Business
PETROAN Seeks N100 Billion Investment to Stabilize Nigeria’s Fuel Sector
The Petroleum Product Retail Outlet Owners Association (PETROAN) has clarified that their N100 billion intervention request from President Bola Ahmed Tinubu is not a bailout but an investment aimed at saving Nigeria’s energy sector from collapse.
Billy Gillis-Harry, the National President of PETROAN, explained in a recent interview that the funds would be placed in an energy bank, providing petrol dealers with access to affordable, single-digit interest loans.
The proposed fund, he argued, would help reduce the price of Premium Motor Spirit (PMS), which is currently sold for between N935 and N1,100 per liter in Nigeria.
He emphasized that the request is not for free money, but for the government to invest in the establishment of an energy bank where the N100 billion could be used as seed capital.
Gillis-Harry stated, “We are not asking for free money.
We’re requesting that the government place the N100bn into the energy bank as seed capital.
This will allow us to access loans with a lower interest rate, ultimately helping reduce fuel prices and improve the sector.”
MTN has moved closer to acquiring IHS Holding, following shareholder approval of the proposed takeover, marking another major milestone in the transaction.
The approval was secured during the Extraordinary General Meeting (EGM) held on 4 August, allowing the deal to progress to the next stage.
If completed, the acquisition is expected to strengthen MTN’s infrastructure capabilities by giving the company greater control over its telecommunications tower assets. Industry analysts believe the move could improve network efficiency, reduce long-term operating costs, and support MTN’s continued expansion across its markets.
The transaction is still subject to regulatory approvals and other closing conditions before it can be officially completed.
Nigeria’s three biggest cement manufacturers—Dangote Cement, BUA Cement, and HBM Nigeria—generated a combined ₦3.2 trillion in revenue during the first half of 2026.
The strong performance was driven by higher cement prices, increased demand from housing and infrastructure projects, and higher sales volumes across the country.
Compared to the same period in 2025, the companies recorded 26.5% revenue growth, showing that Nigeria’s construction sector continues to expand despite economic challenges. The companies also reported stronger profits and are investing further to increase production capacity to meet future demands.
Nigerian fintech company OPay has introduced new security features to improve the safety of its application.
The company unveiled the Emergency Lock and Safety PIN features to give customers better control over their funds and provide added protection against fraud and unauthorized transactions.
The Emergency Lock feature allows customers to instantly freeze their OPay account with a single tap whenever they sense a threat or believe their account may be at risk.
The newly launched Safety PIN introduces an additional layer of security, helping customers protect themselves in situations where they may be forced to make a transfer or payment against their will.
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