United Bank for Africa Plc (UBA) has announced that Group Chairman Tony Elumelu will retire from the bank’s board on August 21, 2026, after completing the maximum 12-year tenure for non-executive directors permitted under the Central Bank of Nigeria’s corporate governance guidelines.   The announcement was made following the bank’s board meeting on Monday, with UBA confirming that current Non-Executive Director Emmanuel Nnorom will assume the role of Group Chairman on the same date. According to a statement released by the bank and reported by Punch Newspaper, the board expressed appreciation for Elumelu’s leadership, describing his tenure as instrumental in strengthening UBA’s position as a leading pan-African financial institution. Under his chairmanship, UBA expanded its footprint to 20 African countries and established operations in four global financial centres. The bank also grew its customer base to more than 50 million across its international network. UBA said Elumelu’s retirement reflects compliance with the Central Bank of Nigeria’s corporate governance framework, which limits the tenure of non-executive directors to 12 years to promote board independence and stronger governance standards. In a farewell message posted on Facebook, Elumelu reflected on his years leading the bank, saying he had always viewed Africa as a single market with enormous potential rather than a collection of separate economies. He said his vision was to build an institution capable of connecting Africa to the world while enduring beyond individual leaders. Elumelu noted that UBA’s growth into one of Africa’s largest banking groups was made possible through the contributions of employees, management, directors, regulators, shareholders, customers and business partners. He also welcomed Emmanuel Nnorom as his successor, expressing confidence in his leadership, experience and understanding of the institution. Elumelu urged shareholders, customers, partners and employees to give Nnorom the same support they had shown him throughout his tenure. The leadership transition will officially take effect on August 21, 2026.

The Federal Government has begun a closed-door meeting with representatives of the Dangote Refinery, petroleum marketers and key regulators in Abuja as part of efforts to achieve a reduction in petrol prices across Nigeria.   According to Channels Television, the meeting is taking place at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and includes officials from the Federal Competition and Consumer Protection Commission (FCCPC), major marketers, independent marketers, depot operators and transport stakeholders. Among those attending are representatives of TotalEnergies, Eterna, Matrix Energy, the Major Energy Marketers Association of Nigeria (MEMAN), the Independent Petroleum Marketers Association of Nigeria (IPMAN), the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), the Nigerian Association of Road Transport Owners (NARTO) and other industry players. The meeting follows recent concerns raised by the FCCPC that reductions in petrol prices have not matched the decline in global crude oil prices. The commission warned that businesses engaging in unfair pricing practices could face regulatory action. Speaking at the meeting, NMDPRA Chief Executive Rabiu Umar said the engagement was convened on the directive of the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri. Umar noted that international crude oil prices had eased in recent months but said the domestic retail market had yet to reflect the downward trend. He said the government’s objective was not to impose prices but to work with industry stakeholders to address challenges, improve market surveillance, strengthen inventory management and accelerate the National Strategic Stock initiative to safeguard the country’s energy security. Lokpobiri reiterated that deregulation should not be used as a justification for excessive profiteering. He urged stakeholders to reach a common understanding on reducing the pump price of Premium Motor Spirit (PMS), noting that petrol and diesel prices have a direct impact on every sector of the Nigerian economy. The minister maintained that the decline in Brent crude oil prices should be reflected in lower domestic petrol prices and assured stakeholders that the government remained committed to protecting consumers while sustaining the deregulation of the downstream petroleum sector. The outcome of the meeting is expected to shape the next steps towards possible adjustments in petrol pump prices nationwide.

Nigeria’s Dangote Petroleum Refinery exported about 466,000 metric tonnes of jet fuel to Europe in June, valued at an estimated ₦757 billion, surpassing shipments from the United States during the month, according to a report by S&P Global Commodity Insights.   The report, cited by Punch Newspapers, said Nigerian jet fuel exports to Europe climbed from 232,000 metric tonnes in May to 466,000 metric tonnes in June, marking the highest monthly volume since Nigeria became a net exporter of aviation fuel in 2024 after the Dangote refinery began producing jet fuel. The June exports are equivalent to about 582.5 million litres of aviation fuel. Based on an estimated domestic price of ₦1,300 per litre, the shipment was valued at roughly ₦757.25 billion. In contrast, jet fuel exports from the United States to Europe fell sharply, dropping from a record 818,000 metric tonnes in April to 560,000 metric tonnes in May and 399,000 metric tonnes in June, leaving Nigeria as Europe’s larger supplier during the month. According to the report, increased exports from both Nigeria and the United States contributed to an oversupplied European jet fuel market. A trader quoted by S&P Global Commodity Insights said high refinery production, delayed maintenance and renewed shipments through the Suez route had added to supply. The report also noted that European jet fuel prices weakened significantly after reaching record highs during the Middle East conflict. Platts, part of S&P Global Commodity Insights, said the Northwest Europe July jet fuel cargo assessment fell from $1,694.25 per metric tonne in March to $981.75 per metric tonne by June 30. Exports to Europe could increase further in the coming months as favourable trading conditions continue to encourage shipments from the Middle East and India. While exports from the United Arab Emirates and Kuwait were absent in June, shipments from Saudi Arabia and India rose during the period. Despite the current oversupply, traders told Platts that future market conditions would depend on developments in the Strait of Hormuz, recovery of Middle Eastern refineries and stronger summer travel demand, which could help rebalance the market. Separately, data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) showed that the Dangote refinery exported about 1.66 billion litres of refined petroleum products in April 2026, including petrol, diesel and aviation fuel. The figures underline Nigeria’s growing role as an exporter of refined petroleum products, with the Dangote refinery remaining the country’s only major operational refinery producing sufficient volumes for both domestic use and export.

The World Bank has said Nigeria’s biggest fiscal challenge is weak revenue generation rather than rising debt levels.   Speaking in an interview on Channels Television, Mathew Verghis, the World Bank’s country director for Nigeria, said the country’s debt burden remains moderate by international standards. According to Verghis, Nigeria’s core problem is low revenue mobilisation, which limits the government’s ability to fund development and repay obligations. “From our assessment, Nigeria doesn’t have a high indebtedness problem, it has a low revenue problem,” he said. He explained that Nigeria’s debt-to-economy ratio is lower than that of many comparable countries, stressing that the country should not be grouped with nations facing debt distress. Verghis cited Ghana as an example of a country dealing with debt restructuring, noting that Nigeria’s situation is significantly different. He said borrowing remains necessary for countries seeking to invest in long-term development projects, especially those that deliver future economic returns. According to him, governments often rely on debt financing to fund major infrastructure projects, improve public services and stimulate economic growth. Verghis pointed to the urgent need for improved energy access, noting that connecting millions of Nigerians to electricity would require substantial investment. He said providing energy access to about 32 million Nigerians would involve significant borrowing but would ultimately strengthen economic productivity and improve repayment capacity. The World Bank official warned that unless Nigeria significantly improves revenue collection, the country could struggle to meet future debt obligations despite its moderate debt profile. He added that stronger revenue generation would allow the government to invest more in infrastructure, healthcare, agriculture and digital connectivity while supporting job creation and poverty reduction. The comments follow the World Bank’s recent six-year country partnership framework for Nigeria, which places job creation at the centre of support through strategic investments in key sectors.