The Federal Government plans to learn power generation and transmission strategies from Egypt, recognizing the country as a role model in the sector. Reaffirming its commitment to rural electrification, the government aims to enhance electricity access across underserved areas. Minister of Power, Adebayo Adelabu, revealed this during a recent meeting in Abuja with Egypt’s Ambassador to Nigeria, Mohammed Fouad. According to a statement by Adelabu’s spokesperson, Bolaji Tunji, the discussions focused on strengthening bilateral cooperation in energy expansion, particularly in renewable energy and rural electrification. Adelabu praised Egypt’s advancements in energy infrastructure and emphasized Nigeria’s interest in adopting Egypt’s successful strategies in power generation, transmission, and distribution. He noted that Egypt’s achievements influenced Nigeria’s engagement with Siemens to stabilize the nation’s power sector. “Egypt has made remarkable strides in energy transformation, and we are eager to collaborate and learn from your expertise. Our goal is to ensure reliable, stable, and affordable energy access for all Nigerians,” he added. Adelabu highlighted Nigeria’s efforts to connect remote rural areas to power through renewable energy initiatives, citing the economic challenges of extending the national grid to these regions. “Many rural areas cannot be connected to the grid due to economic constraints, but we cannot neglect them. Through our renewable energy programme, we are bridging this gap. We have secured significant investments, including $750m from the World Bank’s DARES project and an additional $190m from the Japan International Cooperation Agency to support this initiative,” Adelabu stated.

Se-Alabo Dan-Jumbo, a landlord to Shell Petroleum Development Company of Nigeria (SPDC) in Bonny, Rivers State, has accused the oil giant of illegally divesting its assets without the consent of host communities. He has threatened a $5 billion lawsuit in the UK if Shell fails to meet its obligations. In a letter to Shell CEO Wael Sawan, Dan-Jumbo—Chief and Head of the Dan-Jumbo House of Bonny Kingdom—condemned the company’s recent $2.4 billion asset sale to Renaissance Africa Energy Holdings. The Dan-Jumbo Chieftaincy House, along with the Jumbo Major House and John-Jumbo House, forms the Jumbo group of houses, which co-owns the land with the Brown House, all of Bonny Kingdom, leased to SPDC. The disputed asset is Shell’s Bonny Oil and Gas Terminal (BOGT), a key facility for storing and exporting Bonny Light crude worldwide. Dan-Jumbo argued that Shell’s divestment violated Clause 2.3 of the 1958 Bonny Terminal Agreement, which requires the consent of the Jumbo and Brown Houses before any land lease transfer. “It is obvious that you obtained the consent and approval of Nigeria’s oil minister, but did you obtain the consent of the Lessors – Jumbo House and Brown House of Bonny Kingdom before commencing and concluding the sale of your assets?” Dan-Jumbo questioned. He further accused Shell of environmental degradation, stating that over six decades of oil exploration had rendered Bonny’s land and waters uninhabitable. “Over 60 years of oil exploration have polluted our land to a level where we can no longer fish in our rivers or drink water from our wells,” he lamented. To address the alleged breach, Se-Alabo Dan-Jumbo urged Shell to promptly convene a meeting with Renaissance, the landlords (Jumbo and Brown Houses), the Amanyanabo of Bonny Kingdom, and the Bonny Chiefs Council to renegotiate the 1958 lease agreement. He also demanded that Shell publicly disclose its environmental liabilities and present a clear clean-up plan before its exit. “The families did not foresee this sale when they leased the land to you in 1958. I believe that if they did, they may not have leased the land at the price they did,” he stated, adding that any exit plan must include a full environmental remediation strategy. He further warned that failure to comply within 14 days would force the Bonny Kingdom to initiate legal proceedings in the UK, where Shell’s headquarters is located. “Please be assured that we shall not hesitate to commence legal action against your esteemed company here in the United Kingdom. Should this matter go to court, we shall be demanding the sum of $5 billion to cover compensation and clean-up of our land,” he declared. The letter was also sent to global institutions and government agencies, including the United Nations, the British Parliament, Greenpeace, and the Nigerian government, highlighting the intensifying dispute. While Shell has not yet issued a public response, Se-Alabo Dan-Jumbo confirmed that the company acknowledged receipt of the letter at its UK office.

Nigeria’s Federation Account Allocation Committee (FAAC) recorded a revenue drop of N194.664 billion in February 2025. According to the FAAC communiqué, N1.678 trillion was shared among the federal, state, and local governments in February, down from N1.848 trillion in January. The federal government received N569.656 billion, states got N562.195 billion, and local councils received N410.559 billion. Additionally, N136.042 billion (13% of mineral revenue) was allocated as derivation revenue. The total distributable revenue of N1.678 trillion included N827.633 billion in statutory revenue, N609.430 billion from Value Added Tax (VAT), N35.171 billion from the Electronic Money Transfer Levy (EMTL), N28.218 billion from solid minerals, and a N178 billion augmentation. While oil and gas royalties and EMTL saw significant increases, VAT, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), excise duty, import duty, and CET levies declined in February.

The Federal, State, and Local Governments shared approximately N1.678 trillion in revenue allocated by the Federation Account Allocation Committee (FAAC) for February 2025. A statement issued on Saturday by the Director of Press and Public Relations, Bawa Mokwa, confirmed that the revenue distribution took place at the March 2025 FAAC meeting in Abuja. The session was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, with the Accountant General of the Federation, Shamseldeen Ogunjimi, in attendance. The total distributable revenue comprised: - Statutory revenue: N827.633 billion - Value Added Tax (VAT): N609.430 billion - Electronic Money Transfer Levy (EMTL): N35.171 billion - Solid Minerals revenue: N28.218 billion - Augmentation: N178 billion According to the FAAC communiqué, the total gross revenue for February 2025 stood at N2.344 trillion. Deductions for the cost of collection amounted to N89.092 billion, while transfers, interventions, refunds, and savings totaled N577.097 billion. The gross statutory revenue for February 2025 was N1.653 trillion, marking a decline of N194.664 billion from the N1.848 trillion received in January 2025. VAT revenue also dropped from N771.886 billion in January to N654.456 billion in February, a decrease of N117.430 billion. From the total distributable revenue: - Federal Government: N569.656 billion - State Governments: N562.195 billion - Local Government Councils: N410.559 billion - Derivation revenue (13% of mineral revenue): N136.042 billion to benefiting States Further breakdowns included: - From N827.633 billion statutory revenue: FG received N366.262 billion, States N185.773 billion, LGs N143.223 billion, and derivation States N132.374 billion. - From N609.430 billion VAT revenue: FG received N91.415 billion, States N304.715 billion, and LGs N213.301 billion. - From N35.171 billion EMTL revenue: FG received N5.276 billion, States N17.585 billion, and LGs N12.310 billion. - From N28.218 billion Solid Minerals revenue: FG received N12.933 billion, States N6.560 billion, LGs N5.057 billion, and derivation States N3.668 billion. - From N178 billion Augmentation: FG received N93.770 billion, States N47.562 billion, and LGs N36.668 billion. The communiqué also noted significant increases in Oil and Gas Royalty and EMTL revenue, while VAT, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty, and CET Levies recorded declines.

The naira appreciated by 0.16% to 1,530.52/$ from 1,532.93/$ in the previous trading session on the Nigerian Foreign Exchange Market at Wednesday’s close. According to data from the Central Bank of Nigeria, the naira traded between 1,545/$ and 1,500/$, with the latter being lower than Tuesday’s rate. CardinalStone Research reported that the naira remained stable at 1,585/$ in the parallel market, widening the spread for speculative traders. Analysts noted that the gap between official and parallel market rates has narrowed to 3.07% from 3.40% earlier in the week. Despite a slight depreciation, analysts believe the market is stabilizing due to structural reforms and increased forex inflows.

Oil marketers have cautioned that petrol pump prices could increase soon after Dangote Refinery halted the sale of petroleum products in Naira for the domestic market. The agreement, originally set to expire this month, was reportedly terminated by the national oil company two weeks ago. Efforts to reach a new deal ended in deadlock on Tuesday in Abuja. Dangote Refinery in a statement on Wednesday said: “We wish to inform you that Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in Naira. This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars. “To date, our sales of petroleum products in Naira have exceeded the value of Naira-denominated crude we have received. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency. “Our attention has also been drawn to reports on the internet claiming that we are stopping loading due to an incident of ticketing fraud. This is malicious falsehood. Our systems are robust and we have had no fraud issues. “We remain committed to serving the Nigerian market efficiently and sustainably. As soon as we receive an allocation of Naira-denominated crude cargoes from NNPC, we will promptly resume petroleum product sales in Naira. In an interview with *Vanguard* on the implications of Dangote’s decision, the Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chief Chinedu Ukadike, warned that petrol pump prices could rise due to the high cost of obtaining foreign exchange for payments. He further noted that marketers might begin selling petroleum products in dollars, as the currency is increasingly becoming the preferred medium of exchange in Nigeria. “The pressure on dollar will increase because it has become the means of exchange. Marketers will begin to sell petrol at filling stations in dollars. And this will have negative impact on the prices of petroleum products across the country. “We don’t want to cause panic in the energy industry but what we are seeing now is not encouraging. Any increase in cost will be passed on to consumers eventually”, he added.

The Federal Competition and Consumer Protection Commission (FCCPC) is not a Price Control Board, according to its Executive Vice Chairman, Mr. Tunji Bello. Speaking at the 2025 World Consumer Rights Day celebration in Abuja today, he addressed public misconceptions, clarifying that the FCCPC is not responsible for price regulation. His words, “Permit me to briefly respond to a very concerning trend. Which is what I consider the misconception of the role of FCCPC in some quarters. I observe this tendency among some of our commentators in the media space who misunderstand the provisions of the law and inadvertently mislead the public. “To be sure, Sections 17 and 18 of the Federal Competition and Consumer Protection Act (FCCPA) 2018 expressly vest the Commission with the statutory authority to regulate competition and consumer protection across all sectors in our national life which is consistent global best practices. “This notion was, in fact, recently affirmed by the court of competent jurisdiction. In one word, the law charges the FCCPC to champion the rights of consumers of goods and services in Nigeria. “It is, therefore, very disturbing to hear or read parochial arguments of those who, out of ignorance of the law, seek to erect walls of sophistry against FCCPC in its discharge of this clear mandate. “The Commission has never claimed or pretended to be a price control board. Rather, we get involved when the rights of consumers are breached or when the market is being manipulated in a manner that impedes fair competition.”

Nigeria’s downstream oil sector is on edge as reports emerged Wednesday that Dangote Refinery plans to stop supplying petroleum products for the local market. This comes amid stalled talks over the naira-for-crude deal, which has yet to see significant progress. Sources close to the matter revealed that while domestic loading is paused, the refinery will continue exports, as it currently purchases all its crude in dollars from the international market. Meanwhile, the Nigerian National Petroleum Company Limited (NNPCL) recently confirmed ongoing discussions with Dangote Refinery for a new naira-for-crude agreement. The federal government launched the naira-for-crude deal with Dangote Refinery in October last year, allowing the refinery to sell to Nigerian marketers in naira while purchasing crude from NNPCL in the local currency. In recent months, a price war between Dangote Refinery and NNPCL drove down the cost of premium motor spirit to as low as N860 per litre.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has dismissed a proposal by the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) to mandate fuel price reviews every six months. IPMAN argued that the proposal contradicts the Petroleum Industry Act and undermines the principles of a deregulated market, where sellers set their own prices. Last week, PETROAN criticized the frequent reduction in fuel prices, citing heavy losses for marketers. The ongoing price cuts, largely driven by Dangote Refinery, saw petrol prices drop from N890 to N825 and now N815 per litre. In response, the Nigerian National Petroleum Company Limited and other importers also lowered their prices to remain competitive. PETROAN, bearing the brunt of these fluctuations, is calling for a regulation to stabilize fuel prices by enforcing a mandatory six-month review period. “The association stressed that the sudden downward review of prices has resulted in massive losses, with those affected counting their losses in billions of naira. This situation poses a significant fear for further investment in the sector, as investors are wary of unpredictable market conditions. “To address these challenges, PETROAN proposed that regulatory authorities establish mechanisms to encourage price stability for at least six months. This approach will help reduce the uncertainty and risk associated with investments in the sector, ultimately promoting economic development and protecting the interests of consumers and Nigerians,” PETROAN said in a statement. However, IPMAN’s National Vice President, Hammed Fashola, opposed the proposal. He argued that fuel prices are driven by crude oil costs and exchange rate fluctuations, questioning how PETROAN expects prices to remain fixed for six months if the naira strengthens significantly against the dollar. “It cannot work, and I’m not in support of that. If the PETROAN leaders really understand what the deregulation concept is all about, they will not suggest this proposal,” Fashola declared. He spoke further, “There are some factors that determine the fuel price, like the exchange rate. Are you telling me that if the naira becomes stronger against the dollar and the Platt rate of crude oil comes down, we should hold our price for six months and keep selling at higher rates? It is not done. “Deregulation brings competition, that’s what many people don’t know. We have to face reality. That’s competition for you. Everybody wants to sell, and it will open the market for investors to come in. So, that six-month idea is not possible, nobody will implement that.” The IPMAN vice president explained that the government is trying to give importers and refiners a level playing field to operate in the downstream oil sector. He disclosed that both importers and refiners will compete and this will give Nigerians cheaper fuel at the pumps while discouraging monopolistic tendencies. “What the government is doing is to give a level playing field to everyone. If you’re an importer, nobody will stop you from importing if you know you will be able to sell what you import. If you’re a refiner producing your fuel locally, and you know there is an alternative for people, you will be careful when fixing your price. So, it is good for the system. It will not allow any sort of monopoly. “Petrol was above N1,000 when the Dangote refinery started, now it is N860 per litre. That’s the beauty of deregulation. But if someone believes he can go and get it to sell to us at N700, why should anyone deny such a person?” he asked. Fashola stressed that importers do not get dollars from the Central Bank of Nigeria and so should not be stopped from importing. “I am sure those importing are not getting their money from the Central Bank of Nigeria, they know how they source their money to do the importation. Why stop them? “If we get to a point where the locally refined product is so cheap that you won’t be able to sell when you bring in products, then we are good to go. At that point, nobody will talk about importation again,” he said.

Google announced on Tuesday its acquisition of cloud security platform Wiz for $32 billion, emphasizing the growing need for enhanced cybersecurity as artificial intelligence becomes more integrated into tech infrastructure. The all-cash deal brings Wiz under Google Cloud, expanding multi-cloud capabilities and offering a comprehensive security platform for businesses of all sizes in the AI era, the companies stated in a joint release. With AI’s increasing influence, cybersecurity is now “crucial for mitigating emerging threats and safeguarding national security,” the statement added. The acquisition, the largest in Google’s history, will test President Donald Trump’s stance on major takeovers, following regulatory resistance under Joe Biden’s administration. Alphabet nearly finalized a Wiz acquisition last summer, but regulatory concerns reportedly derailed the deal, according to The Wall Street Journal. Founded in 2020 by CEO Assaf Rappaport and a team that previously sold a venture to Microsoft, Wiz will continue supporting platforms from other tech giants, including Amazon Web Services and Microsoft Azure. Headquartered in New York, Wiz also has offices in Tel Aviv and three other U.S. cities. In a webcast following the announcement, Rappaport explained that Wiz “continuously scans an organization’s code and cloud environments in real time,” identifying critical risks and blocking active threats.