Category: Business

  • Champion Breweries issues N30b 5-year Senior Unsecured Bond

    Champion Breweries issues N30b 5-year Senior Unsecured Bond

    • By Olamide Akintunde

    Champion Breweries Plc has successfully issued its maiden N30 billion 5-year Fixed Rate Senior Unsecured Bond. Rand Merchant Bank acts as Lead Issuing House and Bookrunner on the bond.

    The bond was issued at a coupon of 19.50 per cent, under its N45 billion Bond Issuance Programme. This landmark transaction marks a significant milestone as Champion Breweries continues to expand its footprint and strengthen its position in Nigeria’s beverage industry.

    The Bond Issuance is the first bond to be issued by a player in the breweries sub-sector in Nigeria signalling the company’s ambition to diversify its funding sources, strengthen its capital structure, and position Champion Breweries for sustainable growth in a competitive market.

    Commenting on the Bond Issuance, Chairman of Champion Breweries Plc, Imo-Abasi Jacob said: “The successful Bond Issuance is more than a financing milestone, it is a statement of intent. By accessing the debt capital markets, we have demonstrated the strength of our governance, the resilience of our business model, and the confidence investors place in our long‑term vision”.

    He said the bond issuance is a catalyst for transformation enabling Champion Breweries modernize its production infrastructure, strengthen its capital base, and position Champion Breweries to compete at scale. We are proud to set a precedent in the breweries sub‑sector, and we remain committed to leveraging this momentum to drive innovation, efficiency, and stakeholder prosperity.

    Managing Director/CEO of Champion Breweries Plc, Dr Inalegwu Adoga said: “This successful Bond Issuance reflects investor confidence in Champion Breweries and our strategic direction under EnjoyCorp. With this capital, we are focused on driving operational efficiency and unlocking opportunities that will sustain growth and reinforce our leadership in Nigeria’s beverage market.”

    Executive Director, Rand Merchant Bank Nigeria Limited (RMB Nigeria), Head of Investment Banking Broader Africa, Chidi Iwuchukwu highlighted: “Champion Breweries Plc’s maiden Bond Issuance is a significant milestone for the breweries sub-sector and reflects the increasing depth of Nigeria’s debt capital markets. Rand Merchant Bank is proud to have partnered with Champion Breweries Plc as Lead Issuing House and Bookrunner, leveraging our expertise in credit ratings advisory, transaction structuring, debt advisory, as well as investor and regulatory engagements to deliver seamless execution.”

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    Chief Executive Officer of RMB Nigeria, Bayo Ajayi, added:

    “We are proud to have led and advised Champion Breweries through the process of accessing long-term funding from the debt capital markets. This transaction demonstrates the depth and sophistication of Nigeria’s debt capital markets. At RMB Nigeria, we remain committed to structuring solutions that meet our clients’ funding needs while contributing to the development of Nigeria’s capital markets.

    Champion Breweries’ successful issuance sets a strong precedent for future bond issuances from players in the breweries sub-sector.”

    Despite launching the Bond Issuance amidst volatile interest rate environment, the Bond Issuance attracted robust demand from diverse set of institutional investors which included Pension Fund Administrators, Asset Managers, Trustees, a Bank, a Registrar and High Net-Worth Individuals underscoring strong confidence in Champion Breweries’ credit quality and long-term growth strategy under its management team and board of directors.

    The bond proceeds will be strategically allocated to enhance operational efficiency, enabling Champion Breweries sustain growth and deliver long-term value to stakeholders.

  • Olam secures bulk of regulatory approvals for stake sale in Olam Agri

    Olam secures bulk of regulatory approvals for stake sale in Olam Agri

    Olam Group has secured regulatory approvals in most jurisdictions for its proposed sale of a 44.58 per cent stake in Olam Agri Holdings to Saudi Agricultural and Livestock Investment Company (SALIC), bringing the transaction closer to completion.

     The company said it has obtained approvals from all but two jurisdictions, noting that the deal remains subject to the fulfillment of outstanding conditions, including final regulatory clearances. Olam Agri Nigeria Limited, a major subsidiary of Olam Agri, is part of the global Olam Group’s extensive agribusiness operations.

     The update comes almost a year after Olam Group and Olam Agri entered into the $1.8 billion agreement with SALIC in February 2025. In a filing before the market opened, Olam said completion of the proposed sale would occur “as soon as practicable upon the satisfaction of all the conditions.”

     “Olam intends to complete the proposed sale as soon as practicable upon the satisfaction of all the conditions,” the Group’s Co-founder / Chief Executive Officer, Sunny Verghese, said in the bourse filing, while urging investors to “exercise caution” when trading, as the transaction is not yet guaranteed.

    Read Also: 2025: PTAD steadies pension payouts, faces old burdens

     Under the agreement announced in February 2025, Olam plans to dispose of all its remaining shareholdings in Olam Agri in two tranches. The first tranche involves the sale of 44.58 per cent, or about 1.5 billion ordinary shares, to SALIC for approximately $1.8 billion. The transaction implies an equity valuation of about $4 billion for the entire Olam Agri business.

    The first tranche is expected to be completed in the fourth quarter of 2025 and would increase SALIC’s ownership in Olam Agri to 80.01 per cent from about 35.43 per cent currently. Within three years of the completion of this first tranche, Olam will sell its remaining 19.99 per cent stake through a call and put option arrangement.

    As part of its latest financial update, Olam declared an interim dividend of S$0.02 per share, down from S$0.03 per share in the corresponding period a year earlier.

    The group also reported that first-half profit from continuing operations surged by 574 per cent to S$323.8 million, as the business swung back into profitability.

    Regulatory momentum around the deal has gathered pace. The Competition Commission of India has approved SALIC’s proposed indirect acquisition of 44.58 per cent, and up to 64.57 per cent, of the issued share capital of Olam Agri Holdings Limited. The European Commission has also authorised SALIC to acquire sole control of Olam Agri under the EU Merger Regulation, following its agreement to purchase an 80.01 per cent stake for about US$1.78 billion.

    SALIC, a joint stock company incorporated in the Kingdom of Saudi Arabia and wholly owned by the country’s Public Investment Fund, said the investment would strengthen its role in global commodity supply chains and support its mission to bolster global food security.

    The company has investments across farming, procurement and the trading of food commodities, with existing operations in India through LT Foods Limited.

    Olam International Limited operates across the agricultural value chain in 65 countries, including Nigeria. Olam Agri, which is incorporated and headquartered in Singapore, functions primarily as a global merchant and processor of agricultural goods, with activities spanning the entire value chain.

    Beyond the Olam Agri transaction, the group has said it intends to focus on an initial public offering of its other food ingredients business, Olam Food Ingredients (ofi), which was created in early 2020 and accounted for nearly 40 per cent of Olam’s total revenue in the 2024 financial year.

  • Mouka partners healthcare facilities across 15 states

    Mouka partners healthcare facilities across 15 states

    Mouka Limited, manufacturer of household and industrial foam products, and a member of Dolidol International Group, kicked off 2026 with a renewal of its tradition of honouring families welcoming newborns into the world.

    Under the heartfelt initiative, which showcases Mouka’s unwavering commitment to enhancing lives by providing quality sleep from the very start, the company partnered with public healthcare facilities across 15 States.

    The States include Lagos, Oyo, Imo, Rivers, Abia, Enugu, Akwa Ibom, Edo, Gombe, Kano, and Plateau, where the manufacturer of mattresses, pillows and other bedding products celebrated 71 precious babies born at the dawn of the New Year.

    Each family received an array of gifts, including the innovative Mouka Dreamtime Baby Mattresses, thoughtfully designed to provide infants with unparalleled comfort and support, along with pillows, toys, and baby skin care essentials.

    Read Also: Mouka unveils first Comfort Garden in Lagos

    In Lagos, Mouka partnered with the First Lady of Lagos State, Dr. (Mrs.) Ibijoke Sanwo-Olu, to honour the first babies born in 2026.

    The event featured visits to General Hospital Ibeju-Lekki, General Hospital Gbagada and General Hospital Imota, where mothers of newborns received celebratory gifts.

    Among the joyous moments, the first baby of the year was a baby girl delivered to Mr. & Mrs. Daramola at exactly 12:00 a.m. at General Hospital Gbagada, while a baby boy was born to Mr. and Mrs. Mayowa at General Hospital Ibeju-Lekki, also at midnight.

    Mouka’s Managing Director Mr. Femi Fapohunda, passionately reinforced the brand’s mission to nurture healthy sleep habits from infancy. “As champions of quality sleep, we believe that fostering good sleep practices from the very beginning is vital.

    “Our Dreamtime mattress is specially crafted to ensure optimal physical and cognitive development for children,” he stated, adding that the mattress is both water-resistant and breathable, promoting a comfortable sleep environment.

    The joy extended beyond Lagos; in Niger State, at General Hospital Minna, the first baby, born to Mr. & Mrs. Rahma, was delivered at 1:42 a.m., followed just minutes later by baby Jafar at 2:06 a.m.

    Mouka representatives visited hospitals nationwide, spreading happiness and cheer to families welcoming New Year babies, underscoring the brand’s role as a socially responsible force in the community.

    Grateful parents expressed deep appreciation for Mouka’s generous initiatives, which exemplify the company’s commitment to adding meaningful value to Nigerian lives.

    With a legacy spanning over 66 years, Mouka remains synonymous with trusted sleep solutions.

    Their extensive offerings, including the Royal Luxury Pillow Top Mattresses, Wellbeing Orthopaedic Mattresses, Mondeo Firm Spring Mattress, and a variety of premium pillows, are all crafted to ensure Nigerians enjoy restful nights and wake up rejuvenated.

    Fapohunda affirmed that Mouka remains dedicated to sustaining its rich tradition of support and care, paving the way for healthier, happier families throughout Nigeria.

  • Oil up 1% as market assesses Venezuela upheaval

    Oil up 1% as market assesses Venezuela upheaval

    Oil prices jumped by about one per cent yesterday as traders assessed the possible impact on crude oil following the U.S. capture of President Nicolas Maduro of Venezuela.

    Brent crude futures were up 55 cents, or 0.9 per cent per cent, at $61.30 a barrel U.S. West Texas Intermediate crude gained 64 cents, or 1.1 per cent, to $57.96.

    The benchmarks have crept in and out of negative territory in European trading as markets digested news that the U.S. had captured Venezuela’s leader and that Washington would take control of the OPEC member, crude exports of which had been under a U.S. embargo that remains in place.

    In a global market with plentiful oil supply, analysts said that any further disruption to Venezuela’s exports would have little immediate impact on prices.

    Venezuelan oil output has plummeted in recent decades, curbed by mismanagement and a lack of foreign investment after the nationalisation of oil operations in the 2000s.

    Read Also: Venezuela orders nationwide manhunt for supporters of Maduro’s arrest

    Output averaged about one million barrels per day last year, equating to about one per cent of global production. Venezuela’s acting President  offered on Sunday to cooperate with the United States.

    “This reduces the risk for an extended embargo on Venezuelan oil exports, with oil potentially flowing freely out of Venezuela before too long,” said SEB analysts.

    “The oil market is faced with a surplus unrelated to Venezuela. We can see why the market may focus on the bearish angle of more barrels out of Venezuela; we just do not see that happening quickly,” said Bernstein analysts.

    Trump also raised the possibility of further U.S. interventions, suggesting Colombia and Mexico could face military action if they did not reduce the flow of illicit drugs. Analysts are also awaiting Iranian reaction to Trump’s threat on Friday to intervene in a crackdown on protests in the OPEC producer.

    Elsewhere, the Organisation of the Petroleum Exporting Countries and its allies decided to maintain their output on Sunday.

  • Major investors scramble for bank shares in final consolidation push

    Major investors scramble for bank shares in final consolidation push

    Major investors and directors are scrambling to increase their stakes in banks as the recapitalisation exercise enters its final and most decisive phase.

    Trading reports reviewed by The Nation yesterday showed a high trend of insider dealings across several banks.

    Many others are surreptitiously offering shares to major investors as part of buffers for expected consolidation in the banking industry.

    As the banking recapitalisation heads to the March 31 deadline stipulated by the Central Bank of Nigeria (CBN), The Nation’s Market Intelligence indicated that currently, banks have more than N400 billion under special placements to major investors.

    With a shortened timeline and more than two-quarters of banks yet to meet the new minimum capital requirements, market sources said banks were seeking to undertake “reverse rights issue” in special placement to significant shareholders and related parties.

    A major investor in one of the first-generation banks was said to have acquired an additional equity stake to increase the largest and controlling equity stake in the bank to some 17 per cent, in what market pundits saw as a strategic positioning for future special placement.

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    In another instance, senior executives of a new generation bank were acquiring shares at the secondary market, providing them with the opportunity to increase their holdings in the event of a rights issue.

    “It’s natural for the major shareholders to seek to protect themselves from dilution and to increase shareholdings, knowing that post-recapitalisation industry may become more competitive and profitable,” an investment banking source said.

    CBN governor, Mr. Olayemi Cardoso, who presented a status report on the recapitalisation exercise, said 16 banks have met their new capital requirements.

    He also indicated that 27 other banks were raising funds as the March 31 deadline looms.

    Nigeria currently has 44 deposit-taking banks across various licence categories.

    In March 2024, the CBN released its circular on review of minimum capital requirement for commercial, merchant and non-interest banks.

    The apex bank increased the new minimum capital for commercial banks with international affiliations, otherwise known as mega banks, to N500 billion; commercial banks with national authorisation, N200 billion and commercial banks with regional license, N50 billion.

    Others included merchant banks, N50 billion; non-interest banks with national license, N20 billion and non-interest banks with regional license will now have N10 billion minimum capital.

    The 24-month timeline for compliance ends on March 31.     

    Under the new minimum capital base, CBN uses a distinctive definition of the new minimum capital base for each category of banks as the addition of share capital and share premium, as against the previous use of shareholders’ funds.

    The guidelines for the recapitalisation exercise required banks to subject their new equity funds for capital verification before the clearance of the allotment proposal and release of the funds to the bank for onward completion of the offer process and addition of the new capital to its capital base.

    The CBN is the final signatory in a tripartite capital verification committee that included the Securities and Exchange Commission (SEC) and the Nigeria Deposit Insurance Corporation (NDIC).

    The committee is saddled with scrutinising new funds being raised by banks under the ongoing banking sector recapitalisation exercise.

  • Stock market capitalisation hits N101 trillion

    Stock market capitalisation hits N101 trillion

    Nigerian equities hit another milestone yesterday as sustained demand by domestic and foreign investors pushed the total market capitalisation of all quoted equities above N100 trillion.

    Aggregate market value of all quoted equities at the Nigerian Exchange (NGX) rose from its opening value of N99.938 trillion to close yesterday at N101.81 trillion, the first time Nigerian market reached the mark.

    Nigerian equities have so far, in the first two trading sessions of this year, rallied net gain of N2.306 trillion, building on strong momentum that had seen the market closing with a full-year net gain of N32.13 trillion.

    Average year-to-date return for the first two trading sessions stood at 2.32 per cent, sustaining a bullish outlook that placed Nigeria as one of the world’s five best-performing stock markets last year, with a full-year return of 51.19 per cent.

    The All-Share Index (ASI)- the value based index that tracks all share prices at the NGX, rose by 1.74 per cent to close yesterday at 159,218.22 points as against its opening index of 156,492.36 points.

    With more than nine advancers to every decliner, the rally at the market was driven by widespread bullish sentiment across the sectors as investors appeared to be taking early positions ahead of the release of the full-year audited results of quoted companies and resultant dividends.

    Group Managing Director, Nigerian Exchange Group (NGX Group), Temi Popoola, said the N101.81 trillion attainment reflects growing confidence in the Nigerian capital market.

    Read Also: Stock market’s return hits N27tr on earnings expectations

    “The equities market capitalisation crossing the N100 trillion mark is a defining milestone for Nigeria’s capital market and a clear signal of renewed investor confidence as the year begins. It reflects the market’s growing depth, resilience, and ability to respond positively to improving macro-economic conditions and structural reforms,” Popoola said.

    According to him, sustained collaboration between market stakeholders and regulators has played a key role in strengthening market credibility.

    “Over the past two years, closer alignment between market operators, policymakers, and the Securities and Exchange Commission (SEC) has enhanced transparency, liquidity, and investor protection, reinforcing the Exchange’s role in mobilising long-term capital for economic growth,” Popoola said.

    Chief Executive Officer, Nigerian Exchange (NGX) Limited, Jude Chiemeka, explained that the trading trend showed that the rally was supported by improving participation and selective demand across key sectors.

    He said: “The breadth of the market tells a positive story. We are seeing strong participation across banking, industrial, and consumer stocks, alongside rising trading volumes, which suggests growing investor confidence and a more active market at the start of the year”.

    The early positive start reinforced the outlook for the Nigerian equities market, after investors netted capital gain of N32.13 trillion in 2025.

    The ASI closed 2025 at 155,613.03 points as against the year’s opening index of 102,926.40 points. Aggregate market value of all quoted equities rose from 2025’s opening value of N62.763 trillion to close the year at N99.376 trillion, representing an increase of 58.34 per cent or N36.61 trillion.

    The difference between the ASI and aggregate market value was due to additional listings recorded during the year.

    Chairman, Association of Securities Dealing Houses of Nigeria (ASHON) Sehinde Adenagbe said the market performance has strong correlation with the economic reforms of the current government.

    He said: “There is no gainsaying that since President Bola  Tinubu took office in May 2023, Nigeria’s stock market has experienced strong growth and renewed investor interest.

    ‘’The NGX All-Share Index more than doubled, rising by around 136 per cent between 2023 and 2025, with market capitalisation expanding sharply and local and foreign participation strengthening.

    He added that further digitisation of the economy and the capital market has smoothed the onboarding of the youthful demography of the country, especially through the fintech gateway created by the NGX Group.

    According to him, the market performance reflected improved macroeconomic conditions, liquidity, and investor appetite.

    He said: “We believe that these strong performances signal enhanced market confidence, partly driven by broader economic measures under the administration.

    He highlighted the enactment of the Investment and Securities Act (ISA) 2025, signed into law by President Tinubu, the removal of Nigeria from the Financial Action Task Force (FATF)’s “grey list”, and the reforms in the foreign exchange (forex) market as major impetus for the market.

    According to him, the transparency and stability in the forex market have helped to reduce distortions, improving the predictability of pricing for foreign investors and businesses.

    “Stable forex conditions have been widely cited as a contributor to increased foreign capital flows into equities and other financial instruments,” Adenagbe said.

    He, however, called for more supportive policies that encourage new listings, including moribund state-owned enterprises that can be turned around, as well as incentives for long-term institutional investment.

    “We also need more structural reforms, coordinated implementation, market infrastructure improvements and inclusive growth measures to sustain momentum and position Nigeria as a competitive driver of national economic growth and development. The issue surrounding the Capital Gains Tax (CGT) should be revisited to give the market clarity. More intentional approaches are needed to stamp out insecurity and acts of terrorism from the country as investors want to put their resources in secured environment,” Adenagbe said.

    Managing Director, GTI Capital, Mr Kehinde Hassan, said investors appeared confident about the outlook for the Nigerian economy.

    He described the stock market as the closest reflection of a country’s global economic rating, as investors are sensitive to risks.

    The double-digit 51.19 per cent return in 2025 marked the sixth consecutive bullish run for the Nigerian market. The ASI had made the top global chart in 2024 with average return of 37.65 per cent, equivalent to net capital gain of N15.4 trillion.

    The ASI had closed 2023 as one of the three best-performing markets globally. Average return for Nigerian equities in 2023 stood at 45.90 per cent, equivalent to net capital gains of N12.81 trillion.

    The market had broken its well-known previous cycle of decline in the pre-election year to record its third consecutive positive performance in 2022, with a full-year average return of 19.98 per cent, equivalent to a net capital gain of N4.455 trillion. It had closed 2021 with an average return of 6.07 per cent, equivalent to net capital gains of N1.278 trillion. In the throes of the outbreak of the COVID-19 pandemic in 2020, it had recorded an average return of 50.03 per cent, representing net capital gains of N6.483 trillion.

    ASI closed 2023 at 74,773.77 points, as against its opening index of 51,251.06 points for the year. It had opened in  2022 at 42,716.44 points. Aggregate market value of all quoted equities had also risen from 2023’s opening value of N27.915 trillion to close the year at N40.918 trillion. It had recorded N22.297 trillion as the opening value for 2022.

  • Tax reforms not to marginalise opposition-Adedeji

    Tax reforms not to marginalise opposition-Adedeji

    Chairman of the Nigeria Revenue Service (NRS), Dr. Zacch Adedeji, has dismissed fears that the new tax reform framework could be used by the Federal Government to marginalise political opposition or target individuals on the basis of political affiliation, insisting that the reforms are driven by national interest and institutional accountability.

    Adedeji spoke during an interview on the Arise TV programme, ThisDay Live, where he responded to concerns that the new tax regime might be weaponised through selective enforcement or politically motivated scrutiny of tax compliance records.

    He noted that such insinuations were misdirected, stressing that the administration’s approach to tax reform is guided by transparency, due process and a commitment to building strong and credible institutions.

    Addressing a question on whether the reforms could be used to suppress opposition voices, Adedeji said:“I think the question you will ask is that we need to commend the courage of Mr. President, that despite the fact that there is an election coming, he is courageous enough to continue on this path of statesmanship, not of that of politicians.”

    He explained that it would have been easier politically for the government to avoid far-reaching fiscal and institutional reforms ahead of an election cycle but the President chose to continue with measures aimed at strengthening the country’s fiscal foundation and improving economic governance.

    Read Also: How tax administration can be successful, by Muda Yusuf

    According to him, the tax reform agenda is focused on correcting structural weaknesses in the tax system, improving fairness, and creating a simplified and predictable compliance environment that encourages voluntary participation rather than fear or coercion.

    Adedeji said the scepticism expressed in some quarters is influenced by Nigeria’s historical concerns about how public institutions have previously been perceived but maintained that the new framework is being designed to reduce discretion in tax administration and ensure that processes are rule-based.

    He stated that the NRS is working to institutionalise systems that promote accountability, automation and stronger governance safeguards, so that tax administration is guided by law rather than individual judgment or political influence.

    The NRS Chairman added that the reform journey places strong emphasis on trust between government and taxpayers, noting that confidence grows when citizens are assured that tax policies are not shaped by partisan considerations.

    He said the administration’s approach is centered on expanding opportunities for growth, strengthening public finances in a sustainable manner and creating a system where citizens can clearly see the relationship between taxes paid and improvements in public services.

    Adedeji reiterated that while tax reform often attracts political commentary, the overriding objective remains the stability of the economy and the development of credible institutions capable of supporting long-term national progress.

    He said the ongoing implementation process will continue through structured phases, with the ultimate goal of building a tax environment that supports investment, protects vulnerable groups and strengthens confidence in public administration, while insulating tax processes from political interference.

  • Tinubunomics and the arithmetic of illusion

    Tinubunomics and the arithmetic of illusion

    By Tanimu Yakubu

    A striking feature of Nigeria’s current economic debate is the enthusiasm with which huge numbers are circulated—and the casualness with which they are assembled. Tax collections are added to oil receipts; oil receipts are added again under customs or “subsidy savings”; borrowing is treated as income; and the resulting total is presented as proof of incompetence or theft.

    This is not an economic analysis. It is an arithmetic illusion.

    At the core of most viral critiques of Tinubunomics lies a fundamental failure to distinguish between revenue, cash, and financing, and between federation-wide collections and federal budgetary resources. These are not technicalities. They are the foundation of public finance.

    Revenue is not the same as cash available to the Federal Government. Borrowing is not income; it is financing and creates future obligations. Federation receipts are not equivalent to what the Federal Government can spend.

    Once these distinctions are ignored, any number—no matter how dramatic—can be manufactured.

    The familiar pattern runs as follows. Aggregate tax collections are cited, often correctly, in gross terms. Oil revenues are then added without clarifying whether they are gross or net, federation-wide or federally retained, or whether costs, deductions, and under-recoveries have been netted off. Customs receipts are layered on, sometimes without stating whether they are already embedded in non-oil revenue totals. Borrowing is then added as though it were free money. Finally, “subsidy savings” are thrown into the mix, as if stopping a fiscal leak produces a vault of idle cash.

    The result is a large headline number—N150 trillion, N170 trillion, N180 trillion—followed by the question: where did the money go?

    The answer is straightforward: much of it never existed in the form being implied.

    Subsidy reform, for instance, does not conjure discretionary cash. It closes a hole. Under the old regime, underpricing manifested through arrears, opaque netting, and quasi-fiscal obligations. Reform first eliminates these hidden drains. The fiscal benefit appears gradually—through reduced deficit pressure, better budgeting discipline, and explicit, targeted support—not through a sudden pile of spendable “savings.”

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    Debt figures are similarly abused. A significant portion of Nigeria’s recent increase in debt stock in naira terms reflects exchange-rate revaluation of existing external obligations, not fresh borrowing. When the exchange rate adjusts, the naira value of dollar-denominated debt rises automatically. Treating this accounting effect as new borrowing is a category error, not a discovery.

    Most persistently, federation-wide collections are presented as if they belong solely to the Federal Government. They do not. Revenues in a federation are shared, earmarked, netted, and statutorily allocated. Federal budget reality is determined by FGN retained revenue plus deficit financing, not by gross federation inflows aggregated for political effect.

    Tinubunomics was never a promise of instant abundance. It is a macro-fiscal reset undertaken within hard constraints: inherited debt service, FX realism, security spending, legacy arrears, and competing constitutional obligations. Its logic is structural—restoring price signals, strengthening revenue administration, rebuilding credibility, and re-pricing the public balance sheet while protecting the most vulnerable.

    Those who insist on treating national finance as a household ledger will always find scandal where none exists. But accountability does not begin with social media addiction. It starts with audit logic.

    The proper way to interrogate government performance is simple: examine federal retained revenue; separate it clearly from financing; track expenditure across debt service, personnel, capital, and transfers; and then assess outputs—roads built, power delivered, rail extended, schools and clinics rehabilitated.

    Anything else is not subject to scrutiny. It is a theatre.

    And no amount of theatrical arithmetic can substitute for fiscal discipline.

    • Yakubu is the Director-General of the Budget Office of the Federation.

  • NIMASA deepens blue economy with strategic plans

    NIMASA deepens blue economy with strategic plans

    In 2025, the country’s maritime business environment underwent a major reset as a result of regulatory reforms, improved security, labour stability, and renewed global engagement.

    These factors significantly reduced operational risk and restored international confidence in the country’s shipping and blue economy prospects.

    This, the Head, Public Relations at the Nigerian Maritime Administration and Safety Agency (NIMASA), Osagie Edward, underscored in a statement.

    According to him, under the leadership of the NIMASA Director-General, Dr. Dayo Mobereola, the agency earned commendations from the Presidency, maritime institutions, labour unions, and a broad spectrum of industry stakeholders.

    He said throughout the year under review, the agency, operating under the supervision of the Federal Ministry of Marine and Blue Economy, sustained a reform-driven agenda focused on maritime safety and security, capacity development, regulatory efficiency, labour harmony, and international engagement.

     These deliberate efforts, Edward said, culminated in one of Nigeria’s most significant maritime milestones in recent history — the country’s successful return to the International Maritime Organisation (IMO) Council after a 14-year absence.

    “President Bola Ahmed Tinubu formally commended the management of NIMASA following Nigeria’s election into Category C of the IMO Council for the 2026–2027 biennium, describing the achievement as a strong affirmation of Nigeria’s growing influence in global maritime governance.

    “In a State House press release, the President noted that the election reflects the confidence of the international community in Nigeria’s commitment to maritime safety, security, environmental stewardship, and rules-based operations.”

    He specifically applauded the Federal Ministry of Marine and Blue Economy, NIMASA, and Nigeria’s diplomatic team for their professionalism, strategic engagement, and tireless efforts throughout the election process,” he said.

    “President Tinubu further emphasised that Nigeria’s return to the IMO Council aligns seamlessly with his administration’s broader vision to unlock the nation’s vast blue economy potential, strengthen anti-piracy initiatives in the Gulf of Guinea, expand maritime infrastructure, and position Nigeria as a regional shipping and logistics hub,” Edward added.

    Nigeria’s election into the IMO Council on Friday, 28 November 2025, during the IMO General Assembly in London, the agency’s spokesman said, stands out as the defining highlight of the year. The victory, he said, led by the Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, marked the country’s triumphant return to the Council after more than a decade.

    “Describing the outcome as a landmark endorsement of Nigeria’s maritime reforms, Oyetola credited over twelve months of intensive diplomatic shuttles, sustained advocacy, and coordinated stakeholder engagement involving NIMASA and other national institutions. He noted that Nigeria’s improved maritime security architecture and reforms in the Gulf of Guinea played a decisive role in restoring global confidence.

    “With this development, Nigeria has been restored to a strategic global platform where it can meaningfully contribute to shaping international shipping policies, maritime safety standards, and sustainable ocean governance,” the statement read.

    Another major highlight of the year, as indicated by Edward, was NIMASA’s successful hosting of the Secretary-General of the International Maritime Organisation, Mr. Arsenio Dominguez, the world’s leading maritime official. The historic visit, he said, underscored Nigeria’s renewed relevance within the global maritime community.

    According to him, Oyetola personally led the engagement, providing strategic leadership and hosting the IMO Secretary-General, while NIMASA, as Nigeria’s nodal agency to the IMO, coordinated technical sessions and stakeholder interactions. The visit, he noted, further reinforced international confidence in Nigeria’s maritime reforms and institutional capacity.

    Working in synergy with national and international security architecture, NIMASA, Edward said, successfully sustained zero piracy incidents in Nigerian waters during the year under review. “The Agency’s Deep Blue Project proved instrumental in this achievement. Port and Flag State during the period under review have been effective and surpassed the globally acceptable standards,” he said.

    The statement highlighted the visit of the IMO Secretary-General who witnessed a live demonstration by the Deep Blue security team and reportedly stated that other maritime nations have much to learn from Nigeria’s maritime security framework.

    It also underlined the area of human capacity development, noting that Mobereola and his management team demonstrated uncommon commitment to maritime education. “The issue of seatime for beneficiaries of the Nigerian Seafarers Development Programme NSDP is enjoying deserved attention as the backlog is being cleared,” it said.

    Edward described as historic the Director-General of NIMASA’s personal attendance at the Maritime Academy of Nigeria (MAN), Oron graduation ceremony, noting that he is the first serving chief executive of the Agency to do so.

    “Speaking at the event, the Rector of MAN, Dr. Okonna, commended the NIMASA management for its sustained support for maritime education and seafarer development, noting that the Agency’s interventions have continued to strengthen the training pipeline for Nigerian seafarers and improve the quality of maritime manpower available to the industry,” he said.

    NIMASA’s performance in 2025, the statement said, also attracted strong commendation from maritime labour unions, particularly the Maritime Workers Union of Nigeria (MWUN). The union’s President-General, Comrade Francis Bunu, it said, praised the agency for its constructive engagement with maritime labour, improved regulatory oversight, and commitment to policies that promote workers’ welfare, industry stability, and indigenous participation.

    “Comrade Bunu recently commended Dr. Mobereola for facilitating the successful unionisation and signing of a Collective Bargaining Agreement (CBA) between MWUN and some shipping companies operating in Nigeria. The agreement established clear working conditions for union members and was widely seen as a milestone in promoting industrial harmony.

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    “The MWUN President-General described Dr. Mobereola as “one DG ever produced by NIMASA who is thorough, proactive, disciplined, and deeply knowledgeable in maritime administration,” noting that these qualities were instrumental in achieving the agreement,” it said.

    Beyond the CBA, the statement said MWUN commended NIMASA for its role in curbing piracy in Nigerian waters and the Gulf of Guinea, noting that the improvements have enhanced maritime safety and strengthened investor confidence. It added that the union pledged full support for Nigeria’s engagement at the IMO Council and participated in initiatives to improve seafarers’ welfare, including the introduction of a reviewed minimum wage framework.

    It said that, regarding the Cabotage Vessel Financing Fund, NIMASA’s management, under the supervision of the Minister of Marine and Blue Economy, Adegboyega Oyetola, has resolved a major bottleneck that had hindered the disbursement of the fund, raising strong expectations for progress in 2026.

    It said that within the agency, management achieved notable gains in staff welfare and motivation through promotions, structured training programmes, and targeted capacity-building initiatives aimed at strengthening professionalism, career progression, and institutional efficiency, measures that in turn improved morale and enhanced NIMASA’s ability to discharge its statutory responsibilities.

    The statement reaffirmed NIMASA’s 2025 performance under Mobereola’s stewardship. delivered renewed credibility, stronger stakeholder partnerships, and quantifiable progress for Nigeria’s maritime industry. It added that the agency’s alignment with the Federal Government’s blue economy agenda and its growing international recognition position it strongly for even greater impact in the years ahead.

    “With sustained reforms, robust stakeholder collaboration, and proactive global engagement, NIMASA enters 2026 well-positioned to consolidate gains and further advance Nigeria’s standing as a leading maritime nation,” it said.

    In a New Year message to stakeholders, Mobereola, expressed sincere appreciation for the cooperation, partnership, and steadfast support received throughout the past year. He emphasised that stakeholders’ contributions were crucial to the progress recorded across Nigeria’s maritime sector and expressed optimism for even stronger collaboration in the year ahead.

    According to him, “2025 was a momentous year for the nation’s maritime industry, marked by significant achievements and renewed international confidence.

    “As we look forward to 2026, it is our firm resolve to consolidate on these gains and deliver even greater outcomes for the sector and the nation at large.”

    Mobereola expressed confidence in the strength of collective effort, stating, “I am confident that through our joint efforts, we will achieve this.” He concluded by wishing stakeholders and their families a peaceful, productive, and rewarding 2026.

  • New domestic carriers deepen competition along Northeast region

    New domestic carriers deepen competition along Northeast region

    Passengers looking forward to  options in flight connectivity around the country will soon heave a sigh of relief as six states in the North Eastern Region of Adamawa, Bauchi,  Borno, Taraba, Gombe and Yobe wrap up plans to   establish a new carrier – North East Shuttle.

    The proposed carrier will compete with existing operators including Rano Air, Max Air, UMZA Airlines, AZMAN Air, Binani Airlines, K- Impex Airlines with stronghold in the Northern Region.

    The coming of the new carrier experts say will also alter the stakes for older airlines including Air Peace, Aero Contractors Airlines, Arik Air, United Nigeria Airlines, Ibom Air, Green Africa Airways , Overland Airways, ValueJet Airlines and others.

    Experts in the sector have described the coming of the new carrier as a changer to facilitate improved air link across the country ensuring that underserved and unserved routes are factored into the network.

    Sources hinted that the proposal is already creating unease among operators , which have worked out route expansion of flights services within the North Eastern Region.

    Routes including Lagos/ Yola, Abuja / Yola , Lagos / Maiduguri, Gombe, Jalingo, Bauchi, Damaturu will come under focus as operators jostle for market dominance.

    Investigations by The Nation reveal that the regional initiative is to cost each of the six  contributing states N5 billion, bringing it to N30 billion meant for purchase of two aircraft to drive the regional air shuttle aimed at enhancing air transportation.

    Gombe State Commissioner of Finance and Economic Development, Alhaji Muhammad Magaji confirmed the development.

    He said the initiative has been in the pipeline for some time with  six states collectively putting together a seed investment of N69 million as consultancy for the establishment of the regional shuttle.

    “Gombe’s N5 billion has been approved and we are going to ensure that we make that payment to  ensure  we meet the deadline for the payment.”

    “The six governors of the Northeast states had decided that there is a need for the region to have a Northeast shuttle, that is, an airline.

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    “The six states had agreed to contribute the sum of N5 billion each, making N30 billion for the purchase of two aircraft that will be utilised for the Northeast shuttle.

    “The airline will move around the North-Eastern states and outside of the region to other parts of the country.

    “There were two decisions, either you borrow $20 million to buy, or you pay N5 billion each and the six governors have agreed to contribute that sum,” he said.

     Magaji said the shuttle would open up the region and ensure that the region has a stable air transport.

    He stated that with the shuttle coming on board, the region would no longer have issues with air transportation as it used to experience.

    Magaji said: “Most of the time, airlines come into the North-East and for one reason or the other, they pull out. So, for now, even when anyone pulls out, this is our own airline; it would remain with us to serve the North-East and even others outside the Northeast.”

    Prior to the new arrangement, some states in the region , including Taraba had mooted the idea of setting up an airline.

    Besides, Aero Contractors Airlines had entered into agreement with Bauchi State Government for air connectivity from different parts of the country.

    Gombe State Government had many years ago reached agreement with Arik Air and Overland Airways to facilitate air access into the state.