Heirs Energy just locked down a seven hundred and fifty million dollar financing deal with Afreximbank. The company's chairman, Tony Elumelu, and its CFO, Samuel Nwanze, outlined plans to boost production from their current operations toward a target of one hundred thousand barrels of oil daily. They also aim to ramp gas output up to two hundred and fifty million cubic meters.
Elumelu called the agreement a major example of African capital backing African business, specifically praising Afreximbank's repeated support. He reflected on tough early hurdles, like a lengthy delay under the previous government, which questioned letting a private Nigerian firm control a large asset like OML 17. That holdup cost the company heavily in fees...
Airtel Africa is teaming up with SpaceX to bring Starlink's satellite cell service to its customers. The company's CEO, Sunil Taldar, stated that this Direct-to-Cell tech will fill gaps in their terrestrial network across all fourteen markets they serve, aiming to improve connectivity in hard-to-reach areas starting next year.
Starlink's Vice President of Sales, Stephanie Bednarek, said the deal will help close the access gap in Africa. The service will let compatible phones connect via satellite in places with no ground coverage. Initial rollout in 2026 will offer text messaging and data for specific apps, with plans for faster broadband speeds later. The partnership, pending local approvals, makes Airtel the first African mobile...
A new USDA report suggests Nigeria will likely bring in more wheat early next year. This projection hinges on a steadier naira and a big global wheat supply. Analysts say this currency stability could finally let lower global prices reach Nigerian consumers, affecting staple costs for items like bread and pasta.
Right now, Nigerian millers operate with only about forty days of stock, so any exchange rate shift hits flour prices fast. The report forecasts wheat imports climbing by hundreds of thousands of tons. This rise is linked to the stable naira, better buying power, and lower international grain costs, which should also cut expenses for feed producers. Recent trade data shows Nigeria is a top export market for U.S. wheat, with...
The head of Elizade JAC Autoland, Mr. Demola Ade-Ojo, says the company wants to shake up Nigeria's car market. He stated their goal for 2026 is to make new vehicles affordable for ordinary people, moving them away from used imports known as tokunbo. He made these comments during a facility tour by the Federal Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole.
Minister Oduwole praised the company's investment while issuing a strong warning about secondhand vehicle risks. She described many used imports as refurbished flood or fire-damaged goods from other countries, calling them potential death traps. During her visit to the expanded Ikotun assembly plant, she viewed modern assembly lines for both passenger and industrial...
The Fertilizer Producers and Suppliers Association of Nigeria says it's working with the Ministry of Finance to tackle high fertilizer costs. FEPSAN's Executive Secretary, Mr. Gideon Negedu, explained that the main problems are expensive imported components, global supply issues, and unstable foreign exchange rates. Producers rely on materials like phosphate from Morocco, making them vulnerable to international market shocks.
Negedu pointed out that producers have sought cheaper foreign sources to keep operations running, stating they cannot produce at a loss. With the Ministry now overseeing the Presidential Fertilizer Initiative, the focus is on securing funds for essential imports. He noted some price relief recently, with bag costs...
Global Appliances Nigeria Limited just dropped a new portable power station under its Binatone brand. The company's Managing Director, Mr. Prasun Banerjee, introduced the product in Lagos. He described it as a plug-and-play unit with solar charging, built for backup power at home, for small offices, or for outdoor use during outages.
Banerjee said the launch continues the brand's decades-long focus on reliable appliances for African households. The power station comes in two main models. The more robust BPS-2400 variant offers two thousand four hundred watts and a large battery capacity, supporting thousands of charge cycles. It includes multiple output ports, connects to a Bluetooth app, and can be expanded with extra batteries. A...
The head of SMEFUNDS, Dr. Femi Oye, says the ag sector needs a hard turn toward making more biofuels. He argues for boosting ethanol production year-round to help farmers and stabilize local economies. This shift would open bigger markets for crops while keeping energy spending in rural areas.
Oye claims biofuels create a dependable demand for stuff like corn and soybeans. That steady need supports jobs at processing plants and pulls investment into communities, preventing those dollars from leaving. He pitched this as a way to strengthen farm revenue and revive the countryside.
He also pointed to their own tech, the Kike AI application, as part of the solution. The app uses artificial intelligence to help homes and businesses manage...
Nova Bank Limited is setting up a major hub in Owerri, Imo State. Governor Hope Uzodinma pledged to provide land for the bank's permanent regional headquarters for the South-East and South-South. He made the announcement during the opening of Nova Bank's flagship office there, calling the bank a smart first mover in the region's economic development.
The bank's Chairman, Phillips Oduoza, stated this expansion reflects a long-term commitment to the area's market potential. He described Owerri as a strategic launchpad for deeper regional penetration. Their approach combines physical locations with digital platforms, a method the Governor praised as aligning with the state's push for modern, tech-driven systems.
Oduoza emphasized that...
The company Multi-Trex Integrated Food Plc is branching out from just cocoa. Managing Director Mr. Yusuf Isiaka laid out new plans at their annual meeting in Warewa, Ogun State. They aim to start making bottled water, liquid chocolate drinks, and other agro-commodities. Production is scheduled to restart early next year, beginning with cocoa powder, followed by more consumer goods like chocolate bars by 2027.
With debts cleared and a clean slate from AMCON, the firm is planning a major financial push. Isiaka mentioned injecting over five billion naira into operations within five years, funded mostly by internal revenue and potential equity deals. They will only go to banks as a last resort for working capital. A key part of the...
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