The Nation Newspaper

Category: Business

  • ‘Mining future at risk without infrastructure’

    ‘Mining future at risk without infrastructure’

    Country Manager, Segilola Resources Operating Limited, Austin Menegbo, has warned that Nigeria’s ambition to become a mining powerhouse will remain a distant dream unless urgent steps are taken to address the sector’s infrastructural and regulatory gaps.

    Speaking during the Nigeria-South Africa Chamber of Commerce (NSACC), on the theme Unlocking Africa’s Hidden Wealth: “Mining as a Catalyst for Bilateral Investment”, in Lagos, Menegbo identified power, road infrastructure, and water supply as critical challenges stifling mining operations across the country.

    According to reports, the national grid collapsed 12 times last year — that’s about once every month, the Country Manager recalled. This level of instability, he noted makes it impossible to rely on the grid.

    “Like many others, we had to depend on diesel generators, which are costly and unsustainable”, Menegbo said.

    In a move to cut costs and emissions, Segilola transitioned from diesel to compressed natural gas (CNG) to power its operations — a shift Menegbo described as both cost-efficient and environmentally responsible.

    Beyond energy, he cited poor road networks as a major barrier, particularly in remote mining regions.

    “Most mining sites are in hard-to-reach areas with poor or non-existent roads. Companies are forced to build access roads themselves, just to move heavy machinery and people to sites — and this adds significant cost,” he explained.

    READ ALSO: Commanding from the front: Tinubu strengthening national security architecture

    Water supply, both for operations and community use, also remains a critical issue.

    Menegbo therefore called for public-private partnerships (PPP) to rehabilitate existing infrastructure and upgrade them to international standards.

    Menegbo also pointed to conflicting policies between federal and state authorities as a deterrent to serious investors.

    Under Nigeria’s constitution, solid minerals fall under the federal exclusive legislative list, while land administration is controlled by state governments.

    “If I discover gold on a parcel of land, the state owns the land but the federal government owns the gold beneath it. So I end up answering to two masters,” he said.

    “This dual control discourages investment and must be addressed if Nigeria is serious about mining.”, he insisted.

    He also urged the formalisation of artisanal miners, citing successful examples in Ghana and Zambia, where small-scale miners have been integrated into the formal economy through structured licensing and training.

    Also speaking, Head, Conglomerates and Industrials, Stanbic IBTC Bank, a subsidiary of South Africa’s Standard Bank, Adebola Seriki, emphasised the need for financial sector partnerships to deepen mining investment.

    “Mining is in our DNA. Stanbic IBTC Bank was founded to support the gold industry in South Africa, and we want to replicate that in Nigeria.”

    He noted, however, that Nigerian banks must better understand the mining value chain to properly finance projects.

    “Exploration is speculative — there’s no defined cash flow. But as we understand the sector better, we can support operations at the mid- to production stage through structured financing and risk-sharing with development finance institutions (DFIs),” he said.

  • Oil down as OPEC mulls increase

    Oil down as OPEC mulls increase

    Oil prices eased slightly yesterday as Organisation of Petroleum Exporting Countries (OPEC’s) plans to increase oil output once again outweighed hopes of a trade deal framework between the U.S. and China and renewed U.S. sanctions on Russia.

    Brent crude futures were down about 26 cents, or nearly 0.4per cent, at $65.68 a barrel. U.S. West Texas Intermediate crude futures were 9 cents or 0.2per cent lower at $61.41. Both contracts fell around one per cent in early trade.

    Eight OPEC+ nations are leaning towards making another modest increase in oil output for December when they meet on Sunday as Saudi Arabia pushes to reclaim market share, four sources familiar with the talks said.

    Meanwhile, U.S. Treasury Secretary Scott Bessent said on Sunday that U.S. and Chinese officials had hashed out a “substantial framework” for a trade deal that could avoid 100per cent U.S. tariffs on Chinese goods and achieve a deferral of China’s rare-earth export controls in trade discussions this week.

    “Crude futures are taking a breather from last week’s steep rally as President Trump is meeting with Chinese President Xi and staff for trade negotiations on Thursday to hopefully finalize most differences,” said Dennis Kissler, senior vice president of trading at BOK Financial.

    The United States hit Russia’s major oil companies with sanctions on Wednesday, which could hurt Russia’s oil exports if enforced and be a positive for crude prices, Kissler added.

    “While the futures market has added in additional trade with China and less crude exports from Russia, traders remain cautious as to how much this will actually affect global supplies,” Kissler said.

    READ ALSO: Commanding from the front: Tinubu strengthening national security architecture

    Concerns over lacklustre demand have weighed on the market, with Brent falling to its lowest since May earlier this month, but renewed sanctions on Russia from the U.S. along with stronger-than-expected U.S. demand have helped buoy prices.

    “The hope for bulls is that U.S. consumption continues to recover, otherwise it seems the drift lower seen so far today is likely to intensify,” said Chris Beauchamp, chief market analyst at IG Bank.

    OPEC and its allies have changed course this year by reversing previous production cuts to regain market share, helping in part to keep a lid on oil prices.

    Iraq, the OPEC group’s biggest overproducer, was in negotiations over the size of its quota within its available capacity of 5.5 million barrels per day, oil minister Hayan Abdel-Ghani said at an oil conference on Monday.

    The fire at Iraq’s Zubair oilfield on Sunday did not impact exports from the country, he added.

    Last week, Brent and WTI rose 8.9per cent and 7.7per cent, respectively, on U.S. and EU sanctions on Russia.

    “There are likely some continued challenges for Russian oil to enter the market, but it depends on how sanctions will be enforced,” said Rystad analyst Janiv Shah.

  • ASHON elects Adenagbe chairman

    ASHON elects Adenagbe chairman

    The Association of Securities Dealing Houses of Nigeria (ASHON) has elected Mr. Sehinde Adenagbe as the Chairman of its Governing Board. He succeeded Mr. Sam Onukwue.

    The election, which came after ASHON’s annual general meeting (AGM) in Lagos, also confirmed the election of Ms. Ifeyinwa Ejezie as 1st Vice Chairman and Mr. Oluwadare Adejuwon as 2nd Vice Chairman. The inauguration of the new executives will be announced at a later date.

    Prior to his election,  Adenagbe served as ASHON’s 1st Vice Chairman, where he played a key role in advancing the association’s strategic objectives and promoting collaboration among member firms.

    Analysts said his elevation to chairman underscored his proven leadership, commitment, and long-standing contribution to Nigeria’s capital market.

    Expressing appreciation to members for their confidence, Adenagbe pledged to build on the progress achieved under his predecessor’s leadership.

    READ ALSO: Commanding from the front: Tinubu strengthening national security architecture

    He said: “I am deeply honored by the trust reposed in me to serve as Chairman of ASHON. Together with my colleagues, we will continue to strengthen the association’s advocacy efforts, enhance professional standards, and promote policies that foster a vibrant and sustainable securities market”.

    In his valedictory remarks, Onukwue thanked ASHON members for their support during his tenure and congratulated the new leadership, expressing confidence in their ability to sustain the association’s growth and uphold its core values of professionalism and integrity.

     Adenagbe, the Founder and Chief Executive Officer of Standard Securities, brings over three decades of experience in securities trading and management.

    He holds Master of Business Administration (MBA) from Ladoke Akintola University. He currently serves as a Non-Executive Director at the Nigerian Exchange Limited (NGX).

    The newly elected Governing Council is expected to strengthen ASHON’s engagement with regulators, stakeholders, and market participants to ensure the continued growth and stability of Nigeria’s securities dealing sector.

    Speaking earlier at the AGM, Onukwue emphasised the need for continuous investment in technology and capacity building to help members remain competitive and compliant with evolving regulatory standards.

    He highlighted ASHON’s proactive policy advocacy during the year, noting its active participation in the review of the 2024 Investments and Securities Bill (ISB) and its engagement with key stakeholders on market reforms.

    He said: “ASHON advocated for the upward review of brokerage fees and the introduction of pricing floors and ceilings. We also engaged the SEC on delays in share allotment linked to extended verification processes at the CBN, collaborated with FIRS consultants and NGX on automating VAT assessment and collection via the Sentinel application, and held discussions with NGX to ensure affordable cloud hosting fees for member firms”.

    With its new leadership in place, ASHON reaffirmed its commitment to advancing the Nigerian capital market through collaboration, innovation, and sustained advocacy.

  • Fertiliser crisis, climate change threaten Africa’s food security — Scholar

    Fertiliser crisis, climate change threaten Africa’s food security — Scholar

    An agricultural economist and Ross-Lynn Scholar at Purdue University, Ifeanyi Obinefo, has raised concerns over Africa’s growing food insecurity, linking it to the twin crises of rising fertilizer prices and worsening climate shocks.

    Speaking at the 2025 Annual Meeting of the Agricultural and Applied Economics Association (AAEA), Obinefo warned that climate shocks don’t wait for farmers to recover.

    He lamented that farmers across Sub-Saharan Africa are increasingly unable to cope with the combined pressures of inflation, declining soil fertility, and erratic weather patterns.

    Obinefo, whose research focuses on agricultural productivity and climate resilience, said fertiliser, the backbone of crop yield has become both scarce and unaffordable for millions of African smallholder farmers. 

    He noted that fertilizer use in the region remains among the lowest globally, averaging just 19 kilograms per hectare compared to 135 in South Asia and 150 in Latin America.

    “When fertiliser prices spike, smallholder usage drops sharply, often by a third or more. For poor farmers, that means lower yields, thinner profits, and households pushed back into hunger,” he stated. 

    The economist, who graduated with First-Class Honours in Agricultural Economics and Farm Management from the Federal University of Agriculture, Abeokuta, was among the contributors to the multinational report “Causes and consequences of the 2021/22 fertilizer price spike in Sub-Saharan Africa, a joint analysis by Purdue University and Sustain Africa.”

    The report found that fertilizer imports to Africa dropped by nearly 40 percent during the 2021–2022 crisis, reducing yields and wiping out billions of dollars in economic value. 

    It recommended coordinated regional procurement, investment in local blending plants, and improved trade corridors to reduce dependence on volatile global markets.

    Obinefo urged African governments to rethink their reliance on blanket fertilizer subsidies, which he said “buy time but not resilience.” 

    Instead, he called for data-driven systems that combine affordability with efficiency through soil testing, credit access, and digital advisory platforms.

    “Subsidies should create space for smarter systems to emerge,” he said, emphasising that fertiliser and climate policies must now be designed together.

    He warned that even free fertiliser would not solve the problem if climate change continues to disrupt agricultural seasons. .

    “In northern Nigeria and the Sahel, droughts, floods, and unpredictable rains are rewriting the rules of farming. When the rains come late or end early, no amount of effort can make up for what is lost.”

    Obinefo’s studies also reveal that the convergence of environmental and market shocks is deepening vulnerability among rural households.

    He called for stronger public investment in agricultural research, irrigation, and rural infrastructure to help farmers adapt.

    Read Also: 1200 delegates to convene for climate change Summit

    “Without infrastructure, knowledge and inputs are like seeds scattered on concrete—they cannot grow.”

    Highlighting the global dimension of the crisis, Obinefo said international institutions like the World Bank and IFPRI must help create frameworks that balance productivity, affordability, and climate resilience. 

    “Data must move faster than disasters. “If we can predict where the next drought or price spike will hit, we can protect farmers before they lose everything.”

    Despite his academic focus, Obinefo said his work is driven by empathy for the farmers he studies. “Every number in my dataset represents a farmer trying to feed a family.”

    As the world’s population nears 10 billion by 2050, Obinefo insists that true food security requires stabilizing the systems that support production. The farmers of Africa are not waiting for sympathy.”

    “They are waiting for systems that work. If we can give them that — fair prices, stable inputs, and protection from climate shocks — they will feed the world.”

  • Latest Football News: European Title Battles Bring Autumn Drama

    Latest Football News: European Title Battles Bring Autumn Drama

    The football world is heating up as the 2025/26 season reaches its early climax across Europe. From record-breaking form in the Premier League to surprise contenders in Spain and Italy, fans are being treated to high-intensity battles, tactical brilliance, and moments of pure individual magic.

    Premier League: Arsenal Lead Early Charge

    In England, the Premier League has started at a blistering pace. Arsenal top the table with 19 points from their first eight matches, showcasing both defensive steel and attacking flair. The Gunners have scored 15 goals and conceded just 3, the best defensive record in the division so far. Their controlled possession play and improved finishing under Mikel Arteta are giving fans plenty of optimism that the title drought could end this season.​

    Right behind them, Manchester City sit second with 16 points, driven by a relentless Erling Haaland, who already has 7 goals to his name. Liverpool are close behind on 15 points, maintaining an impressive +9 goal difference, while Chelsea’s youthful lineup continues to grow in confidence, sitting just one point off the Champions League places.

    The goal average across the league stands at an exciting 2.61 per game, with 209 total goals scored over 80 matches so far this season. Defending hasn’t always been a priority either — fixtures involving Aston Villa, Brentford, and Tottenham have featured some of the highest combined scorelines, keeping fans on the edge of their seats weekly.​

    La Liga: Real Madrid Hold Narrow Lead

    In Spain’s La Liga, the story remains a familiar one. Real Madrid lead the way with 24 points from 9 games, just edging out Barcelona, who have amassed 22 points. Carlo Ancelotti’s team have netted 20 goals, conceding only 9, and sit comfortably at +11 in goal difference. Meanwhile, Barcelona continue to dominate the attacking stats with 24 goals, led by their summer signing João Félix, who has quickly become a fan favorite.​

    Perhaps the biggest surprise in Spain, however, has been Girona, who continue to defy expectations by occupying fourth place, just two points behind Atlético Madrid. Their disciplined back line and counterattacking strategy have made them one of the most entertaining teams to watch this season.

    Serie A: Tight at the Top

    Over in Italy, the Serie A race has proven as unpredictable as ever. Only five points separate the top six sides. Inter Milan and Juventus are tied at the top on 17 points each, while AC Milan and Napoli closely follow, separated by goal difference. The Golden Boot race is also heating up — Bologna’s Riccardo Orsolini leads with 5 goals, while U.S. international Christian Pulisic and Nico Paz of Lazio are just behind on 4 goals each.​

    The average number of goals per Serie A match has risen to 2.67, a figure that speaks to the league’s growing emphasis on attacking football. Once known for its defensive pragmatism, Italy’s top flight now provides as many fireworks as its European counterparts.

    Europa League: English Clubs Shine

    The UEFA Europa League has also reached its stride, with eight teams tied on 19 points — including Lazio, Athletic Bilbao, and a resurgent Manchester United, who remain unbeaten after 8 games. English representation has been strong this year, with Tottenham Hotspur also boasting an impressive +8 goal difference.​

    These performances not only lift coefficients but promise mouthwatering knockout-round fixtures as clubs fight for continental prestige.

    Fan Engagement Beyond the Pitch

    Off the field, fan interaction continues to evolve as much as the action on it. Interactive competitions such as spot the ball reignite the classic game-day excitement, inviting fans to test their spatial awareness and football intuition. Today’s digital versions even offer thrilling rewards, such as the chance to win a car, exclusive match tickets, or team merchandise — proving that the thrill of precision prediction is alive and kicking in the age of social engagement.

    These participatory formats capture the same essence that defines football itself — observation, instinct, and the joy of anticipation. In many ways, the “spot the ball” community reflects the same global passion shared by stadium crowds, uniting supporters across generations.

    As temperatures drop and the festive fixture list looms, one thing remains certain — whether it’s Arsenal’s resilient comeback, Madrid’s elegant control, Inter’s tactical discipline, or the fans’ never-ending enthusiasm, European football continues to deliver headline-worthy entertainment.

    With plenty of matches still to be played, every point, every goal, and every prediction could mean everything — both on the pitch and in the next spot the ball challenge.

  • Lotus Bank sues 45 banks over alleged ₦1.1bn fraudulent withdrawals

    Lotus Bank sues 45 banks over alleged ₦1.1bn fraudulent withdrawals

    A Federal High Court sitting in Ikoyi, Lagos, has been asked to intervene in a suit filed by Lotus Bank Limited seeking to recover ₦1,133,808,604.31 allegedly withdrawn by hundreds of its customers following a system failure that hit the bank’s electronic payment platform in July.

    The bank, in its motion on notice filed before Justice Daniel Osiagor, alleged that 718 customers fraudulently withdrew and transferred funds exceeding their account balances after it experienced system failure codename ‘a system glitch’, which occurred on July 20, 2024. 

    The glitch, the bank explained, resulted from a rollback fix on its E-Bills Pay platform, which temporarily disabled automatic debit processes.

    The bank also admitted that during the ‘system failure’, 718 customers who made successful withdrawals and transfers from their accounts knew that they did not have the amounts in their accounts with the bank.

    To salvage the unlawful withdrawal caused due to the ‘system glitch’, the 45 banks were dragged before the court by Lotus Bank over the massive financial woe.

    The suit according to Lotus Bank Bank is pursuant to Order 3 Rules 1 6, and 9 of the Federal High Court (Civil Procedure) Rules 2019 and under the court’s inherent jurisdiction. 

    It ask the court for the following questions for determination: “whether having regard to the Central Bank of Nigeria Guideline No. BPS FIRGEN/CIR/02/004 of 2015; BPS/FIRGEN/CIR/05/011 of 2018; Section 10.2.2-10.2.4, 10.3, 10.4 of the CBN Regulations, the Ist to 45th Defendants are not mandated to place a lien on the sums standing in the respective accounts of the 1st- 45th defendants’ customers/account holders. 

    “Whether having regard to the Central Bank of Nigeria Guideline No. BPS/FIRGEN/CIR/02/004 of 2015; BPS/FIRGEN/CIR/05/011 of 2018; particularly Section 10.2.1 of the Regulations, the Plaintiff is not entitled to a refund of all the funds illegally transferred into the respective accounts of the 1st-45th Defendants’ customers/account holders in the document. marked as Exhibit 1 attached herewith and domiciled with the Defendants where such funds are still available in the customers’ accounts

    “Whether having regard to the Central Bank of Nigeria Guideline No. BPS/FIRGEN/CIR/02/004 of 2015; BPS/FIRGEN/CIR/05/011 of 2018; Section 10.2.2-10.2.4, 10.3, 10.4 of the CBN Regulations, where the sums in the customers’ accounts are not sufficient to cover the sums illegally transferred, the 1st-45th Defendants are not mandated to place a lien on any of the sums illegally transferred into the accounts of the customers/account holders domiciled with one or more of the Defendants and more fully shown in the document marked as Exhibit 1 attached herewith, until the entire sums are fully recovered and repaid to the Plaintiff.”

    The bank states that upon the determination of the above questions, pray the court following reliefs against the listed banks jointly and severally: “a declaration that by the Central Bank of Nigeria Act 2007, the Central Bank of Nigeria Guideline No. BPS/FIRGEN/CIR/02/004 of 2015; BPS/FIRGEN/CIR/05/011 of 2018; Section 10.2.2 -10.2.4, 10.3, 10.4 of the CBN Regulations, the 1st-45th Defendants has a duty and obligation to protect the banking and payment industry from abuse by dishonest users and to take reasonable steps to forestall any damages of the banking and – payment system whenever any abuse or fraud is within their knowledge or has been brought to their attention. 

    “A declaration that having regard to the Central Bank of Nigeria Guideline No, BPS/FIRGEN/CIR/02/004 of 2015;

    BPS/FIRGEN/CIR/05/011 of 2018: Section 10, 2.2-10.2.4, 10.3, 10.4 of the CBN Regulations, the Plaintiff is entitled to a refund of all the funds illegally transferred into thefendants customers/account holders more fully shown in the document marked as Exhibit 1 attached herewith where such funds are still available in the customers’ accounts. 

    “An order directing the 1st-45th defendants to immediately reverse and pay to the Plaintiff the sums wrongfully, illegally and illicitly debited from the Plaintiff and transferred into the 1st-45th Defendants customers’ accounts listed in Exhibit 1 in the aggregate sum of N1,133,808,604.31 (One Billion, One Hundred and Thirty-Three Million, Eight Hundred and Eight Thousand, Six Hundred and Four Naira, Thirty-One Kobo) domiciled with one or more of the 1st-45th Defendants or any amount subsequently recovered until the entire sums are fully recovered. 

     “And such further or other orders as the Court may deem fit to make in the circumstance.”

    Lotus Bank supported the motion with 19 paragraphs affidavit deposed to by Gbenga Ojerinde, a Fraud Investigation Officer with the bank. The suit is also attached with a written address and some documentary exhibits.

    Some of the banks listed as defendants in the suit, have filed their responses to suit.

    However, the Presiding Judge, Justice Daniel Osiagor has adjourned the further hearing of the suit to December, 2025.

    Parts of the averments in the affidavit read: “On 20th July 2024, the Plaintiff experienced a system glitch due to a rollback fix carried out on its E-Bills Pay platform. The said rollback fix was carried out to address a previous complaint but led to unintended and unexpected behaviour that allowed the Plaintiff’s customers to initiate transfers to other banks and financial institutions without the accounts of those customers being debited The outcome was that certain customers made multiple transfers to account? held with the Defendants in excess of the balances those customers had in their accounts with the Plaintiff. 

    “This glitch affected 718 customers of the Plaintiff who made successful withdrawals and transfers from their accounts knowing that they did not have in their accounts with the Plaintiff the sums they were transferring and succeeding in those transfers only because their accounts were not being debited. 

    “The initial financial exposure of the Plaintiff from this incident is about N1,133,808,604.31 (One Billion, One Hundred and Thirty-Three Million, Eight Hundred and Eight Thousand, Six Hundred and Four Naira, Thirty one Kobo) Now shown to me marked Exhibit 1 is the schedule providing detailed information of the affected customers of the Plaintiff, the Refund Amounts and the banks/other financial institutions warehousing the funds of the affected customers. 

    “The Plaintiff reported the issue of the system glitch and the resulting Erroneously Retained Credits to the Nigeria Inter-Bank Settlement System Plc (NIBSS), which is the Nigeria central switch responsible for the interoperability of the various players in the banking sector, including banks, mobile service operators, non-banking financial institutions, payment terminal providers, card acquirers, etc. And their customers.

    “However, the said beneficiaries were not debited by the Plaintiff for the said transactions and in lieu retained the credit values. Consequently, the Plaintiff is entitled to receive the value of the respective Refund Amounts from the accounts of the beneficiaries of the Erroneously Retained Credits. 

    “I know that the courts provide a remedy where there is a wrong and that an Oder of this Honourable Court is required to remedy the Plaintiff’s situation to enable the Plaintiff recover the erroneously Retained Credits in the accounts of the affected beneficiaries. 

    “I also know that the justice of this case demands that the beneficiaries of the” Erroneously Retained Credits are prevented from unjust enrichment in the circumstances of this matter. 

    “The plaintiff seeks the reliefs sought in this Originating Summons to place restrictions on the said accounts and reverse the Erroneously Retained Credits to the Plaintiff, 

    “know it is in the interest of justice, equity and fairness that the reliefs sought by the Plaintiff are granted by this Honourable Court.”

  • FCCPC: Court rulings uphold consumer rights

    FCCPC: Court rulings uphold consumer rights

    The Federal Competition and Consumer Protection Commission (FCCPC) has welcomed recent court rulings that uphold consumer rights in Nigeria, notably the Lagos High Court’s award of ₦5 million in damages against Multichoice Nigeria Limited and the Enugu High Court’s decision declaring Peace Mass Transit’s no refund policy unlawful.

    In a statement by the Director, Corporate Affairs, Ondaje Ijagwu, the Executive Vice Chairman and Chief Executive Officer of the FCCPC, Mr. Tunji Bello commended the courts for ensuring fair outcomes that strengthen consumer confidence and accountability in the marketplace. 

    Bello said the judgments show the strength of the Federal Competition and Consumer Protection Act (FCCPA), 2018, which empowers consumers to seek redress and requires service providers to meet lawful standards of fair service delivery.

    He also praised the consumers for using lawful channels to pursue justice rather than recourse to self-help. 

    He explained the law provides several ways for consumers to express their grievances and that these decisions confirm the courts’ willingness to protect consumer rights.

    According to Bello, between March and August 2025, the Commission facilitated recoveries of more than ₦10 billion for consumers across 30 sectors, demonstrating the growing effectiveness of Nigeria’s consumer protection system.

    “The consistent judicial enforcement complements the Commission’s regulatory work and reinforces the message that consumer-rights violations attract real consequences. He urged consumers to continue reporting unfair practices through the FCCPC complaint portal, email, or any of its offices nationwide”.

    In one of the two decided cases, the Lagos High Court, presided over by Justice R. O. Olukolu, awarded ₦5 million in general damages to a DStv subscriber, Mr. Ben Onuora, for the wrongful disconnection of his active subscription. 

    The Court found that Multichoice acted unlawfully by cutting off service despite verified payment, causing inconvenience to the claimant and his family. 

    In the second case, the Enugu High Court, under Justice C. O. Ajah, ruled that Peace Mass Transit’s no refund after payment policy was illegal and void under Sections 120, 104, and 129(1) of the FCCPA 2018.

     The company was ordered to pay ₦500,000 in damages to a passenger, Mr. Tochukwu Odo, whose fare was withheld after an uncompleted trip. The Court held that service providers must refund consumers when a service is not rendered and that policies denying refunds breach statutory consumer rights.

    Bello noted that the Federal Competition and Consumer Protection Commission (FCCPC) is Nigeria’s primary agency for consumer protection and competition regulation under the Federal Competition and Consumer Protection Act, 2018. The Commission promotes fair markets, safeguards consumer rights, and ensures accountability across all sectors.

  • NEPC sensitises fishermen on packaging, export opportunities at maiden Sakogboji fish festival

    NEPC sensitises fishermen on packaging, export opportunities at maiden Sakogboji fish festival

    The Sonayon Fishermen FADAMA Users Group (FUG) Cooperative has held its maiden Fish Festival in collaboration with the Nigerian Export Promotion Council (NEPC), Access Bank, and the United Bank for Africa (UBA) on Sakogboji Island, Amuwo Odofin, Lagos State.

    With the theme “Empowering fishermen and promoting Nigerian seafood for export growth,” the festival aimed to boost fish and seafood producers’ participation in the export value chain through improved processing, packaging, and access to finance.

    Supported by NEPC and financial institutions, the event focused on export readiness and collaboration among stakeholders in fisheries and aquaculture.

    Acting Regional Coordinator, NEPC Lagos South West, Mrs. Bolanle Emmanuel, educated fish processors on packaging, labeling, and registration to meet export standards.

    “Some of us sell only to local buyers with no proper packaging or labeling,” she said. “We should make smaller packs, ensure clean processing, and maintain quality that meets export expectations.”

    She cautioned against poor handling that could discourage buyers. “Fish must be properly dried, free of sand, not burnt, and affordable,” she advised, adding that NAFDAC certification was vital for public consumption and export approval.

    On packaging materials, Emmanuel warned: “Don’t use bread nylon; fish bones can puncture it. The nylon must have the right thickness.” She also stressed labeling with nutritional analysis and encouraged registration with the Corporate Affairs Commission (CAC).

    “Most of us haven’t registered our companies. That’s the first step toward trading abroad and processing export certificates with NEPC,” she added.

    Highlighting financial inclusion, she urged participants to open bank accounts. “UBA and Access Bank are here to help you start immediately so your business income can be properly managed,” she said.

    She also emphasized hygiene and marketing. “Anyone trading in fish must be neat and use stainless materials that don’t rust. Let’s also use our phones to advertise our businesses,” she said, concluding with logistics advice: “We must plan how our fish gets to the buyers — by air, road, rail, or water — without spoilage.”

    Representatives of UBA and Access Bank introduced financial products tailored to fishermen and processors.

    UBA’s Mr. Michael Oladele said the bank would help open accounts and provide financial management guidance.

    “You don’t need to visit the bank. With your BVN, we’ll open your account and give you a debit card right here. Manage your funds through POS and avoid cash handling,” he said.

    He also encouraged formal business structures, adding, “We can assist with CAC registration and offer loans to support your fishing operations.”

    Chika Stanley from Access Bank stressed the importance of documentation.

    “To access a loan, open a corporate account with us using your BVN, NIN, passport photo, and a utility bill,” she said. “If you don’t have a BVN, we’ll help you register it today.”

    Convener of the festival, Hemmu Solomon Akojenu, a grassroots mobilizer and former aide to the local government chairman, described the event as part of efforts to make local fishing more structured and profitable.

    “Sagbokoji means Twins Island, an over 100-year-old indigenous fishing community. Our forefathers, ourselves, and our children are fishermen,” he said.

    He noted the community’s move from subsistence to commercial fishing. “We’ve fished for survival, but now we’re scaling up through partnerships with government agencies and banks,” he said.

    Akojenu lamented environmental challenges driving fish away from coastal waters. “Pollution has pushed fishes deep into the sea. What we used to spend N100 on now costs two or three times more,” he said, blaming city refuse dumped through the Lagos lagoon.

    “When the water is dirty, fishes migrate to cleaner areas for survival,” he explained.

    He called for government intervention through an environmental task force to stop refuse dumping and for subsidies on nets, engines, and trawlers.

    “The government can help by building nearby markets and creating industries that add value to fish, such as spice production,” he suggested.

    Akojenu praised NEPC for its support, adding, “If the government helps us, we’ll give back through revenue and taxes, making this collaboration beneficial for everyone.”

  • Transcorp Group records 39 percent revenue growth in Q3 2025

    Transcorp Group records 39 percent revenue growth in Q3 2025

    Transnational Corporation Plc (“Transcorp Group” or the “Company”), (NGX: TRANSCORP), Africa’s leading listed conglomerate, has announced its unaudited Q3 2025 financial results, delivering strong growth across business lines.

    The Group recorded a 39% year-on-year increase in revenue, rising from ₦297.7 billion in Q3 2024 to ₦413.4 billion in Q3 2025. Profit Before Tax (PBT) grew by 18%, closing at ₦124.5 billion, compared to ₦105.5 billion in the same period last year.

    Transcorp Group maintained its strong growth trajectory, driven by the Company’s resilient business strategy and operational excellence.

     All operating units recorded significant growth, with the increased power generation capacity at the Group’s power plants and expansion in the hospitality revenue stream with the inclusion of the 5,000-capacity Transcorp Centre Abuja.

     Profit Before Tax rose by 18% to ₦124.5 billion, up from ₦105.5 billion in Q3 2024.

    Profit After Tax increased by 20.5%, reaching ₦91.4 billion, compared to ₦75.9 billion in 2024.

    The Group maintained a gross profit margin of 48%, reflecting disciplined cost management and strategic pricing across its business units, underpinned by a strong ethos of operational efficiency.

    Read Also: Transcorp Hotels recorded N22.4billion profit in third quarter

    Chairman. Transnational Corporation Plc Tony Elumelu said: “Transcorp’s robust revenue and earnings delivery demonstrates the opportunity in the Nigerian economy. Our diversified portfolio continues to offer investors access to key drivers of Nigeria’s growth opportunity.

    “As the macro-economic climate improves, the Group is well-positioned to take advantage of Nigeria’s extraordinary potential. We are executing our impact- driven mandate through strategic investments that solidify our leadership in Nigeria’s vital sectors. Our diversified model continues to demonstrate resilience, generating significant value.

    “In power generation and distribution, we are closing the energy deficit in Nigeria, propelling national development. We increased our power generation capacity at all our plants, and we remain committed to power Nigerians out of poverty. In hospitality, we are redefining excellence, with the landmark Transcorp Centre Abuja setting a new standard for world-class events. We remain unrelenting in our commitment to delivering superior shareholder returns and driving the long-term transformation of Nigeria’s economy.”

    President/ Group CEO of Transcorp Plc Dr Owen Omogiafo, said:  “Transcorp Group’s Q3 2025 results demonstrate the successful execution of our strategic direction, operational excellence and portfolio-wide efficiency. Driven by our core purpose to “Improve Lives and Transform Africa”, we continue to optimise our businesses to deliver superior stakeholder value.

    “As Nigeria’s leading conglomerate, with a disciplined approach to excellent corporate strategy, we are positioned to finish the year with strength and strategic momentum. We offer investors unique access to the Nigerian economy, delivering sustainable returns for our shareholders and championing economic growth.”

  • Pantami urges Islamic banks to lead global digital economy

    Pantami urges Islamic banks to lead global digital economy

    Professor Isa Ali Ibrahim Pantami has called on Islamic financial institutions to play the lead in driving the global digital economy growth, stressing that the ethical principles of Islamic banking are perfectly aligned with the rapidly evolving financial world.

    Pantami delivered a keynote address in Manchester on Sunday at the Annual Conference of the Nigeria Muslim Forum, United Kingdom (NMFUK), on the theme: “Ethical Digital Economy: The Future of Community-Centred Islamic Digital Banking.”

    The ex-Minister of Communications and Digital Economy emphasized that the Islamic banking model stands for fairness, transparency, accountability, and the protection of the poor—values that resonate universally.

    “Islamic banking is not just for Muslims, but for humanity,” he noted. “Its foundations are built on ethics and justice rather than interest or exploitation. It is a system rooted in fairness and accountability, one that safeguards human dignity, while promoting sustainable development.”

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    Pantami drew attention to a study conducted in Indonesia, which revealed that non-Muslim customers were among the most loyal patrons of Islamic banks due to their transparency, flexibility, and moral clarity.

    The former Minister said 66% of those interviewed agreed that the Islamic banking system was appropriate for both the Muslim and Western worlds, while 65% acknowledged that it offers more benefits than conventional banking.

    Observing that the financial landscape across the globe is being redefined by digital transformation, the professor of cybersecurity insisted that Islamic banking must be at the forefront of the advancement.

    “The digital economy is the fastest-growing economy in the world today,” he stated. “Islamic banking should be part of this growth, offering a more equitable and transparent financial system that serves everyone, not just a few.”

    Pantami urged policymakers, scholars, and financial institutions to heavily invest in creativity and research to build robust digital banking systems, as fusing technology with Islamic finance would a reshape global banking along humane and inclusive lines.