The Naira ended the week on a positive note, appreciating by 4.52 kobo against the U.S. dollar at the official market on Friday. Latest data from the Central Bank of Nigeria shows the Naira closed at N1,534.72 per dollar, reflecting a slight 0.05 percent gain from Thursday’s rate of N1,534.79. Earlier in the week, the currency saw marginal losses, trading at N1,535.62 on Wednesday and N1,535.24 on Tuesday. The week had opened with a modest drop of 20 kobo on Monday.

Aliko Dangote, Africa’s richest man and founder of Dangote Cement Plc, will step down as chairman of the company’s board effective July 25, 2025. The announcement was made on Friday by Anthony Chiejina, Chief Branding and Communications Officer of Dangote Group. According to the statement, Dangote is retiring from the board to focus more on his other key ventures, including the Dangote Petroleum Refinery, petrochemical and fertiliser plants, as well as engagements with government stakeholders. “Foremost entrepreneur and founder of Dangote Cement Plc, Aliko Dangote has announced his retirement as a Director and the Chairman of the Board of Directors, effective July 25, 2025,” Chiejina stated. “He is relinquishing his position as chairman and retiring from the board so as to focus more attention on the Refinery, Petrochemicals, Fertiliser and Government Relations, in order to drive the company’s five-year business trajectory to a superlative height,” he added. The board has named Emmanuel Ikazoboh, an independent non-executive director, as the new chairman of Dangote Cement. In addition, Hajiya Mariya Aliko Dangote has been appointed to the board, while Prof. Dorothy Ufot, an independent non-executive director, has retired.

In a world rapidly shifting towards digitization, a Lagos-based technology company, Gsoft Interactive Systems Ltd, is standing tall as a beacon of innovation, providing cutting-edge digital solutions that are transforming businesses in Nigeria and beyond. Founded over a decade ago, Gsoft Interactive has successfully delivered more than 500 projects across various sectors, serving over 1,500 clients globally with an impressive 98% client retention rate. From software development to artificial intelligence (AI), the company is widely regarded as a one-stop digital solutions provider with a reputation for reliability, innovation, and results. Building an End-to-End Digital Ecosystem What sets Gsoft Interactive apart in the global tech landscape is its holistic approach to digital transformation. Instead of focusing on a single niche, the company offers full-spectrum services that include: Custom Software Development: Building enterprise systems such as ERP and CRM platforms tailored to business needs. Web Development & E-Commerce: Developing over 300 responsive and secure websites, integrated with global and local payment systems like Paystack and Flutterwave. Mobile App Development: Creating cross-platform apps for sectors like banking, agriculture, and logistics using technologies such as Flutter and React Native. AI & Machine Learning: Delivering real-world impact through AI—preventing over ₦2 billion in financial fraud and increasing agricultural productivity by 40%. Digital Marketing & SEO: Offering targeted online marketing, search engine optimization, and PPC campaigns to enhance digital visibility and conversions. Making Waves Across Industries Gsoft Interactive’s technology is powering transformation in multiple industries: Banking: AI-powered fraud detection systems and mobile banking apps Agriculture: Smart crop monitoring tools and predictive yield systems Healthcare: Telemedicine platforms and hospital management software Education: E-learning systems supporting schools and institutions worldwide Retail & Logistics: Custom inventory systems, delivery apps, and customer analytics tools Empowering the Next Generation of Tech Talent Beyond client projects, Gsoft Interactive is playing a critical role in bridging the global tech talent gap. The company runs internationally certified training programs in software development, data analysis, and digital marketing. Hundreds of professionals trained by Gsoft are now employed globally or running their own tech ventures. > “We’re not just building software; we’re building people,” says CEO Mr. Gift Edegware. “Our training programs prepare the workforce needed to drive global innovation.” Blending Local Knowledge with Global Excellence Gsoft’s strength lies in combining global technical standards with local market realities—designing for low-bandwidth environments in Africa while ensuring compliance with international data regulations like GDPR. This has made them a trusted partner for clients across four continents. During the COVID-19 pandemic, the company swiftly launched emergency digital solutions—from remote work platforms to telehealth applications—ensuring businesses stayed operational in the face of disruption. Future-Proofing the Digital Economy Looking ahead, Gsoft Interactive is expanding into blockchain development, IoT for smart cities, and advanced AI systems. Their goal is to be at the forefront of global digital transformation, supporting sustainable growth for businesses and communities worldwide. Recognized and Respected 500+ successful project deliveries Zero security breaches in 10+ years Contributor to over ₦2 billion fraud prevention via AI Trained 500+ tech professionals globally Present at global tech conferences and think tanks Leading with Vision At the helm of Gsoft Interactive is Mr. Gift Edegware, a tech visionary committed to using digital innovation as a tool for economic empowerment and societal advancement. > “We are building the infrastructure for the next chapter of global growth,” Mr. Edegware states. “Each solution we deploy brings the world closer together.” --- About Gsoft Interactive Systems Ltd RC: 1843734 Headquartered in Lagos, Nigeria Website: www.gsoftinteractive.com Email: info@gsoftinteractive.com Phone: +234-816-180-6959

Aliko Dangote, President of the Dangote Group, has expressed concern over growing logistics and regulatory challenges that are undermining the competitiveness of his \$20 billion Lekki refinery. He revealed that high port-related charges are making it costlier for oil marketers to lift products from the refinery compared to offshore storage depots in neighbouring countries such as Togo. According to Dangote, domestic marketers face multiple levies at both loading and discharge points when sourcing from the refinery—a cost burden not encountered when importing from offshore facilities like the Lomé Floating Storage Terminal. He argued that these hurdles are contributing to the continued importation of refined petroleum products, which currently stands at 69 per cent. This, he warned, exposes Africa to an influx of low-quality and often toxic fuel blends, many of which would be banned in Europe and North America due to substandard quality. Dangote made these remarks at the recently concluded Global Commodity Insights Conference on West Africa’s refined fuel market, co-hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and S\&P Global Commodity Insights in Abuja. “In terms of port charges, it is currently more expensive to load a domestic cargo of petroleum products from the Dangote Refinery, as customers pay both at the point of loading and at the point of discharge. But when they load from Lome, which competes with us, they pay only at the point of discharge. This is simply unfair and unsustainable,” Dangote lamented. He stated that such a structure inadvertently incentivises fuel importation over local refining, defeating the purpose of self-sufficiency and the Federal Government’s plan to curb foreign exchange pressure.

French media giant Canal+ has officially secured full ownership of MultiChoice Group—the parent company of DStv and GOtv—in a landmark deal valued at \$3 billion (approximately 55 billion rand). The acquisition, which gives Canal+ the remaining 55% stake it previously did not own, was approved by South Africa’s Competition Tribunal on Wednesday, July 23. The green light follows months of rigorous negotiations and regulatory scrutiny and clears the path for the transaction to be completed by October 8, 2025. However, the Tribunal's approval is subject to a set of public interest conditions designed to safeguard South Africa’s media independence and protect the production of local content. For Canal+, the acquisition marks a significant strategic move to deepen its footprint in Africa’s fast-growing media and entertainment market. The French conglomerate, already active in 25 African nations and serving over eight million subscribers, is aiming to grow its reach to between 50 million and 100 million subscribers continent-wide. MultiChoice, Africa’s leading pay-TV operator, currently serves more than 14.5 million subscribers across 50 sub-Saharan African countries through its flagship platforms DStv and GOtv. It also owns popular brands like SuperSport, which have made it a highly attractive acquisition target for Canal+. Canal+ CEO Maxime Saada hailed the deal as transformative, stating: “The combined group will benefit from increased scale, broader access to high-growth markets, and the potential to unlock meaningful synergies.” A major advantage of the merger is the integration of Canal+’s robust French-language programming with MultiChoice’s dominant English and Portuguese-language offerings—creating a multilingual media powerhouse tailored for Africa’s diverse audiences. Aside from strategic expansion, the acquisition also promises a much-needed capital injection for MultiChoice. The deal is expected to bolster the South African broadcaster’s investment in original content, technology upgrades, and digital innovation. As part of the Competition Tribunal’s conditional approval, Canal+ has pledged to invest roughly 26 billion rand over the next three years in line with South Africa’s public interest mandates. These commitments include keeping MultiChoice’s headquarters in South Africa, continuing local content and sports investments, and supporting the country’s creative industry.

President Bola Tinubu has requested the National Assembly to approve an extra \$347 million in external loans under the 2025–2026 borrowing plan. The Speaker of the House of Representatives, Hon. Tajudeen Abbas, read the president’s letter containing the request during plenary on Wednesday. In the letter, President Tinubu explained that the increase is needed to cover additional funding requirements for two key national projects. He said the cost of the Lagos-Calabar Coastal Highway project had risen by \$47 million — from an initial \$700 million to \$747 million — due to financing gaps. According to the president, when the borrowing plan was initially submitted, only \$700 million had been secured by the lead arranger. The \$47 million shortfall, he noted, was later covered through export credit agencies, and it has now become necessary to reflect this increase in the borrowing plan. In addition, Tinubu is seeking \$300 million for the Nigerian Universal Communications Access Project, which aims to deploy 7,000 telecommunications towers across underserved and unserved areas to reduce the digital divide. He explained that the project was mistakenly left out during the earlier compilation of the borrowing plan. Recall that in May, the president initially sought approval for a borrowing package comprising \$21,543,647,912, ₦2,193,856,324.54, ¥15 billion, and a €65 million grant. With the additional allocations — \$47 million for the Lagos-Calabar Highway and \$300 million for the telecom project — the total external loan component of the plan has now risen to \$21,890,647,912. The House of Representatives approved the president’s new request following the presentation of a report by Abubakar Nalaraba, Chairman of the Committee on Aids, Loans, and Debt Management. The Senate had already granted its approval on Tuesday. Despite the increased borrowing, the House maintained that the federal government’s debt profile remains within sustainable limits. “At over N145 trillion, debt to GDP ratio of about 50% is within the international threshold (56%),” the parliament said. “The current administration has succeeded in reducing the high debt service to revenue ratio from over 90% to less than 70 percent. “The federal government’s capacity to service the new debt is bolstered by the anticipated revenue gains from the Nigerian Tax Act 2025, projected to grow by over 18 percent year-on-year starting from 2026.” The House added that the anticipated revenue expansion reduces the risk of future debt distress and provides a buffer for debt servicing.

President Bola Tinubu has requested the National Assembly to approve an extra \$347 million in external loans under the 2025–2026 borrowing plan. The Speaker of the House of Representatives, Hon. Tajudeen Abbas, read the president’s letter containing the request during plenary on Wednesday. In the letter, President Tinubu explained that the increase is needed to cover additional funding requirements for two key national projects. He said the cost of the Lagos-Calabar Coastal Highway project had risen by \$47 million — from an initial \$700 million to \$747 million — due to financing gaps. According to the president, when the borrowing plan was initially submitted, only \$700 million had been secured by the lead arranger. The \$47 million shortfall, he noted, was later covered through export credit agencies, and it has now become necessary to reflect this increase in the borrowing plan. In addition, Tinubu is seeking \$300 million for the Nigerian Universal Communications Access Project, which aims to deploy 7,000 telecommunications towers across underserved and unserved areas to reduce the digital divide. He explained that the project was mistakenly left out during the earlier compilation of the borrowing plan. Recall that in May, the president initially sought approval for a borrowing package comprising \$21,543,647,912, ₦2,193,856,324.54, ¥15 billion, and a €65 million grant. With the additional allocations — \$47 million for the Lagos-Calabar Highway and \$300 million for the telecom project — the total external loan component of the plan has now risen to \$21,890,647,912. The House of Representatives approved the president’s new request following the presentation of a report by Abubakar Nalaraba, Chairman of the Committee on Aids, Loans, and Debt Management. The Senate had already granted its approval on Tuesday. Despite the increased borrowing, the House maintained that the federal government’s debt profile remains within sustainable limits. “At over N145 trillion, debt to GDP ratio of about 50% is within the international threshold (56%),” the parliament said. “The current administration has succeeded in reducing the high debt service to revenue ratio from over 90% to less than 70 percent. “The federal government’s capacity to service the new debt is bolstered by the anticipated revenue gains from the Nigerian Tax Act 2025, projected to grow by over 18 percent year-on-year starting from 2026.” The House added that the anticipated revenue expansion reduces the risk of future debt distress and provides a buffer for debt servicing.

The naira yesterday depreciated to N1,537 per dollar in the Nigerian Foreign Exchange Market (NFEM), surpassing the parallel market rate by N2. According to data released by the Central Bank of Nigeria (CBN), the official exchange rate rose from N1,536 to N1,537 per dollar on Tuesday, reflecting a N1 loss in value. In contrast, the naira appreciated in the parallel market, strengthening to N1,535 per dollar, up from N1,555 per dollar the previous day — a notable N20 gain.

The Dangote Petroleum Refinery has commenced the export of Premium Motor Spirit (PMS), supplying around 1.35 billion litres to international markets over the past 50 days. Chairman of the Dangote Group, Alhaji Aliko Dangote, revealed this during the ongoing Global Commodity Insights Conference on West African Refined Fuel Markets, organized by the Nigerian Midstream and Downstream Petroleum Regulatory Authority in collaboration with S\&P Global Insights. Dangote stated that between June and July 2025, the refinery exported up to one million tonnes of petrol—equivalent to approximately 1.35 billion litres. “Today, Nigeria has actually become a net exporter of refined products. Before I came on the podium, I asked my people how many tonnes of PMS we have actually exported. From June beginning to date, we have exported about 1 million tonnes of PMS, within the last 50 days,” he said. Despite the Dangote refinery’s recent export push, Nigeria continues to depend significantly on imported fuel. According to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Nigeria and several other West African nations still source nearly 69 percent of their gasoline from foreign markets. NMDPRA Chief Executive, Farouk Ahmed, made this known at the same conference, citing 2025 data that shows an average monthly gasoline trade volume of 2.05 million metric tonnes in the region, with imports accounting for 69 percent. Findings by *The PUNCH* also revealed that, within the last eight days alone, Nigeria imported a total of 231.88 million litres of Premium Motor Spirit (PMS). According to the Nigerian Ports Authority’s latest *Shipping Position Daily*, the fuel shipments arrived through terminals in Apapa, Tincan, and Calabar Ports. The report put the total PMS imports during the period at 172,917 metric tonnes, which, when converted using a standard of 1,341 litres per tonne, equals 231.88 million litres. Meanwhile, Dangote’s export efforts have not been without controversy. The refinery has been accused of attempting to dominate the downstream sector, a claim Alhaji Aliko Dangote has firmly denied. “Let me take this opportunity to address concerns around monopoly and dominance. The reality is that too many people who have the means and the opportunity to contribute meaningfully to our nation’s growth choose instead to criticise from the sidelines while investing their wealth abroad,” Dangote said. President Bola Tinubu has also weighed in on the issue, saying that Africa must end its role as a passive price taker in the global energy market and begin to shape its pricing, trade, and regulatory structures to reflect its production realities better. “Africa can no longer remain a price taker for its resources. It is time to establish credible, transparent benchmarks that reflect our realities and protect our economies,” Tinubu said in a post on his official X handle. According to Tinubu, Nigeria is working with regional partners to build an integrated market that would reward African production, secure energy access for local populations, and deepen cross-border prosperity. “From refining to regulation, data transparency to trade flows, Nigeria is working with regional partners to build an integrated market that rewards our production, secures energy for our people, and deepens prosperity across borders,” the president stated. The PUNCH

The naira weakened to ₦1,555 per dollar in the parallel market yesterday, down from ₦1,540 on Monday. Similarly, it depreciated to ₦1,536 per dollar in the Nigerian Foreign Exchange Market (NFEM). According to data from the Central Bank of Nigeria (CBN), the official exchange rate rose to ₦1,536 from ₦1,535 per dollar, reflecting a ₦1 loss in value. As a result, the gap between the parallel market and NFEM rates widened to ₦19 per dollar, up from ₦5 the previous day.