brand

Experts laud NNPC’s acquisition of 20% stake in Dangote Refinery

Published

5 years ago

August 9, 2021

NewsThumb Magz

NNPC Tower

They made their views known in separate interviews with the News Agency of Nigeria on Thursday in Lagos.

NAN reports that Chief Timipre Sylva, Minister of State for Petroleum Resources, announced the approval after the virtual FEC meeting on Wednesday in Abuja.

Sylva said the acquisition was in the sum of $2.76 billion.

Reacting to the development, Prof. Chris Onalo, Registrar and Chief Executive Officer, Institute of Credit Administration, said oil and gas sector remains the major source of revenue for the government and requires massive investment.

Onalo said the Dangote Group had taken the bull by the horns by making a huge investment that was needed to jumpstart the industry.

He said the company needed the support of all and sundry including the government.

Onalo said the investment from the NNPC was to support the billions already committed by Dangote Group in the world largest single-train refinery.

“The refinery is an expression of massive confidence in the oil and gas economy of this country.

“It shows that the sector can take Nigeria out of economic woes.

“I think it is a welcome development and those of us who are in the public domain cannot wait too long to see that happening.

“So, I will say kudos to the Dangote Group for its investment drive across the economy of this country,” Onalo said.

He added that the NNPC’s support to the refinery and others coming on stream soon would increase investors confidence in the sector, thereby attracting more investments.

Also, Mr Muda Yusuf, an economist and immediate-past Director-General of the Lagos Chamber of Commerce and Industry, said the Dangote Refinery was of strategic national importance.

“My views have always been that even though this is a private-sector project, it makes both commercial and nationalistic sense for NNPC to express an interest in it.

“This project has a good prospect to put an end to fuel importation and the associated leakages of public funds, while also preserving our foreign exchange reserves,” Yusuf said.

He said the refinery would also stimulate the economy in areas such as job creation, agriculture and exportation of petrochemicals to other countries.

Similarly, Mr Wilson Opuwei, Chief Executive Officer, Dateline Energy Services Ltd, said the approval was a step in the right direction for the country.

“It makes sense for the NNPC to invest in ventures that will bring returns to the company.

“Every business needs good investments and this is what the NNPC is doing with the Dangote Refinery,” Opuwei said.

NAN reports that the Chief Operations Officer, Dangote Oil Refining Company, Mr Giuseppe Surace, said the refinery had been designed to process a variety of light and medium grades of crude, including petrol and diesel as well as jet fuel and polypropylene.

He said the refinery was billed to produce up to 50 million litres of petrol and 15 million litres of diesel a day, roughly 10.4 million tonnes of the product, 4.6 million tonnes of diesel, and four million tonnes of jet fuel yearly.

According to him, this is in addition to having a fertiliser plant, which will utilise the refinery by-products, as raw materials.

Post Views: 1,141

brand

GTBANK NAMED BEST OVERALL PERFORMING BANK IN NIGERIA IN THE BANKER’S TOP 1000 WORLD BANKS RANKINGS 2026

Published

2 days ago

July 15, 2026

NewsThumb Magz

Guaranty Trust Bank Ltd (“GTBank” or the “Bank“), the flagship banking subsidiary of Guaranty Trust Holding Company Plc (“GTCO” or the “Group“), has been named the Best Overall Performing Bank in Nigeria in The Banker magazine’s Top 1000 World Banks Rankings 2026.

The recognition reaffirms GTBank’s position as one of Nigeria’s leading financial institutions and reflects the Bank’s consistent delivery of strong financial performance, operational excellence, and sustainable growth. The rankings evaluate banks globally using audited financial results, assessing institutions across financial strength, operational efficiency, risk management, liquidity, growth, and profitability.

GTBank ranked 1st Overall as best performing Bank and also ranked 1st in Efficiency and Soundness. The Bank secured 2nd place in other metrics such as Return on Risk, Liquidity, Growth, Leverage and Profitability, demonstrating exceptional performance across all major Banking metrics

Speaking on the achievement, Mrs Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Being named the Best Overall Performing Bank in Nigeria by The Banker is a recognition that means a great deal to us, not just because of the prestige of the publication, but because of what it represents; the hard work of our People, the loyalty of our Customers, and the strength we continue to draw from being part of the Group. Ranking 1st in Overall Performance, Efficiency, and Soundness reflects our disciplined approach to banking, the synergies we harness across the GTCO Group, and our relentless focus on delivering real value. We do not take this recognition for granted. It deepens our resolve to keep raising the bar, to serve our customers better every day, and to remain a Bank that consistently delivers value to all its stakeholders, and to the GTCO Group we are proud to belong.”

This recognition reinforces GTBank’s position as one of Africa’s leading Banking franchises and reflects the strength of its business model, disciplined execution, and sustained investment in innovation. It adds to the Bank’s growing portfolio of international accolades and underscores its enduring commitment to delivering exceptional customer experiences, driving sustainable growth, and creating long-term value for customers, shareholders, and the communities it serves.

Post Views: 37

brand

GTCO Launches Second Edition of #BeatTheDistance Initiative, Donating 3,000 Bicycles Across Six States in Nigeria

Published

3 days ago

July 15, 2026

NewsThumb Magz

Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has announced the 2026 rollout of its social impact initiative called #BeatTheDistance.This is a nationwide intervention aimed at supporting school children in underserved communities through the provision of bicycles to ease their daily commute to school.

Marking the second edition of the initiative, GTCO will distribute 3,000 bicycles to schoolchildren across six states in Nigeria—Ebonyi, Jigawa, Benue, Oyo, Akwa Ibom, and Ekiti. The programme builds on the impact of its inaugural rollout in 2019 and underscores the Group’s commitment to improving access to education through practical, community-focused interventions.

By helping to reduce the transportation challenges faced by students who travel long distances to attend school, the initiative seeks to improve school attendance, support learning outcomes, and create opportunities for young people to pursue their education with greater ease and confidence.

Speaking on the initiative, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr Segun Agbaje, said: “Education remains one of the most powerful tools for transforming lives and creating opportunities. Through the #BeatTheDistance Initiative, we are supporting students whose determination to learn is often tested by the distance they travel each day to access education. By providing these bicycles, our goal is to create an environment where more children can achieve their full potential by reducing fatigue, improving attendance at school, and expanding learning outcomes for children of school age.

He further added: “At GTCO, we believe that meaningful impact comes from addressing real challenges within communities. #BeatTheDistance is one of the ways we are investing in the future by supporting young people and helping to create conditions that enable them to succeed. We remain committed to initiatives that promote inclusion, expand access to opportunities, and contribute to sustainable development.”

The initiative forms part of GTCO’s broader commitment to social impact and sustainable development, particularly in the areas of education, youth empowerment, and community advancement. By helping students spend less time commuting and more time learning, #BeatTheDistance continues to deliver practical support where it is needed most, empowering young people to pursue their education and unlock their full potential.

Post Views: 47

brand

ZENITHBANKCHAMPIONSTRADEANDINVESTMENTAT6THCANADA-AFRICABUSINESS CONFERENCE

Published

3 weeks ago

June 27, 2026

NewsThumb Magz

ZenithBankPlcreaffirmeditscommitmenttoadvancingtrade,investmentandeconomiccooperation

betweenCanadaandAfricaastheHeadlineConferenceSponsorofthe6thCanada-AfricaBusiness

Conference, held on Wednesday, 24 June 2026 at Eko Hotel & Suites, Victoria Island, Lagos.

OrganisedbytheCanada-AfricaChamberofBusiness,theconferencebroughttogetherahigh-level

Canadian business delegation representing 31 companies, alongside senior government officials, business

leaders, investors, policymakers, diplomats and development partners. The gathering set out to strengthen

commercial relations between Canada and Africa and to position Nigeria as a strategic gateway for Canadian

businesses seeking opportunities across the continent.

The Canadian delegation comprised companies and institutions operating across financial services, security,

mining andcritical minerals,legal andprofessional services, infrastructure, technology, healthcare, education

and clean energy. Among those present were GardaWorld, Dentons, Baywood Group, Element, Trilliant and

other leading Canadian enterprises exploring commercial opportunities and strategic partnerships in Nigeria.

The Executive Director of Zenith Bank Plc, Mr. Akin Ogunranti, who delivered the keynote address on behalf

of the Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, described the conference as a timely

platform for deepening commercial partnerships between Canada and Africa amid shifting global economic

realities. He underscored Africa’s readiness to lead the next phase of global economic growth, stressing that

thecontinent now possessestheinstitutions,policy frameworks andpartnershipsrequiredtoturn its immense

potential into shared prosperity.

“The question is not whether Africa is rich in potential. It is whether we can turn that potential into prosperity

our people can feel. For the first time, the answer is yes, because of the machinery we are now building,” he

said.

RepresentingtheGovernorofLagosState,HisExcellencyMr.BabajideSanwo-Olu,thePermanent

Secretary, Ministryof Commerce, Cooperatives, Trade andInvestment, Mr. Babatunde Onigbanjo,reaffirmed

the State Government’s commitment to fostering an enabling environment for investment and international

partnerships, and highlighted Lagos’ position as Nigeria’s commercial hub and gateway to African markets.

“Canada bringstothe tableconsiderable expertise,capital, innovation,and astrong traditionof institution

building.Africa,andindeedLagos,offerscale.Weoffertalent,creativity,marketopportunitiesandan

increasingly sophisticated business environment. Together, these strengths create a compelling foundation

for transformative partnership,” he said.

Speaking at the event, the Deputy High Commissioner of Canada to Nigeria, Mr. Carlos Rojas-Arbulú, noted

thattheconferencereflectsthegrowingmomentuminbilateralcommercialcollaborationbetweenboth

countries. He said: “The relationship between Canada and Nigeria is not new. It is rooted in diplomacy, trade,

education,culture,migration,andshareddemocraticvalues.Buttoday,Ibelieveweareenteringanew

chapter: one that is more ambitious, more practical, and more human.”
TheChairoftheBoardoftheCanada-AfricaChamberofBusiness,PaulaCaldwellSt-Onge,highlighted

Nigeria’sgrowing economic significance,saying: “Nigeria’s growth isnot theoretical.It is alreadybeing built by

Nigerian entrepreneurs, investors, financial institutions, innovators and companies whose ambition reaches

across Africa and around the world.”

She also acknowledged Zenith Bank’s role in advancing the conference’s objectives, stating: “Zenith Bank is

not only oneof Africa’s leadingfinancial institutions, it isthe capital behindwhat you seehere today, and it

represents the skill, ambition, discipline, innovation and excellence that this conference seeks to showcase.”

Theconferencefeaturedhigh-levelpaneldiscussionsonCanada-Africacommercialrelations,investment

opportunitiesacrossprioritysectors,andtheimplementationoftheAfricanContinentalFreeTrade Area

(AfCFTA). The sessions brought together policymakers, business executives and industry experts to identify

practicalpathwaysforstrengtheningcommercialpartnershipsandacceleratingsustainableeconomic

development.

The conference is expected to strengthen Nigeria’s attractiveness as a destination for Canadian investment,

while opening new opportunities for technology transfer, private sector collaboration, job creation and long-

termeconomicgrowth.ItalsoreinforcesNigeria’spositionasastrategichubforbusinessesseekingto

access opportunities across Africa under the AfCFTA, supporting the country’s ambition to expand its role in

regional and global trade.