Uche Cecil Izuora Top oil majors ExxonMobil and Chevron are using record second-quarter earnings to strengthen their balance sheets, directing billions of dollars toward debt reduction rather than significantly increasing share buybacks as geopolitical tensions continue to cloud the oil market outlook. The two U.S. supermajors more than doubled net income during the quarter, benefiting from higher crude prices and exceptionally strong refining margins following prolonged disruptions to global energy markets. ExxonMobil reduced net debt by more than $7 billion, while Chevron cut debt by a record $8.4 billion, lowering its net debt-to-cash flow ratio by more than half. European peers Shell…
Author: Orientalnews Staff
By Sola Adebawo Nigeria’s upstream petroleum industry is quietly entering one of the most important transitions in its modern history. For more than a decade, the dominant story was one of acquisition. Indigenous companies acquired producing assets from international oil companies, proving that Nigerian firms possessed the technical capability, commercial ambition and financial capacity to own and operate complex upstream businesses. That chapter is now giving way to another. The era of buying is giving way to the era of managing. The next test is not whether Nigerian companies can acquire assets. It is whether they can manage those…
Valentine Okafor Workplace mentor and career development expert Margaret Omovbude has called on professionals to embrace continuous learning, emotional intelligence and adaptability as critical skills for succeeding in an increasingly technology-driven workplace. She made the call at the maiden edition of the Corporate Power Room Conference held in Lagos, where industry leaders and workplace experts gathered to provide practical strategies for career advancement, leadership development and navigating the future of work. The conference, which brought together professionals from diverse sectors, featured sessions on workplace influence, career reinvention, salary negotiation, organizational effectiveness, leadership, emotional intelligence and wealth creation, with speakers…
Uche Cecil Izuora The Nigerian Maritime Administration and Safety Agency, NIMASA has reaffirmed its commitment to advancing the welfare and wellbeing of Nigerian seafarers through stronger collaboration with key maritime stakeholders, including the Mission to Seafarers (MtS). The Director General of NIMASA, Dr. Dayo Mobereola, made this known while receiving the Chairman, Management Committee of Mission to Seafarers (MtS) Lagos, Chief Adebayo Sarumi, OON, and the Regional Director, Mission to Seafarers Africa, Reverend Cedric Rautenbach, on a courtesy visit to the Agency’s headquarters in Lagos. Speaking during the visit, Executive Director Operations, NIMASA, Engr. Fatai Taiye Adeyemi who represented…
Uche Cecil Izuora The Nigeria Customs Service (NCS) has earned international recognition after its flagship Corporate Social Responsibility (CSR) initiative, Customs Cares, won the Commonwealth Environment and CSR Gold Award in Glasgow, Scotland. The award, presented on Friday, July 31, 2026, honours organisations implementing measurable, sustainable and community-driven initiatives that advance the United Nations Sustainable Development Goals (SDGs). Customs Cares was recognised for its far-reaching impact in education, healthcare, food security and environmental sustainability across Nigeria. Receiving the award on behalf of the Comptroller-General of Customs, Adewale Adeniyi, MFR, the Deputy Comptroller-General of Customs in charge of Enforcement, Investigation…
Ken Okeke The Federal Airports Authority of Nigeria (FAAN) has provided details of what was erroneously reported as fire incident at the Terminal 2 of the Murtala Muhammed International Airport, Lagos. The Authority notes that findings indicate that there was no fire at the terminal, pointing that the smoke observed within the affected area resulted from the discharge of the terminal’s FM-200 fire suppression system. The reason for the activation of the fire suppression system is currently being investigated. Normal operations have since resumed at the terminal, while detailed investigations are ongoing to determine the exact cause of…
Joseph Bakare The National Agency for Science and Engineering Infrastructure (NASENI) will, on Wednesday, 5th August 2026, host the Final Pitching Exercise of the NASENI Innovation Assessment & Awards Programme (NIAAP), bringing together some of Nigeria’s most promising innovators to compete for top honours in the Agency’s Intra-Agency and Inter-Agency Innovation Competitions. The Final Pitching Exercise marks the culmination of NASENI’s boldest innovation competition yet. From 180 applications submitted across NASENI Development Institutes and 81 applications received from Ministries, Departments and Agencies (MDAs) nationwide, a rigorous assessment process has produced the Top 10 Finalists in both competition categories, who…
Yemisi Izuora The National Insurance Commission (NAICOM) has said that Nigeria’s insurance industry has entered a new phase of development founded on stronger capital, improved financial resilience, and enhanced capacity to underwrite larger and more sophisticated risks across strategic sectors of the economy. The regulator, appear excited following the successful completion of the twelve-month insurance sector recapitalization exercise undertaken pursuant to Section 15 and other relevant provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, signed into law on 31 July 2025 by President Bola Ahmed Tinubu, GCFR, as part of his administration’s financial sector transformation agenda towards…
Uche Cecil Izuora Advertising professionals have been urged to continuously evolve their skills, operating models and creative approaches to remain relevant in an industry being reshaped by artificial intelligence, changing consumer behaviour and emerging technologies. Speaking at the annual meeting of the Association of Advertising Agencies of Nigeria in Lagos, Meksley Nwagboh, Divisional Head, Brand and Communications, Fidelity Bank Plc, described the transformation of advertising as an opportunity for practitioners to rethink how they create value, serve clients and connect brands with consumers. Addressing participants on the theme, “AdVolution: The End of Advertising as We Know It and How…
Yemisi Izuora The Central Bank of Nigeria (CBN) says the next stage of fintech development in Nigeria must focus on five important outcomes to achieve sustainable growth of the initiative. Mr. Yemi Cardoso, Governor, Central Bank of Nigeria (CBN) said in a goodwill message at the 3rdBusiness Journal Fintech & Financial Inclusion Roundtable 2026 in Lagos that Nigeria’s fintech development must deliver digital financial services that are reliable, secure, fair and accessible. Cardoso, who was represented by Dr. Rakiya Yusuf, Director, Payments System Supervision, added that Nigerians should be able to transact with confidence, including during periods of high…