The Nation Newspaper

Category: Business

  • Zuldal Microfinance Bank illegal, says CBN

    Zuldal Microfinance Bank illegal, says CBN

    Central Bank of Nigeria (CBN) has issued a warning to Nigerians to avoid doing business with an entity known as Zuldal Microfinance Bank Limited.

    The apex bank disclosed that the organisation was not licensed to operate as a microfinance bank in the country.

    In a statement issued in Abuja, the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, said the apex bank became aware of reports that the entity, which allegedly operates branches in Lagos, Abuja, Kaduna and Kano, had been claiming to hold a CBN-issued licence to engage in microfinance banking.

    She said the claim was false, stressing that “Zuldal Microfinance Bank Limited is not a licensed microfinance bank and has no authorisation from the Central Bank of Nigeria to operate or carry out any form of banking or microfinance business in Nigeria.”

    Sidi Ali referred to the provisions of Section 2(1) of the Banks and Other Financial Institutions Act (BOFIA) 2020, which clearly states that “no person shall carry on any banking business in Nigeria except it is a company duly incorporated in Nigeria and holds a valid banking licence issued by the CBN.”

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

    CBN urged members of the public to disregard any claims of approval or licensing attributed to Zuldal Microfinance Bank Limited and cautioned Nigerians against engaging in financial transactions with the firm.

    According to the statement, “the general public is therefore strongly advised to disregard any claims of licensing or approval by Zuldal Microfinance Bank Limited and to refrain from engaging in any financial transactions with the said entity, as such dealings are undertaken at the individual’s own risk.”

    The apex bank stated that it remains committed to protecting the integrity of the financial system and safeguarding Nigerians from the activities of unregulated and fraudulent operators.

    It added that a full list of all licensed financial institutions in the country can be verified on the CBN’s official website.

  • NB donates cassava processing facility

    NB donates cassava processing facility

    As part of its Corporate Social Responsibility (CSR) initiatives, Nigerian Breweries Plc, Nigeria’s foremost brewing company, has donated a 2-ton-per-day cassava processing facility to the Awo-Omamma community inOwerri, Imo State.

    Managing Director, Nigerian Breweries Plc, Thibaut Boidin, described the project as yet another milestone in the company’s journey toward sustainable development and economic empowerment.

    Boidin disclosed that the cassava processing plant will create multiple direct and indirect employment opportunities for local youth and residents, generate an estimated N500 million in annual revenue and ultimately position Awo-Omamma as a hub for cassava processing.

    He emphasized that the company’s mission extends beyond brewing beverages, and is equally committed to brewing prosperity, hope, and empowerment for the people and the communities it serves.

    “Over the years, through our various Corporate Social Responsibility (CSR) Initiatives, we have consistently made significant and lasting impacts in critical areas such as education, healthcare, access to clean water, security and economic empowerment. Today’s event further demonstrates our unwavering dedication to spreading joy and enabling progress in our host communities”, Boidin added.

    He explained that the facility was developed following a comprehensive needs assessment conducted by the company in collaboration with community stakeholders.

    Boidin added that the 2-ton/day cassava processing facility is designed as a sustainable, revenue-generating project aimed at mitigating the socio-economic challenges and preservinglivelihoods previously supported by its mothballed Awo-Omamma brewery.

    Read Also: Reps seek easy access to short loan for cassava farmers

    In his remarks during the commissioning, His Royal Majesty -Eze Dr Val Amanfo, Eze Amanfo VI, Eze V, the traditional ruler of Awo-Omamma Community, expressed gratitude to Nigerian Breweries Plc for its thoughtful contribution to the community.

    “This donation will go a long way to supporting food production, thereby providing jobs for our women and youths as well as encouraging local farmers, etc. It will bring hope to many families and strengthen the bond of friendship between our people and your organisation. As the traditional ruler of this land, I want to assure you that the people of Awo-Omamma Community deeply appreciate this gesture. We recognise your effort, your respect for our community, and your commitment to shared progress. We will continue to support your operations, and together, we shall sustain a peaceful and mutually beneficial relationship”, he said.

    Also speaking during the commissioning ceremony was the Honourable Commissioner for Trade, Commerce and Investment, Imo State, Chief Bar. Rex C Anunobi, who lauded Nigerian Breweries’ long-standing presence in the state and its positive contributions to economic growth, amidst operational challenges.

    Anunobi noted that the establishment of the cassavaprocessing facility reflects the company’s sensitivity to the needs of its host communities and aligns with Imo state government’s economic development agenda.

    “The commissioning of this cassava processing plant willundoubtedly uplift economic income and provide employmentfor the people of Awo-Omamma. The Imo State Governmentdeeply appreciates Nigerian Breweries Plc for this kindgesture, which stands as a shining example for other corporateorganisations to emulate. We assure you of our continuedpartnership and support to ensure this facility operatesoptimally and contributes meaningfully to the prosperity of our people,” he said.

  • FCMB inspires women entrepreneurs

    FCMB inspires women entrepreneurs

    First City Monument Bank (FCMB), through its flagship women-in-business initiative, SheVentures, has reaffirmed its commitment to empowering female entrepreneurs with the successful hosting of the 2025 SheVentures Networking Summit.

    Held recently in Lagos, the event, themed “Engage, Empower & Unwind 2.0: The Power of Balance,” convened hundreds of female entrepreneurs, business leaders, and professionals from diverse industries. The summit focused on how women can pursue ambitious business goals while maintaining the balance necessary for personal and professional well-being.

    The event featured inspiring fireside chats and networking sessions, creating a vibrant atmosphere of learning, sharing, and empowerment.

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

    A key highlight was a fireside chat featuring the CEO of Happy Coffee Nigeria, Princess Adeyinka Tekenah, Dr Ella Ezeadilieje, a growth and personal development strategist, and Teni Stuffman, CEO, Lebara Nigeria, who spoke passionately about growth, resilience, and finding purpose while navigating entrepreneurship in today’s dynamic business landscape.

    Speaking at the event, Felicia Obozuwa, Executive Director of Corporate Services and Service Management, noted that the SheVentures platform continues to drive inclusive economic growth by supporting female entrepreneurs with capacity building, mentorship, and zero-interest loans. She said, “At FCMB, we believe that empowering women is not just a social imperative — it is an economic strategy. Through SheVentures, we are building an ecosystem where women can grow businesses sustainably while finding the balance that fuels long-term success.”

    Since its inception, SheVentures has empowered thousands of women across Nigeria with tailored financial support and access to professional mentorship. The 2025 Networking Summit reinforced FCMB’s role as a leading advocate for gender inclusion and women-led enterprise development within Nigeria’s SME ecosystem.

  • Drawbridge joins global group

    Drawbridge joins global group

    Drawbridge CM, a full service communication agency, has announced its partnership with iNT Agencies, a global network of full-service agencies.

    Lead Consultant, Drawbridge, Hassan Abdul said the strategic move would enable Drawbridge to leverage iNT Agencies’ extensive network, technology and expertise to deliver even more impactful solutions to its clients.

    He said; “We are excited to join the iNT Agencies network. This partnership will enable us to tap into a global pool of talent, technology and resources, enhancing our ability to deliver holistic communication solutions that drive growth and innovation for our clients.

    Our goals and vision align perfectly with those of iNT Agencies, and we look forward to working together to build bridges between people, cultures, and borders through branding and communication”.

    He noted that with a strong presence in over 30 countries and a diverse portfolio of clients, iNT Agencies presently comprises of over 40 agencies and brings a wealth of expertise and resources to the table.

    According to him, Drawbridge’s clients would benefit from access to iNT Agencies’ agile and scalable solutions, including PR, traditional and digital advertising, sponsorships, events, and SEO.

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    “As we join the iNT Agencies network, we are excited to tap into the power of cross-border collaboration and international standards that will elevate our game in communication management. The access to cutting-edge technology, including AI, will enable us to deliver more innovative and data-driven solutions to our clients. We are looking forward to harnessing the collective expertise and resources of the network to stay ahead of the curve and drive meaningful connections between brands and their audiences. This partnership is a strategic move that will amplify our capabilities, enhance our creativity, and ultimately benefit our clients,” Hassan said.

    Founder and Chief Executive Officer, iNT Agencies, Uffe Just, said the group has been looking for a long time for a top agency in Nigeria.

    “Nigeria is a very exciting emerging market with a rapidly growing economy, technology and infrastructure. Drawbridge represents that growth in the advertising industry with their high competence level, and we could not have found an agency that is closer to our vision than them,” Just said.

  • NCDMB, NSE launch Nigerian Engineering Olympiad to address skill gap

    NCDMB, NSE launch Nigerian Engineering Olympiad to address skill gap

    In order to address the technical skills gap engineering graduates are grappling with, the Nigerian Content Development and Monitoring Board (NCDMB) and the Nigerian Society of Engineers (NSE) have launched the Nigerian Engineering Olympiad (NEO), which is a transformative initiative.

    The Olympiad, officially launched in Abuja, aims at inspiring and nurturing engineering innovation while generating industry-ready professionals equipped to meet the demands of the modern Nigerian economy.

    Speaking at the launch event, Engr. Felix Omatsola Ogbe, Executive Secretary of NCDMB, emphasised the urgent need to close the widening gap between theoretical education and practical skills among Nigerian engineers. 

    He cited Citing a 2023 industry survey, which revealed that only about 5 per cent of engineering graduates are deemed industry-ready upon graduation, with over 70 per cent lacking the hands-on technical abilities required, especially in high-technology and emerging fields. 

    This deficiency contributes to a shortage of competent local engineers, increased reliance on expatriates, and a worsening brain drain as talented Nigerian engineers seek opportunities abroad.

    READ ALSO; Senate seeks fresh solutions to rising insecurity

    Ogbe expressed the NCDMB’s commitment to human capital development and innovation as central to Nigeria’s industrial competitiveness and economic growth. 

    He described the Olympiad as a key component of the Board’s human capacity development program, aiming to institutionalise an annual, competitive platform that identifies and nurtures exceptional engineering talent while linking them to industry mentorship and commercialisation opportunities. 

    He underscored the importance of collaboration among academia, industry, government, and technology institutions to translate applied research into tangible engineering solutions tailored to Nigeria’s energy, infrastructure, manufacturing, and sustainability challenges.

    The Olympiad is designed to be more than a competition; it is a dynamic innovation incubator spanning ten months, progressing through regional contests, mentorship phases, prototype bootcamps, and culminating in a grand finale in April 2026. 

    Winners will not only earn recognition but also seed funding and technical guidance to develop viable ventures from their prototypes. This process supports the transformation of brilliant academic ideas into market-ready solutions, fostering entrepreneurship and the development of homegrown technology.

    Supporting this mission, Engr. Margaret Oguntala, NSE President, highlighted the Olympiad’s role in bridging the gap between academia and industry. 

    She lamented how Nigerian students’ intelligent inventions often remain uncommercialized, gathering dust instead of contributing to economic growth. 

    The NEO provides a structured pathway to carry these academic innovations beyond universities, emphasising financial viability, prototype development, refinement, detailed engineering, product validation, and intellectual property protection.

    Oguntala also appealed to the media to provide extensive coverage of the Olympiad phases to inspire a culture of innovation, urging government and policymakers to support initiatives that nurture local engineering talent. 

    The NSE will leverage its pool of experienced engineers to mentor participants throughout the competition stages.

    The collaboration between NCDMB, NSE, and other key stakeholders, including First Exploration & Petroleum Development Company, Renaissance African Energy Company, and Enactus Nigeria, reflects a shared vision to position Nigeria as an engineering innovation hub capable of solving national and global challenges through sustainable, indigenous solutions. 

    In conclusion, the Nigerian Engineering Olympiad represents a critical step toward tackling the low industry readiness of Nigerian engineering graduates by promoting applied learning, fostering entrepreneurship, and championing technological innovation that can drive Nigeria’s industrialisation and economic development forward. 

  • DecorExpo 2025 kicks off in Lagos as stakeholders canvass enhanced policies to drive textile growth

    DecorExpo 2025 kicks off in Lagos as stakeholders canvass enhanced policies to drive textile growth

    The vibrant city of Lagos is abuzz with excitement as the 5th International Furniture, Home Textile and Household Exhibition, tagged DecorExpo 2025, officially commenced on November 19. 

    Hosted at the Landmark Event Centre in Victoria Island, this annual event serves as a pivotal platform for stakeholders in the furniture and textile sectors to converge, exchange ideas, and strengthen ties between Nigeria and Turkiye. 

    With a focus on effective policies aimed at boosting the textile industry, the 3-day event promises to be a landmark event for all involved.

    During the opening ceremony, stakeholders voiced a unified call for governments at all levels to intensify policy reforms supporting the textile sector. 

    Hon. Martins Arebun, President of the Mindshift Empowerment and Employment Initiative (MEEI), expressed the importance of DecorExpo 2025 in fostering commercial collaboration and cultural exchange. 

    He highlighted that Nigeria, with its youthful population and rising purchasing power, is a strategic entry point into the broader African market. 

    He stressed that the substantial bilateral trade between Nigeria and Turkiye—over US$504 million in exports and US$394 million in imports in 2024—underscores a growing partnership that benefits both nations. 

    READ ALSO; Senate seeks fresh solutions to rising insecurity

    Arebun emphasised that the decor sector is a key driver of this relationship, creating opportunities that span across various industries, from textiles to urban development.

    Arebun urged that Nigeria must harness foreign direct investment effectively to position itself as the production hub of West Africa. 

    The sentiment echoed by other leaders indicates a strong desire for systematic changes that will bolster the industry’s growth and sustainability. Continued efforts in this direction are seen not only as beneficial but essential for elevating the textile sector and ensuring it meets the demand of an evolving market.

    Muhammed Ali Aras, the Exhibition Director, affirmed that insights shared during DecorExpo 2025 could serve as a blueprint for transformative action within the furniture and textile industries. 

    He added that the three-day expo will feature discussions, workshops, and networking opportunities aimed at driving innovation and showcasing local craftsmanship. 

    Gabriel Idahosa, President of the Lagos Chamber of Commerce and Industry, noted that the textile market has already established a robust foundation between the two countries, noting that such events are vital in broadening horizons and unveiling new opportunities for Nigerians within the expanding furniture market.

    The importance of textiles extends beyond mere economic contributions; they are integral to expressing Nigeria’s rich cultural heritage. 

    Dr. Daniel Deji Ayodele, co-host of the event and founder of MEEI, underscored how DecorExpo allows local artisans to showcase unique pieces that reflect Nigeria’s identity and creativity. 

    Ayodele added that the celebration of culture through textiles not only enriches the market but also fosters a sense of pride and unity amongst the Nigerian people.

    As DecorExpo 2025 unfolds, the conversations and collaborations that emerge will undoubtedly shape the future of the furniture and textile industries in Nigeria. With a commitment to effective policies and a shared vision for growth, stakeholders are optimistic that this event will pave the way for sustainable development, increased job creation, and enhanced international partnerships. 

    The journey towards a more robust textile sector is just beginning, and with continued dedication, the potential for success appears limitless.

  • Canadian firm woos investors against FX volatility

    Canadian firm woos investors against FX volatility

    A Canadian firm, Golden Gate Investments Inc., has called on investors to race against foreign exchange volatility by diversifying their portfolios into Canada’s real estate and private mortgage markets.

    The founder and Chief Executive Officer of Golden Gate Investments Inc, Mr Andrew Enofe, spoke at the sidelines of an investor forum in Port Harcourt.

    Enofe explained that the company was opening “secure, high-yield doors of opportunity” for Nigerians looking to protect capital and grow wealth in a stable economy.

    He said the company was providing structured avenues for Nigerians to participate in Canada’s thriving real estate sector, either through private mortgage funds, real estate funds, or investment-linked immigration pathways.

    He said, “We help investors to have more opportunities to diversify their funds. We open doors of opportunities for investors to invest in the Canadian real estate market.

    “Investors can either invest in private mortgage funds or real estate funds, or perhaps you want to have an immigration pathway for yourself and family to come to Canada—you invest with Golden Gate.

    “We take your funds and improve them for you in terms of investing in Canada and then bring the returns back to Nigeria, because we understand the situation that’s going on currently in Nigeria in terms of exchange rate volatility, currency devaluation, and strong inflation”.

    READ ALSO; Senate seeks fresh solutions to rising insecurity

    Enofe noted that the current economic climate made diversification an urgent financial decision.

    He said, “It’s great to invest in Nigeria, but I am telling you to diversify your funds—invest in a stable economy—so you can have your funds return to Nigeria, while your capital is safe and secure.

    “Why Canada? It’s the best place in the world, with a great economy, a beautiful country, and it’s the dream place for most people. The inflation rate in Nigeria is 18 percent, depreciation is almost 20 percent.

    “If you’re an international investor, you should be looking for other opportunities outside Nigeria, particularly in a country like Canada that has a safe economic environment.”

    Mr. Kelvin Ezenwajiaku, Managing Director of Kencheks Nigeria Limited, described the programme as insightful.

    Ezenwajiaku said, “It was a wonderful session. It’s an eye-opener and an opportunity for people, businessmen, and entrepreneurs who have spare cash. From what I have heard, it looks attractive and lucrative.

    “I may need to go back and do more investigation, but so far it’s attractive and lucrative.”

    An investor, Mark Onyibe, said he travelled to Port Harcourt solely to attend the forum.

    He said, “It’s a very nice package and I was able to ask questions and get clarity, because if I am to invest my money, I need to be sure. I’m okay with Golden Gate Investments. If they’re able to keep to what they’re saying, I’ll encourage a lot of people to join them”.

  • NALDA targets high-integrity carbon credits to boost rural income

    NALDA targets high-integrity carbon credits to boost rural income

    The National Agricultural Land Development Authority (NALDA) has announced a renewed drive to generate high-integrity carbon credits through its expanding network of farm estates, a move the agency said will accelerate rural wealth creation and support Nigeria’s push toward a middle-income economy.

    Speaking during NALDA’s COP30 side event in Belém, Brazil, the Executive Secretary/CEO, Cornelius Adebayo described the carbon-credit initiative as both a climate intervention and a socio-economic strategy aimed at empowering farmers.

    Under the Renewed Hope Mega Farm Estates programme, Adebayo said NALDA will allocate five hectares of farmland to each farmer, giving them a sustainable source of income while allowing them to earn from carbon credits generated through structured tree-planting and reforestation efforts across the estates.

    He said the estates, which range from 5,000 to 25,000 hectares, function as fully mechanised agricultural settlements with access roads, irrigation systems, processing hubs, energy infrastructure, and perimeter fencing lined with climate-resilient trees planted to produce certified carbon removals.

    “We want to move Nigerians from a low-income bracket to a true middle-class economy. By combining agricultural productivity with carbon-credit earnings, farmers can become independent, prosperous, and globally competitive.”

    During the event, NALDA also showcased its Plantation Carbon Roadmap, which brings over 20,000 hectares of restored and rehabilitated plantations under rigorous Monitoring, Reporting, and Verification (MRV) protocols, ensuring transparency and global credibility in the voluntary carbon market.

    READ ALSO; Senate seeks fresh solutions to rising insecurity

    He added that NALDA is building a carbon-credit framework that uplifts communities”, he said.

    “Every credit earned must translate into improved incomes, restored landscapes, and strengthened food systems. That is the value we bring to global climate action.”

    He further disclosed that it signed new cooperation agreements at the event to enhance verification capacity, align registry systems, and deepen international collaboration.

    The side event drew climate negotiators, development partners, private-sector leaders, technical experts, financial institutions, and international observers, all of whom engaged with NALDA’s model for integrating climate finance into agricultural development.

  • Onne Port truckers support NPA on digital call-up to tackle congestion

    Onne Port truckers support NPA on digital call-up to tackle congestion

    Truck park operators in Onne, Rivers State, have declared full support for the Nigerian Ports Authority’s (NPA) implementation of the Electronic Call-Up System.

    The move is expected to ease the debilitating gridlock along the Eastern Ports corridor, improve the speed and efficiency of cargo evacuation, and reduce financial losses caused by the delayed rollout of the policy, which had enabled unregulated truck movements and extortion by non-state actors.

    Stakeholders said the adoption of the digital traffic management platform marks a critical step toward restoring order around Onne Port, enhancing turnaround time for vessels, and protecting investments in the trucking and logistics value chain.

    Confirming the readiness of industry players, Chairman of the Nigerian Port Consultative Council (NPCC), Onne Chapter, Godwin Ololuke, said preparations for the e-call-up system have been concluded along the Onne Port corridor.

    “We have met with the truck park owners, the system consultant, and the management of the NPA through the Port Manager in Onne. The aim is to ensure a controlled movement of trucks within and around the port area and guarantee safety for all stakeholders, including schoolchildren and residents living nearby,” he said.

    Ololuke added that the initiative is expected to streamline truck entry, reduce random parking on port access roads, and improve operational predictability for port users.

    A truck driver, Johnbull Igbikiowubo, described the rollout as timely and long overdue.

    “The e-call-up system is a welcome development that needs to be embraced by every stakeholder. The cooperation of all stakeholders is essential to ensure its success for the benefit of everyone involved and the nation’s economy,” he said.

    Also speaking, an official of Waterhouses Marine and Logistics Limited, Olumide Ibitolu, attributed the temporary disorder around the corridor to the ongoing registration of trucks under the new system. He said the challenges are expected to ease once the onboarding process is completed and the platform becomes fully active.

    Industry players believed the adoption of the call-up system, which has been central to traffic control in Lagos ports, will improve the competitiveness of Onne Port, reduce demurrage costs associated with traffic delays, and strengthen cargo evacuation for businesses operating in the Eastern maritime hub.

  • IBEDC: National Assembly intensifies Bill to curb energy theft

    IBEDC: National Assembly intensifies Bill to curb energy theft

    The National Assembly House Committee on Privatisation and Commercialisation has reaffirmed commitment towards strengthening legislative measures, aimed at curbing increasing menace of energy theft across Nigeria’s power sector.

    The Committee said National Assembly is currently intensifying efforts on a bill to combat energy theft through stricter penalties, enhanced enforcement, and improved protection of electricity assets.

    Speaking during an oversight visit to Ibadan Electricity Distribution Company Plc (IBEDC), the Chairman of the Committee, Hon. Hamisu Ibrahim, lamented that energy theft has become a major obstacle to efficient electricity distribution in Nigeria. 

    He said  “We are working on a robust legal framework that will decisively address this menace and safeguard infrastructure investments.”

    He pledged the Committee’s support in helping electricity distribution companies (DisCos) recover huge outstanding debts owed by federal and state ministries, departments, agencies, and local governments. 

    According to him, the Committee is ready to collaborate with the DisCos to ensure that the debts are duly settled to strengthen liquidity across the power sector.

    “I want to assure the DisCos that this Committee is going to stand firm to ensure these debts are recovered.”

    IBEDC’s Managing Director/Chief Executive Officer, Engr. Francis Agoha, called for the National Assembly’s intervention on the twin challenges of energy theft and outstanding debts by federal and state institutions. 

    He emphasised that the issues have significantly constrained liquidity across the market, affecting IBEDC’s capacity to further expand and fortify its distribution infrastructure.

    Agoha briefed the Committee on IBEDC’s investments and infrastructure improvements since the 2013 privatisation, highlighting progress made in network expansion, metering, safety, and customer service delivery.

    He also outlined the company’s strategic plans for future growth, while noting the challenges faced.

    He said, “We have significantly expanded and rehabilitated our distribution network, but the challenges of energy theft, vandalism, and outstanding government debts continue to undermine our service delivery. We appreciate the National Assembly’s willingness to intervene.”

    The Committee inspected critical distribution infrastructure of IBEDC. 

    The visit formed part of the legislature’s mandate to assess the power sector performance, identify operational challenges, and compliance with regulatory standards since privatisation.