Business

Snake Island To Attract $1bn Private Investment – Official

Published

3 years ago

May 22, 2023

The Chairman and Chief Executive Officer of Nigerdock, Maher Jarmakani, has said that the new 45-year concession agreement for Snake Island Port with the Federal Government will attract about $1bn in private investment.

He also said that it will allow for expanded operational scope.
Jamarkani said this in a statement over the weekend.

He also said that the Nigerdock and Snake Island Integrated Free Zone has received approval from the Federal Government for the commencement and expansion of Snake Island Port.

Jamarkani added that the approval was an oversight of the implementation of major infrastructure projects across the country.

“This new 45-year concession agreement for Snake Island Port with the Federal Government now allows for an expanded operational scope and will attract about $1bn in private investment.”

Jarmakani expressed happiness to the Federal Government for the development.

“We are immensely grateful for the support the Federal Government has shown to enable the expansion of our operations, which increases our value add to Nigeria’s economy and the actualisation of our long-term vision as a globally recognised maritime operator.

“This Public Private Partnership with the Government will also facilitate job creation and develop critical infrastructure vital for the nation’s growth.”

The statement also said that Nigerdock is a multipurpose port facility sitting on 85-hectare, comprising three terminals located within SIIFZ.

According to him, “In addition to its operations in ship repair, logistics, and free zone solutions, Nigerdock had already been in terminal operations following approval from the Nigerian Ports Authority and Nigeria Customs Service.”

He said that Nigerdock was originally awarded free zone and port Status by the Presidency in 2005, leading to the establishment of Snake Island Integrated Free Zone in the same year.

“The NPA and Nigeria Customs Service also approved direct shipping for the facility in 2017, with the NPA green-lighting cargo handling operations in 2021.”

Business

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

3 days ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.

Business

NNPCL Reveals Reason Behind N5.4trn Profit After Tax

Published

3 days ago

November 29, 2025

Editor

The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has explained that the state-owned firm’s N5.4 trillion profit after tax declaration in its 2024 financial statements indicates that the country has begun to reap the benefits of the Petroleum Industry Act.

He made this explanation in an interview released on NNPCL’s X account on Friday.

Recall that NNPCL declared a significant N5.4 trillion PAT from a total revenue of N45.1 trillion in 2024.

Reacting, Ojulari said the earnings result demonstrated the state-owned firm’s commitment to transparency.

“This earning is our first step in going out there to make ourselves more visible and demonstrate our commitment towards transparency. The profit of N5.4 trillion is quite significant. What that indicates is that we are beginning to reap the benefits of the Petroleum Industry Act.”

According to DAILY POST, since Ojulari’s appointment in April 2025, NNPCL has been consistent in making its monthly financial records public.

Business

CBN Directs Nigerian Banks To Withdraw Misleading Advertisement

Published

4 days ago

November 28, 2025

Editor

The Central Bank of Nigeria (CBN) has directed Nigerian banks, payment service banks and other financial institutions to immediately withdraw all advertisements that violate consumer-protection rules.

The directive, issued in a circular dated Thursday and signed by Olubunmi Ayodele-Oni, director of the CBN’s compliance department, followed a review of marketing practices in the financial sector.

The apex bank said the assessment revealed inconsistencies in how institutions apply disclosure, transparency and fair-marketing requirements.

The CBN ordered the removal of all non-compliant adverts and warned that future promotional materials must be factual, balanced and transparent.

It banned misleading claims, exaggerated benefits, incomplete information, unaudited financial results and comparative language that could de-market competitors.
The regulator of Nigeria’s financial sector also prohibited chance-based promotional inducements such as lotteries, prize draws and lucky dips.

Accordingly, institutions submitting adverts for prior notification must now include campaign timelines, creative materials, target audience details and written confirmation of internal legal and compliance clearance, along with proof that the underlying product has CBN approval.

The bank clarified that such notifications are only for monitoring and do not amount to approval.
All affected institutions must file a compliance attestation within 30 days, signed by the chief executive and compliance leads.

The CBN added that beginning January 2026, it will conduct a follow-up review and apply sanctions for violations under BOFIA 2020 and the Consumer Protection Regulations.