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CBN Disburses N114bn Through 100-for-100 Policy

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The Central Bank of Nigeria (CBN) says its 100-for-100 Policy on Production and Productivity has seen it disburse N114.17 billion to beneficiaries since the commencement of the intervention.

Governor, CBN, Godwin Emefiele, made the disclosure after the last Monetary Policy Committee meeting held in Abuja.

According to Emefiele, the funds were expended on 71 projects across healthcare, manufacturing and agriculture sectors.

In his words, “Furthermore, under the 100 for 100 Policy on Production and Productivity, the Bank has disbursed the sum of N20.78 billion to nine projects in healthcare, manufacturing, and services. This brings the cumulative disbursements under the facility to N114.17 billion to 71 projects across healthcare, manufacturing, services and agriculture.”

Biztellers reports that the CBN programme, was launched in January 2022, for a select 100 private sector companies with projects that have the potential to significantly increase domestic production and productivity, reduce imports, increase non-oil exports, and overall improvements in the foreign exchange generating capacity of the Nigerian economy.

Going by the guidelines for the implementation of the initiative, the CBN fixed the maximum loan amount that a participant could get at N5bn.

“The initiative, which shall be bank-led, will be rolled over every 100 days (that is, quarterly) with a new set of companies selected for financing under the initiative,” it stated.

It was gathered that in collaboration with relevant stakeholders, the apex bank said the initiative would be implemented with a focus on micro- and macro-economic impacts, including the creation of sustainable jobs, the development of local content, production output, capacity utilisation and integration into global value chains.

The Guidelines added, “Loan amount shall be a maximum of N5bn per obligor. Any amount above N5bn shall require the special approval of CBN’s management.”

The broad objective, according to the Guidelines of the initiative, is to reverse the nation’s over-reliance on imports, by creating an ecosystem that targets and supports the right projects with the potential to transform and catalyse the productive base of the economy.

Highlighting the specific objectives of the initiative, the CBN said it was designed to catalyse import substitution of targeted commodities, increase local production and productivity, increase non-oil exports, and improve the foreign exchange-earning capacity of the economy.

It said key activities covered under the initiative would be existing businesses and projects (brownfield) with the potential to immediately transform and catalyse the productive base of the economy, and new projects (greenfield) with equal potential may be considered under the initiative, subject to CBN management’s approval.

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Aiboni Emerges Shell’s First Nigerian, Female EVP/Country Chair

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Global energy major, Shell has appointed former Managing Director of Shell Nigeria Exploration and Production Company Limited (SN EPCo), Elohor Aiboni, as Executive Vice President and Country Chair Nigeria.

The appointment makes her the first Nigerian and first woman to hold the combined position in the company’s more than six decades of operations in the country.

The appointment takes effect from August 1, 2026.

Aiboni succeeds outgoing Executive Vice President and Country Chair Nigeria, Marno de Jong, who is leaving Shell after a distinguished 34-year career with the company.

Aiboni brings a rare blend of operational, technical and international leadership experience gained across Nigeria, Kazakhstan and Brunei.

With over 24 years in the Shell Group, Aiboni has built an impressive record across the company’s offshore, shallow-water and onshore operations.

ALSO READ: NNPC Ltd, TotalEnergies Extend Methane Reduction Partnership by Two Years

In 2021, she made history as the first female Managing Director of SNEPCo, Shell’s deepwater subsidiary in Nigeria, becoming the first woman to lead a Shell exploration company in Nigeria.

Under her leadership, the flagship Bonga deepwater asset achieved the landmark production of its one-billionth barrel of oil in 2023 while maintaining strong operational performance.

She later moved to Brunei Shell Petroleum in 2024 as Asset Director, where she has been responsible for asset performance, production delivery and project execution.

Industry observers view her return to Nigeria as a strategic move at a critical period for Shell’s business, as the company advances major investment projects including Bonga North and offshore gas developments aimed at boosting Nigeria’s energy output.

Announcing the transition, Marno de Jong expressed confidence in his successor’s ability to build on recent gains.
“I leave with fond memories of warm friendships and strong support from colleagues in Shell and our partners. I’m confident that Shell operations in Nigeria will continue to deliver value and growth under Elohor, given the strong leadership credentials she brings to the roles,” he said.

De Jong, who joined Shell in 1992, led the company’s Nigerian operations through a period of significant transformation, overseeing strong performance at the Bonga asset and helping advance key investment decisions, including the HI gas project and the Bonga North development.

Responding to her appointment, Aiboni pledged to build on the foundation laid by her predecessor.

“I’m excited at the opportunity to continue to contribute to the efficient delivery of Shell’s business in Nigeria and thereby power progress in a country we’ve been part of for more than 60 years. Marno has led from his heart these six-plus years, sustaining operations and breaking new ground in project delivery and growth. It’s a legacy I’m keen to build on with the support of colleagues and other stakeholders,” she said.

Aiboni’s appointment further reinforces the growing influence of Nigerian professionals in the global energy industry and represents a major milestone for diversity and local leadership within Shell’s worldwide operations.

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NUPRC Projects 1.9m bpd Crude Oil Production

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has expressed confidence that Nigeria can increase crude oil production to 1.9 million barrels per day (bpd), following recent gains that pushed output to a peak of 1.86 million bpd in May.

The Commission Chief Executive, Oritsemeyiwa Eyesan, made teh disclosure on Wednesday at a meeting with the Chairman of the Nigeria Revenue Service (NRS), Dr. Zacch Adedeji, at the NRS headquarters in Abuja.

In a statement, Eyesan said the country’s oil sector has returned to a growth path, noting that production is steadily improving despite existing challenges.

“We are back to production. We are ramping up now, and we want to continue working,” she said.

She said addressing infrastructure gaps and improving asset integrity across the sector would be critical to sustaining output growth.

ALSO READ: Dangote Refinery Inspires Future Engineers as FUTO Students Experience Africa’s Largest Industrial Complex

“We still recognise the constraints. Infrastructure and asset integrity are major constraints, but we will work on these,” she added.

Eyesan also noted that human capacity development in the sector remains important for sustaining production expansion.

The meeting focused on strengthening collaboration between NUPRC and the Nigeria Revenue Service to improve transparency, accountability and efficiency in revenue collection from the oil and gas industry.

She commended reforms at the revenue agency, noting that the transition under the new framework had been smooth.

Eyesan said the commission remains focused on creating an enabling environment for investors and operators in the petroleum sector.

“We are here to enable their businesses, ensure that they survive, and that they succeed. And we want to grow the pie because when you grow the pie, everybody benefits,” she said.

She also disclosed that digitisation of NUPRC operations has been largely achieved as part of its reform agenda.

Responding, NRS Chairman Dr. Zacch Adedeji pledged continued collaboration with the commission to boost revenue generation and strengthen transparency in the petroleum sector.

“It is in the interest of Nigeria that we work together to grow revenue for the country in a transparent manner,” he said.
He added that the NRS would continue supporting royalty collection and other revenue processes in the upstream petroleum industry.

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IPOB Claims Members Died in Custody, Announces Major Leadership Overhaul

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Kanu’s Trial: IPOB Reactivates Sit-at-Home Order

The Indigenous People of Biafra (IPOB) has alleged that some of its members died while in detention, as the group announced a major restructuring of its leadership and pledged to prioritise the welfare and release of detained members.

The development was disclosed in a statement issued on Wednesday from Langerfeld, Germany, and signed in the name of IPOB leader, Nnamdi Kanu.

The statement, made available through the group’s spokesperson, Emma Powerful, also confirmed the dissolution of the third administration of IPOB’s Directorate of State (DOS) and the inauguration of a new leadership team.

SEE MORE: “We Close Our Case”— FG Ends Terrorism Trial Against IPOB’s Kanu

According to the group, the decision followed a review of the outgoing administration’s performance, particularly its handling of issues concerning members being held in detention facilities across Nigeria.

IPOB expressed concern over what it described as the prolonged detention of hundreds of its members, especially those allegedly being held without trial at Wawa Military Barracks in Niger State.

“The most grievous failure of the outgoing administration was its inability to prioritise the welfare and liberation of hundreds of Biafrans detained across various detention facilities, particularly those held for years without trial at Wawa Military Barracks in Niger State,” the statement read.

The group further alleged that many detainees had suffered severe hardship, while some reportedly died in custody.

“No movement that claims to stand for justice can neglect those who paid the highest price for their commitment. The abandonment of detained Biafrans represents a profound dereliction of the duty of care owed to every member of the IPOB family,” the statement added.

IPOB also accused the dissolved leadership of focusing on internal disputes and factional disagreements rather than prioritising diplomacy, legal advocacy, prisoner welfare and strategic planning.

As part of the restructuring, US-based Chris Nwaọgụ was named head of the fourth administration of the Directorate of State and is expected to oversee the administration and day-to-day affairs of the movement under Kanu’s authority.

Other appointments announced by the group include Solomon Egbo as Deputy Head, Nnennaya Anya as Head of Finance and Budget Planning, Chigozie Okekenta as Coordinator of Coordinators, Chukwudi Nwogwugwu as Head of Medical and Welfare Planning, and Ikechukwu Onuoha as Head of Media.

The organisation also unveiled an Elders Advisory Council, which it said would provide strategic guidance and institutional support to both Kanu and the newly appointed leadership team.

In addition, IPOB disclosed that officers previously appointed by Kanu had been restored to their positions pending administrative review, while previous suspensions and expulsions had been set aside.

The group urged its members and supporters around the world to remain disciplined and cooperate with the new administration as it seeks to reposition the movement and strengthen internal unity.

Founded in 2012 by Nnamdi Kanu, IPOB advocates for the restoration of an independent Biafra state in Nigeria’s South-East region.

While the group insists its agitation is peaceful and based on self-determination, the Federal Government has repeatedly accused it of involvement in violent activities and secured a court order proscribing it as a terrorist organisation in 2017.

IPOB continues to reject the allegations and challenge the proscription.

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