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Angola Ranked Top African Oil Producer Ahead of Nigeria

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Angola has been Ranked as the top Africa’s largest oil producer since oil output in Nigeria reduced in April among other Organization of the Petroleum Exporting Countries, (OPEC).

The latest monthly oil market report released by OPEC on Thursday shows that Nigeria’s oil output reduced by 270,000 barrels per day (bpd) to 999,000 bpd in April from 1.26 million bpd in March, based on direct communication.

Recall that the last time Angola overtook Nigeria was in May 2022, when oil theft was rampant.

Angola’s oil production rose by 91,000 bpd to 1.06 million bpd in May, up from 978,000 bpd in March, based on direct communication.

Nigeria suffered the biggest decline in production, the least in seven months according to government data, among its OPEC peers, followed by Iran, which lost 262, 000 bpd in April, based on direct communication.

OPEC’s oil production declined by 310,000 bpd to an average of 28.8 million bpd, the lowest level in almost a year due to a fall in Iraq’s exports and pipeline suspension while a labour strike cut shipments from Nigeria.

Oil and gas analysts have associated the recent reduction on the shutdown of activities at the Forcados oil terminal, one of Nigeria’s major export terminals.

According to oil experts, the oil terminal has been shut down for two weeks. Also, strike action at the Nigerian unit of ExxonMobil has cut off production.

“Non-OPEC liquids production (including OPEC NGLs) is estimated to have decreased m-o-m in April 2023 by 0.3 million bpd to average 72.7 million bpd,” the 13-member oil cartel said.

“The share of OPEC crude oil in total global production remains unchanged to stand at 28.2 percent in April compared with the previous month.”

According to OPEC, estimates are based on preliminary data for non-OPEC supply, OPEC NGLs and non-conventional oil, while assessments for OPEC crude production are based on secondary sources.

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Afriland Fire: United Capital Confirms Death of Six Staff, Death Toll Rises to 10

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Financial services firm, United Capital Plc, has confirmed the death of six of its employees in the tragic fire that engulfed Afriland Towers on Broad Street, Lagos Island, on Tuesday, September 16, 2025.

This announcement brings the official death toll to ten, following an earlier confirmation by the Federal Inland Revenue Service (FIRS) that four of its staff also died in the incident.

The fire, which broke out just before 1:00 p.m. on Tuesday, tore through the six-storey commercial building, housing several offices and businesses, leaving widespread devastation and loss in its wake.

In an official statement released on Thursday, United Capital expressed deep sorrow over the loss of its staff.

“It is with profound grief that the Management and Staff of United Capital Plc announce the passing of six of our dear colleagues, following the tragic fire at Afriland Towers,” the statement read.

“Our departed colleagues were an integral part of our company and family. Their painful loss leaves an immeasurable void.”

The company extended its heartfelt condolences to the families, friends, and loved ones of the deceased, assuring them of continued support during this difficult time. Plans are underway for a memorial service to honour the victims.

United Capital also expressed appreciation to emergency responders for their swift intervention during the incident.

“In this moment of untold grief, we stand together in solidarity, drawing strength from one another as we navigate this period. May the souls of the departed rest in peace.”

Authorities are continuing investigations to determine the cause of the fire.

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Elumelu Abruptly Ends UNGA Visit Following Afriland Tower Fire

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The Chairman of Afriland Properties Plc, Mr. Tony Elumelu, has abruptly ended his trip to New York for the ongoing United Nations General Assembly (UNGA) following a devastating fire at Afriland Towers in Lagos that claimed the lives of several staff members.

In a statement released on Wednesday, Elumelu expressed profound sorrow over the incident, describing the loss as heartbreaking for the Afriland family.

He wrote, “I am shattered by yesterday’s devastating incident at Afriland Towers, that took the lives of our dear colleagues. No words can capture the magnitude of this loss – not for their families who loved them, not for the friends who valued them, and not for those of us who worked beside them.”

Elumelu revealed that he was en route to New York when he received news of the tragedy, prompting his immediate return to Lagos as a mark of respect to the departed staff.

“As we navigate this grief, I urge you all to reach out to those who are receiving care. In the coming days, we will convene colleagues in a memorial to honour the memories of the departed, as we provide support to their families,” he added.

He also thanked emergency responders, first aid workers, and members of the public for their swift and compassionate response to the disaster.

To honour the victims, a minute of silence will be observed at 12:00 noon on Wednesday across all companies within the Tony Elumelu Group.

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CBN Mandates Banks to Announce Successor MD Three Months Ahead

The CBN warned that leadership uncertainty at large banks could destabilise the entire financial sector and damage the wider economy.

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The Central Bank of Nigeria (CBN) has issued a new directive mandating all Domestic Systemically Important Banks (DSIBs) to publicly announce the appointment of a new Managing Director/Chief Executive Officer (MD/CEO) at least three months before the scheduled exit of the incumbent.

In a circular signed by Dr Rita Sike, Director of Financial Policy and Regulation, and published on the CBN’s website, the bank stated that the new rules apply to Domestic Systemically Important Banks (DSIBs) – the largest lenders that are considered “too big to fail” because of their size and importance to Nigeria’s financial system.“

Consequently, and in line with good corporate governance practice, each DSIB is hereby required to: ensure it obtains regulatory approval for the appointment of a successor Managing Director not later than six months to the expiration of the tenor of the incumbent MD/CEO,” the circular stated.

Banks must also “publicly announce the appointment of the successor MD/CEO not later than three months to the planned exit of the incumbent MD/CEO.”

Whilst stating that the move is part of broader efforts to strengthen corporate governance and maintain confidence in the financial system, the CBN warned that leadership uncertainty at large banks could destabilise the entire financial sector and damage the wider economy.

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