Business
Firm Hails Tinubu Over DICON Act Signing
….Says Nigeria Capable of Attaining Self-Sufficiency in Military Hardware
A Nigerian firm, DICON Gray Insignia, has commended President Bola Tinubu for signing the amended Defence Industries Corporation of Nigeria (DICON) Act, which allows for the local manufacturing and storage of military hardware.
The firm also praised the Ministry of Defence, the Defence Industries Corporation of Nigeria (DICON), and other relevant government agencies in the security and defense sector for their efforts to develop the local market for security equipment manufacturing and reduce dependence on imported military hardware, which comes at a huge cost.
In a statement over the weekend, the MD/CEO of DICON Gray Insignia, Mr. Bem Ibrahim Garba, said President Tinubu has demonstrated bold leadership by ensuring that the vast foreign exchange spent on importing weapons is redirected toward initiatives that enhance the livelihood of Nigerians.
He stated that DICON Gray Insignia is ready to offer its technical expertise to ensure that, as the giant of Africa, Nigeria no longer remains at the mercy of countries that profit from exporting weapons to the highest bidders.
Garba described the amendment of the DICON Act by the National Assembly and its signing by President Tinubu as a game changer that will have significant security and economic benefits for the country.
Highlighting the far-reaching impact of the Act, he emphasized that local manufacturing of defense equipment will strengthen the naira, as transactions will be conducted in local currency rather than in foreign exchange.
Furthermore, he noted that the usual delays in military procurement—where orders can take up to a year before delivery—will be eliminated.
He stated: “This is a huge win for our country. We will no longer need to export massive amounts of foreign exchange to international markets, nor will we have to endure long waiting periods to supply our military and security forces.
The order and delivery gap will now be closed.”
“Our young people will be exposed to new technical skills, empowering them with meaningful employment opportunities and reducing pressure on the labor market.
Training them to manufacture these tools is in the best interest of our nation.
”Garba also expressed profound gratitude to the Honourable Minister of Defence, Alhaji Abubakar Badaru; the Minister of State for Defence, Bello Matawalle; and the Permanent Secretary of the Ministry for their visionary leadership in prioritizing Nigeria’s defense capabilities.
He further highlighted that local manufacturing will not only serve Nigeria but also benefit neighboring West African countries, many of which rely on imported military hardware to combat insecurity.
Experts have applauded the DICON Gray Insignia partnership, viewing it as a strategic shift in Nigeria’s defense procurement policy—one that prioritizes technology transfer and local production over foreign dependency.
President Tinubu’s administration has made local manufacturing of defense equipment a key policy focus, leveraging strategic collaborations with both foreign and local partners through DICON as the central platform.
Business
Zenith Bank’s Founder Jim Ovia Retires As Board Chairman
Ovia, who founded Zenith Bank in 1990, has played a central role in the institution’s growth into one of Nigeria’s leading financial services providers.
Zenith Bank Plc has announced the retirement of its founder and Group Chairman, Jim Ovia, following the expiration of his tenure.
Ovia, who founded Zenith Bank in 1990, has played a central role in the institution’s growth into one of Nigeria’s leading financial services providers.
In a statement issued on Tuesday, the bank said Ovia stepped down after completing the mandatory 12-year tenure as a non-executive director and chairman, in line with the Central Bank of Nigeria’s (CBN) corporate governance guidelines.
The policy limits the tenure of non-executive directors in financial institutions to promote board renewal and strengthen governance standards within the banking sector.
Business
NNPC’s Ojulari brings in Chinese to revamp Warri, Port Harcourt refineries
The agreement was signed with Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd.
The Nigerian National Petroleum Company Limited (NNPC Ltd) has signed a Memorandum of Understanding (MoU) with two Chinese firms for the restart, operation and expansion of the Warri and Port Harcourt refineries.
In a statement on Monday, NNPC’s Chief Corporate Communications Officer, Andy Odey, said that the agreement was signed with Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd.
He said the deal is expected to pave the way for a Technical Equity Partnership (TEP) aimed at completing ongoing rehabilitation works and ensuring efficient operations of the refineries.
The MoU was executed in Jiaxing City, China, on April 30, 2026, by NNPC’s Group Chief Executive Officer, Bashir Bayo Ojulari, alongside the Chairman of Sanjiang Chemical Company, Guan Jianzhong, and Chairman of Xingcheng Industrial Park Operation and Management Co. Ltd, Bill Bi.
Under the proposed arrangement, the Chinese partners will support the completion of outstanding rehabilitation work at both facilities and take part in their operation and maintenance to achieve sustainable performance.
The partnership will also explore the expansion and upgrade of the refineries to meet cleaner fuel standards, improve profitability and boost petrochemical production capacity.
It is further expected to support the development of gas-based industrial hubs around the facilities.
Speaking after the signing, Ojulari described the agreement as a major milestone following months of negotiations.
All parties recognise mutually beneficial opportunities for the development and long-term sustainability of NNPC’s refining assets,” he said.
The rehabilitation of the Port Harcourt Refining Company was approved in 2021 at an estimated cost of $1.5 billion, with contracts awarded to Italy’s Saipem and other partners to restore its capacity of 210,000 barrels per day.
Similarly, the Warri Refining and Petrochemical Company is undergoing rehabilitation under a contract valued at about $897 million, aimed at reviving its 125,000 barrels per day capacity and integrating petrochemical production.Both projects form part of NNPC’s broader strategy to reduce Nigeria’s reliance on imported petroleum products.
Business
NDPC Chief Advocates for Warehousing Citizens Data Locally
Olatunji made the call today during the opening ceremony of data protection peer review conference at the Continental Hotel in Abuja, organised in partnership with the World Bank, Nigeria Data Protection Commission (NDPC), and Smart Africa.
The National Commissioner and Chief Executive Officer of the Nigeria Data Protection Commission (NDPC), Vincent Olatunji, has advocated for developing indigenous technologies to support data protection processes, including breach reporting, compliance monitoring, and public awareness systems, rather than relying solely on imported solutions.
Olatunji made the call today during the opening ceremony of data protection peer review conference at the Continental Hotel in Abuja, organised in partnership with the World Bank, Nigeria Data Protection Commission (NDPC), and Smart Africa.
The conference is being attended by nine African countries – The Gambia, Sierra Leone, Liberia, Ethiopia, Burundi, Somalia, Malawi, Zambia and Kenya.
Delegations from the participating countries are joined by representatives of key regional organisations, including the Economic Community of West African States (ECOWAS), Economic and Monetary Community of Central Africa (CEMAC), and the Intergovernmental Authority on Development (IGAD).
Olatunji told participants that the initiative would promote East-West peer learning and strengthen mechanisms for building and operationalising data protection regimes across the continent.
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