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FairMoney Microfinance Bank Appoints Gbenga Shobo As Board Chairman

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FairMoney Microfinance Bank

FairMoney Microfinance Bank Appoints Gbenga Shobo As Board Chairman

FairMoney Microfinance Bank appoints Gbenga Shobo as board chairman. He said Mr Shobo’s experience managing complex banking operations would support the bank’s expansion strategy.

FairMoney Microfinance Bank on Monday appointed Gbenga Shobo, former deputy managing director of First Bank of Nigeria Ltd, as chairman of its board.

The bank also announced the appointment of Debo Aderoju as executive director and chief risk officer to strengthen leadership and corporate governance.

FairMoney said the appointments were aimed at strengthening governance frameworks and executive capacity as it expands operations in Nigeria’s growing digital financial services sector.

Commenting, managing director, Henry Obiekea, said the bank had reached a critical stage where strong governance had become essential.

“The bank is at a critical inflection point where strong corporate governance is essential to sustain the growth achieved over the past few years.

“Welcoming Shobo and Aderoju reinforces our commitment to transforming FairMoney into a market-leading financial institution,” Mr Obiekea said.

He said Mr Shobo’s experience managing complex banking operations and technology-driven retail services would support the bank’s expansion strategy.

According to him, Mr Aderoju’s expertise in governance, inclusive finance and risk management will strengthen operational efficiency and regulatory compliance.

Mr Obiekea said Mr Shobo brings more than 35 years of banking experience to the role.

During his tenure at First Bank, Mr Shobo played a key role in driving digital banking growth and supervised business units generating significant revenue.

An alumnus of Obafemi Awolowo University, formerly the University of Ife, Shobo also attended Harvard Business School, Stanford University and INSEAD.

According to Mr Obiekea, Mr Shobo has more than a decade of board-level experience across microfinance, insurance and fintech institutions.

“His appointment will strengthen our governance structure and provide strategic oversight as we expand our footprint in Nigeria’s financial services landscape,” he said.

Mr Obiekea described Mr Aderoju as a banking professional with more than two decades’ experience in credit management, enterprise risk management and inclusive finance.

Before the appointment, Mr Aderoju served as managing director and chief executive officer of Letshego Microfinance Bank Nigeria.

FairMoney Microfinance Bank

FairMoney Microfinance Bank

He earlier worked at United Bank for Africa before joining First Bank, where he oversaw risk management across several Sub-Saharan African markets.

Mr Obiekea said Mr Aderoju’s appointment remained subject to regulatory approval.

Mr Aderoju also attended leadership programmes at the Gordon Institute of Business Science, University of Pretoria, and the Massachusetts Institute of Technology.

FairMoney Microfinance Bank is a technology-driven institution focused on expanding financial inclusion through digital banking services.

The bank provides loans, savings accounts and payment solutions aimed at improving access to financial services for individuals and businesses across the country.

Economy

Umahi Receives New NLNG CEO, Announces President’s Approval For Dualisation Of Road Linking Bodo-Bonny To East-West Road

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Umahi Receives New NLNG CEO

Umahi Receives New NLNG CEO, Announces President’s Approval For Dualisation Of Road Linking Bodo-Bonny To East-West Road

The Minister of Works, Senator Engr. David Umahi, CON, has received the new Managing Director and Chief Executive Officer of Nigeria Liquefied Natural Gas, Adeleye Falade, at the Ministry’s headquarters in Abuja, using the occasion to announce fresh approval for a major road project in Rivers State.

The meeting, held on Wednesday, focused on the completed Bodo-Bonny Road and the next phase of development that will link it to the East-West Road, an important route for movement of people and goods in the Niger Delta.

Speaking during the visit, the Minister revealed that the President, HE Senator Bola Ahmed Tinubu, CON has approved the dualisation of the 8.9-kilometre road connecting Bodo-Bonny to the East-West Road. The project will be constructed with concrete and will include two flyovers, solar-powered streetlights, and modern monitoring systems.

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“I have listed that project for the president, he will tell me when he is ready for the commissioning and I will let you know and graciously he has also approved the 8.9km dualized and this time on concrete with two flyovers. We are working with Julius Berger since they are on site, it is more economical for us for them to continue. With the information I’m having from PPP I think the cost is about 150billion because it is a very terrible terrain, two flyovers and solar powered light, tree planting and also some rest house where we will stay and monitor the CCTV.”

Umahi explained that part of the funds saved from the Bodo-Bonny Road project has already been redirected to improve the road with solar lights and tree planting.

“We made some savings from the Bodo-Bonny and we directed them to use this savings to put solar light and then plant trees within that axis. So, I want to assure you that we work very closely with you and we are not going to be on that project when awarded for more then twelve months and the price will not be reviewed. So make it very clear in our agreement with you and us and them.”

The Minister said the Tinubu administration is focused on building durable roads that will last for decades, while also improving safety and boosting economic activities.

“I want to commend you very highly and I say that the president infrastructure revolution in Nigeria is quite unprecedented. There is no part of this country that you don’t see solid work going on and we are not talking about just road construction, he is building a road that will last between 50-100years with minimal maintenance and that is what he stands for.

For the first time you see road is built, it has solar light. So that people can travel at night and it will increase commercial activity and also safety on the road. He has also directed to start mapping out our to put CCTV on our roads and have viewing points so that response them at every point in time will not be more than 10mins.”

Earlier, Abdul Humaru introduced the NLNG team, saying: “We are here to introduce our new managing director and CEO and for a courtesy visit as well.”

In his remarks, the NLNG boss, Adeleye Falade, thanked the Federal Government for its support, especially on the Bodo-Bonny Road, which he said is already making life easier for residents and businesses.

“Just like Abdul said it is a courtesy visit but it is more than courtesy, we want to take this privilege to express gratitude particularly on Bodo Bonny road.

I want to thank you for the support. The road as we have communicated is completed now, we are actually waiting for when you will give us a date for official commissioning but we know people are already using it. The road changed a lot of things about the activities on the Island.

I went on the road myself from my office in Port Harcourt. It took me one and a half hours from my office to Bonny that is something that will ordinarily take us four hours.”

Umahi Receives New NLNG CEO

Umahi

He also expressed readiness for continued collaboration on the new road project.

“We are grateful for the support. We are also grateful for the consideration of that 8.9km that leads into the East west road that enables us to maximize that particular road. We are still waiting for advice, who is going to handle that going forward. We are ready to provide support as well. So, today we have come to show gratitude for the support that we have gotten from you.”

Francis Nwaze, FIPMD
Senior Special Assistant to the Honourable Minister of Works (Media)
April 30, 2026

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Economy

NNPC Records Major Breakthrough With Successful River Niger Crossing On OB3 Gas Pipeline

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NNPC

NNPC Records Major Breakthrough With Successful River Niger Crossing On OB3 Gas Pipeline

The NNPC Gas Infrastructure Company (NGIC), a wholly owned subsidiary of NNPC Limited, has successfully completed the River Niger Crossing of the 130-kilometre Obiafu-Obrikom-Oben (OB3) Gas Pipeline, marking a major milestone in the expansion of Nigeria’s national gas transmission network.

The successful crossing unlocks the full potential of the OB3 Pipeline, a strategic infrastructure designed to transport up to 2 billion standard cubic feet of gas per day, significantly strengthening energy availability, enhancing supply reliability, and accelerating national economic development.

Executed approximately two kilometres beneath the River Niger riverbed, the technically complex crossing was delivered by the NNPC project team working with PCE Nig. Limited, using advanced horizontal directional drilling (HDD) technology.

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Commending the achievement, the Group Chief Executive Officer of NNPC Limited, Engr. Bashir Bayo Ojulari, described the milestone as a testament to disciplined execution and technical excellence.

According to him, “The completion of the OB3 River Niger Crossing is a defining milestone for Nigeria’s gas infrastructure and a clear demonstration of what disciplined execution and sustained commitment to excellence can deliver. By successfully traversing one of the most technically challenging sections of the project, we have unlocked a critical link that will enhance gas supply reliability, deepen domestic utilisation, and support power generation and industrial growth across the country.”

Engr. Ojulari noted that the achievement builds on NNPC Limited’s growing engineering and execution capability, drawing from the successful AKK River Niger Crossing in June 2025, to deliver an even more complex crossing in the Niger Delta environment.

“This achievement is not incidental. It is the result of deliberately leveraging and upscaling our AKK engineering and execution excellence through rigorous project governance, innovative engineering solutions, adaptive problem-solving, and the unwavering commitment of our teams and PCE Nig. Limited.

The OB3 Pipeline is central to our ambition of building an integrated and resilient gas network that underpins Nigeria’s energy security and economic development. I commend everyone involved for their doggedness and for staying the course to deliver this strategic national asset.”

The GCEO further acknowledged the critical support of key stakeholders, stating: “We sincerely appreciate the continued support of the Federal Government under the leadership of His Excellency, President Bola Ahmed Tinubu, GCFR, whose Gas-to-Prosperity agenda and commitment to a conducive business environment have been instrumental in making this achievement possible.

NNPC Limited could also not have achieved this feat without the trust and guidance of its Board of Directors, under the leadership of our Chairman, Engr. Ahmadu Musa Kida.”

Reaffirming NNPC Limited’s national mandate, Engr. Ojulari added:
“At NNPC Limited, we remain fully committed to translating Nigeria’s oil and gas resources into a better standard of living for all citizens.

We will continue to collaborate with our partners to deliver projects that expand energy availability, stimulate industrialisation, and improve the overall wellbeing of Nigerians.”

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He expressed his sincere appreciation to the host community for its consistent support towards the project; the management and staff of NGIC for their doggedness in achieving the milestone; and PCE Nig. Limited for its professionalism, noting that the contractor’s innovative approach and disciplined workforce were pivotal to the project’s success.

NNPC

Oil and Gas Pipeline

The GCEO further highlighted the strategic significance of the milestone against the backdrop of the Federal Government’s oil and gas production growth targets of 3 million barrels of crude oil per day and 12 billion standard cubic feet of gas per day by 2030. The successful River Niger Crossing ensures that Nigeria’s gas-producing regions are now physically interconnected with the rest of the country.

The OB3 Pipeline, with a capacity of 2 billion standard cubic feet per day, serves as a backbone gas infrastructure linking the Eastern gas network to the Western network and extending connectivity to the Northern corridor through the AKK Pipeline.

In the near term, the successful crossing is expected to unlock over 500 million standard cubic feet of incremental gas supply for the domestic market, supporting power generation, industrial growth, and gas supply to the West African market.

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Economy

FG Declares Friday, 1st May As Public Holiday To Mark 2026 Worker’s Day Celebration

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Olubunmi Tunji-Ojo

FG Declares Friday, 1st May As Public Holiday To Mark 2026 Worker’s Day Celebration

The Federal Government has declared Friday, 1st May 2026, a public holiday to celebrate this year’s International Workers Day.

The Honourable Minister of Interior, Dr. Olubunmi Tunji-Ojo, announced this on behalf of the Federal Government. He congratulated workers across the country on this year’s celebration.

The Minister commended Nigerian workers for their hard work and dedication to national development. He noted that their efforts are essential for the nation’s growth and prosperity.

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He encouraged workers to embrace patriotism, productivity, and dedication to their duties. These qualities are crucial for sustainable development.

The Federal Government of Nigeria is committed to supporting the welfare and security of all workers and creating a favorable environment for economic growth.

Olubunmi Tunji-Ojo

Olubunmi Tunji-Ojo

While wishing workers a happy celebration, the Minister urged all Nigerians to remain peaceful and law-abiding. He encouraged everyone to use this occasion to reflect on the importance of unity and hard work in building the nation.

E-Signed
Dr. Magdalene Ajani
Permanent Secretary
29th April 2026

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