Business
More sanctions imposed on Russia over Ukraine crisis
BRUSSELS/MOSCOW – The European Union announced asset freezes and travel bans on 15 Russians and Ukrainians over Moscow’s actions in Ukraine, but the measures were seen as less aggressive than sanctions imposed this week by the United States.
In Ukraine’s eastern city of Luhansk, hundreds of pro-Russian separatists stormed the regional government headquarters, unopposed by police, and the Ukrainian government said it had information that they also planned to seize the local television center.
The EU list published on Tuesday included senior Russian politicians but did not extend to companies, several of which were singled out by Washington when it extended its sanctions list on Monday.
Moscow immediately denounced the new EU measures, saying the Europeans were simply doing Washington’s bidding and should be ashamed of themselves. A senior Russian politician said Moscow was working on measures to counter the new sanctions.
But while Russian stock markets rallied after the announcement of less stringent EU sanctions than were expected, there were increasing signs that the Ukraine crisis was having an effect on key parts of the Russian economy.
Russian natural gas exporter Gazprom said further sanctions could disrupt gas sales to Europe and hit its business, while a Russian minister said U.S. restrictions on high-tech exports to Russia would be a blow to Russian companies in the sector.
The International Monetary Fund said it was preparing to cut its forecasts for Russian growth for the second time in less than a month. U.S. credit card firm Visa said it would suspend network services to two Russian banks sanctioned on Monday by the United States.
Those targeted by the EU included Russian deputy prime minister Dmitry Kozak, Ludmila Shvetsova, a deputy speaker of the lower house of parliament, Valery Gerasimov, chief of staff of Russia’s armed forces, as well as separatist leaders in Ukraine.
But the list did not include the heads of Russian energy giants such as Rosneft’s Igor Sechin, who had been included in the latest U.S. sanctions.
TERRITORIAL INTEGRITY
The decision brings to 48 the number of people that the EU has put under sanctions for actions it says have undermined Ukraine’s territorial integrity.
Russia annexed the Crimea region after Ukraine’s pro-Moscow president was ousted in February by protesters demanding closer links with Europe. Kiev and the West accuse Russia of stirring up a separatist campaign in the east, a charge Moscow denies.
On Monday, the United States imposed sanctions on seven Russians and 17 companies linked to Russian President Vladimir Putin.
The United States has been more aggressive in the penalties it has imposed on Russia than has the European Union, which depends heavily on Russia for energy and has close trading links.
The Russian Foreign Ministry said the EU sanctions would not ease tensions in Ukraine, where the Kiev government is struggling to rein in pro-Russian separatists.
“Instead of forcing the Kiev clique to sit at the table with southeastern Ukraine to negotiate the future structure of the country, our partners are doing Washington’s bidding with new unfriendly gestures aimed at Russia,” the ministry said.
Despite a Ukrainian military operation to contain them, pro-Russian militants have seized public buildings in about a dozen towns and cities in Russian-speaking eastern and southeastern regions of Ukraine.
The separatists’ actions have led to accusations in the West and in Kiev that Russia is planning to annex those areas as it did with the Crimean peninsula.
Russian Deputy Foreign Minister Sergei Ryabkov denied that on Tuesday, telling a Russian news website that Moscow was “not at all inclined to repeat the so-called Crimea scenario in southeastern Ukraine”.
Russian has massed tens of thousands of troops near the border with Ukraine. A NATO official said on Tuesday the alliance had seen no sign that they were withdrawing, despite a Russian statement that the troops had returned to their permanent positions.
SANCTIONS EFFECT
Western countries say sanctions are already having an effect on Russia by scaring investors into pulling out capital. The central bank has raised interest rates to support the ruble, and Russian firms are finding it harder to raise funds.
Gazprom, headed by Alexei Miller, an ally of Putin, and its managers have not been hit by U.S. or EU sanctions.
But the company, which meets a sizeable amount of Europe’s demand for gas, said a pricing row with the new government in Kiev could potentially lead to a disruption of its gas exports to the rest of Europe through pipelines crossing Ukraine.
“An expansion of the U.S., EU and other sanctions programs could adversely impact operations and the financial condition of the Gazprom Group,” it said in a report following publication of its 2013 financial results.
Long seen as a tool of Russian foreign policy, Gazprom has threatened to cut supplies to Ukraine over an unpaid gas bill it puts at more than $2 billion and warned this could lead to reduced deliveries to clients in Europe.
MILITARY OBSERVERS
In eastern Ukraine, the self-declared mayor of a separatist-held town said he would discuss the release of detained military observers only if the EU dropped sanctions against rebel leaders.
Vyacheslav Ponomaryov, the de facto mayor of Slaviansk, told Interfax news agency the imposition of visa bans and asset freezes against Denis Pushilin, leader of the self-styled People’s Republic of Donetsk, and Andrei Purgin, another leader in the eastern region, “was not conducive to dialogue”.
The six observers were in Ukraine under the auspices of the Organization for Security and Cooperation in Europe, a democracy watchdog. They were detained last week after separatists said they had found a Ukrainian spy with them.
The mayor of eastern Ukraine’s biggest city was in a stable condition on Tuesday in a hospital in Israel, where he was flown after an assassination attempt.
Gennady Kernes, one of Ukraine’s most prominent Jewish politicians, was shot in the back on Monday in Kharkiv, and underwent surgery in Ukraine on Monday. Officials had said his injuries were life-threatening.
– REUTERS
Business
Ekpo Urges Entrepreneurs to Harness Nigeria’s Gas Resources for Economic Growth, General Wellbeing
The Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Ekpo, has urged investors to unlock Nigeria’s vast natural gas resources to drive industrialisation, economic growth, job creation, and improved living standards for all Nigerians.
Ekpo made this appeal when he delivered a keynote address at the Association of Local Distributors of Gas (ALDG) Business Forum 2026 held in Abuja, where he spoke on the theme, ‘From Gas Abundance to Gas Access: Reassessing Nigeria’s Gas Distribution Imperatives’.
The minister who was represented by the Director of Midstream and Downstream at the ministry, Mrs. Ikenma Irene, told stakeholders that while Nigeria possessed over 209 trillion cubic feet of proven natural gas reserves—making it one of the most gas-endowed nations globally—the country’s true challenge was actually on how to ensure widespread access and utilisation of this strategic resource.
“Nigeria’s development will not be measured by the volume of gas beneath our soil, but by the extent to which that gas powers industries, supports households, creates jobs, and fuels sustainable economic growth,” the minister stated.
The minister commended ALDG for providing a strategic platform for collaboration and dialogue among key stakeholders, noting that the Forum intervened at a critical period in Nigeria’s energy transition journey.
He highlighted the federal government’s continued commitment under the leadership of President Bola Tinubu to deepen domestic gas utilisation through the Decade of Gas initiative and other transformative reforms designed to position Nigeria as a gas-powered economy.
The minister further noted that the Petroleum Industry Act (PIA) 2021 has strengthened the legal and regulatory framework necessary to attract investment, encourage private sector participation, expand infrastructure, and promote market efficiency throughout the gas sector.
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According to the minister, industrialised nations achieved economic advancement not merely because of resource endowment but because they built systems that enabled reliable energy access, industrial utilisation, and efficient markets.
He said, “Nigeria must now move decisively from gas abundance to gas accessibility.
“The success of this vision requires policy consistency, strong institutions, strategic investments, infrastructure expansion, security collaboration, and sustainable stakeholder partnerships.”
He urged stakeholders participating in the Forum to focus on developing practical, investment-driven solutions that expand gas access and deliver measurable benefits to Nigerians.
“As we deliberate today, let us remain focused on building a gas sector that delivers real value to Nigerians — one that powers industries, supports households, creates jobs, enhances energy security, and drives inclusive national development,” the minister stated.
“Let us move from gas abundance to gas access. Let us move from policy to implementation. Let us build a gas economy that works for all Nigerians,” he added.
Business
LPG Exports Ban Still in Force – FG
The ban on exportation of Liquefied Petroleum Gas (LPG) is still in force despite rising prices and supply concerns across Nigeria.
An official with the Federal Ministry of Petroleum Resources made the clarification amid soaring prices and claims that locally produced cooking gas is being exported in foreign currency at the expense of domestic consumers.
Speculations had mounted amongst cooking gas retailers that some locally produced LPG was being sold to West African buyers because it was more profitable than supplying the domestic market.
The Chairman of the Liquefied Petroleum Gas Retailers Association, Ayobami Olarinoye, had told The PUNCH that the persistent scarcity and high prices of cooking gas were being worsened by limited product availability and alleged exports by a local refinery.
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Speaking exclusively with The PUNCH, the spokesman for the Minister of State for Petroleum Resources (Gas), Louis Ibah, dismissed the claim, saying the Federal Government’s restriction on LPG exports remains in place and is being enforced by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
“The ban on exports of LPG announced by the Minister of State for Petroleum Resources (Gas), Dr Ekperikpe Ekpo, is still in place to stabilise prices and is strictly enforced by the NMDPRA,” Ibah told The PUNCH on Thursday.
Ibah emphasised that none of the local producers is allowed to export cooking gas, saying all resources are focused on making the product available for Nigerians. “It’s important to note that none of our producers are currently exporting the LPG meant for cooking in Nigeria, so all resources are focused on meeting our local needs,” he said.
The government’s position comes as concerns mount over soaring cooking gas prices and supply shortages across several parts of the country. Retailers and consumers have reported difficulties accessing supplies, while prices have continued to rise.
Describing the situation, Olarinoye said access to products had become increasingly difficult in recent weeks. “Getting the product has been excruciatingly difficult, and it is not readily available. Out of every 10 plants, only one or two would have products to sell to our members. Many of them, especially those situated in relatively residential areas, prefer to sell directly to end-users, while a few are still selling to retailers,” he stated.
He warned that prices were unlikely to decline in the immediate term unless there was an intervention. “The high price may remain the way it is until the situation changes positively,” the LPGAR boss noted.
Olarinoye called on the Federal Government to create incentives that would encourage more investors to enter the LPG market and boost local supply.
A source at the NMDPRA said the regulator was working with the Nigerian National Petroleum Company Limited and other stakeholders to improve product availability. “The regulator is collaborating with the Nigerian National Petroleum Company Limited and other key stakeholders to further boost LPG availability in the local market,” the source said.
It was also learnt that a new Seplat gas facility is expected to begin LPG supply to the domestic market by July. “This means we can expect a significant improvement in supply,” the source added.
The concerns come as the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, called for stronger efforts to improve domestic gas distribution and utilisation across the country.
Speaking at the Association of Local Distributors of Gas Business Forum 2026 in Abuja, Ekpo said Nigeria’s vast gas reserves would remain economically insignificant unless they are translated into accessible energy for households, industries and businesses.
Represented by the Director, Midstream and Downstream, Mrs Ikenma Irene, the minister delivered a keynote address titled, ‘From Gas Abundance to Gas Access: Reassessing Nigeria’s Gas Distribution Imperatives’.
He noted that Nigeria holds more than 209 trillion cubic feet of proven natural gas reserves but said the country’s development would depend on how effectively those resources are utilised.
“Nigeria’s development will not be measured by the volume of gas beneath our soil but by the extent to which that gas powers industries, supports households, creates jobs, and fuels sustainable economic growth,” the minister stated.
According to him, infrastructure gaps, weak distribution networks and limited market penetration remain major obstacles to increased domestic gas utilisation.
Ekpo reiterated the Federal Government’s commitment under President Bola Tinubu to accelerate domestic gas development through the Decade of Gas initiative and highlighted reforms under the Petroleum Industry Act 2021 aimed at improving investor confidence and encouraging private sector participation.
“Nigeria must now move decisively from gas abundance to gas accessibility. The success of this vision requires policy consistency, strong institutions, strategic investments, infrastructure expansion, security collaboration, and sustainable stakeholder partnerships,” he said.
He urged operators to focus on practical solutions that would expand infrastructure and distribution networks while ensuring affordable and reliable access to gas.
“Let us remain focused on building a gas sector that delivers real value to Nigerians—one that powers industries, supports households, creates jobs, enhances energy security, and drives inclusive national development,” he stated.
The minister concluded with a call for the implementation of gas sector reforms. “Let us move from gas abundance to gas access. Let us move from policy to implementation. Let us build a gas economy that works for all Nigerians,” he added.
Business
Dangote Foundation Distributes Rice to Cement Host Communities in Ogun
In a significant effort to alleviate the burden of rising food costs on vulnerable households, the Aliko Dangote Foundation (ADF) has commenced the distribution of bags of rice to members of host communities of Dangote Cement Plc across Nigeria.
The initiative forms part of the Foundation’s National Food Intervention Programme aimed at cushioning the effects of prevailing economic challenges on ordinary Nigerians. The distribution exercise, which is being rolled out across communities where Dangote Cement operates in Ibese and Itori, both in Ogun state, underscores the Dangote Group’s commitment to inclusive growth and community wellbeing.
In what has now become an annual event, in which thousands of 10kg bags of rice are being distributed to beneficiaries from 17 host communities in Ibese and 36 others in Itori and Ijebu-Igbo with focus on low-income families, elderly residents, and other vulnerable groups within the host communities.
Speaking on the initiative, ADF Chief Executive, Zouera Youssoufou who was represented by the ADF Head of Operations, Victor Ejiro reaffirmed that the food intervention programme reflects the organization’s long-standing dedication to food security and poverty alleviation, particularly during periods of economic strain.
She said: “This intervention is designed to provide immediate relief to households grappling with high food prices. As a socially responsible organization, we recognize the importance of supporting our host communities beyond business operations,”.
“At the Aliko Dangote Foundation, we recognize the current economic realities facing many Nigerian households. This intervention is aimed at providing immediate relief while reinforcing our long-standing commitment to the wellbeing of our host communities.”
“We understand the difficulties families are facing at this time. This support is our way of standing with our communities and ensuring that no household is left behind during these challenging times. Sustainable development goes beyond business operations. Through this programme, we are strengthening community resilience and contributing to national efforts to improve food access and social stability.”
“This intervention is focused on delivering real, immediate support to vulnerable households. We will continue to expand our reach to ensure more families benefit from this programme.”
At the Ibese distribution centre, The Aboro of Ibeseland, Oba Rotimi Oluseyi Mulero thanked the giving spirit of Alhaji Dangote describing the rice distribution as “operation feed the families”.
He stated excitedly: On behalf of our people, I extend our profound gratitude to the Aliko Dangote Foundation for this timely and commendable gesture. At a time when many families are facing economic challenges, this distribution of food items will go a long way in alleviating hardship within our communities.
“We appreciate Dangote Group not only as a business partner but as a responsible corporate citizen that continues to demonstrate genuine concern for the wellbeing of its host communities. We pray that this partnership continues to flourish for the benefit of all. Today, our hearts are filled with appreciation. This support has come at a very critical time for our people. Many households are under pressure, and this intervention will bring relief and hope to families.”
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Some of the community leaders and beneficiaries also expressed appreciation to the ADF Chairman, Alhaji Aliko Dangote for the gesture, noting that the rice distribution comes at a critical time when many families are facing financial pressures due to inflation and rising living costs.
Also at Itori, the Olu of Itori, Oba Abdulfatai Akorede Akamo said his people’s hearts are filled with appreciation. “This support has come at a very critical time for our people. Many households are under pressure, and this intervention will bring relief and hope to families.
“We thank Alhaji Aliko Dangote and his Foundation for remembering the grassroots and standing by us in times of need. We are deeply grateful for this act of kindness. May the Almighty bless the Dangote Group and increase its capacity to continue doing good for humanity.”
At several distribution points, orderly processes were put in place to ensure transparency and equitable access. Local coordinators, in collaboration with community representatives, supervised the exercise to guarantee that the items reached intended beneficiaries.
The Dangote Cement host communities, spread across key states including Ogun, Kogi, Benue, Edo, and others, have historically benefitted from numerous Corporate Social Responsibility (CSR) initiatives by the Dangote Group, ranging from infrastructure development to healthcare, education, and economic empowerment programmes.
The ongoing food intervention aligns with the Foundation’s broader strategy to enhance food access and strengthen social safety nets across Nigeria. It also complements government efforts aimed at mitigating the impact of economic headwinds on citizens.
Industry observers note that such private sector-driven interventions are increasingly crucial in bridging gaps in social welfare delivery, especially in times of economic uncertainty.
The ADF, one of the largest private philanthropic organizations in Africa, continues to play a pivotal role in supporting national development priorities through targeted interventions in health, education, and economic empowerment.
As the rice distribution progresses, the Foundation has reiterated its commitment to expanding the reach of the programme to cover more communities in need, reinforcing its mission to improve the quality of life for Nigerians.





