The Nation Newspaper

Category: Business

  • ‘Ports’ reforms will make Nigeria globally competitive’

    ‘Ports’ reforms will make Nigeria globally competitive’

    The Federal Government is undertaking strategic upgrade of the ports ecosystem to ensure that the country optimise its  vast population, national resources and economic standing to drive overall national development. With a focus on the global markets, Nigerian ports are being repositioned not only to be the regional but continental hubs. In this interview with Group Business Editor, SIMEON EBULU, Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, highlights ongoing efforts to make Nigerian ports a global facilitator of trades and businesses

    Can you give us a brief perspective outlining the Nigeria Ports Authority’s priorities?

     In Nigeria, the port authority is owned by the government and manages navigation, safety, maintenance of the channels, while cargo operations have been privatised to multinational and local terminal operators, such as MSC and APMT.

     With a large, growing population of over 230 million, and Africa’s leading economy, we require a more efficient ports system than what we inherited. Fortunately, we now have a forward-looking leadership epitomised by the President, Bola Ahmed Tinubu, who created the Federal Ministry of Marine and Blue Economy to supervise the NPA and appointed a result-oriented professional, the Minster of Marine and Blue Economy, Adegboyega Oyetola who is poised to do a lot in terms of expansion, upgrading, rehabilitation to meet our projected capacity. This has motivated us to deploy our experience into transforming the ports.

    How will you describe the state of Nigeria’s ports infrastructure ?

    With regards to ports infrastructure, what we missed doing on time was to construct brand new ports, which we have aggressively commenced with the development and operationalisation of the Lekki Deep Seaport, which is fully automated and has a natural draught of 17 meters, and we are ramping up investment, in order to build more deep sea ports.

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    Our major ports, like Apapa and Tincan in Lagos, are outdated. The Port of Apapa was built 100 years ago. Even though it has 24 berths, most of them are old. Limited expansion and modernisation makes it difficult to accommodate larger, modern vessels. Our second-biggest port, Tincan, was built almost 50 years ago. But the size of vessels, their speed, the technology that drive them, has changed so much, so it has become difficult for them to come to Nigeria. Also, these two ports are river ports, so they are a bit shallow.

    By contrast, neighbouring countries, like Ghana (Tema), Ivory Coast (Abidjan), Togo (Lome), Benin (Cotonou) have acted faster, so they are now ahead of us. Their ports are deeper, more modernised. But the fact remains that we are more populated than all of these countries. We are stronger economically, but the boxes have to be dropped there because they have strategically positioned their ports to be more efficient than ours in terms of infrastructure, equipment and technology. So, these are all things that we see as a challenge, but also as an opportunity for growth which we are poised to maximize.

    In what ways is International Association of Ports and Harhours (IAPH) working with Nigeria, and other developing countries, assuaging these challenges?

    This links to our ‘’Closing The Gaps,’’ an exercise we did a few years ago, towards the end of the pandemic, to identify regional investment priorities for ports when it comes to infrastructure, technology, port community systems. Since then, we have been working with regional institutions, development banks and the World Bank, to see how investment support can be provided so that, ultimately, we have competitive ports across all regions. The Nigerian Ports Authority is a very interesting port administration because it is closely linked to the government, and the maritime administration, creating stronger coordination with the International Maritime Organisation ( IMO) than in many other countries, which is a great strength.

    Our challenges are many, but it’s important to understand some of the history and context to Nigeria and its ports. So if you want to be accurate in assessing us, this historical background is essential, you can’t just jump to saying Nigeria is not doing well as Belgium or the Netherlands, for example. We have modelled the reform of our port system on recommendations from an international consulting firm and, to a large extent, on the Antwerp system. The execution of a masterplan like that takes a lot of time, but that is the course we’ve chosen to adopt.

    To what extent will port modernisation help Africa’s economic growth?

    Africa is unique because it is the only continent in the world where the most populous country and the strongest economy does not have the biggest seaport. Africa’s total population is around 1.5 billion, so our potential is huge, but the opportunities for growth are still very much intact. So in terms of mining capacity, we have the resources, still in the ground. But lack of technology, lack of economic strategy, lack of support and organisation compared to say, China, has denied us. For instance, the Port of Shanghai handled about 41 million TEUs last year, but Africa as a whole handled just 34 million TEUs. And, of course, China is now investing heavily in Africa because of this, for example in Guinea Conakry with the $16 billion Simandou iron ore project.

    What specifically, are the port sector’s overall contribution?

    We are going to adopt a multi-dimensional approach and encourage more mining, more agriculture, so our seaports will grow to have the capacity, not only to receive imports but also to export. We are also going to pursue a relationship that will lead to the establishment of a new deep sea port in Nigeria. We have licences, or permits for six, in fact, but I certainly hope that we can do one of them. And we are going to emulate a project like Tanger-Med in Morocco, for example, with a brand new terminal equipped with the latest technology, and in collaboration with the best partners in the world. With these things in place, foreign investors will naturally come because they have seen that the government is also committed and on board.

    To what extent will your position at IAPH drive this transformation?

    I appreciate the leadership of Patrick and IAPH. His leadership style and the quality of decisions being made are very important, especially for developing economies like those in Africa. I recall a recent board meeting and the discussions and directions that were taken. To me, those decisions were focused on supporting developing systems, not just Africa, but also smaller regions and mid-level economies such as Indonesia, Malaysia, South Africa and Nigeria. I believe it is important for IAPH to spend more time understanding the ecosystem of developing economies, because of their strong potential. We are certainly not looking for sympathy, we are just looking for collaboration and support.

    How will you capture the benefits of your international engagements far?

    I was fortunate to have the opportunity to listen to what all the experts said at the World Ports Conference in Kobe last October, so I took home a lot of ideas from that. But basically, we are looking at a more modernised port system in Nigeria, one that is able to accommodate most of the crucial elements governing maritime in the present age. We’re also going to strengthen our capacity to relate better and to cooperate more fully with international groups, such as IAPH, and other industry bodies.

  • Firm mobilises 24-hour global campaign to accelerate clean energy transition

    Firm mobilises 24-hour global campaign to accelerate clean energy transition

    As the world marks the 4th International Day of Clean Energy, Sustainable Energy for All (SEforALL) has unveiled plans to roll out a 24-hour global clean energy campaign, anchored by a series of physical and virtual events across Sub-Saharan Africa, Europe and other regions.

    The initiative underscores the company’s global mandate to accelerate energy transitions in emerging and developing economies by working at the intersection of energy, climate and development. Through partnerships with governments, development institutions and the private sector, SEforALL supports efforts to decarbonise energy systems, expand energy access and catalyse green industrial growth.

    The campaign will spotlight solutions that deliver sustainable energy to households, businesses, public services and entire economies—opening pathways to a more resilient, inclusive and prosperous future.

    Central to the company’s work is the Universal Energy Facility (UEF), a multi-donor fund launched in 2020 to fast-track progress on SDG7 and the Paris Agreement.

    The UEF provides results-based incentive payments to clean energy companies that deploy verified electricity connections through mini-grids and stand-alone solar systems, as well as clean cooking solutions that meet predefined service standards across Sub-Saharan Africa and beyond.

    As part of the International Day of Clean Energy, the company named by the United Nations as one of the official leaders of the Day—will roll out a 24-hour clean energy activation, alongside three flagship events spanning two continents.

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    The campaign will focus on two often under-prioritised pillars of the global energy transition: clean cooking and innovative financing models for electricity access in underserved communities.

    Despite notable global progress, more than 2.1 billion people still depend on polluting fuels such as firewood and charcoal for cooking—exposing households to dangerous indoor air pollution, accelerating deforestation and worsening climate change. Meanwhile, large parts of Sub-Saharan Africa remain without reliable electricity, constraining economic growth and access to essential services.

    Driven by the conviction that both challenges are solvable with existing technologies and targeted investment, SEforALL’s Clean Energy Day activities will connect local action with global impact.

    In Lagos, Nigeria, SEforALL will convene policymakers, private-sector leaders and community stakeholders for an in-person Clean Cooking Experience, combining a policy roundtable with live demonstrations of clean cooking technologies available in the Nigerian market. The event will highlight the health, climate and economic gains of transitioning away from polluting fuels.

    In Vienna, Austria, the company will host a high-level event bringing together ambassadors, government officials, international partners, youth leaders and the media to spotlight clean cooking in schools. The programme will feature a panel discussion, a photo exhibition and a reception showcasing how modern cooking solutions can improve health outcomes, protect the environment and enhance education for millions of children globally.

    SEforALL will also mark the fifth anniversary of the Universal Energy Facility, demonstrating how results-based financing is expanding electricity access across Sub-Saharan Africa. The event will include the announcement of a new European Union- and Danish Government–funded initiative aimed at accelerating private-sector investment in green mini-grids in Sierra Leone, alongside the opening of a new call for applications.

    In addition, the company will launch “24 Hours for Clean Energy,” a digital activation inviting individuals, businesses and organisations worldwide to share commitments and actions in support of SDG7. Using the hashtags #InternationalDayOfCleanEnergy and #CleanEnergyDay, participants will help create a shared global moment of visibility and solidarity around clean, affordable and reliable energy.

    By linking grassroots engagement with global advocacy, SEforALL’s Clean Energy Day activations reinforce the message that energy poverty, climate action and development are deeply interconnected—and that solutions delivered in one part of the world generate benefits for all.

  • Abiodun bows out as Lasaco Assurance MD/CEO

    Abiodun bows out as Lasaco Assurance MD/CEO

    The Board of Directors of Lasaco Assurance Plc has approved the retirement of Mr Razzaq Abiodun as Managing Director effective May 16, 2026.

    A statement by Mr Gertrude Olutekunbi, Lasaco Company Secretary, named Mr Ademoye Shobo as the Acting MD/CEO following Abiodun’s retirement.

    Since he took over as MD/CEO in 2021, Abiodun grew Lasaco’s revenue from N13 billion to N30 billion in 2025, declared profit and paid dividends for all the years.

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    Abiodun has over 30 years experience in the insurance industry spanning claims, underwriting and marketing.

    “We express our sincere appreciation for your dedicated service, leadership and contributions to the growth and success of LASACO Assurance Plc throughout your tenure.

    “We shall continually seek your support and collaboration and urge you to be an ambassador of LASACO,” said the Company Secretary.

  • Tax Reforms: Stakeholders highlight opportunities at 2026 economic summit

    Tax Reforms: Stakeholders highlight opportunities at 2026 economic summit

    Stakeholders on Saturday converged in Lagos to review Nigeria’s evolving tax framework and explore emerging investment opportunities arising from recent fiscal reforms at the 2026 Economic Summit organised by the Redeemed Christian Church of God (RCCG) Lagos Province 35.

    The summit, themed “Economic Outlook 2026: Navigating Tax Reforms and Investment Opportunities,” was held at RCCG Christ Church, Redemption Crescent, Gbagada, and featured in-depth discussions on tax management and compliance, entrepreneurship, artificial intelligence, economic growth, productivity enhancement, and investment prospects in the coming year.

    Policymakers, economists, tax professionals, and business leaders participated in the forum, which focused on positioning individuals and organisations to leverage opportunities within Nigeria’s changing economic and fiscal landscape.

    Delivering the keynote address, the Minister of State for Industry, Trade and Investment, Senator John Owan Enoh, said the Federal Government’s ongoing tax and industrial reforms were part of coordinated efforts to strengthen investor confidence and drive private sector-led economic growth.

    He disclosed that the Federal Executive Council’s approval of a new Nigerian Industrial Policy in December represented a major milestone in aligning national policy with investment priorities. 

    According to him, the digitisation of government services, improved regulatory coordination, and upgraded logistics infrastructure are already reshaping Nigeria’s business environment.

    Enoh noted that while reforms often require time to yield tangible results, they remain critical for long-term economic stability and sustainable growth. 

    He added that ongoing reforms in taxation, manufacturing, exports, and investment promotion are gradually restoring investor confidence, citing improved credit ratings and upward revisions of Nigeria’s growth projections by international institutions as early indicators of progress.

    Convener of the summit, Pastor Ben Akabueze, urged Nigerians to shift focus from complaints to the opportunities embedded in the new tax regime.

    He stressed that the reforms are already in effect and called on citizens and businesses to position themselves strategically to benefit from the evolving economic framework, noting that periods of transition often reward those who adapt early and strategically.

    Providing further insight, Emeka Obiagwu, Pastor-in-Charge of the Rose of Sharon Parish and Chairman of the Lagos Province 35 Empowerment Committee, explained that the economic summit is an annual initiative aimed at helping Nigerians understand government policies and identify opportunities arising from them.

    He said the 2026 edition focused on tax reforms following the passage of the Tax Reform Act of 2025, which transformed the Federal Inland Revenue Service into the Nigerian Revenue Commission and significantly altered the country’s tax landscape.

    According to him, the reforms introduced wide-ranging exemptions for small and medium-scale enterprises, including reliefs from company income tax and value added tax, while also expanding the scope of capital gains tax to previously untaxed transactions.

    Obiagwu noted that while the reforms are robust, they come with clear expectations around compliance and transparency, adding that government now places greater emphasis on progressive taxation, where higher earners contribute more, and on honest disclosure by taxpayers.

    Renowned economist and Chief Executive Officer of Financial Derivatives Company Ltd, Bismarck Rewane, placed Nigeria’s tax reforms within a broader global and historical context, stressing that sound taxation must be fair, predictable, progressive and easy to administer.

    He explained that while Nigeria continues to face challenges in areas such as income per capita, investment inflows and productivity, simplifying the tax system and eliminating multiple taxation could improve the investment climate if revenues are efficiently utilised.

    Rewane cautioned against equating higher revenue with economic growth, noting that growth ultimately depends on how government deploys its resources. He projected a mixed but cautiously optimistic outlook for 2026, with expectations of moderated inflation, gradual easing of monetary policy, fluctuating oil prices and improved capital market performance, alongside fiscal and exchange rate pressures that would require careful management.

    Other speakers, including Dr. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise, and Elizabeth Olaghere, Tax Partner at KPMG West Africa, emphasised the importance of policy clarity, tax compliance and targeted incentives in supporting private sector growth and attracting sustainable investments.

    The panel session, moderated by Ini John-Mekwa, Senior Business Correspondent with Channels Television, reinforced the need for effective tax management, productivity enhancement and strategic investment planning as Nigeria approaches 2026.

    Speakers agreed that although reforms are rarely perfect at inception, the current tax changes present tangible opportunities across manufacturing, agro-processing, logistics, energy, digital infrastructure and small business development, provided citizens, businesses and government work collaboratively.

    Beyond its spiritual mandate, RCCG Lagos Province 35 noted that it organises year-round economic development programmes, skill acquisition training initiatives and business masterclasses aimed at equipping individuals and entrepreneurs with practical knowledge to thrive within Nigeria’s evolving economic environment.

  • Digital lending rule: FCCPC goes after violators

    Digital lending rule: FCCPC goes after violators

    The Federal Competition and Consumer Protection Commission (FCCPC) has commenced a phased implementation of enforcement measures in respect of Digital Money Lending (DML) operators that did not regularize their status in accordance with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025 (DEON Regulations).

    Speaking on the commencement of enforcement measures, the Executive Vice Chairman and Chief Executive Officer of the FCCPC, Mr. Tunji Bello, stated that the actions were necessary to give effect to the Regulations and to maintain regulatory certainty in Nigeria’s digital lending market, in line with the Commission’s statutory mandate.

    “The compliance window provided under the Regulations has now closed. At this stage, the Commission is proceeding with appropriate enforcement steps in a manner that is fair, orderly, and consistent with due process,” Mr. Bello said. “The objective is to promote discipline, transparency, and consumer confidence within the digital lending space, not to disrupt legitimate business activity.”

    As part of the approved enforcement framework, the Commission has withdrawn the conditionally approved status previously granted to certain DML operators that did not complete the required regularization process within the transitional period.

    Consequently, such operators have been removed from the FCCPC’s published register of approved digital lenders, pending compliance with applicable regulatory requirements.

    Mr. Bello noted that the Commission’s published register serves as an important consumer information tool.

    “The FCCPC’s register is intended to guide the public on operators that have met the applicable regulatory requirements as at the time of publication. Consumers are advised to exercise caution when dealing with digital lenders that do not appear on the Commission’s current list of approved operators,” he said.

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    The Commission has also commenced structured engagement with relevant application hosting platforms and payment service providers, consistent with its statutory functions, as part of ongoing enforcement and compliance monitoring activities. Further regulatory steps will be undertaken in accordance with law and established procedures.

    For those provisionally designated as eligible under transitional arrangements, the Commission has issued a deadline of April 2026 to regularize their registration under the DEON Regulations.

    “This window is provided to enable affected operators to take steps towards compliance. Operators that choose not to regularize their status within this period may be subject to further regulatory measures, as provided under the law,” Mr. Bello stated.

    The FCCPC emphasized that the ongoing enforcement process is intended to support market discipline, protect compliant operators from unfair competitive practices, and safeguard consumers from abusive, deceptive, or unlawful conduct.

    “Effective regulation depends on consistent application. Compliant businesses deserve a predictable regulatory environment, and consumers are entitled to protection under the law,” Mr. Bello added.

    The Commission reaffirmed its commitment to transparent regulation, fair competition, and effective consumer protection across Nigeria’s digital economy.

  • LIRS warns employers to meet Jan 31 tax filing deadline

    LIRS warns employers to meet Jan 31 tax filing deadline

    The Lagos State Internal Revenue Service (LIRS) has reminded employers across the state to comply with statutory tax filing requirements ahead of the January 31 deadline for annual returns, warning that late or non-compliance would attract significant penalties under the law.

    Director of Personal Income Tax at LIRS, Mr. Ayodele Adebayo, issued the caution during an interview, noting that January is a critical month in Nigeria’s tax calendar. He explained that employers are required to file annual Pay-As-You-Earn (PAYE) returns, providing details of all employees engaged during the previous year, whether still in service or not.

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    Under the Nigeria Tax Administration Act (NTAA) 2025, employers must submit comprehensive schedules of employees’ earnings, taxes deducted, and remitted. Monthly returns of PAYE and Withholding Tax are also mandatory. Adebayo stressed that failure to file by January 31 attracts fines of ₦100,000 in the first month of default and ₦50,000 for each subsequent month, even if PAYE deductions have been remitted.

    He emphasised that proper filing is essential for employees to obtain Tax Clearance Certificates, adding that both employers and individuals must file returns separately to remain compliant. “The fact that your organisation has filed PAYE does not exempt you from filing personal returns,” he clarified.

    Adebayo noted that compliance is guided by the residency rule, meaning organisations must file returns in Lagos if their employees reside in the state, regardless of where the company’s headquarters is located.

    So far, about 10,000 companies have begun filing, with over 7,000 completing the process and 2,000 flagged for errors. LIRS is targeting more than 35,000 companies and has intensified sensitisation efforts to prevent last-minute congestion.

    He urged employers to use the digital filing platform, stressing that manual submissions are no longer accepted. “The process is now fully digital. Employers can file from their offices using the LIRS portal. Templates are provided to make compliance easier,” he said.

    Accurate and timely filing, Adebayo added, enhances transparency, supports government planning, and strengthens Lagos State’s ability to deliver infrastructure and public services. He advised employers to comply early to avoid sanctions and system overload as the deadline approaches.

  • Drop in prices of essential foodstuffs excites consumers

    Drop in prices of essential foodstuffs excites consumers

    Mrs Emi Ekelemu said she recently visited Ilepo Market, Abule Egba, Lagos, to buy her favourite food product, yam, and to her surprise and relief, the same size of Ada Onitsha yam she hadbought for N7,000 in November last year was selling for N3,500.

    “Is this for real?” she wondered. “I budgeted for five tubers of yams, so I ended up buying more because I do not know if the price will go up by the next time I come.”

    According to her, with that excitement, she ventured inside the market and noticed that the prices of other staple foods had slightly reduced, though red palm oil was still high. “The tiny brown beans I used to buy a small D’erica cup for N1,200 are now selling for N600”.

    Further investigations revealed that the price drop is not just within Lagos but across the country.

    A market survey conducted across major markets in the FCT showed that while prices of several staples declined after the festive season, some food items remain expensive.

    Some residents, who spoke to our correspondent, said the drop in prices had brought some relief, but urged the government to ensure sustainability, as many households were still constrained by low purchasing power.

    Latest food inflation statistics released by the National Bureau of Statistics (NBS) showed that Nigeria’s food inflation rate dropped in December 2025.

    According to the NBS, food inflation stood at -0.36 per cent on a month-on-month basis, representing a decrease of 1.49 percentage points compared to the 1.13 per cent recorded in November 2025.

    At Garki Model Market,  a dustbin basket of big red tomatoes is being sold for between N5,000 and N5,500, as against N6,000 to N7,000, while a dustbin basket of shombo dropped to N3,000 from N4,500 to N5,000 recorded between November and December.

    Similarly, a dustbin basket of fresh pepper dropped significantly, falling from between N4,500 and N5,000 to about N2,500, while tatashe dropped from between N5,000 and N6,000 to N3,000.

    A dustbin basket of onions is being sold for N4,000 compared to N4,500 previously, and sweet potatoes dropped to between N1,000 and N1,800 from N3,000.

    However, Irish potatoes recorded a sharp increase, increasing from 5,000 to N6,000 to between N9,000 and N10,000 per dustbin basket.

    Rice prices remained relatively stable, with a 50kg bag of local rice selling for between N52,000 and N57,000, while foreign rice is being sold for N64,000. A 25kg bag of local rice is being sold for between N25,000 and N28,000.

    At Nyanya Market, a dustbin basket of tomatoes sold for between N2,000 and N3,000, as against N4,000 during the festive season.

    Onions dropped to N3,300 to N4,000 from N5,000 for a dustbin basket, while five medium-sized yam tubers now sell for between N4,500 and N5,000 compared to N5,000 to N7,500 previously sold.

    One mudu of brown beans dropped from N1,000 to N700.

    In Gwagwalada Market, food prices recorded a slight drop after the festive season, though many staples remained expensive.

    A 50kg bag of foreign rice, which sold for N70,000 to N75,000 during Christmas, is now sold for between N65,000 and N70,000, while local rice dropped from N68,000 to between N62,000 and N66,000.

    A medium-sized yam tuber dropped slightly from N4,000 to about N3,500.

    At Apo Resettlement Market, prices of tomatoes, pepper and sweet potatoes declined, while onions and beef remained largely stable.

    A dustbin basket of big red tomatoes dropped to between N3,500 and N4,000 as against N5,000 to N6,000, and tatashe dropped to N4,000 and N4,500 as against N5,500 sold during the festive period.

    Pepper dropped significantly from N4,500 to N2,500 for a dustbin basket, as well as sweet potato, which dropped from N2,500 to N1,500, while a kg of beef remained at N8,000.

    Dei-Dei Market also recorded significant price reductions. A large basket of derica tomatoes, known as tomato Jos, is currently being sold for between N8,000 and N12,000, as opposed to N25,000 to N28,000. Meanwhile, a 50kg bag of fresh pepper has dropped sharply to between N15,000 and N20,000 from N60,000.

    At Wuse Market, prices remained higher compared to other markets surveyed, though slight reductions were recorded in tomatoes, pepper, onions and tatashe.

    In the South East, prices remain relatively stable or declined, supported by bumper harvests and peak farming activity.

    At the Abakaliki Foodstuff Regional Market in Ebonyi State, a bag of iron beans sells for about ₦80,000, while Patasko beans go for ₦70,000, down sharply from ₦130,000 to ₦150,000 last year.

    Okpa bambara nut sells for about ₦120,000, groundnut ₦130,000, ukah ₦35,000 and soybeans ₦65,000 per bag. Rice  prices  held steady.

    A 25kg bag of high-grade Abakaliki rice sells for ₦18,000 to ₦20,000, while lower-grade varieties go for about ₦15,000, down from ₦25,000 to ₦40,000 last year.

    Garri prices also eased. In Ngbo communities of Ohaukwu Local Government Area, a paint of white garri sells for about ₦1,000 and red garri ₦1,500, compared with about ₦5,000 last year. Yam prices softened, with ₦10,000 buying five to six large tubers.

     In the North West, Kano markets recorded broad-based declines across major staples. Surveys at Yankura, Sabon Gari, Tarauni and Dawanau International markets show foreign rice selling for about ₦53,000 per 50kg bag, while local rice sells for around ₦63,000. This compares with prices above ₦70,000 for foreign rice and up to ₦80,000 for local rice a year earlier.

    White beans now sell for about ₦60,000 per bag and red beans for ₦52,000, down from ₦70,000 to ₦85,000. White garri sells for about ₦47,000 per 50kg bag, yellow garri about ₦22,000.

    Sorghum dropped to around ₦36,000 per bag, while millet sells for about ₦32,000. Traders attribute the moderation to improved harvests, better supply flows and reduced speculative buying, while warning that fuel costs, exchange rate pressures and security challenges remain risks.

    Some traders attributed the post-Christmas price drop to reduced consumer spending in January and increased supply from harvests.

    A tomato trader at Garki Market said that more customers were now buying full baskets due to lower prices, although many still bought smaller quantities because of limited funds.

    Cyril Okocha, a businessman, said the fluctuations were largely seasonal, noting that crops such as tomatoes, peppers and onions could become expensive during off-season periods.

    According to him, the main challenge is not just food prices but low income and irregular salary payments.

    “Many workers are underpaid, salaries are not indexed to inflation, minimum wage is not fully implemented across states, and some workers are not paid regularly.”

    “To ensure sustainability of food prices, the government should encourage dry season farming, improve food availability and security, regulate prices, and boost incomes; these are also essential to easing the cost-of-living crisis.”

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    Some residents also shared similar views. Yemisi, a civil servant, expressed satisfaction with the drop in prices of items such as tomatoes, pepper, rice and beans, but urged the government to ensure sustainability.

    “The reduction is encouraging, but many people still cannot afford these items. Government should ensure the prices are sustained,” she said.

    Meanwhile, farmers and agricultural experts have urged the Federal Government to adopt deliberate and long-term policies to sustain the decline in food prices.

    Kabir Ibrahim, President, All Farmers Association of Nigeria (AFAN) said the current drop in food prices was largely driven by harvest-season factors and warned that prices could rise again without structural improvements.

    Experts also recommend addressing insecurity, foreign exchange challenges and transportation costs to curb food inflation and ensure sustainable food security.

    Food prices are moderating as seasonal harvests coincide with higher domestic production and policy interventions that expanded supply.

    Meanwhile, the Federal Ministry of Agriculture and Food Security says output of staples such as maize, rice, wheat and cassava improved following expanded planting and better access to inputs from 2023.

    According to Abubakar Kyari, Minister of Agriculture and Food Security, the combined effect of reforms, mechanisation and market-focused interventions is repositioning agriculture as a scalable business capable of stabilising food supply and prices.

    Similarly, Aliyu Sabi Abdullahi, Minister of State for Agriculture and Food Security, believed that increased production under the National Agricultural Growth Scheme Agro Pocket initiative had shifted markets from scarcity toward relative abundance.

    He linked the price adjustment to larger volumes entering markets and the current harvest cycle.

  • Omotosho: MultiChoice Nigeria’s new CEO built for tight margins

    Omotosho: MultiChoice Nigeria’s new CEO built for tight margins

    By Wole Agboade

    The recent announcement of her appointment as the Chief Executive Officer of MultiChoice Nigeria, a Canal Plus Company, owners of the DStv and GOtv platforms, makes Kemi Omotosho the latest entrant into the growing ranks of female chief executives in Nigeria.  That, perhaps, is not exactly surprising, given the company’s reputation for promoting gender balance. By that appointment, she has stepped into one of the country’s most visible business leadership positions.

    Omotosho succeeds John Ugbe, who has retired and whose tenure shaped MultiChoice Nigeria into the top player on the country’s media business landscape. She is also the first woman to lead the organisation, taking charge of an operation that sits at the centre of pay television and digital media in Nigeria.

    MultiChoice Nigeria is, by no means, a quiet enterprise. It is closely watched by subscribers, regulators, competitors and the creative industry that depends on it for funding, distribution and exposure. To run it requires constant balance between commercial performance, public scrutiny and regulatory engagement.

    Omotosho is coming to the role with experience acquired in similar conditions within Africa. Before her appointment, she was Regional Director for Southern Africa at MultiChoice Group, overseeing operations across seven countries. The position carried full profit and loss responsibility and daily exposure to challenges familiar across African markets, wild exchange rate fluctuations, inflation and altered consumer patterns. It was a role defined by discipline and execution rather than visibility.

    That regional brief followed years at the commercial core of the MultiChoice Group. She previously led customer value management across more than 50 African markets and held senior roles within Nigeria. Earlier in her career, she worked at Airtel Nigeria, moving across multiple functions. Across these roles runs a consistent focus on revenue, customer behaviour and the points where value is either strengthened or lost.

    Her academic and executive training reflects that orientation. She holds a Bachelor’s degree in Biochemistry from the University of Ilorin and an Executive MBA from Lagos Business School. She has also completed executive programmes at INSEAD, IESE Business School, Duke Corporate Education, and Harvard Business School, alongside internal leadership programmes within MultiChoice and Naspers. The emphasis throughout has been governance, performance and decision-making at scale.

    Those who have worked with her describe a leadership style that is direct and structured. Priorities are clearly defined. Collaboration is expected. Decisions are strictly judged by outcomes, not any other thing.

    That approach will be tested in Nigeria’s current operating climate. MultiChoice Nigeria has faced sustained pressure in recent years. Consumer purchasing power has weakened. Foreign exchange losses have reduced the real value of earnings. Costs have climbed sharply. Competition from global streaming platforms has intensified, while subscriber growth has crawled.

    Attention has therefore shifted to affordability, value for money, and digital growth, while always keeping the customer at the heart of key business decisions. Omotosho arrives with recent experience navigating these exact tensions across multiple markets.

    She takes over a company shaped by Ugbe’s leadership. During his tenure, GOtv expanded access to pay television, the Africa Magic Viewers’ Choice Awards emerged as a major cultural platform and investment in local content deepened. Operations expanded nationwide, local production scaled up and the creative sector benefited from sustained funding and visibility.

    Omotosho, therefore, is inheriting a large, complex organisation with established platforms, prominent public profile and significant influence. Her brief covers strategy, profit management, cash control, governance, regulatory relationships and performance across DStv, GOtv as well as digital services. The emphasis seems set on holding ground and tightening operations before pursuing further growth.

    Ugbe hands over a company defined by scale. Omotosho arrives with experience shaped by restraint and execution. The foundation is solid. The challenge is balance. How she handles it will define the next phase of MultiChoice Nigeria.

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    Seen in this light, reducing her appointment to a gender milestone risks missing the deeper signal. MultiChoice appears to be saying something important about how it understands leadership today: that experience in pressure-tested environments matters more than symbolism, and that competence is not gendered.

    This pattern is not isolated. Within MultiChoice Nigeria, women such as Busola Tejumola and Atinuke Babatunde occupy roles that directly shape content strategy, commercial outcomes and corporate direction. What is notable is not their presence, but the substance of their responsibilities. These are not auxiliary roles designed for optics. They sit at the heart of decision-making.

    That distinction is more broadly critical for Nigerian corporate culture. Too often, diversity conversations stop at appointments without interrogating authority. Women are elevated, but insulated from the most complex problems. Progress becomes visible but shallow. What appears to be emerging in some organisations is a more mature approach — one that assigns responsibility alongside recognition and measures success by outcomes rather than novelty.

    Omotosho’s appointment fits that pattern. It also tests it.

    Leadership in this phase will require difficult choices. Balancing affordability with sustainability. Investing in digital platforms without alienating core audiences. Navigating regulation without losing agility. These are not problems that yield to slogans or sentiment. They demand judgement, consistency and follow-through.

    Ugbe leaves behind a business defined by reach, institutional weight and cultural visibility. Omotosho steps in shaped by experience in markets where resilience mattered as much as growth. The foundation is solid.

  • Walking tightrope of bank recapitalisation

    Walking tightrope of bank recapitalisation

    As deadline approaches for the implementation of the new policy regime on bank recapitalisation, Nigerian lenders are edging toward a defining moment, with consolidation increasingly viewed as unavoidable for several lenders, reports Ibrahim Apekhade Yusuf

    With approximately 22 out of 34 licensed commercial banks that have reached or surpassed the apex bank’s benchmark, which is roughly 65 percent compliance rate, it is obvious that the quest to achieve the new recapitalisation policy is going to be a battle of the fittest.

    The recapitalisation exercise, which began in 2024, sets N500 billion for commercial banks with international authorisation, N200 billion for national banks, and N50 billion for regional banks. For non-interest banks, the thresholds are N20 billion (national) and N10 billion (regional).

    The 24‑month compliance window ends on March 31, 2026, a regulation that’s triggering a wave of equity issuances, merger talks, and balance-sheet restructuring across the sector.

    Interestingly, the recapitalisation echoes a 2004 exercise under then-CBN governor Charles Soludo, which forced banks to raise capital to N25 billion from N2 billion. That consolidation cut the number of lenders from 89 to 25 and paved the way for stronger players to emerge.

    Bank classifications

    From available information, lenders have completed the new capital raise with Access Bank, the country’s largest lender by assets, emerging as the first to scale through the hurdle.

    International Banks

    Access Bank

    Access Bank raised a total of N351 billion through a rights issue, making the Lagos-headquartered lender the first Nigerian bank to meet the new capital base of N500 billion. The rights issue involved 17.77 billion ordinary shares at N19.75 each. With a combined share premium and paid-up capital of N602.8 billion, the bank has exceeded the CBN requirement by N102.8 billion.

    Zenith Bank

    Zenith Bank has also concluded its recapitalisation exercise, raising over N350 billion through a combination of rights issues and public offers. The bank’s share capital now stands at N614 billion, surpassing the minimum capital requirement for international banks.

    First HoldCo (First Bank)

    First HoldCo Plc has also met the Central Bank of Nigeria’s (CBN) minimum capital requirement of N500 billion. The milestone, according to the lender, was achieved following the completion of a series of strategic capital initiatives, including a Rights Issue, a Private Placement, and the injection of proceeds from the divestment of the Group’s merchant banking subsidiary.

    GTCO

    Guaranty Trust Holding Company (GTCO) stands among lenders that have completed their capital requirements. Nigeria’s most valuable lender raised its capital through a multi-tranche equity program, raising over N209 billion in its first phase (late 2024/early 2025), with plans for further fundraising, including a recent private placement for N10 billion, to strengthen its banking subsidiary (GTBank) and fund group expansion. The capital injection boosts GTBank’s paid-up capital to over N504 billion, fulfilling new regulatory mandates.

    UBA

    United Bank for Africa raised N178.3 billion through a rights issue, pushing its capital base above the N500 billion minimum set by the Central Bank of Nigeria (CBN) for lenders with an international license.

    The capital raise, which closed in September 2025, follows a N239 billion injection completed in November 2024 that had lifted the bank’s capital to N355.2 billion. Combined, the transactions position UBA above the CBN’s recapitalisation threshold ahead of the March 2026 deadline, pending formal regulatory confirmation.

    Fidelity Bank

    Fidelity Bank has equally joined the league of lenders that have scaled through the new capital requirements ahead of the deadline.  The bank’s eligible capital now stands at N564.5 billion from N305.5 billion – a rise that’s done through a private placement carried out under a mandate granted by shareholders at an extraordinary general meeting on February 6, 2025, authorising the bank to issue up to 20 billion ordinary shares.

    The fundraising caps an aggressive capital-raising drive by Fidelity over the past two years. In 2024, the lender raised N175.85 billion through a public offer and rights issue, which brought its eligible capital to N305.5 billion. That left a shortfall of about N194.5 billion relative to the new minimum capital threshold.

    National Banks:

    Wema Bank

    Wema Bank also announced the completion of its recapitalisation by raising N150 billion through a rights issue of 14.29 billion shares at N10.45 per share, concluded on May 21, 2025. The bank is awaiting final verification from the CBN, with a N50 billion portion of the offer currently under review by the Securities and Exchange Commission (SEC), according to posts on social media.

    Citibank Nigeria

    Citibank Nigeria Limited (Citi) has also announced that it had successfully met the Central Bank of Nigeria’s (CBN) new minimum capital requirement of N200 billion for national commercial banks. The lender did not disclose how the capital was raised.

    Standard Chartered Bank

    Standard Chartered Bank Nigeria also said in November last year that it had met the N200 billion capital threshold through support from its UK-based parent.

    Ecobank Nigeria

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    Ecobank is also among the lenders that have crossed the recapitalisation hurdle, raising the minimum paid-up capital for a national bank.

    Globus Bank

    Globus Bank completed its capital requirement by raising N52.9 billion in 2024 to lift its capital to N98.6 billion, and followed in 2025 with a further N102 billion through rights issues and private placements. The raise, subscribed entirely by existing shareholders, took its capital above N200 billion.

    Stanbic IBTC

    Stanbic IBTC has equally scaled through the capital threshold set for national banks, as the lender raised N200 billion through a rights issue and a direct capital injection by its parent company.

    PremiumTrust Bank

    PremiumTrust Bank has met the N200 billion minimum capital requirement for National Commercial Banks ahead of the March 2026 deadline set by the Central Bank of Nigeria (CBN), becoming only the third national bank to do so.

    The upstart lender, just three years old, exceeded the new capital requirement after wrapping up a rights issue and private placement with CBN sign-off in August, placing the bank among the early complaints to the new rule.

    Providus Bank

    Providus Bank also completed its recapitalisation, an exercise done through a sealed strategic merger with Unity Bank. This makes Providus–Unity the first approved merger under the CBN’s recapitalisation programme announced earlier in 2024.

    Other banks that have met the new capital requirement include merchant banks such as FSDH Merchant Bank, Greenwich Merchant Bank, Nova Bank, and Rand Merchant Bank.

    Non-interest banks are not left behind, as Jaiz Bank, Lotus Bank, and TAJBank have beefed up their capital ahead of the CBN deadline.

    Matter arising over recapitalisation

    While the largest banks have completed their recapitalisation programmes, the pressure has pivoted to Tier-2 and Tier-3 banks. DataPro’s recent outlook points to at least three potential mergers among mid-tier banks.

    “Past consolidation efforts, such as those in 2005, highlight the potential pitfalls of IT system failures and cultural clashes. Particularly challenging is the merger of conservative Tier-1 banks with aggressive Tier-2 acquirers, which could cause decision-making gridlock and operational disruptions,” said Idris Shittu, an analyst expert on enterprise risk management for DataPro.

    Rising interest rates, persistent inflation, and subdued liquidity have made standalone capital raising more expensive and less predictable. For smaller banks without strong retail franchises or diversified income streams, mergers are increasingly seen as the least disruptive route to survival. Yet consolidation comes with trade-offs.

    “This regulatory push has spurred an active M&A environment, but it brings with it considerable risks. Post-merger integration challenges, including IT system harmonisation, cultural alignment, and the migration of Non-Performing Loans, could strain newly merged entities, especially among smaller banks. The looming deadline has also sparked ‘War Room’ discussions focused on deal execution and risk mitigation.”

    As banks reposition, the sector faces what DataPro characterises as a convergence of three structural pressures. First is regulatory tightening. Nigeria’s 45 percent Cash Reserve Ratio continues to constrain liquidity, effectively locking away a significant share of banks’ deposits and limiting balance sheet flexibility.

    Second is execution risk. Mergers bring challenges around asset quality, governance alignment, and technology integration. The Punch has previously reported concerns among analysts that poorly aligned mergers could expose acquiring banks to hidden non-performing loans.

    Third is technological disruption. Fintech operators such as Moniepoint and Opay are steadily eroding banks’ dominance in payments and SME banking. Shittu warned that traditional lenders risk losing younger customers unless they accelerate digital innovation.

    There is expected to be a shift in how Nigerian banks compete. Rather than operating solely as financial intermediaries, many are exploring platform-based models that embed lifestyle and commerce services into banking apps.

    To bridge the gap, banks are increasingly weighing fintech acquisitions or the creation of standalone digital subsidiaries designed to operate outside traditional banking bureaucracy.

    CBN governor’s determined will

    The Central Bank of Nigeria, led by its Governor, Olayemi Cardoso, has sustained momentum around its vision of promoting regulatory excellence while reinforcing the foundations of Nigeria’s financial system. Central to this effort is the ongoing bank recapitalisation programme, which has already seen about 20 banks meet the new minimum capital thresholds. The exercise, analysts say, reflects the apex bank’s resolve to entrench a stronger, safer, and more resilient financial architecture that aligns with global standards and best practices.

    At its core, the recapitalisation drive—being executed through fresh capital raising—aims to position the banking system to better absorb shocks, support economic growth, and safeguard depositor funds. Industry observers note that the emergence of larger and better-capitalised banks stands out as one of the most important expected outcomes of the initiative.

    Under Cardoso’s leadership, the CBN has consistently emphasised that sustainable economic expansion cannot be achieved without a solid and dependable financial system. As a result, the regulator is focused on ensuring coherence between monetary and fiscal policies in order to advance the Federal Government’s growth agenda, including the long-term aspiration of building a $1tn economy.

    For the apex bank chief, strengthening compliance culture and deepening risk-management frameworks are non-negotiable priorities. The CBN’s leadership, he has repeatedly stated, is committed to protecting the integrity of Nigeria’s financial sector while enhancing its resilience and credibility both at home and abroad.

    Cardoso has assured stakeholders that the apex bank will insist on stronger corporate governance, enhanced transparency, and firmer accountability to safeguard funds raised through the exercise. He revealed that while several banks have already crossed the new capital thresholds, others are making steady progress and are well-positioned to meet the March 31, 2026 deadline without difficulty.

    “Banks meeting or exceeding the new requirements is a clear testament to the depth, resilience, and capacity of Nigeria’s banking sector,” Cardoso stated.

    In further support of these reforms, the CBN has established a dedicated Compliance Department, which is now fully operational. Its responsibilities span financial crime supervision, market conduct oversight, enterprise security, corporate governance, and Environmental, Social and Governance standards.

    The CBN Credit Risk Management System has already been upgraded to a web-enabled platform, allowing banks and other stakeholders to directly access the database for statutory reporting and borrower status enquiries. In addition, the apex bank is integrating the CRMS with other banking systems to enhance efficiency and oversight.

    A report by Deloitte titled “Nigeria’s macro headwinds trigger bank recapitalisation” estimates that the total funds to be raised by the end of the exercise on March 31, 2026, will amount to N4.14tn. The report noted that raising banks’ minimum capital from N50bn to as much as N500bn, depending on licence category, is a critical step toward strengthening capital adequacy within Nigeria’s financial industry.

    According to Deloitte, Nigerian banks’ capital adequacy has come under pressure from macroeconomic challenges, including elevated inflation and interest rates, currency volatility, and foreign-exchange liquidity constraints.

    “The upward revision will ensure that Nigerian banks have the capacity to take on bigger risks and stay afloat amid both domestic and external shocks. It also means increased liquidity position of banks, which will help broaden their loss-bearing capabilities,” the report stated.

    With just a few months left before the recapitalisation programme concludes, the CBN governor disclosed that implementation remains firmly on course. “As we strengthen the capacity of our banks, stress-testing this year confirms that Nigeria’s banking sector remains fundamentally robust. Key financial soundness indicators overwhelmingly satisfied prudential benchmarks during the year,” Cardoso added.

    Beyond capital adequacy, the apex bank is also reinforcing operational discipline to ensure that the financial system functions efficiently for all Nigerians. “Our starting point was a comprehensive, end-to-end review of the entire cash lifecycle: from production, to transportation, to distribution, and eventual access by consumers. This holistic assessment enabled us to address root causes rather than symptoms,” he explained.

    Addressing bankers recently, Cardoso emphasised that the ethics and professionalism of bankers and treasurers remain under constant scrutiny. To strengthen market discipline, the CBN has introduced the FX Global Code for all authorised dealers and market participants, with the aim of ensuring full compliance with foreign-exchange regulations.

    He urged the Chartered Institute of Bankers of Nigeria to play a leading role in promoting and demonstrating the highest professional standards within the industry.

    “At the Central Bank, we have intensified surveillance of market activities to ensure compliance and eliminate bad actors who attempt to undermine the system. Together, we must build a market based on strong governance and transparency. As regulators, we will maintain a zero-tolerance approach to compliance violations,” he said.

    Views of industry players

    Expectedly, players in the banking and financial service sector consider the policy a gamechanger of some sorts.

    Firing the first salvo, the Group Managing Director of United Bank for Africa, Mr Oliver Alawuba, described the CBN’s recapitalisation policy as both timely and necessary, noting that it positions the financial system to respond effectively to the needs of a growing and globally competitive economy.

    According to Alawuba, the initiative is expected to enhance the banking sector’s resilience by strengthening its ability to withstand economic shocks such as inflation, currency volatility, and global geopolitical disruptions. He added that the policy would also place Nigerian banks in a stronger position to finance long-term economic transformation, including large-scale infrastructure and industrial projects.

    Alawuba stressed that recapitalisation extends beyond mere regulatory compliance. Rather, he described it as a forward-looking strategy designed to equip Nigerian banks with the scale and sophistication required to support a trillion-dollar economy.

    He explained that stronger capital buffers would enable banks to better support traditional sectors such as oil and gas, agriculture, and manufacturing, while also expanding financing for emerging areas including fintech, green energy, and infrastructure development.

    “Nigerian banks need adequate capital buffers to meet the evolving demands of these sectors. Without this, the industry cannot effectively rise to the challenge,” he said.

    “I am pleased to note that a significant number of banks have raised the required capital through rights issues and public offerings well ahead of the 2026 deadline. I believe that the banking sector is in a strong position to support Nigeria’s economic recovery by enabling access to credit for MSMEs and supporting investment in critical sectors of our economy,” he added.

    Oyo State chairman of the Nigerian Economic Society (NES), Dr Alarudeen Aminu, said the current recapitalisation was aimed more at restoring the real value of banks’ capital rather than expanding their capacity.

    “The recent recapitalisation has more to do with addressing the shortfall in the real value of the capital of our banks as a result of naira devaluation,” Aminu said.

    He noted that while the Central Bank of Nigeria’s decision to raise minimum capital requirements was a positive step, recapitalisation alone would not guarantee financial system stability.

    Aminu recalled that the 2004–2005 recapitalisation exercise exposed governance weaknesses in the sector, leading to fund diversion, excessive stock market speculation and eventual bank failures.

    Also speaking, Acting Head of the Department of Banking and Finance, University of Ibadan, Dr Ifeayin Onwuka, said that strong capital buffers were essential for banks to withstand economic shocks and finance large-scale investments.

    “Equity capital is a buffer. When a bank has robust capital, it can weather shocks much better than when it doesn’t,” Onwuka said.

    The don explained that weak capitalisation previously limited Nigerian banks’ ability to undertake big-ticket transactions, adding that Nigeria’s aspiration of becoming a one-trillion-dollar economy required strong and globally competitive banks.

  • Islamic finance to incorporate financial reporting system

    Islamic finance to incorporate financial reporting system

    Islamic finance has received a major boost as the Federal Government has announced plans to integrate Islamic finance accounting and auditing standards into Nigeria‘s financial reporting system, a move aimed at boosting transparency, expanding financial inclusion, and positioning the country as a hub for non-interest finance in Africa.

    The initiative was unveiled by the Financial Reporting Council of Nigeria (FRCN) during a stakeholders’ engagement in Abuja.

    The standards, developed by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), a Bahrain-based body established in 1991, are widely recognised across countries with strong Islamic finance markets, including Saudi Arabia, Pakistan, Sudan, Indonesia, and parts of the Gulf Cooperation Council.

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    AAOIFI standards are tailored to the unique nature of non-interest financial transactions such as profit-and-loss sharing, sukuk (Islamic bonds), takaful (Islamic insurance), and other Shari’ah-compliant products that conventional reporting frameworks often fail to capture.

    Currently, Islamic finance institutions in Nigeria rely on conventional reporting systems, making adjustments to reflect Shari’ah-compliant transactions. The planned integration is expected to close these gaps, strengthen credibility, and align Nigeria’s non-interest finance sector with global best practices while maintaining local regulatory requirements.

    By adopting these standards, Nigeria hopes to attract investment, deepen trust in its financial system, and accelerate the growth of Islamic finance, a sector increasingly seen as vital for diversifying the economy and promoting inclusive development.