Business
NNPC Denies Any Plan to Increase Fuel Prices
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The Nigerian National Petroleum Corporation on Thursday advised motorists and other petroleum product consumers to disregard the trending rumour of a planned hike in the pump price of Premium Motor Spirit, popularly known as petrol.
It explained that the statement of the corporation’s Group Managing Director, Mele Kyari, at the National Assembly on Wednesday did not suggest any plan to increase the price of the white product.
NNPC Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, clarified that what the NNPC GMD stated during his engagement with the Senate President, Senator Ahmed Lawan, was that the price of petrol was abysmally low in Nigeria compared to what obtained in neighbouring West African countries.
Ughamadu noted that Kyari had observed at the event that the huge disparity in the pump price of petrol between Nigeria on the one hand and her neighbouring countries, on the other hand, tended to encourage cross-border leakages.
This, according to Ughamadu, was why the NNPC boss sought the support of the leadership of the National Assembly to curb the malaise of smuggling.
The oil firm advised Nigerians to disregard the insinuation of a planned hike in the price of petrol by NNPC.
It stated that statutorily, NNPC was not even in a position to regulate the price of petroleum products, adding that the corporation’s role as an operator must be differentiated from that of any of the industry regulators.
Ughamadu stated that as directed by relevant agencies of the government, the pump price of petrol remained N145 per litre.
NNPC cautioned petroleum products’ marketers not to sell petrol above N145 per litre following the disclaimed rumour.
It advised Nigerians to remain vigilant and volunteer information to the Department of Petroleum Resources, the industry regulator, or to any law enforcement agency around them, on any station selling petrol above N145 per litre.
The Punch
Business
Pan-African Bank Empowers Students with Digital Skills on 14th Ecobank Day
Ecobank Nigeria has commemorated the 14th edition of Ecobank Day, its flagship Group-wide Corporate Social Responsibility (CSR) initiative, across four regions of the country, reaffirming its commitment to empowering communities through education and digital inclusion.
The selected schools include: Hope Fountain Foundation for the Deaf, Agege, Lagos; Ibadan School for the Deaf, Ibadan; Special Secondary School for the Deaf, Odakpu, Onitsha, and Kaduna State Special Education School, Kaduna.
This year’s Ecobank Day was celebrated under the theme, “Digital Education,” with a focus on equipping persons with disabilities and young people with essential digital skills that can enhance their educational, personal, and career development in today’s technology-driven world.
The initiative underscores Ecobank’s commitment to extending its impact beyond banking by helping to equip Africa’s youth with the digital and artificial intelligence (AI) skills required to succeed in the future economy.
As part of the programme, Ecobank employees visited selected schools across the four regions, where they conducted digital literacy sessions and donated learning materials and educational resources to support students’ development and prepare them to thrive in an increasingly digital world.
Speaking during the commemoration, the Managing Director/Regional Executive, Ecobank Nigeria, Bolaji Lawal said: “It is a pleasure to join you today as we commemorate the 14th edition of Ecobank Day, our Group-wide Corporate Social Responsibility initiative dedicated to creating meaningful impact across the communities we serve. “Ecobank Day reflects our commitment to being more than a bank. It demonstrates our dedication to empowering people and contributing to sustainable development across Africa.”
Bolaji noted that digital education has become increasingly important in bridging knowledge gaps and creating opportunities for young people, particularly those living with disabilities, enabling them to participate fully in today’s digital economy.
School proprietors and administrators who participated in the programme commended Ecobank for the initiative, describing it as a timely intervention that will help broaden students’ access to digital knowledge and opportunities.
They expressed appreciation to the Bank for investing in the future of young people and supporting inclusive education within their communities.
For 14 years, Ecobank Day has served as an annual platform for Ecobank employees across Africa to give back to society through impactful volunteer activities that address critical social challenges.
The initiative continues to demonstrate the Bank’s dedication to fostering sustainable development and creating lasting positive change across the communities where it operates.
Business
Double Honours As Fidelity Bank, Onyeali-Ikpe Win at 2026 BAFI Awards
Fidelity Bank Plc has won two honours at the 2026 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.
The bank’s Managing Director and Chief Executive Officer, Dr Nneka Onyeali-Ikpe, received the Award for Excellence in Banking Leadership, while Fidelity Bank was named Best Bank in Oil and Gas Financing.
The awards were presented at the 14th BAFI Awards held recently at the Civic Centre, Victoria Island, Lagos.
According to BusinessDay Media Limited, the leadership award recognises banking executives who have delivered institutional growth, strengthened shareholder value, promoted innovation and inclusion, and contributed to the development of Nigeria’s financial services sector.
Onyeali-Ikpe thanked the organisers and dedicated the award to Fidelity Bank’s customers, board, management and employees.
“I am deeply honoured to receive the Award for Excellence in Banking Leadership. I sincerely thank BusinessDay Media Limited for this recognition and dedicate it to our valued customers, whose trust and support have strengthened and inspired me throughout my career.
“The African philosophy of Ubuntu teaches us, ‘I am because we are.’ In that spirit, this honour also belongs to the board, management and staff of Fidelity Bank Plc, whose dedication and professionalism continue to drive our vision of a stronger, more innovative and customer-focused financial institution,” she said.
Onyeali-Ikpe has more than three decades of banking experience spanning retail, corporate and commercial banking, treasury and business development. Since becoming the Chief Executive Officer, she has led Fidelity Bank through sustained growth and an expansion of its international operations, including the acquisition of the former Union Bank UK, now FidBank UK Limited.
The Best Bank in Oil and Gas Financing award recognised Fidelity Bank’s support for projects across Nigeria’s energy value chain.
The bank financed the development of an onshore crude oil export terminal at the Otakikpo Marginal Field in Rivers State. It also supported the Pinnacle Oil and Gas Terminal in Lekki and part-financed a 23,000-cubic-metre liquefied petroleum gas carrier for Temile Development Company Limited.
Fidelity Bank also participated in the $3bn SNEPCo Contractor Finance Facility, which provides naira and dollar financing to indigenous contractors working on SNEPCo projects.
The projects are expected to strengthen local participation, petroleum product distribution, gas availability and critical energy infrastructure.
The two awards underscore Fidelity Bank’s growing profile in the financial services industry and its role in financing sectors critical to Nigeria’s economic development.
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/






