Sierra Leone has announced the signing of a petroleum licence agreement with Nigeria‑based ​Marginal Energy Limited, granting the company offshore exploration ‌and production rights as the government seeks to revive interest in its under‑explored upstream sector.

The licence, signed through the ​Petroleum Directorate of Sierra Leone (PDSL), covers offshore ​blocks G‑145, G‑146, G‑147, G‑160 and G‑161, spanning ⁠about 6,800 square kilometres, according to a government ​statement, a Reuters report said.

Marginal Energy, a Nigerian independent, has committed to ​a seismic and drilling programme with exploration spending expected to exceed $225 million.

Under the agreement, the state will hold a 10 percent ​carried interest in oil projects and 5 percent in ​gas during exploration and development, with an option to acquire an ‌additional ⁠participating interest on a paid basis of up to 9 percent once production begins.

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The deal was signed at the Invest in African Energy conference in Paris, ​where Sierra ​Leone has been ⁠promoting offshore licensing opportunities to international investors, the report added.

NASCON Allied Industries Plc has rewarded its shareholders with a historic 200 per cent increase in dividend payout, underscoring a remarkable financial performance that saw profit after tax surge by over 100 per cent to N33.5 billion in the 2025 financial year, despite a challenging operating environment.

The strong performance was unveiled at the Company’s 2025 Annual General Meeting (AGM) held in Lagos, where shareholders applauded the resilience, focus and strategic discipline of NASCON’s management and Board.

Reflecting the robust results, the Board of Directors approved a dividend of N6 per share—the highest since the Company was listed on the Nigerian Exchange, signalling NASCON’s confidence in its financial strength and long-term growth prospects.

Earnings per share (EPS) rose sharply by 115 per cent, from 577 kobo in the previous year to 1,241 kobo. Describing the outcome as the best financial performance in NASCON’s history, the Chairman, Mr. Olakunle Alake, attributed the results to improved operational efficiency, strict cost management and the dedication of the Company’s workforce.

“The operating environment in 2025 was characterised by economic volatility, persistent inflation and structural changes across key sectors,” Alake said. “Yet, NASCON remained resilient and strategically focused, delivering outstanding value to shareholders.”

He noted that operational sustainability remains a core pillar of the Company’s strategy. During the year, NASCON introduced Compressed Natural Gas (CNG) trucks into its logistics fleet to reduce fuel costs and minimise exposure to diesel price volatility. In addition, the Company’s state-of-the-art salt refinery, its largest production facility, now runs entirely on natural gas, significantly boosting efficiency while reinforcing NASCON’s commitment to environmental sustainability.

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The Managing Director, Mrs. Aderemi Saka, highlighted key milestones recorded during the year, including a 27 per cent growth in revenue and exceptional returns to shareholders through dividends. She attributed the achievements to a clear strategic vision, disciplined execution and sustained focus on cost-saving initiatives across production, logistics and fleet management.

Looking ahead to 2026, Saka reaffirmed management’s determination to build on the current momentum. She outlined strategic priorities for the coming year, including deeper cost optimisation, expanded market penetration, strengthened energy diversification and sustainability initiatives, as well as accelerated digital transformation and process automation.

In her remarks, Director Mrs. Tonya Lawani emphasised that the Company remains firmly committed to the principles that have driven its excellent performance, noting that NASCON approaches the new financial year from a position of strength, with further opportunities for growth and improvement.

Speaking on behalf of shareholders, Dr. Faruk Umar expressed strong confidence in the Company’s trajectory, citing NASCON’s rising share price, which recently crossed the N100 mark, and projecting further appreciation. He commended the quality of the Board and management team, noting that strong leadership and recent executive appointments have positioned the Company to deliver even greater value to all stakeholders.

With its record-breaking profit, unprecedented dividend payout and forward-looking strategy, NASCON Allied Industries Plc continues to consolidate its position as a leading force in Nigeria’s manufacturing sector while delighting shareholders with sustained value creation.

Photo Caption:

From Left: Company Secretary, NASCON Allied Industries Plc, Oluseun Oluwole; Chairman, NASCON Allied Industries Plc, Olakunle Alake; Managing Director, NASCON Allied Industries Plc, Aderemi Saka; Non-Executive Director, NASCON Allied Industries Plc, Fatima Aliko Dangote; Independent Director, NASCON Allied Industries Plc, Tonya Lawani, at the NASCON Allied Industries Plc 2025 Annual General Meeting held in Lagos on Monday, April 27, 2026

Rising global demand for aviation fuel and expanding refining capacity for jet fuel have pumped exports from the Dangote Petroleum Refinery and Petrochemicals (DPRP), up by about 770 percent over the past two years.

But in about 24 months, the Kpler data showed that the global aviation fuel landscape has undergone a seismic shift, with the DPRP emerging from a regional startup to a dominant global supplier.

According to the shipment information, the refinery’s jet fuel exports reached a record-breaking 158,000 barrels per day in April 2026, representing a staggering 770 percent increase from its initial export volumes of roughly 18,000 bpd in April 2024.

In April 2024 when shipment commenced, exports to Europe were non-existent, as the refinery focused on initial trial runs and regional deliveries. By April 2026, European-bound shipments reached approximately 70,000 bpd. This represented an infinite percentage growth from the zero-baseline of two years ago and a nearly 133 percent increase in just the last year, compared to the 30,000 bpd seen in April 2025.

However, the conflict in the Middle East has acted as a primary catalyst for this shift; as European airlines and distributors move to de-risk their supply chains away from the volatile Gulf, with Dangote’s West African location offering a shorter, safer, and more reliable alternative.

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Besides, the African market has also seen a substantial strengthening in export volumes, growing from 18,000 bpd in April 2024 to 69,000 bpd in April 2026, a 283 per cent increase over the period.

This consistent upward trend highlighted the refinery’s role in replacing expensive imports from the Mediterranean and Asia that previously supplied the continent. Within the last 12 months alone, from April 2025 to April 2026, the data showed that exports to African neighbours grew by approximately 115 percent.

By providing a localised source of aviation fuel, the refinery has effectively insulated regional carriers from the worst of the logistics-induced price spikes seen in other parts of the world.

While Europe and Africa have become the dominant destinations, the Americas have also served as a vital, albeit fluctuating, market for the refinery’s excess capacity.

In the early phase of operations, specifically June 2024, the Americas received 19,000 bpd. By the time the refinery hit its early stride in February 2025, shipments to the Americas peaked at roughly 55,000 bpd. However, by April 2026, that figure settled at approximately 14,000 bpd.

Despite the recent dip as the refinery prioritises higher-margin European contracts, the overall growth from June 2024 to the February 2025 peak represented a 189 percent surge.

With the Red Sea remaining a high-risk zone for tankers, the journey from the Persian Gulf to Rotterdam has become longer and more expensive. Conversely, a tanker from Lagos, it was learnt, can reach European ports in nearly half the time without the need to navigate contested waters.

The Kpler data indicated that Dangote has seized this window of opportunity. Between December 2025 and April 2026, as tensions in the Middle East flared, the refinery’s total export volume jumped from 81,000 bpd to 158 bpd, a 95 percent expansion in just four months. This rapid scaling demonstrates the facility’s operational flexibility to meet sudden shifts in global demand.

Beyond the major regions, the “Others” category, representing emerging markets in South America and potentially Asia, has also seen a notable rise. Starting from zero in the first quarter of 2024, these miscellaneous exports reached 19,000 bpd by April 2026, according to the data.