General
NNPC, Indorama Seal Deal to Deepen Nigeria’s Gas Strategy

By Adedapo Adesanya
Following President Bola Tinubu’s visit to India last week, the country’s oil company, the Nigerian National Petroleum Company (NNPC) Limited, has signed a memorandum of understanding (MoU) with Indorama Eleme Petrochemicals Limited on gas supply in a bid to promote the use of natural gas by large-scale gas utilization industries.
The deal, if actualised, will allow both parties to explore and develop suitable opportunities within the remits of their interests across the hydrocarbon value chain in Nigeria.
According to NNPC Group Chief Executive Officer (GCEO), Mr Mele Kyari, “NNPC Limited is on the threshold of making value out of gas beyond any imagination.”
As the national energy company, one of NNPC’s roles, as enshrined in article 64(i) of the Petroleum Industry Act (PIA), is to promote the use of natural gas through the development and operation of large-scale gas utilisation industries.
This role is in alignment with Nigeria’s Nigasification strategy, which is a consolidation of critical programs embarked upon by the company to utilise natural gas and its associated liquids to be the energy source of choice, spur economic growth, free up crude oil for exports, and ultimately enable job creation.
According to the NNPC GCEO, with this project, “we are seeing an annual contribution of $3bn to the nation’s GDP and a lifetime contribution of $18bn to government revenue.”
As part of the company’s vision of operating the largest Petrochemical Hub in Africa, Indorama, which owns the world’s largest single-train Urea Plant located in Port Harcourt, Nigeria, is currently working on expansion plans within the next six years in the gas-based heavy manufacturing industries including fertilizer, methanol, and petrochemicals.
In his remarks, the MD/CEO of Africa Indorama Energy, Mr Manish Mundra, stated that, “This is a strategic collaboration to unlock Nigeria’s upstream sector, but more importantly, to partner downstream in order to share the value chain.” He said that “Nigeria’s gas reserves should position the country as one of the largest producers of urea in the western hemisphere.”
Key benefits of the opportunities include the monetization of over 1.7 TCF of gas and 100 million barrels of oil reserves, generation of upstream lifecycle revenue of over $18 billion, downstream production of about 4.8 million tonnes per annum (MTPA) of products, including methanol, urea, and fertilizer to boost national food security.
Other benefits include the creation of about 55,000 direct and indirect employment opportunities, the development of a condensate refinery to boost petroleum product supply and reduce product importation, an annual GDP contribution of over $3.8 billion, and the attraction of over $7 billion of foreign direct investment into the country.
In a related development, President Tinubu made senior management changes as he appointed three new executives to steer the ship of the company.
These are Mr Oritsemeyiwa A. Eyesan as the Executive Vice President for Upstream; Mr Olalekan Ogunleye as the Executive Vice President for Gas, Power, and New Energy; and Mr Adedapo A. Segun as the Executive Vice President for Downstream.
According to a statement signed by Mr Garba Deen Muhammad, NNPC’s Chief Corporate Communications Officer, this is “in line with NNPC Ltd.’s commitment and drive for organisational renewal, anchored on our business imperatives, standards of excellence, people development, and strengthening our competencies and capabilities through broad-based leadership exposures.”
General
Cardoso Reiterates Push to Remove Nigeria from FATF Grey List

By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, on Tuesday reiterated efforts to remove Nigeria from the grey list of the Financial Action Task Force (FATF).
Nigeria was placed on the Grey List by the Financial Action Task Force (FATF) alongside 21 other countries, including South Africa, Burkina Faso, and Cameroon amongst others in 2023 due to failure to fully comply with its obligations to combat money laundering, terrorist financing, and the proliferation of weapons.
Speaking at the end of the 300th Monetary Policy Committee (MPC) meeting, Mr Cardoso said Nigeria was working towards fixing trust in its financial system, which would enable it exit the list.
“The trust deficit is real but so is our resolve. We’re making the system stronger, safer, and more accountable,” he said.
“Rebuilding trust also means securing our systems. We’ve implemented robust KYC and partnered with NIBSS to ensure safety, screen users, and stay off the FATF grey list,” the central banker added.
Since being put on the grey list, Nigeria has been placed under increased monitoring by the FATF, and this has had consequential effect on transactions involving the country, as well its international outlook for business.
For countries to be removed from the Grey List, the concerned countries must address the shortfalls identified in FATF’s recommendations by strengthening their Anti-Money Laundering (AML)/Countering the Financing of Terrorism (CFT)/Countering Proliferation Financing (CPF) regimes.
The CBN governor, stated that the apex bank is working towards getting Nigeria out of the Grey List in order to foster the $1 billion monthly diaspora remittances, which the CBN is targeting.
Compliance with the FATF recommendations could therefore have far reaching implications on businesses, the financial sector in Nigeria, and the economy as a whole.
The country has recently intensified efforts to exit the list by this current quarter (Q2 2025), a move that will bolster investor confidence and unlock new economic opportunities.
Speaking during the first Capital Market Committee (CMC) meeting of 2025 held in Lagos this week, SEC Director General, Mr Emomotimi Agama, emphasized the far-reaching implications of such a move for Nigeria’s capital market and broader investment environment.
In March, the Minister of State for Finance, Mrs Doris Uzoka-Anite, emphasized the Government’s commitment to ensuring Nigeria’s removal from the grey list.
During a meeting with departments and agencies, she said the Bola Tinubu-led administration was working tirelessly to address the remaining deficiencies in Nigeria’s AML/CFT regime.
“We are confident that our efforts will yield positive results,” she added.
The successful removal of Nigeria from the grey list will not only bolster investor confidence and unlock new economic opportunities but also demonstrate the country’s dedication to upholding international standards and promoting a safer, more transparent global financial system.
General
FG to Sell 753 Housing-Unit Estate Seized from Emefiele

By Adedapo Adesanya
The Ministry of Housing and Urban Development has announced plans to sell the 753-unit housing estate confiscated from the embattled former Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele.
Disclosing this in a statement on Tuesday, the ministry said that the property was handed over by the Economic and Financial Crimes Commission (EFCC) on Tuesday at the Ministry’s headquarters in Mabushi, Abuja.
According to the ministry’s spokesman, Salisu Haiba, the Minister of Housing and Urban Development, Mr Ahmed Dangiwa, praised the EFCC for its sustained commitment to asset recovery and anti-corruption.
“The Ministry of Housing and Urban Development has taken delivery of the 753 Housing Units Abuja housing estate of former Central Bank Governor, Godwin Emefiele, recovered by the Economic and Financial Crimes Commission,” the statement said.
“This marks a significant milestone in our collective determination to ensure that recovered assets are put to productive use in ways that directly benefit the Nigerian people. The housing estate recovered from the former Governor of the Central Bank is a case in point.”
He announced that the Ministry, in collaboration with the EFCC, will undertake a joint familiarization tour to assess the current state of the estate.
“We intend to carry out thorough integrity and structural assessments on all buildings and associated infrastructure to confirm their safety and suitability for habitation,” he explained.
“The Ministry will offer the units for sale both to the public and for special government needs. For the public sale component, we will adopt a transparent and competitive process. This will include nationwide advertisement and the use of the Renewed Hope Portal, where interested Nigerians can submit their Expressions of Interest,” Mr Dangiwa added.
General
The New Rules of Diversification: Nigerian Portfolios Going Global with Real Assets

For decades, Nigerian investors have navigated economic uncertainty by leaning into familiar instruments—government bonds, blue-chip equities, fixed deposits, and, when necessary, cash-heavy real estate holdings in urban centres like Lagos and Abuja. But as persistent naira depreciation, foreign exchange restrictions, and inflation continue to erode the value of localized wealth, a structural recalibration is taking place.
High-net-worth individuals and savvy middle-class earners are increasingly broadening their investment mandates—both geographically and tactically—as diversification becomes central to wealth preservation. With Nigeria absent from recent rankings of the safest countries for foreign investment, investors are reevaluating their asset geography in pursuit of long-term resilience. While domestic assets remain foundational, there’s a rising preference for tangible, globally situated real estate as a diversification hedge against currency instability and policy unpredictability at home.
The Lagos Baseline: Holding the Fort at Home
For many, Lagos remains a primary node in their portfolio matrix. The commercial capital’s mix of residential estates, commercial high-rises, and industrial land makes it a flexible yet familiar terrain. More importantly, it serves a strategic purpose: anchoring wealth in a city whose property market, though cyclical, is backed by population momentum and urban expansion.
Emerging neighbourhoods such as Ibeju-Lekki, Sangotedo, and parts of Ikeja are drawing interest from investors seeking land banking opportunities or rental yields driven by demand for mixed-use developments. Lagos real estate listings highlight the breadth of available options, ranging from high-rise condos to gated duplexes—each representing a physical hedge in an increasingly intangible economy.
Dollarization via Miami: Strategic International Real Assets
Yet for investors with greater liquidity and international access, the pivot isn’t just away from Nigeria—it’s toward the dollar. Miami, with its dual appeal as both a financial hub and a lifestyle destination, is proving magnetic.
What makes Miami compelling isn’t just its luxury condos or beachfront appeal. It’s that U.S. real estate offers a dollar-denominated refuge from the naira’s fluctuations—serving as a practical vehicle for international diversification. Additionally, for families contemplating eventual relocation, education abroad, or second citizenship programmes, these purchases function as both lifestyle enablers and capital stabilizers.
According to trends tracked across urban housing markets, buyers from emerging economies—including Nigeria—are concentrating their purchases in areas with strong rental potential and limited inventory, ensuring asset appreciation over the medium term.
Beyond the Coasts: Asset Preservation in Middle America
Interestingly, a subset of Nigerian investors is eschewing high-profile cities altogether in favour of quieter, more affordable locations that offer consistent returns. Cities across the American Midwest, such as those in Iowa, have come under the radar—not because they are flashy, but because they are stable.
In North Iowa, for example, property values remain accessible, rental demand is steady due to regional employment centres, and ownership costs are comparatively low. For Nigerian investors seeking capital preservation over speculative upside, realty options in North Iowa are offering a compelling entry point into the U.S. housing market with reduced exposure to volatility.
What’s more, ownership in such secondary markets often comes with fewer regulatory frictions, easier financing structures, and lower ongoing tax burdens—all attractive attributes when managing foreign assets from afar.
Toronto’s Pipeline Approach: Building Equity into the Future
Canada, too, has found favour among Nigerian investors—but for a different reason. In Toronto, the appeal lies not just in what exists, but in what’s coming. The city’s pre-construction ecosystem allows investors to “reserve” property in future towers or communities years in advance, often with staggered payments and no immediate mortgage burden.
This model resonates with Nigerian buyers looking to hedge against inflation over the long term. By securing a property today at a fixed price—even if delivery is 3 to 5 years out—they effectively lock in value before inflationary pressure takes its toll.
Several upcoming residential projects in Toronto are offering buyers phased payment plans and forward-booking incentives—early-access investment opportunities that align with broader diversification strategies among Nigerians planning long-term capital deployment abroad.
Additionally, as Nigeria tightens capital controls, the gradual payment model allows capital to be moved abroad legally and incrementally, avoiding the shock of a lump-sum transfer or FX squeeze.
Strategic Asset Dispersion: Beyond Bricks and Mortar
This shift toward physical international assets isn’t merely about building wealth—it’s about preserving sovereignty over it. As trust in local financial systems ebbs and inflation eats into fixed-income earnings, the desire to hold assets in politically and economically stable jurisdictions has grown stronger.
Real estate, unlike equities or mutual funds, also offers non-financial benefits: immigration pathways, educational positioning, or even strategic relocation plans. These auxiliary gains are becoming part of the investment rationale, especially for Nigerians anticipating longer-term life transitions.
Conclusion: Real Estate as the New Reserve
In many ways, today’s Nigerian investor is not just seeking yield. They’re seeking resilience. They are de-risking against monetary policy shifts, diversifying across currency zones, and positioning assets in globally relevant geographies.
Domestic holdings in Lagos will likely remain foundational. But increasingly, they are being complemented—sometimes outweighed—by targeted investments in North America’s most resilient housing corridors. Whether through speculative future builds in Toronto, turnkey units in Miami, or quiet equity compounds in North Iowa, real estate is proving itself a globally portable store of value.
In a landscape where the rules of wealth preservation are being rewritten, owning a piece of the world—literally—may be the most strategic move of all.
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