General News
Masters Energy Floats 20,000bpd Refinery
Masters Energy, an indigenous petroleum firm said that it will build a modular refinery with a designed capacity of 20,000 barrels per day (bpd) in Port Harcourt, Rivers State.
Mr. Sampson Uchechukwu Ogah, president of the company, said the refinery, which will be located within its multi-billion naira Energy City, is expected to process Escravos Light/Bonny Light crude to produce Premium Motor Spirit (PMS), Liquefied Petroleum Gas (LPG) Dual Purpose Kerosene (DPK), Automotive Gas Oil (AGO) and fuel oils when completed.
He said that "Based on the current market demand, it is anticipated that about 40 per cent of the finished products will be consumed locally, while arrangements are made through our technical partners to export the balance,"
According to him, Masters Energy City crude oil (feedstock) supply is expected to be sourced from the Federal Government’s allocation and from the Nigerian National Petroleum Corporation (NNPC).
Besides, he said the Federal Government’s assurance would be obtained with regards to the allocations once the milestone of the Erection Completion Contract (EPC) is achieved.
The company had recently commissioned its Energy City in Port Harcourt, with a fully completed tank firm of 150,000 metric tonnes capacity. Of the total capacity, PMS has storage opportunity of 60,000mt while AGO has 30,000mt, DPK can be accommodated with 20,000mt while ATK and LPFO have 10,000mt each, other chemicals, however, have a reserved 28,000mt capacity.
Ogah said the facility was strategically located in Port Harcourt with business initiatives to capture the Eastern, South-South and Northern markets of the Nigerian downstream sector.
Besides, he said the citing of the project in Port Harcourt was informed by the need to minimise the associated pressures often experienced by marketers in marketing and distribution of petroleum products especially from Lagos to other parts of the country.
He noted that the construction and building plans of the facility are of API 650 Standards and has received accolades from different stakeholders.
Ogah described the concept as a one-stop energy centre "where we can boast of having every contemporary energy facilities in one location; We have constructed a 158,000 metric towers storage facility now, so that we would not need to build another storage facility when we are putting up the refinery," he said.
Apart from the storage facility, he said the company is proposing a lubricant plant and a gas plant, which would be undertaken in the second phase.
"We are going to have a gas plant, because if you look at it now the main priority of the Nigerian petroleum industry is the gas sector, because most of the subsidies that are being given for petroleum products are now being transformed to the gas industry, so we are now moving into gas utilisation," he said.
Masters Energy intends to set up an integrated Liquefied Petroleum Gas (LPG) plant in its Energy City Logistics Centre. The plant will handle and receive LPG at its own Jetty, which allows about 30,000 tonnage tankers to discharge conveniently.
The decision to also build a bitumen plant, he said was due to the dearth of supply of the product to the Nigerian market and the need to reduce construction and production cost in the Nigerian economy. The plant is designed to accommodate 10,000mt of bitumen.
General News
Cellulant Taps Freddie Oduro to Lead Enterprise Payments Expansion in Ghana

Cellulant, a leading Pan-African payments company enabling seamless digital transactions across Africa, has appointed Mr. Freddie Oduro as its new Country Manager for Ghana.

Mr. Freddie Oduro, New Country Manager for Ghana.
Freddie’s appointment is a key step in Cellulant’s broader strategy to deepen its presence in priority markets by accelerating the acquisition of in-country enterprise businesses and strengthening its position as the payments partner of choice in Africa.
Freddie brings over a decade of commercial and strategic leadership experience in the telecommunications and financial services sectors, with expertise in sales, business operations, and market expansion.
In his new role, he will drive merchant acquisition, strengthening partnerships, oversee collections and payout operations, while ensuring strong internal controls and regulatory compliance.
He joins Cellulant from Payaza and previously served as Sales Director at Cellulant, where he helped significantly expand the company’s footprint in Ghana.
Cellulant has been powering payments in Ghana for leading brands in sectors like e-commerce, utilities, oil and gas and retail, helping them offer their customers a wide range of secure digital payment options.
“We are happy to welcome Freddie back to the Cellulant family,” says Richard Gesimba, Chief Revenue Officer at Cellulant. “Ghana remains a critical market for us, with immense potential driven by rising digital payments adoption.
“As we sharpen our focus on in-country enterprise customers, Freddie’s leadership and industry insight make him the ideal person to steer our Ghana operations.”
The appointment comes at a transformative time for the company. Following a strategic shift between late 2023 and early 2024, focused on streamlining operations, doubling down on enterprise payments, and strengthening customer intimacy, Cellulant achieved profitability in 2024 and continues to build on this momentum.
The company now processes close to 4.5 million transactions daily for businesses across Africa, reinforcing its position as a fintech leader.
“I am honoured to return to Cellulant and lead the Ghana team at such a defining moment,” says Freddie, Country Manager for Cellulant Ghana. “Ghana presents a tremendous opportunity.
“We will ramp up our efforts to sign on more local merchants, strengthen our compliance and control frameworks, and introduce innovative solutions like Tingg Edupay, our automated school fee management solution that eliminates reconciliation delays by validating payments in real time and instantly updating student accounts.
“We will build on Cellulant’s strong foundation to deliver real value, reliability, and economic impact.”
Ghana’s digital payments sector continues to grow steadily, supported by increased mobile money usage and a progressive regulatory environment. Between January and October 2025, the value of mobile money transactions hit about GH¢ 3.6 trillion, up sharply from GH¢ 2.37 trillion in the same period of 2024.
Registered mobile money accounts now exceed 79 million, demonstrating strong consumer and business confidence in digital financial services and in turn creating many opportunities for payment innovation.
This leadership appointment underscores Cellulant’s commitment to building a resilient, high-performance organisation geared towards playing a pivotal role in the next era of Africa’s digital economy.
Looking ahead to 2026, Cellulant plans to further enhance the user experience on its payment platform, Tingg, and expand its footprint across Ghana.
General News
Top Nigerian Startups Secure Funding Boost @ iHatch Demo Day Awards

Nigeria’s startup ecosystem received a fresh injection of momentum as top emerging ventures secured funding and investor attention at the iHatch National Demo Day, where Interface Africa clinched the highest prize of $15,000.

The 4th cohort of the NITDA–JICA-backed accelerator brought together founders, policymakers, and venture stakeholders in Abuja, showcasing innovations ranging from clean-energy financing and digital food marketplaces to next-gen fintech tools.
The startups went rounds of running through state-level selections and regional competition. iHatch was established in 2021 as a strategic partnership to create an enabling environment for young Nigerians to develop and scale their innovative solutions.
The iHatch National Demo Day (4th Cohort), is an initiative by NITDA and JICA which provides a clear pathway for homegrown talent to contribute significantly to economic diversification and digital transformation.
After rigorous selection processes, the top founders converged to pitch their innovations, recognised the standout performers, which are:
Interface Africa with $15,000, the firm is driving Nigeria’s clean energy transition by enabling structured and affordable solar financing.
Ahioma with $12,000, the firm enhances food accessibility with a digital marketplace connecting consumers directly to trusted vendors.
Linia Finance with $10,000, the firm is helping Nigerians take control of their finances with tools for budgeting, tracking, and smart money planning.
Chapta got a laptop reward. They delivering an offline-capable school application ensuring consistent, accessible learning for students everywhere.
Softdrop also got a laptop reward, they solve logistics challenges through a modern delivery platform designed for speed, convenience, and efficiency.
General News
Fidelity Bank to Host Virtual Masterclass on New Tax Law

Fidelity Bank Plc, a leading financial institution, will host a free virtual training on the Nigeria Tax Act 2025 (NTA) as part of its commitment to helping small businesses prepare for the upcoming legislation.

Fidelity Bank
The masterclass is scheduled for 10:00 AM (Nigerian time) on Friday, 12 December 2025. It will provide participants with clear insights into changes in the tax framework, the impact on income and business operations, and practical steps to avoid penalties in 2026.
Attendees will also learn strategies to stay ahead in an evolving regulatory environment.
The Nigerian government enacted major tax reforms on 26 June 2025 when President Bola Ahmed Tinubu signed four tax bills into law.
These Acts will take effect on 1 January 2026 and represent a significant overhaul of the country’s tax system.
The reforms aim to modernize and harmonize Nigeria’s tax framework, improve revenue generation, broaden the tax base, and create clearer rules for individuals, businesses, and government agencies.
“Our decision to host this masterclass reflects our commitment to empowering businesses with the right information ahead of the commencement of the new tax regime.
“Information is money and a well-informed business owner is already steps ahead in the race to success.
“This is why we are bringing experts to provide accurate details and demystify the tax act,” said Osita Ede, Divisional Head, Product Development, Fidelity Bank Plc.
Interested participants can register via https://bit.ly/2026TaxLawMasterclass .
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