Business

WACT Sets to Commission $115m Upgraded Onne Terminal

Published

2 years ago

August 26, 2024

OCHEFA

953 Views

West Africa Container Terminal (WACT), operated by APM Terminals in Onne, Rivers State, has completed works on its USD115 million (about N178.2 billion) upgraded terminal. In a statement, the company’s Managing Director, Jeethu Jose, disclosed that the terminal will be commissioned next week Wednesday by President Bola Tinubu.

Jose said: “We are pleased to announce the successful completion of the upgrade of our terminal at Onne Port. This will be a game-changer for Nigeria, and we’re thoroughly excited about it.

“The fresh investment of USD115 million is a further testament to the trust and confidence that APM Terminals has in the Nigerian economy and contributes to our purpose of improving lives for all while lifting global trade.

”WACT is a greenfield container terminal developed under a Public-Private Partnership (PPP) model. Strategically situated within the Oil and Gas Free Zone, Onne, Rivers State.

The terminal has evolved into the premier gateway for accessing markets beyond the Lagos region and a vital conduit to Eastern Nigeria’s burgeoning economy. On August 15, 2020, WACT made history when it received the largest container vessel ever to berth at any Nigerian port.

Business

Naira Exchange Rates Thursday, 5 Nov 2026

Published

2 days ago

November 5, 2026

OCHEFA

133 Views

BLACK/ PARALLEL MARKET RATES

₦1400DOLLAR (USD)

₦1830POUND (GBP)

₦1515 EURO (EUR)

₦950 CANADIAN DOLLAR (CAD)

₦70 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED

₦190 Chinese YUAN (CNY)

₦100 Ghanaian CEDI (GHS)

West African CFA ₦2240 (XOF)

Central African CFA ₦2180 (XAF)

₦820 Australian Dollar AUSSIE (AUD)

Business

NNPCL wants to sell 10% equity via IPO on NGX, LSE

NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.

Published

3 days ago

November 4, 2026

OCHEFA

172 Views

The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.

The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.

The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.

Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.

The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.

Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.