Business

NNPC Signs MoU with Chinese Firms to Revive Port Harcourt, Warri Refineries

Published

6 months ago

May 4, 2026

BY NKECHI NAECHE-ESEZOBOR—NNPC Ltd has signed a Memorandum of Understanding (MoU) with two Chinese companies—Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd—as part of efforts to complete and fully operationalize the Port Harcourt and Warri refineries.

The agreement, executed in China, was signed by the Group Chief Executive Officer of NNPC Ltd, Bashir Bayo Ojulari, alongside Chairman of Sanjiang Chemical Company, Guan Jianzhong, and Chairman of Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd, Bill Bi.

According to a statement issued by the Chief Corporate Communications Officer of NNPC Ltd, Andy Odeh, the collaboration is structured around a potential Technical Equity Partnership (TEP). The framework is expected to support the completion of outstanding work at both refineries, as well as their operation and maintenance to achieve efficient and sustainable performance.

The partnership also includes plans for expansion and upgrades aimed at improving product quality to meet cleaner and more profitable standards. In addition, the proposed collaboration will explore opportunities to boost petrochemical output and develop gas-based industrial hubs around the refinery locations.

Ojulari described the signing of the MoU as a significant milestone, noting that it followed over six months of engagement between the technical and management teams of NNPC Ltd and its Chinese partners. He added that the agreement marks a critical step toward identifying suitable technical equity partners to restart and expand Nigeria’s refining capacity.

The MoU, he said, also opens the door for further discussions on co-located petrochemical projects and gas-based industries, which are expected to enhance value across the downstream sector.

While the agreement signals strong intent from all parties, NNPC Ltd noted that it represents a preliminary framework, with more detailed and binding arrangements expected to be finalized in due course.

The post NNPC Signs MoU with Chinese Firms to Revive Port Harcourt, Warri Refineries appeared first on Business Today NG.

Related Topics:Chinese Firms Harcourt mou NNPC Port Refineries Revive Signs Warri

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FG concessions Port Harcourt airport, assures workers of job security

Published

4 hours ago

November 13, 2026

PlateauReports

The Federal Government has signed a concession agreement with PH Airport Limited to manage and develop the Jeremiah Obafemi Awolowo International Airport, Port Harcourt, assuring aviation workers that the arrangement will not lead to job losses.

Minister of Aviation and Aerospace Development Festus Keyamo and the group managing director of PH Airport Limited, Eyo Asuquo, signed the deal, following consultations with aviation labour unions.

The minister’s media aide, Tunde Moshood, disclosed this in a statement on Thursday, saying the unions endorsed the agreement after receiving assurances that no aviation worker will lose their job because of the concession.

The agreement marks a new phase in the government’s plan to attract private investment into airport infrastructure and improve the management of selected airports across the country.
According to the statement, Mr Keyamo met with aviation union leaders before the formal signing to address concerns about the concession’s implications for workers.
Speaking on behalf of the unions, Ben Nnabue said workers’ welfare and job security remain central to their consideration of the agreement.

He added that organised labour will not support an arrangement that threatened the livelihoods of its members, adding that the unions are satisfied with the assurances received from the government and the concessionaire.

He also noted that the endorsement followed extensive engagement on the airport’s future and the potential effects of private-sector participation on aviation workers.

Mr Asuquo said the company intends to invest in infrastructure, improve operational standards and expand economic activities around the airport.

He described Port Harcourt’s location within the Gulf of Guinea as an advantage that could strengthen its role in regional commerce, investment and connectivity.

“Our vision goes beyond taking over the management of the airport. We are committed to driving development, expanding opportunities and creating additional jobs through investments and the growth of airport-related activities,” he stated.

READ ALSO: EXCLUSIVE: EFCC charges former Port Harcourt, Warri refinery MDs with money laundering

He added that the company intended to unlock the airport’s economic potential and strengthen its position as an aviation and commercial hub.

PREMIUM TIMES had earlier reported that the Federal Executive Council approved the concession of Port Harcourt International Airport in November 2025, alongside other projects aimed at modernising Nigeria’s aviation infrastructure and attracting private investment.

The approval formed part of the Federal Government’s broader airport concession programme, which seeks to improve airport infrastructure, operational efficiency and commercial viability through private-sector participation.

The government has argued that private investors could provide the capital and expertise needed to expand airport facilities and develop revenue-generating activities, particularly those outside conventional aviation operations.

The concession programme is designed to attract investment into airport terminals and related services, while the Federal Airports Authority of Nigeria continues to perform its statutory responsibilities.

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Business

Veritas Kapital Assurance Records 54% Growth in Total Assets to ₦54.56 Billion, Strengthens Financial Position

Published

12 hours ago

November 13, 2026

PlateauReports

Veritas Kapital Assurance Plc has recorded a 54 per cent increase in total assets to ₦54.56 billion as at September 30, 2026, compared to ₦35.40 billion recorded in the corresponding period of 2025, reflecting growth in the company’s financial position.

The company’s unaudited financial results for the nine months ended September 30, 2026, also showed a 60 per cent increase in total equity, which rose from ₦19.12 billion in 2025 to ₦30.59 billion.

This growth was supported by an increase in share capital from ₦6.93 billion to ₦14.43 billion and share premium from ₦663.6 million to ₦8.16 billion.

Further reflecting the growth in its financial position, cash and cash equivalents increased by 28 per cent, from ₦7.98 billion to ₦10.17 billion, while investment securities held at amortised cost more than doubled, rising from ₦12.45 billion to ₦25.64 billion.

The company also recorded a 34 per cent increase in net investment income, from ₦2.61 billion in the corresponding period of 2025 to ₦3.51 billion in 2026. This performance reflects the contribution of its investment portfolio to income during the period.

Commenting on the results, the Managing Director/Chief Executive Officer, Dr. Adaobi Nwakuche, said: “Our nine-month performance reflects notable developments in our financial position, particularly the growth in our asset base, equity position and investment income.

“As we continue to build on these gains, our focus remains on strengthening our core insurance business, enhancing operational efficiency and improving overall business performance.

“Our commitment to meeting our obligations to policyholders remains central to our business as we work towards delivering sustainable value to all stakeholders.

The results also highlight areas requiring continued management attention within the company’s underwriting operations. Insurance revenue stood at ₦15.41 billion, compared to ₦16.31 billion in the corresponding period of 2025, while the company recorded a loss after tax of ₦3.84 billion, against a profit after tax of ₦4.12 billion in the previous year.

This performance was largely attributable to increased insurance service expenses and net expenses from reinsurance contracts held.

Overall, the results reflect growth in Veritas Kapital Assurance’s asset base, equity position and investment income, alongside areas for improvement in its insurance operations.

The company remains focused on strengthening its core business, enhancing operational efficiency and sustaining its commitment to delivering dependable insurance solutions and long-term value to its stakeholders.

About Veritas Kapital Assurance Plc
Veritas Kapital Assurance Plc is a Nigerian insurance company providing general insurance solutions to individuals and businesses. The company is committed to delivering reliable insurance services and building lasting relationships with its customers and stakeholders.

The post Veritas Kapital Assurance Records 54% Growth in Total Assets to ₦54.56 Billion, Strengthens Financial Position appeared first on Business Today NG.