Guinness Nigeria emerges world’s third-largest Guinness market

By

-

May 7, 2026

Key points

Guinness Nigeria Plc states that Nigeria is now the third-largest global market for the Guinness brand, after Ireland and the UK.
The company attributes its growth to strong consumer engagement, football partnerships, and evolving business strategies.
Guinness Nigeria says it is strengthening governance, talent development, and responsible drinking campaigns to sustain long-term growth.

Main story

Guinness Nigeria Plc has disclosed that Nigeria has become the third-largest market globally for the Guinness brand, trailing only Ireland and the United Kingdom.

The company’s Finance and Strategy Director, Mr Mayank Kabra, disclosed during a media parley held on Wednesday in Lagos.

According to Kabra, the Guinness brand has built a strong emotional and cultural connection with Nigerian consumers over its 76 years of operations in the country.

“The most interesting thing for us is that Nigeria is the third-biggest market for Guinness globally after Ireland and the UK,” he said.

“Guinness has been part of this country for 76 years, and today many consumers see it as a Nigerian brand rather than an Irish one.”

Kabra attributed the company’s sustained growth to its ability to understand consumer behaviour and adapt to changing market realities.

“We have remained consistent in understanding our consumers and evolving with them. That connection is what continues to drive our growth in Nigeria,” he added.

He said the company continues to deepen consumer engagement through football-related partnerships, including collaborations linked to the Premier League and Arsenal under its “Match Day” campaign initiatives.

“Football remains a powerful cultural platform for us. Through our partnerships, we can connect with consumers in a way that goes beyond just the product,” Kabra stated.

The issues

Nigeria remains one of Africa’s most competitive beverage markets, with manufacturers under pressure to maintain brand relevance amid inflation, shifting consumer spending patterns, and intense market competition.

Industry players are increasingly investing in sports sponsorships, digital engagement, and talent development to retain market share and strengthen consumer loyalty.

Corporate governance and responsible alcohol consumption have also become major focus areas for beverage companies operating in the country.

What’s being said

The Corporate Relations and Legal Director of Guinness Nigeria, Mr Rotimi Odusola, said the company remains committed to transparency, accountability, and ethical business conduct.

According to him, the company was among the first organisations certified under the Corporate Governance Rating Scheme of the Nigerian Exchange Group (NGX)

.

“We take compliance seriously and that is why we continue to be recognised for strong governance practices in the capital market,” Odusola said.

He also highlighted the company’s responsible drinking initiatives, particularly its Ember Months road safety campaign conducted in partnership with the Federal Road Safety Corps (FRSC)

and the Lagos State Drivers’ Institute

.

On workforce development, Human Resource Director Mrs Ayodeji Ajibola said the company was prioritising leadership development, employee inclusion, and skills enhancement.

“Our people are at the centre of our transformation. We are deliberately investing in skills, leadership and performance culture,” she said.

Ajibola disclosed that the company’s sales upskilling initiatives had improved salesforce productivity by 11 per cent and increased redistribution growth by 21 per cent.

She added that Guinness Nigeria continues to run graduate trainee programmes and leadership development initiatives in collaboration with Lagos Business School.

What’s next

Guinness Nigeria is expected to continue expanding its consumer engagement strategies, digital transformation initiatives, and talent development programmes as competition intensifies within the beverage sector.

The company is also likely to strengthen its sports marketing campaigns and governance initiatives to maintain its strong market position in Nigeria and across Africa.

Bottom line

With Nigeria now ranking as Guinness’ third-largest global market, Guinness Nigeria says sustained consumer connection, strong governance practices, and strategic brand engagement remain central to its long-term growth ambitions.

Dembele fires PSG into back-to-back Champions League finals

Dembele fires PSG into back-to-back Champions League finals

By

Ibe Wada

-

May 7, 2026

Key points

Paris Saint-Germain reached the UEFA Champions League final after a 6-5 aggregate victory over Bayern Munich.

Ousmane Dembele scored early to hand PSG a crucial advantage in the second-leg clash.

The French champions will now face Arsenal in the final scheduled for May 30 in Budapest.

Main story

Paris Saint-Germain secured a place in the UEFA Champions League final on Wednesday night after holding Bayern Munich to a 1-1 draw, sealing a 6-5 aggregate victory.

The French side, who entered the encounter with a narrow advantage from the first leg, made a dream start as Ousmane Dembele opened the scoring in the third minute.

Dembele calmly converted a cutback from Khvicha Kvaratskhelia to hand PSG an early lead and strengthen their grip on the tie.

Despite dominating possession for large spells of the encounter, Bayern Munich struggled to break down PSG’s disciplined defensive setup.

The German champions continued to push forward in search of a comeback, with Harry Kane eventually finding the net in stoppage time.

However, the late equaliser proved insufficient as PSG held on to book a second consecutive appearance in Europe’s biggest club competition final.

The issues

PSG’s qualification highlights the club’s growing consistency on the European stage after years of heavy investment aimed at securing Champions League success.

The result also raises questions for Bayern Munich, whose dominance in possession failed to translate into decisive attacking opportunities over the two legs.

For PSG, the focus remains on finally cementing their status among Europe’s elite with another shot at continental glory.

What’s being said

Football analysts praised PSG’s tactical discipline and defensive resilience, particularly under sustained pressure from Bayern Munich.

Dembele’s influence in attack and Kvaratskhelia’s creativity were also identified as key factors behind the French side’s progression.

Bayern, meanwhile, were criticised for their inability to convert possession dominance into clear-cut chances despite boasting attacking talents such as Harry Kane.

What’s next

PSG will now prepare for a highly anticipated final clash against Arsenal on May 30 in Budapest.

The final presents PSG with another opportunity to secure their first UEFA Champions League title, while Arsenal will be aiming to reclaim European glory after years away from the summit of continental football.

Bottom line

An early strike from Ousmane Dembele and a disciplined defensive display were enough to send Paris Saint-Germain into a second straight Champions League final, where Arsenal now stand between the French giants and European glory.

Energy expert urges Nigeria to fast-track shift to cleaner energy economy

Energy expert urges Nigeria to fast-track shift to cleaner energy economy

By

Ibe Wada

-

May 7, 2026

Key points

NESSCO CEO, Usman Mohammed, says Nigeria must accelerate adaptation to the global energy transition to remain competitive.

He calls for the establishment of a dedicated energy bank to improve financing access for indigenous operators.

Mohammed says collaboration, local content policies, and gas development are critical to the future of Nigeria’s energy sector.

Main story

The Managing Director and Chief Executive Officer of New Energy Services Company Ltd. (NESSCO), Alhaji Usman Mohammed, has urged Nigeria to accelerate its transition into a cleaner energy economy, warning that the global shift toward gas and renewable energy is rapidly redefining the future of the industry.

Speaking with journalists on the sidelines of the 2026 Offshore Technology Conference (OTC) in Houston, United States, Mohammed said technological advancements and increased global investment in green energy were steadily reducing reliance on crude oil.

According to him, the global energy industry is now tilting more towards gas development and cleaner alternatives, making it imperative for Nigeria to reposition itself strategically.

“Technology is evolving, and the world has effectively launched a revolution in green energy. The focus is now shifting more towards gas development than oil, and that transition is already affecting business turnover across the industry,” he said.

Mohammed described Nigeria’s local content policy as a major driver of indigenous participation in the oil and gas sector, noting that many Nigerian companies had grown through deliberate government intervention.

“We are a direct product of local content development. Many Nigerian companies today owe their growth to deliberate government policies, and the impact is visible across the industry,” he stated.

The NESSCO boss, however, identified limited access to affordable financing as one of the biggest challenges confronting indigenous energy firms.

He called for the establishment of a dedicated energy bank to support local operators, particularly in gas development projects.

“We need a dedicated energy bank, similar to the Bank of Agriculture, that will give indigenous companies access to affordable capital, especially in gas development,” he said.

Mohammed also urged the Nigerian Content Development and Monitoring Board (NCDMB) to simplify financing processes for credible local firms.

“If a company is qualified to execute a contract, it should also be considered qualified to access financing,” he added.

The issues

Nigeria’s energy sector is facing increasing pressure to align with global decarbonisation goals as investors and governments shift attention from fossil fuels to cleaner energy alternatives.

While the country remains heavily dependent on crude oil revenues, experts warn that failure to adapt could weaken competitiveness, reduce foreign investment inflows, and limit long-term economic sustainability.

Industry stakeholders have repeatedly identified inadequate financing, infrastructure gaps, and weak collaboration among local firms as major barriers to indigenous growth and energy transition efforts.

What’s being said

Mohammed said NESSCO has continued to expand its operations through strategic diversification and recently secured a renewed contract alongside a new drilling rig supply agreement with a major operator.

According to him, the company has evolved over the past decade from offshore facility management and crane operations into broader drilling and energy services.

“We are growing deliberately, and by this time next year, we expect major developments in the gas sector,” he said.

He also stressed the importance of partnerships among indigenous companies, noting that sustainable growth in the industry depends on collaboration built on trust and shared objectives.

“No single company can do it all. Collaboration is the way forward, but it must happen naturally,” Mohammed stated.

Drawing from his experience working with international firms including Saipem, TotalEnergies, Baker Hughes, and BW Offshore, he said successful global businesses thrive on strategic cooperation rather than forced alliances.

“Business relationships are built on trust and alignment. You cannot force companies together and expect success,” he said.

Mohammed further urged Nigerians to take ownership of the country’s development agenda.

“Nobody will come from Europe or America to build Nigeria for us. The responsibility is ours. What the government must do is create the right environment and allow indigenous companies to rise to the challenge,” he added.

What’s next

Stakeholders in Nigeria’s energy sector are expected to intensify discussions around gas development, cleaner energy investments, and financing mechanisms for indigenous operators as the global energy transition gathers momentum.

Industry players are also likely to push for stronger policy support, improved access to capital, and enhanced collaboration frameworks to enable local companies compete effectively in the evolving global market.

Bottom line

As the world accelerates toward cleaner energy systems, experts say Nigeria must urgently strengthen its gas infrastructure, empower indigenous operators, and improve financing access to remain relevant in the changing global energy economy.

Nigeria emerges as top African energy investment destination under Tinubu reforms

Dangote Refinery: Fuel price remains unchanged to support economic stability

By

Kehinde Victor

-

May 6, 2026

Keypoints

Dangote Petroleum Refinery and Petrochemicals Limited has confirmed that the price of Premium Motor Spirit (PMS) remains the same.
The refinery stated that its ex-depot price for the product has not been changed.
Management is maintaining current prices to cushion the domestic economy against external market shocks.
The decision to absorb cost pressures aims to moderate inflationary risks and promote energy affordability across Nigeria.
The public has been advised to rely only on official statements for accurate information regarding pricing and operations.

Main Story

Dangote Petroleum Refinery and Petrochemicals Limited has announced that the ex-depot price for Premium Motor Spirit (PMS) remains unchanged.

By sustaining its current pricing structure, the refinery aims to reaffirm its commitment to stability within the domestic energy market. The company indicated that this move is designed to cushion the wider Nigerian economy against the volatility of external shocks and ongoing global uncertainties.

The refinery is currently absorbing prevailing cost pressures to help moderate inflationary risks and ensure that petroleum products remain affordable for the public.

This strategy is part of a broader dedication to maintaining a steady supply of high-quality petroleum products while supporting national objectives of energy security and price stability. The refinery continues to prioritize uninterrupted supply to the Nigerian market during this period.

The Issues

Prevailing cost pressures are being absorbed by the refinery to prevent price hikes for domestic consumers.
External shocks and global uncertainties continue to create a volatile environment for energy pricing.
Maintaining price stability is a key factor in managing wider inflationary risks within the national economy.

What’s Next

The refinery intends to continue its current pricing to support national objectives of energy security.
Official channels will remain the primary source for any future updates regarding operational changes or price adjustments.
Supply levels are expected to remain steady to ensure uninterrupted availability of PMS across the country.

Bottom Line

Dangote Petroleum Refinery has maintained its ex-depot PMS price to shield the Nigerian economy from external cost pressures and ensure domestic energy affordability.

NUPRC: Local refineries receive 28.5 million barrels of crude in Q1 2026

NUPRC: Local refineries receive 28.5 million barrels of crude in Q1 2026

By

Kehinde Victor

-

May 6, 2026

Keypoints

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has released statistics on the enforcement of the Domestic Crude Supply Obligation (DCSO) for the first quarter of 2026.
Actual supply to local refineries was 28.5 million barrels during the quarter, despite producers offering a higher volume of 68.7 million barrels.
The supply conversion rate stood between 36% and 46% as of the end of March 2026.
Shortfalls between volumes offered and actual deliveries are primarily attributed to pricing gaps between producers and domestic refiners.
The NUPRC emphasized that the current framework operates on a “willing buyer, willing seller” basis under the Petroleum Industry Act (PIA).

Main Story

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has released official data regarding the Domestic Crude Supply Obligation (DCSO) for the first quarter of 2026.

The report indicates that while 61.9 million barrels of crude oil were allocated to domestic refineries during the quarter, and producers offered 68.7 million barrels, the actual volume supplied was 28.5 million barrels. This results in a supply conversion rate of 36-46 per cent for the period.

A monthly breakdown reveals that in January, the Commission mandated a supply of 22.6 million barrels.

Producers offered 25.3 million barrels, representing an 11.9 per cent increase over the mandate, yet 9.2 million barrels were ultimately delivered. In February, the Commission allocated 20.5 million barrels, while producers offered 19.8 million barrels. Actual supply for that month was 9.1 million barrels.

In March, deliveries saw a modest improvement to 10.1 million barrels. During this month, DCSO allocations were set at 18.8 million barrels, though producers offered a significantly higher volume of 23.6 million barrels, exceeding the allocation by 25.5 per cent.

The Commission stated that the gap between offered volumes and actual deliveries stems from pricing disagreements between producers and refiners, as the current framework relies on market-driven negotiations.

The Issues

Pricing gaps between crude oil producers and domestic refiners remain the primary cause for the shortfall in actual deliveries.
The supply conversion rate remains below 50% despite producers offering volumes that exceed the Commission’s mandated allocations.
The “willing buyer, willing seller” framework continues to dictate transaction outcomes, potentially impacting the volume of crude reaching local plants.

What’s Being Said

The Commission emphasized that the current framework operates on a “willing buyer, willing seller” basis.
NUPRC reaffirmed its commitment to achieving the government’s objective of energy sufficiency.
Eniola Akinkuotu, Head of Media and Corporate Communication, stated that the Commission aims to refine the DCSO methodology to enhance transparency and efficiency.

What’s Next

The Commission intends to leverage the PIA 2021 framework to sustain gains in crude oil production.
Ongoing refinements to the DCSO methodology are planned to ensure that local refineries are supplied as committed.
NUPRC will continue to monitor the implementation of the Petroleum Industry Act to improve the efficiency of domestic crude supply.

Bottom Line

While crude oil producers offered volumes exceeding regulatory mandates in Q1 2026, pricing disputes under the “willing buyer, willing seller” model resulted in local refineries receiving less than half of the offered supply.

Renewables now rival fossil fuels on cost, IRENA says

Renewables now rival fossil fuels on cost, IRENA says

By

Kehinde Victor

-

May 6, 2026

Keypoints

A new report by the International Renewable Energy Agency finds “firm” renewable power is now cost-competitive with fossil fuels, and cheaper in some regions
Falling battery costs are reducing the extra cost required to make solar and wind reliable
The agency introduces Firm Levelised Cost of Electricity (F-LCOE) to measure the cost of 24/7 clean power
Hybrid solar and storage projects are increasingly matching fossil plants on cost and deployment speed
China is setting the global cost benchmark for firm renewable electricity

Main story

The International Renewable Energy Agency has released a report pointing to a shift in global energy economics, as renewable power becomes cheaper and more reliable.

The study, 24/7 Renewables: The Economics of Firm Solar and Wind, shows that combining solar and battery storage can deliver continuous electricity, often referred to as “firm” power, at competitive prices.

In high solar resource regions, the cost of firm renewable electricity has fallen to roughly $54 to $82 per megawatt-hour in 2025. This brings it in line with, and in some cases below, the cost of new fossil fuel generation, particularly coal and gas plants.

The report highlights that this cost includes the “firming premium”, the additional investment required for battery storage and extra generation capacity to ensure electricity is available around the clock.

Rapid declines in technology costs are driving the shift. Since 2010, solar costs have dropped by 87%, while battery storage costs have fallen by more than 90%, making it more affordable to store and dispatch renewable energy when needed.

China currently represents the lowest-cost market for firm renewable electricity, with some projects delivering power below $100 per megawatt-hour even at high reliability levels.

The report also finds that hybrid renewable systems are beginning to provide stable electricity supply. Their faster construction timelines, often one to two years, give them an advantage in meeting growing demand from data centres and artificial intelligence.

The issues

Cost competitiveness depends on geography, with the best results in high solar and wind regions
Achieving high reliability levels increases costs due to higher storage needs
Many electricity grids are not yet designed to handle large volumes of hybrid renewable power
Market structures in several countries do not fully reward reliability or storage

What’s being said

IRENA says hybrid renewable systems can deliver electricity below fossil fuel benchmarks in favourable conditions
The agency notes that firm renewables are insulated from fossil fuel price volatility
Researchers highlight that combining solar and wind reduces reliability challenges
The report says firm renewables are a project-level solution and not a replacement for system flexibility

What’s next

Firm renewable costs are projected to fall by around 30% by 2030
The best-performing projects could deliver electricity below $50 per megawatt-hour by 2035
Policymakers are expected to adjust market rules to value reliability and storage
Investment is likely to shift toward hybrid renewable systems

Bottom line

Firm renewable energy is closing the gap with fossil fuels on cost and reliability, signalling a shift in power markets, especially in regions with strong solar and wind resources.

Abia moves to fast-track Azumini seaport project, orders feasibility study

Nigeria emerges as top African energy investment destination under Tinubu reforms

By

Kehinde Victor

-

May 6, 2026

Key Points

Nigeria has become the number one destination for energy investments in Africa between 2023 and 2026, driven by aggressive government reforms.
The country’s share of upstream Final Investment Decisions (FIDs) in Africa surged from 4 per cent to approximately 40 per cent between 2024 and 2025.
Oil production increased by 400,000 barrels per day, rising from 1.2 million bpd in 2023 to 1.6 million bpd in 2025.
A renewed pipeline of over $10bn in FIDs has been secured, with future projected upstream projects valued at over $50bn.
Local refining capacity significantly improved, with PMS production reaching 48.2 million litres per day in 2026, effectively eliminating petrol queues.

Main Story

A new government report reviewing energy sector reforms from 2023 to 2026 reveals that Nigeria has reclaimed its position as the leading destination for capital in Africa.

Under the administration of President Bola Tinubu, the country reversed years of declining investment caused by policy uncertainty.

The reforms, which included multiple executive orders and tax incentives, successfully attracted over $10bn in deep offshore and integrated gas projects, restoring the interest of international oil companies in long-cycle ventures.

The policy shift also facilitated approximately $4bn in divestments, transferring onshore and shallow-water assets from international firms like Shell and ExxonMobil to capable indigenous operators such as Seplat and Oando.

This transition has unlocked record growth in onshore production, which reached its highest level in two decades. Furthermore, the gas sector saw a 40 per cent increase in utilization, positioning gas as a foundation for national industrialization and export growth.

The Issues

Prior to 2023, the sector suffered from “policy uncertainty and underinvestment” that caused years of decline.
Global upstream investment has been “tightening,” making it harder for African nations to attract scarce capital.
Long-standing challenges such as “oil theft, pipeline vandalism, and regulatory uncertainty” previously limited the sector’s economic contribution.
The power sector has historically struggled with “liquidity challenges,” necessitating a comprehensive debt reduction programme.

What’s Being Saidnk

“The future we seek will not be imported. It will be built here, by you.”
“Gas is now firmly positioned not only as a transition fuel but as a foundation for industrialisation, export growth, and domestic value creation,”
“Local refining capacity has more than doubled… This has improved fuel availability and eliminated queues,”

What’s Next

The government is targeting a long-term oil production goal of “three million barrels per day”.
A “robust pipeline of future investments” exceeding $50bn is expected to take shape, including the Bonga South West and Zaba Zaba developments.
Efforts will continue to resolve “legacy obligations” in the power sector through a bond-backed framework.
Sustained growth will depend on “continued policy consistency” and the ability of local firms to manage newly acquired assets efficiently.

Bottom Line

Sweeping fiscal and regulatory reforms have moved Nigeria from a 4 per cent to a 40 per cent share of African upstream investment decisions, sparking a $10bn capital resurgence and record onshore oil production.

Abia moves to fast-track Azumini seaport project, orders feasibility study

SERAP libel case: Adegboruwa faults court ruling, raises questions over DSS legal status, others

By

Ibe Wada

-

May 6, 2026

Key points

Senior Advocate of Nigeria, Ebun-Olu Adegboruwa, has criticised a recent libel judgment against SERAP, citing legal inconsistencies.
The ruling awarded N100 million in damages to DSS officials despite unresolved questions on identity and institutional standing.
The case raises broader concerns about whether public officers can pursue personal defamation claims tied to official duties.

Main story

A Senior Advocate of Nigeria (SAN), Ebun-Olu Adegboruwa, has faulted the recent judgment in the N5.5 billion defamation suit filed by two officials of the Department of State Services (DSS) against the Socio-Economic Rights and Accountability Project (SERAP), describing the ruling as legally flawed and inconsistent with established principles.

Reacting to the court’s decision, Adegboruwa argued that the judgment failed to adequately reflect the legal arguments presented during proceedings, particularly on the statutory identity of the DSS.

According to him, a key issue before the court was whether the agency legally recognised under Nigerian law is the DSS or the State Security Service (SSS), a distinction he said was not properly addressed in the ruling.

He further contended that the court did not sufficiently consider SERAP’s defence regarding the propriety of public officers instituting defamation suits in their personal capacity over actions carried out in the course of official duties.

Adegboruwa noted that the plaintiffs had informed the court that they were still under internal investigation by their employer at the time of the suit, yet the court proceeded to find SERAP liable for libel.

He also questioned the evidentiary basis of the judgment, stating that the identity of the individuals allegedly defamed was not conclusively established during the trial.

The issues

At the heart of the controversy are legal and constitutional questions surrounding:

The proper legal identity and designation of Nigeria’s domestic intelligence agency (DSS vs SSS).

Whether public officials can claim personal damages for reputational harm arising from official assignments.

The standard of proof required in libel cases, particularly regarding identification of aggrieved parties.

The basis for awarding damages and interest in non-contractual disputes.

What’s being said

Adegboruwa described the N100 million damages awarded to the plaintiffs as disproportionate, noting that the court did not establish their ranks, earnings, or status to justify such compensation.

He also criticised the award of 10 per cent interest on the judgment sum, arguing that no contractual relationship or evidentiary basis for such interest was presented before the court.

“The plaintiffs were on official assignment funded by public resources, yet they sought personal compensation for actions linked to their official duties,” he said, questioning who rightfully should receive the awarded damages.

He warned that the ruling could set a troubling precedent, potentially exposing civil society organisations to increased litigation risks and undermining accountability efforts.

What’s next

Adegboruwa confirmed that legal steps are already underway to challenge the judgment at the appellate level.

The appeal is expected to revisit critical legal questions raised during the trial, including issues of jurisdiction, identity, and the applicability of defamation laws to public officials acting in official capacities.

Legal analysts anticipate that the outcome of the appeal could provide clearer judicial guidance on the intersection of public service, institutional accountability, and individual rights.

Bottom line

The contested judgment in the SERAP defamation case has triggered significant legal debate, with implications for public accountability, press freedom, and civil society operations. The pending appeal is likely to shape future interpretations of defamation law as it relates to public institutions and their officials in Nigeria.

Abia moves to fast-track Azumini seaport project, orders feasibility study

Abia moves to fast-track Azumini seaport project, orders feasibility study

By

Ibe Wada

-

May 6, 2026

Key points

Abia Government approves feasibility study for Azumini–Obeaku Seaport and Inland Waterways Corridor
Timeline shortened to accelerate project delivery and investment decisions
Engagements to begin with federal authorities for regulatory approvals

Main story

The Abia State Government has initiated steps to fast-track the proposed Azumini–Obeaku Seaport and Inland Waterways Corridor project, following a high-level engagement with a delegation from China Harbour Engineering Company Limited led by Mr Nicolas Liu.

During the meeting, the state government granted immediate approval for a feasibility study on the project, with a directive to shorten the proposed timeline to enable quicker decision-making and project advancement.

While the company initially projected a six to seven-month study period, the state government emphasised the need for an expedited process to align with its broader economic development agenda.

In parallel with the study, the government disclosed plans to commence the process of securing necessary approvals from key federal institutions, including the Nigerian Ports Authority and the Federal Ministry of Blue Economy, as well as the Presidency.

Officials also encouraged technical teams to conduct on-site assessments of the proposed location, particularly to evaluate its proximity to the high sea and determine critical engineering requirements such as dredging and channel development.

The issues

1. Infrastructure and Connectivity

Nigeria’s maritime infrastructure gap continues to limit trade efficiency, making new port developments critical to easing congestion at existing ports and improving regional connectivity.

2. Regulatory Bottlenecks

Large-scale port projects require multi-layered approvals from federal agencies, which can impact timelines and investment certainty.

3. Technical Viability

Key considerations such as water depth, dredging requirements, and access to shipping routes will determine the project’s long-term feasibility and cost structure.

What’s being said

The Abia State Government described the project as a strategic initiative with the potential to transform the state’s economy and strengthen Nigeria’s maritime sector.

It also commended China Harbour Engineering Company Limited for its proposal and technical presentation, expressing optimism about the outcomes of the feasibility study.

What’s next

The feasibility study will provide critical insights into the project’s economic, technical, and environmental viability. Simultaneously, engagement with federal authorities is expected to progress to secure approvals and align the project with national maritime policies.

Bottom line

The Azumini Seaport initiative signals Abia State’s ambition to position itself within Nigeria’s maritime value chain, but its success will depend on feasibility outcomes, regulatory approvals, and sustained investment commitment.

Zenith bank leadership Transition: What Ovia’s exit means, who leads next, and the question of female chairmanship

Interswitch Welcomes Largest-Ever Developer Academy Cohort, Strengthening Africa’s Tech Talent Pipeline

By

Boluwatife Oshadiya

-

May 6, 2026

Interswitch, one of Africa’s leading integrated payments and digital commerce companies, has announced the induction of the third and largest cohort of developer interns into its Developer Academy, reinforcing its long-standing commitment to building world-class technology talent and strengthening Africa’s digital ecosystem.

Selected from a pool of over 20,000 applications, the new cohort emerged through a rigorous multi-stage process involving technical assessments, and interviews. Their induction into the Developer Academy highlights both the scale of interest in software engineering opportunities in Nigeria and Interswitch’s role in nurturing the next generation of highly skilled technology professionals.

The 9-month programme brings together talents across key engineering tracks, including Backend Development, DevOps, Mobile Development, Frontend Engineering, and Quality Assurance. Designed as an intensive and structured learning experience, the Developer Academy combines theoretical instruction with real-world application, equipping participants with the skills required to thrive in an increasingly global and competitive technology landscape.

Commenting on the initiative, Mitchell Elegbe, Founder and Group Chief Executive Officer, Interswitch, emphasised the importance of taking a long-term, ecosystem-driven approach to talent development.

“At Interswitch, we have always believed in the capacity to see beyond the immediate challenges and focus on long-term impact. While the migration of skilled talent remains a reality, our approach is to actively shape the outcomes by building a strong and sustainable pipeline of technology professionals.

We are therefore committed to equipping individuals with the capabilities to contribute meaningfully to the broader technology ecosystem, locally and globally, not just for our own needs at Interswitch. In doing so, we are not only strengthening the industry but also reinforcing Nigeria’s position as a source of globally competitive engineering talent,” Elegbe said.

Beyond its immediate training objectives, the Interswitch’s Developer Academy is anchored on a broader strategic vision, one that addresses the ongoing migration of skilled talent from Nigeria and other developing economies. As global demand for software engineers continues to rise, many highly skilled professionals are increasingly recruited by international organisations. Interswitch’s approach reframes this trend, positioning talent development both as a means of local capacity building and as an opportunity to strengthen Nigeria’s reputation as a global hub for technology expertise.

Also commenting, Franklin Ali, Group Chief Human Resources Officer, Interswitch, highlighted the broader impact of the programme. He stated:

“The Developer Academy reflects our long-term commitment to building talent at scale. We are equipping these young professionals not just with technical skills, but with the mindset, discipline, and adaptability required to thrive in diverse environments. Whether they build their careers within Interswitch, contribute to the local ecosystem, or explore global opportunities, they represent the strength and potential of Nigerian talent and carry forward the standard of excellence we are committed to building.”

Drawing parallels with the evolution of Nigeria’s entertainment industry, where local talent has successfully achieved global recognition, Interswitch envisions a similar trajectory for the technology sector, one in which Nigerian developers are not only participants in the global digital economy but key contributors shaping its future.

The Developer Academy also plays a critical role in addressing local industry needs. As fintechs, banks, and startups continue to scale, the demand for highly skilled engineers remains significant. By consistently developing and releasing new cohorts of trained professionals into the ecosystem, Interswitch is contributing to a more resilient talent pipeline and supporting sustained innovation across the sector.

During the 9-month programme, participants will benefit from mentorship by experienced professionals, exposure to enterprise-grade systems, and the development of workplace readiness skills essential for today’s dynamic work environment. At the end of the programme, top-performing interns may be offered full-time roles within Interswitch, while others are well-positioned to pursue opportunities across the broader technology landscape.

Further demonstrating its commitment to talent development at scale, Interswitch has also invested in dedicated learning infrastructure, including the opening of a new facility in Victoria Island, Lagos, designed to serve as a specialised hub for the Developer Academy and other training initiatives. This move signals a deliberate effort to institutionalise talent development and expand capacity for future cohorts.

The continued expansion of the Developer Academy reflects Interswitch’s long-term vision of building a sustainable pipeline of globally competitive talent, positioning Nigeria, and Africa at large, as a leading source of innovation and technical expertise in the global digital economy.

Interswitch Retail Summit explores payment innovation, profitability, and the future of retail in Nigeria

Zenith bank leadership Transition: What Ovia’s exit means, who leads next, and the question of female chairmanship

By

Ibe Wada

-

May 6, 2026

Key points

Jim Ovia exits after 12 years as chairman in line with CBN governance rules, succeeded by Mustafa Bello
Zenith Bank posts N410.69bn dividend payout, backed by over N1tn in both PBT and PAT for two consecutive years
Female leadership at board level remains limited, but current CEO Adaora Umeoji signals evolving governance dynamics

Main story

The transition at Zenith Bank Plc marks the end of a 12-year chairmanship era defined by regulatory compliance, profitability, and institutional consolidation.

At its 2026 Annual General Meeting, shareholders approved a total dividend of N10.00 per share for the 2025 financial year, amounting to N410.69 billion, one of the largest payouts in Nigeria’s banking sector. The performance was underpinned by Profit Before Tax (PBT) of N1.26 trillion and Profit After Tax (PAT) of N1.04 trillion, making Zenith the first Nigerian bank to cross the N1 trillion threshold in both metrics for two consecutive years.

The AGM also formalised the retirement of founder and chairman, Jim Ovia, who completed the maximum 12-year tenure allowed under the Central Bank of Nigeria (CBN) corporate governance code for financial holding companies.

His successor, Mustafa Bello, brings board continuity as the longest-serving non-executive director and a former Minister of Commerce. His appointment had prior regulatory approval, aligning with succession protocols in systemically important banks.

The issues

1. Governance and Tenure Limits

CBN guidelines cap non-executive chairmanship at 12 years across Nigerian banks and financial holding companies. Ovia’s exit reflects strict enforcement of governance reforms introduced to prevent board entrenchment and ensure periodic leadership renewal.

2. Concentration of Leadership Pipeline

Zenith Bank has historically prioritised internal succession for executive roles—evidenced by the appointment of Adaora Umeoji as its fifth CEO, all internally groomed. However, board chairmanship succession has remained within a narrow pool of long-serving male directors.

3. Gender Representation at Board Level

While women have risen to executive leadership positions across Nigeria’s banking sector, chairmanship roles remain male-dominated. Across Tier-1 banks in Nigeria, female board chairs are statistically rare, reflecting broader corporate governance patterns.

What’s being said

Outgoing chairman Ovia emphasised continuity and institutional knowledge in Bello’s appointment, noting his long tenure and understanding of the bank’s operations.

Management, led by CEO Umeoji, reinforced a commitment to sustaining shareholder value, pointing to a 100 per cent increase in dividend payout year-on-year.

Shareholder groups, including the Pragmatic Shareholders Association of Nigeria, commended the bank’s profitability and dividend consistency, describing the transition as stable rather than disruptive.

Potential successors: what the data suggests

Zenith Bank’s chairmanship has historically drawn from:

Long-serving non-executive directors
Individuals with regulatory and policy experience
Board members with deep institutional knowledge

With Bello now appointed, future succession, based strictly on governance trends, would likely consider:

Existing non-executive directors with long tenure
Individuals with prior ministerial, regulatory, or financial leadership experience
Candidates with strong board committee exposure (audit, risk, governance)

Public disclosures of Zenith Bank’s board composition show a mix of professionals across banking, law, and public service, but detailed tenure data for each director determines eligibility under CBN rotation rules.

Can a woman become the chairman of Zenith Bank?

Regulatory Position:

There is no legal or regulatory restriction by the Central Bank of Nigeria preventing a woman from serving as chairman of a Nigerian bank.

Institutional Reality (Data-Based):

Female representation at executive level in Nigerian banking is rising
Zenith Bank already has a female CEO, Adaora Umeoji

However, board chair roles across Tier-1 banks remain overwhelmingly male-dominated, reflecting legacy board structures and tenure pipelines

Key Constraint:

Chairmanship succession is typically drawn from existing board members, meaning gender diversity at that level depends on: Number of women on the board, Length of their tenure, Eligibility under governance rules.

Conclusion from Available Data:

A female chairman at Zenith Bank is structurally possible, but depends on board composition and tenure progression, not policy barriers.

What’s next

Under Bello’s chairmanship, Zenith Bank is expected to:

Maintain its dividend policy amid macroeconomic volatility
Strengthen governance compliance under evolving CBN frameworks
Continue internal leadership development pipelines

Future board reshuffles driven by tenure limits; will shape the next generation of leadership candidates.

Bottom line

Zenith Bank’s transition reflects a textbook case of regulatory-driven succession in Nigeria’s banking sector: strong financial performance, orderly leadership change, and continuity in governance.

While the emergence of a female chairman remains a possibility within the regulatory framework, current board structures, not policy, will determine how soon that reality materialises.

Zenith Bank appoints Mustafa Bello as board chairman

Zenith Bank appoints Mustafa Bello as board chairman

By

Ibe Wada

-

May 6, 2026

Key points

Zenith Bank Plc appoints Mustafa Bello as board chairman, effective immediately
Appointment approved by Central Bank of Nigeria and ratified by shareholders at AGM
Bello brings over four decades of leadership experience across public and private sectors

Main story

Zenith Bank Plc has announced the appointment of Mustafa Bello as Chairman of its Board of Directors, following regulatory approval and shareholder ratification at its Annual General Meeting.

The bank, in a statement on Wednesday, said the appointment takes immediate effect and is designed to ensure continuity, stability, and sustained effectiveness at the board level, while reinforcing its commitment to strong corporate governance and regulatory compliance.

Bello joined the board on December 29, 2017, and has since served on several board committees, contributing to strategic oversight and governance processes within the institution.

According to the bank, his elevation reflects his consistent demonstration of integrity, independence, and sound judgement, as well as his deep understanding of regulatory frameworks and organisational leadership.

With a career spanning more than four decades, Bello has held key positions across government and corporate institutions. He served as Nigeria’s Minister of Commerce from 1999 to 2002 under former President Olusegun Obasanjo, where he led the development of Nigeria’s trade policy aligned with global standards.

He also supervised the digitisation of business registration processes through the Corporate Affairs Commission in 2002 and later served as Executive Secretary and Chief Executive Officer of the Nigerian Investment Promotion Commission from 2003 to 2014.

The issues

1. Leadership Continuity

The appointment follows a structured succession process aimed at maintaining institutional stability and board effectiveness in one of Nigeria’s systemically important banks.

2. Corporate Governance Standards

Regulatory oversight by the Central Bank of Nigeria continues to shape board appointments, with emphasis on independence, tenure limits, and governance compliance.

3. Strategic Direction

Board leadership plays a critical role in guiding long-term strategy, risk management, and regulatory alignment in Nigeria’s evolving banking environment.

What’s being said

Zenith Bank described Bello’s appointment as a strategic move to strengthen governance and sustain performance, citing his leadership experience and track record in both public service and corporate institutions.

What’s next

Under Bello’s chairmanship, the board is expected to continue driving strategic oversight, ensuring regulatory compliance, and supporting management in delivering shareholder value amid macroeconomic challenges.

Bottom line

The appointment of Mustafa Bello reinforces Zenith Bank’s governance framework and succession planning, positioning the institution for continuity and sustained growth under experienced board leadership.

Naira Weakens to N1,366/$ as FX Demand Rises, Interbank Activity Surges

Naira Weakens to N1,366/$ as FX Demand Rises, Interbank Activity Surges

By

Boluwatife Oshadiya

-

May 6, 2026

By BizWatch Nigeria

Table of Contents