The Nation Newspaper

Category: Business

  • Civil society faults Dangote’s claims against NMDPRA, calls for due process

    Civil society faults Dangote’s claims against NMDPRA, calls for due process

    The League of Civil Society Groups has criticised recent public comments by President of Dangote Industries Limited, Alhaji Aliko Dangote, calling for a probe of the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engr. Farouk Ahmed, describing the move as unnecessary and contrary to due process.

    Speaking in Abuja, Ambassador Mohammed Bassah. National Secretary, League of Civil Society Groups, said while the right to seek accountability is fundamental, raising allegations in the public space without first approaching the appropriate statutory authorities was “rather low” and potentially damaging to institutional stability.

    Bassah noted that if Dangote or any corporate entity had genuine concerns regarding regulatory conduct, the proper channels were available, including formal petitions to oversight bodies such as the National Assembly, the Code of Conduct Bureau, or other relevant anti-corruption agencies.

    “Civil society believes in accountability, but accountability must follow due process. If there are issues, they should be presented to the appropriate authorities with evidence, not turned into public accusations that undermine confidence in national institutions,” Bassah said.

    The League argued that the NMDPRA, established under the Petroleum Industry Act (PIA), has a clear mandate to regulate Nigeria’s midstream and downstream petroleum sectors in a transparent and competitive manner, including issuing import licences when domestic supply is insufficient to meet national demand.

    According to Bassah, importation of petroleum products remains a legal and necessary stop-gap measure to prevent shortages, noting that no single refinery, including the Dangote Refinery, has yet met Nigeria’s full daily fuel consumption requirements.

    The civil society group also questioned public price predictions attributed to Dangote, including claims that petrol prices could drop below ₦740 per litre, describing such projections as speculative and dependent on multiple variables such as foreign exchange rates, crude oil prices, supply volumes, and distribution costs.

    Bassah further cautioned against what he described as “personal narratives and insinuations” being introduced into public discourse, stressing that allegations touching on personal conduct must be backed by evidence and handled by competent authorities, not tried in the media.

    “Civil society stands for transparency, not rumor. Public discourse must be guided by facts and law, not sensationalism,” he added.

    The League urged industry players, regulators, and stakeholders to engage constructively, warning that public confrontations between major investors and regulators could unsettle the sector and discourage investment at a time when Nigeria is still stabilising its post-subsidy petroleum market.

    It reaffirmed its support for institutional dialogue and evidence-based engagement, calling on all parties to prioritise national interest over corporate or personal disagreements.

  • MTEF/FSP: Fed Govt eyes aggressive revenue drive, savings to curtail N152tr debt

    MTEF/FSP: Fed Govt eyes aggressive revenue drive, savings to curtail N152tr debt

    • Nigeria records N30tr revenue shortfall for 2025

    • As Senate panel urges FIRS to intensify public enlightenment on new tax reform laws

    The Federal Government has announced a decisive shift away from heavy borrowing towards aggressive revenue mobilisation, as Nigeria’s public debt stock rises to about N152 trillion.

    This is even as the Chairman, Senate Committee on Finance, Sen Mohammed Sani Musa, advised the Federal Inland Revenue Service (FIRS) to embark on aggressive nationwide enlightenment to prepare Nigerians for the new tax reform laws scheduled to take effect next year, warning that poor public understanding could undermine the gains of the far-reaching reforms.

    Presenting the 2026 – 2028 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), before the Senate Committee on Finance, the Minister of Finance and Coordinating Minister for the Economy, Dr Olawale Edun, said the focus of government policy going forward would be on strengthening revenue generation rather than accumulating new debt.

    Edun further disclosed that the country recorded N30trillion revenue shortfall in the outgoing year.

    According to him, out of the N40trillion revenue target for 2025, only the sum of N10trillion was realised.

    “The focus of the Medium-Term Expenditure Framework is not on increased borrowing. The emphasis is squarely on revenue generation,” the minister told lawmakers.

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    He said the MTEF, which is a statutory requirement under the Fiscal Responsibility Act, sets out the government’s fiscal direction over a three-year period and reflects the realities confronting public finance.

    On budget performance, the minister said the 2024 budget had been largely implemented, with both recurrent and capital components substantially executed.

     He explained that the capital component of the 2024 budget was extended into 2025, with funding fully available for the finalised capital projects up to September.

    “Funding is available for part of the remaining capital expenditure, while the balance is planned to be rolled over into the 2026 budget,” he said.

    On the 2025 budget, he disclosed that funding arrangements and approvals had been secured, with about 30 per cent of the capital budget already funded.

    According to him, the balance would also be rolled over into 2026, subject to the cooperation and approval of the National Assembly.

    The minister admitted that weak revenue performance remains the biggest challenge to effective budget implementation. He said total revenue for 2024 was projected at about N25.9 trillion, but actual federal government revenue stood at roughly N8.27 trillion.

    “The reality is that revenue performance has consistently fallen short of budget estimates,” he said, adding that treasury management measures and financial engineering had been deployed to bridge the gap.

    For 2025, he said revenue was estimated at about N40 trillion, but actual Federal Government cash revenue is projected at about N10 trillion, a gap he described as unsustainable.

    “This historical trend clearly shows the need for a far more robust and realistic revenue effort going into 2026,” the minister said.

    To address the challenge, he said the government is rolling out a comprehensive revenue optimisation programme anchored on automation, digitalisation, technology deployment and process re-engineering.

    As part of the reforms, he disclosed that four circulars had been issued mandating revenue- and investment-generating ministries, departments and agencies to migrate to a transparent digital platform.

    “They must stop collecting revenue in cash and must also stop deducting expenses or charges before remitting revenues to the Treasury Single Account,” he said.

    The minister stressed that the reform would be a major pillar of the 2026 budget, noting that revenue projections in recent years had significantly exceeded actual collections.

    Despite the revenue shortfalls, he said the government has continued to meet its key obligations.

    “Even with revenue performance of about 25 per cent in some instances, salaries, pensions, statutory transfers and debt service—both domestic and foreign—have all been fully paid,” he said.

    Explaining the surge in public debt, the minister said Nigeria’s total public debt rose from about N70 trillion in 2023 to approximately N152 trillion, largely due to transparency-driven adjustments rather than fresh borrowing.

    “A significant portion of this increase—about N30 trillion—arose from bringing previously unrecorded Ways and Means financing onto the government’s books,” he said.

    He added that about N50 trillion resulted from exchange-rate adjustments following Central Bank monetary policy actions to clear foreign exchange backlogs and rebuild external reserves.

    “Consequently, about N80 trillion of the total debt stock does not represent new borrowing, but rather reclassification, regularisation and valuation adjustments,” the minister said.

    He emphasised that the government is now looking beyond borrowing to mobilise domestic savings to drive growth.

    “For an economy where about 90 per cent of activity is driven by the private sector, there must be broad-based mobilisation of savings,” he said.

    According to him, President Bola Tinubu is considering a public-private partnership initiative aimed at mobilising mass savings across the population.

    “This will go beyond the relatively small number of Nigerians with pension or stockbroking accounts and encourage tens of millions of citizens to save and invest productively in the economy,” he said.

    He urged lawmakers to support the proposed reforms, saying they are critical to restoring fiscal sustainability and strengthening the economy.

    The Minister of Budget and Economic Planning, Sen Atiku Bagudu and Minister of State (Petroleum), Sen Heineken Lokpobiri in their submissions, defended the parameters set for the proposed N54. 4trillion 2026 budget.

    The parameters are 1.84million oil production per day, $64.85 oil price benchmark, N1, 512.00 to 1USD as exchange rate etc.

    Speaking at the interactive session with key revenue-generating agencies, ministries and departments, the committee chairman, Sani  Musa,  said the scope and implications of the new tax architecture being finalised by the National Assembly were extensive and would significantly alter Nigeria’s tax administration, incentives regime and revenue profile.

    According to him, Nigerians must be adequately informed ahead of January 1, when several of the reforms are expected to commence, to avoid confusion, misinformation and resistance.

    He stressed that FIRS, as the lead agency in tax administration, has a responsibility to clearly explain the benefits and obligations embedded in the new laws.

    “With the kind of reforms that are coming, there will be serious issues if Nigerians are not properly enlightened.

    “There is a strong need for FIRS, working with the Ministry of Finance and other relevant agencies, to step up public communication so citizens understand what these reforms mean for them and for the economy,” Musa said.

    As part of the enlightenment drive, the lawmaker specifically called on FIRS to utilise national media platforms to clarify contentious issues around memoranda of understanding, incentives and compliance requirements, noting that he had received numerous complaints and enquiries from the public on such matters.

    “The reforms are intended to strengthen tax administration and management, not to punish Nigerians. That message must be clearly communicated,” he said, while commending the participation of ministers, heads of agencies and stakeholders at the session.

    The lawmaker noted that the National Assembly is pushing for a consolidated tax framework that simplifies compliance, removes duplication of charges and harmonises incentives, particularly to support investment, exports and revenue growth.

    He explained that under the proposed tax regime, incentives would be streamlined into a single, development-focused framework rather than multiple, overlapping concessions that often result in revenue leakages.

    He also highlighted ongoing reforms in Nigeria’s special economic and free trade zones, explaining that only 25 per cent of goods produced in the zones would be allowed into the Nigerian customs territory duty-free, while the rest would attract applicable taxes and duties.

    He said the measure was designed to boost government revenue while ensuring that the zones truly serve as export hubs rather than channels for tax avoidance.

    “We have realised that a lot of revenue has been missed over the years. These reforms are meant to close those gaps while still supporting investors to use Nigeria as a base to export across Africa under the African Continental Free Trade Area and to the rest of the world,” he added.

    The committee chairman further disclosed that the Senate would, immediately after the Christmas recess, conduct investigative hearings to assess the actual budget performance of ministries, departments and government-owned enterprises, particularly in the area of revenue generation.

    He said the outcome would inform an amortised fiscal strategy paper aimed at producing a more realistic and implementable national budget.

    He urged revenue agencies and government-owned enterprises to align their projections with the realities of the new tax laws, stressing that the legislature would demand stronger revenue outcomes in the coming fiscal years.

    The Committee expressed displeasure with multiple budgets implementation in a fiscal year by the federal government as experienced in 2025.

    It consequently tasked the Federal Inland Revenue Service (FIRS), to increase its projected revenue target for 2026 from N31trillion to N35trillion.

    He added that a three man adhoc committee would be set up by the committee to liaise with the Minister and the Accountant-General of the Federation on payment of local contractors for projects executed in 2024 before expiration of the budget on 31st of this month.

    For FIRS, Sen Musa tasked its Chairman, Zacch Adedeji, to work towards realizing N35trillion as target revenue for 2026 fiscal year and not the earlier projected N31trillion mentioned by the Chairman.

    The FIRS boss had in making the projection said the agency under him, realised N20.2trillion revenue in 2024 and N25.2trillion in 2025.

    He however said that the huge revenue being realized by FIRS and other agencies like Customs, are being swallowed and made insufficient by multiple budget implementations in a fiscal year.

  • November FAAC revenue allocation falls below N2tr

    November FAAC revenue allocation falls below N2tr

    For the first time in four months, revenue shared by the three tiers of government fell below the N2 trillion mark, reflecting a broad-based decline in key revenue streams in November 2025.

    A total sum of N1.928 trillion, representing the Federation Account Revenue for November 2025, was shared among the Federal Government, state governments and local government councils at the December 2025 meeting of the Federation Account Allocation Committee held in Abuja.

    A communiqué issued after the meeting attributed the drop in revenue to significant reductions recorded across several major tax and non-tax heads during the month under review.

    According to the FAAC communiqué, “in November 2025, Excise Duty increased moderately while Petroleum Profit Tax, Hydrocarbon Tax, Companies Income Tax on upstream activities, Companies Income Tax, Capital Gains Tax, Stamp Duties, Oil and Gas Royalties, Import Duty, Common External Tariff levies, Value Added Tax, Electronic Money Transfer Levy and fees recorded substantial decreases.”

    The committee disclosed that total gross revenue of N2.343 trillion was available in November 2025. From this amount, a sum of N84.251 billion was deducted as cost of collection, while N330.625 billion went into transfers, interventions, refunds and savings, leaving N1.928 trillion as total distributable revenue for the three tiers of government.

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    The communiqué further stated that the N1.928 trillion shared comprised distributable statutory revenue of N1.403 trillion, distributable Value Added Tax revenue of N485.838 billion and Electronic Money Transfer Levy revenue of N39.646 billion.

    A breakdown of statutory inflows showed a notable decline when compared with the previous month. FAAC said gross statutory revenue of N1.736 trillion was received in November 2025, which was lower than the N2.164 trillion recorded in October 2025 by N427.969 billion. Similarly, gross revenue from Value Added Tax stood at N563.042 billion in November 2025, falling short of the N719.827 billion generated in October 2025 by N156.785 billion.

    From the total distributable revenue of N1.928 trillion, the Federal Government received N747.159 billion, while the state governments shared N601.731 billion. The local government councils received N445.266 billion, and an additional N134.355 billion, representing 13 per cent of mineral revenue, was distributed to the oil-producing states as derivation revenue.

    On the N1.403 trillion distributable statutory revenue, the Federal Government received N668.336 billion, the state governments received N338.989 billion, while the local government councils got N261.346 billion. The sum of N134.355 billion was also set aside and shared to the benefiting states as derivation revenue.

    The distribution of Value Added Tax revenue showed that from the N485.838 billion shared, the Federal Government received N72.876 billion, the state governments received N242.919 billion and the local government councils got N170.043 billion.

    In addition, revenue from the Electronic Money Transfer Levy amounted to N39.646 billion, out of which the Federal Government received N5.947 billion, the state governments received N19.823 billion and the local government councils received N13.876 billion.

  • FCMB Pensions disburses over N200b retirees

    FCMB Pensions disburses over N200b retirees

    The Managing Director, Chief Executive Officer of the FCMB Pensions, Christopher Bajowa disclosed that the company has so far  disbursed over N200billion in benefits payouts to both retirees and other  beneficiaries since inception.

    Bajowa disclosed this during the organisation sensitization walk as part of activities marking the 20-year anniversary of the Pension Fund Administration (PFA) in Abuja, stating that even with the full disbursement the company is not yet there as it desires to do more.

    He said:  “All efforts are geared towards deploying digital technologies to get close to customers and also deliver services with speed and efficiency. The company would also seize opportunities in Micro Pension which is currently the focus area of the regulator (PenCom) to ensure their full inclusion in PenCom activities.

    “As you know, at this time, micro pension is the focus area for our regulator and it represents a big opportunity to grow inclusion in the pension industry. Which is why we are commencing this walk to the market place where a lot of micro businesses operate, this will enable us educate and convince them to be part of the pencom activities in the country.

    READ ALSO: The death of local government

    “Even with the challenges of low retiree payouts and high inflation, pension assets have grown to over N26 trillion, under the Contributory Pension Scheme (CPS). We take customers feedback very seriously, because we learn from these feedbacks.”

    The MD noted that the walk activities is to enable FCMB Pencom reach out to micro businesses, talk to them, give them reasons why they should be captured under the Pencom plan, assuring that no part of the society Will be left out. It is all about inclusion. Customers should be able to reach FCMB pencom through digital platforms, physical offices and other platforms. The walk which starts from the FCMB Pensions office at Central Business District (CBD) will end at the popular Wuse Market in Abuja.

  • Govt inaugurates first stretch of Lagos–Calabar Coastal Highway

    Govt inaugurates first stretch of Lagos–Calabar Coastal Highway

    The long-delayed Lagos–Calabar Coastal Highway took a major step forward at the weekend with the temporary opening of Section 1, stretching from the Ahmadu Bello Way junction to Eleko Village in Lagos, as the Federal Government pushed to demonstrate delivery on President Bola Tinubu’s flagship infrastructure agenda.

    The opening, performed on behalf of the President by the Minister of Works, Engr. David Umahi, marks the first visible milestone on one of Tinubu’s four “legacy projects” — a network of strategic highways designed to knit together Nigeria’s economic corridors across all six geopolitical zones.

    The Lagos–Calabar Coastal Highway is a proposed inter-state corridor designed to run along Nigeria’s coastal shoreline, linking Lagos to Cross River State. The highway is expected to pass through nine states—Lagos, Ogun, Ondo, Edo, Delta, Bayelsa, Rivers, Akwa Ibom and Cross River—with a spur extending northwards into the North-Central region. When completed, the corridor will span an estimated 75 kilometres.

    Within Lagos State, the project covers a total stretch of about 103 kilometres. To ease construction and delivery, the highway has been broken into phases. Section 1, measuring 47.47 kilometres, runs from Chainage 0+00 at Ahmadu Bello Way Junction to Chainage 47+474 at Eleko Village Junction. This section was awarded to Hi-Tech Construction Company Limited at a contract sum of N1.067 trillion.

    The scope of work includes the construction of a dual-carriage rigid-pavement highway, supported by associated drainages and culverts, median barriers and street lighting. It also covers the relocation of critical public utilities, including electricity cables and poles, cable ducts, as well as gas and water pipelines, where required.

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    Umahi said Section 1 covers about 47.47 kilometres of six-lane carriageway built with reinforced concrete pavement, equipped with street lighting, CCTV surveillance and rapid-response facilities designed to address incidents within five minutes. Landscaping and extensive tree planting are also integrated into the design, reflecting what the minister described as a “new quality benchmark” for federal highways.

    Beyond Lagos, works are progressing simultaneously across multiple sections of the coastal highway. According to the minister, the second section spans about 55 kilometres between Ogun State and the Lagos border, while Sections 3A and 3B — roughly 72 kilometres after redesign — are underway in Cross River and Rivers states. Sections 4A and 4B are progressing in Akwa Ibom and Cross River, reinforcing the administration’s strategy of starting construction from both ends of the corridor.

    In total, over 60 kilometres of the 258-kilometre Lagos–Calabar route have been opened to traffic on a temporary basis, while more than 30 kilometres have completed earthworks, Umahi said.

    He framed the project as the fulfilment of a vision first conceived nearly five decades ago during the Shehu Shagari administration, when the idea of a Badagry–Sokoto superhighway was first mooted. Under Tinubu, the concept has been reworked into interconnected coastal and inland corridors, including a six-lane Sokoto axis starting from Ilela, where 120 kilometres have already been awarded and construction commenced.

    The minister stressed that the coastal highway is only one pillar of a broader national grid of roads. The third legacy project, running from the South-East through the North-Central to Abuja, has seen 120 kilometres awarded in Ebonyi State at a cost of about N456 billion, with concrete pavement already progressing on over 10 kilometres. A fourth legacy corridor — recently approved by the Federal Executive Council — will link Akwanga to Jos, Bauchi and Gombe, extending the network into the North-East.

    Umahi said the projects are deliberately designed to interconnect, creating continuous trade and logistics routes from the Atlantic coast to the country’s hinterland. He also revealed plans for a privately financed public-private partnership (PPP) section, including a 3.5-kilometre tunnel linking coastal corridors through island communities.

    Addressing concerns around cost and transparency, the minister said anti-corruption agencies, including the ICPC and EFCC, have been invited to independently inspect all legacy projects nationwide. He pledged that detailed cost breakdowns — from bills of quantities to evaluation sheets — are available for scrutiny, challenging critics to “query any item line by line.”

    For investors and businesses, the administration argues that the roads will lower logistics costs, open up coastal tourism and industrial zones, and improve access to ports, agro-belts and manufacturing hubs. Umahi maintained that despite security, funding and environmental challenges, progress remains “above 95 per cent on the positives.”

    “The policy is simple,” he said. “We start from the beginning and from the end at the same time — so the nation can see, touch and use what is being built.”

    As traffic begins to flow on the first Lagos stretch, the government is betting that visible delivery — even on a temporary basis — will help build confidence in what is shaping up to be one of Nigeria’s most ambitious road-building programmes in decades.

    The Lagos State Governor, Babajide Sanwo-Olu, represented by the Commissioner for Transportation, Oluwaseun Osiyemi, said the temporary opening of the Lagos–Calabar Coastal Highway, Phase 1, Section 1, marks a significant milestone for productivity, commerce and long-term economic growth. Infrastructure of this magnitude goes beyond reducing travel time; it unlocks efficiency across the entire economic value chain, enabling individuals and businesses to focus on productive activity rather than avoidable delays, Sanwo-Olu said.

    Currently, journeys along this corridor can take as long as 15 hours. Upon full completion, travel time is expected to be reduced to just a few hours, significantly lowering logistics costs and improving the movement of goods, services and labour. The Governor said broader economic benefits are substantial—faster transit, improved road safety, stronger regional trade linkages and a strategic corridor capable of driving industrial expansion.

    According to him, when fully delivered, this project has the potential to boost Nigeria’s Gross Domestic Product by catalysing industrialisation, stimulating trade and enhancing connectivity between key commercial hubs. It will also ease congestion, improve road safety and create a more predictable and efficient transport environment for commuters and businesses.

  • Nigeria gets $1b cash to boost maritime start-ups

    Nigeria gets $1b cash to boost maritime start-ups

    Nigeria has secured a $1 billion innovation fund to support start-ups operating in the marine and blue economy sector, as the country intensifies efforts to diversify its economy away from oil.

    The Chief Executive Officer of the Maritime Innovations Hub, Mrs Ronke Kosoko, disclosed this at a media parley organised in collaboration with the Ministry of Marine and Blue Economy in Abuja yesterday.

    The event was attended by the Special Adviser to the President on Social Media, Olusegun Dada, alongside representatives of the National Inland Waterways Authority (NIWA), the Nigerian Maritime Administration and Safety Agency (NIMASA), the Nigerian Shippers’ Council and other ministries and agencies.

    Kosoko said the fund would be officially unveiled at the Blue Economy Investment Summit scheduled for between March 9 and 11 in Lagos next year.

    She added that international financiers are expected to meet President Bola Tinubu and the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, during the summit.

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    According to her, the $1 billion fund builds on Nigeria’s earlier success in securing a $100 million training bid for capacity development in the maritime sector.

    “When the $100 million offer came, I wasn’t looking for it. People trust us globally because of our track record. While that was being processed, the $1 billion offer came, and we had to return to the Presidency again,” she said.

    She explained that this accounted for her sustained engagement with the ministry in recent months, adding that the process is nearing completion.

    “They will be coming into the country in March 2026 to meet the Honourable Minister for Marine and Blue Economy, the CBN Governor and Mr President. They also plan to support start-ups in the sector with funding and international training, so the stage is set,” she added.

    Kosoko stressed that global investors are driven by results, not politics.

    “People and organisations have money in billions of euros and dollars, but they are not interested in our dirty politicking and games. They are interested in the task to be achieved. Once we are ready, the funds will flow in,” she said.

    She noted that Nigeria’s vast coastline and strategic position along major global shipping routes give it a natural advantage in the blue economy, which includes maritime transport, fisheries, coastal tourism, shipbuilding and ocean-based renewable energy.

    However, she lamented that poor port infrastructure, policy bottlenecks and limited access to finance have continued to undermine growth, pushing shipping lines and investors to neighbouring countries.

    Kosoko disclosed that about 370,000 youths across the 36 states and the Federal Capital Territory would participate virtually in the March 2026 summit, alongside 28 governors and 37 serving senators.

    “Three hundred and seventy thousand youths across the country will be connecting live to the President from their state capitals. We are working with the PBAT Media Centre on this demographic,” she said, adding that 10 governors were already represented at the Abuja parley.

    She also decried Nigeria’s continued loss of billions of naira to countries such as Togo and Côte d’Ivoire, where many vessels now prefer to berth.

    “Nigeria is losing billions to Lomé and Côte d’Ivoire. Those countries studied our weaknesses and built businesses around Nigeria’s failure. Shipping lines moved there, while Nigeria is left with trans-shipment and smuggling,” she said.

    Kosoko said reclaiming these lost opportunities has become a major priority of the Technical Assistant to the Minister of Marine and Blue Economy, who will lead a dedicated session on the issue at the 2026 summit.

    On his part, Dada, called for simpler and more accessible policies, urging government institutions to communicate initiatives in clear language that young people and the wider public can easily understand.

    He stressed that effective communication is critical to ensuring broad participation and public trust in government-led economic reforms.

  • BUA rewards long-standing staff with N30b cash gifts

    BUA rewards long-standing staff with N30b cash gifts

    BUA Group has shared N30 billion in cash awards to 510 loyal employees—one of the largest single employee reward programmes ever undertaken by a private sector company in Nigeria.

    At its 2025 Night of Excellence and Long Service Awards, But beyond the numbers lies a deeper business narrative about culture, continuity and competitive advantage in an economy where skilled talent retention has become increasingly difficult.

    The awards recognised employees whose service spans from five years to more than four decades, honouring loyalty, resilience and exceptional contribution across BUA’s sprawling operations. From cement plants and sugar refineries to food manufacturing, logistics and infrastructure assets, the message was unambiguous: enduring enterprises are built by people who stay the course.

    Founded in 1988, BUA Group has grown from modest beginnings into one of Africa’s most diversified industrial groups, with core interests in cement, sugar, flour, pasta, steel, rice, real estate, ports and terminals, construction and energy. Today, its listed entities command a combined market capitalisation running into trillions of naira—an outcome, the company insists, rooted as much in human capital as in financial investment.

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    Speaking at the ceremony, Founder and Executive Chairman Abdul Samad Rabiu framed the evening as recognition of shared ownership in the BUA journey.

     He recalled that while capital, strategy and governance matter, none of BUA’s milestones would have been possible without employees who believed in the vision long before success became visible.

    “Every factory built, every system strengthened, every challenge overcome, and every milestone reached carries the imprint of employees who believed in the vision long before the results were visible,” Rabiu said.

    Of the N30 billion disbursed, 41 employees in the highest award categories received their cheques physically from the Chairman during the event, due to time constraints. These awards ranged from N100 million to N1 billion, underscoring the Group’s willingness to recognise loyalty in tangible, life-changing terms. Sixteen employees received N100 million each, nine received N200 million, seven received N250 million, and three received N500 million, while five employees walked away with N1 billion each.

    A special award, whose cash value was not disclosed at the event, was presented to Kabiru Rabiu in recognition of his exceptional loyalty, leadership and long-standing contribution to the growth and stability of the Group.

    The remaining awardees had already received—or will receive—their plaques and cheques at their various plants and operational locations nationwide, reinforcing the Group’s decentralised and inclusive culture.

    Rabiu was quick to note that the cash awards, however substantial, remain symbolic. “No amount of money can fully account for decades of dedication, personal sacrifice and belief in the company’s mission,” he said. Still, in a labour market marked by rising emigration, skills shortages and disengagement, the gesture sends a powerful signal.

    From a business perspective, the awards also serve a strategic function. By institutionalising long-term rewards, BUA is effectively locking in institutional memory, strengthening loyalty and reinforcing a performance culture that aligns individual success with corporate growth. It is a model of shared prosperity that contrasts sharply with short-term profit-maximisation approaches prevalent in many emerging markets.

    Looking ahead, Rabiu said the Group would continue to expand capacity, invest in advanced technologies and deepen its footprint across cement, food, sugar and infrastructure. Crucially, he added, the people who built BUA would continue to grow with it.

    The Night of Excellence and Long Service Awards, now a defining element of BUA Group’s culture, reflects an organisation betting that respect for people, long-term thinking and shared rewards are not just moral choices—but sound business strategy.

  • Edgebase Tech to focus on AI, cybersecurity

    Edgebase Tech to focus on AI, cybersecurity

    An indigenous tech firm, Edgebase Technologies, has said its focus would be on investing in emerging technologies such as Artificial Intelligence (AI)-driven infrastructure and advanced cybersecurity to help clients anticipate and manage risks early.

    Speaking in Lagos during a media interactive forum to mark its two decades of operation in the country, its Chief Executive Officer, Joel Egbai, said the company also plans to expand its partnership network, deepen its cybersecurity offerings and introduce smarter data centre and enterprise solutions in the coming years.

    Egbai said: “Our journey started with a simple belief – that Nigeria could build and maintain technology infrastructure at the same quality found anywhere in the world. Twenty years later, that belief has shaped everything we have become. Over time, we have grown talents, invested in people, strengthened our clients’ businesses, and built leaders who are now driving impact within and beyond the ICT industry. We have partnered with global OEMs (original equipment manufacturer) to deliver reliable, top-class solutions, and we have remained committed to helping organisations stay stable through economic cycles, building local capacity, and raising the next generation of engineers. Looking back, it has been a truly remarkable journey.”

    He said from its early years to becoming a trusted technology partner across Nigeria and West Africa, Edgebase has remained focused on delivering value to its clients, partners, communities and employees. “As the company enters its next phase, it is prioritising deeper innovation, stronger partnerships and continued investment in the organisations that rely on it every day,” he said.

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    “Twenty years is a major milestone, but it also marks a new beginning. We will continue to innovate, continue to build capacity and continue to play our part in shaping a stronger and more resilient digital economy for Africa,” Egbai added.

    Edgebase’s strengths and guiding principles, according to him, include delivering value with timeliness, completeness and accuracy, building trust with clients and introducing quality ICT products tailored to partners’ needs. Over the last two decades, the company has provided services across the Financial Services Industry (FSI), Oil & Gas, Manufacturing, Telecommunications and other key sectors.

    Also speaking on the occasion, its Head of Human Capital Management and Executive Director, Lukman Kola Afolabi, said: “People see the projects and the systems, but the real story of Edgebase Technologies has always been the people behind them. From day one, we made it a priority to train young talents, give them real technical experience and provide an environment where they can build long-term careers. The impact shows in the engineers who joined us fresh from school and are now industry leaders. For us, success is not only about revenue or delivery timelines. It is also about the number of young people whose lives have changed because someone gave them a chance to learn, grow and contribute.”

    Its General Manager-Sales, Edgebase Technologies, Modupe Adesiyun, also noted that these advancements will require ongoing talent development, ensuring that the team grows in capacity and capability to address future challenges.

    Reinforcing the advancements in the ICT industry and the company’s role in this progress, its  Head of Operations/Supply Chain Management, Adeyinka Alade noted that players must now be proactive rather than reactive. According to him, the goal is to anticipate client needs instead of waiting for specific requests. He added that the company’s “secret sauce” lies in its strong alignment with its vision and its OEM partners, whose collaboration enables Edgebase to deliver solutions tailored to each client’s unique requirements.

    Founded in 2005 as a small startup focused on hardware supply, Edgebase has grown into one of the region’s trusted partners for IT enterprise infrastructure, engineering services, cybersecurity and emerging technology solutions. Its leadership notes that the company’s transformation has been shaped by deliberate shifts, including its expansion into full-stack infrastructure and long-term partnerships with leading global OEMs.

    The company has also built structured internship pipelines, OEM-certified training paths and mentorship programmes that have helped young Nigerians start and grow careers in IT infrastructure, cybersecurity and enterprise support. Many of these professionals now lead engineering functions across Nigeria and West Africa.

    A major part of Edgebase’s evolution has been its ability to make strategic pivots at the right time. Whether embracing new OEM relationships, expanding engineering capabilities or evolving from basic infrastructure provisioning to full-stack enterprise solutions, each shift has been driven by the need to deliver global-standard technology aligned with African realities.

    Despite challenges such as power instability, foreign exchange volatility and supply chain disruptions, the company has continued to meet client expectations through flexible delivery models and strong OEM partnerships. This has helped organisations across banking, telecoms, public institutions and SMEs maintain critical operations with reliable support.

    In addition to its innovative work with technology, Edgebase has made broader socio-economic contributions over the last 20 years through job creation, SME empowerment, digital access initiatives and community-focused programmes that support local development. However, a larger portion of these years has been spent in developing its people and building capacity first.

    To commemorate this milestone, the company plans a series of anniversary activities to celebrate its achievements and honour the people who have shaped its journey, over the next six months. Within its CSR line-up kicking off from now till April 2026, the company plans to support communities, schools, children, among other programmes including competitions, awards, giveaways, scholarships to students, in a bid to give back to the society that has given so much to it.

  • ‘Blue Economy key to Nigeria’s sustainable growth’

    ‘Blue Economy key to Nigeria’s sustainable growth’

    Nigeria must urgently pivot from crude oil dependence to fully harness its vast maritime resources if it hopes to achieve sustainable growth, improve public health and create millions of jobs, maritime experts have said.

    At a National Blue Economy Summit in Port Harcourt, stakeholders cautioned that decades of oil-dependent development have inflicted severe environmental and health damage on Nigeria.

    Various speakers at the summit monitored online by The Nation, held that the country continues to underutilise its most promising economic frontier—the maritime sector.

    For instance, the President, Admiralty Law Society of Nigeria, Angus Chukwuka, linked the country’s rising health burdens and declining life expectancy to long-term reliance on crude oil, arguing that the blue economy offers a cleaner and more inclusive development pathway.

    He described the maritime sector as largely untapped, with the potential to transform coastal communities and drive broad-based prosperity if properly developed.

    Chukwuka commended President Bola Tinubu’s establishment of the Ministry of Marine and Blue Economy, describing it as a positive policy signal, but stressed that improved maritime security remains critical to attracting trade flows and large-scale private investment into the sector.

    According to him, prosperity from the oceans is inseparable from safety at sea.

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    He said: “If we can assess the sea, therefore, we can assess greater prosperity. We can assess greater employment opportunities.”

    “We can be more assured of food, of water and other infrastructure. We’re looking at the security aspect of it because we believe that if there is proper security, we can surely arrive at that destination.”

    Delivering the lead paper at the summit, a retired naval officer, Captain George Alily, highlighted structural and operational challenges limiting the optimal use of Nigeria’s eastern ports, while pointing to recent gains in maritime surveillance and security. He cited the deployment of the Falcon Eye system as a major milestone in safeguarding Nigeria’s waters.

     “The Falcon Eye system is an integrated coastal radar system which provides real-time surveillance coverage across Nigeria’s EEZ, allowing for early detection of suspicious maritime activities and prompt naval response,” Alily said.

    The surveillance infrastructure has contributed directly to Nigeria’s continued zero piracy rating by the International Maritime Bureau.

    Panel discussions at the summit focused on the need for port rehabilitation, stronger inter-agency coordination and sustained investment in maritime security infrastructure to protect Nigeria’s territorial waters and inland waterways. Participants argued that improved connectivity between inland markets and seaports could unlock massive employment and trade opportunities.

    One stakeholder underscored the economic potential of inland water transport, noting that “Onitsha Market is the largest market in Africa. And if there’s an all-year-round water, Onitsha Port will provide two million jobs, two million direct employment.”

    With calls for economic diversification growing louder amid global energy transition pressures, stakeholders at the summit agreed that Nigeria must move decisively to unlock the full value of its oceans, rivers and ports. They said embracing the blue economy could drive cleaner growth, improve health outcomes, create jobs and lay the foundation for a more resilient and sustainable national economy.

  • Champion Breweries’ N16b rights issue underway

    Champion Breweries’ N16b rights issue underway

    Champion Breweries Plc. has announced the official opening of its N16 billion rights issue of ordinary shares at N16.00 per share, following approvals from the Securities and Exchange Commission (SEC) and the Nigerian Exchange Limited (NGX).

    The rights issue, which opened on Monday, 24th November 2025 and closes on January 5th 2026, remains available for subscription to existing shareholders as at the qualification date of Thursday 4th September 2025.

    This capital raise marks the first phase of Champion’s strategic funding plan to support the proposed acquisition of the Bullet brand portfolio (subject to regulatory approval) to strengthen its pan-African growth platform.

    Eligible shareholders have received Provisional Allotment Letters and Participation Forms through the Registrar, Africa Prudential Plc., and may submit applications through any authorised Receiving Agent or electronically via the NGX Invest platform (https://invest.ngxgroup.com).

    Champion Breweries Plc., in a statement over the weekend, said net proceeds from the rights issue will be applied as towards partial payment for the settlement of the acquisition of all brand assets and intellectual property of the Bullet range of ready-to-drink beverages.

    The statement, which was made available to The Nation, over the weekend, also gave insight into the company’s performance and growth outlook, pointing out that Champion continues to deliver strong financial performance.

    For instance, revenue rose from N12.7 billion in 2023 to N20.9 billion in 2024, while net income increased from N370 million to N817 million over the same period.

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    It further stated that in the first half of 2025, Champion reported N15.9 billion in revenue and N2.3 billion in net income, marking the strongest half-year performance in its history.

    The acquisition of the Bullet will accelerate Champion’s evolution into a diversified, export-enabled beverage company with strengthened earnings capacity and a broader consumer base across Africa.

    Managing Director, Champion Breweries Plc., Dr. Inalegwu Adoga, said: “We’re pleased with the progress of our rights issue and the strong engagement from our shareholder community.

    “This exercise gives existing investors the opportunity to participate directly in Champion’s next chapter — combining nearly 50 years of heritage with a fast-growing pan-African platform.”

    Group Managing Director, enJOYcorp, David Butler, added: “This rights issue reflects Champion’s continued commitment to disciplined, sustainable growth.

    “The Bullet asset carve-out structure will provide immediate scale and FX earnings without heavy upfront investment. Our existing shareholders remain central to this transition.”

    The rights issue is managed by Rand Merchant Bank Nigeria Limited as Lead Issuing House, with FBNQuest Merchant Bank Limited, CardinalStone Partners Limited, Investment One Financial Services Limited, and CFG Maynard Limited as Joint Issuing Houses. Africa Prudential Plc. serves as Registrar to the Offer.

    Shareholders are encouraged to review the rights circular carefully and to consult their stockbrokers or professional advisers when considering their application.