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NGX To Lose N193bn With Union Bank’s Exit

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Wth plans in place for the delisting of Union Bank of Nigeria (UBN) Plc from the stock market, the Nigerian Exchange Limited (NGX) is poised to experience a decrease of N193.7 billion in the overall value of listed shares.

With a history on the NGX dating back to 1971, UBN’s market capitalization of N193.7 billion is set to be removed from the Exchange’s total market capitalization, which closed at N38.940 on Tuesday.

In a notice to the NGX, UBN’s Company Secretary revealed the bank’s intention to obtain approval for the delisting process.

It reads “In compliance with The Nigerian Exchange (NGX) Rule Book and the Amendments to the Listing Rules, Union Bank of Nigeria Plc (“the Bank”) hereby notifies our esteemed stakeholders that the Bank is finalizing the process of obtaining approval to delist the Bank’s shares from NGX, upon which shareholders of the Bank will receive a Scheme Consideration of N7.70 per share.

“Consequent upon the approval, the Registrars will remit the Scheme Consideration to all shareholders of the Bank, pursuant to the decision of the Court-Ordered Meeting and the subsequent sanction by the Federal High Court. All shareholders of the Bank are enjoined to ensure that their accounts have been duly mandated, for the purpose of receiving the Scheme Consideration.”

Union Bank of Nigeria’s CEO, Mudassir Amray, commented on the delisting, stating, “This move is an effort to attract larger private investments to reconsolidate our position as one of the top pioneer Banks in Nigeria.

“We remain committed to delivering value to our customers, employees, and shareholders through superior solutions. We appreciate the support of the Central Bank of Nigeria, Securities Exchange Commission, Nigerian Exchange Group (NGX), and every other agency and parastatal that were instrumental in achieving this.”

Recall that UBN received an offer from its core shareholder, Titan Trust Bank Limited, to acquire the shares of all minority shareholders following the core investors’ sale of a majority shareholding to Titan Trust Bank Limited, a subsidiary of the TGI Group.

The acquisition of minority shareholding prompted the application to delist Union Bank of Nigeria Plc from the Nigeria Stock Market.

This process was executed through a scheme of arrangement between the bank and its minority shareholders, as outlined in Section 715 of the Companies and Allied Matters Act 2020 (as amended).

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Fertiliser Plants: Dangote Vows to Ensure Food Security in Africa

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President of the Dangote Group, Aliko Dangote, has reaffirmed his commitment to boosting food security across Africa through large-scale fertiliser investments, declaring that the continent has the capacity to feed itself and become a net exporter of agricultural products.

Dangote made this known while addressing journalists in Gode, in Ethiopia’s Somali region, during a high-profile visit hosted by Prime Minister Abiy Ahmed. The Prime Minister personally received Dangote and accompanied him to inspect the site of the proposed fertiliser plant, where construction activities are already underway.

Speaking on the strategic importance of fertiliser in agricultural productivity, Dangote noted that Africa’s food insecurity challenges are largely due to limited access to key inputs.

“Africa holds immense agricultural potential, yet continues to grapple with food insecurity due to limited access to fertiliser,” he said. “Through our investments, we are committed to reversing this trend by boosting productivity, empowering farmers, and advancing a sustainable path to food self-sufficiency.”

He added that the Group’s ambition, though bold, is achievable with sustained investment in fertiliser production and agricultural infrastructure.

“Africa has the capacity to feed itself and even export to the rest of the world. Our fertiliser investments across the continent are designed to unlock that potential and secure a prosperous future for our people,” Dangote stated.

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Dangote also announced a significant increase in the Group’s investment in Ethiopia, rising from $2.5 billion to over $4 billion. The expanded scope includes critical infrastructure such as a 110-kilometre pipeline, a 120MW power plant, a polypropylene packaging facility, and a two-million-tonne NPK blending plant, among other new components.

He described Ethiopia as a key strategic destination for Dangote Group’s long-term investments.

“In total, our declared and signed investments in Ethiopia now exceed $4 billion. This makes Ethiopia the second-largest recipient of our investments in Africa, accounting for nearly nine per cent of our continental outlay between now and 2030,” he said.

Dangote further commended Prime Minister Abiy Ahmed’s leadership and vision for economic transformation.

“The Prime Minister is driving development beyond expectations, but such progress requires strong private sector collaboration. We are proud to partner with Ethiopia to help build one of Africa’s most dynamic economies in the coming decade,” he added.

Prime Minister Abiy Ahmed, in his remarks, described Dangote as a trusted partner and commended the pace of work on the fertiliser project, which he said aligns with Ethiopia’s broader development priorities.

He emphasised that the project would significantly boost domestic fertiliser production, reduce dependence on imports, and provide critical support to millions of Ethiopian farmers.

According to the Prime Minister, the fertiliser plant will also create extensive employment opportunities, strengthen the industrial value chain, and reinforce Ethiopia’s position as an emerging agro-industrial hub in Africa.

“This type of large-scale investment demonstrates the power of strong collaboration between government and the private sector,” he said. “Expanding such partnerships will accelerate economic growth, attract further investment, and improve the livelihoods of our people.”

The Dangote fertiliser initiative is widely seen as a transformative step toward reshaping Africa’s agricultural landscape, with the potential to enhance productivity, reduce import dependence, and drive inclusive economic growth across the continent.

Photo Caption – L-R: President of Dangote Group, Aliko Dangote, being welcome by the Prime Minister of Ethiopia, Abiy Ahmed to Gode, in Ethiopia’s Somali region, during an inspection of the fertiliser plant under construction in Gode, Ethiopia, over the weekend.

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Navy Uncovers, Dismantles Illegal Refined Petroleum Products Depot in Rivers

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The Nigerian Navy (NN) has uncovered and dismantled an illegal refined petroleum products depot in Okrika, Rivers State, as part of ongoing operations against crude oil theft and illicit petroleum activities in the Niger Delta.

The Navy disclosed that the operation was carried out by Nigerian Navy Ship (NNS) Pathfinder under Operation Delta Sentinel during anti-crude oil theft patrols targeted at economic saboteurs and illegal petroleum distribution networks.

According to the Navy, the operation led to the discovery of a major storage facility linked to the distribution of suspected illegally refined Automotive Gas Oil (AGO) within Rivers State.

“During the raid, naval personnel uncovered a warehouse located around Okochiri Kingdom in Okrika Local Government Area containing 410 drums loaded with approximately 123,000 litres of suspected illegally refined AGO,” the Service said.

In a statement yesterday, the Director of Naval Information, Navy Captain Abiodun Folorunsho, said preliminary investigations indicated that the products were transported from illegal refining sites outside the community and stockpiled in the warehouse for onward distribution through illicit supply channels.

Folorunsho stated that the discovery underscored the growing trend of illegal petroleum operators shifting from refining camps to concealed storage and distribution systems in a bid to evade ongoing anti-crude oil theft operations and sustain black-market fuel trade across the region.

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He added that the products were handled in line with established anti-crude oil theft procedures, while further surveillance and assessments within the area were ongoing.

The Navy also stated that current operations under Operation Delta Sentinel remain focused on dismantling the logistics and supply networks sustaining crude oil theft, illegal refining, and illicit petroleum distribution across the Niger Delta.

Reaffirming its commitment to protecting critical national assets, the Nigerian Navy said it would continue to sustain intelligence-driven operations aimed at denying economic saboteurs freedom of operation within Nigeria’s maritime and littoral environment, in line with the vision of the Chief of the Naval Staff.

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Adoption of AI Feature as NIPetGE Pays Courtesy Call at NNPC Ltd

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Enhanced adoption of artificial intelligence and other digital technologies to improve operations in Nigeria’s oil and gas industry is taking the centre stage in relevant circles.

The issue came up strongly when the President-elect of the Nigerian Institute of Petroleum and Gas Engineers NIPetGE, Prisca Kanebi, paid a courtesy call at the Nigerian National Petroleum Company Limited (NNPC Ltd), Abuja.

Biztellers reports that the Kanebi led delegation was received by the Group Chief Executive Officer of the NNPC Ltd, Bayo Ojulari, represented by the Executive Vice President, Gas, Power and New Energy, Olalekan Ogunleye.

According to a statement made available on Sunday, discussions at the meeting focused on the future of Nigeria’s hydrocarbon industry amid global energy transition concerns, technological changes and sustainability targets.

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The statement indicated that the NNPC Ltd acknowledged the role of NIPetGE in policy advocacy, technical development and innovation within the sector.

Speaking during the meeting, Kanebi highlighted recommendations from the institute’s recent conference, including the proposed establishment of a national centre for intelligent energy systems to support the deployment of artificial intelligence, the Internet of Things and robotics across the petroleum value chain.

She also commended the Federal Government’s decarbonisation efforts and reiterated the institute’s support for policies aimed at improving sustainability in the industry.

The institute also recommended the creation of a hydrocarbon-linked emissions trading system to allow Nigeria to take part in global carbon markets.

The institute also proposed fiscal incentives to support local manufacturing and service delivery in the oil and gas sector, as well as the expansion of the Energy Transition Plan to include measurable upstream decarbonisation targets backed by tax credits.

Other proposals included increased public-private partnerships in emission control infrastructure, carbon capture projects and hybrid renewable energy initiatives.

Both organisations also stressed the need for stronger collaboration between industry and academic institutions to improve professional capacity and align petroleum engineering practice in Nigeria with international standards.

The institute further disclosed that its bill seeking chartered status had passed second reading and was progressing towards a third hearing at the National Assembly.

It added that NNPC Ltd pledged support for future collaborations with the institute on initiatives aimed at improving efficiency and innovation in the energy sector.

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