Economy
FG Approves Marginal Oil Fields Licensing

By Adedapo Adesanya
President Muhammadu Buhari has approved the conduct of marginal oil field licensing bid round before the end of the year.
This was made known by the Minister of State for Petroleum Resources, Mr Timipre Sylva, on Thursday in Abuja.
The Minister said that the rounds will be held after issues surrounding the fiscals and other processes had been addressed.
Business Post had reported that the federal government plans to auction small oil fields this year to raise funds in the midst of the crisis facing the oil market in terms of price and demand.
The Minister yesterday also disclosed that Petroleum Industry Bill (PIB) will be passed, adding that work has been concluded on the PIB.
According to him, the ministry was on the verge of presenting the bill to the President and the Federal Executive Council (FEC) for approval, before presenting the bill to the National Assembly.
Speaking further on deregulation of the downstream sector of the petroleum industry, the Minister pointed at the failure of oil marketers to reduce the cost of diesel even with fall of crude oil price, as one of the reasons the federal government will not allow marketers to wholly determine the pump price of petrol and household kerosene.
He said even though the sector was deregulated on March 19, 2020, the government will continue to intervene to safeguard consumers of the commodity from being exploited by oil marketers.
He called out oil marketers for deliberately refusing to bring down the cost of diesel and other petroleum products whose landing costs had reduced.
He said, “Deregulation of the downstream petroleum sector was approved on the 19th of March. What was announced on that day was already deregulation, However, PMS and kerosene are strategic to the country.
“Hence, we cannot allow their prices to be determined wholly by marketers. Consumers had to be protected. This is what obtains globally.
“If we allow marketers to fix prices of these commodities anyhow they like, it will not augur well for us. That is why we will continue to intervene in price fixing.
“In the recent price fixing, we allowed the marketers to get some profit, but we determine the price to protect consumers.
“Look at our battle with marketers. We brought down the price of PMS, because the landing cost had come down, but the marketers had refuse to bring down the prices of diesel and other deregulated commodities, even though their landing costs had come down also.”
He noted that if the PPPRA does not continue to interface with marketers in determining the prices of PMS, the oil marketers would fix the prices arbitrarily and exploit consumers.
According to him, PPPRA would continue to work with marketers in determining the prices to ensure that the best pricing is arrived at for the consumers.
He further noted that the government is aware that the price of crude oil would rise again in the near future, which would also affect the pump price of PMS, stating, however, that government was already in the race to provide a cheaper alternative to PMS, in the form of Compressed Natural Gas (CNG).
Economy
FG Vows to Tackle Rising Cost of Imported Fish Feed, Post-harvest Losses, Others

By Modupe Gbadeyanka
Stakeholders in the aquaculture subsector in Nigeria have been promised adequate support through favourable policies and financial inclusion.
This promise was made by the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, during a high-level consultative meeting with fisheries cooperative groups in Abuja on Wednesday.
Participants informed the Minister some of the challenges affecting the fishing business in the country, including overfishing, environmental degradation, lack of access to affordable finance, post-harvest losses, inadequate cold storage infrastructure, poor transportation and market linkages, low youth involvement, multiple taxation by local government authorities, and the rising cost of imported fish feed.
They appealed to the federal government to support them to end Nigeria’s dependence on fish importation so as to transform the sector into a powerhouse of food security, employment, and export competitiveness.
In his remarks, Mr Oyetola said the government would look into the demands, noting that efforts are being made to support women and youth in the fishing sector with start-up grants and other empowerment initiatives.
“We will scale up domestic fish production, reduce dependency on imports, and reposition the sector for sustainable growth,” he said, adding that, “Increasing youth participation in aquaculture is not only vital for food production but also a strategic solution to reducing unemployment. We are committed to ensuring that young people and women are not left behind in this transformation.”
According to him, discussions are ongoing with the World Bank to secure financial support for fish farmers and that the ministry will be collaborating with the Nigerian Agricultural Insurance Corporation (NAIC) to ensure affordable and accessible insurance coverage for fish farmers across the country.
“We are also in talks with the Federal Ministry of Water Resources to replicate the successful aquaculture model at the Oyan Dam in other parts of the country,” he added, pointing to integrated planning and inter-ministerial cooperation as key pillars of the strategy.
“This meeting is not the end — it is the beginning of a sustained and transformative dialogue,” the Minister assured.
The meeting, convened by the Federal Ministry of Marine and Blue Economy, brought together leaders and members of major fisheries and aquaculture associations, including the Fisheries Cooperative Federation of Nigeria (FCFN), Tilapia Aquaculture Developers Association of Nigeria (TADAN), Catfish Farmers Association of Nigeria (CAFAN), Women in Fish Farming and Aquaculture, and the Practicing Farmers Association of Nigeria.
Economy
Otedola’s 40% Acquisition Triggers Strong Appetite for First HoldCo Shares

By Aduragbemi Omiyale
Shares of First HoldCo Plc are currently being on high demand at the Nigerian Exchange (NGX) Limited after information got out that serial entrepreneur, Mr Femi Otedola, is now in control of about 40 per cent of the financial services provider.
On Wednesday, the company was the busiest equity on Customs Street, selling 10.5 billion units valued at N324.5 billion.
The off-market block trading was executed through negotiated deals as the transactions were privately arranged between parties and then reported to the bourse.
It was learned that 17 separate deals took place involving First Securities Ltd as the buyer with CardinalStone Securities Limited, Meristem Stockbrokers Limited, Renaissance Capital (Rencap) Securities Limited, Regency Asset Management Limited, United Capital Securities Limited, Stanbic IBTC Stockbrokers Limited, and First Securities Limited also as sellers in some deals.
According to reports, the former chairman of First HoldCo, Mr Oba Otudeko, gave up more than 20 per cent of his stake in the organisation to his rival, Mr Otedola, who increased his shareholding from 15 per cent to 40 per cent, putting him in almost total control of the firm, which operates the flagship First Bank of Nigeria Limited.
It was gathered that Mr Otedola bought the 5 per cent equity stake belonging to another long term shareholder; the Hassan-Odukales, after voluntarily quitting the company.
Business Post observed that on Thursday, investors are jostling to take position in the company because of the latest acquisitions by Mr Otedola, who they believe could bring stability to the fold.
At the time of filing this report at midday trading, shares of FirstHoldCo were up by 9.94 per cent to N35.40 per unit from the N32.20 per unit they closed at midweek.
Economy
CBN Begins 301st MPC Meeting for July 21 as Analysts Eye Rate Cuts

By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has announced that its 301st Monetary Policy Committee (MPC) meeting is scheduled to take place on Monday, July 21 and Tuesday, July 22, 2025.
The MPC meeting, which will be held at the MPC Meeting Room located within the CBN Headquarters in Abuja, is one to watch as inflation eased again last month.
At the last meeting in May, which coincided with the 300th session, the team retained the Monetary Policy Rate (MPR) at 27.50 per cent, the second consecutive hold in 2025.
This second pause in rates came after six consecutive hikes recorded in 2024
The CBN also retained the asymmetric corridor around the MPR at +500/-100 basis points, the Cash Reserve Ratio of Deposit Money Banks at 50.00 per cent, and that of Merchant Banks at 16.00 per cent, while keeping the Liquidity Ratio unchanged at 30.00 per cent.
The MPC based the decision on improvements in macroeconomic indicators at the time.
Now, analysts say the MPC may consider cutting interest rates since inflation has slowed for yet another month in June 2025.
On Wednesday, the National Bureau of Statistics (NBS) reported that Nigeria’s headline inflation rate moderated for the third consecutive month to 22.22 per cent in June 2025 from 22.97 per cent in May 2025. It was 23.71 per cent in April 2025, down from 24.23 per cent in the prior month.
According to the latest Consumer Price Index report released by the bureau, the year-on-year figure reflects a 0.75 percentage point decline from the previous month and a significant 11.97 percentage point drop when compared to June 2024, which recorded an inflation rate of 34.19 per cent.
The food inflation rate stood at 21.97 per cent year-on-year in June, a sharp drop from 40.87 per cent recorded in June 2024. This significant fall is attributed largely to the base year effect.
On a month-on-month basis, food inflation rose to 3.25 per cent in June, up from 2.19 per cent in May, driven by price increases in staples such as tomatoes, pepper, dried green peas, crayfish, shrimps, meat, plantain flour, and ground pepper.
The decision next week will hinge on the ability of the county to navigate economic challenges including inflationary pressures, foreign exchange volatility, and the global economic outlook.
Despite these, many quarters including the World Bank and the International Monetary Fund (IMF) have lauded reforms introduced by the federal government aimed at boosting local production and reducing demand for forex, noting that such moves would help dampen inflationary pass-through.
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