Business
Akeredolu in Thailand, Seeks FG’s Investment in Cannabis Business
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The Ondo State Governor, Rotimi Akeredolu, has advised the Federal Government to explore the opportunities in the cannabis business.
Mr Akeredolu made the appeal during his visit to Thailand to see how cannabis is being used to make food and drugs.
Also on the trip was the chief executive officer of the National Drug Laws Enforcement Agency (NDLEA), Muhammad Abdallah.
Mr Akeredolu revealed this through his verified Twitter handle, @RotimiAkeredolu.
“We know that Ondo State is the hotbed of Cannabis cultivation in Nigeria. We know how to grow it and it thrives well in the Sunshine State.
“With an estimated value of $145 Billion in 2025, we would be shortchanging ourselves if we failed to tap into the legal Marijuana Market”.
The governor said his focus is to establish medical marijuana cultivation under the full supervision of the NDLEA.
He urged the federal government to “tap into this thriving industry for more jobs creation and economic diversification.”
Clarifying the governor’s statement on Tuesday, his spokesperson, Yemi Olowolabi, said Mr Akeredolu’s call was part of his drive to industrialise Ondo and expand job opportunities in the state.
He said marijuana farming is, at the moment, a problem in the state because of routine clashes between the farmers and NDLEA agents.
“Other countries have taken advantage of its growth and we decided to explore the opportunity,” Mr Olowolabi said in a telephone interview with PREMIUM TIMES.
Mr Akeredolu’s position on marijuana is shared by the former presidential candidate of the African Action Congress (AAC), Omoyele Sowere, who during the electioneering campaigns called for the legalisation of marijuana instead of burning them by NDLEA.
Many countries across the world are moving towards the legalisation of marijuana.
Countries like Australia, Puerto, Rico, Poland, Czech Republic, Croatia, and Macedonia allow the use of marijuana for medical purpose.
Also, there is legal freedom for the use of the weed in Uruguay, Spain, Slovenia, Netherlands, Jamaica, Columbia, and Chile.
But Nigeria and countries such as Japan and Malaysia continue to criminalise the use of the plant. This is in spite of the fact that marijuana is widely smoked across the countries.
According to the United Nations, Nigeria is ranked third among countries with the highest number of marijuana smokers, despite the strict law against its use.
Under the NDLEA Act, offenders convicted of smoking or trafficking marijuana could serve up to 15 years or more jail term.
As reported by the News Agency of Nigeria (NAN) in 2018, Ondo State is one of the six states in Nigeria where cannabis is cultivated in large quantity. Several attempts by the NDLEA to eradicate marijuana smoking in the state have not yielded the desired results due to its affordability and availability in the state.
Premium Times
Business
NEC 2026: UBA Offers N41m in Grants to Nigerian Students
The United Bank for Africa (UBA) is poised to give five young Nigerians a shot at getting a share of N41million in educational grants towards their university education.
The Bank, through UBA Foundation National Essay Competition (NEC), is the much talked about life changing opportunity and it is back for with the 16th edition, and this year, with even more reason for young writers to put pen to paper and change their lives in the process.
Previously, there was a lot of talk around education not given priority or due reward as against reality shows or ephemeral activities. Now that talk is gone with the wind.
The UBA annual competition is designed to give senior secondary school students across Nigeria a platform to express their ideas, showcase their writing and critical thinking skills, which will see the top five finalists, receive financial support throughout their university education.
Most importantly, the prize pot has just gotten bigger as the first-place winner will receive a N15 million university grant, while the second and third-place winners will receive N10 million and N7.5 million respectively. It gets even more rewarding as the fourth and fifth-place winners – introduced for the first time ever in the competition – will also receive N5 million and N3.5 million each.
Participants will be expected to tackle a question that directly affects Nigeria’s future: “No nation can develop without food security. How can Nigeria deal with this problem?” That means this is a chance not just to write, but to think, question, and propose practical ideas for a challenge that affects everyone.
The opportunity is open to Nigerian every senior secondary school student.
According to a statement made available to this medium, applications close Friday, October 23, 2026.
The essay is expected to be handwritten and in not more than 750 words, with applications submitted through the competition’s digital portal, https://www.ubagroup.com/nec/
Business
Dangote Refinery Surpasses Nameplate Capacity, Strengthens Nigeria’s Energy Security, Export Position
Dangote Petroleum Refinery has achieved a significant operational milestone, recording an average capacity utilization of 105.21 percent in August 2026, according to data released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The 700,000 barrels-per-day refinery processed an average of 736,470 barrels of crude oil per day in August, a substantial increase from 497,000 barrels per day in July when utilization stood at 71 percent.
The strong performance was supported by a rebound in domestic crude oil supply, with deliveries rising by 16.75 percent to 683,000 barrels per day during the month, enabling the refinery to ramp up throughput.
The improved throughput translated into average daily production of 84.43 million litres of refined white products, including Premium Motor Spirit, PMS, Automotive Gas Oil, AGO or diesel, and Aviation Turbine Kerosene, ATK, further reinforcing its role as a major supplier of refined petroleum products across Nigeria and the wider West African region.
Speaking on the development, the Dangote Group said the achievement underscores the refinery’s growing contribution to Nigeria’s energy security, foreign exchange conservation, and industrial growth agenda.
The refinery continued to significantly reduce Nigeria’s dependence on imported petroleum products during the review period. Domestic PMS deliveries from the refinery rose by 39 percent month-on-month to 35.87 million litres per day in August, accounting for approximately 71 percent of total domestic petrol supply.
The increased local supply contributed to a sharp decline in fuel imports, with national PMS imports falling by 26 percent to 14.60 million litres per day, highlighting the refinery’s expanding impact on the domestic fuel market.
Beyond meeting a significant portion of Nigeria’s domestic fuel requirements, the refinery also strengthened the country’s export profile through robust shipments of refined products.
In August, the refinery exported an average of 9.73 million litres of PMS daily, alongside 8.75 million litres of diesel and 21.30 million litres of aviation fuel. These volumes further support Nigeria’s emergence as a net exporter of refined petroleum products and contribute to increased foreign exchange earnings for the country.
The refinery’s growing production capacity was particularly evident in the diesel market, where domestic AGO deliveries averaged 12.37 million litres per day. This level of output substantially reduced the need for imported diesel, with national diesel imports declining from 7.90 million litres per day in July to 1.30 million litres per day in August.
The development reflects the refinery’s increasing ability to support critical sectors of the economy, including transportation, manufacturing, agriculture, telecommunications, and power generation.
According to the Group, the ability to operate above nameplate capacity demonstrates the efficiency, reliability, and resilience of its operations. The milestone also reinforces investor confidence as the refinery’s ongoing public offering continues to attract significant market attention.
Dangote Group reiterated its commitment to maximizing local value addition, supporting economic diversification, and ensuring the sustainable supply of high-quality refined petroleum products to Nigeria, Africa, and global markets.
Business
2026 NBBF League Finals: Zenith Bank Commits to Development of National Women Basketball
The road to the 2026 Zenith Bank NBBF Women’s Basketball League title reaches its climax as eight top teams converge on Lagos for the highly anticipated National Finals.
The finals will hold from September 28 to October 3, 2026, at the Indoor Sports Hall of the National Stadium, Surulere, Lagos.
Emerging from fiercely contested Atlantic and Savannah Conference campaigns, Nigeria Customs, AS Sky Queens, Titans, Air Warriors, MFM, First Bank, Victoria Queens, and Bayelsa Blue Whales have booked their place in the battle for national honours.
Last year’s champions, Dolphins Basketball Club, who lifted the trophy after defeating First Bank in the final, will not be in contention this year after failing to make the top four of the Atlantic Conference. Their absence leaves the title wide open for a new champion.
The trophy will however be contested by teams with rich championship pedigree. First Bank, last year’s finalist and the most successful team in the history of the competition, arrives with a record nine league titles, while MFM will be banking on its recent dominance after winning back-to-back championships in 2023 and 2024.
It is a level of competition that reflects the growth of a league that has, for more than two decades, provided a platform for Nigeria’s best female basketball talents to emerge, compete and develop. At the heart of that journey has been Zenith Bank, the sole sponsor of the National Women’s Basketball League since 2005.
Through its partnership with the Nigeria Basketball Federation (NBBF), Zenith Bank has consistently supported the development of women’s basketball, helping to provide and sustain a competitive platform where talents can be discovered, nurtured and prepared for the highest level of the sport.
The league has also served as a vital pathway to the National Women Basketball team, D’Tigress, with several players who have featured prominently for Nigeria emerging from the domestic competition.
Beyond the national team, the league continues to contribute to youth development by giving young female athletes the opportunity to build confidence, skill, discipline, teamwork and professional sporting careers.
For Zenith Bank, the sponsorship of the Women’s Basketball League represents more than support for a sporting competition.
It reflects the Bank’s broader commitment to creating platforms that provide opportunities, develop potential and make a meaningful difference in the lives of young Nigerians.
This commitment extends across several areas of community development, with notable initiatives including the reconstruction and beautification of Ajose Adeogun Street and Roundabout, the annual Zenith Bank Youth Parade and Light-Up Ceremony, the construction of ICT Centres in tertiary institutions across the country, and the construction of the ultra-modern Iga Iduganran Primary Healthcare Centre, among others.
Through these initiatives and its longstanding support for women’s basketball, Zenith Bank Plc continues to demonstrate that its commitment to society goes beyond banking, with a focus on creating opportunities and contributing to the development of communities and the next generation.






