Capital is moving, but does Nigeria want to catch it?

The state oil giant is courting Chinese expertise to revive its struggling refineries, while First HoldCo purges bad loans ahead of recapitalisation and UAE lender FAB sets to open in Lagos.

Meanwhile, Energy milestones and PayPal’s return are bolstering economic momentum, even as security challenges persist. This briefing, as always, sifts through the signals for meaning and insights.

It’s inching towards 2 p.m. in Abuja as I hit send on this one. Many thanks for joining me again this week as we keep the momentum of a weekly cadence for this newsletter.

Africa Energy Bank launches

Nigeria handed over a fully furnished Abuja headquarters to the Africa Energy Bank on Tuesday, fulfilling its 2024 hosting bid and paving the way for operations to begin.

The bank, an initiative of the African Petroleum Producers Organization (APPO), is part of APPO’s vision to create a new model for financing and growing the African energy industry. APPO is a group of 18 oil and gas producing nations.

NNPC seeks Chinese rescue

State oil firm NNPC is seeking expert partners to revive its four struggling refineries, with CEO Bayo Ojulari saying talks are advanced with a major Chinese petrochemical player.

The state firm's refineries have been plagued by chronic losses and low throughput, forcing Nigeria, Africa's top crude producer, to rely heavily on fuel imports. A site visit by the Chinese firm is now on the cards.

Aradel powers acquisition

Aradel Energy, one of Nigeria's indigenous oil companies, is boosting its stake in ND Western to 81.67% with a $250m acquisition backed by a Standard Bank facility.

Aradel already has a 41.67% stake in ND Western, an independent Nigerian oil and gas exploration and production consortium of four companies. The latest acquisition, when completed, strengthens Aradel’s position in Nigeria’s upstream sector.

ND Western holds key oil and gas assets that include 45% stake of OML 34 and a 50% of Renaissance Africa Energy Company Ltd, which operates a JV that owns 30% of a major Nigerian energy portfolio. As a result, Aradel Energy's indirect stake in Renaissance jumps to 53.3%.

Dangote gases up

Aliko Dangote’s conglomerate signed gas supply deals with NNPC units for its refinery, fertiliser, and cement arms, tapping Nigeria’s gas master plan to double refinery capacity to 1.3m bpd and hit 12bn cubic feet/day output by 2030 from vast untapped reserves.

First HoldCo cleans house

The Lagos-headquartered lender booked a ₦748bn ($534m) hit on bad loans in Q4, swinging to a quarterly loss but forecasting profit growth in 2026 after slashing non-performing loans to 7% and meeting ₦500bn capital rules.

Chairman Femi Otedola hailed a “lighter, cleaner” balance sheet primed for recapitalisation and expansion, backed by ₦2.96trn in interest income.

PayPal eyes Nigeria rebound

After two decades away, suspended over fraud concerns, the payments giant is partnering with local firm Paga under its 2025 PayPal World initiative, linking wallets for global transfers from 200 countries to 30m merchants.

The PayPal-Paga partnership allows Nigeria-based users to receive inbound transfers for the first time since 2004. CEO Alex Chriss has hailed the interoperable network as a borderless boon for 2bn global users.

FAB anchors African push

UAE’s First Abu Dhabi Bank is eyeing a Lagos representative office within weeks, building on its $1.1bn financing with Afreximbank for the Lagos-Calabar highway. The move positions Nigeria as the top lender’s sub-Saharan hub.

Saudi labour corridor opens

Nigeria and Saudi Arabia signed a pact to regulate worker recruitment as part of the Kingdom’s Vision 2030 jobs push.

The deal opens employment opportunities, as well as remittances for Nigeria.

Middle Belt massacre charged

Nine men drew 57 terror counts for last June’s Yelwata carnage that left150 dead in Nigeria’s Benue State, including arms procurement and cross-state plotting in the Middle Belt flashpoint.

US forces touch down

America dispatched a small team of military officers to Nigeria, the first official nod since Christmas air strikes, as AFRICOM aids against Boko Haram and banditry.

Kai Cenat back in Lagos

Popular US streamer Kai Cenat has returned for his $5m Makoko school pledge, now Yaba-bound after delays linked to land acquisition and regulatory approvals.

His visit bolsters the global creator buzz around Nigeria following fellow African American streamer iShowSpeed's recent tour.

Lookman to Atlético

Nigeria’s Ademola Lookman sealed a €40m move from Atalanta to Atletico, leaving the Serie A football league in Italy for the La Liga in Spain.

The deal with Atletico Madrid sees the Super Eagles star through 2030, capping his meteoric rise from the margins.

Fela’s Grammy immortality

Three decades on, Afrobeat pioneer Fela Kuti claimed a posthumous Grammys Lifetime Achievement Award, the first for an African, honouring roots that birthed a global sound.

Words of wisdom: "The most difficult thing is the decision to act. The rest is merely tenacity." – Amelia Earhart.

And that’s all for this week. Thanks for joining as we track Nigeria’s economic and cultural story, one dispatch at a time. Until next week, when the next one arrives, enjoy the rest of your week..

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