The Nation Newspaper

Category: Business

  • Are companies getting better at doing good?

    Are companies getting better at doing good?

    Hitherto, businesses hinged their survival and continuity on the sheer amount of profits they were able to make rather than relying on intangibles like goodwill, reputation, brand essence, etc. But increasingly, businesses are now aware that their very essence and sustainability is a function of how well they are able to cultivate good relationships with people and places within the environment that they operate; a philosophy aptly entrenched in what is now widely accepted as creating shared value. Ibrahim Apekhade Yusuf in this report examines how companies are executing their shared value propositions both from the national and global point of view.

    One phrase which easily resonates with Nestlé Foods is “Good food, Good life.” At the risk of playing the Devil’s advocate one may be tempted to ask if indeed that tagline is not just a mere platitude or some gobbledygook adopted by the Fast Moving Consumer Goods Company just to feel good about themselves?

    For Unilever Nigeria Plc, arguably Nigeria’s longest-serving manufacturing organisation, established in 1923, whose mission is to “Brighten everyday life for all”, as it focuses on delivering best-in-class performance through superior brands, and tie that with First Bank’s payoff “Africa’s Bank of first choice”, all seem to say one thing: companies are consciously putting their best foot forward and also want to remain in good standing with their publics- investors, host communities, regulators, etal.

    For example, Nestlé, the manufacturing giant which set up shop eons ago has at the core of its business strategy a conscious commitment towards helping the larger populace to enjoy good food and by extension the good life.

    This truth is self-evident in the company’s commitment to Corporate Social Responsibility (CSR) now aptly encapsulated in its new philosophy of ‘Creating Shared Value (CSV)’ for everyone connected with its business whether as individuals, businesses, partners, communities, national and subnational governments, etc.

    Since its establishment over 150 years, Nestlé for decades has applied itself to creating shared value and being a force for good.

    Nestlé is the world’s largest food and beverage company. It is present in 187 countries around the world, and its 300,000 employees are committed to Nestlé’s purpose of enhancing quality of life and contributing to a healthier future. Nestlé offers a wide portfolio of products and services for people and their pets throughout their lives.

    Insights from Nestlé’s Creating Shared Value and Sustainability Report 2021 further elucidates the company’s approach to achieving its purpose is to unlock the power of food to enhance quality of life for everyone, today and for generations to come.

    While lending credence to the foregoing, Victoria Uwadoka, Nestlé’s Corporate Communications Director, noted matter-of-factly that the vision driving its commitments to people and communities derives from its concern for achieving the utmost in the area of environmental, social and governance strategy.

    According to her, Nestlé Nigeria’s impact across various sustainability metrics including access to water, poverty reduction and stakeholder management is such that has further positioned the company as a trustworthy partner in the eyes of its publics.

    Nestlé’s approach to sustainability, she notes, is comprehensive, founded on its commitments to achieve net-zero emissions, advance regenerative agriculture at scale, enhance water stewardship, develop sustainable packaging, create opportunities for young people and foster a diverse and inclusive workforce.

    Nestlé Nigeria brings these commitments to life by ensuring accessible nutrition for individuals and families, contributing to building thriving communities through youth and women empowerment, enhancing access to water and improving teaching and learning facilities in communities closest to its operations, she stressed. 

    The company also demonstrates its commitment to protecting the planet for future generations by taking action to reduce its carbon footprints through energy savings, water reduction, packaging redesign and contributing to efforts to engender a circular economy in waste management. 

    The company’s concerted efforts at building goodwill and public trust is what perhaps informed why it made 41 commitments to society, each linked to the UN Sustainable Development Goals (SDGs), to guide its action plans.

    It is also instructive to note that Nestlé CSV philosophy has not just found meaning within its yearbook alone but in real life with great testimonies all thanks to the positive impacts it is making amongst the populace.

    Whether in the area of environmental protection, sustainability, climate change, reengineering places and people, Nestlé imprimatur has been felt everywhere across the country in terms of impacts over the years.

    Take for instance, Nestlé Cares, one of the flagship programmes by the company since launching in 2019 has provided a platform for employees to give back to society by donating their time and talents to make a positive impact on individuals and families, on communities and the environment.

    Nestlé employees have lived out their passion for caring for their communities and the planet through various projects including beach cleanup exercises, orphanage outreaches, market cleanup activities and mentorship programs for youth.

    Waste collection intervention

    From available information, Nigeria generates more than 32 million tonnes of waste per year with the city of Lagos alone responsible for about 10,000 tonnes of waste every 24 hours.

    Independent checks by The Nation revealed that one of the vehicles set up to galvanise action towards managing the vast amount of waste is the Food and Beverage Recycling Alliance (FBRA), a coalition of food, beverage, and recently tobacco companies that have come together to form an extended producer responsibility (EPR) organisation.

    Established in 2018, by four multinational founding members including: Nestlé PLC, Nigerian Bottling Company under the Coca-Cola system, Nigerian Breweries, and Seven Up under the PepsiCo system, initially, members primarily dealt with plastic PET bottles as their main packaging material.

    However, today, with diverse membership, it manages and supports the collection and recovery of not only rigid PET plastics but also flexible plastics like pure water sachets and other types of shrink wraps.

    Besides, it supports the recycling of aluminum cans, used beverage cartons, cigarette butts, and glass. In total, and currently manages six waste streams to cater to the needs of its member companies.

    Investigation revealed that over the past five years, the FBRA has evolved into an enabler of the ecosystem.

    Corroborating the foregoing, Uwadoka recalled that Nestlé over the years have continued to collaborate with various stakeholders across the industry to lend their support by using the FBRA as a vehicle to drive some of its interventions within that waste management space.

    For instance, she recalled that in December 2023, Nestlé launched its 50% recycled content bottle well ahead of other companies, even as she assured that by 2030 its figure is expected to rise to 50%, driving the circular economy even further.

    Also as a part of efforts to address this menace, Nestlé Nigeria entered into a partnership agreement with Wecyclers on the 20th of September 2019 to accelerate the process of collecting and recycling plastic waste in Nigeria.

    Specifically, the alliance allowed Wecyclers to expand its plastic waste recovery systems in the country to five collection points across some Nigerian communities, including Ajah, Ikeja, Mushin, Lagos Island, Magodo, others.

    Justifying the need for the partnership at the time, the management of Nestlé Nigeria said it was the company’s modest way of helping with waste management, which remains a major concern for many states.

    According to the company, a key element in achieving this objective is to make 100% of our packaging reusable or recyclable by 2025.

    Looking back over the years, Nestlé’s ambitious target of zero environmental impact objectives as part of striving for a waste-free future has been met with some modest success.

    Thanks to this partnership, the young company which set up shop in 2012 now has 120 employees and nearly 17,000 subscribers. It is already making a profit of around US$100,000.

    With this partnership agreement, Wecyclers is extending the list of its global partners, which already included names such as DHL, Coca Cola, Unilever, and others.

    From available information, Nestle identified 12 countries namely: Colombia, Ecuador, Egypt, Ethiopia, Ghana, India, Indonesia, Malaysia, Nigeria, Philippines, Thailand and Vietnam, where waste is often mismanaged and leaking into lands and waterways.

    Interestingly, these 12 countries account for over 10% of Nestlé plastic usage, hence today Nestle has dozens of neutrality projects in these 12 countries, working with partners and associations to scale up collection, sorting and recycling of packaging waste.

    The aim is keeping packaging material in the economy and out of the environment. With these projects, it aims to collect and recycle the same amount of plastic as we use in our products, while aiming to support the improvement of recycling rates and infrastructure. This includes support for well-designed and effective mandatory Extended Producer Responsibility and Deposit Return Programs.

    Regarding plastic bottles, Nestle has increased the amount of recycled PET use across its brands globally to 50% by 2025, by incorporating rPET into its bottles where it is technically and economically feasible. Over the past 10 years, it has reduced by 22% the quantity of PET needed for each liter of bottled water produced.

    Globally, the amount of packaging that is inappropriately managed at the end of its life is a serious and persistent environmental problem. Up to 13 million tonnes of plastic end up in the ocean every year, endangering marine animals, birds and fish. Inadequate waste management can also create hazardous conditions for people.

    The infrastructure to collect, sort, reuse and recycle packaging varies not only by country, but also by municipality. While packaging recycling schemes have helped to start a circular economy for recovered materials, many regions are not yet able to manage packaging, food and other end-of-life materials in a circular way. In less-developed countries, municipal authorities often do not have the resources to implement suitable waste management strategies.

    A partnership that works

    Alef Recycling operates a plant that transforms discarded plastic bottles into high-quality recycled PET (rPET) pellets. These pellets are used to make new bottles that meet stringent safety standards from NAFDAC, EFSA, and the FDA.

    The company’s strategic alliance with Nestlé Nigeria has become a model for turning plastic waste into economic opportunity. Together, they have built a system that not only recycles plastic but also uplifts communities, creates jobs, and promotes a circular economy.

    Just like Wecyclers, Alef facility is involved from the collection and sorting of post-consumer PET bottles to their transformation into high-quality, food-grade recycled PET (rPET) pellets.

    Alef Recycling’s Managing Director, Wissam Ramlawi, during the tour of the operation said: “This isn’t just about recycling, it’s about changing how Nigerians think about waste. “We’ve invested in world-class infrastructure not only to meet global standards but also to make sure we’re enabling companies like Nestlé to fulfill their sustainability promises with 100 per cent traceability.”

    How Nigeria is navigating the sustainability journey

    Investigation by The Nation revealed that Nigeria was one of the very early adopters of sustainability standards developed by the International Sustainability Standards Board (ISSB).

    In April 2024, the Financial Reporting Council of Nigeria (FRCN) released a roadmap for adoption of IFRS S1 and IFRS S2.

    Lending credence to the foregoing, Jamiu Olakisan FCCA, EY Nigeria partner and assurance leader for West Africa, together with his team confirmed that the EY has been working closely with both the FRCN and clients to ensure a smooth implementation.

    Although adoption is being staggered over four phases including one for government entities, Nigerian companies require substantial support and, ultimately, auditors will be required to verify and provide assurance over these standards.

    “This is one of the areas within assurance where we expect to see significant growth, similar to what we experienced in 2012, when Nigeria decided to adopt IFRS,” Olakisan says matter-of-factly. “We are working on sustainability with a number of clients in Nigeria and also Ghana.”

    On top of this, there has been additional pressure due to the implementation of new regulations and other IFRS Standards. For instance, from 2023 listed companies have been required by the Securities and Exchange Commission (SEC) to report on their internal controls over financial reporting (ICFR), on a model similar to the US’s Sarbanes-Oxley requirements.

    “As auditors, we are also required to audit the management assessment of ICFR and issue a limited assurance report in respect of this,” Olakisan explains. The extension of the regulation by the FRCN to cover other public interest entities during 2024 will further add to the workload of both business entities and professional firms.”

    What sustainability means in financial ecosystem

    While shedding more light on the concept of ESG, the team at PwC in one of its treatises tagged, ‘ESG and Nigerian Financial Institutions What’s Happening?’ affirmed that it has ushered in a new wave of change in more recent times leading to the incorporation of Environmental, Social and Governance (ESG) concerns in carrying out business activities within the financial ecosystem.

    In a bid to attain sustainable banking, several initiatives are being introduced by banks across the globe to address some of the issues raised by stakeholders in implementing ESG.

    Nigerian Financial Institutions began their journey into promoting a sustainable economy through sustainable banking almost a decade ago. There was collaboration between the Central Bank of Nigeria (CBN) and the Bankers Committee to establish a sustainable banking framework that will drive innovation, market resilience and sustainable economy. The result of this collaboration was the establishment of the Nigerian Sustainable Banking Principles (NSBPs) in 2012.

    In addition, regulators around the world are now moving from policies to establishing concrete regulatory frameworks that will result in complete compliance, consistent measurement standards of ESG impacts to promote a sustainable environment and economy. This move by regulators should not be handled with levity by organisations. Therefore, organisations need to lay the groundwork for uncertainties and unavoidable changes around reporting, disclosures, value creation, green investment and the likes that would arise when complying with policies and regulations.

    The recent development and implementation being witnessed in the ESG space will bring about some unequivocal changes. This, therefore, has made it imperative for stakeholders, organisations and institutions to closely monitor and keep abreast with the new and future development around ESG. This will aid the process of effecting the appropriate adjustments to their business model and/or operations which will eventually result in enhancing a sustainable environment and the economy at large.

    However, the current issue of underdevelopment and inconsistencies in ESG disclosures between countries is about to change. Recently, there was a push by the International Financial Reporting Standard (IFRS) Foundation, through International Sustainability Standards Board (ISSB), that will mandate governments of more than ninety countries who attended the COP26 to submit enhanced climate commitments, known as Nationally Determined Contributions (NDCs) every five years.

    How ESG strategy fuels Nigeria’s development goals

    For many businesses desirous of staying relevant, the implementation of a well-structured ESG becomes inevitable.

    Mr. ‘Wale Oyedeji, Group Managing Director, First HoldCo Plc, in his opening remarks in the firm’s Sustainability Report 2024 noted matter-of-factly that “With all that was accomplished through our sustainability initiatives in 2024 and previous years, there is still so much begging for attention that we cannot afford to rest on our laurels. And as we look ahead and attempt to predict what the next 131 years would look like for us as an institution, we cannot contemplate a future where we have stopped innovating to make a positive impact. We see the future FirstHoldCo still innovating in a sustainable way to remain ever relevant to our customers and the communities we serve while driving societal progress. I invite all to read this report and commit to doing the same in their communities.”

    Echoing similar sentiments, the Chief Corporate Services Officer, MTNN, Tobechukwu Okigbo, MTN Nigeria’s commitment to sustainability extends beyond business operations.

    Specifically, MTN Nigeria’s Environmental, Social, and Governance (ESG) strategy has become a cornerstone in advancing Nigeria’s development objectives, particularly in areas such as education, healthcare, clean energy, and digital inclusion.

    While speaking to the outcome of the telco’s 2024 Sustainability Report, as presented to stakeholders at the Nigerian Exchange Group House Okigbo said, “We actively invest in initiatives that drive positive change in society. Through the MTN Foundation, we support impactful programmes nationwide, and see to it that they align with real community needs. By engaging stakeholders, collaborating with community leaders, and partnering with NGOs, we foster inclusive and sustainable development.

     “A key initiative, “What Can We Do Together”, exemplifies our community-driven approach. This programme empowers Nigerians to identify and propose projects that address local needs, which the Foundation then brings to life. Since its launch in September 2015, this initiative has transformed lives and contributed to grassroots development across Nigeria.

     “To enhance our impact, we prioritise open dialogue and accountability. Stakeholder forums and dedicated feedback channels facilitate meaningful engagement, while our grievance mechanisms, independent impact assessments, monitoring and evaluation processes maintain transparency, effectiveness, and long-term sustainability.”

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    He said doing it for the planet is about committed to environmental stewardship, aiming for net zero emissions by 2040. “Our efforts focus on mitigating our environmental footprint and actively reducing our carbon emissions.”

    He added that the doing it for people principle promotes digital and financial inclusion as well as nurturing a diverse society. “By facilitating socio-economic development, we foster opportunities for community advancement, remaining transparent and accountable to stakeholders while striving to enhance lives through modern connectivity.”

    Okigbo said in 2024, MTN invested N3.5 billion in Corporate Social Investment, bringing its total investment to N31.9 billion since inception.

    Following the money

    One subject-matter that remains hotly debated is the fact most companies graciously release their expenditures for CSR but maintain studied silence when you try to interrogate what the budget catered for.

    In the view of Akeem Alao, a PR consultant, controversies surrounding Corporate Social Responsibility (CSR) expenditures by Nigerian companies often involve accusations of false claims for tax rebates, discrepancies between reported activities and actual community impact, and the practice of “window dressing” or greenwashing.

    According to him, some firms, including Shell, have been found to include photos of non-existent, uncompleted, or abandoned projects in their CSR reports to appear more socially responsible than they are.

    A major challenge is the absence of universally accepted guidelines, standards, and mandatory reporting frameworks for CSR in Nigeria. This voluntary and inconsistent approach allows for a lack of transparency and makes it difficult to monitor and control the actual impact of CSR activities.

    CSR in Nigeria is often perceived as “forced or involuntary philanthropy” due to corporate reluctance and external pressure, rather than an integrated, strategic business approach. This often leads to a top-down approach that ignores the real, prioritised needs of local communities, creating social fragmentation and a lack of project sustainability.

    More recently, Nigeria’s tough economic conditions, including the devaluation of the Naira, have forced major companies like MTN Nigeria and Nigerian Breweries Plc to scale back their CSR budgets, visibly affecting initiatives and sponsorships aimed at the general public. This has raised concerns about the long-term commitment of companies to social impact during financial difficulties.

    Top CSR spenders

    From available information, the oil and gas sector continued to account for some of the largest CSR budgets in 2025. TotalEnergies Nigeria, Shell Nigeria, and Chevron Nigeria Limited sustained multi-year investments in host community development with key focus areas like education scholarships and infrastructure, healthcare delivery and facilities, livelihood and economic development programmes, community infrastructure projects.

    Besides, the telecommunications companies remained strong CSR investors in 2025, with MTN Nigeria and Airtel Nigeria sustaining significant funding through their foundations.

    The banking and financial services sector remained one of the most prominent contributors to CSR spending in 2025. Institutions such as GTCO Plc, Access Bank Group, First Bank, Zenith Bank Plc, and United Bank for Africa (UBA) sustained significant investments, largely channelled through structured foundations.

    This is just as large FMCG and industrial groups such as Nestlé Nigeria Plc, Dangote Group, BUA Group, Lafarge Africa Plc, and Unilever Nigeria Plc maintained notable CSR investments in 2025.

    Checks by The Nation revealed that Dangote Cement Plc, reported a significant CSR expenditure of N13.2 billion in its 2024 financial report, a substantial increase from N2.36 billion the previous year; thus placing it as one of the single largest corporate spenders on social investment in the country.

    Access Holdings contributions totaling N2.6 billion in 2023 to various charitable and non-charitable organisations, an increase from N1.6 billion in 2022, while Zenith Bank Plc’s consistently ranks among the top spenders. Its donations increased to N1.21 billion in the first half of 2023 and recorded N1.63 billion in Q1 2024 alone. The bank’s total CSR investment in 2021 was N4.37 billion.

    Shell (Shell Petroleum Development Company of Nigeria Ltd and partners): While an international company, its Nigerian operations are a major area of social investment globally for Shell. The total expenditure on direct social investments by the three Shell companies in Nigeria and their partners in 2023 was $42.2 million (approximately NGN 30 billion based on 2023 exchange rates), with Shell exclusively spending $14.1 million.

    Other Notable Companies: Other companies noted for significant and impactful CSR initiatives include MTN Nigeria, United Bank for Africa (UBA), Stanbic IBTC Holdings, and Nigerian Breweries Plc.

    Still wondering whether Nigerian brands are living up to their billing? A penny for your thoughts because the received wisdom out there is that indeed for businesses will get good as it gets!

  • Nigeria, US seal $5b health pact to boost disease control, system resilience

    Nigeria, US seal $5b health pact to boost disease control, system resilience

    Nigeria and the United States have signed a landmark technical Memorandum of Understanding (MoU), valued at about $5 billion to deepen bilateral health cooperation, strengthen health security and build a more resilient national health system capable of preventing and containing infectious disease threats.

    Under the agreement, which takes effect from April 2026 to December 2030, the United States government will provide nearly $2b in grant funding, while Nigeria is committing to allocate at least six percent of executed annual fed2eral and state domestic budgets to health, a pledge expected to mobilise close to $3b within the same five year period.

    The funding framework has already been factored into the Federal Government’s proposed 2026 Appropriation, underscoring the administration’s intention to anchor the partnership within Nigeria’s domestic fiscal planning, the Coordinating Minister of Health and Social Welfare, Prof Ali Pate, said.

    The MoU, signed by officials of both governments, according to a statement by the Minister on Friday, is designed to strengthen cooperation in the early detection, prevention and control of emerging, re emerging and existing infectious diseases in Nigeria, including HIV/AIDS and tuberculosis.

    Beyond disease control, the agreement covers the enhancement of disease surveillance systems, improved safety procedures for pathogen sample collection, transportation, storage, testing and disposal, as well as support for primary healthcare, financial protection mechanisms and technical assistance across the health sector.

    Under the framework, both countries will work more closely to prevent the spread of infectious disease threats, while simultaneously strengthening the foundations of Nigeria’s health system to respond more effectively to future outbreaks.

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    A central feature of the agreement is its alignment with Nigeria’s long term goal of health sector self reliance. 

    While the United States will provide substantial grant funding in the initial years, Nigeria plans to progressively increase its health spending as a share of the national budget, with external financing expected to gradually decline by 2030.

    The approach reflects a deliberate shift away from long term aid dependence towards trade and investment based partnerships that support sustainable domestic financing of healthcare.

    Officials said the MoU represents the culmination of sustained engagement between both governments to build a health system capable of preventing, detecting and treating diseases, expanding access to quality primary healthcare and attracting private sector investment critical for long term sustainability.

    The agreement is strategically structured around seven core areas of cooperation, which include surveillance and outbreak response, laboratory systems, health commodities, frontline healthcare workers, data systems, and strategic investment and technical assistance.

    The Federal Government described the pact as a major step towards consolidating recent health sector reforms and strengthening national preparedness against public health threats.

    While the partnership is focused on health cooperation, both countries acknowledged that progress in other areas of mutual concern would continue, and that either party retains the option to pause, extend or opt out of the agreement in the event of insufficient progress.

    The government expressed appreciation to the United States for its renewed commitment to deepening health cooperation and reaffirmed its determination to implement the agreement in line with Nigeria’s national interests.

    It also extended gratitude to development partners for their continued collaboration and support.

    The new partnership builds on reforms already underway in Nigeria’s health sector, when, in 2023, the Federal Ministry of Health and Social Welfare launched the Nigeria Health Sector Renewal Investment Initiative (NHSRII), aimed at improving healthcare accessibility, affordability, quality, accountability and efficiency nationwide.

    The initiative is being implemented through a Sector Wide Approach (SWAp) designed to align federal, state and local governments, agencies, civil society, the private sector and development partners under a unified sector plan, budget and reporting framework.

    The reform drive was reinforced in December 2023 with the signing of the Health Sector Renewal Compact under the leadership of President Bola Ahmed Tinubu, which brought together all 36 state governors, the Federal Capital Territory Administration and development partners, signalling high level political commitment to building a unified, efficient and resilient health system for all Nigerians.

  • Fed Govt’s ban on wood export wiII boost manufacturing sector, says MAN

    Fed Govt’s ban on wood export wiII boost manufacturing sector, says MAN

    The Manufacturers Association of Nigeria (MAN) has described the federal government’s decision to impose an immediate nationwide ban on the export of wood and allied products as a timely and strategic boost for Nigeria’s furniture manufacturing sector.

    Chairperson of the Wood & Wood Products/Furniture Sectoral Group of MAN, Mrs. Ngozi Oyewole, welcomed the policy, saying it signals the government’s strong commitment to sustainable industrial growth, local value addition, and environmental protection.

    In a statement issued on Friday in Abuja, Oyewole said the ban would significantly benefit local manufacturers by retaining critical raw materials within the country, thereby improving access to wood for processors and furniture makers while helping to stabilise costs and reduce price volatility driven by export pressure.

    She commended the Honourable Minister of Environment, Mallam Balarabe Lawal, and praised the Federal Government under the leadership of President Bola Ahmed Tinubu for what she described as a decisive and forward-looking intervention.

    According to her, the policy reflects strong political will and a clear understanding of the link between environmental protection, industrial development, and national economic growth.

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    Oyewole noted that beyond improving raw material availability, the export ban would promote local value addition, support job creation, boost the growth of small and medium-sized enterprises (SMEs), and stimulate expansion across the wood and furniture value chain. She added that the policy would enhance the competitiveness of Nigerian-made furniture in the domestic market and strengthen the export potential of finished products.

    She also highlighted the environmental benefits of the decision, stressing that it would help curb illegal logging and deforestation while encouraging sustainable forestry practices.

    “This Executive Order is a strong statement that Nigeria is serious about industrialisation, environmental sustainability, and long-term economic resilience,” she said.

    Oyewole reaffirmed the readiness of manufacturers to collaborate with the Federal Government and relevant agencies to ensure effective implementation, compliance, and responsible management of forest resources.

    “Indeed, this is a turning point for the wood and furniture manufacturing sector—leadership that listens, acts, and delivers,” she added.

    Mrs. Oyewole is also the Vice Chair of the Governing Council of the Industrial Training Fund (ITF).

  • Civil society situation room rates NNPC GCEO high on performance, improved crude production

    Civil society situation room rates NNPC GCEO high on performance, improved crude production

     The Coalition of Civil Society for Transparency in the Extractive Industry (CCSTEI) has highly commended the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPC Ltd), Engr. Bashir Bayo Ojulari, for his transformative leadership in Nigeria’s oil and gas sector.

    Speaking at a press conference in Abuja.  the coalition’s National Coordinator, Dr. Agabi Emmanuel praised Ojulari’s bold reforms that have enhanced transparency, boosted operational efficiency, and driven significant improvements in crude oil production.

    The CCSTEI highlighted that since Ojulari’s appointment in April 2025, NNPC Ltd has shifted from longstanding perceptions of opacity and inefficiency to a more commercially driven and accountable entity. 

    Key achievements noted include the consistent publication of monthly performance reports, which have fostered real-time stakeholder oversight.

    Financially, the coalition applauded the company’s 2024 audited results, which showed a record revenue of ₦45.1 trillion and a profit after tax of ₦5.4 trillion – marking a 64% year-on-year growth in profit.

    On the production front, the group celebrated the milestone reached by NNPC Exploration and Production Limited (NEPL), the company’s upstream subsidiary, which hit a daily crude oil output of 355,000 barrels on December 1, 2025 – the highest in 36 years. 

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    This contributed to an average daily production increase of 52%, from 203,000 barrels per day in 2023 to 312,000 barrels per day in 2025.

    The statement also acknowledged ongoing investments in gas infrastructure, including progress on projects like the Ajaokuta-Kaduna-Kano (AKK) pipeline, Escravos-Lagos Pipeline System (ELPS), and Obiafu-Obrikom-Oben (OB3) pipeline, aimed at achieving ambitious targets of 10 billion cubic feet per day by 2027 and 12 billion by 2030.

    While recognizing persistent challenges such as lingering public skepticism, oil theft, and global energy transitions, the CCSTEI called for continued support for Ojulari’s leadership. 

    It recommended further enhancements in public engagement, third-party audits, anti-corruption measures, local content development, and alignment with energy transition goals.

    Concluding the appraisal, Dr. Emanuel stated: “Bashir Bayo Ojulari and his team for restoring confidence in NNPC Limited after many challenging years.

    “You have proven that visionary leadership, coupled with accountability and performance excellence, can redefine an institution for the better. We charge you to soldier on undeterred. 

    “The Nigerian people are watching, and with your continued resolve, NNPC Limited will not only drive economic prosperity but also serve as a beacon of transparent governance in Africa.”

  • EU-funded SUSTAIN programme opens job opportunities for young Nigerians in Europe

    EU-funded SUSTAIN programme opens job opportunities for young Nigerians in Europe

    European Union-funded programme, SUSTAIN, has launched an innovative skilled labour mobility programme to connect young Nigerian professionals in Science, Technology, Engineering, and Mathematics (STEM) fields with career opportunities in Europe.

    Implemented by Seefar and co-funded by the European Union through ICMPD’s Migration Partnership Facility (MPF), the initiative strengthens talent and knowledge exchange between Nigeria, Germany, and Ireland.

    Under the framework of the project, up to 240 participants will be selected to take part and matched with STEM jobs in Germany and Ireland. Participants will receive comprehensive preparatory training to ensure a smooth transition and support their integration. This includes soft skills training, cultural orientation, and career guidance to help them excel in their new roles. Registrations are now open, and eligible applicants can apply directly through the SUSTAIN website. 

    According to SUSTAIN Manager in Abuja, Emeka Anene, the programme “gives talented Nigerian STEM professionals a unique opportunity to gain valuable international experience in Europe, while ensuring their skills ultimately benefit Nigeria. Through this initiative, we are not only opening doors for young Nigerian STEM professionals but also driving long-term knowledge transfer and economic growth back home.”

    Mr. Oleg Chirita, Head of Global Initiatives and Deputy Head of ICMPD Brussels Mission, said, “ICMPD is committed to building partnerships that create opportunities for young professionals while addressing real labour market needs in Europe. Programmes like SUSTAIN show how global talent mobility can deliver mutual benefits for all – empowering individuals, strengthening economies, and deepening cooperation between regions.”

    On his part, Peter Iroagbalachi, a Nigerian STEM candidate shortlisted for SUSTAIN, noted that, “Being shortlisted for SUSTAIN is an exciting opportunity to deepen my expertise in science, technology, and innovation. If selected, I will use the experience in Europe to promote technology-driven solutions for inclusive growth in Nigeria and Africa, and inspire other young professionals to pursue global opportunities.”

    SUSTAIN responds to Europe’s growing demand for STEM expertise, where nearly half of businesses face difficulties recruiting people with the STEM skills they need.  The European Commission estimates that the EU requires an additional two million science and engineering professionals.  

    By building a bridge between Nigerian talent and Europe, the programme creates a triple-win partnership. Europe gains access to skilled professionals who can immediately contribute to innovation and growth, while Nigeria benefits from knowledge transfer, remittances, and stronger trade connections. For participants, SUSTAIN is a platform to gain skills, connections, and bring valuable experiences if they return to Nigeria.

    SUSTAIN is implemented by Seefar, a social enterprise that has worked on migration and reintegration in Nigeria for over 10 years for the European Union, the United Kingdom, the Netherlands, and Germany. Co-funded by the European Union through the Migration Partnership Facility (MPF), SUSTAIN aims to foster sustainable economic growth globally and promote mutually beneficial talent partnerships between the EU and Nigeria. 

    To apply for the programme, visit the SUSTAIN website. Eligible applicants must be residents of Nigeria, aged 18-34, with a minimum of two years of relevant work experience in STEM fields.

  • Accion MfB seeks data-driven, value-chain financing for MSMEs’ growth

    Accion MfB seeks data-driven, value-chain financing for MSMEs’ growth

    With Micro, Small, and Medium Enterprises (MSMEs) role in Nigeria’s economic stability and growth prospects, financial experts are now calling for a radical, digital-first strategy for capital provision.

    This position was expressed at the Financial Inclusion Seminar 2025, convened by Accion Microfinance Bank (MfB) under the theme: “Unlocking MSME Value Chain to Drive Growth and Prosperity: The Evolving Role of Financial Institutions.” Experts asserted that the current volatility and historical limitations mandate a strategic overhaul.

    According to the experts, financial institutions must transition from being mere credit suppliers to becoming ecosystem architects and value-chain enablers for MSMEs, stressing that to safeguard this vital sector that contributes nearly 48 percent of the nation’s GDP and employs over 84 percent of the workforce, the financial industry must abandon its rigid reliance on physical assets and embrace integrated, data-driven lending models.

    Speaking on the structural barriers limiting MSME access to finance, Managing Director/CEO, Accion Microfinance Bank, Taiwo Joda, said credit assessment models must reflect how small businesses actually operate rather than depend on physical assets many do not possess.

    He highlighted the necessity of using non-traditional metrics: “Crucial non-traditional data include sales and cash-flow records, mobile money and POS transactions, supplier and buyer payment histories, inventory turnover, online reviews or ratings, and utility or telecom payments. These reflect real business performance and reliability, allowing lenders to assess creditworthiness without relying on physical assets.”

    He explained the concept of embedding finance: “Embedding financial services into value chains lets Accion reach SMEs where they already operate suppliers, distributors, or marketplaces, so lending, payments, and insurance become part of daily business activities. This bypasses the need for formal branches or heavy documentation, capturing MSMEs that traditional banks often overlook.”

    According to Joda, “Accion is planning to deploy an MSME finance product that can be accessed through a web portal or App. This product will allow MSME businesses to gain access to finance through a self-service digital channel from the comfort of their business locations.”

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    He further clarified the marketplace element: “The platform will include a marketplace comprising the suppliers, manufacturers, and retailers to engender market interaction and payment settlements.”

    Speaking at the event, Chief Digital Officer, Accion MfB, Paul Ehiagbonare, said this year’s seminar focused squarely on unlocking the MSME value chain, an area he described as a urgent national priority that determines whether small businesses survive, scale or collapse.

    According to him, microfinance institutions must now evolve from being lenders to becoming enablers, embedding credit directly into business ecosystems and deploying technology, partnerships and alternative data to close the financing gap.

    Ehiagbonare, explained that modern MSME financing should be built around value-chain structures in which nobody suffers, citing invoice-discounting models that allow micro-enterprises to fulfill large corporate orders without waiting out 45-day payment cycles.

    He added that established dealer-supplier relationships already offer natural assurances that lenders can leverage without demanding land titles or heavy documentation.

    He spoke about the use of telco-level behavioural data, home addresses, movement patterns, POS footprints and mobile-money activities, to determine creditworthiness.

    According to him, Accion MFB is already working with MTN and other telcos whose data infrastructure captures the real behaviour of MSMEs who lack bank statements or formal records.

    “These data points, where they trade, whether they frequently visit lending apps or financial locations. It helps us know who is stable, who is scaling and who is likely to default,” he said.

    This year’s seminar will spotlight on the evolving role of financial institutions in enabling MSME value chains, innovative and inclusive financing models that go beyond collateral, the power of partnerships, data, and technology in scaling impact and actionable pathways for building resilient, competitive MSME ecosystems.

    Also, through dialogue, case studies, and strategic partnerships, the seminar will explore how financial institutions can serve as catalysts for value-chain-driven inclusion, unlocking prosperity across Nigeria’s real economy.

    For other stakeholders, while the past decade has seen significant progress in digital transformation and inclusion, the next frontier lies in how financial institutions evolve beyond traditional lending to become value-chain enablers, fostering collaboration, innovation, and sustainable prosperity across the MSME landscape.

  • FCMB Pensions eyes N1.2tr assets growth

    FCMB Pensions eyes N1.2tr assets growth

    The FCMB Pension, a subsidiary of FCMB Group Plc, is targeting N1.2trillion assets growth by end of December 2025, with FCMB current statues having over N1.1 trillion in Assets under Management (AUM), with over N200 billion paid to retirees and other beneficiaries, showing resilience and making impact in the country.

    Its Managing Director, Christopher Bajowa disclosed this at the 20th anniversary celebration of FCMB Pension in Abuja, noting that the company is planning to be a major player in the industry, with focus on Personal Pension Plan (PPP) as next frontier of pension growth.

    He said: “The major challenge has been that of inclusion, as efforts to grow the number of contributors has been a challenge and regulators are focused on these areas (PPP) because of its great potential to grow inclusion, second challenge is naira instability.

    “How do you encourage customers to save when the value of their savings is diminishing? There’s a lot of work in this area and even the Federal Government is working on boosting the value of the naira and also creating opportunities for us to access foreign currencies in order to hedge against devaluation if it continues to happen.”

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    Chronicling the growth of the industry, a Pioneer Managing Director of the FCMB Pensions, Bello Maccido, said the company started as a humble institution that was basically owned by retail individuals that came together to take advantage of the passage of the Pension Reform Act, 2004, with 13 Pension Fund Administrators (PFAs) being licensed under the new defined contributory pension scheme.

    “Within three years of operation, we were able to break even, and within five years, we were able to post two consecutive years of profitability. By the time I spent five years at Legacy Pension now FCMB Pensions, we were able to sign on 187,000 Retirement Savings Accounts (RSA) and an asset base of N72 billion. We had clients such as Division 1 of the Nigerian Army, CBN, Nipost, and other individual RSM holders from across the length and breadth of this country.

    “So, today, 20 years after, I must say that I am very proud of the accomplishment of the successive management of Christopher Bajowa who has taken this company from where it was at inception and taken it to a N1trillion by assets under management. By any imagination, this is a feat that must be acknowledged. We are here to celebrate 20 years of competent management and 20 years of successes,” he said.

  • Fed Govt, Arthur Eze partner to drive innovation

    Fed Govt, Arthur Eze partner to drive innovation

    The Federal Government has intensified efforts to position science, technology and innovation  at the heart of Nigeria’s economic transformation, as the Minister of Innovation, Science and Technology, Dr. Kingsley Tochukwu Udeh, hosted prominent industrialist and global business figure, Prince Arthur Eze, at the Ministry’s headquarters in Abuja.

    Dr. Udeh stressed that collaboration with respected business and political leaders remains critical to shaping forward-looking policies and mobilising national support for impactful innovation initiatives.

    He also reiterated the Ministry’s readiness to partner with Chief Technology Officers across sectors to strengthen interlinkages within Nigeria’s innovation ecosystem.

    Prince Eze,  who is the Founder and Chief Executive Officer of Atlas Oranto Petroleum, commended the Minister’s  dedication to duty and reform-oriented vision, describing the Ministry’s approach as aligned with President Bola Tinubu’s Renewed Hope Agenda.

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    He reaffirmed his commitment to economic empowerment and pledged continued support for initiatives that promote technological advancement, youth empowerment and national cohesion through innovation and industrial growth.

    The Ministry, under Dr. Udeh’s leadership, said it will sustain engagement with visionary business and political leaders whose experience, influence and investment capacity can help translate research and innovation into tangible socio-economic outcomes.

    Discussions at the meeting focused on leveraging innovation, indigenous capacity and emerging technologies to fast-track industrialisation, expand job creation and strengthen Nigeria’s competitiveness in the global knowledge economy.

  • MTN Nigeria deepens disability Inclusion

    MTN Nigeria deepens disability Inclusion

    MTN Nigeria has reported a measurable uptick in the representation of Persons with Disabilities (PWDs) within its workforce, climbing from 0.9 per cent in 2021 to 2.13 per cent in 2025. The disclosure was made at the company’s headquarters during the commemoration of the 2025 International Day of Persons with Disabilities (IDPWD).

    The event, with “Fostering Disability-Inclusive Societies for Advancing Social Progress,” served as a platform for the telecommunications giant to outline the operational realities of its diversity mandate.

    Chief Human Resources Officer at MTN Nigeria, Esther Akinnukawe, situated the growth within a broader framework of structural reform rather than distinct charitable acts.

    Describing the company’s diversity agenda as one of “investment and accountability,” Akinnukawe noted that the workforce gains are supported by a structured ‘reasonable accommodation’ framework.

    “Our brand must speak to everyone,” Akinnukawe who was represented by GM OE&P,  Inyang Osazuwa stated, detailing capital investments in facility upgrades, including ramps, modified workspaces, and hearing loops in customer-facing centres, alongside the integration of a dedicated disability segment in the company’s customer lifecycle system.

    She further highlighted the continuity of the IT Bridge Academy internship, now in its second year, designed to bridge the digital skills gap for PWDs in the wider labour market.

     Chief Broadband Officer, Egerton Idehen, who represented CEO Karl Toriola framed the company’s Beyond Barriers plan as a sustainability imperative necessary to serve a market segment often overlooked by corporate Nigeria. Egerton referenced the estimated 35 million Nigerians living with visible or invisible disabilities, arguing that their exclusion represents a significant economic loss.

    “Inclusion is essential for innovation, growth, and national development,” Egerton noted.

    The forum moved beyond metrics to address the nuances of corporate culture. Dolapo Agbede, a Diversity, Equity, and Inclusion (DEI) expert, delivered a keynote dissecting the United Nations Convention on the Rights of Persons with Disabilities (UNCRPD). Agbede challenged the private sector to transition from viewing inclusion as a “nice-to-do” CSR activity to a “right-to-do” governance standard.

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    The dialogue was further deepened by Lagos State Chairman of the Albinism Association of Nigeria, Tolani Ojuri, who led a session on the myths and workplace stigmas surrounding albinism, calling for specific policy reforms to protect employees with the condition. This narrative was actively driven by host David Ubon, who substantiated the call for inclusion with personal claims, asserting that reasonable accommodations, such as the visual aids that allowed him to become the “best in the class” during primary school—are often the only difference between exclusion and having “no competition” in performance.”

    Validating the company’s internal culture claims, David Orinya, an MTN staff member, offered a perspective on the operational environment. “My difference is not a barrier here, it is a unique perspective,” Orinya told the audience.

    MTN’s leadership concluded the session by reaffirming its commitment to the Beyond Barriers roadmap, signaling that the push for accessibility, in both digital infrastructure and physical workspaces, will remain a core pillar of its 2025 corporate strategy.

  • Chappal Energies completes $340m, $90m lending

    Chappal Energies completes $340m, $90m lending

    Chappal Energies, through its subsidiary, Chappal Investments Limited, has successfully completed a $340 million Senior Secured Reserve Based Lending (RBL) facility provided by a syndicate of leading international and African financial institutions.

    The completion of the $340 million RBL facility is alongside a $90 million Junior Secured RBL facility provided by a leading global commodities company. The transactions mark a significant milestone in the Company’s financial and strategic development.

    The successful close, according to the company, follows a rigorous technical, legal, and commercial due diligence process and reflects lender confidence in the quality of Chappal’s asset base, governance framework, and disciplined operating model.

    The Management of Chappal, in a statement on Thursday, said, “Achieving this outcome in a challenging global financing environment underscores the resilience of the Company’s business and its credibility with international capital providers.”

    The statement, which was made available to The Nation, said proceeds from the facilities will be used primarily to refinance acquisition bridge financing incurred in connection with the Equinor Nigeria transaction.

    It added that the facilities will also provide ongoing funding to support field development, production optimisation, and broader operational requirements across Chappal’s asset portfolio.

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    “The facilities establish a stable, long term financing structure aligned with the Company’s reserve base and cash flow profile,” it stated, noting that they strengthen the Company’s financial platform and growth outlook.

    Chappal Energies said it remains focused on executing its strategy to become a pan African energy company operating to international standards.

    “The company continues to engage constructively with regulators, partners, and stakeholders, and remains committed to responsible operations, strong governance, and sustainable value creation as we look to our next acquisition opportunity

    “This transaction represents a strong endorsement of Chappal Energies’ strategy, assets, and management team, and positions the Company well for its next phase of growth,” it stated.