Connect with us

Business

Price of Cooking Gas Rises by 20% As Naira Weakens

Published

on

The price of Liquefied Petroleum Gas, popularly known as cooking gas, sold to marketers in the country has risen by over 20 per cent in the past one month, with consumers paying more for the product.

The naira plunged on November 30 to 500 per dollar at the parallel market, its lowest level in more than three years, from around N462/$1 at the start of the month. It traded at 476 against the greenback on Tuesday.

Our correspondent gathered that terminal operators and importers increased the price of 20 metric tonnes of LPG to N5.3m on Monday from an average of N4.4m a month ago.

A gas plant in Lagos visited by our correspondent refilled a 12.5kg cylinder for LPG for N4,000 on Tuesday, up from N3,200 in November. Our correspondent gathered that the plant had refilled a 12.5kg cylinder for N3,500 on Monday.

Some of the retail shops visited by our correspondent put the price for refilling a 12.5kg cylinder at between N4,000 and N4,500 on Tuesday.

Marketers said the price of cooking gas had continued to increase in recent months as the depreciation of the naira against the dollar and increased global demand pushed up the cost of importing the product into the country amid inadequate local supply.

Nigeria, which is home to the largest natural gas reserves in Africa and the ninth largest in the world, imports a chunk of the cooking gas being consumed in the country.

Terminal operators sold 20 tonnes of LPG at between N5.2m and N5.3m on Tuesday, up from N4.9 to N5m at the start of December and N4.25m to N4.45m on November 20, according to LPG in Nigeria, an advocacy organisation championing the use of LPG in the country.

“International prices continue to go up, which is a major factor in our local LPG pricing. LPG price just hit $400 per MT for the first time since February 2019. We expect that prices will ride the winter demand, then begin a steep fall,” it said.

The Executive Secretary/Chief Executive Officer, Nigerian Association of LPG Marketers, Mr Bassey Essien, told our correspondent that the association had noticed the gradual increase in cooking gas price in recent months.

According to Essien, about 35 per cent of the LPG consumed in the country is from domestic supply while 65 per cent is imported.

He said many privately-owed terminals had to depend on importation because they could not get supply from the Nigeria LNG Limited.

“In the process of importing LPG, the CBN does not have any particular foreign exchange window for LPG importers like it has for other sectors. So, they find their own forex whatever way they can. At a point, the naira was 500 per dollar,” he said.

Essien said another factor responsible for the price hike was the increased global demand for gas during winter.

“Since a greater chunk of what we consume is imported, we have to face the problem of foreign exchange dynamics. It is not something we are happy about,” he added.

The NLNG said in September that its board of directors had approved an increase in its dedicated volume of LPG supplied to the domestic market from 350,000 metric tonnes per annum to 450,000 mtpa.

The Punch

Continue Reading
Advertisement


Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

AD Consulting, Ecobank Partner to Host Art and Architecture Icons in “The Convergence”

Published

on

Nigeria’s leading voices in art and architecture will converge in Lagos as AD Consulting partners Ecobank Nigeria to present The Convergence: The Iconic Architect & the Icons of Art, a landmark cultural experience celebrating Nigeria’s creative excellence, heritage and legacy.
Scheduled to run from October 1 to 7, 2026, at the Ecobank Pan African Centre (EPAC), Ozumba Mbadiwe Avenue, Victoria Island, Lagos, the event will bring together internationally acclaimed architect Olajumoke Adenowo, Founder of AD Consulting, and some of Nigeria’s most distinguished visual artists for an immersive exploration of the relationship between architecture, art and African heritage.

Among the artists whose works will feature are Abiodun Olaku, Bunmi Babatunde, Kehinde Adewuyi, Tayo Quaye, Mufu Onifade, Alex Nwokolo, Fidelis Odogwu, Kassi Nathalie, Dotun Popoola, Steve Ekpenisi, Collins Abinoro and Joshua Nmesirionye among others.

Speaking on the concept behind The Convergence, Olajumoke Adenowo, Founder, AD Consulting, said: “Architecture and art are two of the most enduring expressions of who we are as a people. They tell our stories, preserve our heritage and give form to the values we want to pass on to future generations. The Convergence brings these two powerful voices together to celebrate Nigeria’s extraordinary creative heritage while creating a space for new conversations about identity, beauty, ownership and legacy.”

She added: “This is not simply an exhibition. It is an intentional meeting of architecture, art and people who understand that some of the most valuable things we can leave behind are not merely possessions, but ideas, culture and a sense of who we are. Through NeoHeritage, The Convergence creates a contemporary expression of our heritage while looking confidently towards the future.”

Also speaking, Austen Osokpor, Head, Marketing & Corporate Communications, Ecobank Nigeria, said the partnership represents an opportunity to support African creative excellence while creating a platform where culture, creativity, private wealth and enterprise intersect.

According to Osokpor, “Africa’s wealth is not defined by financial capital alone. Our culture, creativity, intellectual capital and heritage are equally important assets that must be preserved, celebrated and passed on to future generations. The Convergence gives us an opportunity to support this broader definition of African wealth by bringing together exceptional artists, architects, collectors and cultural patrons in one powerful experience.”

He added: “For Ecobank, this is more than an event. It is about creating meaningful platforms that connect people, ideas and opportunities, while reinforcing our commitment to African excellence. We are delighted to partner with AD Consulting and Olajumoke Adenowo on an initiative that places Nigerian creativity firmly within the wider African and global cultural conversation.”

Unlike a conventional exhibition or art fair, The Convergence has been conceived as a platform for dialogue, exploring how art and architecture shape identity, preserve cultural memory and create enduring legacies.

At its heart is Adenowo’s Neo Heritage philosophy, which connects Africa’s rich cultural inheritance with contemporary creative expression.

The experience is built around three design pillars: Light, Zeitgeist and The 4th Dimension.

The Convergence will open on October 1 with an exclusive Collectors & Patrons evening curated for invited collectors, patrons, high-net-worth individuals and distinguished guests.

The opening will provide an intimate opportunity to experience the exhibition, engage with participating artists and explore the works within a setting centred on art, architecture, ownership, cultural stewardship and legacy.

The programme will include curated viewing opportunities, conversations with artists and creative leaders, and experiences designed to foster meaningful connections among collectors, patrons, architects and cultural leaders.

The wider exhibition will continue from October 2 to 7, giving a broader audience the opportunity to experience the works and engage with the ideas underpinning The Convergence.

The programme will also feature a Patron’s Preview, Founders’ Cocktail featuring an Architecture Salon by AD Consulting, and a Collectors’ Circle, offering opportunities for private viewings and deeper engagement with the artists and their work.

Continue Reading

Business

Zenith Bank Opens Digital, Branch Channels for Dangote Refinery Share Subscription

Published

on

Nigerians at home and in the Diaspora seeking to participate in the landmark Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals can subscribe conveniently through Zenith Bank, a receiving bank for the historic transaction and a designated electronic application channel for the offer. Subscription is open through the Zenith Bank website, the Zenith mobile app, internet banking, USSD, corporate internet banking and any Zenith Bank branch nationwide.

Across all of these channels, anchored by Zenith Bank’s network of 456 branches and 84 cash centres, investors enjoy a secure, fast and reliable route into the offer from anywhere in the world, at any hour. Whether the application begins on a phone in London, a laptop in Houston or across the counter of a Zenith banking hall in Lokoja, the path to ownership opens with a few taps and carries the investor smoothly through to completion.

Every subscription is linked to the investor’s Bank Verification Number, a seal of identity and security that accompanies each application from submission to allotment.

It is service the Zenith way: first-time and seasoned investors alike enjoy a straightforward and fully protected process, and the quiet confidence that their stake in history is processed through Zenith Bank.

Applications open on Monday, 14 September 2026 and run for 30 days, closing on Tuesday, 13 October 2026. According to the prospectus, the shares are offered at ₦525 each, with a minimum subscription of 10 shares, or ₦5,250. The offer seeks to raise ₦2.15 trillion, the largest equity offering ever undertaken on the African continent, and the prospectus further provides that retail investors who subscribe and hold their shares may qualify for bonus shares under the Retail Investor Incentive Programme, subject to regulatory approvals.

Zenith Bank stands ready to make participation effortless for investors who choose to take part. Nigeria’s largest bank by Tier-1 capital and the country’s most profitable bank, Zenith has built its reputation on combining scale with innovation, and that strength is now at the service of every investor in this offer. This is proven ground for the bank: Zenith Bank’s own most recent public offering was executed mainly through digital channels, a demonstration of digital readiness built on the bank’s robust digital infrastructure. That infrastructure has since been strengthened further through a comprehensive technological overhaul, positioning Zenith to serve its retail customers with the same excellence long enjoyed by its corporate clients, precisely the capability an offer of this scale demands.

Within the wider transaction, Quantum Zenith Capital & Investments Limited serves among the joint issuing houses, while Zenith Bank itself provides the secure and dependable channels through which applications are received and processed. Having successfully taken its own landmark offer to the market through digital channels, Zenith brings that same tested infrastructure and experience to the largest equity offering in African history. It is the same combination of financial strength, digital excellence and customer devotion that has earned Zenith Bank recognition year after year as one of Africa’s foremost financial institutions, trusted by millions of customers and by the corporates and governments behind the continent’s biggest transactions.

For over three decades, Zenith Bank has been the trusted gateway to Nigeria’s defining financial moments, and its channels are open for this one. Investors who wish to participate can fund their Zenith Bank account and subscribe through any of the bank’s platforms before the offer closes on 13 October 2026.

Please note that the details of the offer are provided in the prospectus and guided by extant regulations. Zenith Bank serves as a Receiving Bank and electronic application channel for this offer. Investors are advised to carefully read the Prospectus and, where appropriate, seek independent professional advice before making any investment decision.

Continue Reading

Business

Ecobank Urges Young Nigerian Creatives to Seize ₦20m InnovateX 2026 Opportunity

Published

on

Ecobank Nigeria has called on young Nigerians, particularly students, innovators, entrepreneurs, and creatives aged 16 to 25, to take advantage of the ongoing registration for InnovateX 2026, the Bank’s flagship youth innovation challenge offering ₦20 million in prizes, mentorship, business development support, and access to industry experts.

Powered by Blaze by Ecobank in partnership with Verve, InnovateX 2026 is designed to identify and support the next generation of innovators and creators developing solutions across inclusive finance, as well as the creative economy.

Beyond the financial support, participants will benefit from an intensive innovation journey featuring hybrid bootcamps, expert-led workshops, mentorship sessions, networking opportunities, and a grand finale pitch competition where finalists will showcase their ideas before a panel of industry leaders and investors.

The competition is open to young Nigerians working on innovative projects in technology, engineering, science, product design, content creation, digital media, entertainment, fashion, and other creative disciplines.

Encouraging young Nigerians to register, Victor Yalokwu, Head, Products & Analytics, Ecobank Nigeria, said: “Nigeria is blessed with an abundance of young talent, creativity, and entrepreneurial energy. Through InnovateX, we are providing a platform for young people to transform bold ideas into impactful solutions and sustainable businesses. We encourage students, innovators, tech enthusiasts, creators, and entrepreneurs across the country to seize this opportunity and take their ambitions to the next level.”

He added: “The future belongs to young people who are willing to innovate, solve problems, and create value. InnovateX is designed to equip participants with the knowledge, mentorship, exposure, and resources they need to succeed in today’s highly competitive and technology-driven world.”

Yalokwu further explained that InnovateX is not just about rewarding great ideas, but also about building confidence, nurturing talent, and connecting young people to opportunities that can help them grow personally and professionally. “Whether you are developing a tech solution, building a creative brand, or working on an innovation that can improve lives, InnovateX provides a valuable platform to showcase your potential and accelerate your journey towards success,” he said.

As part of its commitment to youth empowerment, Ecobank continues to provide innovative banking solutions through the Blaze Account, a youth-focused offering that gives customers access to exclusive opportunities, a uniquely designed debit card, free monthly transfers, and participation in initiatives such as InnovateX.

Young Nigerians interested in participating are encouraged to submit their applications through www.innovatex.africa before the registration deadline.

With ₦20 million up for grabs and a unique opportunity to gain mentorship, skills, exposure, and industry recognition, InnovateX 2026 is poised to become one of Nigeria’s most impactful youth innovation and entrepreneurship programmes.

Continue Reading