Category: Business

  • Group lifts community infrastructure

    Group lifts community infrastructure

    The Arigidi Akoko Renewal Group (AARG), a non-governmental and non-partisan development organization comprising indigenous sons and daughters of Arigidi Akoko in Ondo State resident in Nigeria and the diaspora, has completed and handed over a number of strategic community development projects in its domain.

    The projects which are located within Arigidi Akoko Community in Akoko North West Local Government Area of the state are aimed at advancing grassroots development and social wellbeing.

    The completion and donation of these projects were made public through an official statement jointly signed by the President of the group, Dr. Johnson Yaya, Secretary, Mr. Seun Komolafe, and Prince Olugbenga Olanipekun, a member of the Project Coordination Team.

    The statement underscored the group’s collective commitment to the sustainable development and renewal of their ancestral homeland.

    According to the statement, AARG formally informed the Arigidi Akoko community of the successful execution of key developmental interventions designed to enhance public safety, strengthen educational infrastructure, and improve the overall quality of life of residents.

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    The group noted that the projects were conceived in response to identified community needs and were implemented as part of its broader vision to support inclusive growth, civic responsibility, and long-term community resilience.

    The NGO further reaffirmed its dedication to partnering with community stakeholders, traditional institutions, and relevant authorities to ensure that the benefits of the projects are sustained and that future initiatives continue to address pressing developmental challenges within Arigidi Akoko.

    As part of its commitment to improving public safety and community infrastructure, the group fully financed the procurement, donation, and installation of 90 units of 200-watt solar-powered street lights across key and high-traffic areas of Arigidi Akoko.

    This landmark initiative was conceived to significantly enhance night-time visibility, strengthen community security, and stimulate social and economic activities after dusk.

    The deployment of the solar street lights covers several strategic corridors within the town, including major junctions, access roads, and community hubs including Agbaluku Junction to Okeagbe Junction, Okeagbe Junction to Palace Junction, Palace Junction through Obalende to Okebola Junction, Okebola Junction through Imo Arigidi Road.

    The Group disclosed that the choice of solar-powered technology aligns with its vision of promoting sustainable and environmentally friendly solutions, while also ensuring reliable lighting in areas with limited or inconsistent access to conventional electricity.

    Beyond improving road safety for motorists and pedestrians, the project is expected to deter criminal activities, extend business hours for local traders, and enhance the overall sense of security and wellbeing of the residents.

    In furtherance of its commitment to strengthening teaching and learning outcomes and supporting students in the community to attain academic excellence, the NGO undertook a targeted intervention aimed at enhancing educational infrastructure within Arigidi Akoko. Recognising that access to quality learning materials remains a critical factor in student performance, the initiative was designed to bridge existing resource gaps in public secondary schools.

    As part of this effort, the group donated a wide range of up-to-date textbooks covering key subjects across all class levels to selected public secondary schools in the community. The intervention was intended not only to support students’ academic needs but also to ease the burden on teachers by providing adequate instructional resources to improve lesson delivery and learning outcomes.

    The beneficiary schools include Okota High School, Arigidi Akoko, Akoko Anglican Grammar School, Arigidi Akoko, and Ajiroke Technical High School, Arigidi Akoko.

    According to the group, the textbook donation is expected to enhance classroom engagement, encourage independent study, and better prepare students for internal and external examinations. The initiative reflects the Group’s broader vision of investing in human capital development as a foundation for long-term community growth and socio-economic advancement.

    In addition to its educational support initiatives, the Group undertook the comprehensive

    renovation of two (2) classrooms at Okota High School, Arigidi Akoko, as part of its efforts to create a safer, more comfortable, and more conducive learning environment for both students and teachers.

    The renovation works addressed critical infrastructural needs, ensuring that the classrooms are better suited to support effective teaching, improved student concentration, and overall academic performance.

    The group acknowledged and deeply appreciated the cooperation and support received from community leaders, key stakeholders, and residents throughout the execution of the projects. According to the Group, the success of the interventions was largely driven by the collective goodwill, shared responsibility, and strong sense of unity demonstrated by the community.

    The NGO further expressed confidence that with sustained collaboration, a common development vision, and continued community ownership of such initiatives, Arigidi Akoko would experience enduring and inclusive development that will benefit present and future generations.

  • TECNO deploys AI in AFCON

    TECNO deploys AI in AFCON

    Original equipment manufacturer (OEM) TECNO, said across North Africa, Sub-Saharan Africa and key AFCON markets, fans gathered at TECNO-organized watching parties featuring live match screenings, interactive product displays, AI-powered demonstrations, performance shows, interactive games, lucky draws and temporary pop-up stores. These shared spaces allowed visitors to engage with TECNO’s AI ecosystem while celebrating the collective energy, emotion and passion that defined African football culture.

    The OEM which was Official Global Partner of the tournament said it was actively extending the matchday experience beyond stadiums and screens through a series of Technology Carnival activations and offline watching parties that took place across multiple African countries.

    Launched alongside the tournament and running throughout the AFCON competition period until 18 January 2026, these activations were designed as immersive, fan-first experiences that brought football, technology and entertainment together in public spaces, retail locations and pop-up venues.

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     At each activation, TECNO showcased how AI-driven technology enhanced the way fans experienced the game, from understanding match dynamics to capturing and sharing standout moments. Visitors discovered TECNO smartphones and devices in hands-on environments, exploring features designed to make football moments clearer, smarter and more immersive.

    Running in parallel with the offline watching parties, TECNO also rolled out a wide range of AFCON-themed retail events, which were active across multiple countries and continued until 18 January, with schedules adapted to local markets.

  • Parallex Bank reaffirms support for FALA

    Parallex Bank reaffirms support for FALA

    Parallex Bank Plc has reaffirmed commitment to nurturing African youth talent following sponsorship of the 2025 edition of the Future Africa Leaders Awards (FALA) on December 31, 2025.

    Organised by the Future Africa Leaders Foundation (FALF), the annual awards recognise young Africans driving exceptional impact across their communities.

    The 2025 edition honoured 10 outstanding young leaders across the continent for developmental projects spanning education, technology, healthcare, agriculture, community service and social innovation.

    The star prize was won by Rejoice Waithera, a 23-year-old Kenyan agripreneur and humanitarian whose initiatives in food security, waste management and community health have been described as transformative and scalable.

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    Speaking during the public presentation of the winners, the Managing Director of Parallex Bank, Dr. Olufemi Bakre, said the bank’s sponsorship reflects its belief in the continent’s young population and its potential to redefine Africa’s developmental trajectory.

    Bakre, who was represented by the Head Brands and Communication, Parallex Bank, Mr. Ademola Adeshola noted that Nigeria stands at an extraordinary demographic moment, with its large and youthful population representing significant national potential.

    Nearly 70 per cent of Nigerians are under the age of 30, a figure he believes illustrates both the nation’s vibrant energy and the opportunities embedded within this demographic advantage.

    He added that Africa’s young population represents a dynamic force capable of driving innovation, accelerating economic growth, increasing social impact and reshaping leadership norms across the continent, provided they receive the right support, platforms and resources to thrive.

    Bakre explained that Parallex Bank’s involvement in the awards aligns with its long-term commitment to youth empowerment, stating that the bank sees young people as central to Africa’s future and remains dedicated to initiatives that expand leadership potential across the continent.

    He expressed strong admiration to the 2025 FALA winners and ambassadors for their courage, ingenuity and resilience, describing their achievements as evidence of a new generation determined to turn challenges into opportunities and build meaningful change within their communities.

    He encouraged the young leaders to remain committed to Africa’s development by leading with integrity, purpose and a deep sense of responsibility to uplift the continent.

    The Manging Director also commended the Future Africa Leaders Foundation for its sustained investment in youth leadership development, acknowledging the organisation’s role in inspiring hope and nurturing a legacy of impactful leadership across Africa in line with its founding vision.

  • Oyetola inaugurates Shema, ten others into board of Nigerian Shippers’ Council 

    Oyetola inaugurates Shema, ten others into board of Nigerian Shippers’ Council 

    The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, on Monday inaugurated the governing board of the Nigerian Shippers’ Council (NSC).

    The Chairman of the board is the former Katsina State Governor, Ibrahim Shema.

    Other members of the Board include: Dr. Pius Akutah, Chief Emi Membere-Otaji, Chief John Aluya, Rt. Hon. Chiji Collins, Hon. Funmilayo Olasehinde, Engr. (Dr) Funmilola Rashidat Adeoti, Mele Kolo Giadem, Mrs Hafsatu Mohammed, Hon. Maharazu Adamu Dayi, and Mrs Uzoamaka Okereke.

    The Minister said the inauguration of the board represents the activation of institutional governance, the entrenchment of accountability, and the commencement of a renewed phase of purposeful oversight within our marine and blue economy sector.

    Oyetola said, “This decisive action underscores the administration’s commitment to good governance, institutional effectiveness, and the strategic repositioning of the Marine and Blue Economy as a driver of national transformation.”

    Oyetola disclosed that the Ministry is undertaking comprehensive reforms to reposition the sector as a vital pillar of economic growth and national development, with a focus on improving port efficiency and competitiveness, strengthening trade facilitation, and enhancing marine transportation.

    He said, “The Board of the Nigerian Shippers’ Council is expected to align fully with these priorities and provide the strategic oversight required to translate policy into measurable outcomes.

    “The Nigerian Shippers’ Council occupies a critical position as the designated Port Economic Regulator, entrusted with promoting efficiency, fairness, and transparency in port pricing, charges, and service delivery. The effective discharge of this mandate is essential to reducing the cost of doing business at our ports, facilitating trade, protecting the interests of shippers, and strengthening Nigeria’s competitiveness in regional and global commerce.

    “As members of this Board, you bear a solemn public trust. You are charged with providing policy guidance, strategic direction, and vigilant oversight in accordance with the law. Let me emphasise that while Management is responsible for day-to-day operations, the Board’s duty is to ensure that the Council remains faithful to its mandate, complies with government policies, and consistently delivers value to Nigerian shippers and to the national economy.” 

    He also charged members of the board to ensure that their meetings are purposeful.

    “Every meeting must be purposeful, every deliberation must lead to clear and actionable decisions, and every decision must advance efficiency, fairness, and competitiveness in the maritime sector. 

    “Your effectiveness will be measured not by the frequency of meetings held, but by the tangible impact of your decisions on trade facilitation, cost reduction, and national competitiveness.

    “As we inaugurate this Board today, we do so with confidence in your collective experience, professionalism, and dedication to national service. I urge you to justify the trust reposed in you by Mr. President and the Nigerian people through integrity, discipline, and demonstrable results.”

    The Minister while urging members of thr board to work in close harmony with the Management of the Council, stated, “You must be guided by professionalism, mutual respect, and a shared commitment to excellence in service delivery. There must be no distractions or conflicts that could hinder institutional performance. All deliberations, decisions, and actions of the Board must strictly conform with extant laws, government policies, rules, guidelines, and circulars.”

    Speaking on behalf of the members, Shema pledged that the board would discharge its responsibilities with diligence and integrity.

    He said the board would focus on strengthening regulatory oversight, embracing best practices, enhancing the use of technology, and supporting reforms aimed at improving trade facilitation and revenue generation in the maritime sector.

    “We assure you that this board will remain faithful to the mandate of the Nigerian Shippers’ Council and work to enhance efficiency, fairness and competitiveness in the sector, in line with existing laws and government policies.”

  • Nigeria’s non-oil exports hit record $6.1bn in 2025, says NEPC chief

    Nigeria’s non-oil exports hit record $6.1bn in 2025, says NEPC chief

    The Executive Director and Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), Nonye Ayeni, has announced that Nigeria’s non-oil export performance reached an unprecedented level in 2025, totalling approximately $6.1 billion.

    The figure represents an 11.5 percent increase over the $5.46 billion recorded in 2024.

    Speaking at a press briefing on the 2025–2026 non-oil export performance in Abuja, Ayeni described the achievement as the highest formally documented non-oil export value since the establishment of the Council.

    She said the milestone underscores the growing resilience and strategic importance of the non-oil export sector to the national economy.

    Ayeni reiterated the Council’s commitment to recalibrating and strengthening its strategies to deliver even stronger results in the coming years, noting that Nigeria has once again surpassed its previous export record.

    “You will recall that in 2024, and also last year in 2025, Nigeria recorded the highest value of non-oil export”, while assuring that the ‘Double Your Export mantra’ and the initiatives layered under it are yielding great results.

    She said, “This outstanding performance is not the total story, as a lot of exports still go out informally through our various borders. NEPC is in partnership with the National Bureau of Statistics and the Central Bank of Nigeria (CBN), while other stakeholders are working hard to mainstream informal trade.

    “In volume terms, total non-oil exports stood at 8.02million metric tonnes, reflecting a 10% increase compared to the 7.29million metric tonnes recorded in the previous year. This growth in both value and volume demonstrates improved export activity across multiple value chains and market destinations.

    “In 2025, Nigeria exported a total of 281 non-oil products. These products cut across agricultural commodities, processed and semi-processed goods, industrial inputs, and solid minerals, reflecting gradual progress toward value addition and broader product representation in global markets”.

    The ED added that Nigeria’s non-oil exports reached markets across 120 countries, with the Netherlands contributing 17.53%, Brazil 10.35%, and India 7.63% of non-oil exports. Therefore, these 3 countries emerged as the top 3 destinations by value. Export to the Netherlands increased by 32.46% with products including cocoa beans, cocoa butter, sesame seeds, and others. Export to Brazil increased by 19.07%. 

  • Strengthening the bedrock: Why increased capital requirements are essential for a resilient economy

    Strengthening the bedrock: Why increased capital requirements are essential for a resilient economy

    By Bode Olusola

    The global financial landscape is undergoing a profound transformation.

    From the rapid integration of Artificial Intelligence (AI) in trading to the increasing complexity of cross-border financial flows, the risks facing our markets have evolved.

    As the apex regulator of the capital market, the primary mandate of the Securities and Exchange Commission (SEC), Nigeria, is to ensure stability, protect investors, and facilitate capital formation.

    To achieve these goals in an era of heightened volatility, the Commission has recently revised the Minimum Capital Requirements (MCR) for all Capital Market Operators (CMOs).

    This decision is not merely a technical adjustment; it is a strategic imperative designed to build a formidable, resilient market capable of anchoring a strong and sustainable economy.

    1. Enhancing risk absorption and financial soundness

    At its core, capital serves as a ‘safety buffer’ in times of economic distress or sudden market corrections. Well-capitalised firms can absorb losses without collapsing or defaulting on their obligations to clients.

    The previous capital thresholds, many of which had remained unchanged for a decade, were no longer commensurate with the current volume of transactions and the sophisticated risk profiles of modern market activities.

    By raising requirements—for instance, increasing the capital for Issuing Houses (Underwriting) from N200 million to N7 billion—we are ensuring that firms have the “deep pockets” necessary to survive systemic shocks.

    2. Safeguarding investor protection and public trust

    Public confidence is the “oxygen” of any capital market.

    When a market operator fails due to insolvency, it doesn’t just affect one firm; it erodes the trust of thousands of retail and institutional investors.

    Higher capital requirements act as a natural filter, ensuring that only serious, well-resourced entities operate in the market.

    This protects investors in two ways:

    * Operational Resilience: Firms with more capital can invest in robust technology and cybersecurity, reducing the risk of fraud and system failures.

    * Accountability: Shareholders with significant capital at stake are more incentivized to demand rigorous internal controls and ethical governance, aligning the interests of the operator with those of the investing public.

    3. Scaling for global competitiveness

    A fragmented market with too many “fringe players” lacks the depth to attract large-scale international investments.

    The increase in MCR is expected to trigger a wave of voluntary mergers and acquisitions.

    Consolidation will create larger, more formidable entities with the capacity to:

    * Underwrite massive infrastructure projects and sovereign bonds.

    * Deploy cutting-edge fintech solutions to reach the unbanked.

    * Compete effectively with global investment banks in the regional and international space.

    4. Aligning with macroeconomic aspirations

    A strong economy requires a capital market that can efficiently mobilise long-term savings for productive investments. Whether it is financing the “Green Transition” or supporting the growth of Small and Medium Enterprises (SMEs), the market needs intermediaries who are financially sound.

    The new requirements ensure that CMOs are not just “surviving” but are active catalysts for economic growth. By ensuring that our intermediaries are strong, we ensure that the transmission mechanism of capital from savers to borrowers remains uninterrupted, even during global downturns.

    The path forward: A call for compliance

    The Commission has set a deadline of June 30, 2027, for all affected entities to meet these new standards.

    We understand that this transition requires significant effort, but the long-term benefits—a stable, liquid, and world-class market—far outweigh the short-term pains of recapitalisation.

    We remain committed to providing a supportive regulatory environment throughout this transition.

    Together, we are building a market that is not only larger but also safer, more efficient, and ready to power our nation’s economic future.

    *Olusola, a financial analyst and investment adviser, writes from Lagos.

  • Coach Lara Yeku honoured at Setting The Pace Lagos conference

    Coach Lara Yeku honoured at Setting The Pace Lagos conference

    Renowned career coach and leadership development expert, Lara Yeku, was honoured with the Honorary Mentor Award at the Setting The Pace 4.0 Professional Conference held on Saturday, January 17, 2026, at the LCCI Conference and Exhibition Centre, Ikeja, Lagos.

    Yeku received the recognition for her contributions to mentorship, leadership development and capacity building, as professionals from various sectors gathered for the annual conference organised by Qodar Safety Consults.

    Speaking after receiving the award, Yeku described the honour as humbling, praising the organisers and participants for redefining professional excellence through people-centred leadership, discipline and purposeful action.

    She commended their commitment to health, safety and environmental leadership, noting that such values are critical to sustainable organisational growth.

    The Setting The Pace Professional Conference is an annual, purpose-driven platform designed to reset mindsets, sharpen leadership capacity and reposition professionals for excellence at the start of each year.

    Though originally rooted in safety, risk and HSE leadership, the conference has evolved into a broader thought-leadership initiative addressing professionalism, ethical leadership, future-of-work readiness, performance excellence and strategic influence.

    The 2026 edition, tagged Setting The Pace 4.0, builds on the success of previous editions and places strong emphasis on leadership, professional excellence, capacity building and future readiness.

    It attracted executives, business leaders, engineers, consultants, managers, supervisors, young professionals and emerging leaders seeking to strengthen their leadership impact and remain relevant in a changing work environment.

    Organisers noted that the conference is intentionally structured to go beyond motivation, offering practical, insight-driven sessions aimed at influencing thinking and behaviour.

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    Participants left with clearer leadership perspectives, renewed professional confidence and tools applicable to their workplaces.

    Qodar Safety Consults, the organisers of the conference, is a professional QHSE, ESG and management systems consulting firm that provides end-to-end solutions including consulting, training, auditing and project safety support.

    The firm supports organisations across multiple industries, positioning safety, quality and sustainability as drivers of performance and business excellence.

  • Champion Breweries highlights importance of acquisition

    Champion Breweries highlights importance of acquisition

    Champion Breweries Plc has provided additional context on the strategic importance of its acquisition of the Bullet brand portfolio.

    The company’s N42 billion public offer of ordinary shares at N16 per share continues and remains open until January 21, 2026.

    The public offer forms the second leg of Champion’s N58 billion capital-raising programme and complements the earlier rights issue.

    Proceeds from the rights issue and public offer would be used to support the Bullet acquisition and strengthen working capital for operations, innovation, and market expansion.

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    The Bullet transaction accelerates Champion’s growth strategy. Structured as an asset carve-out, the acquisition transfers ownership of Bullet’s brands, trademarks, product formulas, packaging rights, and commercial IP, together with distribution agreements across 14 African markets, without the acquisition of a manufacturing facility.

    This gives Champion, which is part of the enJOYcorp Group, a consumer brands platform focused on scaling African products into regional and global markets, immediate access to a pan-African route-to-market that would take years to build organically.

    The portfolio includes Bullet Black, Nigeria’s No. 1 Ready-To-Drink (RTD) alcoholic beverage, and Bullet Blue, a leading caffeine-free energy drink. Production will continue through Bullet’s existing European manufacturing partner, enabling immediate integration while allowing for phased localisation of production in Nigeria over time.

    Commenting on the transaction, Managing Director of Champion Breweries Plc., Dr. Inalegwu Adoga, said: “The Bullet acquisition is strategically important because it adds proven brands, regional scale, and foreign-currency earnings through an asset-light structure. It strengthens Champion’s platform for long-term growth.”

    Group Managing Director, enJOYcorp, David Butler, added: “Bullet brings together brands, demand, and distribution that are already established across multiple markets. This allows Champion to scale efficiently and compete more effectively across Africa.”

    The Company, in a statement which was made available to The Nation, over the weekend, stated that the Nigerian energy segment of the Fast Moving Consumer Goods (FMCG) sector represents one of the most dynamic markets for energy drinks in Africa.

    This market, the statement added, is projected to grow faster than the African market at approximately 14.53 per cent annually through to 2030 with significant white space opportunities for growth.

    This growth is driven by several factors, including increasing urbanization, which is reshaping consumption patterns as well as the emergence of a fitness-oriented culture, boosting demand for performance-focused beverages.

    Through Bullet’s established pan-African footprint and FX-linked revenues, the acquisition expands Champion’s scale, diversifies earnings, and strengthens long-term financial resilience.

    Furthermore, the acquisition positions Champion as a multi-category, multi-market beverage company, by expanding the Company from a single-category brewer into high-growth RTD/energy beverages, whilst enhancing mix with higher-margin, trend-led products.

    Champion has delivered consistent operational and financial improvement in recent years. In its most recent nine-month 2025 results, Champion increased its revenue by 53 per cent from N14 billion in the year to N21 billion, with net income simultaneously increasing by 95x from N21 million to N2 billion, resulting in earnings per share increasing from N0.24 to N22.86.

    This achievement could only be delivered through execution discipline, economies of scale resulting in revenue growth strongly outpacing cost growth and operational excellence.

  • Subscribers seek intervention over stalled Lekki real estate project

    Subscribers seek intervention over stalled Lekki real estate project

    The Nigerian real estate sector, which has, in the past few years, seen a massive influx of billions of Naira from Nigerians in the diaspora, is facing a fresh wave of scrutiny following alleged breach of contract and project abandonment involving RevolutionPlus Property, one of the industry’s players.

    Some investors who spoke with journalists said what was promised as a dream investment in a high-brow area of Lagos has turned into an unending nightmare year after year.

    Alex Adelesoye, a medical practitioner practising in the Middle East, expressed his frustration over the failure of RevolutionPlus to deliver his house to him many years after making payments for an apartment in Flourish Apartment and Terraces, located on Orchid Road, Lekki, near the Chevron area.

    According to Dr. Adelesoye, he and several others were lured by advertisements from RevolutionPlus between 2020 and 2021. Enticed by the prospect of owning a home in one of Lagos’ fastest-growing corridors, the subscribers made substantial payments under a formal agreement that the project would be delivered within 12 months. However, years later, the promised delivery remains what victims describe as a “mirage”.

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    “The story changed immediately after payments were made,” said Dr. Adelesoye. “Instead of delivering a finished apartment, we were met with repeated requests for additional payments, which the subscribers meekly complied with in hopes of finally securing their investment.”

    Thelma Egunjobi, a Nigerian living in Europe, said she invested over N40 million as far back 2020, and as of today, her three-bedroom terrace is yet to be delivered. Promises of delivery by the company have been unending.

    “I paid for a 3-bedroom terrace. RevolutionPlus pleaded with me to add more money, and I had to change foreign currency to fund the purchase. As of today, I am frustrated that the delivery is a pipe dream. RevolutionPlus has thoroughly messed me up. We took the matter to the Lagos State Real Estate Regulatory Authority and the Anti-Land Grabbing Commission, without any success. We later reported to EFCC, and we are yet to receive our properties, which is really a shame and a huge disincentive to investment in our country, as several investors have had their fingers burnt without any punitive or pragmatic intervention from the Government agencies regulating these developers,” she lamented.

    Prince Yellowe, another subscriber who lives in the United States, bemoaned government failure to hold RevolutionPlus accountable, saying: “I paid N65 million to RevolutionPlus as far back as 2022. Even at EFCC, I was made to pay additional money in May 2025, over N100million was made available to Revolutioplus, with the promise that the house would be delivered in December 2025. Till now, nothing palpable has been invested of this fund on the completion of the project.”

    When contacted for comment, the Managing Director of RevolutionPlus, Bamidele Onalaja, claimed work is ongoing on the project.  He was silent on the reason for the delay. “My advice is for you to visit the site and see the massive ongoing work and the massive project. I have nothing more to say than that,” he said in a text message to a journalist.

    Meanwhile, pictures of the site obtained as of Monday, January 12, 2026, showed otherwise. Reacting to Mr Onalaja’s comments, Adelesoye stressed that the real estate company has done nothing significant since 2022.

     “The company didn’t do anything noticeable in the last three years. The agreement we have says the project will be delivered on or before December 2022. The massive work claimed to be going on was just a delivery of some trucks of sand when he was aware of EFCC’s planned visit to the site on Monday 12 January. We appreciate the value of what we have invested but sad to see how things have turned,” he added.

    Another investor, Omayemi Edukugho, who resides in the United States also told journalists that his hope of owning a home in Nigeria has since been frustrated. “As a law abiding citizen, we have reported to EFCC. Potential buyers should also note that the buildings have been sold.”

    Similarly, Rasheed Abolomope, lamented that he paid for a 2-bedroom apartment in 2020 and made additional goodwill payment in 2025 but it has all ended in a traumatic pain.

     “I am a citizen that has served meritoriously. I have reported this matter to the EFCC as I believe it is unfair for another citizen to collect from us without delivering on the project since 2020. I call on the Governor of Lagos State to wade into this matter.”

    He added that “Revolutionplus is now hostile to subscribers, when enquiries are made. The office is also gradually shutting down and there is information that there is a possibility of the directors being at large.”

    The situation escalated to the Economic and Financial Crimes Commission (EFCC), where a formal investigation into the firm’s activities had begun. Under the purview of the anti-graft agency, an agreement was reportedly reached between the developer and the subscribers.

    Despite having already paid in full for their properties, the subscribers were reportedly convinced to make even more “goodwill” payments to RevolutionPlus to ensure the project’s completion. With the new financial injection, a final delivery date was set for December 2025. While the deadline has passed, the property remains uninhabitable and the new funds made available, yet diverted.

    The management of RevolutionPlus has allegedly become increasingly elusive, leading the EFCC to visit the Flourish Terraces site on Monday, January 12. The visit signals a potential escalation in the commission’s investigation as they seek to hold the principals of the firm accountable and recover the mismanaged funds and properties of the embattled investors.

    This case highlights a disturbing trend in the Nigerian housing market. While diaspora investment is credited with driving job creation and economic activity, experts warn that frequent developer defaults are creating billions in “dead capital” and eroding the trust of Nigerians abroad.

  • Experts brainstorm on banks’ cash management in digital economy

    Experts brainstorm on banks’ cash management in digital economy

    Experts in banking operations and financial services regulators would this weekend examine the evolving role of cash in a rapidly digitising economy.

    At the Committee of Heads of Bank Operations (CHBO) in Nigeria’s Annual Banking Operations Conference scheduled for The Bankers House in Lagos, decision-makers across Nigeria’s banking and payments ecosystem would brainstorm on optimal cash management alongside digital services.

    The conference will bring together senior executives overseeing banking operations, electronic business, compliance, internal audit, information security, and corporate communications, payment service providers and licensed cash managers as well as regulators from Central Bank of Nigeria (CBN) and Nigeria Inter‑Bank Settlement System (NIBSS).

     With  the theme: Re-imagining the Future of Cash in a Digital-First Economy, the conference will interrogate the balance between accelerating digital payment adoption and the continued relevance of physical cash, particularly within informal markets and underserved communities. Discussions will focus on how cash can be repositioned to coexist efficiently, securely, and sustainably alongside digital channels.

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    Speaking ahead of the conference, Chairman, Committee of Heads of Bank Operations (CHBO), Mr. Abraham Aziegbe said the 2026 edition comes at a defining moment for the financial services industry.

    He said: “As Nigeria deepens its digital payments infrastructure, cash remains an indispensable part of economic activity.”

     This conference is about confronting operational realities head-on and charting a future where cash is smarter, more efficient, and better integrated with digital systems”.

    He added that the conference would explore practical strategies for redefining cash operations, leveraging technology to improve traceability and security, strengthening interoperability between cash and electronic channels, reassessing cost and risk frameworks, and enhancing customer experience across payment touchpoints.

    Chairman, Conference Planning Committee, Tolulope Ogundipe, said the agenda has been carefully curated to deliver actionable insights.

    “This year’s theme reflects the industry’s shared responsibility to rethink cash beyond legacy processes. Our objective is to provide a platform where banks, regulators, switches, and service providers can align on sustainable models for cash management in a digital-first era,” Ogundipe said.

    He said the CHBO expects the conference outcomes to shape industry thinking, inform policy conversations, and support more resilient and forward-looking banking operations as digital adoption continues to accelerate nationwide.

    He assured that registration details and programme highlights would be shared with invited participants ahead of the event.