Business

Kano fire: FG, APC govs donate N8bn to victims

Published

3 hours ago

February 17, 2026

The Federal Government, on Monday, approved the release of N5bn to support victims of the Kano Singer Market fire disaster.

Also, the All Progressives Governors Forum, led by Imo State Governor, Hope Uzodimma, pledged N3bn to the victims.

Vice President Kashim Shettima disclosed the donation during a sympathy visit to the market on Monday.

Speaking in Kano, Shettima said the intervention aimed to help victims rebuild their businesses and restore economic activity in the market.

“Your Excellency, we join you today not only to sympathise with you over the fire outbreak at the Singer Market that has disrupted the commercial life of this great state, but to come bearing the promise of the Federal Government that we stand firmly with the good people of Kano.

“President Bola Tinubu has approved the release of N5bn to the Government of Kano State as palliative towards this incident.

“And the Progressive Governors Forum, under the leadership of Governor Hope Uzodimma, has also pledged N3bn in support of the victims of the fire incident at the Singer Market.

“Together, we have collectively contributed N8bn to the victims of the fire disaster.

“The Federal Government stands with you in this moment of hardship and will continue to provide the necessary support,” Shettima said.

The visit followed the fire which broke out on Saturday evening, February 14, 2026, in the Gidan Glass section of the market along Ado Bayero Road and raged into Sunday morning.

It affected more than 1,000 shops and reportedly left seven traders feared missing.

Describing the incident as a national tragedy, Shettima said the inferno was not only a loss to Kano State but to the entire federation.

The Vice President, who was accompanied by the governors of Jigawa, Kebbi, and Imo, offered prayers for the victims and prayed to Almighty Allah to prevent the recurrence of such disasters in the future.

The Chairman of the Singer Market Traders Association, Junaid Zakari, expressed gratitude to the Federal Government for what he described as a timely and generous gesture.

He pledged that the funds would be used judiciously to support affected members and help restore business activities in the historic market.

The PUNCH reports that the fire marks the second major blaze at the market in less than two weeks.

Emergency responders from NEMA, the Kano State Emergency Management Agency, the Federal Fire Service, and other agencies eventually contained the blaze, which officials linked to a possible solar battery explosion.

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Business

FG to borrow N800bn via February bonds

Published

3 hours ago

February 17, 2026

Newsbreak365_Admin

The Debt Management Office has unveiled plans to raise N800bn through its February 2026 Federal Government bond auction, reflecting a sharp increase compared to the corresponding period last year, though lower than the record N900bn offered in January.

According to the bond offer circular published on the agency’s website on Monday, the offer consists of N400bn of 17.95 per cent FGN JUN 2032 (seven-year re-opening), N300bn of 19.89 per cent FGN MAY 2033 (10-year re-opening), and N100bn of 19.00 per cent FGN FEB 2034 (10-year re-opening), bringing the total to N800bn.

The auction is scheduled for February 23, 2026, with settlement on February 25, 2026. In February 2025, the DMO offered N350bn, comprising N200bn of 19.30 per cent FGN APR 2029 (five-year re-opening) and N150bn of 18.50 per cent FGN FEB 2031 (seven-year re-opening).

The planned N800bn issuance for February 2026 represents a year-on-year increase of N450bn, translating to a 128.6 per cent rise. This means the Federal Government is seeking more than double the amount offered in February 2025.

The maturity structure also shows a shift. While the February 2025 offer included a five-year instrument, the February 2026 issuance is concentrated entirely on seven-year and 10-year tenors, indicating an attempt to lengthen the average maturity of domestic debt and reduce near-term refinancing pressure.

On pricing, borrowing costs remain elevated. The seven-year bond carries a coupon of 17.95 per cent, slightly lower than the 18.50 per cent on the comparable tenor in February 2025.

However, the 10-year instruments are priced at 19.00 per cent and 19.89 per cent, in line with the prevailing high interest rate environment. A month-on-month comparison shows that the February offer is N100bn lower than January’s N900bn, representing an 11.1 per cent decline.

In January 2026, the DMO offered N300bn of 18.50 per cent FGN FEB 2031 (seven-year re-opening), N400bn of 19.00 per cent FGN FEB 2034 (10-year re-opening), and N200bn of 22.60 per cent FGN JAN 2035 (10-year re-opening).

The seven-year coupon has declined from 18.50 per cent in January to 17.95 per cent in February. Notably, the 10-year FGN JAN 2035 bond offered in January carried a 22.60 per cent coupon, significantly higher than the 19.89 per cent and 19.00 per cent attached to the February 2026 10-year papers.

Taken together, although the February offer is lower than January’s record level, it remains more than twice the size of the February 2025 issuance and is priced at rates close to 18 to 20 per cent, highlighting the elevated cost of domestic debt financing.

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Business

Tinubu Orders Probe Of Recurring Kano Market Fires

Published

2 days ago

February 15, 2026

Oluwagbenga Olaoye

President Bola Tinubu has commiserated with traders and people of Kano State over the devastating fire outbreak at Kano’s Singer Market over the weekend.

The fire, which started on Saturday evening, raged into Sunday morning, causing significant damage to the food market.

President Tinubu, who had earlier reached out to Kano State governor, Abba Kabir Yusuf, to obtain a situation report on the fire, described the incident as tragic.

Presidential spokesman, Bayo Onanuga, in a statement on Sunday, said the President was particularly alarmed that the latest incident came less than two weeks after another fire destroyed dozens of shops and property at the same market.

He said President Tinubu directed a comprehensive investigation into the causes of the market fires, which often leave traders in despair.

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Business

Fuel Supply Rises 25% As Dangote Delivers 40m Litres Of Petrol Per Day – NMDPRA

Published

2 days ago

February 15, 2026

Oluwagbenga Olaoye

Nigeria’s domestic fuel supply rose 25 per cent in January 2026 as the Dangote Petroleum Refinery delivered an average of 40 million litres of Premium Motor Spirit (PMS) per day, according to data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

This marked an increase of about eight million litres daily from December 2025’s 32 million litres, highlighting the refinery’s steady ramp-up toward meeting more of the nation’s fuel needs amid ongoing imports.

The Dangote Petroleum Refinery delivered an average of 40.1 million litres of Premium Motor Spirit (PMS) per day.

The growth in output comes as the refinery moves closer to its stated goal of covering a larger share of national fuel demand, while imports continue to complement domestic supply.

The NMDPRA report shows that Nigeria’s domestic supply benchmark for PMS stands at 75 million litres per day, with the Dangote Refinery now contributing over 40 million litres daily.

Average PMS consumption in January 2026 stood at 60.2 million litres per day.

Imports from the Nigerian National Petroleum Company Limited and other marketers averaged 24.8 million litres daily.

Overall, total PMS supply into the domestic market averaged 64.9 million litres per day.

The regulator noted that consumption figures are based on volumes trucked out into the domestic market, serving as the key metric for measuring effective fuel distribution.

The data underlines the refinery’s growing role in meeting national demand.

The refinery has reached its full designed capacity, marking what the company describes as a historic milestone and making it the first refinery globally to achieve full nameplate capacity in a single train of that scale.

The Dangote Petroleum Refinery, located in the Lekki Free Zone, Lagos, is designed as a 650,000 barrels-per-day single-train facility, making it the largest of its kind in the world.

The refinery has been under phased ramp-up since its commissioning, with the goal of reducing Nigeria’s dependence on imported PMS.

In December 2025, the refinery projected it could supply up to 50 million litres of PMS daily between December 2025 and January 2026.

Management has optimised its Crude Distillation Unit and Motor Spirit production block, stabilising steady-state operations.

A 72-hour performance test run is underway with technology licensor UOP to validate operational efficiency and confirm compliance with global standards.

The refinery’s capacity milestones are considered a key factor in strengthening Nigeria’s downstream petroleum sector.

Recall that billionaire investor Femi Otedola recently projected the naira could strengthen to below N1,000 per dollar before year-end, citing reduced import demand and the refinery’s operational milestone.

The refinery’s latest production figures indicate Nigeria is moving closer to achieving its domestic supply targets.

NMDPRA earlier reported that Nigeria’s daily petrol consumption surged to 63.7 million litres per day (ml/d) in December 2025.

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