Patrice Motsepe, Africa’s first black billionaire, has seen his net worth drop by $900 million this year, falling from $4.3 billion to $3.4 billion. The decline is primarily driven by a sharp sell-off in South African mining stocks, specifically Harmony Gold and African Rainbow Minerals (ARM), where Motsepe holds significant controlling stakes. Despite aggressive expansion efforts by both companies, shares have plummeted by approximately 29% and 35% respectively over the last six months, causing Motsepe to slip to fifth place on South Africa’s wealth rankings.

Nigeria’s pension industry is struggling with a N99.28 billion backlog of uncredited contributions, with the private sector responsible for nearly 70 percent of the total. The issue stems from administrative failures, including incorrect data, missing contribution schedules, and weak employer payroll controls rather than non-payment. While the National Pension Commission (PenCom) has implemented the Pension Contribution Remittance System (PCRS) to automate and validate payments, significantly improving processing speeds and accuracy over the past year, experts emphasize that employers must still improve internal governance to prevent further accumulation of uncredited funds. The backlog currently poses a risk to retirement security and overall confidence in the Contributory Pension Scheme.

Dangote Petroleum Refinery has formally filed its initial public offering application with the Securities and Exchange Commission, advancing plans for what is expected to be Africa’s largest stock market listing. SEC Director-General Emomotimi Agama confirmed the filing and indicated no significant regulatory hurdles are anticipated, keeping a potential September 2026 launch on track. The development follows a heavily oversubscribed $2.5 billion private placement and recent regulatory approval for pension fund administrators to participate in the offer. The listing is set to become a landmark event for the Nigerian Exchange, significantly boosting market depth and liquidity.

Ecobank Transnational Incorporated (ETI) recorded a 6% increase in profit after tax to $296.1 million for the first half of 2026, up from $278.8 million in the same period last year. This growth was driven by a 15% rise in operating income to $1.28 billion, bolstered by stronger net interest and fee-based earnings. However, the bank’s bottom line was tempered by a 40% surge in credit impairment charges, which climbed to $238 million, reflecting a cautious approach to credit risk. Despite the higher provisions, customer deposits grew by 7% to $27 billion, while the bank maintained a disciplined lending strategy, with loans and advances to customers declining by 2% to $11.5 billion.

The Federal High Court in Uyo has dismissed a lawsuit challenging the governance of the NNPC/MPN JV Emoimee Host Community Development Trust. The suit, filed by the Esit Eket Youth Association, sought greater involvement in the management and disbursement of statutory funds provided by Seplat Energy Producing Nigeria Unlimited. Justice C. S. Onah struck out the case, ruling that the plaintiff lacked the legal standing to challenge the trust’s administration. The court affirmed that only entities explicitly recognized under the Petroleum Industry Act may intervene in such matters, providing legal clarity for industry operators regarding the Act’s governance framework.

The Niger Delta Development Commission (NDDC) has presented long-service awards to 78 employees in recognition of their loyalty and contributions to the region’s development. During the ceremony, management highlighted the commission’s commitment to staff welfare and internal professional standards, noting recent collaborations with the EFCC and ICPC to bolster transparency and accountability within the organization.

The Institute of Nigerian Aeronautical Engineers (INAE) has awarded a gold medal to Obiora Okonkwo, Chairman of United Nigeria Airlines, in recognition of the carrier’s commitment to safety standards, rapid expansion, and local capacity building. The INAE specifically lauded the airline’s internship program for aeronautical engineering students, noting its importance in developing indigenous talent. Other aviation stakeholders, including the Nigerian Civil Aviation Authority and the Ministry of Aviation, were also recognized at the event for their contributions to the sector.

The Supreme Court of Nigeria has ruled that admiralty jurisdiction concludes once goods are delivered to an authorized recipient. In the case of First Kings Investment Ltd. v. Jahlive Sadakka (Nig.) Ltd., the court determined that disputes arising after cargo has been discharged and handed over to local consolidators are no longer matters of maritime law. The court emphasized that the mere origin of goods by sea does not sustain admiralty jurisdiction for subsequent logistics or contract disputes occurring on land.

President Bola Ahmed Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, to unify the regulatory framework for digital assets in Nigeria. The order establishes a Virtual Asset Council, chaired by the Central Bank of Nigeria, to harmonize oversight among the SEC, Nigeria Revenue Service, NFIU, and the Office of the National Security Adviser. While existing mandates remain, the directive clarifies that the SEC will regulate security-linked assets, while the CBN oversees non-security virtual assets and payments. The order also mandates the creation of a regulatory sandbox for blockchain innovations and a new tax policy for the sector.

The Nigerian Tax Act 2025 (NTA) has been introduced to consolidate the country’s energy sector fiscal framework, building upon the foundations of the Petroleum Industry Act 2021. The NTA aims to streamline tax administration by unifying multiple statutes and codifying various energy-related executive orders, providing greater regulatory certainty.

Key features include the extension of the Hydrocarbon Tax to deep offshore operations and the introduction of a 5% surcharge on certain fossil fuel products, while exempting household kerosene, LPG, CNG, and renewable energy products. While the consolidation simplifies compliance, the removal of deep offshore tax exemptions creates potential uncertainty for existing project economics. Conversely, the Act provides targeted incentives to promote natural gas development, aligning with national energy transition and industrialisation goals. Investors are advised to reassess business models to navigate these shifts in fiscal priorities.

A Federal High Court in Lagos has nullified a House of Representatives directive that ordered Seplat Energy Producing Nigeria Unlimited to pay 72.6 billion naira in compensation for alleged oil spills. Justice Allagoa ruled that the House of Representatives exceeded its constitutional authority by attempting to determine civil liability and award damages, functions reserved exclusively for the judiciary. The court declared the directive unconstitutional, as it usurped judicial powers.

Obiageli Orah, the Executive Director of Special Duties at the Federal Airports Authority of Nigeria (FAAN), has been inducted as a member of the Chartered Institute of Directors Nigeria (CIoD). The induction ceremony, held in Lagos, focused on the theme of governing for value and resilience. Keynote speaker Konyinsola Ajayi encouraged the new members to uphold ethical leadership and strengthen corporate governance to ensure the long-term sustainability of Nigerian institutions.

Solewant Group is set to launch its new Solewant Specialty Protective Coatings and Paints (SSPC) factory in Alode Eleme, Port Harcourt, on July 31, 2026. The facility aims to reduce Nigeria’s reliance on imported high-grade paints and offshore coatings by producing locally formulated products tailored to African environmental conditions. The company, which already serves major oil and gas players including Shell, Chevron, and the NNPC, plans to expand its exports to other African nations and the United States.

The global aviation industry is shifting toward software-driven solutions to manage a projected surge to 10 billion annual passengers by 2050, aiming to expand capacity without doubling physical infrastructure. According to the SITA Impact Report 2025, airlines and airports are increasingly adopting artificial intelligence and biometric technologies to streamline border processing, optimize flight paths, and enhance operational resilience. SITA reported a 7 percent revenue growth to US$1.71 billion for 2025, marking four consecutive years of steady expansion as the sector invests in digital transformation and sustainability.

Data from Emirates shows that over 44,000 passengers traveled from Nigeria between May and August 2025. China emerged as the top destination with 11,530 visitors, largely driven by commercial activity in Guangzhou. Other significant destinations included Dubai, the United Kingdom, and the United States. The report also identified solo travelers as the largest segment, accounting for 61 percent of all bookings, followed by families at 17 percent.

Lifecard University and the Qatar Real Estate Academy have graduated over 100 students in Doha following a six-month mentorship programme. Designed by entrepreneur Grace Ofure Ibhakhomu, the curriculum combined mentorship with institutional training to equip participants with global real estate investment, valuation, and advisory skills. The collaboration aims to bridge international professional standards with practical market execution, and enrollment for the next cohort is currently open.

Nigeria’s 2024 budget deficit widened by 47% to N13.51 trillion, driven by a shortfall in crude oil earnings. While the government projected N19.99 trillion in gross oil revenue, it realized only N15.07 trillion, primarily due to lower production levels and prices below the $77.96 benchmark. Conversely, the non-oil sector performed strongly, exceeding targets by 48.9% to reach N16.09 trillion. Total debt servicing reached N12.36 trillion, significantly exceeding the budgeted N8.27 trillion, while the deficit was largely financed through domestic and foreign borrowings.

Lagos State is intensifying efforts to attract private investment into its tourism sector by prioritizing integrated infrastructure development. Governor Babajide Sanwo-Olu stated that the state views tourism as an interconnected ecosystem, relying on advancements in rail transport, urban renewal, waterfront development, and digital connectivity to enhance its global appeal. Speaking at the BusinessDay Tourism Conference, officials highlighted that this strategy aims to leverage the creative economy and international events to drive job creation and long-term economic growth.

Yemen’s Houthi movement has claimed responsibility for a missile attack on the Saudi-flagged oil tanker NCC GHAZAL in the Red Sea. The attack occurred near the Bab el-Mandeb Strait, a critical energy shipping corridor, leading to immediate concerns over global oil supply stability. In response to the heightened security risks, Saudi Arabia is actively rerouting crude exports to bypass the area, utilizing the SUMED pipeline to reach the Mediterranean. The incident follows broader regional instability, including reported Iranian ballistic missile activity against U.S. bases. Analysts suggest this escalation will likely sustain geopolitical risk premiums and increase shipping costs for oil producers.