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)

The Nigerian Exchange Group (NGX Group) has introduced a WhatsApp subscription channel on its NGX Invest platform to expand access to public offers.

The group in a statement on Wednesday, said investors could initiate subscriptions by sending “Invest” to the official NGX Invest WhatsApp number, +234 812 731 9521.

According to the group, investors will be able to view eligible offers and complete the required subscription process without downloading a separate application.

It said investors would select a stockbroker through whom their applications will be processed.

It noted that the development would retain the role of stockbrokers in the investment process while offering investors an additional digital channel.

The group said NGX Invest currently connects issuers with investors through more than 100 distribution channels.

It said the channels include stockbrokers, banks, fintech companies, mobile network operators and other financial institutions through Application Programming Interface connectivity.

NGX Group said integrating WhatsApp into NGX Invest was aimed at reducing barriers to participation in Nigeria’s primary market.

It said the initiative would also provide issuers with another avenue to reach potential investors and support capital raising.

The group said the initiative formed part of its broader strategy to use technology and partnerships to widen participation in the Nigerian capital market.

“Subscriptions through WhatsApp would be processed through NGX Invest’s regulated infrastructure.”

The group advised investors to interact only with the official NGX Invest WhatsApp number and avoid sharing passwords, Personal Identification Numbers, One-Time Passwords or other sensitive credentials with third parties.

It said its API connectivity with more than 100 distribution channels had helped connect issuers with a broader pool of investors and simplify participation in public offers.

NGX Invest is a Securities and Exchange Commission-approved electronic offering platform for public offers, rights issues and initial public offerings.

Since its launch in 2024, the platform has facilitated more than 23 primary-market transactions and supported capital raising of more than N3 trillion. (NAN)

Afrobeats artiste, David Adeleke, popularly known as Davido, has joined business mogul, Aliko Dangote, at New York’s Times Square, where a digital billboard showcased the Dangote Petroleum Refinery.

Davido shared a video on social media, showing him standing beside Dangote beneath a billboard displaying the message: “Made in Nigeria.

Built for the World. ”

The display highlighted the refinery, located in Lagos, and formed part of publicity for its public offer.

The appearance brought together two prominent symbols of Nigeria’s global influence: the international reach of Afrobeats and the country’s growing industrial capacity.

Davido’s presence also drew attention to the role of Nigerian artistes in promoting the country’s image and creative influence before international audiences.

The Dangote Petroleum Refinery, with a stated nameplate capacity of 700,000 barrels per day, is one of the country’s major industrial investments.

Its appearance at Times Square projected a Nigerian-built enterprise at one of the world’s most recognised commercial locations.

The refinery’s public offer website describes the exercise as “The IPO for the People” and provides information on the offer, including the prospectus, eligibility requirements, subscription process and approved channels for participation.

According to the website, the refinery describes the exercise as “The IPO for the People” and provides information on the offer prospective, investors are advised to read the prospectus and obtain independent professional advice before making any investment decision.

The website also states that subscriptions should be made only through the approved channels listed on the platform.

The Times Square display has generated public interest online, with many Nigerians viewing the encounter between Davido and Dangote as a representation of the country’s creative and industrial ambitions.

The moment further underscored the growing visibility of Nigerian businesses, products and talents in international markets. (NAN)