August 2025 – Page 26

Kenyon Recovers 6,000 Barrels Daily from Stranded Well in Ni

28.08.2025

Oilfield service company Kenyon International says it has successfully restored production of over 6,000 barrels of crude oil per day from a previously inaccessible well, underscoring the growing technical capacity of indigenous firms in Nigeria’s oil and gas sector. The company’s Chief Executive Officer, Victor Ekpenyong, disclosed this at the Africa Young Professionals Workshop during...

Typhoon Disaster: Nigeria Commiserates With Vietnam

28.08.2025

The Federal Government of Nigeria has extended its deepest condolences and heartfelt solidarity to the Government and people of the Socialist Republic of Vietnam over the damages and losses arising from Typhoon Kajiki. Spokesperson, Ministry of Foreign Affairs, Abuja, Kimiebi Imomotimi Ebienfa, who spoke on behalf of the Federal Government expressed sympathy, especially to the...

Aradel Boosts Nigeria’s Domestic Gas Supply with NLNG Deal

28.08.2025

Aradel Holdings Plc has reaffirmed its alignment with the Federal Government’s gas reforms and domestic energy agenda with the signing of a Gas Supply Agreement to deliver additional gas volumes to Nigeria Liquefied Natural Gas Limited. The deal, signed through Aradel Gas Limited, a wholly owned subsidiary of the company, is executed via the Shell...

Axxela Earns ‘Aa-’ Credit Rating Upgrade from Agusto & Co.

28.08.2025

LCredit rating agency, Agusto & Co., has upgraded the corporate rating of Axxela Limited from ‘A’ to ‘Aa-’ with a stable outlook. In a statement on Tuesday, the company said the upgrade also applied to Axxela Funding 1 Plc’s N11.5bn and N16.4bn bond programmes. Agusto said the decision reflected Axxela’s financial performance, moderate leverage, and...

Eastern Ports Drive NPA’s 2025 Revenue Growth to N1.28tn

28.08.2025

Reforms and incentives at Nigeria’s Eastern ports are reshaping the maritime landscape, with rising traffic now contributing significantly to the NPA’s projected N1.28tn revenue for 2025. The renewed push positions the ports as competitive gateways, easing congestion in Lagos and boosting Nigeria’s trade competitiveness, ANOZIE EGOLE writes For years, shipping into Nigeria meant Lagos ports...

Business

Engineering Professionalism Crucial for Maritime Development

28.08.2025

The Director-General of the Nigerian Maritime Administration and Safety Agency, Dr. Dayo Mobereola, has emphasised the critical role of professionalism in engineering practice as a foundation for Nigeria’s Marine and Blue Economy development. Dr. Mobereola made this remark when he received the Nigerian Society of Engineers, led by its president, Engineer Margaret Aina Oguntala, who...

Afriland Properties Pays N178.6m Interim Dividend to Shareho

28.08.2025

Afriland Properties Plc has paid about N178.6m as an interim dividend to its shareholders for the half-year period ended June 30, 2025. According to a statement on Wednesday, the firm said that the move reflects its strong financial performance and commitment to delivering long-term value. Afriland Properties Plc is a property management, investment, and development...

Business

Import Cost to Soar Past N6.6tn Due to New FOB Charge

28.08.2025

The Manufacturers Association of Nigeria has warned that the Nigeria Customs Service’s reintroduced four per cent Free-on-Board charge on imports will worsen inflation, raise the cost of raw materials above the N6.6tn recorded in 2024, and further burden struggling manufacturers. In a statement, the Director-General of MAN, Segun Ajayi-Kadir, discredited the NCS’s claim that its...

Nigeria Freight Forwarders Resist Licence Fee Hike, Seek Lon

28.08.2025

The Nigeria Customs Service recently proposed a drastic hike in licensing and bond fees for agents, freight forwarders, and terminals. Set for January 2026, the plan aims at reform and modernisation but has sparked fears of crippling small operators and disrupting trade. While some agents are proposing extension of licences’ tenure from one year to...

Business

Nigerian Navy Arrests 333 Vessels in 6 Years

28.08.2025

The Nigerian Navy acquired 21 new vessels within the last 10 years and arrested 333 vessels between 2015 and 2021 for various infractions, including involvement in piracy, crude oil theft, illegal bunkering, illegal fishing, and infringement on others. The Flag Officer Commanding Western Naval Command, Rear Admiral Gregory Oamen, disclosed this on Wednesday in Lagos...