The Dangote Petroleum Refinery has maintained its position as Europe’s leading supplier of imported jet fuel for the second consecutive month. According to data from Kpler, the refinery accounted for approximately 20% of Europe’s total jet fuel imports in July, shipping over 400,000 tonnes to the continent. Despite temporary maintenance impacting operations last month, the refinery successfully outperformed traditional suppliers from the United States and the Middle East, cementing its role as a key player in the Atlantic Basin energy trade. Management expects production throughput to recover significantly throughout August and September.

Nigeria and Canada have signed an expanded Air Transport Agreement, enabling the launch of direct scheduled passenger and cargo flights between the two nations for the first time. The pact permits designated airlines from each country to operate up to 14 weekly passenger flights and 10 weekly all-cargo flights. Additionally, the agreement grants Fifth Freedom Traffic Rights for all-cargo operations, facilitating more efficient freight movement. This expansion of the 2014 framework aims to boost bilateral trade, lower travel costs, and improve connectivity for the significant Nigerian diaspora and student population in Canada. While the legal framework is now in place, the commencement of actual flights remains subject to airline commercial decisions and regulatory approvals.

Nigeria’s largest listed oil and gas companies recorded a stellar first half in 2026, driven by a surge in global crude prices linked to the US-Israel-Iran conflict. Seplat Energy, Aradel Holdings, and Oando reported a combined revenue of N7.05 trillion. While private upstream operators benefited from improved production and high prices, the sector faced mixed profitability due to varying finance costs and operational structures. In contrast, domestic palm oil producers Okomu Oil and Presco saw their weakest H1 revenue performance in years, as increased imports of cheaper palm oil eroded domestic pricing power.

The Nigeria Civil Aviation Authority (NCAA) and the Airline Operators of Nigeria (AON) have clashed at a House of Representatives public hearing regarding the 5% Ticket Sales Charge (TSC) and Cargo Sales Charge (CSC) revenue-sharing formula.

The NCAA has strongly opposed proposals to reduce its allocation—currently 56%—warning that such a move would compromise aviation safety oversight and violate international standards set by the ICAO. Director General Chris Najomo argued that the agency relies on the TSC for the vast majority of its operational funding, whereas other aviation bodies, like the Nigerian Airspace Management Agency (NAMA), have access to multiple commercial revenue streams.

Conversely, the AON has called for the complete abolition of the percentage-based TSC, labeling it a burden on domestic carriers. The association proposed replacing it with a flat-fee model similar to the Passenger Service Charge used by the Federal Airports Authority of Nigeria, citing economic pressures from high fuel costs and operational challenges.

President Bola Ahmed Tinubu has reiterated his administration’s commitment to reforming the Nigerian National Petroleum Company (NNPC) Limited, with a strategic goal of listing the state-owned oil firm on the Nigerian Exchange (NGX). This announcement came during a meeting with the board and management of the Nigerian Exchange Group (NGX Group) at the State House.

NNPC has previously outlined a roadmap targeting a 2028 listing to transform into a globally competitive entity. During the engagement, NGX Group leadership highlighted the market’s significant growth, with market capitalization rising from N30 trillion in 2023 to N160 trillion currently. Finance Minister Taiwo Oyedele praised the market’s performance, noting its role in wealth creation, as the government continues to push for private sector-led economic development to achieve a one-trillion-dollar economy.

Femi Otedola has increased his stake in First HoldCo Plc with an N18 billion acquisition, purchasing 138 million shares at N131.20 each through Calvados Global Services Limited. This move cements his position as the largest individual shareholder with a 26 percent stake in the banking group. The investment comes as the bank’s stock hits a new high of N150 per share on the Nigerian Exchange, following its recent milestone as the first banking group to surpass a N6 trillion market capitalization.

Chairman Femi Otedola has further cemented his position as the majority shareholder of First HoldCo, acquiring an additional 138.04 million shares for N18.11 billion. The transaction, executed through Calvados Global Services Limited on August 6, 2026, increases Otedola’s stake in the financial services group to 26.1%. This move aligns with his publicly stated ambition to acquire a controlling interest of over 51% in the institution to drive its strategic transformation. Otedola’s total shareholding now stands at 11.90 billion units, valued at approximately N1.77 trillion.

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has concluded its investigation into the Presidential Foreign Investment Promotion Council (PFIPC), a fraudulent organization established by Adeniyi Adeyemi. The ICPC confirmed that the PFIPC was never legally established, and Adeyemi’s appointment documents were forged. While the State House and the Central Bank of Nigeria were exonerated, the investigation revealed significant administrative failures within several key federal offices, including the Office of the Secretary to the Government of the Federation, the Head of Service, the Accountant-General, the Budget Office, and NITDA. These agencies are expected to face sanctions for systemic loopholes that allowed the impersonation and fraud to persist. The ICPC is currently preparing criminal charges against Adeyemi and his collaborators.

President Bola Tinubu has ordered the Economic and Financial Crimes Commission (EFCC) to unfreeze the bank accounts of the Osun State Government. The directive follows intense public outcry and political pressure regarding the timing of the freeze, which occurred just days before the August 15 governorship election. While the EFCC initially defended the action as a response to suspicious financial activity, the President cited the need to protect the integrity of the electoral process and prevent the perception of federal interference. The Osun State government had vehemently denied any misappropriation of funds, alleging the freeze was a politically motivated move to hinder governance and worker welfare.

Despite the NGX Banking Index posting a 65.86 percent year-to-date gain, several banking stocks are currently trailing the market benchmark. Analysts attribute this underperformance to temporary market technicals, specifically share dilution following recent capital raising exercises for recapitalization. FCMB, UBA, Fidelity Bank, Sterling Financial, and Access Holdings are identified as offering potential upside, as their current valuations do not fully reflect their underlying fundamentals or recent capital injections. Market observers suggest the recent price pullbacks provide a strategic entry point for investors looking to rotate into undervalued banking assets.

The House of Representatives probe into the purported Presidential Foreign Investment Promotion Council (PFIPC) has revealed that the agency was never legally established. During an investigative hearing, the State House disowned the council, stating it never requested its creation or a budget code, and dismissed documents linking the Presidency to the body as forgeries. The Federal Road Safety Corps (FRSC), which had previously issued official government number plates to the council, admitted it was misled by fraudulent credentials and a fake government-domain website. The FRSC is now moving to recover the issued plates. The committee continues its investigation into how the entity successfully integrated itself into federal budgetary and administrative processes.

The Equipment Leasing Registration Authority (ELRA) and Heifer Nigeria have entered a two-year partnership to bridge the agricultural equipment financing gap for smallholder farmers. The initiative, running from August 2026 to August 2028, provides lease-to-own models for tractors, irrigation systems, and processing machinery. Targeting farmers in Benue, Nasarawa, Ogun, and Edo states, the collaboration aims to improve mechanization, reduce production costs, and enhance food security under the Naija Unlock Programme.

The Automotive Local Components Manufacturers Association of Nigeria (ALCMAN) has urged the federal government to implement stronger policies favoring local content to transform the nation into a regional automotive manufacturing hub. ALCMAN Chairman Anselm Ilekuba emphasized at the 2026 Nigeria Auto Industry Summit that the sector’s sustainability depends on reducing reliance on imported parts and empowering indigenous manufacturers through better infrastructure, affordable financing, and consistent regulatory support. The association advocate a shift in focus toward measuring industry success by local value addition and employment generation rather than just vehicle assembly volume.

Priscilla Otti, the wife of the Abia State Governor, has disbursed 50 million naira to support the nano businesses of 600 widows in the state. The initiative, part of the 2026 International Widows Day commemorations, provided 50,000 naira to each beneficiary. The state government further pledged its commitment to widow welfare through the Dignity Homes Initiative and ongoing livelihood support programs.

Vitafoam Nigeria Plc has reported a 45 percent increase in profit after tax to N13.63 billion for the nine months ended June 30, 2026. This performance was driven by a 7 percent revenue growth to N91.21 billion and a significant 72 percent reduction in finance costs, resulting from aggressive debt management. The company also saw a notable improvement in operating cash flow, which climbed to N21.92 billion, while shareholders’ equity rose by 24.1 percent to N44.11 billion.

Coronation Asset Management Limited has launched the Series II issuance of its Coronation Infrastructure Fund, seeking to raise N20 billion. This offering is part of a N200 billion shelf programme and is open to qualified investors, including pension fund administrators and institutional players. The fund targets a 10-year tenor with returns projected at 300 basis points above 10-year Federal Government of Nigeria bonds. The initiative follows the successful Series I issuance, which has seen unit prices appreciate significantly since its 2023 launch.

The Jigawa State Executive Council has approved a 3.5 billion naira loan for the Jigawa State Pilgrims Welfare Board to secure 2027 Hajj seat allocations. This intervention aims to meet the strict payment deadlines set by Saudi authorities, ensuring the state avoids losing its designated slots. The board confirmed that these funds will serve as initial deposits, which will be repaid promptly upon the collection of payments from individual intending pilgrims.

Oyo State has reported a strong fiscal performance for the first half of 2026, achieving 91.2% of its revenue target with N406.9 billion generated. Expenditure for the same period stood at N345.7 billion, representing 77.5% of the projected budget. The government also confirmed plans to deploy 50 electric buses to improve public transit and reduce commuting costs across the state. Officials credited these results to improved revenue mobilization and prudent financial management under Governor Seyi Makinde’s administration.

Crown Takaful Insurance Limited has received approval from the National Insurance Commission (NAICOM) to distribute N100.9 million in surplus to its participants. This distribution marks a significant milestone for the firm, which achieved the feat within its first year of operation. The surplus sharing model is a core principle of Takaful insurance, emphasizing mutual cooperation and shared prosperity. In its debut year, the company recorded gross contributions totaling N1.935 billion.