Business News
Nigerian Firm, UTM FLNG Meets Tinubu over $5bn Floating Gas Project
By Mathew Dadiya, Abuja
Amidst high cost of fuel in the country, UTM FLNG, a Nigerian gas company has concluded plans to set up the first Floating Liquified Natural Gas (FLNG) facility in Nigeria and the very first being developed by an Indigenous private African company.
Representatives of company visited President Bola Tinubu Wednesday in the State House, to seek his support towards implementation of a $5 billion floating Liquefied Petroleum Gas (LNG).
The President gave the backing when he received a group of joint venture partners made up of UTM FLNG, TECHNIP Energies and JGC Corporation in his office on Wednesday at the Presidential Villa, Abuja.
Leader of the delegation and Group Managing Director (GMD) of UTM FLNG, Julius Rone, who spoke to State House Correspondents after the meeting, disclosed that the multi-floating LNGs are being implemented with a $5 billion loan from AFRIEXIM Bank.
Also at the meeting were the Ambassador of France to Nigeria, Ms Emmanuelle Blatmann, and Ms Hiromi Otuski Deputy Ambassador for Japan to Nigeria.
Rone, said he was at the Presidential Villa to brief the President on the import of the facility noting that the project will serve as a legacy project under the Tinubu administration in the quest to revitalize the nation’s economy, rejuvenate the productive sector, create jobs and investment opportunities while saving millions of Nigerians from the hazards of environmental pollution.
He said Tinubu has assured that his administration would provide full support for the project because it fits into his programme to revive the economy and provide more jobs.
Rone revealed that the project has the capacity to produce 300,000 tons of LPG per year and would provide 7,000 direct jobs for Nigerians.
He said it was the first time in Nigeria that an indigenous company would be involved in such project that would contribute to decarbonization.
It would be the first floating LNG project in Nigeria and expected to come on stream in the first quarter of 2026, boost production and crash the cost of gas for domestic, auto and industrial use in the country, he said.
The facility which will be the first of its kind in Nigeria also targets to leapfrog the national economy by producing an annual 1.5 million tonnes of Liquified Natural Gas (LNG) for export as well as 300,000 LPG metric tonnes for domestic market aimed at lowering and stabilising prices of gas, while creating thousands of jobs and investment opportunities in Nigeria.
The UTM Boss who said he had a very fruitful discussion with President Tinubu applauded the President for his strategic policies, commitment and efforts towards stimulating the economy, a disposition he said further motivated the company in its drive to establish the facility in the country.
He explained that the FLNG facility will be anchored offshore in Akwa Ibom State in about 60m water depth.
“We believe the project is coming at the right time in line with your Renewed Hope agenda of leapfrogging Nigeria’s socio-economic development by sustainably developing our enormous gas resources.
“When completed in Q4 2026, the facility will produce on annual basis, 1.5 million tonnes of LNG for export, 300,000 metric tonnes of LPG for domestic market (DLPG) and some quantities of condensate.
“300,000 metric tonnes of LPG production which will be dedicated to domestic market (DLPG) represents 25 per cent of national demand and will go a long way at stabilising the price of cooking gas in addition to its possible use for auto gas and other industrial purposes among others. Moreover, about 3000 direct jobs and 4000 indirect jobs will be generated in addition to value creation along the LPG Supply Chain.
“Also, LPG addresses deforestation, helps reduce mortality rate of our women folk as a result of smoke inhalation from the use of firewood. By eliminating flaring of Associated Gas, Nigeria can meet its Climate Change goals and this project is one such enabler”, he told the President.
He commended the Tinubu administration for its commitment in providing access to clean, accessible, affordable, available and abundant energy for all Nigerians and reiterated UTM’s commitment to partner the Federal Government to realise this agenda.
According to Dr. Rone, Afreximbank is facilitating the financing of the project with financial closure envisaged for Q4 2023.
UTM FLNG Limited, a subsidiary of UTM Offshore Ltd, is a Special Purpose Vehicle created to actualise the project.
Business News
Budget Office Defends Tax Reform Acts, Seeks Due Process
By Tony Obiechina, Abuja
The Budget Office of the Federation has reaffirmed the integrity of Nigeria’s newly enacted Tax Reform Acts, cautioning against what it described as governance by speculation and unverified claims following allegations of post-passage alterations.
In a statement on Wednesday, the Budget Office said it had taken note of concerns raised by the Minority Caucus of the House of Representatives, stressing that the sanctity of the law is central to constitutional democracy and not a mere procedural formality.
According to the Office, any suggestion that a law could be altered after debate, passage, authentication, and presidential assent without due process would strike at the core of the Republic and undermine citizens’ right to be governed by transparent and stable laws.
However, it warned that democratic integrity is also endangered by the careless amplification of unverified claims. “A nation cannot be governed by insinuation or sustained on circulating documents of uncertain origin,” the statement noted, adding that public confidence, once shaken by speculation, is often difficult to restore.
The Budget Office emphasized that both government and citizens share a common interest in truth, clarity, and due process, noting that public finance depends heavily on trust in the legality and clarity of fiscal laws. It welcomed the decision of the National Assembly to investigate the allegations, describing institutional inquiry, not conjecture as the appropriate response to claims of illegality.
On public access to the law, the Office agreed that Nigerians and the business community are entitled to clear and authoritative texts of all laws they are required to obey. It clarified, however, that the authenticity of legislation is determined by certified legislative records and official publication processes, not by informal or viral reproductions.
The statement also underscored the importance of separation of powers, warning that claims suggesting Nigeria is being governed by “fake laws,” if not backed by established facts, risk eroding confidence in democratic institutions.
At the same time, it stressed that legislative scrutiny should not be dismissed by the executive, noting that oversight is a constitutional duty, not an act of hostility.
From a fiscal perspective, the Budget Office said legal certainty is essential for revenue projections, macroeconomic stability, budget credibility, and investor confidence. While it is not the custodian of legislative records, it maintained that uncertainty around operative tax provisions directly affects economic planning.
To restore confidence, the Office proposed a set of measures, including the publication of verified reference texts in a single public repository, orderly access to Certified True Copies for stakeholders, clear public explanations where discrepancies are alleged, and strict alignment of all implementing regulations with authenticated legal texts.
Addressing calls for suspension of the tax reforms, the Budget Office cautioned against allowing prudence to slide into paralysis. It argued that properly implemented tax reform is necessary to reduce dependence on borrowing and inflationary financing, while easing indirect burdens on vulnerable citizens.
“Where clarification is required, it must be provided; where correction is required, it must be effected; where investigation is required, it must proceed,” the statement said, adding that governance and reform should not be stalled by unresolved conjecture.
The Office concluded by describing taxation as a democratic covenant that binds citizens and the state, insisting that compliance depends on transparency and trust. It called on political actors to protect institutions as much as positions, urging citizens and businesses to rely on verified sources and resist the spread of unauthenticated information.
The statement was signed by Tanimu Yakubu, Director-General of the Budget Office of the Federation, who reaffirmed the agency’s commitment to fiscal transparency, institutional integrity, and reforms that advance national prosperity while safeguarding citizens’ rights.
Business News
Tinubu Congratulates Dangote on World Bank Appointment
By Jennifer Enuma, Abuja
President Bola Tinubu has congratulated Alhaji Aliko Dangote, the President of Dangote Group, on his appointment to the World Bank’s Private Sector Investment Lab, a body tasked with promoting investment and job creation in emerging economies.
In a statement by Special Adviser on Media and Publicity, Bayo Onanauga, the President described the appointment as apt, given Dangote’s rich private sector experience, strategic investments, and many employment opportunities created through his Dangote Group.
The Dangote Group became one of Africa’s leading conglomerates through innovation and continuous investment.
Dangote Group’s business interests span cement, fertiliser, salt, sugar, oil, and gas. However, the $20 billion Dangote Petroleum Refinery and Petrochemicals remains Africa’s most daring project and most significant single private investment.
“President Tinubu urges Dangote to bring to bear on the World Bank appointment his transformative ideas and initiatives to impact the emerging markets across the world fully” the statement said.

The World Bank announced Dangote’s appointment on Wednesday, as part of a broader expansion of its Private Sector Investment Lab. The lab now enters a new phase aimed at scaling up solutions to attract private capital and create jobs in the developing world.
The CEO of Bayer AG, Bill Anderson, the Chair of Bharti Enterprises, Sunil Bharti Mittal, and the President and CEO of Hyatt Hotels Corporation, Mark Hoplamazian, are on the Private Sector Investment Lab with Dangote.
The World Bank said the expanded membership brings together business leaders with proven track records in generating employment in developing economies, supporting the Bank’s focus on job creation as a central pillar of global development.
Business Analysis
Nigeria Customs Generates over N1.75trn Revenue in 2025
By Joel Oladele, Abuja
The Nigeria Customs Service (NSC) has generated an impressive N1,751,502,252,298.05 in revenue during the first quarter of 2025.
The Comptroller-General (CG) of the Service, Bashir Adeniyi, disclosed this yesterday, during a press briefing in Abuja.
According to Adeniyi, the achievement not only surpasses the quarterly target but also marks a substantial increase compared to the same period last year, reflecting the effectiveness of recent reforms and the dedication of customs officers across the nation.
“This first quarter of 2025 has seen our officers working tirelessly at borders and ports across the nation.
I’m proud to report we’ve made real progress on multiple fronts—from increasing revenue collections to intercepting dangerous shipments,” Adeniyi stated.He attributed this success to the reforms initiated under President Bola Tinubu’s administration and the guidance of the Honourable Minister of Finance and Coordinating Minister of the Economy, Olawale Edun.
The CG noted that the revenue collection for Q1 2025 exceeded the quarterly benchmark of N1,645,000,000,000.00 by N106.5 billion, achieving 106.47% of the target. This performance represents a remarkable 29.96% increase compared to the N1,347,705,251,658.31 collected in Q1 2024.
Adeniyi highlighted the month-by-month growth, noting that January’s collection of N647,880,245,243.67 surpassed its target by 18.12%, while February and March also showed positive trends.
“I’m pleased to report the Service’s revenue collection for Q1 2025 totaled N1,751,502,252,298.05.
“Against our annual target of N6,580,000,000,000.00, the first quarter’s proportional benchmark stood at N1,645,000,000,000.00. I’m proud to announce we’ve exceeded this target by N106.5 billion, achieving 106.47% of our quarterly projection. This outstanding performance represents a substantial 29.96% increase compared to the same period in 2024, where we collected N1,347,705,251,658.31.
“Our month-by-month analysis reveals even more encouraging details of this growth trajectory,” Adeniyi said.
In addition to revenue collection, Adeniyi said the NCS maintained robust anti-smuggling operations, recording 298 seizures with a total Duty Paid Value (DPV) of ₦7,698,557,347.67.
He stated that rice was the most seized commodity, with 135,474 bags intercepted, followed by petroleum products and narcotics.
“From rice to wildlife, these seizures show our targeted approach,” Adeniyi remarked, noting the NCS’s commitment to combating smuggling and protecting national revenue.
Adeniyi also highlighted key initiatives, including the expansion of the B’Odogwu customs clearance platform and the launch of the Authorized Economic Operators Programme, which aims to streamline processes for compliant businesses. The NCS’s Corporate Social Responsibility Programme, “Customs Cares,” was also launched, focusing on education, health, and environmental sustainability.
Despite these achievements, the CG noted that the NCS faced challenges, including exchange rate volatility and non-compliance issues. Adeniyi acknowledged the need for ongoing adaptation and collaboration with stakeholders to address these challenges effectively.
Looking ahead, the NCS aims to continue its modernization efforts and enhance service delivery, ensuring that it remains a critical institution in Nigeria’s economic and security landscape.
“Results speak louder than plans; faster clearances through B’Odogwu, trusted traders in the AEO program, and measurable food price relief from our exemptions. We’ll keep scaling what works,” he concluded.

