Business
BREAKING: First Abu Dhabi Bank to establish branch in Nigeria
First Abu Dhabi Bank (FAB) is the UAE’s largest bank, formed in 2017 by the merger of First Gulf Bank and National Bank of Abu Dhabi.
•Photo: Nigeria’s Minister of State for Finance, Dr Doris Uzoka- Anite with the executives of First Abu Dhabi Bank (FAB)
First Abu Dhabi Bank is prepared to establish a branch in Nigeria.
This was the outcome of a strategic discussion between Nigeria’s Minister of State for Finance, Dr Doris Uzoka- Anite with the executives of First Abu Dhabi Bank (FAB) on enhanced financial collaboration ahead of the Bank’s plans to establish a branch in Nigeria.
“This engagement reflects growing confidence in Nigeria’s reforms and our commitment to attracting credible global capital to support growth and development,” said the minister on her X.
Uzoka- Anite emphasised that the engagement focused on opportunities for strengthened financial intermediation, increased capital flows, and expanded banking services to support Nigeria’s economic reforms and development priorities.
Uzoka-Anite reaffirmed Nigeria’s commitment to creating an enabling environment for global investors, noting that the planned entry of FAB reflects growing international confidence in Nigeria’s reforms and improving investment climate.
A background check on the Bank showed that First Abu Dhabi Bank (FAB) is the UAE’s largest bank, formed in 2017 by the merger of First Gulf Bank and National Bank of Abu Dhabi.
Headquartered in Abu Dhabi, it offers corporate, investment, and personal banking services across 20+ markets. FAB is recognized as one of the world’s safest institutions.
Aiming to be the best Arab bank for the Arab world, it recently reported a 22% increase in net profit for Q4 2024, driven by strong business volumes.
Business
Obasanjo: “Aliko Embarrass Me”
He got all his workers together in that refinery and said, without telling me, and there, said…
Former President of Nigeria, Olusegun Obasanjo, has described Aliko Dangote as his “boss”, crediting the businessman’s industrial achievements to the policies and encouragement provided by his administration.
Obasanjo said this while speaking at the groundbreaking ceremony of the Dangote East Africa Refinery in Lamu, Kenya, where he recalled his recent visit to the Dangote refinery and the businessman’s acknowledgement of the role he played in his transition from cement importation to production.
He said, “About two months ago, three months ago, I visited the refinery which you visited last week. And I just couldn’t stop being surprised what Aliko did. But then Aliko embarrassed me.”
According to Obasanjo, Dangote had gathered his workers during the visit and publicly attributed part of his success in cement production and the eventual development of his refinery to the policies and encouragement of the former president.
He said, “He got all his workers together in that refinery and said, without telling me, and there, said, all of you working here, all of you, the man you have to thank is this man, that’s me. I didn’t have anything to do with his refinery or what it is.
He said, without this man, I would not have been in cement production.“And it is the cement production that provided the encouragement, the inspiration for the refinery. So, thank you. They all shouted and thanked me.”
Obasanjo said Dangote had expanded the opportunities created by his administration beyond Nigeria, particularly through cement production across Africa, and was now replicating the model in the petroleum refining sector.
“May God continue to expand your coast. And you are my boss. You will continue to be my boss.”
Business
Minister Tasks Charcoal Merchants on Sustainable Forestry
The minister gave the charge at the flag-off of the 2026 Operation One Million Trees Tree Planting Programme organised by the Association for Forest Conservation and Green Industrial Charcoal Merchants at the Faculty of Renewable Natural Resources, University of Ibadan.
•Charcoal merchants and other stakeholders in the forestry sector
The Minister of Environment, Balarabe Abass Lawal, has charged charcoal merchants and other stakeholders in the forestry sector to embrace sustainable practices and support the federal government’s efforts to reverse deforestation and restore Nigeria’s degraded forest landscapes.
The minister gave the charge at the flag-off of the 2026 Operation One Million Trees Tree Planting Programme organised by the Association for Forest Conservation and Green Industrial Charcoal Merchants at the Faculty of Renewable Natural Resources, University of Ibadan.
The programme, which brought together forestry practitioners, charcoal merchants, environmentalists, students, regulators and other stakeholders, is aimed at promoting afforestation and encouraging responsible management of Nigeria’s forest resources.
Speaking at the event, the minister described tree planting as one of the most practical measures for combating climate change, reversing deforestation, restoring biodiversity, controlling desertification and strengthening the resilience of the nation’s ecosystems.
The Chairman of the Association for Forest Conservation and Green Industrial Charcoal Merchants, Mr Adeshola Adebowale Idowu, emphasised that the event carried a clear message for everyone involved in the charcoal business and, indeed, every Nigerian.
Idowu said stakeholders should develop the habit of replacing trees removed from the environment, encouraging Nigerians to plant trees around their homes and communities.
He advocated a practice of planting several trees for every tree cut down, stressing that trees remain indispensable to human existence because many products used by society are derived from them
( THISDAY)
Business
Court orders NMDPRA to continue issuing fuel import licences to Matrix Energy, AA Rano, AYM Shafa
Matrix Energy, AA Rano and AYM Shafa filed the suit in June. The lawsuit challenges the NMDPRA’s handling of fuel import licences.
A Federal High Court in Abuja has ordered the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue issuing fuel import licences and related permits to Matrix Energy, AA Rano and AYM Shafa.
In a ruling this week, Judge Inyang Ekwo of the Federal High Court in Abuja said non-compliance with the PIA and relevant laws would make any regulatory action on import licences legally ineffective.
“The consequences of non-compliance with the PIA and relevant laws make any exercise by the Authority in respect to import licences null and void,” Ekwo said.
Matrix Energy, AA Rano and AYM Shafa filed the suit in June. The lawsuit challenges the NMDPRA’s handling of fuel import licences.
The three marketers told the court they had invested more than $20 billion in infrastructure, logistics and retail networks to support their licensed fuel distribution businesses across Nigeria.
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