Today, Nigeria begins seven days of national mourning in honour of former President Muhammadu Buhari, who died on Sunday in London at age 82.

As the country mourns, it also looks ahead. From ambitious reforms in oil and gas to innovations reshaping the economy, this edition captures the weight of history and the promise of transformation.

Let’s dive in.

Samuel Okocha, 234 Digest editor here.

Quote of the Day:
"We will show you with actions, not words, that Nigeria and NNPC is truly ready for business." — Bayo Ojulari, Group CEO, Nigerian National Petroleum Company, at the recent OPEC summit.

Today’s briefs

Nigeria mourns former President Muhammadu Buhari

Nigeria’s former president and military ruler Muhammadu Buhari died Sunday afternoon in a London hospital after a prolonged illness, aged 82.

Buhari led Africa’s most populous nation from 2015 to 2023 and previously ruled as military head of state from 1983 to 1985. Known for his austere style and anti-corruption crusade, his presidency was marked by efforts to combat Boko Haram insurgency and economic challenges.

President Bola Tinubu has declared Tuesday as a public holiday as part of seven days of national mourning which began on Monday in honour of the former president. Vice President Kashim Shettima has been dispatched to London to oversee the repatriation of Buhari’s body. 

NNPC CEO Bayo Ojulari outlines ambitious growth and reform plans at OPEC Summit

At the 9th OPEC International Seminar in Vienna, Bayo Ojulari detailed Nigeria’s roadmap to transform its oil and gas sector.

Anchored by the Petroleum Industry Act, plans include converting NNPC into a limited liability company and listing it on the Nigerian Exchange by 2028. Nigeria aims to increase crude oil production to 3 million barrels per day and gas output to 12 billion cubic feet per day by 2030.

At the OPEC event in Vienna, Ojulari emphasized improved business stability and invited global investors to engage with the “new NNPC and the new Nigeria.” 

Dangote seeks to build major seaport

Africa’s richest man, Aliko Dangote, has applied to build a deep seaport in Ogun State, aiming to serve his nearby fertilizer and oil refinery plants in Lagos .

The port will facilitate exports including liquefied natural gas and support the rapid expansion of his industrial empire. Positioned to rival the Chinese-backed Lekki Deep Sea Port, this project aims to ease congestion and boost Nigeria’s export infrastructure. 

$747 million loan secured for Lagos-Calabar coastal highway

Nigeria has arranged a $747 million syndicated loan, led by Deutsch Bank to finance a controversial highway linking Lagos to the coastal city of Calabar. While the project promises to improve transport and trade, it faces criticism over environmental and social impacts.

Boko Haram financing trials yield convictions

Forty-four Boko Haram suspects have been sentenced to 10–30 years in prison for terrorism financing, following the resumption of trials after a seven-year hiatus.

The jihadist insurgency has killed over thousands and displaced two million people, with violence spilling into neighbouring countries, according to reports. Meanwhile, Nigeria remains on the international “grey list” for weaknesses in combating terrorism financing. 

Nigeria Rejects US pressure on deportees

Foreign Minister Yusuf Tuggar said Nigeria cannot accept deportees from the US, including Venezuelans recently released from prison, citing domestic challenges and a population of 230 million. The US reportedly asked five African presidents to take in such migrants, but Nigeria has firmly declined. 

$15 billion refinery and free trade zone planned in Ondo

Backbone Infrastructure Nigeria Limited announced plans for a 500,000 barrels-per-day refinery in Ondo State, alongside a Free Trade Zone within Sunshine Industrial Park.

Phase one, targeting 100,000 barrels daily, is slated for completion within 48 months. The refinery will serve domestic and export markets and support local industries.

Clean Energy Tech Investment

Impact investor All On has invested $250,000 in enee.io, a Nigerian firm offering advanced energy monitoring solutions.

The funding will help scale off-grid renewable energy adoption, enabling users to optimize consumption and reduce reliance on diesel.

Crypto payments launch in Nigeria

AEON, a U.S based crypto payments infrastructure company, has launched AEON Pay in Nigeria, enabling users to pay merchants in local currency Naira using cryptocurrencies via Telegram miniapps and decentralized apps.

The service integrates with Nigeria’s Inter-Bank Settlement System for seamless bank transfers, marking AEON’s official entry into Africa.

Words of wisdom: 'The future belongs to those who prepare for it today."— Malcom X

Photo of the day

And that’s it for today. Many thanks for reading. Until the next dispatch arrives, have a fantastic week ahead.