News
NNPC Seeks Bank Loan to Buy Equity in Dangote Refinery

Banks have commenced engagement with the Nigerian National Petroleum Corporation (NNPC) on how to lend the Corporation loan to acquire equity 20 per equity in the Dangote $19 billion Petroleum Refinery.

The news about plans to buy equity in the refinery broke over two weeks ago.
But in an interview with Channels Television on Tuesday monitored by Malam Mele Kyari, group managing director (GMD), revealed NNPC will not spend the Federal Government funds to acquire the equity.
His words: “Even for this Dangote Refinery, we are not going to take our (Federal Government) money and buy it. They think we are going to take our money and pay for this refinery.
” We are go to borrow for the cash flow of this business. We know that this business is viable, it will work, and that it will return dividends. It has a cash flow that is sustainable because it is a refinery business.
“In the short term, it will continue to be sustainable. And that is why banks have come up to lend to us so that we can take equity”.
He said the NNPC and the banks have done all the international processes for evaluation of the refinery and they are comfortable with the value of the business.
Asked how much the equity is worth and whether it is already signed and sealed, he said: “Not at all. Our engagement that we have signed term sheets with the owner of the Refinery rehabilitation, I am not sure that Mr. Dangote is very happy with it.
“We are taking 20 per cent equity in the Dangote Refinery. There is a valuation process. This business is very regulated. It is an international business.
“No bank will lend money to you to you buy equity in a business of this scale if you have not followed the basic valuation process.
“The reality is that we have a valuation of this refinery about about $19 billion. I don’t have the exact figure. We haven’t closed on this to answer your question straight”.
He said there is a governance that includes the authority of the Federal Executive Council to close on the deal.
According to him, NNPC will be on the board of the Dangote Refinery as a shareholder and its books will be opened to the Corporation.
Kyari said: “Petroleum is priced in Naira in our country and you buy crude in dollars. It is a banking transaction between us and customers. The CBN is there to resolve. Nigerians will not pay for product in dollar. The banks will do the conversion”.
He recalled the NNPC commenced discussions with Dangote on the equity since December 2020, adding that the refinery will come to work by 2022.
He noted: “It is coming into production. What that will do is it will deliver over 50 million litres of gasoline into our market. We are also working on our refineries to make sure we fixed them.
” We have awarded the contract for Port Harcourt Refinery rehabilitation and ultimately we are going to close that of Warri and Kaduna very soon in July so that all of them will work contemporaneously”.
He foreclosed the possibility of suspending the payment of under recovery or subsidy of petrol price in July because the negotiation with the Organised Labour is still ongoing.
Asked to state the benefits accruable to Nigerians when local refineries become operational, he said it will result in the removal of N21 per litre freight cost from the Premium Motor Spirit (PMS) template.
He added there will be an advantage of proximity of products to the consumers since it is sitting on her soil instead of taking 14 days to arrive from Europe.
The GMD confirmed that the landing cost of petrol was N256 per litre last week.
He insisted that Nigeria does not consume up to 60million litres daily.
News
UK–Nigeria Skills and Schools Trade Mission Concludes with Strong Foundations for Education Partnership

A high-level UK delegation has concluded a week-long skills and schools trade mission to Nigeria, marking a significant step forward in education and skills cooperation between the two countries.

Running from 19-23 April 2026 across Abuja and Lagos State, the mission brought together leading UK private schools, skills providers, and education institutions with Nigerian partners, schools, and the Honourable Minister of Education Dr Tunji Alausa.
The mission follows the high profile and well received state visit to the UK in March, which also included education engagements. Supported by the UK’s Department for Business and Trade (DBT), the mission forms part of its new International Education Strategy, under which Nigeria has been identified as one of five priority education markets, spearheaded by Professor Sir Steve Smith, who is looking forward to visiting the country again this year.
The mission focused on in-country delivery of education, the establishment of world-renowned UK schools in Nigeria, and the development of skills and Technical and Vocational Education and Training (TVET) systems aligned with industry demand.
In Abuja, the delegation met with Nigeria’s Honourable Minister of Education, Dr Tunji Alausa, securing strong political backing for UK–Nigeria education partnerships and set the groundwork for ongoing institutional collaboration across both schools and skills.
In Lagos, delegates engaged further with potential partners and investors. In both cities the delegation was thrilled to visit local British curriculum schools and colleges to further enable them to experience first-hand the teaching and learning environment.
British Deputy High Commissioner, Jonny Baxter, said: “The UK and Nigeria share a deep and longstanding relationship, and opportunities in education are one of its most exciting frontiers.
“This mission has demonstrated the strong appetite on both sides to deepen collaboration in education and skills.”
“By bringing together UK schools and skills providers with Nigerian partners and policymakers, we are laying the foundations for even more long-term partnerships that support Nigeria’s education priorities, strengthen skills aligned to industry needs, and create opportunities for sustainable, in-country delivery as well as positioning Nigeria as the regional hub for high quality education.”
DBT Head of International Education, Sarah Chidgey, said: “This mission is a perfect example of the International Education Strategy being put into action, building on multiple two-way visits and the UK and Nigeria’s warm relationship. It has been heartening to see all the progress in UK Nigeria education collaboration since my first visit to Nigeria, as part of a wider delegation, in 2022.”
DBT’s mission concluded with a strong pipeline of follow-up activity, including targeted one-to-one meetings, MoU discussions, and agreed next steps between UK and Nigerian counterparts.
News
Tinubu Seeks Senate Approval for $516m Sokoto-Badagry Highway Loan

President Bola Tinubu has requested Senate approval for a $516.3 million foreign syndicated loan to fund key sections of the Sokoto-Badagry superhighway, a cornerstone of his Renewed Hope Agenda.

Tinubu
In a letter read by Senate President Godswill Akpabio during Thursday’s plenary, Tinubu invoked Sections 16 and 21 of the Debt Management Office Act, 2011, to secure financing via Deutsche Bank AG for Sections 1, Phase 1A, and 1B. The 1,000-kilometre project will span Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, linking Illela to Badagry and boosting trade, connectivity, and goods movement.
The nine-year loan, with a three-year grace period and interest at SOFR plus 5.3 per cent, includes a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). The Federal Government will provide over ₦265 billion in counterpart funding for land acquisition and infrastructure.
Akpabio referred the request to the Senate Committee on Local and Foreign Debts for a one-week turnaround report. He endorsed the borrowing, stating it advances road safety and national integration.
The highway aims to cut travel times and stimulate economic corridors, with the Federal Executive Council already approving the plan.
News
Karex, World’s Top Condom Maker to Hike Prices due to Iran war

Karex, world’s largest condom maker, plans to raise prices by up to 30 percent due to supply disruptions linked to the Iran war.

This means that safe sex could get more expensive if the war continues to disrupt global supply chains, according to Goh Miah Kiat, CEO, Karex.
Kiat told old Reuters that rising freight costs and shipping delays have increased demand and forced the company to pass costs to customers.
Broader supply chain issues and higher oil prices could impact many everyday products that rely on petrochemicals.
“The situation is definitely very fragile, prices are expensive… We have no choice but to transfer the costs right now to the customers,” Goh told Reuters.
Karex joins a growing list of companies that are bracing for supply chain disruptions amid the ongoing war in Iran.
Based in Malaysia, Karex produces condoms, personal lubricants, gloves, medical catheters and probe covers.
The company manufactures male latex condoms including ONE, Trustex, Carex and Pasante, and it can produce over 5 billion condoms annually. Karex also exports to more than 130 countries, according to its website.
“We’re seeing a lot more condoms actually sitting on vessels that have not arrived at their destination but are highly required,” Goh said.
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