The Nation Newspaper

Category: Business

  • Sterling HoldCo sustains profit momentum, grows earnings 99% in 2025

    Sterling HoldCo sustains profit momentum, grows earnings 99% in 2025

    Sterling Financial Holdings Company Plc (“Sterling HoldCo” or “the Group”) has announced its interim, unaudited financial results for the year ended December 31, 2025, headlined by a 99% year-over-year (YoY) increase in profit before tax (PBT). The margin highlights a period of sustained performance, building on the 102% growth achieved in 2024 and affirming the Group’s position as one of the fastest-growing financial institutions in the region.

    The results also indicate an optimisation of the Group’s diversified portfolio, underlined by a 22% return on equity. Through a focus on operational efficiency and aggressive balance-sheet expansion across its banking and non-banking verticals, Sterling HoldCo has successfully translated favourable yields and increased transaction volumes into a strengthened capital position and superior value for its stakeholders.

    Gross earnings increased by 46% YoY to ₦476.5 billion, driven by growth across both interest and non-interest income streams, while PBT stood at ₦90.7 billion. Additionally, the Group demonstrated improved operational efficiency, with the cost-to-income ratio declining to 63%, compared with 72% in 2024, reflecting controlled operating expenses alongside revenue expansion.

    The consistency in Sterling HoldCo’s 2025 performance reflects that beyond the accelerated earnings growth in the year, the institution is now benefiting from more balanced growth, driven by strategic income lines, enhanced operational efficiency, and disciplined capital deployment across its various verticals. The margins also underscore the scalability of its platforms and the resilience of its business model in navigating a demanding operating environment.

    Interest income rose 43% to ₦369.6 billion, supported by growth in loans and advances to customers and improved yields on investment securities. Non-interest income increased by 57.3%, reflecting higher trading income, growth in fees and commissions, and contributions from other income sources, further strengthening its earnings mix.

    The Group also recorded steady balance-sheet growth in 2025. Total assets increased by 11% to ₦3.92 trillion, driven mainly by growth in customer lending and investment securities. Customer deposits grew by 18% to ₦2.98 trillion, supported by increased customer activity and product adoption across the Group’s platforms.

    A key driver of Sterling HoldCo’s improved performance has been its continued investment in digital and operational capabilities across its banking and non-banking businesses. These investments have enhanced service delivery, improved cost efficiency, and strengthened its capacity to support growing customer volumes while maintaining sound risk controls.

    Shareholders’ funds increased by 39% to ₦424.0 billion, supported by retained earnings and continuous profitability, further strengthening the Group’s capital position and capacity to support growth.

    Building on the appreciation of shareholders’ funds, Sterling HoldCo has fortified its capital structure by ensuring its subsidiaries met the Central Bank of Nigeria’s new recapitalisation requirements well ahead of the March 2026 deadline. This achievement was driven by a series of disciplined capital-raising initiatives, including a public offer of over ₦88 billion to bolster Sterling Bank’s position, and a prior capital injection that secured The Alternative Bank’s status as a national non-interest bank.

    With a stronger capital position, increasing deposits, and a diversified earnings base, Sterling HoldCo is well-positioned to sustain growth across its subsidiaries, deploying capital responsibly, and supporting sustainable economic activity.

  • Transcorp power records 30 percent year-on-year revenue growth, reaches N398.27bn

    Transcorp power records 30 percent year-on-year revenue growth, reaches N398.27bn

    Transcorp Power Plc has announced its audited financial results for the year ended December 31, 2025, recording a revenue of ₦398.27 billion for the period from ₦305.94 billion in FY 2024 indicating robust growth.

    The revenue went up by 30 percent from ₦305.94 billion in FY 2024). Gross profit of ₦162.44 billion (up 14% Year on Year from ₦142.21 billion in FY 2024) was also recorded.

    The profit after tax stood at ₦91.42 billion (up 14% Year on Year from ₦80.01billion in 2024).

    The Earnings per Share (EPS) was ₦12.19 ((up from ₦10.67 in 2024) while total assets went up to ₦563.48 billion (up 42% from ₦396.78 billion in FY 2024).

    The company stated the performance drivers include: The return of GT20, adding 100MW to the national grid from January 3, 2025, significantly improved overall generation output as well strengthened financial position by paying off over ₦7 billion in borrowings, demonstrating disciplined financial management and commitment to reducing leverage.

    Read Also: Transcorp hotels Plc posts ~N100bn in 2025, grows profit by 49 percent

    Chairman Board of Directors Transcorp Power Plc Emmanuel Nnorom said: “We remain dedicated to improving lives and transforming Africa, ensuring operational excellence and making strategic investments that deliver sustainable, long-term value to our shareholders, while also powering Nigeria’s socioeconomic development.”

    “The confidence in our financial position allows us to propose a full year dividend of ₦5.50k per share for 2025 comprising an interim dividend of ₦1.50k paid on August 18, 2025, and a final of ₦4.00k, representing a 10 per cent increase from the previous year dividend.”

    MD/CEO of the company, Peter Ikenga said: “Our FY 2025 results reflect our steadfast commitment to operational excellence, sustainable growth, strategic market expansion and enhanced generation capacity, which continue to fuel significant revenue growth, enabling us to consistently generate power to the national grid.

    During the year, we increased our average available capacity from 417MW to 550MW and improved average generation output despite grid and transmission line-related issues.

    “Notwithstanding the network transmission line issues, our FY 2025 performance remained strong and reflects our steadfast commitment to operational excellence and sustainable growth.

    Our confidence in the future trajectory of Transcorp Power Plc to deliver exceptional value to our shareholders remains unwavering.

    We will continue to work with relevant stakeholders, particularly Transmission Company of Nigeria, to strengthen the transmission lines and improve evacuation from our plant in 2026 and beyond.”

  • Cape Town convention signing will drive aviation growth – Osamo

    Cape Town convention signing will drive aviation growth – Osamo

    An energy and aviation expert, Mr Dare Osamo, has commended the Federal Government under President Bola Ahmed Tinubu for the recent signing of the Cape Town Convention, describing it as a strategic policy decision that aligns with the administration’s Renewed Hope Agenda and signals a new phase of growth for Nigeria’s aviation sector.

    Osamo, who is the Managing Director of Impact Energy, said the decision, executed by the Minister of Aviation and Aerospace Development, Festus Keyamo, SAN, would significantly improve aircraft leasing conditions for local airlines, unlock new investment opportunities, and strengthen confidence in Nigeria’s aviation market.

    According to him, the Cape Town Convention provides a globally recognised legal framework that protects the interests of aircraft lessors and financiers, particularly in asset recovery and enforcement of rights. 

    Its implementation, he noted, addresses a critical structural challenge that has historically limited the growth of indigenous airlines.

    “This is a clear demonstration of purposeful governance under President Bola Ahmed Tinubu,” Osamo said. 

    “The Renewed Hope Agenda is about removing systemic bottlenecks and restoring investor confidence, and the signing of the Cape Town Convention fits squarely within that vision.”

    He explained that access to aircraft through leasing has been one of the most difficult hurdles for Nigerian operators, largely due to perceived legal and regulatory risks. With the convention now in place, Osamo said local airlines would be able to lease aircraft more easily, on better terms, and at lower costs.

    “This development makes aircraft leasing easier, more effective, and more predictable for Nigerian operators,” he said. “As a result, we will see organic growth in local fleets, improved service delivery, and a more competitive aviation industry.”

    Osamo added that the expansion of airline fleets would have far-reaching economic implications. He said increased aircraft numbers would drive demand for aircraft parts, maintenance services, aviation consumables, and jet fuel, creating opportunities across the aviation and energy value chains.

    “As fleets grow, the supporting industries grow alongside them,” he said. “From engineers and technicians to fuel suppliers and logistics providers, this will naturally create more jobs and deepen local capacity.”

    He further noted that improved access to aircraft would allow airlines to open new domestic and regional routes, particularly to underserved destinations, thereby improving connectivity, stimulating commerce, and supporting national development.

    Osamo also highlighted the role of the Minister of Aviation, Festus Keyamo, SAN, in driving reforms aimed at revamping the sector. He said Keyamo’s engagement with international aviation stakeholders, emphasis on regulatory clarity, and commitment to restoring credibility to Nigeria’s aviation ecosystem have laid the groundwork for reforms such as the Cape Town Convention.

    “The minister has been deliberate in addressing legacy issues in the aviation sector,” Osamo said. “From improving Nigeria’s global aviation standing to engaging lessors, financiers, and international partners, this signing reflects a broader reform agenda already underway.”

    He described the move as a foundational policy shift that, if properly implemented and supported with complementary reforms, could reposition Nigeria as a more attractive destination for aircraft leasing, aviation services, and regional air transport operations.

    Osamo urged continued collaboration between government, regulators, and private sector stakeholders to ensure the full benefits of the convention are realised.

    “The signing of the Cape Town Convention is not just a legal exercise; it is an economic enabler,” he said. “It sends a strong message that Nigeria is open for business and serious about building a sustainable, growth-driven aviation industry under the Renewed Hope Agenda.”

  • Lagos okays N140b for social protection

    Lagos okays N140b for social protection

    The Lagos State government has allocated over N140 billion to social protection initiatives aimed at improving the lives of residents and ensuring that no Lagosian is left behind in the state’s development agenda.

     The Permanent Secretary, Ministry of Economic Planning and Budget, Mrs. Olayinka Ojo, disclosed this at the Lagos State Social Protection Partners Forum, describing the investment as a clear demonstration of the government’s commitment to shared prosperity and inclusive growth.

    “Mr. Governor, Mr. Babajide Sanwo-Olu, has emphasised his commitment to positively impacting the lives of Lagosians, with over 20 social-focused MDAs, more than 90 social interventions, and over N140 billion in budgetary allocation,” Mrs. Ojo stated.

     She explained that the financial commitment reflects the administration’s determination to build a coordinated social protection system that caters to vulnerable residents across all local governments and local council development areas.

     According to her, the state has made commendable progress in establishing frameworks to support the poor and vulnerable. “Today marks a significant milestone in our state’s commitment to the principle of shared prosperity,” she said, adding that the government is developing standards and systems for social investment aimed at eradicating poverty.

    READ ALSO: The dynamics of Kano governor’s defection

    Mrs. Ojo noted that the Lagos State Social Protection Policy, approved in 2020, targets improvements in livelihoods, health, education, gender equality, youth empowerment, support for persons living with disabilities, and overall human capital development. The policy is being driven by the Social Protection Coordinating Department, which serves as the secretariat for 22 identified MDAs working through a technical working group.

    She said the state stands out as the only state in Nigeria with a dedicated Social Protection Coordinating Department. “While other states have remained at the residual creation of the Federal Government of Nigeria, the Lagos State government has taken it further, investing your taxes and revenue into ensuring that your lives are catered for,” she said.

    She said the government is developing an advanced data management system to map vulnerable populations across the state using geospatial technology combined with community-level engagement. “We intend to create a system that does not just share out the so-called shared prosperity, but identifies where the vulnerable are and ensures inclusion and empowerment, especially for our youth,” she explained.

    She added that in 2025, the state plans to intensify downstream integration of its social register through engagements with Community Development Association chairmen, Community Development Committee coordinators, and market leaders across Lagos.

    “Who will first recognise and identify those who are vulnerable in their community? It takes the community leaders, those who dwell in the same community with the vulnerable people,” Mrs. Ojo said.

    UN Women Country Representative, Beatrice Eyong, emphasised the critical need for gender-responsive social protection systems, noting that fewer than one in ten people are covered by at least one form of social protection.

    Speaking at the forum, Eyong commended the Lagos State Government’s leadership in strengthening social protection systems that place inclusion and dignity at the centre of governance.

    “At the heart of effective social protection is the need for a fairer, more responsive approach that recognises the different realities, beliefs and experiences of women, girls, men and boys,” she stated, describing the forum as a timely platform for collaboration among government, development partners, civil society and the private sector.

    According to her, the country faces significant challenges. “Women are more likely than men to live in poverty, especially in illiterate households, due to limited access to civil, legal, land, trade and social insurance rights. According to the National Bureau of Statistics, over 70 per cent of working women in Nigeria live in poverty-impacted states, while immigrated households account for 32 per cent,” she said.

    “If you calculate that, it means Nigeria has at least 40 million persons—boys and girls, men and women—living in those households,”Eyong added, warning that without deliberate intervention, poverty would continue to deepen.

    Social Policy Manager, UNICEF, Muhammad Okorie, commended Lagos for its exemplary leadership in implementing comprehensive social protection programmes that prioritise grassroots engagement and long-term human capital development.

    “When you think long-term, you are already thinking about human capital development. You are thinking about how to build the next generation that will drive the economy,” Okorie said, highlighting the link between social protection and economic competitiveness.

    He noted that Lagos stands out among states for its forward-thinking approach. “They are already thinking beyond 2026, projecting into 2027,” he said, adding that the state has demonstrated a truly multi-sectoral commitment to social protection.

    Executive Secretary, Lagos State Scholarship Board, Mrs. Daranijo, emphasised the importance of collaboration in ensuring that no child is denied access to education due to financial constraints.

    “Partnering for the good of the community can never go wrong. The government continues to support students and the institutions that serve their communities,” she said, highlighting the board’s collaboration with stakeholders in identifying and supporting deserving students.

    She explained that the scholarship programme works closely with communities to verify family circumstances and ensure that financial hardship does not become a barrier to education. “We work with communities to verify family situations so that children can still go to school despite financial challenges,” she said.

    The forum also featured the formal presentation of the Lagos State Social Protection Report 2025, titled “Leaving No One Behind: Tracking Social Protection Coverage and Vulnerability.”

  • Freight forwarders pledge support for Fed Govt’s reforms

    Freight forwarders pledge support for Fed Govt’s reforms

    Freight forwarders have hailed the economic reform agenda of President Bola Tinubu as captured in the Renewed Hope Agenda.

    They also commended ongoing transformation in the aviation sector led by the Minister of Aviation and Aerospace Development, Barr Festus Keyamo (SAN) and Managing Director and Chief Executive Officer, Federal Airports Authority of Nigeria (FAAN), Mrs Olubunmi Kuku.

    The freight forwarders, acting under the aegis of Association of Nigeria Licensed Customs Agents (ANLCA), Murtala Muhmmad International Airport chapter, spoke against the background of the recent issues they have with charges at the airport.

    Chairman of the chapter, Temitope Akindele, in a note, said the agents commend the giant strides of the economic reforms of Mr President that have elicited the attention of the international community and had become a reference point for other countries.

    READ ALSO: The dynamics of Kano governor’s defection

    He said while the association has been supporting the government’s reforms, it shall continue to do so because the reforms are yielding tangible results. He however said there is need for synergy and understanding among the stakeholders in the sector for maximum result.

    Giving a background to the issue of multiple charges which the group is kicking against, he said: “It all started in year 2005, when Federal Airport Authority of Nigeria (FAAN) suddenly came and demolish our secretariat, our monument of peace, a structure we built with about N150 million. FAAN demolished our secretariat that took us six years to raise money to build without prior notice.  After the demolition, we roamed round for about five years without a shelter under which we could do business and contribute to the economy.”

    He said before the demolition, agents were paying N2 per kilo, adding that in 2010, FAAN came up again that they want to make an increment to N7 per kilo but we did not agree to that because the secretariat that was pushed down, nothing had been done to it.

    “We told FAAN that if there will be an increment, it must give us a site where we can build another structure. In that very 2010, we had 17 meetings we had with all the stakeholders, and FAAN agreed to give us a site on which we built our secretariat now and we have been paying the N7 per kilo since then.

    “Ordinarily, the money we are paying, to us, we see it as illegal because FAAN has sold its statutory rights to the cargo handlers, and the cargo handlers are SAHCOL and NAHCO, the two cargo handlers that are at the airport. NAHCO collects money on behalf of FAAN and so does SAHCOL. They collect N25 per kilo, each, and remit it to FAAN. Number two, airlines also collect N5 per kilo, and remit to FAAN.

    “Now, FAAN will come to us again to collect money. We see this as multiple charges, but even at that, we didn’t care. Now, FAAN came up again this year and increased the charges from N7 to N20, almost 200 per cent. FAAN didn’t tell us before the increment. We wrote a series of letters to FAAN seeking audience but FAAN ignored us,” he said.

    Akindele said the FAAN Act 2022, which has about nine parts made provisions for the involvement of stakeholders in the management of the facility.

    He said the Act did not make provision for multiple charges, adding that it made provision for FAAN to provide operational base for stakeholders.

    While acknowledging the power of FAAN to impose charges, he said such an action should involve stakeholders.

    He said: “What we are saying is that, FAAN should call us for a meeting. Ordinarily, inside the Act 2022, it was specifically mentioned there that if anything should happen, they should engage the stakeholders.

    “And who are the stakeholders? We are three. Number one is the freight forwarders. Number two is the cargo handler. And number three is the airlines because they are the ones collecting money on behalf FAAN.

    “We are now appealing to Honourable Minister of Aviation, Festus Keyamo (SAN) to intervene because he built his reputation as a human rights lawyer fighting for equity and justice. Let him give us an opportunity to state our case. We have been supporting the New Hope Agenda of Mr. President and we shall continue to support to support him because we are seeing the dividends of the president’s reforms.”

  • How Nigeria can move from potential to economic prosperity, by NRS boss

    How Nigeria can move from potential to economic prosperity, by NRS boss

    For Nigeria to attain sustainable economic growth and prosperity, there must be a paradigm shift from  dependence on raw materials’ exports to one that embraces ideas, innovation and production of complex products, the Chairman, Nigeria Revenue Service (NRS), Dr Zacch Adedeji, has said.

    Adedeji, who made the submission yesterday while delivering the maiden Distinguished Personality Lecture of the Faculty of Administration, Obafemi Awolowo University (OAU), Ile-Ife, Osun State, stressed the need to rethink growth through the lens of complexity, by not just producing more of the same stuff.

    The Special Adviser on Media, to the NRS chief, Dare Adekanmbi, in a statement, said Adedeji, in the lecture entitled, ‘From Potential to Prosperity: Export-led Economy’,  lamented that Nigeria possesses a high-tech oil sector and low-productivity informal sector, and lack the vibrant labour-absorbing industrial base that serves as a bridge to higher complexity.”

    He said Nigeria witnessed stagnation in its exportation drive for three decades between 1998 to 2023, and only added six new products in its export basket list between 2008 and 2023, adding that “because of our current position, the Harvard Atlas concluded that we are positioned to take advantage of very few opportunities to diversify using what we already know.”

    READ ALSO: President rallies relief materials to affected Kwara communities

    Adedeji urged Nigeria to learn from the world by comparative study of success and failure like Vietnam, Bangladesh, Indonesia, South Africa and Brazil.

    “We are not just looking at numbers in a vacuum; we are looking at the strategic choices made by nations like Vietnam, Indonesia, Bangladesh, Brazil and South Africa over the same 25-year period,” saying “while there are many ways to underperform, the path to success is remarkably consistent: it is defined by a clear strategy to build economic complexity.

    “When we put these stories together, the divergence is clear. Vietnam used global trade to build a resilient, complex economy, while the others remained dependent on natural resources, or a single low-tech niche.”

    Continuing, Adedeji said “there are three big lessons here for us in Nigeria as we think about our roadmap. First, avoiding the resource curse is necessary, but it is not enough. You need a proactive strategy to build productive capabilities,” he added..

    He said “Vietnam’s success came from integrating itself into Global Value Chains (GVCs). They positioned themselves as the assembly hub for the world’s electronics, importing high-tech parts and exporting finished products.This allowed them to “borrow” technology and management skills from abroad to build their own know-how.

    “Nigeria, on the other hand,” he posited, “remains a supplier of raw materials to these chains, not an active participant within them. We must realise that productive capabilities are not permanent. The examples of South Africa and Brazil show us that you can actually lose your industrial edge if you are not careful. Over-reliance on the easy path of resource extraction creates economic and political incentives that crowd out the difficult, long-term work of building an industrial base.”

    He said that for Nigeria, which is at an even earlier stage of development and even less diversified than these nations, the warning is stark. “Relying solely on our natural endowments isn’t just a path to stagnation; it’s a path to regression. The global economy increasingly rewards knowledge and complexity, not just what you can dig out of the ground. If we want to move from potential to prosperity, we must stop being just a source of raw materials, and start being a source of ideas, innovation, and complex products.

    Adedeji said that President Bola Tinubu has already begun the difficult work of rebuilding the economy to ensure collective knowledge to innovate, produce and build a resilient economy.

    “The journey from potential to prosperity” in his word, “is not a short one, but with the right map and the right resolve, it is a journey we can finally complete,’ he added.

  • UBA reaffirms commitment to Benin Republic’s economic growth

    UBA reaffirms commitment to Benin Republic’s economic growth

    Group Managing Director/CEO, United Bank for Africa (UBA), Oliver Alawuba, has reinforced the bank’s commitment to deepening and facilitating Republic of Benin’s economic growth, through dedicated support for its transformative infrastructure and development projects.

     Alawuba made this disclosure during a high-level strategic working visit to the country on the 28th of January 2026.

    The one-day engagement, which focused on strengthening ties with the government, key corporate clients, and the bank’s internal team, underscored UBA’s integrated approach to fostering economic growth.

    Alawuba, who spoke during the courtesy meeting with the Senior Minister of Finance, Economy, and Cooperation of Benin, Romuald Wadagni, highlighted the bank’s ongoing as well as future support for the Government of Benin’s transformative infrastructure and development projects.

     “Our presence in Benin is that of a committed stakeholder, and we see our role as a catalyst that will continue to collaborate in turning the vision of Benin’s strategic development plans into a tangible, bankable reality,” he said.

    READ ALSO: President rallies relief materials to affected Kwara communities

    He further expressed the bank’s appreciation for the government’s partnership, specifically acknowledging the land allocated to UBA Benin as compensation for its former main branch, which was acquired for public utility.

     “The government’s gesture is a powerful symbol of trust and mutual respect, and it signals a partnership that we look forward to, and most importantly, we are eager to build a new landmark on that foundation, and one that will facilitate even greater service to the Beninese people,” he added.

    Alawuba was joined by the CEO, UBA Africa, Sarata Koné Thiam, while Minister Wadagni was accompanied by the Director of the Debt Department, Hugues Oscar Lokossou.

    Moving beyond government dialogue, Alawuba’s itinerary included strategic corporate visits to reinforce client relationships, where he held meetings with top-tier clients, including Fludor and AKRAKE, to discuss evolving banking needs and explore collaborative opportunities

    While addressing them, Alawuba expressed gratitude for their support and positioned UBA as a crucial partner for industrial growth.

     “We are equally grateful for the steadfast trust you place in UBA as your financial partner, and this trust is not something we take for granted; it is the foundation upon which we build deeper, more supportive collaborations”

     “To this end, I want to personally assure you that all your requests and concerns will continue to receive our immediate and focused attention. My directive to the team is clear: we will expedite every necessary action to structure a solution that effectively hedges your risk and supports the fluidity of your operations. UBA is here to facilitate your business momentum,” he emphasized.

    Alawuba’s visit culminated in a Town Hall meeting with UBA Benin staff at the Novotel Hotel, where the achievements of the staff were celebrated, and morale was boosted.

  • Nigeria eyes $1.5b share in global $7.7tr halal market

    Nigeria eyes $1.5b share in global $7.7tr halal market

    The Federal Government yesterday launched Nigeria’s National Halal Economy Strategy, as it moved to position the country to tap into the $7.7 trillion global halal market and diversify the economy through exports, industrial value chains and ethical finance.

    President Bola Tinubu unveiled the strategy at the State House, Abuja, describing it as a signal of Nigeria’s readiness to take a “huge chunk” of a global market expected to add an estimated $1.5 billion to the nation’s gross domestic product (GDP) by 2027.

     Represented by Vice President Kashim Shettima, President Tinubu said “it is with this sense of responsibility that I formally unveil the Nigeria National Halal Economy Strategy”.

     In a statement by his Senior Special Assistant on Media and Communications, Office of the Vice President, Stanley Nkwocha, Tinubu said “this document is a declaration of our promise to meet global standards with Nigerian capacity and to convert opportunity into lasting economic value”.

    READ ALSO: The dynamics of Kano governor’s defection

     The Vice President called for “disciplined, inclusive, and measurable” implementation, stressing that the strategy must translate into “jobs, exports, and shared prosperity across our nation.”

     He announced that the strategy committee would be chaired by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, whom he described as “supremely competent.”

    Shettima outlined the plan’s key ambitions up to 2030, including expanding halal-compliant food exports, developing pharmaceutical and cosmetic value chains, positioning Nigeria as a halal-friendly tourism destination, and mobilising ethical finance at scale.

    According to him, the combined efforts “are projected to unlock over twelve billion dollars in economic value, while strengthening food security, deepening industrial capacity, and creating opportunities for small-and-medium-sized enterprises across our states.”

    Addressing concerns linking halal to religious affiliation, Shettima said the global halal economy had outgrown “parochial interpretations,” explaining that it is now defined by “trust,” with systems that emphasise “quality, traceability, safety, and ethical production.”

    He noted that these principles appeal widely to consumers and investors seeking certainty in how goods are produced, financed and delivered.

    The Vice President also said several western economies have integrated halal into their export and quality-assurance systems, naming the United Kingdom, France, Germany, the Netherlands, the United States, Canada, Australia and New Zealand as among leading producers, certifiers and exporters of halal food, pharmaceuticals, cosmetics and financial products.

    “The halal economy is a global market framework rooted in standards, safety, and consumer trust, not geography or belief,” he said.

    Shettima said the strategy was inspired by the Tinubu administration’s commitment to diversify exports, attract foreign direct investment and create sustainable jobs across the federation.

    He disclosed that it was developed through partnerships involving the Halal Products Development Company (HPDC), a subsidiary of the Saudi Public Investment Fund, alongside Dar Al Halal Group Nigeria, with technical backing from institutions including the Islamic Development Bank and the Arab Bank for Economic Development in Africa.

    The Vice President also linked the initiative to Nigeria’s recent state visit to Türkiye, which he said reinforced the country’s drive to build a globally competitive halal ecosystem.

    A major outcome of that visit was the signing of an agreement on Halal Quality Infrastructure between Nigeria and Türkiye, aimed at strengthening standards, accreditation, certification and quality assurance systems to boost international acceptance of Nigerian halal products and services.

    Speaking at the event, Oduwole said the strategy was a public-private collaboration shaped through extensive stakeholder engagement.

    She said the private sector led the drive to make it a “whole-of-government and whole-of-country intervention,” with the Office of the Vice President coordinating ministries, departments and agencies, while her ministry played a pivotal role.

    “What the Halal Strategy has done for Nigeria is to position us among countries that export Halal-certified goods across the world,” she said.

    Oduwole added that Nigeria would leverage the African Continental Free Trade Area (AfCFTA) to expand exports of halal-friendly goods across Africa and beyond, stressing that participation would be voluntary.

    Also speaking, Chairman and CEO of Dar Al-Halal Group Nigeria Limited, Alhaji Muhammadu Dikko Ladan, said an export programme was already underway through the Ministry of Industry, Trade and Investment to onboard Nigerian companies into the Saudi Arabian market and other destinations.

    He described the strategy as a landmark opportunity that would create market access and attract foreign direct investment.

    In a message from the French Embassy, Financial Counsellor Carole Lebreton, representing French Ambassador Marc Fonbaustier, said the strategy was significant for Nigeria–France relations, noting that France was exploring more ways to build socio-economic bridges with Nigeria.

    She said the French government was ready to support Nigeria’s export drive, especially in food, cosmetics and pharmaceuticals.

    Other dignitaries at the unveiling included the CEO of the Nigeria Export Promotion Council, Mrs. Nonye Ayeni; Managing Director of the Bank of Industry, Mr. Olasupo Olusi; and the Special Adviser to the President on Job Creation and MSMEs, Temitola Adekunle Johnson.

    The strategy, developed by HPDC of Saudi Arabia, is an outcome of the bilateral cooperation agreement signed between Nigeria and HPDC in February 2025 at the Makkah Halal Forum, aimed at deepening Nigeria–Saudi economic relations, improving market access and integrating Nigeria into international halal value chains.

  • Customs, NDLEA foil N4.7b drug shipment

    Nigeria Customs Service (NCS) and the National Drug Law Enforcement Agency (NDLEA) have foiled a N4.7 billion drug shipment at Lagos’ Tin Can Island Port, intercepting a 40-foot container used to smuggle 2,366 packs of cannabis indica through the nation’s busiest maritime trade corridor.

    The consignment, concealed inside three used vehicles, the Customs command said yesterday in a statement by its spokesperson, Oscar Ivara, was handed over to the National Drug Law Enforcement Agency (NDLEA), following a joint, intelligence-led examination that also uncovered a Colt MK IV .45 calibre pistol with an empty magazine.

    The seizure, he said, highlights how criminal networks attempt to exploit legitimate import channels, raising costs for compliant shippers and reinforcing the need for tighter port surveillance.

     The Command’s Area Controller, Comptroller Frank Onyeka, said the interception followed coordinated profiling and examination carried out on January 28 with NDLEA and Department of State Services (DSS) operatives.

    READ ALSO: President rallies relief materials to affected Kwara communities

    “Today, we inform you of developments in securing our borders, aligning with the 2026 International Customs Day theme of vigilance and commitment,” Onyeka said.

    According to him, officers discovered the drugs packed in 55 jumbo bags inside the container, which had been deliberately masked with used vehicles—a Hyundai Santa Fe, Toyota Sienna and Toyota Matrix, to evade detection.

    “A 40-foot container was found to contain 2,366 packs in 55 jumbo bags of cannabis indica,” he said.

    Onyeka added that the operation reflects a shift toward risk-based enforcement at the ports, where intelligence and inter-agency collaboration are increasingly central to safeguarding trade flows and public safety.

    “Interestingly, we apprehended one suspect in connection with the seizure,” he said, warning the Service would not tolerate drug smuggling or any form of transnational crime that threatens national security and public health.

    Receiving the consignment, NDLEA Commander, Tin Can Island, Solomon Omotoso, praised the collaboration, noting its importance to maintaining the credibility of Nigeria’s seaports.

    He assured that the agency would pursue comprehensive investigations and diligently prosecute all those involved in line with the provisions of the law.

  • Post-harvest equipment coming for Nasarawa farmers

    Post-harvest equipment coming for Nasarawa farmers

    The Federal Government has flagged off the distribution of processing and post-harvest equipment to farmers and agribusiness groups supported by the Value Chain Development Programme (VCDP) in Nasarawa State, as part of efforts to strengthen agribusiness and enhance food security.

    The flag-off ceremony, held in Lafia during a two-day working visit to the state, was led by the Minister of Agriculture and Food Security, Senator Abubakar Kyari.

    He said the intervention was designed to add value to agricultural produce, reduce post-harvest losses, empower women and youth farmers, encourage competitiveness, and boost productivity.

    According to the minister, the equipment will also support enterprise growth, deepen market participation, and expand opportunities for rural employment.

    READ ALSO: The dynamics of Kano governor’s defection

    Senator Kyari explained that the programme, implemented in partnership with the International Fund for Agricultural Development (IFAD), is aimed at addressing structural constraints in the rice and cassava value chains through integrated investments in production, aggregation, processing, infrastructure, market access, and institutional strengthening, in alignment with the National Agricultural Technology and Innovation Policy (NATIP).

    He underscored the programme’s alignment with the agricultural transformation agenda of the President Bola Ahmed Tinubu-led administration, stating that “agriculture must deliver results, food for our people, jobs for our youth, income for our farmers, and stability for our nation.”

    He added, “Under Mr. President’s leadership, agriculture is being transformed into a modern, market-oriented and private-sector-driven enterprise, with Nasarawa State leading the way.”

    The minister further highlighted the Nasarawa Agro-Commodity Company (NASACCO) and the One-Stop Investment Centre (OSIC) as key initiatives strengthening the state’s investment climate.

    He commended Governor Abdullahi Sule for his commitment to large-scale cultivation, noting that the state’s efforts would help boost domestic food supply, stabilise prices, conserve foreign exchange, and create jobs.

    Pointing to visible outcomes of federal-state collaboration, Senator Kyari said functional aggregation centres, modern processing facilities, and strengthened producer organisations were already making an impact. “These interventions are creating jobs, stabilising rural incomes, and strengthening Nasarawa State’s contribution to national food security,” he said.

    In his remarks, Nasarawa State Governor, Engr. Abdullahi Sule, said the state government had aligned its agricultural programmes with the Renewed Hope Agenda of President Bola Ahmed Tinubu, aimed at economic diversification and wealth creation for Nigerian farmers.

    He noted that ongoing reforms in the sector would empower youth and women farmers, increase production, and improve internally generated revenue.

    Earlier, in her welcome address, the National Programme Coordinator of the FGN/IFAD-Value Chain Development Programme, Dr. Fatima Aliyu, said the initiative supports rice and cassava smallholder farmers through a value-chain approach to enhance productivity, promote agro-processing, and increase access to markets.

    She added that the programme would transform rural agriculture by improving food security, raising incomes, and creating new employment opportunities.

    Speaking on behalf of beneficiaries, the Chairman of the Ashangwa Rice Innovation Platform, Patience Wombo, pledged that the association would maintain and protect all facilities provided by the VCDP to ensure increased production, packaging, and distribution of agricultural products.

    In a related event, the minister commissioned several FGN/IFAD-VCDP projects in Lafia, including the Value Chain Innovation Rice Processing Centre in Ashangwa, the Gidi Gidi Garri Processing Centre, and the Agi Alo Rice Processing Centre, among others.

    Highlights of the two-day working visit included the distribution of agricultural inputs comprising 46 tricycles, 16 rice steam parboiling machines, 18 rice milling machines, 10 rice de-stoning machines, three rice colour-sorting machines, 11 digital weighing scales, two rice de-husking machines, four cassava grating machines, four cassava manual fryers, three automated framers, and three hydraulic pressers. The visit also featured a courtesy call on the Governor of Nasarawa State.