Economy
NNPC to Transfer Refineries to Private Firm
By Modupe Gbadeyanka
The Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, on Wednesday said the state-owned oil agency will no longer operate the country’s refineries after their rehabilitation.
Speaking today in an interview on Arise TV breakfast programme, The Morning Show, he said upon completion of the ongoing rehabilitation exercise, the refineries would be handed over to a private firm on an Operations and Maintenance (O&M) basis.
“We are going to get an O&M contract, NNPC won’t run it. We are going to get a firm that will guarantee that this plant would run for some time.
“We want to try a different model of getting this refinery to run. And we are going to apply this process for the running of the other two refineries”, he stated.
He explained that the plan, ultimately, is to get private partners to invest in the refineries and get them to run on the NLNG model where the shareholders would be free to decide the fate of the refineries going forward.
Mr Kyari stated that this model, which is totally different from previous approach, would guarantee the desired outcome for the refineries, which are located in Warri (Delta State), Kaduna and Port Harcourt (Rivers State).
Business Post recalls that during the build up to the 2019 general elections, candidate of the opposition Peoples Democratic Party (PDP) and former Vice President of Nigeria, Mr Atiku Abubakar, had said when elected President, he would sell the refineries to private firms for better management. However, he was highly criticised for this.
Also, speaking on a Channels TV breakfast talk show, Sunrise Daily, earlier in the day, the NNPC’s helmsman said the decision to finally end the fuel subsidy regime was in the interest of ordinary Nigerians as it would free up funds for the various tiers of government to develop basic infrastructure in the education, health, transport, and other sectors for their benefit.
“Subsidy is elitist because it is the elites that benefit from it. They are the ones that have SUVs, four, five cars in their garages. The masses should be the ones to benefit. There are many things wrong with the under-recovery because it makes us to supply more than is needed.
“This makes the under-recovery to be bloated because we unwittingly subsidize fuel for the whole of West Africa. That has to stop,” the NNPC boss submitted.
He explained that the removal of subsidy would automatically correct the distortions it created in the market such as products arbitrage and smuggling, stressing that it would also provide the needed impetus for the NNPC to establish retail outlets in neighbouring countries.
On the agitation in some quarters for a reduction in the price of kerosene, he said the corporation’s focus was rather on how to migrate all those who were still using kerosene for domestic cooking to the use of Liquefied Petroleum Gas (LPG) which is popularly referred to as cooking gas.
According to him, apart from LPG being a cheaper fuel than kerosene, it is also safer and more environment-friendly.
He said the Minister of State for Petroleum Resources, Mr Timipre Sylva, was championing policies to deepen the adoption of LPG for domestic consumption, adding that widespread adoption of LPG usage was the best solution to kerosene supply challenges in the long term.
On the situation with global crude oil price and supply, the GMD said things were shaping up.
“Crude oil price is improving by the day. Last week, it was $15 per barrel. Today, it is $32.79 per barrel. We believe the ongoing engagements between global oil producers will bring back demand and once that happens, the market will balance and fully recover by year-end”, he stated.
On the fight against the COVID-19 pandemic, Mr Kyari, who put the current total donations by players in the oil and gas Industry at N21 billion, said the sector was obliged to support the federal government in its efforts to bring relief to Nigerians.
By Adedapo Adesanya
Terrahaptix, a Nigerian autonomous systems startup, has raised $11.75 million in a round that will see it boost drone manufacturing to tackle violent extremism spreading across Africa.
The funding round was led by 8VC founded by the co-founder of Palantir Technologies Inc., Mr Joe Lonsdale. Other investors include Valor Equity Partners, Lux Capital, SV Angel, Leblon Capital GmbH, Silent Ventures LLC, Nova Global and angel investors including Mr Meyer Malka — the managing partner of Ribbit Capital.
Terrahaptix, founded by Mr Nathan Nwachukwu and Mr Maxwell Maduka, will use the new funding to expand Terra’s manufacturing capacity as it expands into cross-border security and counter-terrorism.
The company based in Abuja produces long- and mid-range drones, autonomous sentry towers and unmanned ground vehicles to help secure infrastructure assets valued at about $11 billion across Africa, including hydropower plants in Nigeria, as well as gold- and lithium-mining operations in Ghana.
In June last year, the firm beat an Israeli company to secure a $1.2 million security contract to deploy AI-powered drones and sentry towers at two hydroelectric power plants in Nigeria, awarded by a private security firm, Nethawk Solutions.
According to Mr Nwachukwu, the CEO of Terrahaptix, the rising spate of insecurity must be tackle as the continent continues to industrialize its economy.
“Africa is industrializing faster than any other region, with new mines, refineries and power plants emerging every month,” he said, “But none of that progress will matter if we don’t solve the continent’s greatest Achilles’ heel, which is insecurity and terrorism.”
“Our mission is to give Africa the technological edge to protect its industrial future and defeat terrorism.” Mr Nwanchuku added.
On his part, Mr Maduka, the company’s co-founder and CTO, also reinforced the company’s commitment to the continent by saying, “This is African technology, built by African engineers, for African infrastructure. We are creating skilled jobs, building advanced manufacturing capacity, and ensuring the intellectual property behind Africa’s security stays on the continent.”
The need for security has risen in recent years as groups such as Islamic State and al-Qaeda are gaining ground in Africa, converging along a swathe of territory that stretches from Mali to Nigeria.
By Aduragbemi Omiyale
The credit ratings of Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings Plc, have been upgraded by Agusto & Co.
The improved ratings underscore the company’s commitment to robust risk management, operational discipline, and its strong capacity to meet obligations to policyholders.
In a statement, Stanbic IBTC Insurance said its long-term and short-term ratings of A and A1 were raised by the rating agency. It was added that the two ratings were given a stable outlook, reflecting stronger confidence in the company’s financial resilience, governance standards, and long-term sustainability.
Agusto also cited Stanbic IBTC Insurance’s sound liquidity position, prudent business strategy, and the strategic backing it receives as part of Stanbic IBTC Holdings.
As part of its growth strategy, Stanbic IBTC Insurance continues to expand its retail footprint across Nigeria, enhancing access to life insurance solutions and deepening its presence in key markets. This expansion supports its mission to serve individuals, families, and businesses with reliable and accessible insurance offerings.
In terms of claims settlement, Stanbic IBTC has consistently demonstrated its commitment to prompt and efficient payout to policyholders and annuitants.
Since its establishment in 2021, the company has settled over 2,000 claims, amounting to more than N1.8 billion in cash.
Additionally, it has paid over 16 billion in annuities to more than 4,900 retirees, reaffirming its dedication to delivering reliable and timely benefits.
“We are delighted with this upgrade as a reflection of our progress and the trust we’ve earned from stakeholders.
“Our focus remains on delivering reliable protection, exceptional service, and enduring value to both policyholders and other stakeholders.
“This recognition motivates us to uphold the highest standards of financial discipline, service excellence, and integrity,” the chief executive of Stanbic IBTC Insurance, Mr Akinjide Orimolade, stated.
By Aduragbemi Omiyale
Additional 2,575,851,543 ordinary shares of First Holdco Plc issued to one of the investors of the company from a private placement have been listed on the Nigerian Exchange (NGX) Limited.
The equities were sold at the exercise at N32.50 per share, amounting to N83.715 billion. They were from the private placement of 3,276,923,077 ordinary shares of the financial services firm.
The listing of the new stocks have increased the total issued and fully paid-up shares of First Holdco Plc to 44,453,693,134 ordinary shares of 50 Kobo each from 41,877,841,591 ordinary shares of 50 Kobo each.
This development was confirmed by the bourse over the weekend in a disclosure to the investing community.
“Trading licence holders are hereby notified that additional 2,575,851,543 ordinary shares of 50 Kobo each of First Holdco Plc were on Monday, January 5, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares listed on NGX arose from the company’s private placement of 3,276,923,077 ordinary shares of 50 Kobo each at N32.50 per share.
“With the listing of the additional shares, the total issued and fully paid-up shares of First Holdco Plc have now increased from 41,877,841,591 to 44,453,693,134 ordinary shares of 50 Kobo each.
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