Business
BREAKING: FG Moves to restart ALSCON following $1.2bn Investment By BFI Group and CNCEC
The Minister of Petroleum Resources (Gas), Ekperikpe Ekpo, has announced a pivotal agreement signed between BFI Group and CNCEC International to revive the long-dormant 135MMscfd Gas Processing Plant at ALSCON in Ikot Abasi, Akwa Ibom State.
Ekpo , on his official X, on Tuesday, said, ” This $1.2 billion investment marks a historic step forward for Nigeria’s industrial sector, placing ALSCON back on the path to becoming a leading aluminum producer for both domestic and international markets, with an annual capacity of 300,000 metric tonnes.
This ‘epoch-making’ partnership reflects the steadfast commitment of President Bola Tinubu to foster investments in natural gas utilization, supporting Nigeria’s industrialization, economic growth, and development.
I commend the collaborative synergy between BFI Group and CNCEC International, as well as the fruitful relationship between the governments of Nigeria and China that is driving this ambitious vision forward.
Through this agreement, I am confident that we will soon see the necessary actions taken to restart the Gas Processing Facility, marking a crucial first phase to reignite ALSCON’s full potential.
The reactivation of ALSCON promises to reshape Nigeria’s aluminum sector, using natural gas to position the country as a significant player in Africa and on the global stage.
I congratulate both BFI Group and CNCEC International on reaching this milestone and look forward to seeing this project delivered on time and within budget, supported by the companies’ expertise and dedication.”
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Business
Traders shut down Enugu ‘s Obollo-Afor market over N25,000 haulage levy
However, Chairman of ESIRS, Emmanuel Nnamani, in a letter to the traders, said the haulage levy was not paid by traders buying or selling goods in the markets, but was applicable strictly to truck drivers plying interstate routes.
All shops and markets at Obollo-Afor, Udenu Local Government Area of Enugu State were shut yesterday, as traders staged a peaceful protest against alleged selective collection of a N25,000 haulage levy in the market.
The traders, who locked their shops and took to the streets in large numbers, carried placards with various inscriptions, alleging that the Enugu State Internal Revenue Service (ESIRS) had singled out Obollo-Afor Market for the collection of N25,000 haulage fee on every truckload of goods loaded or offloaded in the market.
However, Chairman of ESIRS, Emmanuel Nnamani, in a letter to the traders, said the haulage levy was not paid by traders buying or selling goods in the markets, but was applicable strictly to truck drivers plying interstate routes.
Addressing officials of the Udenu Local Government Council at the council secretariat, where the protesters marched to present their grievances, Chairman, Obollo-Afor Market Traders Association, Charles Eze, lamented that truck operators bringing foodstuffs, building materials, and other commodities to the market had stopped coming because of the levy.
Business
Nigeria’s oil production dropped by 4% in July – NUPRC
“In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.”
The Nigerian Upstream Regulatory Commission (NUPRC) data has shown Nigeria’s average daily oil production fell by four percent in July, 2026.
According to the NUPRC, Nigeria produced 1.505 million barrels per day (bpd) of crude oil and 0.17 million bpd of condensate, bringing the combined daily production to 1.67 million bpd.
The commission said the country met and exceeded its Organisation of the Petroleum Exporting Countries (OPEC) quota of 1.5 million bpd for the third consecutive month.
“In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.”
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