly and price-fixing, and improve the midstream and downstream sector overall.

It is not yet clear whether the NMDPRA will comply, seek a stay, or appeal the decision.

Troops of the Joint Task Force North West, Operation FANSAN YAMMA (JTF NW OPFY), have neutralised a suspected terrorist, recovered an AK-47 rifle and ammunition, and rescued six attempted kidnap victims in separate operations across Sokoto and Zamfara states.

The operations, which were conducted on September 26, 2026, followed intelligence and distress information on the activities of terrorists in the two states.

According to a statement by Aliyu Danja, Media Information Officer, Joint Task Force (North West), Operation FANSAN YAMMA, in Sokoto State, troops of Sector 2 of Operation FANSAN YAMMA acted on credible intelligence about the presence of a suspected terrorist camp in Gudu Local Government Area.

The troops subsequently moved to assault the location, where they made contact with an isolated terrorist.

According to the Joint Task Force, the troops engaged the suspect and neutralised him during the operation.

It noted that a search of the area led to the recovery of one AK-47 rifle and ammunition, alongside a foreign military uniform and various tools and clothing.

The military said the operation formed part of ongoing efforts by troops to disrupt terrorist activities and prevent armed groups from establishing operational bases in communities across the North-West.

In a separate operation in Zamfara State, troops of Sector 2 responded to information about an attempted abduction of members of the family of the Sarkin Samari in Tsafe Local Government Area.

According to the military, the incident occurred on the evening of September 26, prompting troops to move to the location after receiving the information.

‘On arrival, the troops engaged the terrorists with fire, forcing the attackers to withdraw towards nearby bushes’, it added.

The military said six kidnap victims were rescued during the operation and subsequently taken to a place of safety.

The victims would be reunited with their families after necessary procedures have been completed.

The Joint Task Force said the operations demonstrated the resolve and professionalism of its troops in protecting lives and property across the North-West.

The military also urged members of the public to continue providing credible and timely information on the activities of terrorists and other criminal elements operating within their communities.

It said timely information from residents remained important to the success of security operations and efforts to prevent attacks and protect vulnerable communities.