Business

The National Bureau of Statistics (NBS) has revealed a significant increase in the price of cooking gas, with a 44.5% rise in one year. According to the NBS’s Liquefied Petroleum Gas (LPG) Price Watch Report for July 2025, the cost of refilling a 12.5 kg cylinder jumped from N14,261.57 in July 2024 to N20,609.48 in July 2025. This sharp increase poses a challenge for Nigerian households already struggling with energy costs. Notably, the current price surge contrasts with July 2024, when cooking gas prices had dropped by 9.37%. Read Also: NNPC Limited Appoints New Corporate Communications, Relations Chiefs In an effort to mitigate the rising costs, the Federal Government halted the export of locally produced gas in October 2024, effective November 1, 2024. Despite the yearly increase, the NBS report showed a slight month-on-month relief, with prices dropping by 1.91% from N21,010.56 in June 2025 to N20,609.48 in July 2025. Experts caution that this minor drop may not indicate a continued trend. For smaller households, the cost of refilling a 5 kg cylinder decreased by 0.96% month-on-month but increased by 37.98% year-on-year. Regional price differences were notable, with Adamawa having the highest average price for 5 kg cylinders at N9,011.36, while Yobe recorded the lowest at N7,612.00. For 12.5 kg cylinders, Adamawa topped the list with N22,528.39, while Yobe had the lowest average price at N19,030.00. By zones, the South-South region recorded the highest average prices for both 5 kg and 12.5 kg cylinders, at N8,511.26 and N21,278.14 respectively. The NBS’s findings were based on data from over 10,000 respondents across all 774 local government areas of Nigeria.

Union Bank of Nigeria, one of the country’s oldest and most respected financial institutions, has officially completed its merger with Titan Trust Bank Limited, marking a major milestone in Nigeria’s banking sector. The announcement followed the final approval of the transaction by the Central Bank of Nigeria (CBN), bringing to a close a process that began in 2021 with the signing of a Share Sale Agreement. In a statement, Union Bank’s Chief Brand and Marketing Officer, Mrs. Olufunmilayo Aluko, described the merger as a strategic move to consolidate the bank’s market position and strengthen its service delivery. Read Also: ICPC, EFCC Probe Kano Governor’s Aide Over Alleged ₦6.5bn Fraud Under the arrangement, Union Bank has fully absorbed Titan Trust Bank’s operations and assets. The combined entity will continue under the Union Bank brand, while Titan Trust ceases to exist as a separate institution. With a network of over 293 service centres and 937 ATMs nationwide, supported by upgraded digital platforms, the bank said it is well-positioned to provide enhanced value across retail, SME, and corporate segments. The merger, according to the bank, combines Union Bank’s heritage with Titan Trust’s innovation to drive financial inclusion and sustainable growth. Union Bank’s Managing Director and CEO, Mrs. Yetunde Oni, described the merger as “a pivotal moment in our 108-year journey, and a launchpad for delivering greater value to our customers. By blending stability with innovation, we are better positioned to meet the evolving needs of Nigerians and to be their most trusted financial partner.” Chairman of the Board, Mr. Bayo Adeleke, added: “This is a new era of growth, collaboration, and shared prosperity. By bringing together the strengths of both institutions, we are committed to creating lasting value for our customers, shareholders, and communities while advancing Nigeria’s financial inclusion agenda.” The bank assured customers that their accounts and services remain unaffected by the merger, with an accelerated rollout of improved digital solutions. Union Bank said the consolidation not only strengthens its competitive edge but also underscores its ambition to deliver a modern, inclusive, and customer-focused banking experience.

The Court of Appeal, Abuja Division, has upheld the appeal filed by NNPC Ltd. against the April 2023 judgement of the Federal High Court, which had annulled the removal of Senator Ifeanyi Araraume as Non-Executive Chairman of the company’s Board and awarded him ₦5 billion in damages. In its ruling on Friday, August 8, 2025, the appellate court set aside the lower court’s decision, sparing NNPC Ltd. from a massive financial payout and removing a legal risk that could have invalidated all Board decisions taken since 2021. Read Also: NNPCL Drills Four Oil Wells in Kolmani, Constructs Gas Plants in Kogi The court agreed with NNPC Ltd.’s position that the earlier judgement was delivered in error, noting, among other points, that the claim was statute-barred. Legal analysts say the ruling not only secures governance stability for NNPC Ltd. but also sets an important corporate governance precedent in Nigerian law. It further upholds the validity of Board resolutions seen as critical to investment confidence and policy direction in the nation’s oil and gas sector. Signed NNPC Ltd. Abuja 13th August, 2025

Aliko Dangote has stepped down as Chairman of Dangote Cement Plc, the company he founded and transformed into Africa’s largest cement producer. The announcement was made in a statement issued on Friday by Anthony Chiejina, the Group’s Chief Branding and Communications Officer, who said the decision would allow Dangote to focus more on the refinery, petrochemicals, fertiliser, and government relations arms of the Dangote Group. “Foremost entrepreneur and founder of Dangote Cement Plc, Aliko Dangote, has announced his retirement as a Director and Chairman of the Board of Directors, effective July 25, 2025,” Chiejina said. Read Also: Imo Government Bans Open Grazing in State Capital from July 24 Following his exit, the company appointed Mr. Emmanuel Ikazoboh, an independent non-executive director, as the new Chairman. The Board also announced the appointment of Hajiya Mariya Aliko Dangote as a new member, while Prof. Dorothy Ufot, another independent non-executive director, has retired. Chiejina highlighted that Dangote’s journey in the cement business began with the vision to make Nigeria and Africa self-sufficient in cement production. That vision has now materialised with the company boasting a total production capacity of 52 million metric tonnes annually—35.25 million tonnes from Nigeria alone. New plants in Côte d’Ivoire (3.0Mta) and Itori, Nigeria (6.0Mta) are projected to raise the group’s total capacity to 61.0Mta. He also noted that under Dangote’s leadership, Dangote Cement recorded the highest revenue and EBITDA in the company’s history. According to its unaudited financial report for the first half of 2025, group revenue rose by 17.7 percent to ₦2.07 trillion, up from ₦1.76 trillion during the same period last year. EBITDA surged by 41.8 percent to ₦944.9 billion, profit before tax increased by 149 percent to ₦730 billion, while profit after tax climbed by 174.1 percent to ₦520.5 billion. The company also recorded an 18.2 percent increase in cement exports from Nigeria, with 18 clinker shipments sent to Ghana and Cameroon. “Aliko Dangote’s legacy will be counted in the millions of jobs created, the infrastructure built, and the confidence restored in African industrial potential,” Chiejina added, noting that the Dangote Group paid over ₦402 billion in taxes in 2024, making it Nigeria’s highest taxpayer. In his acceptance speech, Ikazoboh described his appointment as an honour and pledged to uphold “the highest standards of leadership and dedication.” He outlined his priorities, which include implementing robust cost-reduction strategies and adopting alternative fuels and technologies to reduce dependence on fossil fuels. Ikazoboh previously served as Group Chairman of Ecobank Transnational Inc. and began his career at Akintola Williams Deloitte. In 2010, he was appointed by the Securities and Exchange Commission (SEC) to lead reforms at the Nigerian Stock Exchange and the Central Securities Clearing System.

The Hydrographer of the Federation and CEO of the National Hydrography Agency (NHA), Rear Admiral Ayo Olugbode, has reaffirmed Nigeria’s commitment to advancing the blue economy and maritime safety through improved hydrographic data. Speaking at the World Hydrography Day and West Africa Hydrographic Summit in Abuja, themed “Seabed Mapping – Enabling Ocean Action,” Olugbode emphasized the agency’s role in promoting safe navigation, trade, and regional competitiveness. Olugbode highlighted Nigeria’s contribution of over 85,000 square kilometers to the global seabed mapping initiative and outlined efforts to tap into the $90 billion global Electronic Navigational Chart market, targeting an annual revenue of $12 million. He noted the NHA’s expanded charting capabilities, partnerships with academia, private sector, and the Nigerian Navy, and collaboration with international bodies such as the IC-ENC and IBS. He stressed that hydrography is key not only to navigation and safety but also to coastal planning, marine conservation, disaster risk reduction, and sustainable fisheries. Read Also: Tinubu Hosts ECOWAS Leaders at 67th Ordinary Session Amid Push for Regional Unity Cross River State Governor, Senator Bassey Otu, represented by Deputy Governor Peter Odey, praised the NHA’s recent Bakassi Deep Seaport survey, calling it a milestone for national and regional trade enhancement. The Obong of Calabar, Ekpo Okon Abasi-Otu V, urged greater investment in ocean literacy and an inclusive blue economy, emphasizing the cultural and economic significance of Nigeria’s coastal waters. Rear Admiral Luigi Sinapi of the International Hydrographic Organisation (IHO) described the summit as proof of Africa’s growing influence in global hydrography, highlighting its role in climate resilience, offshore energy, and sustainable marine development.