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NIPCO Plans $3bn Floating LNG Project

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NIPCO Group plans to develop a more than $3 billion Floating Liquefied Natural Gas (FLNG) project to boost gas monetisation and supply.

NIPCO Gas Ltd. Managing Director, Nagendra Verma, disclosed this while briefing newsmen on the project on Thursday in Abuja.

Verma said the project would mark NIPCO Group’s entry into the LNG sector and reinforce its long-term commitment to gas development.

He said the initiative would strengthen the company’s commitment to developing and monetising Nigeria’s abundant natural gas resources.

“The project is expected to require an investment estimated at more than $3 billion.

“The final investment requirement will be determined after feasibility studies, detailed engineering and commercial structuring,” Verma said

He said the proposed floating LNG facility could be located in the Escravos area of Delta or the Akwa Ibom region.

“The final location will be determined after completion of the ongoing feasibility studies,” he said.

Verma said the proposed locations would provide access to upstream gas resources, LNG processing facilities and marine transportation.

He said the project would also facilitate access to international and domestic LNG markets, adding that NIPCO had evaluated it for six to nine months.

The managing director said NIPCO was conducting preliminary assessments covering development concepts, technology solutions and financing structures.

He said the assessment would also examine commercial options to ensure a technically sound and commercially sustainable project.

Verma said the proposed development would comprise an FLNG facility and associated marine and export infrastructure.

He said the project could serve international LNG markets and Nigeria’s growing domestic LNG demand.

“The project is envisaged to have an LNG production capacity of about three million tonnes annually,” he said.

Verma, however, said the proposed capacity remained subject to feasibility studies, technical assessments and project economics.

He added that regulatory approvals and a final investment decision would determine the project’s implementation.

According to him, NIPCO is evaluating the shipping and logistics infrastructure required to support both export and domestic LNG supply.

“NIPCO’s planned expansion into the upstream oil and gas business would complement its existing gas portfolio,” Verma said.

He said the expansion would strengthen the group’s vertical integration across the gas value chain.

Verma said NIPCO had established a strong presence across Nigeria’s downstream oil and gas sector.

He said the group had expertise in developing, financing, constructing and operating energy infrastructure.

According to him, NIPCO operates a nationwide distribution network covering Automotive Gas Oil (AGO), Premium Motor Spirit (PMS), LPG, propane, Piped Natural Gas (PNG) and Compressed Natural Gas (CNG).

He said the network was supported by storage, logistics, transportation and retail infrastructure, adding that NIPCO operates about 30 CNG stations nationwide.

Chairman of NIPCO Group, Chief Bestman Anekwe, said additional LNG capacity would support gas monetisation, industrial growth and energy security.

Anekwe said it would also contribute to foreign exchange generation and employment creation.

“It will leverage its existing relationships with Nigerian National Petroleum Company Ltd. (NNPC Ltd.) and NNGM to secure feed gas,” he said.

He said NIPCO would also form strategic partnerships with international technology providers to advance the project.

Anekwe said NIPCO would continue engaging Nigerian authorities, regulators, upstream and midstream partners, technology providers and financial institutions.

He said the group was one of Nigeria’s leading integrated energy and infrastructure companies, with investments across oil and gas distribution, CNG, LPG, propane and pipeline infrastructure.

Chief Paul Obi, Principal Partner, NIPCO, said the group’s investments also covered logistics, retail and hospitality.

Obi said these investments supported NIPCO’s role in Nigeria’s evolving energy sector.

“The group supports Nigeria’s energy transition by developing domestic gas infrastructure, promoting CNG and LPG adoption, strengthening energy access and contributing to economic growth,” he said. (NAN)

FG Seeks Foreign Investment to Modernise Fisheries Sector

The Federal Government says it is seeking credible international investment to modernise Nigeria’s fisheries value chain while ensuring new investments complement, rather than displace, artisanal fishers and local producers nationwide.

The Minister of Marine and Blue Economy, Adegboyega Oyetola, said this when he received a delegation of Turkish fishing investors, CRD Impex, led by Cem Tarhan, on Thursday in Abuja.

Oyetola said the government remained committed to creating an investment-friendly environment capable of attracting credible local and international investors into the marine and blue economy sector nationwide.

He identified inadequate infrastructure, limited access to modern fishing technology, processing and storage constraints, weak cold-chain systems and poor market access as major challenges affecting the fisheries sector.

According to him, the challenges also represent investment opportunities that can be harnessed to modernise the fisheries value chain, increase productivity and improve livelihoods of local fish producers.

Oyetola said the government’s approach was to transform the identified challenges into opportunities while ensuring that investments remained inclusive, sustainable and beneficial to communities dependent on fisheries.

“We welcome investors who can bring capital, technology, expertise and modern value-chain solutions to the sector.

“However, investment must be inclusive and sustainable,” he said.

The minister said investments in the sector must complement and empower artisanal fish producers rather than undermine their livelihoods and economic activities across fishing communities nationwide.

He emphasised the need to strike a balance between modernisation efforts and the protection of existing livelihoods that depended on fisheries and related economic activities.

He said the government was open to investors capable of bringing capital, technology and expertise to address critical gaps across the fisheries value chain nationwide.

Tarhan said the company was in Nigeria to explore investment opportunities within the fisheries sector and assess areas where its expertise could support industry development.

He said the company had extensive experience in fisheries and aquaculture in Turkey and was interested in bringing its expertise and investment capacity to Nigeria.

The delegation, accompanied by ministry officials, visited selected fisheries and aquaculture facilities to assess investment opportunities and gain first-hand knowledge of sector operations nationwide.

The facilities visited included the Kirikiri Lighter Terminal and Ozumba Mbadiwe Fish Market in Lagos, where investors observed fisheries operations and existing infrastructure firsthand.

The investors also visited the Esuk Nsidung Beach Market, a major waterfront seafood trading hub in Esiere Ebom, Henshaw Town, Cross River.

The visits enabled the investors to examine existing fisheries infrastructure, production and trading activities and identify areas where investment could support value addition and market access.(NAN)

University Press Raises Dividend by 20 Per Cent

University Press Plc has increased its dividend payout to shareholders by 20 per cent, from 15 kobo to 18 kobo per ordinary share, for the financial year ended March 31, 2026.

The company announced the dividend at its 2026 Annual General Meeting (AGM) in Ibadan on Thursday.

The dividend amounts to about N77.65 million and is subject to applicable withholding tax.

The company’s chairman, Obafunso Ogunkeye, said the dividend reflected the company’s commitment to sustaining value for shareholders despite the challenging operating environment.

“The company remained financially stable and had sustained revenue growth despite inflation, higher energy and transportation costs, insecurity and weakened purchasing power.

“In the audited financial statements, revenue increased from N3.402 billion in 2025 to N3.895 billion in 2026, while gross profit rose from N1.957 billion to N2.132 billion,” the chairman said.

Ogunkeye said the company would continue to exercise discipline in operating expenditure, working capital management and cash generation while pursuing sustainable growth.

He said the company would also strengthen its core publishing business and capitalise on opportunities arising from the Federal Government’s revised national curriculum.

The chairman said University Press would review its catalogue, revise affected titles and develop new learning materials in collaboration with authors, editors, teachers, curriculum specialists and relevant education authorities.

The company’s Managing Director (MD)/Chief Executive Officer, Mr Samuel Kolawole, said management would focus on ensuring that revenue growth translated more effectively into sustainable shareholder value.

Kolawole said, “The Company will strengthen its print publishing business while developing e-books, interactive learning resources and other digital products.

“The company remains committed to maintaining the confidence of its shareholders through quality publications, improved access to learning materials and sustainable business growth.”

Responding to shareholders’ questions on piracy, the use of Artificial Intelligence, and digitising educational materials, among others, the MD said the company has been working on the issues raised.

He, however, said actions would be expedited where necessary.

The event featured the re-election of the company’s non-executive directors: Yomi Adewusi, Ayodeji Olorunda, Dr Josephine Diete-Spiff and Maj. General Daniel Kitchener. (NAN)

Agriculture

FG Calls for Stronger Agricultural Value Chains to Boost Food Security

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The Federal Government has called for a stronger agricultural value chains, increased agro-industrialisation and improved market access to boost food security in Nigeria.

The Permanent Secretary, Federal Ministry of Agriculture and Food Security, Dr.

Marcus Ogunbiyi, made the call on Monday in Enugu during the Technical Session of the National Council on Agriculture and Food Security.

The theme of the event is “Enhancing Agricultural Value Chains, Agro-Industrialization and Market Access for Economic Growth.”

Ogunbiyi, who doubled as the Chairman of the Technical Session, said that the country must move beyond subsistence farming and embrace a commercially driven agricultural system capable of supporting industries, improving farmers’ incomes and expanding export opportunities.

“Our task goes beyond increasing the volume of food produced.

“We must build an agricultural economy that creates wealth, supports industries, generates decent employment, expands exports, improves rural livelihoods and contributes meaningfully to national economic growth,” he said.

The Permanent Secretary identified inadequate storage and processing facilities, limited access to finance, poor logistics and weak links between farmers and processors as major challenges affecting the competitiveness of agricultural products.

He called for increased investment in agro-processing facilities, rural roads, irrigation, electricity, cold-chain infrastructure and modern technologies to reduce post-harvest losses and promote local value addition.

“Agro-industrialisation is central to the transformation we seek to achieve. It provides the bridge between agriculture and industry.

“It also enables agricultural production to serve as a reliable source of raw materials for manufacturing and other productive sectors of the economy.

“The value of this Council will ultimately be determined by the quality of its resolutions and the extent to which those resolutions are implemented,” Ogunbiyi stated.

He also urged state governments to identify priority commodities, establish clear production and processing targets, attract private-sector investment and strengthen partnerships with research institutions and development partners.

In his remarks, the Enugu State Commissioner for Agriculture and Agro-industrialisation, Patrick Uburu, said that the state government was committed to agro-industrialisation to boost farmers’ income, create jobs and generate wealth.

Uburu, who described the technical sessions as a platform for translating policies into practical solutions, urged delegates to prioritise farmers and agribusiness operators in their deliberations.

He emphasised the need for stronger collaboration among state governments, federal agencies and development partners to address food security challenges, noting that recommendations from the meeting should be measurable and implementable.

The commissioner called for practical policies and investments that would improve farmers’ productivity and expand market access for agricultural produce.

Technical Lead Policy Advisory, GIZ ECOWAS & Nigeria, Dr Abiodun Ihebuzor, advocated for stronger partnerships and increased investment in agricultural value chains to reduce post-harvest losses and improve food security in Nigeria.

Ihebuzor noted that previous engagements at the 46th Council in Calabar and the 47th Council in Kaduna had provided opportunities to advance agricultural development.

He expressed optimism that the current meeting would strengthen collaboration among government institutions, development partners and private-sector operators.

According to him, healthy soils, efficient markets and improved storage systems were essential to sustainable food security.

On her part, Geraldine Onu, Deputy Director, Administration and Supply, Enugu State Ministry of Agriculture and Agro-Industrialisation, disclosed that the State Government had intensified efforts to transform agriculture from subsistence farming to commercial and mechanical farming as part of its economic development agenda.

She noted that investments in irrigation, storage, processing and agricultural infrastructure were aimed at increasing production, attracting private investment, reducing post-harvest losses and improving farmers’ livelihoods.

“In Enugu State, under the visionary leadership of Gov. Peter Mbah, agriculture occupies a strategic position in the state’s economic transformation agenda.

“The initiatives include the 300,000-hectare agricultural land bank, the development of Smart Farm Estates across the 17 Local Government Areas, the 260 Farm Estate Programme and the establishment of a tractor assembly plant,” Onu added.(NAN)

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NELFUND Loan Improves Graduate’s GPA to 3.50

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A graduate of the University of Maiduguri, Shianya Ebwaseh, said the Nigerian Education Loan Fund (NELFUND) helped improve her Grade Point Average (GPA) to 3.50 through financial support that enabled her to concentrate on her studies.

Ebwaseh, who graduated from the Department of Zoology, Faculty of Life Sciences, said this in an interview on Monday in Maiduguri.

She said financial difficulties had previously affected her academic performance, as she struggled to meet her daily needs while pursuing her degree.

The graduate said she resorted to selling fried chips and groundnuts on campus to support herself, sometimes missing lectures because of the time and energy required to run the business.

According to her, the introduction of NELFUND’s student loan scheme relieved her financial burden through tuition support and a monthly N20,000 upkeep allowance.

“Before NELFUND, I struggled with my GPA because of financial challenges. I sometimes missed lectures after spending hours frying and packaging chips for sale.

“But when NELFUND came, I stopped the business and concentrated on my studies. My GPA improved to 3.50, which is Second Class Upper,” she said.

Ebwaseh said the financial support also enabled her to attend lectures regularly, purchase learning materials and prepare adequately for tests and examinations without constant worries about money.

She added that her examination scores improved significantly after she began receiving the support, attributing the change to increased concentration and financial stability.

The graduate, who said she accessed the scheme in her third year, described the application process as simple and encouraged other eligible students to apply.

She also said the programme had helped financially disadvantaged students remain in school, particularly those whose parents could not afford tuition fees and upkeep.

Ebwaseh appealed to the Federal Government to sustain the initiative, emphasising that withdrawing the support could expose many students to financial difficulties and possible dropout.

She said the scheme had given beneficiaries an opportunity to pursue their academic ambitions with fewer financial distractions.(NAN)

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FG Seeks Synergy Among Housing Agencies to Boost Housing Delivery

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The Minister of Housing and Urban Development, Dr Muttaqha Darma, has called for synergy among government agencies in the housing sector to improve coordination and accelerate housing delivery.

Darma made the call in Abuja on Monday at the stakeholders’ conference on the proposed National Real Estate Regulatory Authority (NRERA).

The conference, themed “One vision, One Ecosystem, One National Housing and Real Estate Plan”, was organised by the Office of the Speaker, House of Representatives, and the House Committee on Housing and Habitat.

The minister said the lack of coordination among government agencies had affected the effective delivery of houses to Nigerians, noting that institutions in the sector operated independently.

“The players within the industry, all of us, operate in silos.

“Federal Housing Authority (FHA) does not even know what the Federal Mortgage Bank of Nigeria (FMBN) is doing. FMBN does not know what the Ministry of Finance Incorporated (MOFI) is doing,” he said.

According to him, the various institutions must work together towards a common goal rather than operate independently.

“Our target is to build houses for Nigerians. We are wasting our time because if we fail, it is us who fail, not the President,” he said.

The minister expressed support for the establishment of NRERA, saying the proposed authority would address the regulatory gaps in the real estate sector.

He said the ministry had reviewed the proposed legislation and recognised its potential to improve the sector.

Darma also disclosed that abandoned housing projects funded by the Federal Mortgage Bank of Nigeria (FMBN) across the country were worth about N38 billion.

He said a survey conducted by the ministry revealed abandoned FMBN-funded housing developments in every state of the federation, including the Federal Capital Territory.

“We realised about N38 billion of contributors’ money, your own money, all the Nigerian workers’ money. N38 billion is wasted,” he said.

He said that the poor management of workers’ contributions could discourage Nigerians from contributing to the National Housing Fund.

The minister urged the committee handling the proposed legislation to ensure that state governments were included in the regulatory framework.

He also called for safeguards to protect homebuyers, tenants, developers and mortgage lenders, including mandatory escrow accounts for buyers and standardised tenancy agreements.

The Managing Director and Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), Dr Armstrong Takang, said effective regulation was necessary to restore investor confidence in Nigeria’s real estate sector.

Takang said the sector contributed 12.71 per cent to Nigeria’s Gross Domestic Product (GDP) as of June 2026, but remained largely unregulated.

He said the absence of a national licensing system had allowed unqualified individuals to operate as estate agents and developers without adequate accountability.

“Anyone can sell land, anyone can collect off-plan payments, run into tens of billions and get away with it. There are very few countries in the world where these are allowed,” he said.

He called for mandatory licensing of real estate operators and the protection of buyers’ funds through designated project accounts.

“An operator must be licensed with the authorities. No one should be operating in the real estate sector without a licence, no matter which part of the value chain they are involved in,” he said.

He added that buyers’ funds should be kept in protected project accounts and released to developers based on evidence of progress on construction.

Takang said effective regulation would attract domestic and foreign investment, protect citizens and support the Federal Government’s one-trillion-dollar economy target.

He urged the National Assembly to ensure the passage of the proposed legislation, describing it as critical to bringing order and transparency to the real estate sector.

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