The Nation Newspaper

Category: Business

  • NDIC to pay N24.3 billion more to Heritage Bank’s depositors

    NDIC to pay N24.3 billion more to Heritage Bank’s depositors

    The Nigeria Deposit Insurance Corporation (NDIC) has declared a N24.3 billion second liquidation dividend for depositors of Heritage Bank Limited whose account balances exceeded the statutory insured limit of N5 million at the time of the bank’s closure.

    The Corporation stated that the N24.3 billion payment represents only the second liquidation dividend emphasizing that additional payments will follow as more assets are realized and outstanding debts are recovered.

    The Nation reports that in April 2025, NDIC disbursed N46.6 billion as the first tranche of liquidation dividends to depositors of the defunct Heritage Bank with funds exceeding the insured limit of N5 million.

    The declaration follows the revocation of Heritage Bank’s operating licence by the Central Bank of Nigeria (CBN) on June 3, 2024, after which the NDIC was appointed liquidator in line with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Sections 55(1 and 2) of the NDIC Act 2023.

    In a statement by the Head of the NDIC’s Communication and Public Affairs Department, Hawwau Gambo, the Corporation said it had since commenced the disposal of physical assets, recovery of debts and realisation of investments belonging to the defunct bank.

    READ ALSO: Trump govt revokes over 100,000 visas amid crackdown on immigrants

     “As a result of these efforts, the NDIC declared a first liquidation dividend of N46.6 billion in April 2025, at a rate of 9.2 kobo per N1.00,” the corporation stressed, adding that the amount was paid on a pro-rata basis to depositors whose balances were above the ₦5 million insured limit at the date of closure.

    Gambo explained that the newly declared second liquidation dividend of ₦24.3 billion was generated from debt recovery, sale of physical assets and realisation of investments.

    The payment will be applied to outstanding uninsured balances at a rate of 5.2 kobo per ₦1.00, in accordance with Section 72 of the NDIC Act 2023.

    “This brings the cumulative liquidation dividend declared to date to 14.4 kobo per ₦1.00,” the statement noted.

    According to the NDIC, payments will be made using depositors’ existing details already captured in its records. Eligible depositors who have previously received their insured deposits and the first tranche of liquidation dividends will have their alternative bank accounts automatically credited using their Bank Verification Numbers (BVN).

    Depositors were advised to check their accounts for confirmation, while those without alternative bank accounts, BVNs, or who are yet to claim their insured sum of up to ₦5 million or the first liquidation dividend, were urged to visit the nearest NDIC office or complete the e-claim form on the Corporation’s website for prompt processing.

    The NDIC clarified that a liquidation dividend refers to payments made to depositors of a closed bank whose balances exceed the insured limit, using proceeds from asset sales, debt recovery and investment realisation.

    It added that only after all depositors have been fully reimbursed would payments be made to other creditors and, subsequently, shareholders, subject to the availability of funds.

  • CardinalStone tops NGX trades with N2trillion deals

    CardinalStone tops NGX trades with N2trillion deals

    CardinalStone Securities recorded over N2 trillion in transaction value on the Nigerian Exchange (NGX) in 2025, becoming the first stockbroking firm in Nigeria to reach the milestone, according to the NGX’s latest broker performance report.

    The firm had earlier crossed the N1 trillion mark within the same trading year, making it the first broker to exceed both thresholds in a single period and cementing its position as the NGX’s largest broker by transaction value.

    Accounting for 18.3 per cent of total value traded, CardinalStone ranked first on the NGX in 2025, ahead of Chapel Hill Denham Securities, Stanbic IBTC Stockbrokers, First Securities Brokers, Cordros Securities, Meristem Stockbrokers, EFG Hermes Nigeria, ABSA Securities Nigeria, APT Securities and Funds, and United Capital Securities.

    Collectively, the top ten brokers executed approximately N7.3 trillion in trades, representing about 61.8 per cent of total value traded on the Exchange.

    Group Managing Director, CardinalStone Partners,  Micheal Nzewi, said crossing the N2 trillion mark on the NGX was a defining moment for CardinalStone and a strong validation of its long-term strategy.

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    He said: “It underscores the depth of trust our clients place in us, the strength of domestic capital in driving market activity, and our commitment to delivering consistent execution, insight-driven research, and innovative solutions that support the continued development of Nigeria’s capital markets.”

    Managing Director, CardinalStone Securities Limited, Peter Omoregie, noted that the achievement highlights the firm’s execution strength and growing market influence.

    He said: “Leading the NGX by transaction value in a highly competitive environment demonstrates the robustness of our execution capabilities. As market dynamics continue to evolve, we remain focused on deepening liquidity, supporting institutional participation, and setting new benchmarks for performance and professionalism in Nigeria’s equities market.”

    Over the years, CardinalStone has expanded its footprint among domestic institutional investors and high-value clients, while also maintaining strong relationships with international investors and counterparties through a diverse client base that includes leading fund managers across South Africa, North America, the United Kingdom, and Europe. This growth has been supported by active research coverage, a proven ability to execute complex transactions, and operating standards that align with global best practice.

    The firm’s approach and market leadership have also received international recognition, including being named Euromoney’s Africa’s Best Broker and Best Equities House, Nigeria, affirming CardinalStone’s growing influence beyond its home market.

  • Federal Govt proposes N1.38tr for pensions this year

    Federal Govt proposes N1.38tr for pensions this year

    The Federal Government has proposed N1.376 trillion for pensions, gratuities and retirees’ benefits in this year’s  Appropriation Bill currently before the National Assembly.

    The subheads under which the pensions, gratuities and other reliefs for retirees are captured are: Office of the Head of Civil Service (Civilian Pension) N94,538,656,847; Military Pensions and Gratuity (DMP), N486,039,965,366; National Health Insurance Scheme(NHIS) – Military Retirees, N3,571,846,330; Defence Intelligence Agency (DIA) Civilian Staff Pension and Gratuity, N6,610,178,920 and  Department of State Security, N28,611,520,421.

    Others are the Nigeria Intelligence Agency, N23,538,022,433; Pension Transitional Arrangement Directorate, N285,586,345,534; Police Pensions and Gratuities, N18,533,472,973; Customs, Immigration and Prisons Pension Office, N18,409,612,175 and  Universities Pension, Including Arrears, N13,120,357,752.

     Parastatals Pension and Railway Pensions are projected to consume N194,686,375,535; NELMCO, 17,548,870,129; National Pension Commission (PENCOM), N427,039,429,838  and other pensions N20,964,110,103.

    READ ALSO; Between Wike and Fubara

     The figures show the Bola Ahmed Tinubu administration’s effort to meet rising obligations to retired public servants and address long-standing arrears across civil, military and paramilitary institutions.

     The proposal shows that N94.54 billion has been set aside under the Office of the Head of the Civil Service of the Federation for civilian pensions. This includes N60.34 billion for the payment of pensions, N109.77 million for gratuities and N1.02 billion for pension running costs.

    The government also earmarked N2.5 billion to address unfunded pension liabilities and  N30.58 billion for the settlement of pension increment arrears relating to 2024.

    Military pensions and gratuities account for a significant portion of the allocation, with the Defence Military Pensions office expected to receive N486.04 billion.

    Within this amount, N237.25 billion is provided for pensions and gratuities, while N130.38 billion is allocated for expected retirees. Death benefits are projected at N98.53 billion, alongside N3.09 billion for administrative charges.

     Additional provisions include N7.57 billion for medical retirees, N3.96 billion for arrears of gratuities between January 2019 and December 2021;  N2.27 billion for pension arrears within the same period and N2.98 billion for outstanding death benefits.

    The bill also proposes N3.57 billion for National Health Insurance Scheme(NHIS) contributions for military retirees, including arrears.

    For the civilian staff of the Defence Intelligence Agency, N6.61 billion is proposed for pensions and gratuities, comprising N824.53 million for pensions and N4.28 billion for gratuities. Administrative charges, including verification, training and skill acquisition programmes, are estimated at N1.50 billion.

    The DSS is allocated N28.61 billion, largely driven by N27.63 billion for pensions, including N763.88 million as pension running costs. The sum of  N221.71 million is provided for verification exercises.

    The NIA is to receive N23.54 billion, covering N15.45 billion for pensions and dependants’ benefits; N1 billion for pension running costs and N7.09 billion for gratuity and long service severance packages.

    The Pension Transitional Arrangement Directorate is allocated N285.59 billion, reflecting the continuing financial burden associated with legacy pension schemes. Of this amount, N23.29 billion is proposed for the implementation of newly approved pension rates.

    Police pensions and gratuities are estimated at N18.53 billion, with N18.32 billion earmarked for pensions and N213.56 million for pension running costs. The Customs, Immigration and Prisons Pension Office is allocated N18.41 billion, including N15.56 billion for pensions, N222.29 million for running costs, N80.13 million for gratuities and death benefits as well as  N2.55 billion for pensions of retired Comptrollers-General and Deputy Comptrollers-General.

     Under universities’ pensions, including arrears, the government proposed N13.12 billion, all of which is dedicated to pension payments.

    Parastatals and railway pensions together account for N194.69 billion, comprising N105.66 billion for pensions, N1.73 billion for running costs and N87.29 billion to address unfunded liabilities.

    The Nigerian Electricity Liability Management Company is allocated N17.55 billion for pensions and arrears.

    The National Pension Commission-related provisions total N427.04 billion. This includes N32.9 billion for the payment of gratuities to civil servants, N62.25 billion for payments into the Redemption Fund and N233.71 billion for the Pension Protection Fund.

    A further N67.72 billion is proposed to cover pension increases arising from the 2024 consequential adjustment. The bill also provides N16.17 billion to address the 2.5 per cent shortfall in employer pension contributions for omitted tertiary institutions between April 2017 and December 2021. It also has a provision of    N14.28 billion for the payment of benefits of retired professors and outstanding shortfalls between 2012 and 2016.

    Other pension-related provisions amount to N20.96 billion. This includes N10.51 billion for the benefits of retired Heads of Service and Permanent Secretaries, N1 billion for severance benefits to retired heads of government agencies and parastatals, and N2.3 billion for the entitlements of former Presidents, Heads of State, Vice Presidents and former Chiefs of General Staff.

    In addition, N7.16 billion is proposed for outstanding retirement benefits and length of service allowances for the Economic and Financial Crimes Commission(EFCC) covering 2023, 2024 and 2025.

    The scale of the pension allocation in the 2026 budget proposal reflects the Federal Government’s effort to meet statutory obligations to retirees while gradually clearing accumulated arrears across multiple sectors, even as fiscal pressures continue to shape spending priorities.

  • Trump buddy, Joe Lonsdale, invests in Nigerian drone startup Terrahaptix

    Trump buddy, Joe Lonsdale, invests in Nigerian drone startup Terrahaptix

    One of President Donald Trump’s loudest and richest supporters, Joe Lonsdale, has led investors to raise $11.7 million for Terrahaptix, a Nigerian startup that builds defence drones to bolster security systems across Africa.

    Lonsdale is also the founder of Palantir Technologies.

    Terrahaptix was co-founded by 22-year-old Nathan Nwachukwu and 24-year-old Maxwell Maduka in 2024 to tackle terrorism and insecurity crises assailing the continent.

    Nwachukwu said Terrahaptix secured $11.7 million in a funding round led by 8VC, a company founded by Mr Lonsdale.

    Other companies that invested in Terrahaptix include Valor Equity Partners, Lux Capital, SV Angel, Leblon Capital GmbH, Silent Ventures LLC, Nova Global, and angel investor Melya Malka.

    A non-executive director at Palantir and key figure at 8VC, Alex Moore, joined Terrahaptix’s board of directors last year, the startup said in a statement yesterday.

    READ ALSO; NIN database hits 127 million enrolments nationwide, says NIMC

    Terrahaptix has its factory in Nigeria’s capital, Abuja, where it builds drones, sentry towers, and unmanned ground vehicles to detect threats to infrastructure assets and immediately alert security outfits to the situation.

    The startup had previously secured contracts valued at over $12 million guarding infrastructure assets in Africa as of August 2025.

    “Africa is industrialising faster than any other region, with new mines, refineries, and power plants emerging every month. But none of that progress will matter if we don’t solve the continent’s greatest Achilles’ heel, which is insecurity and terrorism,” Nwachuku was quoted as saying by Bloomberg in a report.

    He said Terrahaptix’s mission is “to give Africa the technological edge needed for resource protection and counterterrorism.”

    The new funding, the startup said, will be used to expand its operations across Africa. Terrahaptix said it provided security solutions to Nigeria’s hydropower facilities and Ghana’s gold and lithium mining factories.

    “Today, Terra has millions of dollars in commercial and government contracts. With this funding, we will ramp up defense production across Africa and scale our data intelligence OS,” he added.

  • Customs commences new standards for regulation of courier firms

    Customs commences new standards for regulation of courier firms

    The Nigeria Customs Service (NCS) has announced the commencement of a new Standard Operating Procedure (SOP) for regulating courier companies operating under the Delivered Duty Paid (DDP) Incoterm.

    This implementation provides a unified framework for registration, manifest submission, declaration, valuation, clearance, delivery and compliance monitoring, in line with global best practices.

    The DDP initiative derives its legal foundation from International Chamber of Commerce (ICC) Incoterms 2020, relevant sections of the Nigeria Customs Service Act 2023, WCO SAFE Framework of Standards, Revised Kyoto Convention, WTO Trade Facilitation Agreement, NCS Courier Clearance Guidelines, and the Nigeria Postal Service Act 2023.

    NCS National Public Relations Officer, Deputy Comptroller of Customs, Mr. Abdullahi Maiwada made this known in a statement.

    He said under the newly commenced procedure, courier companies intending to operate the DDP regime are requested to obtain a license from the NCS Headquarters License and Permit Unit under the Tariff and Trade Department.

    READ ALSO; NIN database hits 127 million enrolments nationwide, says NIMC

    They are expected to submit all mandatory documents, including CAC registration papers, valid courier licenses, compliance bonds and a formal application to operate under DDP.

    It is pertinent to note that all licensed operators are required to submit an Advance Electronic Manifest (AEM) 24 hours before shipment arrival, clearly indicating DDP as the Incoterm and providing complete details such as HS codes, item descriptions, values, origins and consignees, in line with the WCO safe framework of standards.

    Maiwada said the SOP further mandates courier companies to act as declarants by filing Single Goods Declarations (SGDs) via the B’Odogwú platform.

     Declarations should include the declared FOB values, supported by invoices, airway bills, and packing lists.

    The statement reads in part: “Also, full payment of customs duties, VAT, and other statutory levies must be completed through authorised NCS payment channels before clearance. Additionally, risk-based cargo profiling will guide inspections, with physical examinations conducted when discrepancies or high-risk indicators are identified.

    Delivery to the consignee is permitted only after full clearance, and Proof of Delivery (POD) must be provided upon request.

    “To ensure strict adherence, the NCS has instituted a robust monitoring and enforcement mechanism through periodic Post-Clearance Audits (PCA). These audits will verify the accuracy of DDP declarations, prevent revenue leakages, and confirm compliance with classification and valuation standards. Violations, including false declarations, non-payment of duties, or operational misconduct, will attract sanctions such as suspension or revocation of clearance licences, seizure of goods, penalties with interest, and prosecution under the NCS Act, 2023. Courier operators are also required to submit monthly reports of all DDP shipments, including duty payments, classification details and delivery records, to the relevant Area Commands.

    “With this commencement, the NCS reaffirms its commitment to strengthening the integrity of the clearance process, enhancing revenue assurance, facilitating legitimate trade and ensuring that courier operations under the DDP regime meet the highest global compliance standards.”

  • Nigeria, UAE to sign comprehensive economic partnership agreement at Tinubu–MBZ talks

    Nigeria, UAE to sign comprehensive economic partnership agreement at Tinubu–MBZ talks

    Nigeria and the United Arab Emirates (UAE) are set to sign a Comprehensive Economic Partnership Agreement (CEPA) during a scheduled bilateral meeting between President Bola Ahmed Tinubu, and Mohammed bin Zayed Al Nahyan, President of the UAE, on the sidelines of the ongoing Abu Dhabi Sustainability Week in Abu Dhabi.

    The Minister of Foreign Affairs, Yusuf Tuggar, disclosed this while briefing journalists in Abu Dhabi, explaining that the agreement would formalise ongoing economic engagements, boost investor confidence and offer mutual protection for businesses operating in both countries.

    According to Tuggar, the CEPA is a critical deliverable of President Tinubu’s participation in the sustainability summit, noting that several UAE investors had been eager for the agreement to be concluded to guarantee the safety and predictability of their investments in Nigeria.

    “President Tinubu is going to have a bilateral with the President of the United Arab Emirates, His Highness Mohammed bin Zayed Al Nahyan, and one of the things to be discussed there is the Comprehensive Economic Partnership Agreement which is expected to be signed during that bilateral meeting,” the Minister said.

    READ ALSO; NIN database hits 127 million enrolments nationwide, says NIMC

    He explained that beyond attracting UAE investments into Nigeria, the agreement would also safeguard Nigerian interests abroad, particularly in Dubai, where many Nigerians run businesses and factories.

    “It also protects the investments of Nigerians. We have a lot of Nigerian businesses doing business in Dubai. Some actually even have factories. This further protects them, dignifies the Nigerian and ensures that Nigerians are respected wherever they go to invest or visit,” Tuggar added.

    The Minister described Abu Dhabi Sustainability Week as a strategic platform that sits between global climate conferences, such as the recent COP, and helps participating countries move from declarations to implementation.

    “The Abu Dhabi Sustainability Week happens in between the COP. You need to concretise some of the agreements that have been reached; otherwise, it just ends up being a talk shop,” he said.

    He noted that Nigeria’s participation was driven by the need to translate climate commitments into tangible outcomes, including funded and implementable projects, especially in areas where the country faces a deficit in project preparation.

    “This presents an opportunity to come with identified projects and try to source funding from some of the countries and organisations that are in attendance,” Tuggar explained.

    On priority sectors for Nigeria–UAE collaboration, the minister identified gas development for electricity generation as a major focus, stressing that inadequate investment in converting Nigeria’s vast gas resources into power has contributed to persistent electricity outages.

    “We’re looking to invest further in gas for electricity. We have a lot of gas, and we need to develop it to power electricity. That is why we now have a lot of pipelines being constructed and a licensing round going on for acreage,” he said, adding that this would open more opportunities for exploration and production.

    Tuggar also pointed to expanded trade relations, including agricultural commodities and manufacturing, as well as improved financial and aviation frameworks. 

    He recalled that challenges faced by airline operators over trapped funds were resolved after President Tinubu assumed office, easing travel and financial transactions for Nigerians abroad.

    Speaking on President Tinubu’s expected address at the forum, the minister said the President would outline Nigeria’s climate change priorities, nationally determined contributions and the drive to make climate-related projects bankable to attract global funding.

    “He will talk about Nigeria’s focus in terms of deliverables, our goals and commitments, and ensuring that the projects we bring forward are viable and can convince funders,” Tuggar said.

    He added that Nigeria’s engagement at the forum underscores its commitment to sustainability, not only in tackling climate change but in doing so in a way that supports long-term economic growth and development.

  • Heritage Bank: NDIC declares ₦24.3bn second liquidation dividend for uninsured depositors

    Heritage Bank: NDIC declares ₦24.3bn second liquidation dividend for uninsured depositors

    The Nigeria Deposit Insurance Corporation (NDIC) has declared a ₦24.3 billion second liquidation dividend for depositors of Heritage Bank Limited whose account balances exceeded the statutory insured limit of ₦5 million at the time of the bank’s closure.

    The Corporation stated that the ₦24.3 billion payment represents only the second liquidation dividend, emphasizing that additional payments will follow as more assets are realized and outstanding debts are recovered.

    The Nation reports that in April 2025, NDIC disbursed N46.6 billion as the first tranche of liquidation dividends to depositors of the defunct Heritage Bank, with funds exceeding the insured limit of N5 million.

    The declaration follows the revocation of Heritage Bank’s operating licence by the Central Bank of Nigeria (CBN) on June 3, 2024, after which the NDIC was appointed liquidator in line with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Sections 55(1 and 2) of the NDIC Act 2023.

    In a statement on Sunday by the Head of the NDIC’s Communication and Public Affairs Department, Hawwau Gambo, the Corporation said it had since commenced the disposal of physical assets, recovery of debts, and realisation of investments belonging to the defunct bank.

    “As a result of these efforts, the NDIC declared a first liquidation dividend of ₦46.6 billion in April 2025, at a rate of 9.2 kobo per ₦1.00,” the corporation stressed, adding that the amount was paid on a pro-rata basis to depositors whose balances were above the ₦5 million insured limit at the date of closure.

    Gambo explained that the newly declared second liquidation dividend of ₦24.3 billion was generated from debt recovery, sale of physical assets, and realisation of investments.

    The payment will be applied to outstanding uninsured balances at a rate of 5.2 kobo per ₦1.00, in accordance with Section 72 of the NDIC Act 2023.

    “This brings the cumulative liquidation dividend declared to date to 14.4 kobo per ₦1.00,” the statement noted.

    According to the NDIC, payments will be made using depositors’ existing details already captured in its records. Eligible depositors who have previously received their insured deposits and the first tranche of liquidation dividends will have their alternative bank accounts automatically credited using their Bank Verification Numbers (BVN).

    Depositors were advised to check their accounts for confirmation, while those without alternative bank accounts, BVNs, or who are yet to claim their insured sum of up to ₦5 million or the first liquidation dividend, were urged to visit the nearest NDIC office or complete the e-claim form on the Corporation’s website for prompt processing.

    The NDIC clarified that a liquidation dividend refers to payments made to depositors of a closed bank whose balances exceed the insured limit, using proceeds from asset sales, debt recovery, and investment realisation.

    It added that only after all depositors have been fully reimbursed would payments be made to other creditors and, subsequently, shareholders, subject to the availability of funds.

  • Nigerian business leader Ozoka promotes pan-African investment, others in Uganda

    Nigerian business leader Ozoka promotes pan-African investment, others in Uganda

    A Nigerian entrepreneur based in the United States, Dr. Odera Ozoka, has stepped up efforts to strengthen economic ties between Nigeria and East Africa, championing Pan-African investment and women-focused development initiatives in Uganda.

    Dr. Ozoka recently joined Uganda’s Minister of Gender, Labour and Social Development, Betty Amongi, on the campaign trail in Northern Uganda, a move seen as reinforcing growing Nigerian–East African economic cooperation.

    He has been appointed by Uganda’s ruling National Resistance Movement (NRM) to help attract international investors to the country.

    His engagement centres on directing investment opportunities toward women-owned businesses, in line with broader Pan-African development goals and Nigeria’s long-standing advocacy for African economic integration.

    Speaking from Oyam in Northern Uganda, Dr. Ozoka highlighted the impact of women-focused initiatives in the region.

    “The world is watching and taking note of the superb work being delivered for women in Uganda,” he said.

    “I’ve been to several businesses owned by women here in Lira, and the enthusiasm is very commendable and exciting.”

    Through his collaboration with Minister Amongi, access has been facilitated to programmes supported by the National Social Security Fund (NSSF) and the World Bank, providing seed financing, grants, and loan schemes for women entrepreneurs across Northern Uganda.

    Minister Amongi, who is campaigning for the Lira City Woman Parliamentary seat, commended Dr. Ozoka’s role and Pan-African outlook.

    “I have been impressed by him,” she said. “He has represented Nigeria and the United States well and is living in the spirit and mantra of Pan-Africanism.

    “He has brought investment commitment to Uganda, and many of our women will benefit greatly from it.”

    Experts noted that Dr. Ozoka’s activities reflect a growing trend of Nigerian diaspora professionals leveraging global networks to unlock development opportunities across Africa.

    His work in Uganda is already yielding tangible results through women-focused financing programmes, which analysts say could serve as models for similar initiatives in Nigeria.

    For Nigerian investors, the development highlights emerging opportunities in East African markets, particularly in women-led enterprises, and underscores the potential of Pan-African business partnerships supported by institutions such as the NSSF and the World Bank.

    Dr. Ozoka’s recognition by Ugandan leaders as “a true African son” further underscores Nigeria’s influence on the continent, as African nations increasingly pursue intra-African collaboration to drive sustainable development.

  • Consumer group alleges unfair competition in cocoa imports, canvasses stricter regulation

    Consumer group alleges unfair competition in cocoa imports, canvasses stricter regulation

    A Lagos-based Consumer advocacy group, Centre for Consumer Concern, Awareness and Initiative (CCC-AI), has alleged unfair competition in importation of cocoa-based products, urging the authorities to emphasis stricter regulation to ensure a fair market.

    In a statement on Monday, the Centre stated that the regulatory practice, whereby importers of cocoa-based products and dairy products get exemption from pre-shipment SONCAP certification, creates unfair competition with local manufacturers of same products. 

    It also stated that “weak enforcement of regulatory guidelines has created a regulatory gap that allows non-compliant cocoa-based products to access the Nigerian market.”

    The CCC-AI also shared a similar concern on the recent global recall of batches of contaminated SMA infant formula. It said, “CCC-AI notes that although details around the infant milk issue continue to unfold, both matters reveal a deepening crisis in Nigeria’s consumer protection and regulatory enforcement landscape, particularly around imported food and cocoa-based products.

    “These are not isolated incidents,” CCC-AI stated. “They point to a pattern where regulatory vigilance is weakening, corporate compliance is inconsistent, and consumers are being placed at unacceptable risk.” 

    The consumer group “urges the Federal Competition and Consumer Protection (FCCPC) to establish and coordinate a joint task force with LASCOPA, NAFDAC, Standards Organisation of Nigeria, Nigeria Customs Service and consumer advocacy groups on harmonizing regulations and address product risks management controls.”

    The group also urged “brands and importers to take responsibility and prioritize Nigerian consumer safety.” “Nigerian consumers deserve safe products, fair markets, and regulators who act decisively in the public interest,” CCC-AI stated.

  • Six ways to survive January after Detty December spending

    Six ways to survive January after Detty December spending

    December or Detty December as some call it, in Nigeria is synonymous with heavy spending food, gifts, outings, concerts, and travel all add up quickly. By the time January arrives, many people are left with drained wallets, disrupted routines, and financial anxiety.

    The good news is that recovery is possible and it doesn’t have to be painful. With a few intentional steps, you can regain control of your finances and start the year on a stronger footing.

    Here are six practical ways to bounce back after a spending-heavy December:

    1. Create a January budget

    Start by planning your spending for the month. Allocate funds for essentials like food, transport, and bills, set aside something for savings, and include a modest allowance for small treats. A clear budget prevents holiday excesses from spilling into the new year.

    2. Take full stock of your finances

    Review your bank balances, credit cards, and outstanding bills. Knowing exactly how much you spent, and what you owe, is the first step toward financial recovery. You can’t fix what you haven’t assessed.

    3. Prioritise essential expenses

    Separate needs from wants. Focus first on rent, utilities, food, and transportation. Delay non-essential purchases until your finances stabilise and cash flow improves.

    4. Limit credit use

    Avoid using credit cards or loans to patch up holiday overspending. Instead, concentrate on paying down existing debt. Only rely on credit when it’s absolutely unavoidable.

    5. Find small ways to earn extra cash

    Look for quick, realistic ways to boost income—freelance work, selling unused items, or monetising a skill. Even small amounts can make a noticeable difference when you’re recovering financially.

    6. Start a future December fund

    Once things stabilise, begin saving a small amount monthly for future high-spending periods. Even a modest buffer can remove the stress of another Detty December catching you unprepared.