Business
UTM Offshore signs $5bn MoU with Afreximbank for Nigeria’s first floating LNG (FLNG) project
UTM Offshore signs $5bn MoU with Afreximbank for Nigeria’s first floating LNG (FLNG) project
Nigerian marine and services group, UTM Offshore and the African Export-Import Bank (Afreximbank) have signed a Memorandum of Understanding (MoU) to raise $2 billion, in the first instance, for the development of Nigeria’s first floating liquefied natural gas (FLNG) project. Afreximbank further committed to funding the second phase of the project to the tune of $3 billion.
The MoU to this effect was signed in Abuja on Tuesday by Mr. Julius Rone, Group Managing Director/CEO of UTM Offshore and Dr. Benedict Okey Oramah, President and Chairman of Afreximbank.
The agreement paves the way for additional collaboration between UTM Offshore and the Afreximbank to support a future final investment decision (FID) on UTM’s FLNG project. The company has been studying and conceptualising the development of an FLNG in Nigeria since 2020.
In February 2021, UTM Offshore Limited received a License to Establish (LTE) from Nigeria’s former Department of Petroleum Resources (DPR) for the installation of an FLNG unit on oil mining lease (OML) 104. The block is operated by the joint-venture of Mobil Producing Nigeria (operator, 40%) and the state-owned Nigerian National Petroleum Corp. (NNPC, 60%) and contains the producing Yoho field.
Preparations for the project are now in full swing and benefit from robust global and technical expertise. The pre-Front End Engineering Design (Pre-FEED) contract was awarded to JGC Corporation of Japan in May, while KBR was appointed Owners Engineer. Global energy and commodities trader Vitol has also joined the consortium as off-taker for the LNG.
“The UTM Offshore FLNG will be the first such project developed by an African company on the continent. It will also significantly contribute to the Nigerian government’s agenda of reducing the flaring of associated gas across our industry,” said Julius Rone, Group Managing Director/CEO of UTM Offshore. “As Africa’s FLNG industry grows, we are well positioned to offer attractive project economics by developing shallow water gas reserves, while bringing significant environmental benefits to our industry as a whole,” Mr. Rone said at the brief but colourful MoU signing event at the Transcorp Hilton Hotel, Abuja.
The project notably involves the development and financing of a 1.2m tonnes per annum FLNG facility with a capacity to process 176 MMscfd of natural gas and condensate. The unit would target the processing of associated gas currently flared in order to cut carbon emissions and monetise additional reserves for the domestic and global markets.
At the signing event, the President of Afreximbank, Prof. Benedict Oramah commended Mr. Julius Rone and his team at UTM Offshore Limited for rising up to one of the greatest challenges of this era. “Across the world, nations are evolving climate change goals; Africa has not been able to leverage the abundant opportunities in the continent to help meet the global climate change goals. That is why Afreximbank considers what UTM Offshore is doing, the development of Nigeria’s first FLNG not just unique but laudable. UTM Offshore is helping not just Nigeria but the the whole of Africa to transition to clean energy and in the process, the firm is creating huge employment opportunities for Nigerians. This is a landmark project that Afreximbank takes very seriously,” Prof. Bendict Oramah said.
Beyond financing UTM’s FLNG project to tune of $5billion in two phases, the President of Afreximbank disclosed that the bank would be ready to offer other financial and insurance support services to the the FLNG project. “If this project succeeds, it will create jobs and aid development in Nigeria and even more important, it would prove that Africa has become serious about climate change goals and would further prove that Nigerians can use the abundant potentials in Nigeria to develop Nigeria. Truth is that nobody will develop Nigeria but Nigerians. UTM Offshore Limited, an indigenous company led by Mr. Julius Rone, has shown that it has the capacity to help develop Nigeria. It is within the mandate of Afreximbank to support what UTM is doing in Nigeria,” the Afreximbank President added.
UTM Offshore Limited is pioneering the development of the FLNG facility in collaboration with LNG Investment Management Services (LIMS), a subsidiary of Nigeria National Petroleum Corporation (NNPC). The facility, a newly built vessel, will receive gas feeds from the existing offshore platform at OML 104, treat it to required LNG standard, liquefy the gas, store the LNG and offload to LNG carriers.
According to Mr. Julius Rone, the floating LNG, when fully completed in 2026, shall have an LNG production capacity of 1.2 mmtpa, Turret and Mooring System, Gas pre-treatment modules, LNG production modules, living quarters, self-contained power generation and utilities as well as capacities for LNG storage and offloading.
*PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status
To prevent any misunderstanding regarding our affiliation with the United Nations, we hereby provide a formal clarification on the status and identity of the United International Peace and Governance Council (UNIPGC), formerly known as IPGC.
UNIPGC is an independent Civil Society Organization and Non-Governmental Organization with continental chapters registered in the United States, Germany, Canada, and several countries across Africa. The organization is committed to promoting the values and principles of the United Nations, particularly in advancing Sustainable Development Goal 16 (Peace, Justice, and Strong Institutions), as well as advocating for good governance globally.
In furtherance of its mandate, UNIPGC has established partnerships with reputable diplomatic civil society organizations, including the United Nations Association of Nigeria and the United Nations Association of Ghana. These collaborations are aimed at strengthening its engagement with initiatives aligned with United Nations ideals.
Additionally, UNIPGC has entered into diplomatic relations with the International Organization for Economic Development (IOED), an Intergovernmental Organization (IGO), to enhance its capacity for international cooperation and diplomatic engagement.
We wish to clearly state that UNIPGC is **not** an entity, agency, or organ of the United Nations.
Members of the public and media practitioners are respectfully advised to refer to the organization by its full and correct name: **United International Peace and Governance Council (UNIPGC)**, and not as the United Nations.
Thank you.
Business
Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour
Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour
Laffmattazz, one of Nigeria’s foremost comedy and live entertainment brands, is pleased to announce its official partnership with First Bank of Nigeria Limited for the highly anticipated Laffmattazz 2026 International Tour, themed “Next Chapter: A New Season of Laughter.”
Now in its 15th year, Laffmattazz—the brainchild of renowned Nigerian comedian Gbenga Adeyinka (Gbenga Adeyinka 1st)—has evolved into a cultural phenomenon, celebrated for its seamless fusion of comedy, music, and live stage performances.
The 2026 tour, which kicked off on Easter Sunday, April 5th, 2026 at the Jogor Centre, Ibadan, marks a significant milestone in the brand’s journey. Building on over a decade of success across Nigeria, this year’s edition signals a bold expansion into the international market, with a multi-city run in Canada, alongside major stops in Akure, Abeokuta, and Lagos.
This strategic partnership with First Bank of Nigeria Limited underscores a shared commitment to excellence and innovation. It is also aligned with FirstBank’s First@Arts initiative—a significant and ongoing program dedicated to supporting the creative arts, entertainment, and cultural sectors. Through this initiative, FirstBank provides financing, advisory services, and actively fosters a sustainable value chain for artists and creative entrepreneurs, while supporting key industry platforms such as the Nigerian Entertainment Conference.
Speaking on the collaboration, the Laffmattazz team stated:
“We are delighted to welcome First Bank of Nigeria Limited as a strategic partner for the Laffmattazz 2026 International Tour. As we mark 15 remarkable years of Laffmattazz, this partnership reinforces our vision to take premium Nigerian entertainment beyond borders, while delivering even bigger, better, and more memorable experiences for our audiences.”
As a key partner, First Bank will enrich the tour through innovative customer engagement initiatives, experiential activations, and exclusive fan experiences across all tour locations.
With its distinctive blend of humor, culture, and live entertainment, the Laffmattazz 2026 Tour is poised to connect audiences across cities and continents, bringing laughter to thousands of fans worldwide.
⸻
About Laffmattazz
Laffmattazz is a premier Nigerian comedy and entertainment brand, now in its 15th year, renowned for its vibrant live shows and nationwide tours. Founded by Gbenga Adeyinka 1st, the brand continues to deliver high-quality experiences that celebrate creativity, culture, and laughter.
About First Bank of Nigeria Limited
First Bank of Nigeria Limited is Nigeria’s oldest financial institution, widely respected for its legacy of trust, innovation, and customer-centric financial solutions that support economic growth and development. Through its First@Arts initiative, the Bank continues to play a pivotal role in empowering the creative industry and driving sustainable growth across the sector.
Business
MREIF is Better: FirstBank’s Mortgage Loan Is the Game-Changer for Home Ownership in Nigeria
MREIF is Better: FirstBank’s Mortgage Loan Is the Game-Changer for Home Ownership in Nigeria
Anyone who has tried to get a loan to buy a house in Nigeria knows the drill: endless forms, property valuation, and eventual down payment of a minimum 25% or more on the property. Sometimes, interest rates could go as high as 30% per annum, while the typical loan limit is N50 million.
Now, FirstBank is making homeownership more attractive.
FirstBank, in partnership with the Ministry of Finance Incorporated (MOFI), has introduced the MREIF Home Loan. MREIF loan is a game-changer, offering a single-digit interest rate of 9.75% per annum, with a loan amount of up to ₦100 million and a repayment period of up to 20 years. This is perfect for salaried individuals, including Nigerians in the diaspora, looking to purchase homes in approved locations.
The MREIF loan stands out with its lower interest rate, higher loan amount, and flexible equity contribution as low as 10%. This makes it an attractive option for those seeking affordable homeownership.
You are one quick decision away from being a landlord.
If you’ve been waiting for the right time to buy a home, FirstBank’s MREIF Home Loan is the smartest route to owning property in Nigeria today. Visit the FirstBank website https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ to get started.
- Nigeria - Engagement Between Tanzania Building Agency (TBA) and Department of Facility Maintenance and Management, Federal Capital Territory Administration (FCTA) April 24, 2026
- Tanzania Building Agency (TBA) Study Tour to the Abuja Investment Company Limited April 24, 2026
- United States (U.S.) Revitalizes Key Credit Guarantee Program to Boost Agricultural Trade with Nigeria April 24, 2026
- South Sudan: Space for Peace – Resettlement of displaced families changes lives and livelihoods in Wau April 24, 2026
- Food and Agriculture Organization of the United Nations (FAO) and partners unpack bottlenecks and solutions for formal cross border agritrade in Southern Africa April 24, 2026
- Aid cuts threaten Zimbabwe’s malaria gains, with cases and deaths surging – Save the Children April 24, 2026
- Marché des Arts et Spectacles Africains (MASA) 2026: ORUN lays the foundations for a sustainable African creative ecosystem April 24, 2026
- Dr. Rasha Kelej Joins Africa’s Top Leaders on 2025 Most Influential Women List April 24, 2026
- African Petroleum Producers Organization (APPO) Pushes Regional Energy Hubs to Unlock Africa-Wide Investment Scale April 24, 2026
- Africa Finance Corporation (AFC) and Development Bank of Southern Africa (DBSA) Partner to Climate-Proof Africa’s Infrastructure through the Infrastructure Climate-Resilient Fund (ICRF) Managed by AFC Capital Partners April 24, 2026
- Nigeria - Engagement Between Tanzania Building Agency (TBA) and Department of Facility Maintenance and Management, Federal Capital Territory Administration (FCTA) April 24, 2026
- Tanzania Building Agency (TBA) Study Tour to the Abuja Investment Company Limited April 24, 2026
- United States (U.S.) Revitalizes Key Credit Guarantee Program to Boost Agricultural Trade with Nigeria April 24, 2026
- South Sudan: Space for Peace – Resettlement of displaced families changes lives and livelihoods in Wau April 24, 2026
- Food and Agriculture Organization of the United Nations (FAO) and partners unpack bottlenecks and solutions for formal cross border agritrade in Southern Africa April 24, 2026
- Aid cuts threaten Zimbabwe’s malaria gains, with cases and deaths surging – Save the Children April 24, 2026
- Marché des Arts et Spectacles Africains (MASA) 2026: ORUN lays the foundations for a sustainable African creative ecosystem April 24, 2026
-
news4 months agoWHO REALLY OWNS MONIEPOINT? The $290 Million Deal That Sold Nigeria’s Top Fintech to Foreign Interests
-
celebrity radar - gossips3 months agoDr. Chris Okafor Returns with Power and Fire of the Spirit -Mounts Grace Nation Altar with Fresh Anointing and Restoration Grace on February 1, 2026
-
celebrity radar - gossips6 months agoEnd of an Era: Nigeria Mourns Evangelist Dr. Uma Ukpai, 80
-
celebrity radar - gossips4 months agoProphet Kingsley Aitafo Releases 2026 Prophecy: ‘Nigeria Will Rise, but the World Must Prepare for Turbulence’