ENERGY SUMMERIES SEPT26

Filtering the noise to deliver important energy sector updates SEPTEMBER 2026

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Energy Summaries is not a newspaper or tabloid, but a major voluntary communication project of Fleissen & Company, which is dedicated to harnessing and disseminating vital information about major developments within the energy industry on a monthly basis.

This periodic compilation is purely for information and knowledge purposes, and its content should not in any way be mistaken for financial, investment or transaction advice.

Professional guidance and expert views MUST always be sought when commercial decisions or business choices are to be made.

Filtering the noise to deliver important energy sector updates

Filtering the noise to deliver important energy sector updates

Filtering the noise to deliver important energy sector updates

Filtering the noise to deliver important energy sector updates

SEPTEMBER 2026

Filtering the noise to deliver important energy sector updates

Filtering the noise to deliver important energy sector updates

Filtering the noise to deliver important energy sector updates

JUNE 2026

JULY 2026

AUGUST 2026

MAY 2026

APRIL 2026

MARCH 2026

THIS MONTH AT A GLANCE

1.56m bpd

Crude output reached a 74-month high

37 blocks

Awarded in the 2025 licensing round

US$4.5bn

Energy commitments signed at NOG Energy Week

US$100+

Brent brie y crossed the threshold

UPSTREAM | GAS | DOWNSTREAM | POWER | CLEAN ENERGY | POLICY

Policy, investment and sustainability dynamics in Nigeria's energy transition agenda

Zero-DutyMobility EXECUTIVE BRIEFING

MARKET SIGNALS

The oil economy buffer

STRATEGIC IMPLICATIONS

Prepared and distributed monthly in print and electronic formats Compiled & distributed by

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Filtering the noise to deliver important energy sector updates

Filtering the noise to deliver important energy sector updates JANUARY 2026

FEBRUARY 2026

Home re ning absorbs global shock as prices reset

Nigeria lowers entry cost of clean public transport

Measuring the Invisible Compiled & distributed by

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Oil and gas operators convene in Abuja to turn emissions accounting into the price of market access.

Filtering the noise to deliver important energy sector updates DECEMBER 2025

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5% TO 0%

0%

100,000

EV IMPORT DUTY

MASS TRANSIT BUS DUTY

CNG KITS IN FIRST PHASE

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SEPTEMBER 2025

OCTOBER 2025

Nigeria's Energy Infrastructure Boom Refining expansion, gas infrastructure, and new con nental financing reshape the country's energy landscape

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Filtering the noise to deliver important energy sector updates

Filtering the noise to deliver important energy sector updates

Filtering the noise to deliver important energy sector updates

Filtering the noise to deliver important energy sector updates NOVEMBER 2025

How coordinated reforms and cleaner energy Ini a ves are strengthening Nigeria's energy security, while advancing long-term sustainability

AUGUST 2025

$60+ BILLION INVESTMENTS

10bscf/d BY 2027

NNPC unveils new gas master plan

12bscf/d BY 2030

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Aradel completes acquisition of 40% equity interest in ND Western

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Nigeria eyes $20bn investments from 70 priority gas projects

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FG unveils monitoring system for CNG vehicles

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Nigeria-China investments, energy deals hit $20 billion

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Aradel’s new gas supply deal with NLNG

Filtering out the noise to deliver important energy sector updates JULY 2025

FIRST E&P achieves 96% gas- are reduction, pledges net-zero by 2045

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Nigeria launches rst ever are gas digital infrastructure project

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Filtering out the noise to deliver important energy sector updates MAY 2025

JUNE 2025

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REA's $1.6bn mini-grid fund to accelerate clean energy access for rural communities

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Nigeria’s AutoCNG sector attracts $491mn investment in 12 months

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Fleissen & Company is a leading energy infrastructure advisory firm that delivers integrated technical and strategic solutions across the oil and gas, power, and broader energy sectors. The firm combines deep engineering expertise with regulatory insight to support clients in addressing complex operational challenges, enhancing sustainability, and unlocking value across the energy value chain.

Fleissen specialises in hydrocarbon measurement, gas utilisation, emissions accounting, and petrochemical downstream opportunity assessments. The company is pivotal in advancing Nigeria’s energy transition by supporting flare gas commercialisation, compressed natural gas (CNG) adoption, and greenhouse gas (GHG) reduction initiatives.

In addition to its technical advisory work, Fleissen & Company has two dedicated subsidiaries: Fleissen Events Ltd, which leads its industry convenings, and Fleissen Energy Ltd, which focuses on project development and energy solutions. Through Fleissen Events Ltd, the firm is a recognised convener of high-impact industry dialogues, including the Nigeria Hydrocarbon Measurement Conference (NiHMEC) and the Gas Safety Conference (GSC), which bring together regulators, operators, and global experts to drive innovation, policy alignment, and operational excellence in the energy sector.

THE TEAM

Project Lead Sunday Kanshio, PhD +2349098614828 s.kanshio@fleissen.com

Editorial Consultant Yange Ikyaa

Project Support Officer Aisha Tukur Diggi

September 2026

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September 2026

AVERAGE LPG PRICE // AUGUST 2026

COMPANY

AVERAGE LPG PRICE // AUGUST 2026

N/TONNE

COMPANY

N/TONNE

COMPANY

N/TONNE

19,806,667 NIPCO 20,700,000 NAVGAS STOCKGAP (OFFTAKER) 20,675,000 20,466,667 STOCKGAP PANOCEAN (OFFTAKER) 20,216,667

MATRIX RAIN OIL ARDOVA AP РРМС Арара

20,917,647 19,676,471 19,815,385 19,375,000

DANGOTE KHL

19,600,000 20,428,571

Depot Owners Producers

Source: lpginnigeria.com

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September 2026

Executive Profiles in Energy Governance corporate partner Recently, the Kogi State House of Assembly issued a statement commending the Director General and Chief Executive Officer of the Energy Commission of Nigeria (ECN), Dr Mustapha Abdullahi, pointing out his contributions to the development of the state and the country.

bridge the existing gap between its natural energy resources and a skilled workforce in an effort to achieve sustainable development and clean energy access across the country. Conceived, designed and agged off by ECN under the leadership of Dr. Abdullahi, it is modelled after India's renowned Barefoot Hon Suleiman Abdulrazak, who College to provide practical moved the motion on the oor vocational training in solar and of the house, speci cally men- renewable energy within Dr. Mustapha Abdullahi tioned the establishment of the Nigeria.

DG, Energy Commission of Nigeria Barefoot Renewable Energy From its groundbreaking cereCollege, which was facilitated cal labor needs in the mony in August 2024 to its offiby Dr. Abdullahi, and is siturenewable energy sector. cial commissioning in August ated within the Con uence - Address the historical chal2026, ECN drove the project University of Science and lenge of turning Nigeria's Technology (CUSTECH), Osara. with total commitment and abundant sunlight and natudedication. The aim is to bridge ral energy endowments the gap between non-formal, The lawmaker described Dr. into actual megawatts of hands-on technical eld trainAbdullahi as a nation-builder, power and productive ing and university-backed whose leadership, patriotism employment. research, thereby building a and commitment to commu- Use inclusive, hands-on nity development had yielded skilled local workforce for vocational training (modtangible bene ts to Kogi State. Nigeria's clean energy transieled after India's Barefoot He also urged the House to for- tion.

College) to equip rural popumally recognise the vision and lations and women with the The Barefoot Renewable efforts of the ECM boss in capacity to manage and Energy College speci cally advancing renewable energy maintain local clean energy aims to help Nigeria achieve development and education systems. the following goals: within the state and across - Support national progress Nigeria. toward affordable electricity - Train local technicians and access, local technological youth in practical skills, The Barefoot Renewable innovation, and long-term such as solar PV installation, Energy College (BARECKS) has climate targets like net-zero battery storage, and minibeen carefully planned and emissions. grids, in order to meet critiestablished to help Nigeria

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September 2026

ENERGY INTELLIGENCE BRIEF · NIGERIA · AUGUST 2026 ENERGY SUMMARIES · SEPTEMBER 2026 · ISSUE NO. 9 · VOL. 4 A curated monthly digest of Nigeria's oil, gas, power, and renewable energy landscape.

CONTENTS 01 Upstream Exploration and Production.....10 items 02 Refining and Downstream......................8 items 03 Natural Gas Development........................5 items 04 Power Sector Reform.............................10 items 05 Renewable Energy and Clean Transition......8 items 06 Clean Mobility..........................................3 items 07 Trade and International Markets..............8 items 08 Policy, Regulation and Governance........6 items 09 Corporate News and Appointments.........5 items

Sources: Sources: BusinessDay · Punch · Vanguard · ThisDay · Channels TV · Reuters · The Nation · DailyTrust · Daily Post · Business Insider Africa · Petroleum Price · The Cable · The Guardian · NNPC · The Sun · Business Post · New Telegraph · State House | August 1 to August 31, 2026

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September 2026

01

UPSTREAM EXPLORATION AND PRODUCTION Deep offshore fiscal terms, a production dip and the FID queue

SUBSECTOR INSIGHT Crude output fell 4 per cent in July to 1.505 million barrels per day, 1.67 million with condensate, on operational challenges at Erha and Akpo, while the 1.5 million barrels per day OPEC quota was met for a third month. Fiscal policy answered with the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order 2026, signed August 6, which restarts the profit-oil scale at 70:30 for greenfield crude and non-associated gas projects without a prior FID and caps production tax credits at US$11.50 per barrel; the NUPRC expects it to unlock about US$50 billion and one million additional barrels per day, beginning with the roughly US$10 billion Bonga Southwest project. The regulator counts 22 offshore projects worth US$30 billion to US$50 billion to 2030, more than US$57 billion of approved Field Development Plans since 2024 and 4.6 billion barrels already produced from deep offshore, and NNPC puts new commitments since the reforms above US$34 billion. Nineteen licences carry 2026 expiry dates, the RMAFC wants Kolmani remobilised, Nestoil revived a US$28 million rig and Energia is targeting 20,000 barrels per day.

July Output Slips 4% to 1.505m bpd as Erha and Akpo Falter

Tinubu Signs Deep Offshore Order to Unlock US$50bn Investment

Crude oil production averaged 1.505 million barrels per day in July 2026, down 4 per cent from June, with condensate adding 0.17 million barrels per day for a combined 1.67 million barrels per day, the NUPRC reported. Daily output ranged between a peak of 1.78 million and a low of 1.57 million barrels per day.

President Bola Tinubu approved a rules-based investment framework for deep offshore oil and gas, replacing project-by-project negotiation with published eligibility criteria, in a decision expected to unlock up to US$50 billion and revive projects stalled for decades, beginning with the roughly US$10 billion Bonga Southwest development.

Presidential spokesman Bayo Onanuga said the framework followed the President's engagement

The commission attributed the decline to operational challenges at the Erha and Akpo deepwater fields.

Crude output still exceeded the 1.5 million barrels per day OPEC quota for the third consecutive month.

(Channels Television, August 12, 2026 / Premium Times, August 12, 2026)

with Shell Chief Executive Wael Sawan. The NUPRC said the incentive could add one million barrels per day of crude and condensate from deep offshore fields, which currently supply about 24 per cent of oil and 19 per cent of gas output, and noted that 4.6 billion barrels, about 5,000 tanker cargoes, have already been produced from deep offshore assets.

(Premium Times, August 11, 2026 / Daily Trust, August 20, 2026)

Order Restarts Profit-Oil Split at 70:30 for Greenfield Deepwater Projects The Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order 2026, signed on August 6 and gazetted, allows qualifying new developments to restart the profit-oil sharing scale at 70:30 in favour

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of contractors, even where existing production in the same contract area has moved to a higher government share.

Eligibility is limited to greenfield crude oil or non-associated gas projects for which no

final investment decision had been taken when the order commenced. Combined standard and supplementary production tax credits are capped at US$11.50 per barrel, with a further US$1 per barrel

available for future leases.

(Punch, August 17, 2026 / ThisDay, August 12, 2026)

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September 2026

NUPRC Expects 22 Offshore Projects Worth US$30bn to US$50bn by 2030 Twenty-two major offshore projects are expected between 2026 and 2030 with an investment potential of US$30 billion to US$50 billion, NUPRC Chief Executive Oritsemeyiwa Eyesan said in a keynote delivered on her behalf by Executive Commissioner Enorense Amadasu at the SPE Nigeria Annual International Conference and Exhibition in Lagos.

The commission has approved more than US$57 billion of Field Development Plans since 2024, several of which are progressing to final investment decisions, and is preparing a 2026 licensing round after the 2025 exercise awarded 37 blocks to 31 companies.

(Punch, August 6, 2026 / Vanguard, August 5, 2026)

Ojulari: Reforms Have Drawn Over US$34bn; Bonga Southwest Awaits FID Approvals NNPC Group Chief Executive Bayo Ojulari said the sector reforms have generated more than US$34 billion in new investment commitments, with the Bonga Southwest Aparo project, estimated at US$15 billion to US$21 billion and designed for 175,000 barrels per day and 140 million standard cubic feet

of gas per day at peak, through pre-FEED with an FPSO contractor selected and awaiting approvals for a final investment decision.

The rig count stood at 73 in March 2026, 31 of them active, up 22.6 per cent year on year.

(ThisDay, August 29, 2026)

19 Oil Block Licences Carry 2026 Expiry Dates, NUPRC Register Shows

RMAFC Asks FG to Remobilise Kolmani Oil Project

Nineteen upstream licences have stated expiry dates within 2026, comprising 12 Petroleum Prospecting Licences and seven Oil Prospecting Licences, according to the Nigerian Upstream Concession Situation Report released by the NUPRC in August.

The Revenue Mobilisation Allocation and Fiscal Commission called for the resumption of exploration at the Kolmani field between Bauchi and Gombe states to raise revenue for the Federation, after an oversight visit to the site.

Chairman

The report also shows three licences with 2025 expiry dates and several concessions due to expire in 2027, at a time when the government is targeting idle assets to raise production and exploration activity.

(Punch, August 26, 2026)

Muhammad Shehu said the commission would submit its findings to President Bola Tinubu with a recommendation to remobilise the site and resume work on the project initiated under the previous administration.

(Channels Television, August 24, 2026)

Niger Delta Youths Propose PINL Model for Ogoni Oil Resumption Youth leaders from the Niger Delta urged the Federal Government and the Ogoni Dialogue Committee to adopt the community engagement

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model used by Pipeline Infrastructure Nigeria Limited along the Eastern corridor of the Trans Niger Pipeline as the basis for resuming production in

Ogoniland.

Legborsi Yamaabana, President-General of the Ogoni Youths Federation, said at a PINL stakeholders' meeting in Port Harcourt

that the youths are not opposed to resumption but must be brought fully into the dialogue.

(Punch, August 6, 2026)

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September 2026

Nestoil Deploys US$28m Rig on OML 42 After Eight Idle Years Nestoil Group put its Pathfinder 500 drilling rig to work for the first time since acquiring it about eight years ago, completing workover operations on two producing wells in OML 42 without any health, safety and environment incident and adding incremental oil production from the asset.

The rig, deployed by

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Scorpio Drilling International, a Nestoil business unit, is one of two units bought for a combined US$28 million, the other being the Scorpio 300. The campaign precedes a wider in-field drilling programme on the Niger Delta lease.

(Punch, August 31, 2026)

Energia Targets 20,000 bpd as It Marks 25 Years Energia, a wholly indigenous exploration and production company operating since 2001, is working to raise field capacity to 20,000 barrels of oil per day following investment in production infrastructure, new seismic data, produced-water treatment and drilling.

The company said its flow station was upgraded in 2014 to 8,000 barrels of oil per day and 25 million standard cubic feet of gas per day, and that gas monetisation is part of its next phase.

(Daily Trust, August 26, 2026)

REFINING AND DOWNSTREAM Gantry prices in both directions, IPO underwriting and the domestic crude test

SUBSECTOR INSIGHT The Dangote refinery moved its petrol gantry price three times: down N50 to N1,165 per litre on August 5, with diesel cut from N1,650 to N1,570, then up to N1,185 from August 21 and N1,200 from August 26, leaving pump prices at N1,250 to N1,300 as international crude softened. Its listing advanced with a US$1 billion underwriting programme structured by Marob Strategies and Lilium Capital. Local refineries received 53.7 million barrels in the second quarter at 97.4 per cent of the Domestic Crude Supply Obligation, up 88.4 per cent on the first quarter, with Dangote accepting 52.6 million barrels, and the NMDPRA said all crude is to be refined locally by 2030.

Dangote Cuts Petrol to N1,165 and Diesel to N1,570 per Litre The Dangote Petroleum Refinery reduced its exdepot petrol price by N50 per litre, from N1,215 to N1,165, and its diesel price

by N80, from N1,650 to N1,570, in a statement issued on August 5.

The refinery said the review was intended to improve

affordability and access to refined products and to support economic activity.

The reduction came two weeks after naira sales had

been restored at N1,215 per litre in July.

(Punch, August 5, 2026)

Dangote Petrol Undercuts Imports by N53.54 per Litre Gantry and ex-depot price templates published by the refinery and the Major Energies Marketers Association of Nigeria

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showed Dangote petrol at N1,165 per litre against N1,218.54 for imported product, a gap of N53.54 or 4.39 per cent.

The lower depot prices pushed pump prices down over two weeks, with filling stations in Abuja and surrounding areas selling at N1,210

to N1,300 per litre.

(Daily Post, August 18, 2026)

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September 2026

Refinery Reverses Course: Petrol Up to N1,185, Then N1,200 The refinery raised its petrol gantry price by N20 to N1,185 per litre with effect from midnight on August 21, barely two weeks after the cut to N1,165. The new price remained below the N1,200 quoted by Integrated Oil and Gas, African Terminals and NIPCO, and the N1,190 at Pinnacle Oil and Gas. A second increase of N15 took the gantry price to

N1,200 per litre from August 26. Marketers said retail prices had climbed to between N1,250 and N1,300 in some locations, with IPMAN's Chinedu Ukadike noting the increase came as international crude prices were declining.

(MSME Africa, August 21, 2026 / Punch, August 28, 2026)

Local Refineries Took 53.7m Barrels in Q2 as DCSO Hit 97.4% Domestic refineries received 53.7 million barrels of crude oil and condensate between April and June 2026, an increase of 25.2 million barrels or 88.4 per cent over the 28.5 million barrels delivered in the first quarter, taking Domestic Crude Supply Obligation performance to 97.4 per cent, NUPRC data showed.

Producers offered 68.1

million barrels to the Dangote refinery against its stated requirement of 63 million barrels, and the refinery accepted 52.6 million barrels. Monthly performance ran at 114.9 per cent in April, 75.8 per cent in May and 102.4 per cent in June.

(Punch, August 10, 2026 / Premium Times, August 11, 2026)

Dangote Refinery IPO Secures US$1bn Underwriting Programme Dangote Petroleum Refinery and Petrochemicals completed a US$1 billion underwriting programme ahead of its planned initial public offering, comprising a US$600 million private placement, already underwritten and funded by Pan-African Refinery Investment SPV, a subsidiary of Lilium Capital Group, and a further US$400 million underwriting commitment for the IPO. Marob Strategies and Consulting DIFC and

Lilium Capital structured the programme and are distributing the participation among sovereign wealth funds, governments and institutional investors across Africa and the Caribbean. The IPO commitment remains subject to market conditions, regulatory approvals and definitive documentation.

(ThisDay, August 19, 2026 / Nairametrics, August 18, 2026)

NMDPRA: All Crude to Be Refined Locally by 2030 Nigeria plans to allocate all of its crude production to the domestic market by 2030 as refining capacity expands, the NMDPRA told S&P Global, putting current domestic refining capacity at about 1.12 million barrels per day.

The authority said it has

engaged the NUPRC to enforce provisions requiring producers to supply crude to local refiners, as the country targets 3 million barrels per day of production by 2030.

(The Cable, August 11, 2026)

Tinubu: State Refineries Will Work Again, on Productivity Terms President Bola Tinubu told the leadership of NUPENG at the Presidential Villa that the state-owned refineries will

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return to operation, but that their success would be judged on productivity rather than activity, as part of a structural reworking

of the economy.

The President also urged vehicle and truck owners who have converted to compressed natural gas to

pass the savings on to commuters rather than retain the full benefit.

(Punch, August 13, 2026)

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September 2026

NMDPRA Drafts Rules Against Price Fixing and Artificial Scarcity The NMDPRA unveiled the draft Midstream and Downstream Petroleum Prevention of AntiCompetitive Practices and Behaviour Regulations 2026, which would prohibit

03

price fixing, supply restriction, market sharing, bid rigging, customer allocation, exclusive supply arrangements and the exchange of commercially sensitive information

among competitors.

The proposal follows allegations by independent marketers in July that some major importers were selling imported petrol at coordinated prices well

above the Dangote refinery's rate.

(Punch, August 6, 2026)

NATURAL GAS DEVELOPMENT Pricing reform, network measurement and the first FLNG decision

SUBSECTOR INSIGHT The NMDPRA signalled the end of regulated gas pricing within one to two years in favour of willing buyer, willing seller: gas-to-power is priced at US$2.18 per thousand cubic feet and gas-based industries below US$2, while producers ask US$2.60 to US$5. The first-half Nigerian Gas Network Reconciliation reported a 30 per cent fall in Western Network imbalance and introduced a Network Entry and Exit Point Measurement Infrastructure Audit Template for the transmission system. NLNG disclosed that LPG offtakers bought at N800 per kilogramme and sold at N2,400 during the recent scarcity, against an NMDPRA benchmark of N1,000 to N1,200, and has changed its allocation to favour offtakers with storage and direct-to-retail networks. UTM Offshore held September for the FID on its roughly US$3 billion floating LNG plant at the Yoho field, 60 kilometres off Akwa Ibom, with 200 million standard cubic feet per day of feed gas secured, and Niger State designated its 1,000 square kilometre stretch of the AKK corridor an industrial development zone.

FG to End Gas Price Regulation Within Two Years, Says NMDPRA Domestic gas pricing will move to a willing-buyer, willing-seller basis within the next one to two years, NMDPRA Chief Executive Rabiu Umar said at the 49th SPE Nigeria Annual

International Conference and Exhibition in Lagos, stating that the government does not intend to regulate gas prices indefinitely.

Gas supplied to power is currently priced at US$2.18

per thousand cubic feet and gas to gas-based industries below US$2, while producers have asked for between US$2.60 and US$5. Seplat Chief Executive Effiong Okon and

Shell's Jiang Kun also addressed the session.

(ThisDay, August 4, 2026 / Arise News, August 4, 2026)

Western Network Gas Imbalance Falls 30%; Metering Audit Template Introduced The NMDPRA recorded a 30 per cent reduction in gas imbalance on the Western Network at the close of the first-half 2026 Nigerian Gas Network Reconciliation workshop, which

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reconciled volumes traded between January and June among transporters, suppliers, shippers and offtakers.

The exercise introduced a Network Entry and Exit Point Measurement Infrastructure Audit

Template to improve metering accuracy and confidence in gas measurement across the transmission network, and reviewed the Escravos Lagos Pipeline System shrinkage factor and

hydraulic modelling project. Director of Transportation Systems and Networks Joseph Musa spoke for Chief Executive Rabiu Umar.

(ThisDay, August 4, 2026)

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September 2026

NLNG: LPG Offtakers Earned N1,600 per kg Markup During Scarcity Major LPG offtakers bought product from Nigeria LNG at N800 per kilogramme and sold it at N2,400 during the recent scarcity, an excess markup of N1,600, against an NMDPRA recommendation that retail prices should not exceed N1,000 to N1,200 after transport, Managing Director Adeleye Falade said at the NLNG Facts and Figures presentation in Lagos.

An assessment by one of the big four consulting firms found hoarding at terminals was creating artificial scarcity. NLNG, which supplies the market through its vessel Alfred Temile to more than 15 terminal owners, has changed its allocation ranking to favour offtakers with storage capacity and a proven direct-to-retail network (ThisDay, August 4, 2026)

UTM Offshore Holds September Target for Nigeria's First FLNG Decision UTM Offshore Group Managing Director Julius Rone is targeting September for the final investment decision on Nigeria's first floating liquefied natural gas plant, a project estimated at about US$3 billion to sit 60 kilometres off Akwa Ibom State at the Yoho field.

Feed gas of about 200 million standard cubic feet per day is secured under a

15-year Wet Gas Sale and Purchase Agreement with the NNPC and Seplat joint venture. The floating design avoids the years needed to build an onshore processing network and allows offshore gas to be captured, liquefied and shipped directly.

(ThisDay, August 16, 2026)

Bago: AKK Pipeline Corridor Will Open Niger State to Investors Niger State Governor Mohammed Bago said the 1,000 square kilometre stretch of the AjaokutaKaduna-Kano gas pipeline corridor running through

GM

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the state has been designated an Industrial Development Zone to attract agro-allied, petrochemical, fertiliser and manufacturing investment.

Speaking at the 2026 AKK and Energy Business Development Forum in Minna, Bago said the combination of hydropower, solar potential and pipeline

gas places the state in a strategic position for industrialisation.

(Punch, August 7, 2026)

THE STATE OF GAS MEASUREMENT IN NIGERIA Why the meter becomes a commercial term when price control ends

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September 2026

04

POWER SECTOR REFORM Regulatory takeovers, state markets and a grid held together by dispatch

SUBSECTOR INSIGHT NERC dissolved the board of Kaduna Electric on August 11 over cumulative market obligations of N456.5 billion, including N415.5 billion owed to NBET, appointing Managing Director Abubakar Umar Hashidu as interim administrator for six months and mandating Afreximbank to find a new core investor within 12 months; the DisCo's ATC&C losses were 71.88 per cent in 2025 with metering at 34.42 per cent. On August 18 the commission transferred the Akwa Ibom market to the state regulator, requiring Port Harcourt Electricity Distribution Company to incorporate a subsidiary within 60 days and complete transfers by February 17, 2027, after 16 states had already transitioned. Geregu named Mohammed Jaoji acting chief executive as it works through a N40.09 billion bond default, EKEDP told the Senate its ATC&C losses have fallen from 35.37 to 19.71 per cent, and NISO attributed reduced allocations to Lagos, Abuja and the North between August 24 and 29 to 330kV line outages rather than a generation shortfall; no system collapse was recorded. New capacity was licensed or started in Edo North (200MW), Victoria Island (40MW) and Ogba (12MW).

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September 2026

NERC Dissolves Kaduna Electric Board Over N456.5bn Market Debt NERC dissolved the board of Kaduna Electricity Distribution Company on August 11 in an order signed by Chairman Musiliu Oseni and Commissioner Dafe Akepeneye, citing cumulative market obligations of N456.5 billion, comprising N415.5 billion owed to NBET, N41 billion to NISO and N14.26 billion in other statutory dues.

The commission found that

core investor ASI Engineering, whose 60 per cent acquisition was approved in January 2024 on conditions including a credible loss-reduction plan and payment guarantees, had not met those conditions and had added N118.6 billion of market debt since June 2024.

(Daily Trust, August 10, 2026 / BusinessDay, August 12, 2026)

NERC Transfers Akwa Ibom Electricity Market to State Regulator NERC issued an order on August 18 transferring regulatory oversight of the Akwa Ibom electricity market to the Akwa Ibom State Electricity Regulatory Commission in line with the amended Constitution and the Electricity Act 2023, while retaining authority over interstate and international generation, transmission, trading and system operation.

Port Harcourt Electricity Distribution Company must incorporate a subsidiary, PHEDC SubCo, within 60 days to take over intrastate supply and distribution under a licence from the state regulator, with all transfers completed by February 17, 2027.

(Punch, August 20, 2026 / The Cable, August 19, 2026)

Kaduna Electric: Hashidu Named Interim Administrator, Afreximbank to Find New Investor Managing Director Abubakar Umar Hashidu was appointed interim administrator of Kaduna Electric for an initial six months, and the African Export-Import Bank will lead an open, competitive process to identify a replacement core investor within 12 months. The new investor must show working capital, technical capacity and a five-year plan for

metering, network investment, loss reduction and remittances.

The DisCo recorded ATC&C losses of 71.88 per cent in 2025, paid 41.93 per cent of market invoices, metered 34.42 per cent of customers and invested N2.48 billion against a required N24.51 billion.

(BusinessDay, August 12, 2026)

Seventeen States Now Regulate Their Own Electricity Markets The Akwa Ibom order brings to 17 the number of states that have received transfer orders for their intrastate electricity markets under the Electricity Act 2023. Before it, NERC had said 16 states had fully transitioned, with Gombe becoming the 16th in July 2026.

The states already

regulating their own markets are Enugu, Ekiti, Ondo, Imo, Oyo, Edo, Kogi, Lagos, Ogun, Niger, Plateau, Abia, Nasarawa, Anambra, Bayelsa and Gombe.

(BusinessDay, August 19, 2026 / Punch, August 20, 2026)

Geregu Names Jaoji Acting CEO Amid N40.09bn Bond Default Geregu Power Plc appointed Mohammed Jaoji as Acting Chief Executive Officer with effect from August 17, 2026, subject to NERC approval, as the Page 12

generation company works through a default on its N40.09 billion Series 1 Senior Unsecured Bond.

Jaoji succeeds Sean Manley, whose tenure as Interim

Chief Executive ended on August 14 after the board chose not to renew his appointment, according to a notice to the Nigerian Exchange signed by

Company Secretary Gbeminiyi Shoda.

(ThisDay, August 18, 2026)

Fleissen & Company

September 2026

EKEDP Reports N39.5bn Monthly Billing, ATC&C Losses Down to 19.71% Eko Electricity Distribution Plc told the Senate Committee on Privatisation, led by Senator Shuaibu Isa Lau on an oversight visit to its Lagos headquarters, that ATC&C losses have fallen from 35.37 per cent at privatisation in 2013 to 19.71 per cent in 2026 year to date.

Average monthly revenue billed has grown from under N2 billion in 2013 to N39.5 billion, and metered customers from 183,808 to 584,193, the management team led by Wola Joseph Condotti of Transgrid Enerco reported.

(ThisDay, August 4, 2026)

Edo North 200MW IPP Licensed with 10% State Equity Edo North Electricity Company Limited received its licence for a 200 megawatt independent power plant after financial and technical assessment under the state's electricity law, with the Ministry of Power to monitor a 365-day implementation period.

Commissioner for Power

Paul Usenbo said Governor Monday Okpebholo had secured 10 per cent equity in the project for the state, following a similar approach used on the CCTC project.

(The Sun, August 24, 2026)

Sahara Power Breaks Ground on US$12m, 12MW Ogba IPP Sahara Power Enterprise Group commenced construction of a 12 megawatt independent power plant at the Ogba Undertaking of Ikeja Electric in Lagos, a

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US$12 million project comprising six 2MW gas-fired units scheduled for completion in the first quarter of 2027.

Group Managing Director Kola Adesina

NISO: Allocation Cuts to Lagos, Abuja and North Caused by 330kV Line Outages The Nigerian Independent System Operator attributed reduced allocations to DisCos serving Lagos, Abuja and northern states in late August to multiple transmission line outages that constrained the grid, forcing changes to dispatch to keep the remaining network within safe limits, and not to a shortage of generation.

Lagos allocations were affected from August 24 to 29 by outages on the

Olorunsogo-Ayede, BeninEgbin, Benin-Omotosho and Osogbo-Ikeja West lines; northern allocations from August 24 to 27 by the Shiroro-Mando, Mando-Jos and Apir-Lafia lines; and Abuja on August 29 by the Shiroro-Katampe and Gwagwalada-Katampe lines, restored the same morning.

(Punch, August 30, 2026 / Legit.ng, August 30, 2026)

Elektron Energy Unveils 40MW Embedded Plant for Victoria Island Elektron Energy presented a 40 megawatt embedded power plant, the Victoria Island Power project, designed to supply dedicated electricity to businesses in the Lagos district without the fuel logistics, generator maintenance and disruptions of selfgeneration.

Executive Director

said the plant will serve industrial clusters, businesses, homes and public institutions across Ogba, Acme Road and

Ayomide Oladapo said businesses in the area had for years chosen between absorbing the cost of selfgeneration and the uncertainty of grid supply, neither of which gave them the predictability to plan and invest.

(PM News, August 27, 2026)

Wemco Road.

(ThisDay, August 29, 2026)

Fleissen & Company

September 2026

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RENEWABLE ENERGY AND CLEAN TRANSITION Targets, institutions and financing for distributed clean power

SUBSECTOR INSIGHT Minister of Power Joseph Tegbe set a target of 40 per cent of national power supply from renewables by 2060, and the government built institutions to hold its assets: MOFI launched the Renewable Asset Management Company, with tariffs to be charged for completed installations at 25 tertiary institutions and teaching hospitals. The Tinubu Light Initiative targets affordable clean energy for one million MSMEs and more than 50,000 direct jobs, and Gigawatt Global offered up to US$500 million of project finance covering as much as 90 per cent of the cost of 10MW to 20MW university solar plants under bankable power purchase agreements. MAN launched an Industrial Energy Adoption Programme promising cost reductions of up to 45 per cent, the Barefoot Renewable Energy College at Osara opened with a green hydrogen pilot plant, and All On began a 12-month incubation for 10 clean energy ventures.

Nigeria Targets 40% of Power from Renewables by 2060 Minister of Power Joseph Tegbe said the country is targeting 40 per cent of its total power requirement from renewable energy by 2060, at a media briefing in Lagos on plans to stabilise the sector.

Tegbe credited the shift

from estimated billing to metering as the reform that is restoring consumer confidence, describing the session as the start of a reset for the sector.

(AIT, August 1, 2026)

Tinubu Light Initiative Targets One Million MSMEs and 50,000 Jobs The National Board for Technology Incubation unveiled the Tinubu Light Initiative, a nationwide programme to supply affordable clean energy to one million micro, small and medium enterprises, at the National Showcase of the NextGen Innovation Challenge 2026 in Abuja.

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Director-General Kazeem Raji said the programme would create more than 50,000 direct jobs and reduce the cost burden of unreliable grid supply and generator dependence on small businesses.

(Punch, August 6, 2026 / Nairametrics, August 6, 2026)

MOFI Launches RAMCO; Tariffs Planned for Renewable Assets at 25 Institutions The Ministry of Finance Incorporated launched the Renewable Asset Management Company as an institutional vehicle for the monitoring, maintenance, reinvestment and renewal of public renewable energy assets, Managing Director Armstrong Ume Takang announced in Abuja.

At the unveiling, Minister

of Power Joseph Tegbe said tariffs will be charged for the use of completed federal renewable energy installations at 25 tertiary institutions and teaching hospitals to fund their upkeep.

(The Economic Times, August 27, 2026 / Daily Post, August 26, 2026)

Gigawatt Global Offers US$500m for University Solar Plants Gigawatt Global Chief Executive Yosef Abramowitz announced up to US$500 million in project financing for solar plants at Nigerian universities, covering as much as 90 per cent of project cost subject to bankable power purchase agreements and agreed milestones, at the Tinubu Light Initiative launch in

Abuja.

Each installation is expected to generate 10 to 20 megawatts, enough to meet campus demand and supply surplus power to neighbouring communities through prepaid metering.

(Punch, August 6, 2026)

Fleissen & Company

September 2026

MAN Programme Promises Up to 45% Cut in Manufacturers' Energy Costs The Manufacturers Association of Nigeria launched the Industrial Energy Adoption Programme, offering members integrated access to renewable technologies, project finance, engineering services and technical support to reduce energy costs by up to 45 per cent.

President Francis Meshioye unveiled the programme at the South East Industrial Energy Solutions and Investment Symposium in Awka, crediting the Anambra, Enugu and Ebonyi branches for developing the framework.

(VON, August 2, 2026)

Tinubu Inaugurates Renewable Energy College and Green Hydrogen Pilot in Kogi Vice President Kashim Shettima, on behalf of President Bola Tinubu, inaugurated the Barefoot Renewable Energy College, Osara, and a Green Hydrogen Research and Demonstration Pilot Plant at the Confluence University of Science and Technology in Kogi State.

All On Opens 12-Month Incubation for 10 Clean Energy Ventures All On launched its Innovation Ecosystem Development Programme on August 24, a 12-month incubation and prototype development scheme funded by the Global Energy Alliance for People and Planet and run through the All On Hub. Chief Executive Caroline Eboumbou

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said 10 participating ventures will receive technical guidance, venture creation training, mentorship and access to fabrication facilities, addressing needs at the ideation stage that funding alone does not meet.

(The Guardian, August 26, 2026)

The President described the college, presented as Africa's first dedicated renewable energy college, as the answer to the difficulty of converting sunlight, wind, biomass and water endowments into megawatts and jobs.

(ThisDay, August 4, 2026)

REAN: Renewables Now Indispensable to Nigeria's Energy Mix Renewable Energy Association of Nigeria President Ayo Ademilua said renewable energy has become indispensable to the national energy mix and called for closer collaboration among government, regulators, financiers and development partners, at the Solar and Storage Live Nigeria 2026

conference in Lagos.

Ademilua said the next phase must prioritise local manufacturing, affordable financing, technical capacity, quality assurance and a policy environment that supports long-term private investment.

(The Tide, August 3, 2026)

CLEAN MOBILITY CNG fleets, electric vehicle assembly and conversion skills

SUBSECTOR INSIGHT Akwa Ibom State took delivery of a further 10 compressed natural gas buses on August 10, bringing its fleet to 40 of a planned 50 with a CNG terminal under construction, while the Federal Government inspected the assembly of 10,000 electric buses, tricycles and taxis with charging infrastructure in Maiduguri for distribution across the six North-East states. The Presidency flagged off CNG vehicle retrofitting training for National Youth Service Corps members in the South-East, and President Tinubu pressed converted vehicle and truck owners to pass their fuel savings on to commuters.

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Fleissen & Company

September 2026

Akwa Ibom Fleet Reaches 40 CNG Buses, 80% of Target The Akwa Ibom State Government received another 10 compressed natural gas buses in Uyo on August 10, taking deliveries under Governor Umo Eno's mass transit programme to 40, or 80 per cent of the 50bus target, with the remaining 10 expected shortly.

Commissioner for Transport Anthony Luke said work on the state's CNG terminal is on schedule and that the programme is intended to bring down transport costs for households and businesses.

(Channels Television, August 11, 2026)

FG Inspects Assembly of 10,000 Electric Vehicles in Borno Minister of Regional Development Abubakar Momoh inspected progress on the assembly of 10,000 electric vehicles, comprising buses, tricycles and taxis with charging infrastructure, in Maiduguri for distribution to the six North-East states.

Momoh said the vehicles would serve rural and urban communities across the region and create jobs during and after the rollout, alongside rural road projects inspected on the same visit.

(Punch, August 13, 2026)

NYSC Members Trained in CNG Vehicle Conversion in the South-East Special Adviser to the President on Youth Initiatives Titi Gbadamosi flagged off a CNG vehicle retrofitting training programme for National

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Youth Service Corps members in the SouthEast zone, describing the sector as a source of employment for young Nigerians.

Gbadamosi said the

programme follows the decision after subsidy removal to promote natural gas as an alternative transport fuel and is meant to equip corps members

with marketable skills before they complete service.

(Daily Trust, August 20, 2026)

TRADE AND INTERNATIONAL MARKETS Export markets, sovereign finance and maritime access

SUBSECTOR INSIGHT The Dangote refinery supplied more than 400,000 tonnes of jet fuel to Europe in July, about 20 per cent of the continent's 2.06 million tonnes of imports, holding the top supplier position ahead of the United States for a second month after a record 466,000 tonnes in June. The National Economic Council approved Project Gazelle 2, a US$4.5 billion facility that refinances about US$1.5 billion outstanding on the 2023 crudebacked loan, adds US$3 billion of liquidity and cuts pledged crude from 90,000 to about 78,750 barrels per day. The United States Coast Guard lifted the Condition of Entry imposed on vessels from Nigerian ports since 2014, the NPA reported berth reconstruction and channel deepening at the Eastern ports, and Oando's Wale Tinubu said Afreximbank, with more than US$25 billion committed, is now Africa's largest oil and gas financier. Tanzania courted Dangote for fertiliser and energy investment, Nigeria and Thailand agreed to widen cooperation into renewable energy, and a Nigerian delegation will present projects at the Dongying exhibition in China on September 28 to 30.

Dangote Supplies 20% of Europe's Jet Fuel in July, Tops US for Second Month More than 400,000 tonnes of jet fuel from the Dangote refinery were delivered to Europe in July, about 20 per cent of the continent's imports of roughly 2.06

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million tonnes, keeping the refinery ahead of the United States as Europe's largest supplier for a second consecutive month, according to Kpler data

cited by the company.

The July volume followed a record 466,000 tonnes in June. Chief Executive David Bird said the refinery is also expanding exports of

diesel, gasoline and other refined products.

(Petroleum Price, August 7, 2026 / BusinessDay, August 6, 2026)

Fleissen & Company

September 2026

NEC Approves US$4.5bn Project Gazelle 2 to Refinance NNPC's US$3.3bn Facility The National Economic Council, at its 159th meeting chaired by Vice President Kashim Shettima, approved the refinancing of the US$3.3 billion Project Gazelle pre-export finance facility through a new US$4.5 billion facility, Project Gazelle 2, which retires the approximately US$1.5 billion outstanding balance and unlocks an additional US$3 billion of

liquidity for external reserves and fiscal priorities.

Minister of Finance Taiwo Oyedele said the pledged crude volume falls from 90,000 barrels per day to about 78,750, a 12.5 per cent reduction that releases 11,250 barrels per day to the Federation.

The United States Coast Guard lifted the Condition of Entry that had applied since June 25, 2014 to vessels bound for the United States after calling at designated Nigerian ports within their previous five port calls, ending 12 years of additional security screening.

Minister of Marine and

Blue Economy Adegboyega Oyetola attributed the decision to work led by NIMASA with port operators, shipping companies and other agencies to close identified gaps and meet international security standards.

(Vanguard, August 19, 2026)

(ThisDay, August 3, 2026)

Afreximbank Now Africa's Largest Oil and Gas Financier, Says Wale Tinubu Oando Chief Executive Wale Tinubu said the African Export-Import Bank has committed more than US$25 billion to Africa's oil and gas sector, making it the continent's largest financier of the industry, at the Royal African Society's conference in London on the next 125 years of mining, oil and gas in

US Lifts 12-Year Condition of Entry on Vessels from Nigerian Ports

Africa.

Tinubu said governance is what makes a company legible to the world, that African firms have done the work of making themselves investable, and that what does not get financed does not get built.

(Business Post, August 20, 2026)

Africa Energy Bank Win Prompts Call for Investment in Diplomacy Nigeria's successful bid to host the US$5 billion Africa Energy Bank drew commendation from diplomats and international law experts, who urged sustained investment in international law and diplomacy capacity to consolidate the country's growing influence.

The remarks came at the opening of the 2026 Certificate of Advanced Studies in International Law and Diplomacy organised

by the Nigerian Institute of Advanced Legal Studies with the International Law Association's Nigerian branch, where DirectorGeneral Ibrahim Abdulqadir Abikan stressed the need for top-tier expertise in diplomatic engagements.

(The Guardian, August 18, 2026)

NPA: Eastern Ports Getting New Berths and Deeper Channels The Nigerian Ports Authority rejected claims that the Eastern ports have been neglected, saying reconstruction of Berths Seven and Eight at the

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Rivers Port Complex is under way and navigation channels are being deepened so larger vessels can berth directly.

Rivers Port Manager

Kenechi Okaeze, representing Minister Adegboyega Oyetola at a session with maritime correspondents in Port Harcourt, said restoring the

ports would cut logistics costs and reduce longdistance road haulage from other ports.

(Vanguard, August 3, 2026)

Fleissen & Company

September 2026

Tanzania Woos Dangote for Fertiliser and Energy Investment

Nigeria Takes Investment-Ready Oil and Gas Projects to China's Dongying Exhibition

A Tanzanian delegation led by Planning and Investment Minister Kitila Mkumbo visited the Dangote refinery in Lagos to advance discussions on new investment in fertiliser production, energy and industrial infrastructure, following talks between President Samia Suluhu Hassan and Aliko Dangote.

ZA Nigerian delegation of regulators, state representatives and indigenous oil and gas companies will present a portfolio of investmentready projects at the China Dongying International Petroleum and Petrochemical Equipment and Technology Exhibition on September 28 to 30, coordinated by Oraso Consulting.

The exhibition expects more than 500 exhibitors including Sinopec, CNPC, CNOOC and PipeChina,

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Dangote already operates Tanzania's largest cement plant, an investment of about US$800 million.

Separately, Kenya's Lamu County is planning a US$100 million palm oil plant alongside the proposed Dangote refinery there.

(Punch, August 10, 2026 / Business Insider Africa, August 12, 2026)

with a dedicated NigeriaChina session for engagement with financiers, engineering firms and equipment makers. In Abuja, Vice President Kashim Shettima and Thailand's Deputy Prime Minister agreed to extend bilateral cooperation into technology, agriculture and renewable energy.

(Premium Times, August 29, 2026 / Channels Television, August 26, 2026)

POLICY, REGULATION AND GOVERNANCE Host community obligations, reform accounting and industry capacity

SUBSECTOR INSIGHT The NUPRC confirmed that 172 Host Communities Development Trusts have been incorporated under the Petroleum Industry Act and is intensifying enforcement of the requirement that settlors contribute 3 per cent of the previous year's operating expenditure to the trusts, which it says have funded schools and hospitals and brought stability to previously volatile areas. Minister of Finance Taiwo Oyedele's reform scorecard argued that the Dangote refinery could not have operated with petrol below N200 per litre under subsidy. NIPSS and the Energy Commission of Nigeria opened talks on a policy partnership, the SPE Nigeria Council held an executive masterclass on energy journalism, the NCDMB graduated 50 crane operators from 355 applicants and NLNG and the NCDMB announced a research centre at Rivers State University.

NUPRC Confirms 172 Host Community Trusts, Enforces 3% Levy The NUPRC has recorded the incorporation of 172 Host Communities Development Trusts under the Petroleum Industry Act and is stepping up enforcement of the

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provision requiring settlors to contribute 3 per cent of their operating expenditure in the preceding financial year to the trusts.

Chief Executive Oritsemeyiwa Eyesan

told the Revenue Mobilisation Allocation and Fiscal Commission in Abuja that the trusts have funded schools, hospitals and other infrastructure and contributed to stability that has supported

production, while some remain in litigation over trustee composition.

(Punch, August 31, 2026 / ThisDay, August 31, 2026)

Fleissen & Company

September 2026

Oyedele: Sub-N200 Petrol Would Have Made Dangote Refinery Impossible Minister of Finance and Coordinating Minister of the Economy Taiwo Oyedele said the Dangote refinery could not have been commercially viable had petrol remained below N200 per litre under subsidy, presenting the government's reform scorecard, Nigeria's Reform Scorecard: The Benefits,

Costs and Harms Prevented, in Abuja.

Oyedele acknowledged the high cost of subsidy removal and exchange rate unification to Nigerians but argued the reforms averted a deeper crisis and created the market conditions for private refining investment.

(Punch, August 20, 2026)

SPE Nigeria Council Holds Masterclass on Energy Journalism The SPE Nigeria Council, with Sequest Upstream Company, held an Executive Masterclass on Energy Journalism in Lagos on August 1 under the theme Engineering the Narrative: Why Technical Knowledge Matters in Energy Journalism.

Council Chairman Francis Nwaochei said energy reporting shapes public perception, investor confidence and policy, and must be factual, balanced and contextual.

(EnviroNews, August 2, 2026)

NIPSS and Energy Commission Open Talks on Policy Partnership The National Institute for Policy and Strategic Studies and the Energy Commission of Nigeria opened talks on a partnership covering energy policy formulation, indigenous technology and capacity building, during a visit by NIPSS DirectorGeneral Ayo Omotayo to ECN Director-General

Mustapha Abdullahi.

Both framed the engagement around the US$1 trillion economy ambition by 2030, with reliable energy as the enabling condition.

(News Pointer, August 14, 2026)

NCDMB Graduates 50 Crane Operators from 355 Applicants The NCDMB graduated 50 young Nigerians from a four-week crane operations training programme facilitated by Zigma Limited in Port Harcourt, selected from 355 applicants nationwide.

Halvin Okonmah, representing Executive

Secretary Felix Ogbe, said the programme builds indigenous capacity for the oil and gas, construction and industrial sectors to international safety standards.

(Channels Television, August 2, 2026)

NLNG, NCDMB Unveil Research Centre for Rivers State University Nigeria LNG and the NCDMB announced a Research and Innovation Centre for Computer and Electrical Engineering

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at Rivers State University, Port Harcourt, for industryrelevant research, specialised training and technology

development.

A professorial chair structured as an operational research and development centre will be instituted at the

facility, with outcomes intended for commercialisation.

(Punch, August 13, 2026)

Fleissen & Company

September 2026

CORPORATE NEWS AND APPOINTMENTS

09

Results, valuations and recognition

SUBSECTOR INSIGHT HBM Nigeria, formerly Lafarge Africa, reported first-half profit after tax of N208 billion, up 57 per cent, on net sales growth of 31 per cent and an operating margin of 43 per cent, and began engineering design for a 3 million tonne third line at Calabar. Heirs Holdings' 20.07 per cent stake in Seplat Energy, bought for about US$500 million in December 2025, passed US$1 billion in value as Seplat closed at N11,200.60 for a market capitalisation of about US$5.24 billion. Rite Foods reported a 23 per cent improvement in carbon intensity for 2025, the Aliko Dangote Foundation pledged N600 million for a hostel at Lagos State University, and Abdulrazaq Isa and Bala Wunti took the chairmanship and chief executive roles at World Energy Council Nigeria.

HBM Nigeria H1 Profit Rises 57% to N208bn; Third Calabar Line in Design

Elumelu's Seplat Stake Doubles in Value to Over US$1bn

HBM Nigeria Plc, formerly Lafarge Africa, reported profit after tax of N208 billion for the half year to June 30, 2026, up 57 per cent from N132.6 billion, with net sales up 31 per cent on 11 per cent volume growth, operating profit up 51 per cent to N291 billion and operating margin of 43 per cent against 37 per cent.

The 20.07 per cent stake in Seplat Energy that Heirs Holdings acquired from Maurel and Prom in December 2025 for about US$500 million, roughly 120.4 million shares, is now worth more than US$1 billion after Seplat's shares closed at N11,200.60 on the Nigerian Exchange, up from

Group Managing Director Lolu Alade-Akinyemi said engineering design has started for a third line at Calabar, a 3 million tonne integrated cement facility, with completion expected within 12 months of construction start.

(ThisDay, August 4, 2026)

Rite Foods Reports 5% GHG Cut, 23% Better Carbon Intensity for 2025 Rite Foods recorded a reduction of more than 5 per cent in greenhouse gas emissions, a 23 per cent improvement in carbon intensity, a 15 per cent gain in water-use efficiency and a 27 per cent improvement in solid waste management in 2025, according to its sustainability report presented in Lagos.

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Head of Corporate Affairs and Sustainability Ekuma Eze said natural gas now accounts for more than 93 per cent of the company's energy mix, with investment in renewable solutions continuing.

(ThisDay, August 5, 2026)

N5,809 at the end of 2025.

The gain of more than 90 per cent in the year, on both the Nigerian and London exchanges, lifted Seplat's market capitalisation to about US$5.24 billion as the company's financial performance strengthened.

(Punch, August 21, 2026)

Nigeria Rejoins World Energy Council; Isa Chairs, Wunti Is CEO Nigeria formally returned to the World Energy Council with a National Member Committee and Governing Board chaired by Abdulrazaq Isa, co-founder and chairman of Waltersmith Petroman Oil, with former NNPC Chief Upstream Investment Officer Bala Wunti as Chief Executive Officer. President Bola Tinubu congratulated the inaugural board.

Board members include Wumi Iledare, Mustapha

Abdullahi, Aisha Farida Katagum, Alex Irune, Emmanuel Okon, Victor Ekpenyong and Imamuddeen Talba, and the committee is expected at the World Energy Congress in Riyadh in April 2027.

(ThisDay, August 7, 2026 / Champion, August 28, 2026)

Fleissen & Company

September 2026

Dangote Foundation Pledges N600m LASU Hostel, Jobs for First-Class Graduates The Aliko Dangote Foundation pledged N600 million towards a girls' hostel at Lagos State University and

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offered preferential employment at Dangote Group to first-class graduates in engineering and sciences after

national service, at the university's combined 29th and 30th convocation, where Aliko Dangote received

an honorary doctorate in business.

(Punch, August 21, 2026)

Fleissen & Company

September 2026

Congratulations

Fleissen & Company Limited congratulates Mr. Abdulrazaq Isa, OFR, and Mr. Bala Wunti on their appointments as Chairman and Chief Executive Officer of World Energy Council Nigeria, and wishes the new Governing Board a productive tenure as Nigeria returns to the World Energy Council.

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September 2026

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Fleissen & Company