Torchlight News

Torchlight news. Dangote: Lifting Fuel from Our Refinery Costlier Than Lomé Due to Charges Aliko Dangote, President of Dangote Group, has voiced frustration over the high logistics and regulatory costs making it more expensive for marketers to lift refined petroleum products from the Dangote Refinery in Lekki than from offshore facilities in neighbouring countries like Togo. Speaking at the Global Commodity Insights Conference in Abuja, co-hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and S&P Global, Dangote revealed that multiple port and regulatory fees imposed on marketers at both loading and offloading points have eroded the cost advantage of his $20 billion refinery. In contrast, offshore terminals such as the Lomé Floating Storage Terminal do not impose such burdens. He noted that these inefficiencies contribute to Africa’s heavy dependence—69%—on imported refined fuels, many of which are substandard and laced with toxic blends th...

 Torchlight news. CBN: Eight Banks Reach Recapitalisation Target .MPC Maintains Interest Rate and Other Policy Parameters .Central Bank Aims for Single-Digit Inflation The Central Bank of Nigeria (CBN) has confirmed that eight banks have already met the new minimum capital requirements set for their respective licenses. The recapitalisation effort, which began last year and is expected to conclude by March 2026, is part of broader reforms to strengthen the financial system. Speaking at a press briefing in Abuja after the Monetary Policy Committee (MPC) meeting, CBN Governor Olayemi Cardoso stated that several banks have made meaningful strides in boosting their capital base to meet the new regulatory standard. “Eight banks have so far complied fully with the recapitalisation benchmark, while others are on track to meet the deadline,” he said. The recapitalisation policy, introduced in March 2024, redefined the minimum capital base to include only paid-up share capital and shar...

 Torchlight news. Nigeria’s ICT Sector Grows by 31.63% in Q1 2025 The Information and Communication Technology (ICT) sector in Nigeria posted a notable 31.63% year-on-year growth in nominal terms for the first quarter of 2025, according to the latest figures from the National Bureau of Statistics (NBS). This marks a sharp increase of 28.23 percentage points compared to the 3.40% recorded in Q1 2024, and a 13.67-point rise from Q4 2024, highlighting the sector’s growing economic significance. In real terms, the ICT sector expanded by 7.40% in Q1 2025, up by 3.36 percentage points from the 4.04% growth seen during the same period last year. However, compared to the previous quarter, the sector shrank by -8.86% in real terms, a decline attributed to seasonal patterns and temporary economic headwinds. Despite the quarterly dip, the ICT sector’s contribution to real GDP climbed to 10.59% in Q1 2025, up from 10.17% in Q1 2024 and 9.32% in Q4 2024. In nominal GDP terms, it accounted fo...

 Torchlight news. Dangote Exports 1.3 Billion Litres of Petrol While Nigeria Continues to Import Fuel The Dangote Petroleum Refinery has commenced large-scale exports of Premium Motor Spirit (PMS), shipping out roughly 1.35 billion litres to international markets in just 50 days. This was revealed by the President of the Dangote Group, Alhaji Aliko Dangote, at the Global Commodity Insights Conference on West African Refined Fuel Markets, jointly organized by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and S&P Global Insights. Dangote noted that between June and July 2025, the refinery exported around one million tonnes of PMS, equivalent to 1.35 billion litres. “Nigeria has now become a net exporter of refined petroleum products. I confirmed before coming on stage that we've exported about one million tonnes of PMS since early June—within just 50 days,” he stated. Despite these exports, Nigeria still largely depends on imported fuel. Acco...

Torchlight news. Okoye Suspended for Two Months Over Betting Incident Nigerian and Udinese goalkeeper, Maduka Okoye, has received a two-month suspension from the Italian Football Federation (FIGC) following a betting scandal connected to a match against Lazio in the 2023/2024 season. The 24-year-old was found guilty of sporting misconduct after investigations suggested he intentionally got booked during the match to manipulate betting outcomes. The suspicious nature of the yellow card prompted a probe into irregular betting activity tied to that moment. The FIGC stated that Okoye’s deliberate act to earn a caution was aimed at affecting the outcome of certain bets. This case has reignited concerns over the integrity of professional footballers and the growing impact of illegal betting rings on the sport. After a comprehensive disciplinary process, the FIGC’s National Federal Tribunal confirmed on Tuesday that Okoye would serve a two-month suspension from all official matches, effe...

 Torchlight news. DSS, Army Rescue US-Based Cleric Abducted by Boko Haram The Catholic Bishop of Maiduguri Diocese, John Bakeni, has praised the Department of State Services (DSS) and the Nigerian Army for the successful rescue of Reverend Father Alphonsus Afina, who was abducted by Boko Haram terrorists on June 1, 2025. Father Afina, who served as a priest in Alaska, USA, from 2017 to 2024, was kidnapped in Gwoza, Borno State, along with several other travelers on the Liman Kara–Gwoza road. On Monday, DSS operatives, backed by Nigerian Army troops, rescued Father Afina along with 10 women. Bishop Bakeni, who also chairs the Christian Association of Nigeria (CAN) in Borno State, expressed gratitude to the security forces for rescuing the victims without harm. The Bishop noted that the global Catholic community was relieved and overjoyed at the news of Father Afina’s release after nearly two months in captivity. He explained that the cleric was en route from Mubi in Adamawa Stat...

Torchlight news. Nigerian Citizenship: FG Counters Kemi Badenoch’s Claim The Federal Government has dismissed as false a statement made by British Conservative Party leader, Kemi Badenoch, that Nigerian law prevents women from transferring citizenship to their children. Badenoch, during an interview with CNN’s Fareed Zakaria on Sunday, said she could not pass her Nigerian citizenship to her children because she is a woman. She argued that while it is relatively easy for Nigerians to obtain UK citizenship, acquiring Nigerian citizenship remains “virtually impossible,” citing her inability to pass on hers despite acquiring it through her parents. Reacting, spokesperson for the Federal Ministry of Foreign Affairs, Kimiebi Imomotimi Ebienfa, told The Nation that Badenoch’s assertion is not only inaccurate but troubling. He clarified that Section 25 of Nigeria’s Constitution permits children born abroad to inherit citizenship from either parent, without gender bias. Presidential aide ...