Business
Why FG Sited N71.19bn Solar Cell Factory In Nasarawa —Osinbajo

Vice President Yemi Osinbajo, on Friday, in Nasarawa State, said the abundance of Silicon and Silica—major raw materials for the production of solar cells—informed the siting of the NASENI solar cells production plant in Gora, Karu Local Government Area of the state.
“The major raw material requirements for the production of solar cells—Silicon and Silica—are naturally occurring in abundance in this area. We are grateful to the good people of Nasarawa for hosting this important project,” Osinbajo said at the foundation-laying ceremony of the N71.19bn ($171.97m) facility he described as the first solar cell factory in West Africa.
Osinbajo noted that the ceremony was a culmination of a decade’s work by the National Agency for Science and Engineering Infrastructure which the Buhari regime has funded through a one per cent annual allocation from the federation account.
He said the project is necessary because it would be “clearly unsustainable” to add more carbon emissions to the $50bn worth of diesel fuel used in sub-Saharan Africa every year.
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The thinking, the VP said, is in line with Nigeria’s Energy Transition Plan, which projects an increase in solar power use in the Nigerian energy mix, surpassing gas by 2035.
According to Osinbajo, “The prudent decision to site the factory in Gora, Nasarawa State, leverages translational research into the biogeography, geological surveys and mining cadastral reconnaissance that has positioned Nasarawa as the home of solid minerals in Nigeria.
“The major raw material requirements for producing Solar cells—Silicon and Silica—are naturally abundant in this area.
“We are grateful to the good people of Nasarawa for hosting this important project and congratulate you in advance for the positive boost it is certain to bring to the local economy.”
He stated that “this landmark achievement places Nigeria within the ranks of countries pushing the boundaries in using climate-smart alternative energy sources, particularly solar power.
“And as we have heard, this particular project is building on 10 years of work. 10 years ago, NASENI established its 7.5MW solar panel production plant. Its capacity is now 21MW.”
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The Vice President observed, “NASENI’s solar cell production factory will be a game-changer, given the urgency of climate action today and the importance of developing African green energy manufacturing and solutions.”
He hoped the facility would “meet and surpass all our expectations when it becomes fully operational.”
The VP congratulated the government and the people of Nasarawa State, as well as the NASENI leadership led by its executive Vice Chair, Prof. Mohammed Haruna, on behalf of the President Muhammadu Buhari who is the Chairman of the governing board.
In his remarks, the Governor of Nasarawa State, Abdullahi Sule, thanked the Vice President for his concern towards the development of the State, country and the welfare of its people.
“We also in Nasarawa State knowing that you touched lives, will never forget you, we remain grateful to you, sir, in office and out of office,” Sule said.
Earlier in his remarks, the Executive Vice Chairman of NASENI, Prof. Mohammed Haruna, noted that the plant, which covers 15.8 hectares of land, comprises a polysilicon section with a capacity of 1,000 tons per annum, an Ingot section of 50MW per annum, Wafers of 50MW per annum and Solar cells of 50MW per annum.
He said, “It will cost a total of $171,970,000 (N71.19bn) with 85 per cent funding equivalent of $146,174,500 (N67.31bn) support from China Africa Development fund through the Bank of China and 15 per cent local counterpart funding, an equivalent of $25,795,500 (N11.88bn) from Nigeria.
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“The other two projects are the Electric Power Transformer Production Plant at $123,990,000 and the High Voltage Testing Laboratory at $29,900,690. The total cost approved for the three projects is $325,860,690 and a total of $276,981,586.5 representing 85 per cent is from China.”
Haruna explained that the 15 per cent counterpart for the three projects is $48.88m and NASENI has in instalments remitted up to 46.89 per cent or $22.92m of the 15 percent ($48.88m).
He projected that an excess capacity of polysilicon and future expansion of wafers and solar cell production would lead to exportation for foreign exchange earnings.
Dignitaries at the event included the APC National Chairman, Sen. Abdullahi Adamu; Minister of Industry, Trade and Investment, Otunba Niyi Adebayo; Emir of Lafia HRM Justice Sidi Dauda Bage; and the Emir of Keffi, Dr Shehu Chindo Yamusa III, among others.
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Business
NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

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.
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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

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.
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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

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.
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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.
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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.
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