Nigeria News (Standard)
Aviation Minister Keyamo Highlights Western Vulnerabilities as Africa Rises in Global Jet Fuel Supply
Energy strategist Modupe Ladipo urges investment in African refining after supply chain disruptions expose gaps in Western networks
Energy strategist Modupe Ladipo urges investment in African refining after supply chain disruptions expose gaps in Western networks
Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, has drawn attention to growing weaknesses in Western aviation fuel supply chains, following recent international disruptions that have positioned Africa as a vital player in global energy logistics. This was highlighted during industry discussions held on the sidelines of major aviation forums in Paris and Johannesburg this June.
Key developments unfolded after Modupe Ladipo, a Fellow of the Chartered Institute of Marketing and energy strategy consultant, noted that ongoing challenges in the aviation sector had exposed deep-seated vulnerabilities within traditional Western distribution networks. She pointed out that the resilience demonstrated by African refineries during recent turbulence underscored the continent’s rising importance for global fuel security.
The comments came after the International Air Transport Association (IATA) Aviation Energy Forum in Paris and the African Airlines Association (AFRAA) Stakeholders Convention in Johannesburg. Both events, attended by key stakeholders including Nigerian delegates, addressed how diplomatic tensions and logistical hurdles—such as those linked to temporary agreements between Iran and the United States—have left Western supply lines exposed. Ladipo urged that relying on short-term diplomatic solutions may not offer lasting security for aviation fuel needs.
Ladipo’s statement recommended increased investment in African refining capacity and called for governments to strengthen local production infrastructure. According to her, “Africa now sits at a strategic crossroads for global aviation energy,” emphasising that continued dependence on external suppliers leaves markets vulnerable to shocks.
Industry experts say Nigeria and other African countries could leverage this moment to attract investment into their oil and gas sectors, particularly as global supply chains face uncertainty from geopolitical events. The Ministry of Aviation is expected to engage further with industry partners on strategies to expand local refining projects and reduce reliance on foreign imports.
Nigeria News (Standard)
Lagos-Based Cornerstone Insurance Records Over 50% Profit Decline as FX Gains Fall in 2025
Company’s earnings drop sharply after foreign exchange windfall dries up, raising concerns for insurance sector stability
Company’s earnings drop sharply after foreign exchange windfall dries up, raising concerns for insurance sector stability
Cornerstone Insurance Plc, a leading insurer headquartered in Lagos, saw its profit for the first half of 2025 drop by more than half, following a sharp decline in foreign exchange gains that had previously boosted earnings. The company disclosed the development in its latest financial report released on Friday.
The results showed that while gross premium income remained steady, Cornerstone’s net profit slumped significantly compared to the previous year. The main reason cited was the absence of major foreign exchange gains, which had contributed substantially to profits during the volatile naira movements of 2024. In the latest reporting period, such gains were minimal as at June 2025.
This downturn comes at a challenging time for Nigeria’s insurance industry, which has been grappling with currency instability and rising claims payouts amid economic headwinds. Analysts say Cornerstone’s results highlight how dependent some firms have become on non-core income such as FX revaluation, rather than traditional underwriting profits. The sector is also facing pressure from stricter recapitalisation requirements set by the National Insurance Commission (NAICOM).
While Cornerstone Insurance has not issued a formal statement addressing the profit slide, market observers note that similar trends may emerge across other insurers in coming quarters if naira volatility continues to ease. Financial experts are urging companies to refocus on core insurance business and risk management practices.
Industry analysts expect more scrutiny of insurers’ financial health going forward, especially as NAICOM continues to monitor compliance with solvency standards and as shareholders seek clarity on sustainable profit sources.
Nigeria News (Standard)
Keystone Bank Launches EcoCycle Account to Boost Lagos Green Economy
Bank pledges financing and business advisory for recycling, waste management and sustainable manufacturing enterprises
Bank pledges financing and business advisory for recycling, waste management and sustainable manufacturing enterprises
Keystone Bank Limited has introduced the EcoCycle Account in Lagos, targeting businesses across Nigeria’s growing green economy. The initiative was unveiled on Wednesday by Managing Director and Chief Executive Officer, Hassan Imam, as the bank moves to support enterprises engaged in recycling, waste management and eco-friendly manufacturing amid increasing demand for sustainable solutions.
According to Keystone Bank, the EcoCycle Account is designed to provide working capital, equipment financing and expansion funding on competitive terms for businesses operating within the circular economy. In addition to financial support, account holders will benefit from business advisory services and capacity-building opportunities through the bank’s MSME Online Academy.
The move comes as Nigeria witnesses a surge in entrepreneurs seeking opportunities in transforming waste materials into commercial products. However, many green businesses have struggled to access tailored financing required to scale their operations. Keystone Bank said its new offering aims to bridge this gap by supporting innovation and economic growth within the sector.
Imam stated that the EcoCycle Account forms part of Keystone Bank’s broader commitment to sustainability and inclusive growth. He explained that by combining funding options with training resources, the bank intends to equip business owners with both financial leverage and technical know-how needed for success in an evolving market.
Industry observers note that such initiatives could accelerate Nigeria’s adoption of circular economy practices while creating jobs and reducing environmental impact. As at press time, stakeholders in the green sector have welcomed the development as a step towards easing barriers faced by eco-focused micro, small and medium enterprises across the country.
Nigeria News (Standard)
Côte d’Ivoire, Ecuador Secure World Cup Knockout Spots After Group Stage Victories
Both teams progress to the next round of the FIFA World Cup after decisive group matches on Friday, June 26
Both teams progress to the next round of the FIFA World Cup after decisive group matches on Friday, June 26
Côte d’Ivoire and Ecuador have advanced to the knockout phase of the ongoing FIFA World Cup after sealing victories in their final group stage fixtures on Friday, June 26. The decisive matches were played at various venues as the group stage concluded, with both sides earning enough points to guarantee their places in the next round of the competition.
Côte d’Ivoire delivered a strong performance in their final group match, securing the needed result to progress. Similarly, Ecuador’s victory ensured they finished among the top teams in their group, confirming their advancement. The outcomes were determined after a tense series of matches that kept fans across Africa and South America on edge.
The qualification of Côte d’Ivoire is significant for West African football, as it highlights the region’s continued presence at major international tournaments. For Ecuador, advancing to the knockout stage further cements their growing reputation on the world football stage. Both teams will now prepare for tougher challenges ahead as they face opponents from other groups in the high-stakes elimination rounds.
Football analysts have noted that Côte d’Ivoire’s disciplined defence and clinical finishing made the difference during their campaign so far. Ecuador’s squad was praised for its speed and resilience throughout the group matches. With expectations rising, coaches from both sides have promised to build on these performances as they look ahead to potentially historic runs in this year’s tournament.
The knockout fixtures will be announced by FIFA in due course, with fans eagerly awaiting details of who Côte d’Ivoire and Ecuador will face next. Nigerian supporters and African football enthusiasts are particularly keen to see how far Côte d’Ivoire can go as one of Africa’s representatives at this year’s World Cup.
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