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NNPC seals deal for $21bn Bonga Southwest project

OilandGasAdmin August 24, 2026

From Adanna Nnamani, Abuja

The Nigerian National Petroleum Company Limited (NNPC Ltd) and contractors to the OML 118 Production Sharing Contract (PSC) have signed key agreements to advance the Bonga Southwest/Aparo (BSWAp) deepwater project, which is expected to attract between $15 billion and $21 billion in investment.

This was disclosed in a statement issued by NNPC Chief Corporate Communications Officer, Andy Odeh.

The agreements, comprising the Addendum to the OML 118 PSC and the Addendum to the Dispute Settlement Agreement (DSA), were executed on Monday by NNPC Ltd and the OML 118 contractor parties, namely; Shell Nigeria Exploration and Production Company Limited (SNEPCo), Esso Exploration and Production Nigeria (Deepwater) Limited, as well as Nigerian Agip Exploration Limited (NAE).

The milestone brings the major deepwater project closer to Final Investment Decision (FID) and gives effect to fiscal and commercial terms approved by the Federal Government to support its development.

The development is also expected to reinforce Nigeria’s position as a competitive destination for large-scale deepwater investments.

The execution follows President Bola Tinubu’s approval of the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, which forms part of the Federal Government’s reforms aimed at improving the competitiveness of the country’s deepwater sector and attracting fresh investments.

The Bonga Southwest/Aparo project is projected to become one of Nigeria’s largest deepwater developments, with potential investment of $15 billion to $21 billion over its life cycle.

At peak production, the project is expected to deliver about 175,000 barrels of oil per day and 140 million standard cubic feet of gas per day.

Speaking on the development, the Group Chief Executive Officer of NNPC Ltd, Bashir Bayo Ojulari, said the agreement demonstrated the impact of the Tinubu administration’s reforms in translating policy into investment.

“The execution of the BSWAp PSC and DSA Addenda demonstrates the effectiveness of President Tinubu’s reforms in translating policy into investment.

“This is about unlocking a major deepwater project and demonstrating that Nigeria has a competitive fiscal framework and a clear pathway for sustainable investment in its energy sector,” Ojulari said.

He added that NNPC would continue to work with the Federal Government, its partners and other stakeholders to ensure the project delivers maximum value to the country.

According to the statement, “The Contractor Parties also announced the successful completion of the project’s Pre-Front End Engineering Design (Pre-FEED) phase, marking an important milestone inmaturing the technical and commercial scope of the development and positioning the project to progress into the Front End Engineering Design (FEED) phase, subject to applicable partner, assurance and governance requirements.

“Following a competitive selection process, a bidder has been identified as the preferred Floating Production Storage and Offloading (FPSO) contractor for the BSWA project, subject to completion of applicable partner, regulatory, assurance and governance processes.

The selection provides a basis for progressing the FPSO concept into FEED and for undertaking the further engineering and commercial work required to maturethe project towards FID. Any eventual award of the FPSO Engineering, Procurement, Construction and Installation (EPCI) contract remains subject to the completion of all applicable approvals and requirements. Once operational, BSWAp is expected to become one of Nigeria’s most significant new deepwater production hubs, contributing materially to national oil production and supporting the country’s ambition to sustainably grow oil and gas output over the coming years.

“The project is expected to deliver substantial benefits to Nigeria through billions of dollarsof investment, increased participation by Nigerian contractors and suppliers, and significant direct and indirect employment opportunities across engineering, fabrication, offshore construction, logistics and operations.

“BSWAp is also expected to strengthen Nigerian content through increased contracting opportunities for indigenous companies, enhance local fabrication, marine and engineering capabilities, facilitate technology transfer and skills development, and create lasting value across the wider Nigerian economy.

“The milestone reflects the strong collaboration among NNPC Ltd, the Federal Government, relevant regulatory agencies and the OML 118 Contractor Parties , and reinforces Nigeria’s position as a competitive destination for deepwater investment.”

NNPC Ltd reaffirmed its commitment to working with all stakeholders to advance the BSWA project safely, competitively and responsibly, while maximising value for Nigeria and the Nigerian people.

The post NNPC seals deal for $21bn Bonga Southwest project appeared first on The Sun Nigeria.

Business/ Fuel/ News/ Oil and Gas/ Tech

At 2026 Thrive-In-Tech, experts challenge upcoming talents to build solutions that work for Africa

OilandGasAdmin August 24, 2026

Africa’s leading engineers, product leaders, and innovators gathered in Lagos last weekend for the sixth edition of Thrive-In-Tech, an annual technology and innovation event with the theme “Build for Impact.”

Convened by Olufemi Ayilara, this year’s summit brought together technology professionals, aspiring tech talents, and ecosystem stakeholders for two days of learning, collaboration, and solution-building aimed at addressing Africa’s most pressing challenges.

The main summit held on Saturday followed a hackathon the previous day, where participants worked intensively to prototype technology solutions. The event featured panel sessions focused on how innovators can build products that create meaningful and lasting impacts across Africa and beyond.

Speaking on the theme, the keynote speaker, Oyedayo Otokiti, noted that the focus of the summit was to move beyond inspiration and drive practical outcomes.

He said: “The goal is not just to talk about technology, but to build solutions that work in African realities. When we are looking into the future, we need to look at the past first if you want to see a bit about the future.

“There are developers, cybersecurity experts, engineers, and social media managers. There are different careers that have spun out from using computers well.

“I think that AI will also follow suit. The AI we are adopting today will get to a point where we need some form of discipline to combat it in terms of security and privacy. Look at the past and see that everything good has a negative to it and that negative areas of AI will come within the next few years.

“Also, people should not just use AI for asking questions, coding, and getting answers. AI, as it is now, might not reflect every cultural relevance. But in the future, we are going to see adaptation and cultural localisation.

“We are going to see specialisation very relevant in agriculture, something portable, something farmers in the South-East can use in pest control. So definitely, tons of careers will come out from AI as we see it right now. Let’s be sure that we will adopt it properly.”

There were panel sessions where participants had opportunities to gain practical knowledge, connect directly with industry leaders, showcase their ideas, and collaborate on technology projects.

The summit also created space for networking and relationship-building within the African technology ecosystem.

Attendees included engineers, product managers, startup founders, students, and professionals from across Nigeria and other parts of Africa, reflecting Thrive-In-Tech’s push for broader representation beyond traditional tech hubs.

One of the panellists, Oluwaseun Oluboyo, Director, IT and Operations, Lagos Business School, said some of the skills people want to develop are skills that are distinctly human and will take a while for AI to catch up with creativity, collaboration, and communication.

He noted: “There are some things that are actually human capabilities that a computational engine can not do yet or will never do. There’s a human relationship that is going on there. So cultivate creativity, collaboration, and communication.

“Talking about the technical skills. People should learn how to use AI. People who use AI will displace the people who are not using AI. Let computers and the typing go. Just learn how to use AI and learn how to use it well.

“As to what we’ll be doing with AI, we honestly don’t know. Let’s not lie to you. Ten years ago, nobody knew there would be a role called social media manager, where you wake up in the morning, and you basically sit on the internet, tweeting, re-sharing, and get paid at the end of the month.

“People should look at those competencies that are distinctly human that will augment the brute force that AI will bring to the table. AI will be the muscle; while humans will be the brains. There are some things that it takes a human being to decipher.

“We are talking about security, sustainability, and reliability. You can build AI skills for some of those things, but you ultimately want human eyes and human intelligence to come to bear because when real money is at risk, an advanced AI will hack the financial system. So please, let’s take note of these things by leveraging AI itself as a tool, right, and incorporating engineering judgment in everything we do.”

Another panellist, Akolade Ayeni, Software Engineering Manager, GreenAfrica Airways, warned against solving a problem with AI from start to finish.

He stressed: “You start solving the problem by yourself as a human. A lot of people want to build or use AI to solve a problem or to create a task, but the first thing you need to understand is identifying your real problem.

“Then you ask how to get a better solution for the problem you are solving. For every task you do, even as an engineer, a developer, or whatever you do, there’s a part of your task that you don’t really need AI to get it done. Don’t depend solely on AI.

“Let’s not have this mindset that we can use AI to solve all problems. Start from the problem to profer solution, then identify the parts where AI can assist you. Don’t use AI from start to finish, and then it will become obvious that AI solves your problems.”

One of the sponsors, Esigie Aguele, CEO, Verifyme Nigeria, explained his reason for choosing to support the summit.

He said: “It is always good to support hackathons because they are the bedrock for innovation. When you want to find talent and great ideas in our community and our society, find people that you can help and push forward so that they can grow their ideas. It’s one of the best ways that we can support growing tech experts and brands.

“In our company, we regularly hire mostly youngsters who are tech savy. We have good internship programmes for talented people who want to join us and work, particularly out of school youths.”

With six editions completed, Thrive-In-Tech assured continuity in positioning itself as a platform for equipping African tech talent with the skills, connections, and platforms needed to scale solutions that matter.

The post At 2026 Thrive-In-Tech, experts challenge upcoming talents to build solutions that work for Africa appeared first on The Sun Nigeria.

Business/ Fuel/ News/ Oil and Gas

FG moves to unlock mineral wealth with adequate geoscientific data, skills

OilandGasAdmin August 24, 2026

The federal government has intensified efforts to strengthen geoscientific data, exploration, and professional skills to unlock Nigeria’s mineral wealth and drive growth in the mining sector.

Minister of Solid Minerals Development Dr Dele Alake disclosed this on Monday at the 4th Annual International Conference and Training Workshop of the Nigerian Association of Exploration Geophysicists (NAEG) in Abuja.

The conference, themed “Geophysics: A Critical Driver in Resource Exploration, Environmental Management and Infrastructural Development,” brought together professionals and stakeholders in the geosciences and mining sectors.

Alake, represented by the Director of Planning and Special Projects at the Nigerian Geological Survey Agency (NGSA), Hadiza Godi, said geophysics remained critical to discovering Nigeria’s underground resources, protecting the environment, and providing reliable data for infrastructure development.

He said the Federal Government, through the NGSA, had expanded geological mapping and high-resolution airborne geophysical surveys, resulting in the identification of deposits of lithium, graphite, copper, manganese, rare earth elements, iron, lead, zinc and aluminium.

According to him, the government is also digitising geological archives and upgrading data management platforms to improve access to geological and geophysical information.

He said the move would reduce investment risks, promote transparency and attract more investors to the mining sector.

The minister further declared that Nigeria’s era of exporting raw mineral ores was gradually coming to an end, stressing that the government was encouraging mining companies to establish processing facilities locally.

He said local processing would retain more value in the country, create jobs and strengthen domestic supply chains.

Alake also commended NAEG for making technical training a key component of its annual conference, saying practical training would bridge the gap between classroom knowledge and industry demands.

Speaking earlier, NAEG President Akin George said the association had continued to promote professional development through training in geophysical data acquisition, processing, and interpretation.

He disclosed that the 2026 programme introduced artificial intelligence into the interpretation of exploration geophysical data.

George, however, called for a national conservation policy for strategic mineral resources, warning that Nigeria could lose valuable deposits if minerals continued to be extracted and exported without consideration for future generations.

He urged the government to identify and conserve strategic and high-grade deposits, particularly lithium, chromite, and other critical minerals that could become scarce and expensive to import in future.

The NAEG president commended the Ministry of Solid Minerals Development and the Mining Cadastre Office for promoting local value addition through the establishment of mineral processing plants.

He said such facilities would create jobs and strengthen the national economy.

Also speaking, the Executive Secretary of the Petroleum Technology Development Fund (PTDF), Prof Shehu Ahmed, represented by the Manager, Research and Innovation, Mr Wasiru Ahmed, pledged continued support for NAEG’s indigenous capacity-building initiatives through training, research, knowledge transfer and mentorship.

Former Minister of Mines and Steel Development, Prof Musa Sada, urged professionals to embrace continuous learning, noting that technology and professional practices were constantly evolving.

Similarly, President of the Nigerian Mining and Geosciences Society, Rose Chundung Ndong, and President of the Miners Association of Nigeria, Dele Ayanleke, pledged stronger collaboration among professional bodies.

The NGSA also urged NAEG to support efforts to properly archive exploration data, samples, drill logs and technical reports for research and national development.

The conference featured tributes to chairman of the NAEG Board of Trustees, Prof Deborah Ajakaiye, for her pioneering contributions to geophysics and the training of generations of Nigerian geoscientists.

Participants were also urged to embrace emerging technologies, particularly artificial intelligence, to strengthen mineral exploration and Nigeria’s geoscience sector.

The post FG moves to unlock mineral wealth with adequate geoscientific data, skills appeared first on The Sun Nigeria.

Business/ Cover/ Fuel/ Guinness Nigeria Plc/ News/ nigerian breweries plc/ Oil and Gas

Beer prices may rise as brewers battle N113bn H1 tax bill, higher energy costs

OilandGasAdmin August 24, 2026

Nigerians may soon pay more for beer as rising tax bills and high energy costs put pressure on the country’s major breweries.

Nigerian Breweries Plc, Guinness Nigeria Plc and International Breweries Plc recorded a combined N112.87 billion in tax expenses in the first half (H1) of 2026, up from N71.39 billion in the same period of 2025. This represents an increase of about 58 per cent.

The increase came as the companies continued to battle high electricity, gas, diesel, transportation and other operating costs.

The rising expenses could make it harder for the brewers to continue absorbing higher production costs, raising the possibility that some of the burden could eventually be passed on to consumers through higher beer prices.

Financial results filed with the Nigerian Exchange Limited (NGX) showed that the three companies recorded stronger profit before tax (PBT) during the period. However, higher tax charges reduced the amount of profit left after tax.

Nigerian Breweries recorded the highest tax expense at N63.37 billion, compared with N43.83 billion in H1 2025.

Its profit before tax increased by 18.2 per cent year-on-year (y/y) to N156.33 billion, while profit after tax rose by only 5.1 per cent to N92.95 billion.

The company’s effective tax rate also increased to 40.5 per cent from 33.1 per cent a year earlier.

Guinness Nigeria recorded a tax expense of N13.03 billion, up from N7.32 billion in H1 2025.

Its profit before tax rose to N38.34 billion from N23.83 billion, while profit after tax increased to N25.30 billion from N16.51 billion.

Its effective tax rate rose to 34 per cent from 30.7 per cent.

International Breweries recorded a tax expense of N36.47 billion, compared with N20.24 billion in the previous year.

The company’s profit before tax increased to N74.79 billion from N61.53 billion.

However, it recorded a loss after tax of N38.31 billion, against a profit of N41.29 billion in H1 2025.

Its effective tax rate also climbed to 48.8 per cent from 32.9 per cent.

The figures show that while the breweries’ businesses performed better before tax, higher tax charges and other costs significantly affected their final earnings.

However, the N112.87 billion tax expense should not be taken to mean that the three companies paid N112.87 billion in cash to the Federal Government during the period.

Tax expense is an accounting figure that can include both current and deferred tax. For instance, Nigerian Breweries reported cash tax paid of N14.32 billion during the period, far below its N63.37 billion tax expense.

For consumers, the bigger concern may therefore be the combined effect of taxes and rising energy and distribution costs.

Brewing is a power-intensive business. Breweries need electricity, gas, diesel and other energy sources to keep their factories running. Higher energy prices therefore increase the cost of making beer and can also push up transportation and distribution costs.

The situation is coming at a difficult time for the industry as breweries try to recover sales volumes in a market where consumers are becoming increasingly sensitive to price increases.

Nigerian Breweries’ results illustrate the challenge. Its revenue increased by 8.9 per cent to N803.68 billion in H1 2026, while its gross and earnings before interest, tax, depreciation and amortisation (EBITDA) margins improved.

However, operating costs remained high, particularly selling and distribution expenses, as the company spent more on distribution, advertising and trade incentives to attract customers, support sales and protect its market share.

Analysts at Cordros Research said the breweries’ earnings remained exposed to several risks despite expectations of improved tax and foreign exchange conditions.

“However, elevated energy costs, which should keep distribution expenses under pressure, alongside sustained trade incentive spending to defend market share and a softer-than-expected volume recovery, remain the key risks to the breweries’ outlook,” the research firm said.

The warning suggests that beer prices could come under fresh pressure if energy and other operating costs remain high.

Higher beer prices could also put additional pressure on household budgets, particularly as consumers already face rising costs of food, transportation and other basic needs. Some consumers may respond by buying cheaper brands, reducing consumption or switching to alternatives.

Earlier in the year, the breweries announced price increases on some of their products, citing the prevailing economic conditions and rising costs of doing business.

The International Monetary Fund (IMF), in its Article IV assessment of Nigeria, had also warned that higher food and transport costs could weigh on economic activity and increase inflationary pressure.

However, the rising tax burden also highlights the Federal Government’s need to increase revenue to fund public services and infrastructure.

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has repeatedly argued that stronger government revenue would provide more money for infrastructure, electricity, transportation and other public services.

If such investments improve power supply, roads and other infrastructure, manufacturers could eventually benefit from lower operating costs.

For now, however, breweries are caught between rising costs and consumers who are becoming less able to absorb further price increases.

With taxes, energy, distribution and other expenses all putting pressure on their businesses, the key question is how much of the additional cost the companies can continue to absorb.

If the pressure persists, the cost could move down the supply chain, from breweries to distributors and retailers, and eventually reach consumers.

For beer drinkers, that could mean paying more for their favourite brands in the months ahead if breweries decide that absorbing the rising cost of taxes, energy and logistics is no longer sustainable.

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Business/ digital independence/ Fuel/ News/ Oil and Gas/ plateau state police command

FG targets digital independence, spends N3.8trn on IT

OilandGasAdmin August 24, 2026

• 2 satellites, cloud drive cut foreign tech reliance

The federal government is stepping up efforts to reduce Nigeria’s dependence on foreign digital infrastructure, approving two new communication satellites while revealing that more than N3.8 trillion has been invested in information technology infrastructure since 2023.

The Federal Executive Council (FEC) approved the acquisition and deployment of two next-generation satellites, NIGCOMSAT-2A and NIGCOMSAT-2B, as part of efforts to expand Nigeria’s digital capacity and strengthen its technological independence.

The satellites will be deployed by Nigeria Communications Satellite Limited (NIGCOMSAT), with the project expected to improve broadband internet, broadcasting, enterprise connectivity and critical government communications, particularly in areas where conventional telecom infrastructure is difficult or costly to deploy.

NIGCOMSAT’s Acting Head of Corporate Affairs, Stephen Kwande, disclosed the FEC approval, which moves the project into the next stage of implementation.

The satellites are expected to extend connectivity to underserved, unserved and hard-to-reach communities while improving the resilience of Nigeria’s communications infrastructure.

They will also support digital services in education, healthcare, agriculture, financial services and government operations, as well as provide more secure communications for critical national needs, including security and defence.

NIGCOMSAT Managing Director and Chief Executive Officer, Jane Nkechi Egerton-Idehen, said the project would reduce Nigeria’s dependence on external satellite infrastructure while creating new opportunities across the satellite and digital technology value chain.

She said the opportunities would span telecommunications, broadcasting, ground infrastructure, systems integration, technical support and satellite-enabled services.

The project is also expected to strengthen local expertise through knowledge transfer, professional training and the development of skills in satellite engineering, network operations and cybersecurity.

The satellites will be delivered by Thales Alenia Space of France and Israel Aerospace Industries (IAI), while NIGCOMSAT will lead implementation in collaboration with the Federal Ministry of Communications, Innovation and Digital Economy and other relevant agencies.

The government is targeting the launch of NIGCOMSAT-2A in 2028 and NIGCOMSAT-2B in 2029.

The satellite project comes as the government moves to build greater domestic capacity across other areas of the digital economy, including cloud computing and data centres.

Meanwhile, the Director-General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, disclosed that the Federal Government had invested more than N3.8 trillion in IT infrastructure between 2023 and 2026.

“Based on data from 2023 to date, the government invested over N3.8 trillion in IT infrastructure,” Inuwa said in an interview with TVC News.

He said the scale of spending presented an opportunity for the government to redirect more of its technology expenditure towards developing local infrastructure and reducing duplication across ministries, departments and agencies.

“Imagine channeling that investment into building local capacity,” he said.

As part of the strategy, the Federal Government has adopted a Cloud-First policy, under which ministries, departments and agencies (MDAs) will be discouraged from building separate data centres and server rooms.

Instead, government agencies are expected to move towards shared cloud infrastructure, which NITDA believes could improve efficiency and reduce repeated investments in technology.

“The government has agreed to adopt a Cloud-First strategy, meaning MDAs will be discouraged from building standalone data centers or server rooms and required to move to the cloud,” Inuwa said.

He stressed that the strategy was not aimed at shutting Nigeria off from foreign technology providers but at encouraging them to establish infrastructure within the country.

“The initiative is not about Nigeria closing its doors against foreign technologies, but asking them to come and build with us,” he said.

The government’s push for greater control of its digital infrastructure has intensified with several recent initiatives.

NITDA finalised a data classification framework in February 2025 to support cloud adoption and strengthen data governance, while the Central Bank of Nigeria in June 2026 directed banks, fintechs and other payment-system operators to host payment transaction data generated in Nigeria within the country by January 1, 2027.

NITDA also signed a Sovereign Cloud Framework in August, while the Federal Government unveiled a National Digital Cloud Policy aimed at increasing cloud adoption and attracting investment.

On August 21, NITDA and the Budget Office launched a Joint Technical Committee to develop the fiscal, procurement and investment structures needed to implement the National Sovereign Cloud Initiative.

The twin push for satellite and cloud infrastructure reflects a broader government strategy to keep more of Nigeria’s digital operations and spending within the country, while attracting international technology companies to build and invest locally.

With demand rising from fintech, artificial intelligence, telecommunications and other digital services, the government hopes the investments will not only improve connectivity and data security but also create jobs, build technical expertise and reduce Nigeria’s reliance on infrastructure located outside its borders.

The post FG targets digital independence, spends N3.8trn on IT appeared first on The Sun Nigeria.

Africa critical minerals/ Africa mining/ AMSG/ Business/ critical minerals wealth/ Fuel/ News/ Oil and Gas

African leaders move to take control of critical minerals wealth

OilandGasAdmin August 24, 2026

Africa is set to intensify its push for greater control of its critical minerals wealth as the Africa Minerals Strategy Group (AMSG) convenes a high-level summit in New York next month.

The Third AMSG High-Level Roundtable on Critical Minerals Development in Africa is scheduled for September 21, 2026, in Manhattan, New York, on the sidelines of the 81st United Nations General Assembly.

The meeting, themed “From Resources to Wealth: Continental Cooperation for Mineral Value Addition,” will bring together African Heads of State and Government representatives, ministers, global investors, development finance institutions, and major players in mining, technology, processing, logistics and mineral traceability.

President Bola Tinubu, who is also Chairperson of the AMSG General Assembly, is expected to chair the roundtable, underscoring Africa’s renewed determination to place critical minerals at the centre of its industrial and economic agenda.

Critical minerals such as lithium, copper, cobalt, graphite, manganese and rare earth elements have become increasingly important to electric vehicles, renewable energy, advanced manufacturing, artificial intelligence, defence and other strategic industries.

Despite possessing some of the world’s largest deposits of these resources, Africa has for decades exported much of its minerals in raw form, with limited processing and value addition taking place on the continent.

AMSG said the pattern must change, stressing the need for African countries to move beyond the traditional extract-and-export model.

The New York meeting will focus on building integrated mineral value chains, attracting transformative capital, strengthening continental cooperation and ensuring that African countries secure a larger share of the wealth generated from their mineral resources.

The roundtable will also advance the implementation of the Mutual Assured Development (MADE) Framework, launched at the African Natural Resources and Energy Investment Summit (AFNIS) 2026 in Abuja.

A major highlight of the meeting will be the unveiling of the Continental Integration and Economic Assurance Declaration (CIEAD), which AMSG says will provide a new framework for continental cooperation in critical minerals.

The declaration is expected to address policy coordination, investment mobilisation, mineral value addition, supply-chain security and mechanisms for strengthening Africa’s bargaining power in the global minerals economy.

AMSG will also propose a CIEAD Finance Window aimed at developing innovative financing structures to mobilise capital for mineral processing, infrastructure, technology and other components of Africa’s emerging mineral value chains.

The roundtable will be convened by AMSG leadership, with the participation of the Minister of Solid Minerals Development, Dele Alake, who chairs the AMSG Ministerial Steering Committee, and AMSG Secretary-General, Moses Micheal Engadu.

Representatives of AMSG member states, multilateral organisations and development finance institutions, including the Africa Finance Corporation, are expected at the gathering.

Executives from major global mining, technology, mineral traceability and logistics companies will also participate.

According to AMSG, the gathering is designed to bridge the gap between policymakers, financiers and private-sector players seeking secure and sustainable supplies of critical minerals.

The group said the meeting would focus on practical and bankable opportunities rather than declarations, with discussions expected to centre on policy alignment, investment structures and projects capable of converting Africa’s mineral wealth into measurable economic benefits.

AMSG said the stakes go beyond mining, as the global race for critical minerals is reshaping economic and geopolitical relationships.

It noted that the transition to electric mobility, renewable energy, advanced manufacturing, digital infrastructure, artificial intelligence and modern defence systems had intensified competition for secure mineral supplies.

The group said Africa must seize the opportunity to use its mineral endowment to drive manufacturing, technology transfer, infrastructure development, regional trade and job creation.

It stressed that the continent must move from being a source of raw materials for industries abroad to becoming an active architect of the emerging global minerals economy.

Established in January 2024 by African governments as a continental intergovernmental organisation and specialised agency for critical minerals development, AMSG coordinates critical-minerals policy, investment alignment, minerals security and Africa’s engagement with global partners.

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Business/ DataPro/ Foremost Capital Limited/ Fuel/ News/ Oil and Gas

Foremost Capital earns BBB+ rating as AUM surges 250%

OilandGasAdmin August 24, 2026

Foremost Capital Limited has secured a BBB+ investment grade rating from DataPro, a leading Nigerian credit rating and compliance consulting firm, in recognition of the asset management company’s financial strength, operational capacity and governance standards.

The rating, achieved less than two years after the company commenced operations, provides an independent assessment of Foremost Capital’s financial position and growing presence in Nigeria’s investment management industry.

DataPro’s assessment highlighted the company’s strong liquidity position and ability to meet its financial obligations and effectively manage clients’ investment activities. It also noted improvements in Foremost Capital’s capitalisation, profitability, asset base and overall financial position.

The rating comes against the backdrop of a 250 percent increase in the company’s assets under management between July and December 2025, reflecting its rapid growth and expanding capacity in the investment management market.

DataPro also cited Foremost Capital’s improving revenue generation and growing ability to generate sustainable earnings as key factors supporting the rating.

The BBB+ rating further recognised the company’s governance, risk management, internal controls and compliance structures, which DataPro said were important to supporting its growth and long-term stability.

As a Securities and Exchange Commission (SEC)-licensed asset management firm, the rating also reinforces Foremost Capital’s position as a compliant participant in Nigeria’s capital market and provides an independent signal of its financial and operational strength to clients, investors, counterparties and regulators.

Commenting on the development, Foremost Capital’s Managing Director/Chief Executive Officer, Emmanuel Akehomen, described the rating as a major milestone for the company.

“This BBB+ rating from DataPro is a significant milestone, validating our robust governance, liquidity and operational resilience. For our clients, it serves as an independent assurance of our stability and capacity for sustainable growth,” he said.

Akehomen added that the company would use the stronger market credibility to attract more high-value mandates and improve portfolio performance.

“Moving forward, we remain committed to deepening our market share through disciplined risk management and innovative investment strategies that consistently deliver superior, long-term value for our investors,” he said.

The company said the rating reflects its commitment to delivering quality investment services while maintaining best-practice standards and building sustainable value for clients and other stakeholders.

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Business/ Cover/ financial analyst/ Fuel/ Kalu Aja/ News/ Oil and Gas

N424bn social welfare allocation from N20.4trn ‘windfall’ troubling –Expert

OilandGasAdmin August 24, 2026

A financial analyst, Kalu Aja, has said that Nigeria’s challenge is not only about generating more revenue but also how the government spends the money it receives.

Aja, in an analysis shared on social media (X), said the Federal Government received a total of N20.4 trillion in incremental resources between June 2023 and December 2025.

Despite the additional resources, only N424 billion, representing about 2.1 percent, went to social welfare, according to figures attributed to the Federal Ministry of Finance’s reform scorecard.

Of the social welfare spending, education received N223 billion, representing just 1.1 percent of the total incremental resources.

The analysis showed that a significant portion of the funds went to wages and allowances, external debt servicing and infrastructure.

Wages and allowances accounted for N9.39 trillion, while N9.37 trillion was spent on servicing external debt. Infrastructure received N6.5 trillion.

Aja argued that the figures showed that increased government revenue had not necessarily translated into better spending priorities.

“More money = better choices,” he said, stressing that improved revenue must be matched with better prioritisation of public spending.

The figures highlight the pressure facing the government as it seeks to balance debt obligations, workers’ salaries, infrastructure needs and social spending. While higher government revenue provides more resources for development, the analysis suggests that the impact on ordinary Nigerians will depend largely on how those resources are allocated.

The argument also comes amid ongoing calls for the government to channel more funds into areas such as education, healthcare, social protection and other programmes that directly improve living conditions.

According to the analysis, the large amounts committed to wages, allowances and debt servicing leave less room for social welfare programmes, despite the government’s increased financial resources.

Aja’s position is that Nigeria’s fiscal challenge should therefore be viewed from both sides of the equation: the country needs to raise more revenue, but it must also ensure that available funds are directed towards the areas with the greatest economic and social impact.

However, the N20.4 trillion was not entirely generated from subsidy savings.

According to the Federal Ministry of Finance’s Reform Scorecard, the Federal Government’s incremental resources comprised N5.43 trillion from its share of subsidy savings, N3.12 trillion in other incremental revenue and N11.85 trillion in additional borrowing. Borrowing therefore accounted for about 58 percent of the additional resources.

The ministry also said the N15.8 trillion saved from subsidy reforms between June 2023 and December 2025 was not retained solely by the Federal Government.

Of the amount, N5.43 trillion accrued to the Federal Government, while N6.52 trillion went to states and N3.88 trillion to local governments.

Overall, the Federal Government recorded N30.64 trillion in incremental expenditure during the period, about N10.24 trillion more than the N20.4 trillion in incremental resources. The ministry said the gap was partly absorbed by the government’s existing revenue base.

The government’s social-welfare spending included N223.8 billion for NELFUND to support tertiary education, N150 billion for the MOFI Real Estate Investment Fund to support affordable housing finance and N50 billion for CREDICORP to expand access to consumer credit.

Defending the broader reform programme, Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, said the government had also prevented deeper fiscal and economic problems. He noted that 27 states that could not reliably pay salaries in May 2023 had been reduced to zero.

However, Oyedele acknowledged that the reforms had imposed significant costs on Nigerians, including the rise in petrol prices from about N185 per litre to between N1,100 and N1,400, as well as higher interest rates. He said the Monetary Policy Rate rose from 18.5 percent to 26.5 percent during the period.

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