Business
CBN Clears $7bn Valid FX Backlog
The Central Bank of Nigeria (CBN) has achieved a significant milestone by settling all valid foreign exchange backlogs amounting to $7 billion, fulfilling a crucial promise made by Governor Olayemi Cardosoo.
Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, confirmed this achievement in Abuja on Wednesday, highlighting the meticulous assessment conducted by independent auditors from Deloitte Consulting to ensure the legitimate claims were honored.
In a bid to bolster economic credibility and confidence, the CBN recently completed a $1.5 billion payment to meet obligations to bank customers, effectively eradicating the residual balance of the FX backlog.
Governor Cardoso emphasized the strategic importance of prioritizing the clearance of the FX backlog during a recent meeting, signaling a positive step towards restoring faith in the Nigerian economy.
He said “We made clearing the FX backlog a priority to restore credibility and confidence in the Nigerian economy. It was important that we go through an independent and credible process that would determine the authenticity of those obligations, and, at this point, I can tell you that we have now cleared all genuine, verifiable transactions.
“This encumbrance to market confidence in the country’s ability to meet its obligations is now totally behind us.”
The recent clearance of the foreign exchange transactions backlog aligns with the comprehensive strategy outlined during last month’s Monetary Policy Committee (MPC) meeting, aimed at stabilizing the exchange rate to mitigate imported inflation and enhance confidence in the banking system and the economy.
Governor Cardoso leveraged the MPC meeting and subsequent conference calls with foreign portfolio investors to articulate expectations for sustained growth in Nigeria’s foreign currency reserves and enhanced liquidity in the foreign exchange market.
The CBN further reported a substantial surge in external reserves, surging by $993 million to reach $34.11 billion as of March 7, 2024, marking the highest level attained in eight months.
The notable month-on-month increase in external reserves was propelled by a significant uptick in remittance payments from Nigerians abroad, coupled with increased acquisitions of local assets, particularly government debt securities, by foreign investors.
Business
Sahara Champions Global Shipping Collaboration for $20m Mercy Ships Healthcare Impact
Sahara Energy Geneva has highlighted the power of business collaboration to deliver lasting impact, with Mercy Ships Cargo Day celebrating more than $20 million raised over the past decade to support healthcare interventions in Africa.
More than 500 guests from over 150 shipping and trading companies gathered in Geneva recently for the 10th anniversary Gala of Mercy Ships Cargo Day, celebrating a decade of industry support for the international charity.
David Walker, Head of Chartering at Sahara Energy Geneva and Chairman of the Cargo Day Geneva Committee, joined industry leaders at the event, where he thanked the global shipping community, sponsors, media partners and Cargo Day committees in Geneva, London, Houston, Dubai and Singapore for supporting the initiative.
Cargo Day brings together charterers, shipowners, shipbrokers, and other shipping professionals who contribute through pledges, cargo commissions, and address commissions to support the work of Mercy Ships.
READ ALSO: 30 Nigerians Bag Postgraduate Scholarship from NNPC Ltd, Eni
Kola Motajo, Director, Sahara Geneva said Sahara’s involvement reflects the company’s belief in the ability of enterprise and partnerships to deliver impact beyond business.
“At Sahara, our focus is always on impact and lives transformed. Cargo Day demonstrates what is possible when businesses and individuals unite around a shared purpose. The $20 million milestone reflects the collective commitment of the global shipping community to improving healthcare in Africa. As Sahara looks Beyond XXX, we remain committed to building connections that create lasting value and possibilities for generations to come,” Motajo said.
Reflecting on Cargo Day’s growth, Walker said: “Ten years ago, we raised $300,000 and there were 70 people at the Gala. Today, we have more than 500 people coming from around the world to support such a great cause.”
Cargo Day 2025 raised more than $2.5 million, with 93 companies participating, including charterers, brokers, shipowners, and other partners.
Mercy Ships operates two hospital ships supporting patients in Africa with free life-changing surgeries, while also providing training and mentoring for local healthcare professionals. Cargo Day funding contributes to expenses associated with operating the hospital ships.
The 2026 Cargo Day campaign begins November 4 and will run through November and December, with companies participating through Mercy Cargoes, address commissions and pledges.
Business
30 Nigerians Bag Postgraduate Scholarship from NNPC Ltd, Eni
Up to 30 Nigerian graduates have bagged postgraduate scholarships to pursue further studies both locally and in the Diaspora.
According to the Nigerian National Petroleum Company Limited (NNPC Ltd) and Italian energy company, Eni have awarded postgraduate scholarships
The beneficiaries emerged from more than 3,000 applicants following assessments of their academic records and performances in a recently conducted computer-based test (CBT).
The awards are under the 2026/2027 Postgraduate Scholarship Scheme of Nigerian Agip Exploration Limited (NAE), an Eni subsidiary, on behalf of the NNPC-NAE Production Sharing Contract (PSC) partners.
In a statement, NAE’s Vice Chairman and Managing Director, Maurizio Pinna, said the initiative was designed to develop local talent and equip young Nigerians with skills relevant to the oil and gas industry. Pinna congratulated the beneficiaries, noting that the scholarships would enable them to pursue their academic ambitions and achieve their career goals.
According to NAE, the programme reflects its commitment to education, innovation and capacity building in Nigeria.
The company urged the beneficiaries to make good use of the opportunity by acquiring valuable knowledge and skills that would contribute to national development, particularly in the energy sector.
Ten of the awardees will undertake postgraduate studies in universities abroad, including Imperial College London, Robert Gordon University in Aberdeen, Newcastle University, the University of Aberdeen and the University of Hull in the United Kingdom.
READ ALSO: Navy Recovers 98,000 Litres of Suspected Stolen Crude in Rivers
The remaining 20 beneficiaries will study at Nigerian universities in fields including engineering, geosciences, petroleum and environmental technology, energy economics, renewable energy and energy transition.
Established in 2007, the NNPC-NAE PSC postgraduate scholarship scheme is part of the partners’ human capital development programme aimed at promoting specialised knowledge and addressing skills shortages in Nigeria’s deep offshore oil and gas operations.
NAE said 380 Nigerian graduates had benefited from the scheme since its inception, gaining knowledge and skills required by the oil and gas industry.
Beyond education, Eni, through NAE, has implemented sustainability initiatives in Nigeria covering healthcare, access to water, infrastructure and community empowerment.
Eni has operated in Nigeria since 1962 and currently has an equity production of about 55,000 barrels of oil equivalent per day. The company also holds a 10.4 per cent stake in Nigeria LNG.
NAE was incorporated in 1996 to manage Eni’s deep offshore exploration and production assets. It became the first oil and gas company in Nigeria to produce oil from the country’s deep offshore when its Abo floating production, storage and offloading (FPSO) vessel began operations in 2003.
The company has interests in nine offshore blocks in Nigeria, either as operator or co-venturer, including PML 102 and PML 103, where the Zabazaba-Etan fields are being developed.
Business
DPRP’s Appeal Against Fuel Import Licence Ruling Earns Stakeholder Backing
The Dangote Petroleum Refinery and Petrochemicals’ (DPRP) decision to seek leave to appeal a Federal High Court (FHC) judgment directing the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue issuing petroleum product import licences to three major oil marketers is being backed by the Energy Watchdog.
This was detailed in a statement by Martins Tayo, which considers the move as necessary to protect Nigeria’s domestic refining industry and reduce dependence on imported petroleum products.
The judgment, delivered on September 28, 2026, by Justice Inyang E. Ekwo in Suit No. FHC/ABJ/CS/1363/2026, ordered the NMDPRA to continue issuing import licences to Matrix Energy, AA Rano and AYM Shafa.
The Energy Watchdog argued that the ruling undermined the objectives of the Petroleum Industry Act (PIA) and threatened investments in domestic refining capacity.
“We completely reject and condemn in totality the judgment of the lower court. It is a deeply flawed decision that disregards the clear intent of the Petroleum Industry Act and the national interest in building a robust domestic refining industry,” the statement said.
READ ALSO: NNPC Petrol Discount: Oyedele Explains How Lower Margins Could Boost Profits
The group further cited a reported decline in petrol imports in the first quarter of 2026, alongside increased supplies from local refineries, particularly the Dangote facility, as evidence of the country’s growing domestic refining capacity.
It argued that sustaining import licences despite rising local production could undermine efforts to achieve self-sufficiency in refined petroleum products and weaken investor confidence in the sector.
According to the organisation, Dangote Refinery’s decision to seek leave to appeal as an interested party was timely, given the potential implications of the judgment for the future of Nigeria’s downstream petroleum industry.
“The lower court’s decision amounts to a judicial endorsement of continued importation irrespective of local capacity.
“We condemn it without reservation because it threatens to reverse the hard-won gains of the last few years,” Tayo stated
The Energy Watchdog maintained that the Petroleum Industry Act was designed to encourage investment in midstream and downstream infrastructure, warning that allowing the ruling to stand could send a negative signal to investors who have committed substantial resources to domestic refining projects.
The group urged the Court of Appeal to grant the DPRP leave to appeal and ultimately set aside the FHC’s order, describing the case as significant to Nigeria’s energy security and the development of its refining industry.
“Any judgment that forces the continued importation of fuel products when local refineries can supply the market is a setback for Nigeria.
“We condemn the lower court ruling in the strongest terms and fully support the appeal filed by Dangote Refinery,” the statement concluded, “The Court of Appeal must correct this error and reaffirm that the era of automatic import licences is over.”






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