By Adedapo Adesanya

Nigeria has ramped up efforts to secure its oil-rich waters and curb maritime crime, deploying significant naval assets under Exercise Obangame Express 2026 to protect critical energy infrastructure and trade routes in the Gulf of Guinea.

Flagging off the exercise in Onne, Rivers State, the Chief of Naval Staff, Vice Admiral Idi Abbas, said the exercise is central to safeguarding economic assets and sustaining investor confidence in Nigeria’s maritime domain.

“The safer maritime environment has enhanced investor confidence, increased shipping activities and supports the Federal Government’s drive towards a sustainable blue economy,” he said in a statement.

The multinational exercise, coordinated with the United States Africa Command, focuses on combating oil theft, piracy, illegal trafficking and other threats that directly impact Nigeria’s oil revenues and regional trade flows.

The focus on maritime security comes amid persistent concerns over crude oil theft and supply chain disruptions, which continue to undermine Nigeria’s production capacity.

Mr Abbas emphasised that coordinated regional efforts remain the most effective response to evolving threats.

“OBANGAME EXPRESS provides a unique opportunity for participating nations to train together, operate together and build the trust necessary for real-time coordination,” he said.

He added that no country can independently secure its maritime domain, stressing the need for sustained partnerships to protect the Gulf’s strategic energy corridor.

Also, the Commander, Eastern Naval Command, Rear Admiral CD Okehie, said the operation reflects a strategic shift toward protecting high-value maritime assets.

“The Gulf of Guinea serves as a major global sea lane of commerce, making it indispensable not only to regional economies but also to international trade,” he noted.

According to him, the Navy’s deployment of 10 ships, helicopters and special forces is designed to strengthen surveillance, interdiction and rapid response capabilities.

With Nigeria’s offshore assets and export routes forming a backbone of national revenue, the exercise signals a renewed push to tighten security, reduce losses and stabilise the broader oil and gas ecosystem.

By Aduragbemi Omiyale

When shareholders of Nigerian Breweries Plc gathered at the company’s 80th Annual General Meeting (AGM) in Lagos, on Wednesday, April 22, 2026, one thing they were sure was not on the agenda was the approval of a dividend for the 2025 financial year.

This was because the board did not propose the payment of a cash reward to investors for the fiscal year for some reasons, which were explained at the meeting.

The chairman of the organisation, Ms Juliet Anammah, told shareholders that the dividend payout was skipped to rebuild retained earnings impacted by prior macroeconomic shocks, particularly foreign exchange-related losses.

“We recognise the importance of dividend payments to our shareholders and sincerely appreciate your continued understanding.

“While we are not declaring a dividend at this time due to negative retained earnings, we are working diligently to restore the company’s financial position and return to dividend payments as soon as it is sustainable to do so,” she explained.

Ms Anammah noted that the board remains vigilant to external risks, including the Middle East crisis and broader macroeconomic challenges, which may impact the pace of improvement in the 2026 financial year.

She thanked shareholders for their continued support and reaffirmed that the company will build on its 2025 performance as it accelerates growth ambitions.

“We have a solid foundation built over eight decades, anchored on a strong portfolio of brands, an extensive nationwide sales and supply chain network, ongoing digital transformation, and most importantly, our people. These strengths remain critical to sustaining our leadership position,” she said.

Despite the non-payment of cash reward for the year, shareholders applauded Nigerian Breweries for strong recovery and improved profitability in the 2025 financial year, driven by disciplined cost management and a significant reduction in finance expenses.

One of them, Mr Eke Emmanuel, who is the immediate past Secretary of the Independent Shareholders Association of Nigeria, praised the board and management for steering the company through a volatile macroeconomic environment while strengthening its financial position, noting that the company’s resilience, at a time when several businesses exited the country, reflects strong leadership and a sound strategic direction.

“It is good news that we have been here for 80 years. There is no reason why we will not be here for the next 80 years with what we have achieved. To return to this level of profitability and cash position shows the Board has done an enormous amount of work,” he said.

Another shareholder, Mr Owolabi Opeyemi of the Noble Shareholders Association, confessed that, “We are proud of how the company has withstood the ups and downs of a challenging environment. The return to profitability and the reversal of the negative cash position recorded in the previous two financial years is commendable.”

By Adedapo Adesanya

Waltersmith Refining and Petrochemical Company Limited has announced plans to commence two further phases of expansion, which will include the construction of a 30,000-barrel-per-day condensate refinery and an industry park that will accommodate other gas-based firms.

The chairman of Waltersmith Petroman, Mr Abdulrazak Isa, revealed this during a visit of the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr Felix Omatsola Ogbe, and the chief executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr Saidu Mohammed, to the Waltersmith modular refinery at Ohaji- Egbema, Imo State.

Mr Isa said the firm would develop a gas line that would deliver 100 million standard cubic feet of gas per day, and provide an embedded captive power, to attract industries to co-locate in the industrial park.

Plans are afoot to conclude the partnership agreement for the condensate refinery by the 4th quarter of 2026, he said, adding that feedstock for the integrated expansions will come from the Ibigwe and Assa fields, as well as from nearby fields.

The chairman underlined the company’s determination to invest in the petrochemical sector, leveraging its access to gas and Naphtha, noting that the petrochemical industry is a key enabler of the economy.

He sought approvals from the NMDRA for the various stages of the upcoming developments.

The visit was to inspect the newly completed expansion of the firm’s refining capacity, from 5,000 barrels per day to 10,000 barrels per day.

NCDMB invested equity in Waltersmith Refining and Petrochemical Company Limited’s modular refinery in 2018 and helped catalyse the investment, leading to the commissioning of the first phase of the plant in November 2020.

NCDMB also participated in the expansion, which is now completed and operational, producing AGO (diesel), Household kerosine (HHK), HFO (Heavy Fuel Oil) and Naphtha.

The refinery has to date supplied over 1.1 billion litres of refined products to local and regional markets, helping to strengthen Nigeria’s and West Africa’s energy security and contributing immensely to the national economy. The refinery supplies most of its products to the South-East and South-South parts of the country, while the HFO gets to the West African sub-region.

On his part, Mr Mohammed expressed his delight at the success of the facility and promised the agency’s support to the company’s expansion plans, saying the midstream sector of the petroleum industry holds the key to the nation’s economic development, adding that the establishment of such projects is the dream of every administration.

He described Waltersmith as an octopus in the midstream sector and challenged the company to hasten the development of the condensate refinery. Mohammed also commended NCDMB for partnering with Waltersmith to develop the project, which had become a runaway success.

The Director of Legal Services at NCDMB, Mr Naboth Onyesoh, who represented the organisation’s scribe, conveyed the board’s delight at the success of Waltersmith modular refinery, describing the company as a model in local content implementation, especially in direct and indirect job creation, capital retention, industrialisation, import substitution and value addition to crude oil and gas resources.