Business
Afreximbank Provides $650m for Oando’s Acquisition of Nigerian Agip Oil Company

The African Export-Import Bank (Afreximbank) has announced its role in providing a substantial $650 million in financing for Oando’s acquisition of a full 100% stake in the Nigerian Agip Oil Company Limited (NAOC).
This financial backing was crucial in enabling Oando, one of Nigeria’s leading energy firms, to complete the acquisition.
In a statement released on Friday, Afreximbank detailed the breakdown of the funding, which consisted of a senior $500 million loan and a junior $150 million reserve-based lending facility.
These funds were secured to support Oando Petroleum and Natural Gas Company Limited in purchasing the 20% participating interest held by NAOC in the NEPL/NAOC/Oando Joint Venture, a key asset in Nigeria’s energy sector.
Oando had earlier confirmed the successful completion of the acquisition in a statement released on Thursday, marking it as a significant achievement for the company.
“Today represents a historic milestone for Oando Plc, as we officially announce the completion of our agreement with Eni for the acquisition of 100% of the shares in Nigerian Agip Oil Company Limited,” the statement read.
The acquisition solidifies Oando’s position in Nigeria’s oil and gas industry, granting the company more control over vital assets in the NEPL/NAOC/Oando Joint Venture.
Afreximbank’s Executive Vice President for the Global Trade Bank, Haytham Elmaayergi, highlighted the importance of the bank’s involvement in the deal.
He emphasized that the funding represents a key element of Afreximbank’s broader strategy to promote local participation in Africa’s oil and gas sector.
“By facilitating the acquisition of major energy assets by an indigenous company like Oando, the bank is contributing to economic empowerment, fostering regional trade, and supporting the sustainable development of Africa’s natural resources,” Elmaayergi stated.
The deal reflects a growing trend towards strengthening local ownership of critical energy assets within Africa, which aligns with long-term goals of boosting economic growth, enhancing local expertise, and promoting sustainable energy development across the continent.
Oando’s acquisition of NAOC is expected to have significant implications for both Nigeria’s oil production capacity and the overall landscape of Africa’s energy industry.
Business
MTN Reports 22.4% Revenue Growth in H1 2025, Driven by Nigeria and Ghana

MTN has recently announced their financial results after the first half of 2025. The report stated that a 22.4 percent increase was made in the service revenue and was driven mainly by their users in Nigeria and Ghana.
The report also shared that the group rose by 23.2 percent to R105.1 billion. It can be noted that this growth occurred after higher demand for data, which increased the data revenue.
Aside from its financial success, MTN also announced that the current CEO of MTN Nigeria will be taken over by Karl Toriola from November 1, 2025, as he will take on the role of Vice President for Francophone Africa, overseeing operations in Cameroon, Côte d’Ivoire, Benin, and Congo Brazzaville.
Business
Dangote Refinery Reduces Cooking Gas Price to Less Than ₦800

The Dangote Refinery has once again shifted the energy market in Nigeria, this time by slashing the price of cooking gas to below ₦800 per kilogram, the cheapest the country has seen in years.
For months, Nigerians have battled with skyrocketing LPG costs that often ranged between ₦1,000 and ₦1,300 per kilogram, forcing many families to turn back to kerosene or even firewood. During a recent facility tour, Africa’s richest man, Aliko Dangote, promised to change that story. Now, he appears to be making good on his word.
The refinery, which produces around 22,000 tonnes of LPG daily, has enough capacity to influence prices across the country. By selling directly and avoiding multiple layers of middlemen, the refinery has pegged its ex-depot price at roughly ₦815/kg, undercutting other suppliers whose prices float between ₦825 and ₦900/kg.
If this trend holds, a standard 12.5kg cylinder could now sell between ₦10,200 and ₦11,000, compared to the ₦13,500 to ₦14,000 many Nigerians currently pay. For households struggling with high living costs, this is no small relief.
Many citizens have welcomed the move, praising Dangote for making clean energy more accessible. “People should not be cooking with firewood anymore,” he said, urging Nigerians to embrace safer and healthier alternatives.
But not everyone is pleased. Some long-standing gas marketers worry about being pushed out of the business. Industry players argue that while cheaper gas is welcome, Dangote’s dominance could edge smaller distributors aside and tilt the market too heavily in his favor.
Business
Police Raid YG Entertainment Headquarters Over G-Dragon Copyright Case

South Korean police have carried out a raid on YG Entertainment’s headquarters in Seoul as part of an ongoing investigation into alleged copyright infringement involving K-pop star G-Dragon and the company’s founder, Yang Hyun Suk.
The case traces back to a complaint filed in late 2024 by a composer identified only as “Mr. A,” who claims a song he created was used without his consent more than a decade ago. According to him, the track was reworked into a medley performed during G-Dragon’s 2009 concert and later included on his 2010 live album Shine a Light.
This is the second police raid on YG in connection to the matter, with investigators said to be gathering documents and questioning individuals linked to the song’s production. Authorities have not released further details, but confirmed the investigation is still active.
YG Entertainment has rejected the accusations, insisting the issue stems from a misunderstanding. They explained that during the 2009 concert preparations, there were two completely different songs sharing the same title, which may have caused the confusion.
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