The Nation Newspaper

Category: Business

  • Norrenberger Pensions grows client base to 164,619, revenue hits ₦2.5b

    Norrenberger Pensions grows client base to 164,619, revenue hits ₦2.5b

    Norrenberger Pensions Limited has announced its financial performance for the 2024 financial year.

    It has expanded its Retirement Savings Account (RSA) client base to 164,619 and recorded a 31 per cent rise in total income, which reached ₦2.51 billion.

    The company stated that the results underscore its resilience and sustained market growth, despite Nigeria’s challenging macroeconomic conditions.

    Speaking at the company’s 13th Annual General Meeting, Chairman of the Board Ibrahim Aliyu Bala said that 2024 was shaped by global inflationary pressures, tight monetary conditions, and geopolitical uncertainties, while Nigeria continued to adjust to the removal of fuel subsidies and ongoing foreign exchange reforms.

    Despite this tough operating environment, he said Norrenberger Pensions closed the year with an 18.54 per cent increase in Assets Under Management (AUM).

    Bala added that the company’s rebranded Personal Pension Plan (PPP) would be a major growth driver going forward, particularly in expanding pension penetration in the informal sector.

    He expressed appreciation to shareholders, regulators, clients, and staff, stating that their collective commitment continues to reinforce the firm’s long-term growth trajectory.

    Managing Director/CEO of Norrenberger Pensions, Mrs. Bolanle Onotu, described the 2024 financial year as one that tested the company’s resilience, citing inflationary pressures, currency volatility, and rising operating costs.

    Read Also: Capital market turnover hits N10tr

    Nonetheless, she said the company delivered measurable improvements in key indicators.

    Operating expenses grew by only 6 per cent—from ₦1.67 billion to ₦1.77 billion—due to deliberate cost-optimisation measures.

    This efficiency supported a sharp rise in profitability, with Profit Before Tax (PBT) surging by 209 per cent to ₦741 million, from ₦240 million recorded in 2023.

    Mrs. Onotu highlighted increased investments in technology and staff capacity-building, including the deployment of a modern 3CX call centre, upgraded cybersecurity systems, enhancements to the mobile app, and internal automation projects.

    She commended the regulatory reforms introduced by the new PenCom Director-General, who assumed office in July 2024, describing the reforms as crucial to industry stability and operational clarity.

    Looking ahead, she said 2025 offers new opportunities, particularly through the rebranded PPP aimed at expanding pension adoption in the informal and semi-formal sectors.

    She thanked the Board, management, regulators, and clients, noting that the company is well-positioned to sustain growth and contribute to Nigeria’s evolving pension landscape.

    In his remarks, the Managing Director/CEO of Norrenberger Financial Group, Tony Edeh, expressed appreciation to the company’s regulators and auditors for what he described as invaluable collaboration and oversight.

    He said their guidance has strengthened governance structures and improved operational quality.

    Edeh also commended staff across the organisation, praising their dedication and professionalism.

    He reaffirmed the group’s continued support for Norrenberger Pensions’ long-term strategic direction, adding that the collective efforts of the team continue to drive the company’s growth and its ability to deliver on its mandate to clients.

  • UK–Nigeria Mission eyes $32m market gap

    UK–Nigeria Mission eyes $32m market gap

    The efforts to deepen women’s participation in global trade has received a major boost this week as the International Trade Centre (ITC) and the Nigerian Export Promotion Council (NEPC) convened a UK-funded trade mission in Abuja, connecting 30 Nigerian women-led businesses with 12 UK importers.

    The mission is aimed at unlocking an estimated $32 million in untapped export potential between both countries.

    Backed by the UK government under the SheTrades Commonwealth+ Programme, the three-day mission (18–20 November) focuses on agrifood and beauty products—two sectors where Nigerian women entrepreneurs already show strong competitiveness but low formal export participation.

    Speaking at the opening session, British Deputy High Commissioner to Nigeria, Gill Lever OBE, said the UK remains committed to strengthening market access for Nigerian women entrepreneurs.

    “The UK is committed to supporting Nigerian women entrepreneurs to access international markets and grow their businesses.

    “This SheTrades mission demonstrates the enormous potential for Nigerian agrifood and beauty products in the UK market. The success we’ve already seen, with over $300,000 in sales generated, shows what’s possible when we unlock opportunities for women in trade,” Lever said.

    She noted that the mission builds on the UK’s Developing Countries Trading Scheme (DCTS), which grants duty-free and quota-free access to at least 92 per cent of Nigerian products entering the UK market.

    NEPC’s Executive Director/CEO, Nonye Ayeni, emphasised that women remain central to driving Nigeria’s export expansion.

    Read Also: Nigeria tightens wine market standards to combat fake products

    “The best man for the job is a woman because women are resilient, dogged and determined. We have the spirit that never says die. Women!!! Nothing dies in our hands,” she said.

    Ayeni added that the mission aligns with NEPC’s efforts to broaden Nigeria’s non-oil export base by integrating women-led businesses into high-value international markets.

    ITC Programme Manager for SheTrades Commonwealth+, Michelle Kristy, said there is strong appetite for Nigerian-made agrifood and beauty products among UK buyers.

    She said: “The potential for Nigerian women-led businesses and their products to enter the UK market is truly immense.

    “This trade mission is about building bridges, connecting these talented women entrepreneurs with potential buyers and providing them a platform to flourish.”

    The Abuja mission follows a series of engagements earlier in the year, including articipation of 5 Nigerian women-led firms at Halal Expo Manchester, and business-to-business meetings in the UK, over $300,000 in new sales and leads generated across agrifood and beauty categories.

    ITC is also partnering with Nigeria’s Bureau of Public Procurement and the UN CEDAW Committee to finalise an affirmative procurement policy that will open public tenders to women, youth, persons with disabilities, and other excluded groups.

    Between 2024 and 2025, the SheTrades Commonwealth+ Programme has trained more than 1,000 Nigerian women entrepreneurs in branding, digital marketing, and export readiness. It has also supported shea product manufacturers in meeting certification and audit requirements, while hosting major exhibitions, including the HerShowcase event in Abuja, which featured over 75 women-led brands.

    NEPC continues to host the SheTrades Nigeria Hub, a platform providing export advisory, capacity building and market linkages for women-led businesses across the country.

  • AREWATECH mulls innovation hubs, others

    AREWATECH mulls innovation hubs, others

    AREWATECH, an innovative initiative is expected to birth innovation hubs, annual marketplaces, export pathways and a year-round entrepreneurial ecosystem to boost the economy of the northern states of the country.

    Speaking yesterday during the unveiling of the plans for the Arewa Festival 2025, by Tripoint Academy for Tourism and Enterprise Development, in partnership with the Global Entrepreneurship Network (GEN) Nigeria,  organisers say it is a major cultural and commercial initiative aimed at revitalising economic activities across the northern region.

    The festival with: “Reliving the African Trade,” was unveiled in Lagos. The event drew senior figures from the financial sector, telecommunications industry, consumer goods companies and entrepreneurship organisations, who expressed strong support for the festival’s mission to stimulate economic and cultural transformation across the region.

        On the occasion, AREWATECH, the festival’s long-term development blueprint known as Africa Rebuilds Economy With Agriculture, Trade, Entrepreneurship, Education, Creatives and Hospitality. The initiative is designed to strengthen agricultural value chains, expand inter-state and international trade, accelerate youth entrepreneurship and enhance capacity in the creative and digital sectors while positioning Northern Nigeria as a tourism and hospitality destination. The AREWATECH framework will evolve into innovation hubs, annual marketplaces, export pathways and a year-round entrepreneurial ecosystem.

    Founder of Tripoint Academy, Mrs. Shuhda Muhammed, said the festival was conceived as a strategic platform to reconnect Northern Nigeria with its historic identity as a commercial powerhouse. She explained that, “Arewa has always been a centre of trade, innovation and cultural exchange, and this festival is designed to revive that legacy by creating new opportunities for entrepreneurs, creatives, agribusinesses and communities across all 19 Northern states.” She added that the festival would “bring people together through commerce, culture and creativity, while opening new economic doors for thousands of small businesses.”

    Read Also: Nigeria tightens wine market standards to combat fake products

    The forum  was attended by the Managing Director of SANEF, Mrs. Uche Uzoebo; the Head of Corporate Banking at TAJ Bank, Mrs. Onajite Eshareghan; the Vice President for Sales and Digitisation (North) at T2 (formerly 9mobile), Mr. Ibrahim Katsina; the Vice President for Brand and Communications at T2, Mr. Seni Ogunkola; the Assistant Brand Manager for Culinary at ONGA, Mrs. Babatunde Kudirat; the Head of the Culinary Category at ONGA, Mrs. Omotayo Olaobaju; and the Managing Director of GEN Nigeria, Dr. Olawale Anifowose.

        Dr. Anifowose said the festival aligns with GEN’s global mission to promote entrepreneurship and innovation. According to him, “This festival for us is not just an event. It is a movement that would accelerate economic transformation in Northern Nigeria and help to showcase the entrepreneurial acumen and true professionalism of the region. One of the things we believe will come out of this is access to markets for many businesses in Northern Nigeria, and we believe the Arewa Festival is going to be a light that will be shown across the entire world.”

        Modelled after historic trans-Saharan trade routes and ancient markets that once supported regional prosperity, the Arewa Festival is designed to stimulate modern economic activity by creating opportunities for small businesses, artisans, agribusiness operators and emerging creative talents. Organisers project that more than 200,000 visitors will attend, while over 5,000 small and medium enterprises are expected to benefit from expanded platforms for exposure, networking and commerce.

        Organisers also outlined the diverse experiences that will define Arewa Festival 2025, including trade exhibitions, cultural showcases, fashion presentations, food tourism activities, entrepreneurship masterclasses, youth innovation programmes, art exhibitions and literacy engagements. The festival will take place over two days, with coordinated activities across all 19 Northern states.

        The event is expected to attract entrepreneurs, investors, agribusiness stakeholders, creatives, students, development agencies, government officials and tourists. Stakeholders believe the festival will support job creation, expand market access, encourage cultural preservation, improve youth participation in economic activities and contribute to a more positive narrative about Northern Nigeria.

        Organisers also called on public and private institutions to join as partners or sponsors. They noted ongoing collaboration with the Northern Governors’ Forum, Emirate Councils, government ministries, banks, telecommunications companies, consumer goods brands and international development agencies. Sponsorship packages offer broad visibility and opportunities for engagement across Northern Nigeria.

     Arewa Festival is positioned as a major convergence point for trade, culture, entrepreneurship, hospitality and innovation. It seeks to reconnect the region’s historic commercial legacy with modern development goals while empowering the next generation of business leaders and innovators.

  • NewsDirect launches N20m media fund

    NewsDirect launches N20m media fund

    NewsDirect, an integrated print and digital media company has officially launched a robust corporate social responsibility (CSR) mission, the Inkline Initiative, backed by a committed fund of N20 million.

    This significant financial dedication, spread over the next five years, is designed to proactively raise the next generation of media professionals in Nigeria.

    Publisher and Executive Director, NewsDirect, Prince Mathew Ibiyemi said the initiative underscored the organisation’s commitment to fostering talent and ensuring that future communicators are equipped with the foundational skills and modern resources necessary to excel in the rapidly evolving media landscape.

    He said: “This dedicated fund will also reinvent and equip the Press & Literary clubs in secondary schools across Nigeria, fostering the skills of future media professionals”.

    Ibiyemi who paid a visit recently to one of the participating secondary schools, LHS Schools, added that the initiative will also organize intensive trainings for already existing media professionsls.

    Read Also: Nigeria tightens wine market standards to combat fake products

    A core component of the program is mentorship and hands-on teaching. Inkline by NewsDirect is calling on skilled professionals to volunteer their time to train students.

    “We believe the future of credible journalism and creative communication lies in the hands of today’s youths. Our N20 million commitment is an investment in that future. We are not just providing equipment; we are building capacity in public speaking, fact checking, mobile videography, AI literacy and creative writing, ensuring the next generation is prepared to lead,” Ibiyemi said.

    Inkline by NewsDirect is also actively seeking to partner with more secondary schools and organisations across the country to join the movement. Deserving schools or individuals who wish to nominate a school are encouraged to send an expression of interest to projects.newsdirect@gmail.com.

  • Campaign to combat fake wine products

    Campaign to combat fake wine products

    Nigeria’s wine market is intensifying efforts to eliminate counterfeit and substandard products amid rising concerns over public health, consumer confidence and loss of government revenue.

    At a wine-tasting event in Lagos, Founder of Vines by Rosa, Chinedu Rita Rosa, said the campaign is aimed at ensuring Nigerians have access to quality wines at fair prices while protecting them from fraudulent dealers. Rosa, the first African Black woman wine consultant, with 26 years of experience spanning importing, wholesaling and wine education, said transparency in the supply chain is crucial.

    She said: “We introduce you to our importers, our distributors, the restaurants and the hotels that carry our wine in order for you to have confident that no one is selling fake wine to you.”

    Rosa stressed that consumer education is central to combating the fake-wine trade, arguing that many consumers are unable to distinguish genuine labels from imitations without proper guidance.

    “Go online. Check what you are buying and where it’s coming from. both the winery and people exists,” She advised.

    She also highlighted the economic benefits of removing fake products from circulation, explaining that each bottle of legitimate wine contributes to government revenue through taxes and customs duties.

    Read Also: Nigeria tightens wine market standards to combat fake products

    Beyond market integrity, Rosa warned of the public-health risks posed by substandard wines.

    “We don’t want people drinking substandard wines and falling sick. The worst thing you want in a country is people that are sick, because that also affects our GDP,” she said.

    While Nigeria is not a wine-producing nation, she noted that its strong consumer base and high import volumes make regulatory vigilance vital.

    “We are consumers, and on every wine bottle opened, there are taxes. The government is making a lot of revenue,” she added.

    Export manager for Settecani and Fina wineries, Roberto Cardinale, said wine appreciation in Nigeria is rising steadily, driven partly by Nigerians returning from abroad with more refined tastes.

    “The appreciation is growing, and the level of wines consumed is getting higher. Nigerians want to experience the same quality they enjoy overseas,” he said.

    The renewed push for higher standards comes as stakeholders seek to protect consumers, support legitimate businesses and strengthen Nigeria’s growing position in the global wine market.

  • Lagos State allocates N245 billion bonds to critical infrastructure

    Lagos State allocates N245 billion bonds to critical infrastructure

    • Highways, hospitals, housing, schools, agric priorities
    • State sets three milestones

    Lagos State yesterday concluded the issuance of two bonds totaling about N244.82 billion, which net proceeds would be used to scale up infrastructural developments across priority areas of transportation, education, healthcare and food security.

    The combined issuance included first green bond to be issued by an African sub-national, the N14.815 billion 5-Year 16.00 per cent Fixed Rate Series 3 Green Bond 2030 and the N230 billion 10-Year 16.25 per cent Series 4 Conventional Bond 2035. Both were issued under the Lagos State N1 trillion Debt and Hybrid Instruments Issuance Programme.

    At the combined signing ceremony yesterday at the Federal Palace Hotel, Victoria Island, Lagos, Lagos State Government and its professional advisers signed off the transaction documents for the two offers, placing the state on three milestones of being the first sub-national to issue a green bond in Africa, the largest sub-national bond issuer in Nigeria and a new personal record of largest single issuance by the state.

    Lagos State Governor, Mr. Babajide Sanwo-Olu said the net proceeds from the bonds would be used to expand critical infrastructure in key sectors such as transportation, housing, environmental sustainability, healthcare, and education, all aimed at driving sustainable and inclusive growth in the state.

    The breakdown of utilisation showed that the proceeds would be used for expansion of highways to ease mobility across the state, construction and rehabilitation of roads aimed at boosting productivity and development of affordable housing schemes to meet the needs of growing population.

    The funds would also be used to upgrade healthcare facilities, including the development of a new 280-bed hospital, install alternative solar power systems across schools and establish agro-processing hubs to strengthen food security.

    Read Also: Nigeria tightens wine market standards to combat fake products

    Sanwo-Olu said the overwhelming oversubscription to the two bonds underlined investors’ confidence in the governance and economy of the state.

    He pointed out that since the commencement of his administration, the state has been setting new records in bond issuance, with the first bond issued in 2020, valued at some N110 billion setting a record at the time and subsequent bond surpassing its predecessor.

    He said: “Lagos State has now issued the first-ever subnational green bond in Nigeria, raising N14.815 billion. At the close of the book build, we received total bids of N29.29 billion, with N27.79 billion within the advised price guidance. This overwhelming response is a strong endorsement of Lagos State’s vision for environmental responsibility—aligned with the second pillar of our THEMES+ Agenda—and our long-term strategy to build a Lagos that is prosperous, resilient, and environmentally secure for future generations.

    “Similarly, our Series 4 Conventional Bond targeted N200 billion. However, at the close of book build, we received bids totaling N310.06 billion, of which N304 billion were within the advised range. Given this extraordinary investor confidence, we exercised the green shoe option and successfully raised N230 billion.

    “This is now the largest bond issuance ever by Lagos State—and indeed by any subnational government in Nigeria. It is a resounding vote of confidence in the vision, governance, and fiscal discipline of Lagos State. This trust is precious, and we do not take it for granted.

    “In total, Lagos State received N338 billion in bids across the Series 3 Green Bond and Series 4 Conventional Bond”.

    According to him, the issuances serve as testaments to the vision, governance, and fiscal discipline that are hallmarks of the state administration.

    Lagos State Commissioner for Finance, Mr. Abayomi Oluyomi said the maiden green bond issuance reflected Lagos State’s unwavering commitment to climate-friendly development, infrastructure sustainability, and environmental resilience.

    He noted that the rigorous project selection process undertaken for the green bond underscored the state’s dedication to financing initiatives that align with the United Nations Sustainable Development Goals (SDGs) and deliver measurable environmental impact.

    He said pointed out that the state had obtained a credible second-party opinion on the green bond, noting that the bond fully met global green bond standards, having been certified by the internationally recognised Climate Bonds Initiative.

    He said that while regulatory thresholds limited the final size of the conventional bond issuance, the state now has a prospective higher target of N300 billion to N500 billion, given robust market participation.

    “These successes reflect both the commitment of Lagos State to responsibly access and utilise the domestic capital market, and the sustained confidence investors continue to show in our economy.

    “With a benchmark now approaching N300 billion and potentially reaching N500 billion in the future, we are optimistic that upcoming issuances will continue to attract robust market interest,” Oluyomi said.

    Chief Executive Officer, Chapel Hill Denham, the lead issuer, Mr. Bolaji Balogun, said that while many states in Nigeria face challenges in issuing bonds due to transparency and compliance issues, Lagos stands out as a beacon of best practices and innovation.

    He said: “I believe strongly that the world is becoming increasingly African, and Lagos—this remarkable city-state—stands firmly at the center of that shift. Lagos can only continue to lead by leveraging the public markets in a substantial and strategic manner. Many years ago, Lagos set a record as the first state to issue in the public markets, and through successive administrations, that continuity of governance has remained one of the reasons the markets continue to support the state.

    “This N230 billion issuance is not only the largest ever by a sub-national entity in Nigeria, but also the largest by any issuer in this market aside from the sovereign. To become the first sub-national in Africa to issue a green bond is no small feat”.

    Representative of the Deputy High Commissioner and Nigeria Finance & Investment Mobilisation Lead, British High Commission, UK Foreign Commonwealth Development Office, Temilola Akinrinade, said the issuance was as a result of a long-term partnership between Lagos State and the United Kingdom (UK) Government, which included support in developing a green bond framework.

    She noted that the Lagos issuance came at a crucial time with countries seeking long-term climate-competitive financing.

    She added that the significant oversubscription of the bond issuance showed that Lagos State can effectively access capital markets, attract strong demand, and set a precedent for other regions, creating opportunities for climate-resilient growth.

     She said: “This strong investor response demonstrates clear confidence in Lagos State’s strategic direction, governance, and financial discipline. It also reflects the growing strength of Nigeria’s economic reforms led by His Excellency, the President of the Federal Republic of Nigeria, which are opening new opportunities for sustainable growth”.

    She said UK was proud of its enduring partnership with Lagos State and Nigeria, which aimed at driving mutual prosperity.

    “Just one year ago, our Foreign Secretary signed the new UK–Nigeria Strategic Partnership, which continues to strengthen our shared growth ambitions through the UK–Nigeria Enhanced Investment and Trade Partnership. A major pillar of this partnership is mobilising financial investment to support economic opportunities in both countries,” Akinrinade said.

  • CBN calls for stronger coordination to sustain economic recovery

    CBN calls for stronger coordination to sustain economic recovery

    Central Bank of Nigeria (CBN) yesterday said stronger coordination between monetary and fiscal authorities is crucial to sustaining the nation’s burgeoning economic recovery.

    The apex bank said Nigeria is witnessing clear signs of economic recovery following the implementation of key policy reforms.

    Speaking yesterday at the Finance Correspondents and Business Editors conference in Lagos, Deputy Governor for Corporate Services, Emem Usoro—represented by the Acting Director of Corporate Communications, Hakama Sidi Ali—outlined the improvements recorded since 2023.

    She said the reforms had contributed to notable macroeconomic gains, including a decline in inflation to 16.05 per cent, a more stable exchange rate below N1,500 to the dollar with limited volatility, and external reserves exceeding $46 billion, enough to cover more than ten months of imports.

    Also speaking, Chief Economic Strategist in ECOWAS Commission, Prof. ken Ife, advised currency to hoarders to offload dollars to reduce losses from ongoing naira rebound.

    Ife said there were many positive indicators pointing to significant and sustainable naira recovery that will spell doom for foreign exchange (forex) speculators.

    He said those waiting for naira to fall will wait in vain, given the $46 billion reserves position and rising interest of foreign investors in Nigeria assets.

    Ife said other indicators like the drop in inflation rate to 16.05 per cent in October show that the economy and local currency are upbeat and will strengthen further in the months ahead.

    Read Also: Nigeria tightens wine market standards to combat fake products

    Continuing, Usoro explained that these outcomes reflect the return to orthodox monetary policy, enhanced corporate governance practices, and the ongoing bank recapitalisation programme, all of which are aligned with the federal government’s broader economic reforms. She stated that while the progress is encouraging, more work remains to be done. According to her, “the journey towards improved microeconomic fundamentals and enhanced living standards requires persistent efforts,” particularly through stronger synergy between monetary and fiscal authorities.

    She also spoke about the increasing influence of technological innovation and digital finance on the financial system. She said this development calls for robust regulatory frameworks capable of ensuring stability, resilience, and consumer protection. Usoro added that the media plays a vital role in conveying policy progress in a transparent and factual manner, which she said is critical for maintaining public trust and supporting policy success.

    Supporting this position, the CBN’s Lagos Branch Controller, Mr. Diabo Sunday Amorighoye—represented at the event by Assistant Director Anthony Adamu—said Nigeria’s macroeconomic objectives require both fiscal and monetary policies working in tandem. Adamu noted that monetary policy aims at ensuring price stability and managing liquidity, while fiscal policy focuses on public investment and social equity. According to him, synergy between the two “is essential to avoid inflationary pressures and bolster investor confidence.”

    He explained that well-coordinated policies can deepen financial markets, strengthen the naira, and drive inclusive economic growth. Adamu urged policymakers, economists, and the media to maintain open and constructive engagement, explore innovative ideas, and generate practical solutions to support Nigeria’s financial stability.

    The discussion at the seminar aligns with the broader economic outlook, with projections placing Nigeria’s GDP growth at about 4.17 per cent in 2025. Analysts attribute this forecast to fiscal reforms, steady crude oil production, and improved performance in the non-oil sector.

    With the CBN reiterating its commitment to reform and policy coherence, the institution says the country has entered a critical phase in its pursuit of macroeconomic stability and sustainable growth. The Bank noted that both the federal government and the CBN remain committed to implementing recommendations emerging from ongoing policy dialogues aimed at strengthening Nigeria’s economic future.

  • Export Trading Group targets 6,000 jobs with new agribusiness investments

    Export Trading Group targets 6,000 jobs with new agribusiness investments

    The Federal Government yesterday welcomed the renewed multi-million-dollar investment drive of Africa’s agribusiness giant, Export Trading Group (ETG), in Nigeria, with Vice President Kashim Shettima assuring the conglomerate of the administration’s full commitment to securing and supporting its ventures across the country.

    Receiving a delegation from ETG led by its Global Chief Operating Officer, Mr. Niren Murugan, at the State House, Abuja, the Vice President said the company’s expanded investments, expected to generate over 6,000 jobs, reflect growing global confidence in the economic reforms of President Bola Ahmed Tinubu.

    Senator Shettima described ETG’s interests in agro-logistics, fertilizer systems, seed production, industrial processing and other segments of the agricultural value chain as timely and perfectly aligned with the objectives of the Renewed Hope Agenda.

    According to a statement issued by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, “you have been in the country since 2010, but this time around you have decided to play a more active role in Nigeria’s agricultural value chain. This is where the action is.

    “We have the population and abundance of resources for your investments to thrive. All your investment decisions are wonderful”, Shettima said.

    The Vice President commended the conglomerate’s planned Centres of Agro-Excellence and praised ETG’s interventions in seed development, oil processing, fertilizer blending and agricultural extension services.

    He urged the company to maximise the opportunities available across states to boost food production and expand its role in the nation’s agricultural transformation.

    Read Also: Nigeria tightens wine market standards to combat fake products

    Earlier, ETG Global COO Murugan said the group’s mission was to reinforce its investment footprint in Nigeria, secure strategic alignment with government, and strengthen collaboration with federal and state actors.

    He disclosed that ETG’s expanded oil processing facility in Sagamu, Ogun State, will begin operations in the second quarter of 2026.

    Murugan also announced proposed investments in fertilizer blending, seed production and integrated agro-logistics, alongside a major collaboration to establish Centres of Agro-Excellence in Kaduna, Ebonyi, Cross River, Ekiti, Jigawa, Nasarawa and Borno States.

    The centres are expected to serve as regional hubs for inputs distribution, mechanisation, storage, and primary processing.

    Cross River State Governor, Senator Bassey Otu, who participated in the meeting, pledged the state’s readiness to partner with ETG to unlock its vast agricultural potential.

    He said sweeping reforms by his administration were already boosting productivity and positioning Cross River as a sub-national economic hub.

    “We can match your vision end-to-end. We have the land, the mineral resources and the enabling environment to make it happen,” Governor Otu assured the delegation.

    He also highlighted opportunities in port development, particularly the Bakassi Deep Seaport and the Calabar Port revival plan.

    Also in attendance were ETG’s Business Manager in Nigeria, Mr. Ogu Goodluck; Senior Business Development Manager, Mr. Bharat Shinde; and the conglomerate’s Chief Financial Officer, Amin Ahmad.

  • Real estate firm raises the alarm over scaring land-grabbing in Ogun community

    Real estate firm raises the alarm over scaring land-grabbing in Ogun community

    • By Olamide Akintunde

    Realty Point Limited has expressed concerns over alleged invasion of its land by persons suspected to be land grabbers, calling on authorities to take steps to protect investors in real estate against increasing threats of encroachment.

    Managing Director, Realty Point Limited, Mr. Debo Adejana said the activities of the alleged land grabbers could escalate into community conflict in Ijere, Obafemi Owode Local Government Area.

    He noted that the property, situated at Pakuro Scheme 1 and covering about 76.15 acres, is the subject of Suit Number AB/489/2025, Realty Point Limited v. Dotun Lamikanra & 4 Ors.

    According to him, the company’s project site has been illegally occupied, in direct violation of a Supreme Court-backed right of title.

    He said: “This is capable of causing serious unrest and a community war. Land grabbers have occupied our site even though we have followed all legal processes”.

    He decried alleged use of some police officers to superintend illegal demolition of the company’s structures, prompting the company to notify law enforcement authorities.

    Amotekun operatives were later dispatched, but work on the land reportedly continues.

    “If both citizens and authorities ignore the law, this could spark a full-scale conflict,” Adejana said.

    The company’s lawyer, Barr Gbenga Eretan, explained that the Court of Appeal has confirmed Realty Point Limited as the rightful owner.

    Read Also: Nigeria tightens wine market standards to combat fake products

    He said: “Anyone trespassing or interfering with the land without overturning the judgment is in contempt of court. The law is clear: no one should act outside the ruling of a competent court”.

    A letter dated 27 August 2025, sent to the General Manager of Ogun State Planning and Development Permit Authority, warned that any demolition would be a flagrant violation of court authority and democratic values.

    The letter cited a subsisting interim injunction issued on 28 July 2025 by Chief Judge Honourable Justice M. A. Dipeolu, which restrains all parties, including government agencies, from taking action on the land until the matter is fully resolved.

    Adejana further expressed shock that the land grabbers claimed to have political backing, stressing the need for authorities to enforce the law.

    He said: “We have a clear land tenure system. The site must be vacated immediately to prevent escalation”.

    He called on relevant authorities to respect the rule of law and seek legal avenues to resolve disputes, rather than resorting to illegal actions that could jeopardise public safety and investment.

    He explained that officials from the Office of the Attorney General of Ogun State had advised all sides to maintain the court-ordered status quo, but the opposing party proceeded with covert activities outside this directive.

    He said the company had presented all their title documents to the Attorney General’s representatives, but the persons purporting to have claim on the land have refused to produce documents supporting their own claim to the land.

    He said the company had even returned to the High Court to request peaceful enforcement of the earlier judgment, and another interim order was subsequently granted to maintain peace on the property.

    He said the company was preparing to file Form 48 and Form 49, legal instruments used to initiate contempt proceedings against individuals violating court orders.

    He said: “If the court orders arrests or detention, we will present that order to the police for enforcement”.

    According to him, the land in question had long been allocated to buyers, with beacons properly placed and several structures completed as far back as 2013 and 2014.

    He said upon the first intrusion by the alleged land grabbers, several of the buildings were reportedly pulled down, noting that the affected plots were genuinely and lawfully sold to customers.

    He warned that attempts to forcibly take over the land could have serious consequences for both the firm and the buyers.

  • 13-year-old pupil wins N10m UBA National Essay prize

    13-year-old pupil wins N10m UBA National Essay prize

    UBA Foundation has announced 13-year-old Ebunoluwa Seth Oluwatimilehin of Igando Community Senior High School, Igando,  a suburb of Lagos, as the overall winner of its 15th  National Essay Competition (NEC).

    He clinched the grand prize of N10 million educational grant to be used for his future studies at any African higher institution of his choice.

     Oluwatimilehin made history as the youngest winner in the 15 years of the competition.

    Master Ebunoluwa, a public school student of the school in SS2, also emerged the first male winner in over eight years, as female winners have repeatedly dominated the competition.

    An elated Ebunoluwa, expressed his joy, stating, “I am incredibly grateful and overwhelmed. This competition has shown me that passion and hard work truly pay off.

    It has been an amazing journey that has deepened my love for writing and expressing my ideas.”

    The second-place winner, Njoku-Kelechi Emerald of Christian International High School, Owerri, received N7.5 million educational grant, while the third-place prize of N5 million educational grant was awarded to Bayero, Fatima Auwal of Cornerstone Montessori Schools, Gudu, Abuja.

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    In addition to the monetary grants for the top three winners, all 12 finalists were awarded brand-new laptops and other educational materials to support their academic pursuits.

    The 2025 edition got several thousands of entries, with significant participation extending beyond major cities into rural communities across the country.

    UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who commended the Foundation’s 15-year commitment to the initiative, explained the competition’s strategic role in reviving a culture of reading and writing among youth.

    Emphasising the bank’s broader mission and the significance of the essay topic, he stated, “UBA encourages diversity. Nobody in UBA will ever be judged based on ethnicity, religion, or culture. We see diversity as a strength. In fact, if you get diversity right in Africa, you have gotten the whole world right.”

    Alawuba praised the finalists for exemplifying this principle in their essays and teaching valuable lessons in building a united capacity.

    The Managing Director/CEO, UBA Foundation, Bola Atta, who expressed profound gratitude to all stakeholders, reiterated the importance of education and how it is pivotal to the future of Africa

    “For 15 years, this initiative has been a cornerstone of our commitment to giving back and empowering the youth. We are investing in the academic future of these brilliant minds and, by extension, in the future of our continent. Education remains the most powerful tool to lift our continent, and we are thrilled to see this programme snowballing across Africa,” she stated.

    Speaking on how the top three were picked, Prof.  Asabe Kabir of the Department of the Department of English and Literary Studies, Faculty of Arts, Usmanu Danfodio University (UDUS) described the theme as  relevant to contemporary national realities, adding that it also addresses a central national concern, which is Nigeria’s multicultural need and the need for unity.

    “It aligns with civic and moral education goals by supporting the educational aim that promotes value of tolerance, cooperation, and patriotism,” she said.

    The foundation has a long-standing tradition of philanthropy, with numerous initiatives across Africa aimed at empowering the underprivileged, from educational scholarships and initiatives to healthcare interventions and poverty alleviation programmes.

    UBA Foundation, the CSR arm of the UBA Group, is committed to the socio-economic betterment of the communities in which the bank operates, focusing on development in the areas of education, environment, economic empowerment and special projects