Category Archives: News

Oando reports ₦210bn profit, up 164% in nine months

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Lagos, Nigeria – November 2, 2025: Oando PLC, Nigeria’s leading indigenous energy group listed on both the Nigerian Exchange and the Johannesburg Stock Exchange, has posted a Profit After Tax (PAT) of ₦210 billion for the nine months ended September 30, 2025 — a 164% increase compared to ₦76 billion recorded in the same period last year.

The strong performance was driven by higher production volumes and operational efficiency following the company’s acquisition of Nigerian Agip Oil Company (NAOC) assets in 2024. Group revenue, however, declined by 20% year-on-year to ₦2.5 trillion, largely due to a reduction in gasoline imports as the Dangote Refinery ramps up production and reshapes Nigeria’s refined-products market.

Commenting on the results, Wale Tinubu, CON, Group Chief Executive of Oando PLC, described the period as transformational.

“Our assumption of operatorship following the NAOC acquisition has granted us agility to act decisively and execute with precision. This has translated into production growth and improved efficiency,” he said.

Read Also: AFC secures $100m FinDev Canada loan for sustainable infrastructure

The Group recorded an average daily production of 38,121 barrels of oil equivalent (boepd), a 59% year-on-year increase, reflecting gains from the NAOC acquisition and improved asset uptime. The revamp of Oando’s natural gas liquids (NGL) processing plant also contributed to performance, achieving 82% operational uptime and enhanced recovery rates.

To strengthen its financial position, Oando increased its Reserve-Based Lending (RBL 2) facility to $375 million, providing greater flexibility for the development of its 1 billion barrels of oil equivalent (boe) upstream portfolio. It also renegotiated key credit facilities on more favorable terms to free up liquidity for drilling and infrastructure projects.

The company expanded its footprint beyond Nigeria, securing operatorship of Block KON 13 in Angola and emerging as the preferred bidder for the Guaracara Refinery in Trinidad & Tobago, marking its entry into the Caribbean downstream market.

In its downstream trading business, Oando lifted 21 crude cargoes (19.8 million barrels), up from 15 cargoes (16.7 million barrels) a year earlier, as the division shifted focus to higher-margin crude and gas opportunities.

Beyond hydrocarbons, Oando advanced its clean energy initiatives, including plans for a 1.2GW solar PV assembly plant, a 6MW geothermal pilot, and a PET recycling facility with a capacity of 2,750 tons per month, underscoring its diversification strategy.

The company also completed the first tranche of its 1.28 billion-share distribution programme, delivering a 5.33% dividend yield—its first direct payout to shareholders in several years.

During the period, Mrs. Folashade Ibidapo-Obe was appointed Chief Compliance Officer and Company Secretary, reinforcing Oando’s governance framework.

Looking ahead, Oando reaffirmed its full-year production guidance of about 40,000 boepd and capital expenditure of $120–130 million, focused on drilling, infrastructure optimization, and ESG initiatives.

“As we enter the final quarter of 2025, our priority remains strengthening the balance sheet, expanding production, and sustaining long-term value creation,” Tinubu added.

Emirates marks 30 years of operations in Nairobi, strengthening Kenya–UAE ties

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Emirates, the world’s largest international airline, is celebrating 30 years of operations in Nairobi, marking three decades of connecting Kenya to the world through its global network.

Since launching its first flight to the Kenyan capital in October 1995, Emirates has carried over 6.6 million passengers on more than 34,250 flights, linking Nairobi to over 145 destinations worldwide.

Currently served by double daily Boeing 777 flights, the route remains one of the busiest on the airline’s African network, facilitating trade, tourism, and investment between Kenya and international markets.

Emirates’ Country Manager for Kenya, Christophe Leloup, described Nairobi as “one of the most consistently busy destinations on our African network,” adding that the airline remains committed to supporting Kenya’s aviation, tourism, and trade growth for decades to come.

To enhance connectivity, Emirates and Kenya Airways signed an interline partnership in 2023, allowing one-ticket travel across both networks. Since then, more than 31,000 passengers have benefited from the partnership, with popular onward destinations including Rwanda, Tanzania, Malawi, Mozambique, and Burundi.

Read Also: Top 50 most powerful Passports in the World 2025

In 2024, Nairobi became home to Africa’s first Emirates World Travel Store, an immersive retail space offering travel advice and personalized booking experiences.

Beyond passenger services, Emirates SkyCargo has played a critical role in Kenya’s export economy, transporting over 16,000 tonnes of fresh-cut flowers in 2024 alone, helping maintain Kenya’s status as one of the world’s top four flower producers.

The airline also contributes to local employment, with over 1,100 Kenyans working for the Emirates Group worldwide, including 254 cabin crew and 41 pilots.

Emirates’ community impact extends through the Emirates Airline Foundation, which supports Kenyan humanitarian organizations such as The Little Prince Nursery and Primary School, Alfajiri Street Kids, and Starehe Boys’ Centre, focusing on child welfare, education, and social development.

As Kenya and the UAE deepen economic cooperation through a Comprehensive Economic Partnership Agreement signed earlier this year, Emirates’ 30-year milestone underscores its enduring role as a bridge between the two nations.

FULL LIST: New Service Chiefs appointed by Tinubu

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President Bola Ahmed Tinubu on Friday approved significant changes in the leadership of the Armed Forces, appointing new Service Chiefs in a move aimed at bolstering Nigeria’s national security architecture.

In a statement issued by his Special Adviser on Media and Public Communication, Chief Sunday Dare, the President announced the appointment of former Chief of Army Staff, Lt. General Olufemi Oluyede, as the new Chief of Defence Staff, replacing General Christopher Musa.

President Tinubu, who also serves as the Commander-in-Chief of the Armed Forces, expressed his appreciation to the outgoing Chief of Defence Staff, General Musa, and other retired Service Chiefs for their “patriotic service and dedicated leadership” during their tenure.

Read Also: Ohanaeze Lagos backs Tinubu’s 2027 bid

He urged the newly appointed military heads to justify the trust placed in them by demonstrating “enhanced professionalism, vigilance, and comradeship” in the discharge of their duties.

Here are the new Service Chiefs

1. Chief of Defence Staff: Lt. General Olufemi Oluyede

2. Chief of Army Staff: Major-General W. Shaibu

3. Chief of Air Staff: Air Vice Marshal S.K. Aneke

4. Chief of Naval Staff: Rear Admiral I. Abbas

5. Chief of Defence Intelligence: Major-General E.A.P. Undiendeye (retains position)

Tinubu appoints new Service Chiefs in major military reshuffle

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President Bola Ahmed Tinubu has approved a sweeping reorganization of the Armed Forces, appointing new Service Chiefs in a move aimed at strengthening Nigeria’s national security architecture.

According to a statement issued on Friday by his Special Adviser on Media and Public Communication, Chief Sunday Dare, the President named former Chief of Army Staff, Lt. General Olufemi Oluyede, as the new Chief of Defence Staff, replacing General Christopher Musa.

The new appointments include Major-General W. Shaibu as Chief of Army Staff, Air Vice Marshal S.K. Aneke as Chief of Air Staff, and Rear Admiral I. Abbas as Chief of Naval Staff. The Chief of Defence Intelligence, Major-General E.A.P. Undiendeye, retains his position.

Chief Dare noted that all appointments take immediate effect.

President Tinubu, who also serves as Commander-in-Chief of the Armed Forces, expressed appreciation to the outgoing Chief of Defence Staff, General Musa, and other retired Service Chiefs for their “patriotic service and dedicated leadership” during their tenure.

He urged the newly appointed military heads to justify the confidence reposed in them by upholding “enhanced professionalism, vigilance, and comradeship” in the discharge of their duties.

The shake-up in the military hierarchy is part of the Tinubu administration’s broader efforts to reposition the security sector, strengthen inter-service coordination, and sustain progress in the fight against terrorism, banditry, and other security threats across the country.

Tanker explosion kills 35, injures 46 in Niger – FRSC

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No fewer than 35 persons have been feared dead, while 46 others sustained varying degrees of injuries in a petrol tanker explosion on Bida–Agaie expressway, at Essa village in Katcha Local Government Area of Niger State.

Hajiya Aishatu Sa’adu,  Sector Commander, Federal Road Safety Corps (FRSC), Niger Command, confirmed the incident to the News Agency of Nigeria (NAN) on Tuesday in Minna.

Sa’adu said that the tragedy occurred when some residents attempted to scoop fuel from the fallen tanker, which later exploded.

She said the injured victims were evacuated to the Federal Medical Centre (FMC) Bida, with the support of FRSC personnel, villagers, and some good Nigeria.

According to her, preliminary investigations revealed that the crash was a lone accident resulting from loss of control by the tanker driver.

The sector commander cautioned motorists to exercise utmost care and adhere strictly to traffic regulations to avoid unnecessary loss of lives.

Read Also: By-election: Heavy security at Onitsha polling units

She also warned members of the public against scooping fuel from accident scenes, describing it as a dangerous act that had claimed many lives in the past.

“It is God that gives wealth. People should avoid greed and be content with what God has given them,” she added.

An eyewitness told NAN that the accident occurred around 11 a.m. on Tuesday at Essan/Badeggi communities on the Bida–Agaie road in Katcha Local Government Area.

“It was gathered that the victims were scooping fuel from the fallen tanker when it suddenly exploded, burning many beyond recognition, while others sustained severe burns,” the witness said.

Also confirming the incident, Mr Farouk Kawo, the Niger State Chairman of the Tanker Drivers Association and National Ex-Officio of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), said the tanker was conveying petroleum product from Lagos to the northern part of the country.

Kawo noted that more than 30 tankers had been involved in accidents on the same route in October alone, attributing the frequent crashes to the deplorable condition of the road.

“The community youths have continued to scoop products from accidented vehicles. Just last Sunday, a tanker conveying groundnut oil also crashed and its contents were scooped,” he said.

He appealed to the Niger Government, under the leadership of Gov. Mohammed Bago, to urgently intervene by grading the bad portions of the road to ease movement and reduce accidents.

“If the bad spots are repaired, it will go a long way in preventing further loss of lives and property,” Kawo added.

(NAN)

Abia’s education reforms yielding results — Otti

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Gov. Alex Otti of Abia says his administration’s efforts to rebuild the education sector and restore quality learning across all levels are yielding encouraging results.

Otti said this on Tuesday in Nvosi, Isiala Ngwa South Local Government Area, when he received a delegation of the West African Examinations Council (WAEC) officials, ahead of the 2025 Annual Council Meeting scheduled to hold from November 17 to November 21 in Abia.

He said that education remains at the centre of his administration’s transformation agenda, following the state of emergency declared in the sector shortly after he assumed office in 2023.

“When we came in, education was in a very terrible state, collapsed infrastructure, poor teacher quality, and low enrolment.

“We rolled up our sleeves and went to work immediately,” Otti said.

He said the administration had since embarked on massive renovation of schools, introduction of smart classrooms, and the recruitment and retraining of teachers to improve learning outcomes.

“We began with training 2,000 master trainers under a ‘train-the-trainer’ scheme.

“So far, 5,394 new teachers have resumed, and we are recruiting another 5,000 to meet the required teacher-student ratio,” he said.

Otti also said that the reforms were aimed not only at improving examination results but also producing well-rounded students, capable of competing globally.

Read Also: 2027: Those planning to rig Abia election should write their will s – Alex Otti

“We are not just after good WAEC results, we want our children to be truly educated, not certificated illiterates.

“A society that neglects education will always pay the price later,” he said.

He commended WAEC for selecting Abia as host for its 2025 council meeting, describing the gesture as a reflection of confidence in the state’s education revival efforts.

“Hosting this meeting is a privilege that aligns perfectly with our vision.

“Abia is ready, and we promise to make it a memorable event,” Otti said.

He expressed satisfaction that the reforms were already reflecting in students’ performance and pledged continued investment in teacher training, digital learning, and curriculum development.

“Education is the most important responsibility of any government.

“Once we get it right, everything else will follow,” the governor said.

Earlier, the state Branch Controller of WAEC, Mrs Mary Chima, commended the administration’s remarkable commitment to education reforms, discipline, and excellence.

Chima said that the achievements informed the council’s decision to award the state the hosting right for the meeting.

She said that the meeting would bring together education commissioners, senior WAEC officials, and policy experts from across the federation.

“The choice of Abia among the five eastern states is a deliberate recognition of your administration’s exceptional commitment to educational excellence, discipline, and reform,” she said.

Chima commended the administration for maintaining Abia’s top performance record in WAEC examinations nationwide, strict compliance with examination ethics, and providing unprecedented support to the council’s activities.

She described the governor’s education reform initiatives, including the training of over 11,000 teachers and the construction of smart schools with digital learning facilities, as transformative and far-reaching.

“Your Excellency, under your leadership, Abia has remained a model of educational progress.

“Most notably, the 2024 WAEC Mathematics examination held peacefully across the state, in spite of threats from non-state actors — a testament to your firm and courageous leadership,” Chima said.

According to her, the peaceful conduct of the 2024 WAEC examinations underscored the State Government’s protection of education and its unwavering commitment to securing the future of Abia’s children.

She said that the meeting serves as WAEC’s highest policy-making platform in Nigeria, where stakeholders deliberate on policies, review performance indices, and make far-reaching decisions affecting educational standards nationwide.

She said that, in recognition of Abia’s cooperation, WAEC had extended special privileges to the state, including free access to educational data and the profiles of its top three candidates – services that ordinarily attract fees.

Chima further disclosed that prizes worth over ₦10.7 million, donated by the WAEC Endowment Fund Board of Trustees, would be presented to the three best schools, whose candidates excelled in the 2024 West African Senior School Certificate Examination.

She announced that council members would pay a courtesy visit to the governor on November 19 and appealed to the relevant state officials to expedite preparations for the successful hosting of the event.

“WAEC deeply values your visionary leadership and the conducive environment you have created for education to thrive.

“We remain grateful for your steadfast support and making Abia a model of educational excellence,” Chima said. (NAN)

AfDB, Angola launch $125m project to boost youth entrepreneurship

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The African Development Bank (AfDB), in partnership with the Government of Angola and the European Union, has launched the $125 million Youth Employment Project (Crescer Project) to promote entrepreneurship, job creation, and skills development among young Angolans.

The initiative aims to create over 149,000 jobs — including 37,000 direct and 112,000 indirect — while supporting 10,400 micro, small, and medium enterprises (MSMEs) and 97 startups. It will also provide training in digital technology, agriculture, transport, and renewable energy, with at least 50% of beneficiaries being women.

The project will be financed through contributions from the AfDB ($79 million), the Angolan Government ($29 million), and the European Union ($16 million).

Read Also: AfDB commits $40m to drive AGIA green infrastructure fund

Speaking at the launch, Eugénio Maria Paulo, AfDB’s Executive Director for Angola, Mozambique, Namibia, and Zimbabwe, commended Angola’s commitment to empowering youth.

“By placing young people at the center of national development, the government is investing in Angola’s future,” he said.

Minister of Planning Victor Hugo Guilherme noted that the project aligns with the country’s “Angola Vision 2050” and “PDN 2023–2027” strategies, supporting national development and the UN Sustainable Development Goals (SDGs).

The Crescer Project will focus on three areas: skills development, business acceleration, and access to finance, while also strengthening public-private partnerships and institutional capacity.

This initiative complements ongoing AfDB-backed projects, including the Science and Technology Park, which is expected to be completed by November 2025 to drive innovation and economic diversification.

The African Development Bank currently manages 16 active projects in Angola, valued at $1.45 billion, spanning energy, water, agriculture, transport, and finance sectors.

IFC, AfDB appoint inspired evolution to lead $1b renewable energy fund for Africa

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The International Finance Corporation (IFC), the African Development Bank Group (AfDB), and partner organisations have appointed Inspired Evolution as the investment manager for Zafiri, a new decentralised renewable energy (DRE) equity investment platform aimed at accelerating electricity and clean cooking access for millions across Sub-Saharan Africa.

Zafiri is a central component of Mission 300, a joint initiative by the World Bank Group and AfDB to connect 300 million Africans to electricity by 2030. The new fund is designed to close Africa’s long-standing energy financing gap by channeling long-term equity into small and medium-sized DRE companies that are often overlooked by traditional financiers.

Zafiri’s founding partners include IFC, AfDB, The Rockefeller Foundation, Trade and Development Bank Group (TDB Group), and the Nordic Development Fund (NDF).

Closing Africa’s Energy Financing Gap

Inspired Evolution, the Cape Town-based investment firm appointed to manage Zafiri, has a proven record in renewable energy investment across Africa. Since its founding in 2007, the firm has financed over 10 GW of clean energy projects, supported 29 companies in 18 countries, and manages more than $850 million in investments.

“One of the key challenges slowing Africa’s energy transition is the lack of equity financing for distributed energy companies,” said Ethiopis Tafara, IFC Vice President for Africa. “Zafiri addresses this ‘missing middle’ by providing long-term equity to these providers, helping them scale and innovate. We’re proud to support this initiative, which will reach over 30 million people and create new jobs across the continent.”

Kevin Kariuki, AfDB Vice President for Power, Energy, Climate and Green Growth, added: “By combining AfDB’s Sustainable Energy Fund for Africa (SEFA) with IFC and partners, Zafiri will inject the risk capital needed to elevate the DRE sector to commercial maturity and expand access to millions living beyond the grid.”

A $1 Billion Push for Energy Access

Zafiri is structured as a permanent capital investment vehicle, providing stable, long-term financing to off-grid and decentralised energy companies. The fund leverages concessional junior equity to reduce investment risks and attract commercial capital.

Read Also: AfDB commits $40m to drive AGIA green infrastructure fund

With an initial $300 million in capital by 2026, Zafiri is expected to scale up to $1 billion, targeting more than 30 million new energy and clean cooking connections across Africa. Operations are set to begin in early 2026.

“We are honoured to partner with IFC, AfDB and other investors to manage Zafiri,” said Wayne Keast, Co-Founder and Managing Partner at Inspired Evolution. “Our focus will be on building high-impact businesses that deliver clean, affordable, and reliable energy while driving inclusive, climate-resilient growth.”

Global Partners Backing Africa’s Clean Energy Future

The Rockefeller Foundation, which has pledged $10 million to Zafiri, reaffirmed its commitment to accelerating energy access.

“Inspired Evolution’s proven track record makes it an ideal partner to drive equitable and sustainable energy access,” said Ghita Benabderrazik, Director of Innovative Finance at the Foundation.

TDB Group President Admassu Tadesse highlighted the importance of blending equity with debt solutions:

“By joining forces with our partners, we’re providing much-needed equity to small-scale DRE providers that catalyse sustainable community development.”

Satu Santala, Managing Director of NDF, also noted: “Zafiri enables the speed and scale required to meet Mission 300’s ambitious goals. Our capital will help attract significant commercial investment for climate action across Africa.”

With Zafiri’s launch, Africa takes a major step toward bridging its off-grid energy gap, empowering millions of households and businesses while driving the continent’s clean energy transition.

National Convention: Anyanwu’s signature not forged – PDP

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The Peoples Democratic Party (PDP) says the allegation of forged signature on letter for its national convention to the Independent National Electoral Commission (INEC) by the National Secretary, Sen. Samuel Anyanwu is false.

The party’s National Publicity Secretary, Mr Debo Ologunagba flanked some leaders of the party stated this at a news conference in Abuja.

He described Anyanwu’s allegation as false and calculated attempt to derail the party and its national convention scheduled for Nov.15 in Ibadan

He recalled that the decision on the date, venue and agenda of the elective national convention was taken at the party’s 101 National Executive Committee (NEC) meeting, in which Anyanwu participated during which him and the party chairman were directed to write INEC.

He said that the Certified True Copies from INEC showed that Anyanwu was number 4 on the attendance list, while available pictures also proved that he was present at the same meeting where composition for the convention committees were approved.

Ologunagba also said that both Anyanwu and Damagum co-signed the letter he now disclaimed at a meeting on Aug. 25 PDP, a day before its 102nd NEC meeting which was held on Aug. 26.

“That meeting of Aug. 25 was preceded by a meeting of governors, NWC members, leaders of the party, in this building, in the office of the National Chairman, Umar Damagum, where every member from the NWC was present.

“Others at the meeting were Gov. Umaru Fintiri of Adamawa, Gov. Bala Muhammad of Bauchi State and Sen. Anyawu, the legal adviser and national organising were also present,” he said

Other present at the meeting according to Ologunagba were Governors Ademola Adeleke of Osun, Seyi Makinde of Oyo, and Dauda Lawa of Zamfara.

He further listed the former Senate President Sen. Bukola Saraki, former Minister, Taminu Taraki, SAN, former Niger Gov. Babangida Aliu and all NWC members among those present.

Ologunagba stated that at the meeting four letters were co-signed by Damagum and Anyanwu.

“The letters were PDP letter on National Elective convention to INEC composition of national convention membership, notice of repeat PDP South-East 2025 Zonal Congresses, notice of repeat of PDP Congress in Anambra and Ebonyi.”

He added that Anyanwu did not only sign the letters, he was the secretary of the National Convention Contact and Mobilisation Sub-Committee, in which he even started working for the sub-committee.

“To show that he started working on that, there was a budget presented by him. The budget was sent to Gov. Duoye Diri, the chairman of the contact and mobilisation subcommittee,” he said.

Ologunagba said that Anyanwu also signed letters to the sub-committee members including an aide in his office.

Read Also: PDP postpones 103rd NEC meeting

“Curiously, few days after he suddenly woke up and say letter was forged. When the NWC is aware of this acknowledgement.

“So at what point does that become a forged document? 50 old days after the letter was signed,” he said.

Ologunagba urged the security agencies to investigate Anyanwu’s allegations and ensure if found out to be false, he should face the consequences.

“Beyond this, there is a calculated attempt to derail the party and ensure that the convention is not in place. But again, this is a falling flat on the face because it’s untrue. At best, it’s a lie.

“It is criminal to make false allegations before security officials and security agencies.

“I would think they should take it up and our party would be interested in having to get to the end of this matter because forgery is a very serious allegation.

“If anybody who is involved in it or who is behind stories that are not true with regards to that, they should have their day with the security agencies,” he said.

Ologunagba, however, said that irrespective of the bricks thrown at the party, PDP was focused on its convention.

Asked if any of the PDP leaders had been invited by the secretary the police of any of the security agencies over the allegation, Ologunagba said not to his knowledge.

On speculation about Gov. Diri defection to the APC, Ologunagba said that the PDP was party of the people and not individuals.

“Yes, governors have roles to play, but winning elections is not solely about governors.

“It is a combination of the people and the governor as leaders and other people to allow us to win. The real strength of winning is in the people,” he said.(NAN)

JUST IN: Nottingham Forest appoint Sean Dyche as new manager

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Nottingham Forest have appointed former Burnley and Everton boss Sean Dyche as their new manager.

The 54-year-old Englishman, who has signed a contract to run until the summer of 2027, becomes the Forest’s third different boss this season.

Dyche succeeds Ange Postecoglou, who lasted just 39 days and was sacked 17 minutes after Saturday’s 3-0 defeat by Chelsea in the Premier League.

Postecoglu did not win any of his eight games in charge – drawing two and losing six – after he was brought in to replace Nuno Espirito Santo, who was sacked just three matches into the campaign.

Forest are 18th in the league table after one win in eight games during what has been a difficult start to the season.

Dyche’s first game will be a Europa League game at home to Porto on Thursday before Forest are at Bournemouth in the Premier League on Sunday.

Read Also: Nottingham Forest sack Postecoglou after 39 days in charge

The process to appoint a new manager was led by Forest’s global head of football Edu Gaspar and global technical director George Syrianos.

Former Italy and Manchester City boss Roberto Mancini also held discussions with Forest about the post, while Fulham manager Marco Silva was also known to be admired by the club.

“A respected and experienced Premier League manager, Dyche brings the perfect blend of character, tactical acumen and proven achievement to guide the club through its next chapter,” said a Forest statement.

“As a former Forest youth player who lives locally, Dyche also has a deep understanding of the values and pride of Forest and its supporters.

“His appointment represents the best opportunity for a successful and competitive season across both domestic and European competitions.”

Dyche’s coaching staff will include Ian Woan and Steven Stone, who both played for Nottingham Forest.

“It’s a mess isn’t it?” said BBC Sport football pundit Chris Sutton on the Monday Night Club before Dyche’s appointment was confirmed.

“If Dyche gets over the line it is an admission that they got it wrong with Ange Postecoglou and are thinking about survival.

“Dyche has always managed clubs where it has been a struggle. He bucked the trend at Burnley and got the best out of the players he had and proved himself to be an extremely capable manager.

“At Everton he took over a team in trouble and stabilised the club. He had points deductions to contend with.

“Forest want to stay in the league so it seems a sensible appointment. They won’t go down, they have too many good players.”

BBC Sports