The Nation Newspaper

Category: Business

  • BUSINESS PERSONS OF THE YEAR: Femi Otedola: The turnaround guru

    BUSINESS PERSONS OF THE YEAR: Femi Otedola: The turnaround guru

    Nearly five years after billionaire businessman and Group Chairman of First HoldCo Plc, Olufemi Peter Otedola, acquired a significant stake in First Bank of Nigeria Limited (FirstBank), the Tier-1 lender has re-emerged a market leader in the financial space. His tenure at the helms of the group has promoted corporate governance, secured depositors’ funds, cutting operational wastage, delivered strong returns to shareholders and refocused the top lender as a formidable grassroots bank ready to lift businesses and economy.

    After divesting from Forte Oil Plc in 2021, Otedola invested N320 billion initial personal capital in FirstBank. Just last September, he further consolidated his control of the financial institution with the acquisition of an additional shares valued at N2.01 billion.

    Despite initial resistance from previously entrenched board interests against his leadership, Otedola is pushing through with exceptional doggedness that is fast changing the fortunes of the top lender.

    Bottomline turnaround

    Demonstrating growth across all indicators, First HoldCo Plc recorded N2.6 trillion gross earnings in its unaudited results for the nine months ended September 30, 2025.

    The performance is exceptionally higher than gross earnings of N427.397 billion recorded during same period of 2021, when Otedola took over the bank.

    Under his leadership, First Holdco further reported N566. 54 billion 9-month pre-tax profit, far higher than N40.791 billion profit after tax reported for the nine months period of 2021. The share price soared from N11.70 in September 2021 to N31.05 as at November 26, 2025.

    Besides, the group’s interest income and operating income grew by 40.4 per cent and 23.2 per cent year-on-year, respectively. The robust performance of the core business was supported by a 26.9 per cent rise in gross fees and commission income.

    On loan extension, FirstBank has been directly involved in ensuring that its SMEs customers grow to add greater value to the economy as seen in its over N200 billion credit to the sector in 2024. The lending plan is expected to be surpassed this year.

    The bank’s strategic risk management initiatives are already yielding positive results, as evidenced by an improvement in the non-performing loan ratio to 8.5 per cent even as it strives to exit the forbearance regime by year-end.

    On recapitalisation, the first phase of FirstBank’s private placement capital raise has been successfully executed. The proceeds from the subsequent rounds of capital raising will be used to further enhance and broaden the bank’s innovative financial solutions and explore value accretive solutions.

    To demonstrate commitment to e-payment space, FirstBank successfully integrated the Pan-African Payment and Settlement System (PAPSS) into its flagship digital banking platform, the LIT app, enabling customers to make instant, secure, and local currency-based cross-border payments across Africa. The PAPSS and FirstBank collaboration is enabling instant, low-cost payments in local currencies between African countries. 

    New state-of-the-art eco-friendly headquarters

    Under Otedola’s leadership, FirstBank in March, 2025 conducted a ground-breaking ceremony for its new state-of-the-art eco-friendly headquarters at the Eko Atlantic, Lagos.

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    Situated in the heart of Eko Atlantic City, the iconic FirstBank headquarters complex – a 40-story edifice will become the tallest building in Nigeria and West Africa upon its completion.  It represents a symbol of strength, embodying the progress the bank has made as an institution and reflecting its ambition to set new benchmarks in service delivery, operational efficiency and customer experience.

    The new headquarters is not only a demonstration of its leadership position in the market, but the foresight and quality leadership of its current management. It continues to present FirstBank as a market leader, reinforcing its commitment to meeting customers’ needs.

    For many customers of the bank, FirstBank is more than a lender, but an institution that has lifted businesses and supported economy during its several decades of operation.

    Since, 1894 when FirstBank was established, it has remained at the forefront of Nigeria’s financial evolution, emerging as a trusted partner in the country’s economic transformation, weathering global disruptions, embracing innovation, and driving financial inclusion across all regions.

    Most significantly, its journey under the current leadership is defined by resilience, adaptability and an unshakable commitment to customers.

    Reaffirming his long-term vision for the group, Otedola said First Bank is not aiming for mere relevance but continental dominance. He outlined plans to strengthen the bank’s lending capacity, expand digital infrastructure, and scale international operations.

    Overall, First HoldCo’s underlying metrics affirm its fundamental strength, resilience, and scalability of operations. The group under Otedola’s leadership is well-positioned to not only achieve its 2029 financial targets but to significantly enhance shareholder returns.

    Analysts said Otedola’s decision to personally invest N320 billion in First Bank without debt reflects a major vote of confidence in Nigeria’s financial system, especially at a time when regulatory authorities are pushing for higher capital buffers and tighter governance standards.

    Looking beyond First HoldCo

    Beyond First Holdco, Otedola’s footprints in power sector are equally outstanding. Financial performance in Geregu Power Plc, where he is the Executive Chairman, showed a pre-tax profit of N11.151 billion, in the unaudited interim financial statements for the third quarter ended September 30, 2025. The performance represents an 82.47 per cent year-on-year growth.

    Revenue for Q3, 2025 grew by 37.38 per cent to N43.834 billion year-on-year, pushing the nine-month revenue to N131.467 billion; about 96 per cent of the 2024 full-year total.

    The company maintained solid profitability, with profit from core operations rising to N12.546 billion in Q3, representing an 89.98 per cent increase from N6.604 billion recorded in the same period last year.

    Overall, Geregu Power’s Q3 2025 results highlight a resilient operation, marked by strong revenue growth and improved cost management.

    Otedola is also the founder of Zenon Petroleum and Gas Ltd, and the owner of a number of other businesses across shipping, real estate and finance.

    The mogul, born November 4, 1962 made his first fortune in commodities before selling his shares in Forte Oil to invest in the energy business. Forbes estimates his net worth at US$1.7 billion.

  • Presidency, UNESCO REF, POWA launch initiative to empower women in agric

    Presidency, UNESCO REF, POWA launch initiative to empower women in agric

    The Presidency, through the Office of the Senior Special Assistant to the President on Food Security, in collaboration with the UNESCO REF and the Police Officers’ Wives Association (POWA) Lagos State Chapter, has launched a bespoke Urban Agriculture Training Programme in Lagos State.

    Speaking during the formal inauguration of the initiative, senior special assistant to the President on Food Security, Yejide Ogundipe, reaffirmed the programme’s alignment with the President Bola Ahmed Tinubu, Renewed Hope Agenda.

    Ogundipe stressed that women farmers must be recognised as vital contributors to Nigeria’s food security.

    She noted that the initiative is designed to strengthen the Lagos State agricultural food system while empowering women through innovation, sustainability, and financial inclusion.

    The programme, themed “Seed of Empowerment: Growing Women in Lagos,” equips women with tools, knowledge, and opportunities to thrive in urban farming.

    According to her, the initiative aligns with the National Agricultural Technology Innovation Policy (NATIP) and connects directly with the ₦500 billion Offtake Guarantee Fund under the Produce for Lagos Programme, launched earlier in July 2025.

    Participants are guaranteed a steady income every two to three weeks, ensuring that empowerment translates into tangible financial stability for households.

    Organisers announced plans to expand the bespoke programme in 2026, targeting at least 120,000 women across all local governments and LCDAs in Lagos State.

    Also speaking, the President of UNESCO REF, Abdulsalami Ladigbolu‑Oranmiyan, said that the bespoke programme is not charity but empowerment.

    He said, “Philanthropy provides immediate relief, but capacity building empowers individuals to achieve financial freedom and long‑term sustainability. What we are launching today is designed to transform lives and communities.

    “Beyond Lagos, the mission is envisioned to be taken across the federation, ensuring that women in every state of Nigeria benefit from sustainable agricultural empowerment and contribute to strengthening the national food system.”

    Chairperson Lagos State POWA, Mrs. Risqat Jimoh, highlighted the importance of women’s empowerment at both local and national levels, noting that the initiative strengthens families, communities, and the food system of Lagos.

    She said, “Each participant would receive a Tier 2 certificate, which not only recognizes training but also guarantees subsidised entry for their children into future agricultural programmes.

    “This ensures that empowerment becomes generational, extending benefits beyond immediate participants.

    “To ensure participants can immediately apply their training, each woman received varieties of seeds to kickstart their learning and farming practice. This practical support guarantees that the programme moves beyond theory into real, hands-on empowerment, enabling participants to begin cultivating produce right away.”

    A participant and beneficiary of the programme, Aisha Abiola Sanni, described the programme as “an alternative means for financial income.”

    She explained that, as a youth corps member, the opportunity positions her to save and prepare for completing her service year and future plans.

    The bespoke initiative is supported by partners including NIHORT (National Horticultural Research Institute), IAR&T (Institute of Agriculture Research and Training), The Lichfield, Op3n Labs USA, Women’s Space USA, and others, under UNESCO REF’s flagship Strategic Intervention Programme – Alpha Category 2 Framework.

    Organisers noted that financial stability in households is one of the strongest deterrents to crime, positioning the programme as both an economic and social intervention.

    It also serves as a CSR model for corporate partners interested in investing in women’s empowerment and food security.

  • Nigeria, Tanzania seal strategic MoU to deepen maritime cooperation across Africa

    Nigeria, Tanzania seal strategic MoU to deepen maritime cooperation across Africa

    Nigeria and Tanzania have opened a new chapter in regional maritime cooperation as the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Tanzania Shipping Agencies Corporation (TASAC) signed a strategic Memorandum of Understanding (MoU) to strengthen surveillance, seafarer development, and digital integration across their maritime sectors.

    The agreement was endorsed during a bilateral meeting on the sidelines of the International Maritime Organisation (IMO) General Assembly, where the Director-General of NIMASA, Dr. Dayo Mobereola, and Tanzania’s Alternate Permanent Representative to the IMO, Dr. Devotha Edward Mandanda, formalised the partnership.

    According to both sides, the MoU establishes a framework for deeper operational cooperation, improved governance, and knowledge exchange between the two maritime administrations.

    It covers joint efforts in maritime domain awareness, cabotage administration, capacity-building programmes, and the deployment of digital information systems to boost regulatory efficiency.

    Mobereola described the pact as a forward-looking step for Africa’s maritime future. He stated that the understanding “reaffirms our collective commitment to advancing maritime surveillance, developing seafarer capacity and strengthening cabotage administration across our regions.”

    He added that NIMASA is determined to work closely with TASAC to “expand the use of digital platforms and continuous knowledge-sharing initiatives that will enhance operational effectiveness.”

    Mandanda shared similar optimism, noting that Tanzania views the collaboration as a catalyst for long-term sectoral transformation.

    She emphasised, “This MoU marks the beginning of a new phase in regional maritime collaboration,” adding that both countries are confident it will “enhance maritime governance, improve operational capacity, and support the development of strong and resilient maritime institutions.”

    The bilateral meeting also had in attendance the Chairman of the NIMASA Governing Board, Hon. Yusuf Hamisu Abubakar, Executive Directors of the agency, and Nigeria’s Alternate Permanent Representative to the IMO, William Bwala.

    Stakeholders say the partnership positions both nations to play a stronger role in shaping Africa’s maritime development architecture, with expectations that the initiative will contribute to safer seas, increased professionalism among seafarers, and sustainable blue economy growth across the continent.

  • Cross River, Mesotho Group sign MoU for Calabar ultramodern market

    Cross River, Mesotho Group sign MoU for Calabar ultramodern market

    The Cross River State Government has partnered with Mesotho Group for the construction of the Calabar Ultramodern International Market, a landmark project set to transform the city’s commercial landscape. 

    The agreement, signed through a public-private partnership (PPP), represents a significant step toward modernizing trade infrastructure in the state.

    At the signing ceremony, the Commissioner for Commerce, Dr. Abigail Orok, welcomed Mesotho Group, describing the moment as “glorious” for Cross River State.

     She congratulated the group on emerging as the preferred bidder following a rigorous selection process and assured them of the government’s full support. 

    “By the grace of God Almighty, we have been able to sign the agreement for the construction of Calabar Ultramodern Market. This has been a vision of this government since Governor Bassey Otu, assumed office,” Orok said.

    The Commissioner said the market will provide modern facilities designed to improve the trading experience for both buyers and sellers. 

    “Within the next two years, Calabar will have an international market with all the facilities a modern market should have, including a jetty, top-notch security, and a water view. This will create a clean, organized, and safe environment for traders and shoppers,” she explained.

    The market will be sited at Esit Ebom community in Calabar South, with over 40 plots already secured for the project. 

    Dedicated sections will be allocated for various traders, ensuring an orderly, modern marketplace. Orok added that the market, when operational, would put an end to the popular Watt Market, which has continued to be an eyesore in the beautiful city of Calabar.

    Speaking on behalf of the Ministry of Justice, the Permanent Secretary, Orok Okon, described the signing as the culmination of a long journey. 

    “Today we have put pen to paper and sealed the agreement under the PPP arrangement. We look forward to Mesotho Group doing their part, while we provide an enabling environment and all that is required from government to ensure this arrangement works. I trust that the agreement and its timelines will be adhered to, and at the end, we will be grateful to the governor who made this possible,” he said.

    The Managing Director and CEO of Mesotho Group, Jerry Joseph Damara, stated that the firm specializes in market development and called for maximum support from the state government. “We are coming from Abuja to a new terrain, and your cooperation will ensure that the market works efficiently for everyone. This project is not just for high-class traders; it is for ordinary business people, including those selling fish and other everyday commodities,” Damara said.

    He commended the state government for its resilience and focus in driving the project, adding that such commitment will benefit both the people of Cross River and investors alike.

  • Energy group to Reps: repeated probes of NNPCL may send wrong signal to global financiers

    Energy group to Reps: repeated probes of NNPCL may send wrong signal to global financiers

    The Forum for Energy Accountability, a citizens’ advocacy group, has criticised what it called the “incessant and overlapping” investigations of the Nigerian National Petroleum Company (NNPC) Limited by the House of Representatives, warning that the trend could undermine investor confidence in Africa’s largest oil and gas market.

    In a statement issued on Friday, the group’s president, Comrade Ebikeme Jonathan-Ogula, said the surge of probes initiated by various House committees in recent months has created what he described as an “atmosphere of regulatory siege” around the national oil company.

    Jonathan-Ogula noted that while legislative oversight is a constitutional mandate, the scale and frequency of the inquiries now seem “counterproductive and disruptive to ongoing sector reforms”.

    “NNPCL, like any public-interest commercial entity, must be accountable. But accountability loses meaning when it becomes indistinguishable from pressure. What we have seen in recent weeks is a wave of overlapping summons that does not enhance transparency, does not support reform, and certainly does not inspire investor confidence at a very delicate moment for Nigeria’s hydrocarbons sector,” he said.

    The group pointed out that the petroleum industry is still adjusting to changes triggered by the Petroleum Industry Act (PIA), global energy transitions, and broader economic reforms targeted at stabilising foreign exchange and boosting investment inflows. In this context, it said, uncertainty around regulatory actions “sends the wrong signal” to international partners exploring long-term commitments in upstream, midstream, and gas development.

    Jonathan-Ogula added that foreign investors already face considerable risks, including security challenges in producing regions, fiscal unpredictability, and infrastructure deficits.

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    “Introducing legislative unpredictability, where NNPCL executives are repeatedly summoned for hearings that yield no new findings, only deepens the perception of instability,” he warned.

    He also referenced recent reports of multiple committees launching parallel investigations into crude sales, joint venture operations, frontier basins, external financing, and internal governance processes. The group argued that such overlap leads to unnecessary duplication and fuels public speculation, even when many of the issues concern ongoing audits or statutory disclosures that follow established procedures.

    “This scattershot approach to oversight does not strengthen institutions. It weakens them. It also distracts NNPCL from its core mandate of delivering value to the federation, stabilising supply chains, and fostering investment in gas expansion, domestic refining, and critical midstream infrastructure,” the statement added. 

    Jonathan-Ogula acknowledged the right of the legislature to examine public entities but urged the House leadership to streamline its processes by consolidating related inquiries under single committees and adhering to clear procedural timelines. This, he said, would preserve both transparency and operational efficiency.

    He also called for greater collaboration between the National Assembly and relevant regulatory bodies such as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to ensure that oversight does not conflict with ongoing regulatory reviews or approved work programmes.

    “The objective should be to strengthen confidence, not undermine it. Nigeria cannot afford investor hesitation at a time when capital is fleeing to jurisdictions with stability, legal clarity, and predictable oversight,” the group added.

    Jonathan-Ogula urged the House of Representatives to adopt a more “strategic, coordinated, and evidence-based” oversight model, stressing that the credibility of Nigeria’s economic reforms depends on how institutions balance scrutiny with stability.

    “We call on the leadership of the House of Representatives to intervene so that legitimate oversight does not mutate into a deterrent to investment,” he advised. 

    “Nigeria needs consistent signals, not contradictory ones, if the sector is to attract the scale of capital required for energy transition, gas development, and national revenue growth.”

  • NMDPRA warns marketers against hoarding fuel, threatens sanction

    NMDPRA warns marketers against hoarding fuel, threatens sanction

    Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Osun has warned petroleum marketers against hoarding and any form of sharp practices before, during, and after the yuletide.

    The agency also warned residents against panic buying and storing petroleum products at home. The NMDPRA state coordinator, Kunle Adeyemo, gave the warning while speaking with journalists yesterday  in Osogbo, the Osun State capital.

    Adeyemo said there is an adequate supply of petroleum products in the state to meet residents’ demand before, during, and after the festive period. The NMDPRA boss noted that storing petroleum products at home could lead to fire outbreaks, resulting in loss of life and property.

    He said the agency had put measures in place to ensure the smooth supply and distribution of petroleum products across the state. Mr Adeyemo said any marketer caught hoarding fuel or engaging in illegal pump adjustments would be sanctioned. The NMDPRA boss also said the agency’s officials would continue to go around the state for monitoring and surveillance, with a view to sanctioning any marketer found culpable.

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    According to him, NMDPRA will intensify monitoring and surveillance of outlets in line with its regulatory mandate to ensure compliance with the quality, quantity, and safety of operations. The NMDPRA coordinator, who noted that the federal government had made sufficient petroleum products available to last throughout the festive season and beyond, said there was no need for panic buying or hoarding.

    “Petroleum products are available in all depots around the country. Marketers should not engage in diversion, under-dispensing, hoarding, adulteration, or unsafe acts at retail outlets. Any marketer or operator caught engaging in sharp practices will be sanctioned accordingly,” he said. Adeyemo also appealed to residents to patronise only approved, certified gas facilities in the state

  • Customs, NDLEA intercept 1,187kg ‘Canadian Loud’

    Customs, NDLEA intercept 1,187kg ‘Canadian Loud’

    The Nigeria Customs Service (NCS) and the National Drug Law Enforcement Agency (NDLEA) have seized 1,187kg of Canadian Loud hidden inside an imported vehicle at the Apapa ports.

    The latest interception, according to a statement by the commands Public Relations Officer, CSC Isah Suleiman, followed credible intelligence from the NDLEA, prompting a joint examination of a 1x20ft container (FCIU 6369526) carrying two vehicles. Inside the container, officers uncovered 2,374 packages of cannabis packed into 55 bags, each sachet weighing 500 grams.

    He noted that the illicit consignment has since been handed over to the NDLEA for further action.

    Customs confirmed that the drugs were meticulously concealed to evade detection, but sustained inter-agency collaboration ensured the cargo did not slip through the port. The seizure, Suleiman said, reinforces the agencies’ growing success in shutting down narcotics trafficking attempts through Nigeria’s busiest maritime gateway.

    Apapa Area Controller, Comptroller Emmanuel Oshoba, praised the strengthened collaboration, stressing that security will not be compromised despite rising cargo volumes during the festive season.

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    According to him, “Few days ago, I stated that no consignment will exit our control from this port without due check. Our synergy as agencies of government will always put us ahead of criminal elements.”

    He emphasised that port trade will never be allowed to override national interest, noting that revenue collection and security enforcement must operate hand-in-hand.

    “No matter the volume of trade we are processing, we will never sacrifice national security and economy for any form of trade. While we are focused on collecting maximum revenue for government, our eagle-eyed officers are activated to be alert at all times,” he said.

    Oshoba also issued a stern warning to importers, exporters, freight forwarders and customs brokers attempting to exploit the Yuletide rush.

    “Let me warn, once again for the umpteenth time, any trader—importer, exporter, freight forwarder or licensed customs agent, that dares our resolve this Yuletide season and beyond, will face the full wrath of the law. Investigations are ongoing on this seizure and we shall bring the perpetrators to book,” he declared.

    The seizure underscores the increasing vigilance within Nigeria’s maritime domain, where joint intelligence, coordinated inspections and tighter risk-management systems are shutting down sophisticated concealment methods.

    Customs reaffirmed that enforcement operations will remain heightened throughout the season, as the command intensifies its push to secure the nation’s premier port from drug trafficking and other transnational crimes.

  • NB reaffirms commitment to empowering customers

    NB reaffirms commitment to empowering customers

    Nigerian Breweries Plc, Nigeria’s foremost brewing company, has reaffirmed its commitment to empowering customers nationwide through entrepreneurial capacity training that would foster growth for their businesses.

    Its Managing Director  Thibaut Boidin, made this commitment during the closing-out ceremony of Empowerment to Drive Growth and Excellence (EDGE) 2025, in Lagos .

    The initiative, codenamed, kicked off in July 2025 at Awkaand has culminated in a total of 360 high-value retail outlets and sub-distributors spread across 12 regions, benefiting from comprehensive training that provides the tools and skills necessary for long-term business success.

    Boidin explained that the programme was created in direct response to insights gathered from the company’s Voice of Customer engagements, which revealed that many retailers were struggling with operational sustainability, financial management, and customer retention.

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    He noted that EDGE was designed to bridge these gaps by equipping customers with essential business knowledge, digital tools, and post-training consultancy support.

    “In the past year, navigating Nigeria’s business and economicenvieoment, we have witnessed many retail and sub-distributor outlets shutting down. Our customers made it clearthat they needed stronger business support, and EDGE wasour response: Empowerment to Drive Growth and Excellence. Through this programme, we trained over 360 customersacross 12 regions, equipping them with practical skills, business tools, and free inventory apps to help reduce lossesand strengthen their operations. At Nigerian Breweries Plc, webelieve that when our customers grow, we grow. EDGE reinforces our unwavering commitment to being true partnersin progress,” he said.

    Also, the facilitator of the programme and Chief Executive Officer, Tom Associates, Temitope Jegede, explained that during the two-day training, participants were taken through financial literacy modules such as balance sheets, cash flow statements, and profit-and-loss management, as well as customer service optimization techniques, operational efficiency strategies, and staff development principles essential for building competitive and resilient businesses.

    Jegede added that the training model was highly interactive, enabling participants to reflect deeply on operational gaps while learning practical methods for record-keeping, inventory management, and customer relationship development.

    Participants expressed enthusiasm and gratitude for the programme, describing it as eye-opening and transformative. They noted that the sessions revealed operational errors they had unknowingly committed for years, particularly in financial tracking, customer management, and inventory control.

    One of the beneficiaries, Awesu Ahmed, shared that the training helped him identify long-standing gaps in his operations and equipped him with tools, such as inventory apps, to manage his business more effectively. Another participant, Juliet Nwafor, explained that the bookkeeping and record-keeping modules would significantly enhance her ability to monitor daily transactions and manage her growing retail operations.

    The closing ceremony concluded with the presentation of certificates of participation, further solidifying Nigerian Breweries’ commitment to the long-term growth of its retail partners nationwide.

  • Entrepreneur urges govt to strengthen SMEs

    Entrepreneur urges govt to strengthen SMEs

    By Sherifdeen Amusa

    The Chief Executive Officer of New Chip Technology Limited, Jesufemi Adeogun, has urged the government to adopt practical measures to strengthen Small and Medium-scale Enterprises (SMEs) in the face of challenging business environment.

    Adeogun, while speaking at an interaction with reporters in Ikeja Club, lamented that that the current economic policies of the government though promising on paper, are not addressing the core challenges faced by SME’s.

    Lamenting the operational challenges faced by SME’S, particularly power supply, he said business owners at Ikeja Computer Village are forced to rely on generators and buy expensive fuel which would have eroded whatever profits that might have accrued to their business.

    He also added that the potential health hazards of relying on generators and it’s propensity to result in fire outbreak.

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    Adeogun urged the government to subsidise infrastructure in major business clusters such as Computer Village and Alaba International Market and also reinforce the area with good telecommunications system to prevent the lack of services that result into waste of time and money.

    He said, “Even basic services like mobile network connectivity are unreliable in areas that generate “billions of dollars per day.”

    He urged the government to prioritise and protect local business hubs.

    Praising the government for granting tax reliefs to small businesses, he, however, noted that many SMEs are unaware that the law still requires them to file monthly tax reports despite the reliefs, exposing them to penalties.

    “There is no negligence under the law,” he warned, adding that many entrepreneurs may miss out on intended benefits simply due to ignorance.

    Highlighting his company’s interventions, he said, they have organised digitalisation and business development workshops in partnership with Facebook, Google, NASIMA, and other business associations to help SMEs grow.

    He urged the government to acquire minority shares in thriving Nigerian-owned businesses, just as it has done with the Dangote Refinery. 

    The CEO added that if the government invests 5–10 per cent equity in high-performing SMEs, it would not only boost their stability but also strengthen the national economy, adding that, “Such direct investments, combined with improved infrastructure, would significantly reduce the rate at which SMEs struggle or collapse.”

  • Otu flags off World Bank-backed maritime programme

    Otu flags off World Bank-backed maritime programme

    Cross River Governor Bassey Edet Otu has reaffirmed his administration’s commitment to positioning the state as a major force in Nigeria’s emerging blue economy. 

    He spoke at the formal launch of a World Bank–supported upskilling programme designed to equip citizens with modern, globally relevant competencies for the maritime sector.

    Speaking at the opening ceremony at the State Library Complex in Calabar, Otu—represented by his deputy, Dr. Peter Odey—described the programme as “a landmark opportunity for our young people to acquire the advanced technical skills needed to unlock the vast marine resources of Cross River State.” 

    He maintained that Cross River, blessed with one of Nigeria’s longest coastlines, remains uniquely positioned to benefit from the new national emphasis on the blue economy.

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    According to him: “this initiative reflects our administration’s unyielding commitment to transforming our water-based assets into engines of economic growth, job creation and sustainable development. The time has come for Cross River to take its rightful place in the maritime sector.”

    The Governor highlighted the impressive contributions of Nigeria’s maritime and marine economy to national prosperity, pointing out that the sector added ₦113.5 trillion to the country’s GDP in the third quarter of 2025.

     He referenced projections by the Nigerian Maritime Administration and Safety Agency (NIMASA) estimating that the nation’s blue economy potential could exceed $296 billion. 

    “With figures like these,” he said, “we cannot afford to stand on the sidelines. Cross River must lead from the front.”

    The Governor reaffirmed the government’s resolve to actualise major maritime infrastructure, especially the Bakassi Deep Seaport. 

    He disclosed that a $3.5 billion investment has already been secured for the project, adding that it is awaiting presidential approval for formal groundbreaking. 

    “We are ready,” he assured partners, “and we will continue to work closely with the World Bank and the Federal Ministry of Marine and Blue Economy to ensure our waterways, ports, fisheries and logistics platforms deliver maximum economic impact.”

    The event which attracted representatives of the Federal Ministry of Marine and Blue Economy, the World Bank, the University of Calabar and stakeholders across the maritime value chain, underscored the collaborative nature of the initiative.

    Senior Special Adviser to the President on Marine and Blue Economy, Prof. Busayo Fakinlede, commended Cross River State for consistently supporting national efforts to develop a sustainable marine and blue economy. 

    “Cross River has always been a strategic leader,” he said. “Its rich biodiversity and coastal heritage place it at the heart of Nigeria’s blue economy ambitions.”

    Fakinlede stressed that the initiative aligns with President Bola Tinubu’s priorities on food security, youth empowerment, economic diversification and responsible utilisation of marine resources. 

    With a touch of humour, he remarked that Cross River State “should be regarded as the fish basket of the nation,” citing its outstanding fisheries output among Nigeria’s coastal states.

    The World Bank Team Lead, Morales Yolanda, emphasised that developing the blue economy was essential to unlocking economic opportunities across coastal regions and the nation at large. 

    “The World Bank stands ready to collaborate closely with federal and state governments,” she said. “We will mobilise funding, technical expertise and strategic partnerships to ensure the success of this programme.”

    A special technical presentation by the Dean of the Faculty of Oceanography, University of Calabar, Prof. Francis Nwosu, entitled: “Unlocking the Potential of a Sustainable Blue Economy for Nigeria: Cross River State in Focus,” offered participants deeper insights into the state’s unique economic and ecological advantages.

    Speaking on the sidelines of the workshop, the Special Adviser to the Governor on Blue Economy, Miss Melodie Lebo, explained that the programme will equip participants with 21st-century skills aligned with international standards. 

    She described the blue economy as “the sustainable use of our marine and water resources for the development of our people,” noting that it spans shipping, marine logistics, fisheries, port operations, climate change, aquaculture and coastal tourism.

    According to her, participants stand to benefit greatly from the training. “They will form the skilled workforce needed for the maritime sector,” she said. “The archaic way of doing things is gone; we are aligning with global standards. After the training, they will be fully equipped with modern competencies.”

    She added that the programme opens doors to job opportunities, internships and collaborations with the World Bank, stressing that this is only the first phase of a multi-stage intervention designed to deepen capacity across the state. 

    Lebo also disclosed that certificates issued at the end of the training will be internationally recognised. 

    “This is a globally benchmarked programme,” she said. “Our partnership with the World Bank and the Federal Ministry of Marine and Blue Economy guarantees that participants will receive credentials accepted anywhere in the world.”

    Lebo further underscored the strong involvement of the Federal Government, pointing to the presence of senior officials at the launch, including the SSA to the President on Marine and Blue Economy. “The Federal Government is fully involved,” she emphasised.

     “This programme signals the beginning of a more coordinated and transformative pathway for marine and blue economy development in Cross River State.”