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NNPCL wants to build five LNG plants in Kogi

The Chairman, Senate Committee on Local Content, Senator Natasha Akpoti-Uduaghan disclosed this at the 13th Annual Practical Nigerian Content (PNC) forum

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The Nigerian National Petroleum Company Limited (NNPCL) is set to establish five mini-Liquefied Natural Gas (LNG) plants in Ajaokuta Local Government Area of Kogi in 2025.

The Chairman, Senate Committee on Local Content, Senator Natasha Akpoti-Uduaghan disclosed this at the 13th Annual Practical Nigerian Content (PNC) forum.

In a statement by her Chief Press Secretary Arogbonlo Israel, the Kogi Central lawmaker said the projects would be flagged off next year, describing them as the largest concentration of such projects in one senatorial district in the country.

Akpoti-Uduaghan said: “I would like to appreciate NNPC and the industry experts who have also considered and humbled us at Ajaokuta Local Government, with the (not too sure if it’s too early to speak about it), establishment of five mini LNG plants which will be flagged off early next year.

“This is actually the largest concentration of such projects in one district in the entire country. Five, not one, two, three, four, but five mini LNG plants will be established in Ajaokuta by God’s grace next year (2025).

“That’s good news for us, good news for Nigeria. So what does that mean?

This and many others are just pivotal, it’s important to know that if there’s any place in the country where we should situate a technology hub that will not only drive innovations but talk about the testing and brainstorming around the various kinds of metals and what these metals can do for the industry. It’s just Ajaokuta Local Government,“ she said.

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Business

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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Nigeria is gradually regaining macroeconomic stability – CPPE

Dr Yusuf listed food and alcoholic beverages, restaurants and accommodation services, as well as transport and high energy costs, as key drivers of inflation in the country.

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Dr Muda Yusuf, the Chief Executive Officer (CEO) ,Centre for the Promotion of Private Enterprise (CPPE), declared that Nigeria is gradually regaining macroeconomic stability.

He referenced the downward trend of headline inflation rate for the fifth consecutive month, reaching 20.12 percent in August 2025 from July’s 21.88 percent.

Dr Yusuf made the above comments in response to the data from the National Bureau of Statistics (NBS) for the period under review .

Dr Yusuf listed food and alcoholic beverages, restaurants and accommodation services, as well as transport and high energy costs, as key drivers of inflation in the country.

According to Yusuf the 20.12 percent recorded in August represents a notable 1.76 percentage point decline from July’s 21.88 per cent.

Month-on-month inflation also slowed sharply, with prices rising by just 0.74 percent in August compared to 1.99 per cent in July.

” This sustained moderation in inflation suggests that Nigeria is gradually regaining macroeconomic stability,” he said.

“However, consumer confidence remains fragile due to persistently high food prices and weak purchasing power. Despite this, consumer pessimism is gradually easing, suggesting that households are beginning to adjust their expectations as inflation slows.

“Several factors have contributed to the continued deceleration in inflation, including base effects from the unusually high inflation rates recorded in 2024, FX stabilisation and improved agricultural production from sub-national government interventions, which have helped boost food supply and contain price spikes,” he said.

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