Category: Business

  • How to achieve $1tr economy through strategic capital formation, by experts

    How to achieve $1tr economy through strategic capital formation, by experts

    Finance and economy experts at the weekend said the Federal Government could easily achieve its $1 trillion economy target through strategic capital formation and deepening of savings and investments across the broad spectrum of the economy.

    Experts, who spoke at the 2025 yearly workshop of the Capital Market Correspondents Association of Nigeria (CAMCAN) in Lagos, agreed that disciplined implementation of the new Investments and Securities Act (ISA) 2025 signed into law by President Bola Tinubu would drive the nation’s economic growth. The theme of the workshop was: “Regulatory Reforms: ISA 2025 and Nigeria’s Investment Climate”.

    The experts included Group Managing Director, GTI Capital Group, Mr. Abubakar Lawal, Director General, Securities and Exchange Commission (SEC), Mr. Emomotimi Agama and Chairman, Nigerian Exchange Group (NGX Group), Alhaji  Umaru  Kwairanga.

    Lawal said strategic, disciplined and collaborative implementation of the ISA would be catalytic to the overall growth of the economy.

    According to him, with the $1 trillion agenda in view, the ISA 2025 must transition from a policy document into a practical instrument for driving national economic growth.

    Lawal, who was represented by Managing Director, GTI Capital, Mr. Kehinde Hassan, was the guest speaker at the workshop.

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    He explained that clarity, consistency and synergy among regulators, operators and market stakeholders are vital if the Act is to serve as the bedrock of Nigeria’s trillion-dollar ambition.

    According to him, the country has reached a critical phase where fragmented efforts and isolated initiatives can no longer be accommodated.

    He noted that the implementation of ISA 2025 must be aligned with the Revised Capital Market Master Plan to prevent policy dissonance and institutional overlap.

    He said: “What Nigeria requires now is a unified roadmap, one that integrates ISA 2025 into the broader architecture of the nation’s economic vision”.

    Lawal stressed that with disciplined execution, cross-institutional cooperation, sustained public education, and responsible innovation, Nigeria could not only meet but surpass its $1 trillion economic target while achieving long-term socio-economic benefits.

    He added that coordinated action would position the country as a continental and global model for innovation-driven and inclusive growth.

    He described the ISA 2025 as a transformational legislation that offers more than regulatory rules by providing structure, tools, and opportunities for national development.

    He however cautioned that even the best-crafted laws remain ineffective without intentional follow-through.

    He urged regulators to apply fairness and foresight, while operators embrace innovation anchored on responsibility.

    Giving his keynote address, Agama said that the ISA 2025 was not only a replacement for the 2007 Act as it represented a comprehensive reform agenda designed to modernise regulatory environment, strengthen governance, attract investment, and reposition Nigeria’s capital market to meet the demands of a dynamic global economy.

    Agama, who was represented by Lagos Head of the Commission, John Briggs noted that  CAMCAN workshop theme suggests regulatory reforms play a defining role in shaping the nation’s investment climate, and ISA 2025 is central to that transformation.

    According to him, operating under the ISA 2025 is aimed to align with International Organization of Securities Commissions (IOSCO) standards with the  imperative to strengthen Nigeria’s investment climate by building  a deeper, more resilient capital market.

    “One of the most transformative aspects of the ISA 2025 is the clarity it brings to the mandate of the Securities and Exchange Commission.

    He said: “For the first time, the Act explicitly sets out the regulatory objectives, functions, and powers of the Commission including acting in the public interest, protecting investors, maintaining fair and transparent markets, preventing unlawful practices, reducing systemic risks, and supporting capital formation”.

    He noted that the major conceptual shift introduced by ISA 2025 is the transition from regulating only “Capital Market Operators” to supervising a wider class of “regulated entities.”

    Part of which include: digital asset and virtual asset exchanges, warehouse operators and warehouse receipt systems, derivatives and commodities platforms and market infrastructure operators.

    Kwairanga, who was the chairman of the workshop, said that the recent reforms encapsulated in the ISA 2025 were altogether a pivotal phase in strengthening market governance, boosting investor protection, and enhancing overall market competitiveness.

    He said: “These reforms are not merely regulatory updates; they are foundational shifts designed to modernize our capital market architecture, attract deeper pools of capital, and position Nigeria as a top-tier investment destination within Africa and globally.

    “As we navigate the complexities and opportunities presented by these reforms, your role as market media stakeholders becomes even more critical”.

    He called on participants at the conference to maximize opportunities offered by ISA 2025 as regulators, operators, investors, and the media work in alignment.

    He commended CAMCAN for its unwavering commitment to enriching capital market literacy and facilitating meaningful engagement among stakeholders.

     “I am confident that the insights shared today will contribute significantly to strengthening Nigeria’s capital market and supporting sustainable economic growth,”Kwairanga added.

    Lawal also underscored the need for widespread investor education to unlock the Act’s transformative potential. Awareness efforts, he said, must reach all regions to ensure that investors understand their rights, entrepreneurs recognise new opportunities, and the general public is aware of protections embedded in the new regulatory regime.

    Highlighting key reforms within ISA 2025, he noted the recognition of digital and virtual assets, classification of investment contracts as securities, expansion of eligible issuers, establishment of specialised exchanges, broadening of non-interest instruments including sukuk, strengthening of commodities exchanges, and enhancement of the Securities and Exchange Commission’s regulatory powers.

    He said these reforms collectively support the $1 trillion economic agenda and significantly enhance youth inclusion, especially through digital asset recognition.

    With over 60 per cent of the population comprising young people, Lawal described Nigerian youths as digital natives whose creativity and technological fluency can drive the next phase of economic growth.

    ISA 2025, he said, gives this demographic legitimacy and meaningful engagement within the financial system.

    He concluded that if Nigeria executes the reform era with unity and determination, the nation would not only reinvent its economy but inspire the African continent, demonstrating what is possible when national ambition is matched with decisive action.

    Agama pointed out that for the first time, the SEC has now been empowered to identify market-wide vulnerabilities;  collaborate with other regulators during periods of financial stress;  take pre-emptive action to prevent contagion; and ensure the stability of systemically important institutions.

    For investors, he explained that the ISA 2025 signals a more resilient and predictable marke environment, one that is better able to withstand shocks.

    According to him, the ISA 2025 addresses Ponzi schemes more decisively by giving the SEC power to seal prohibited schemes and impose criminal sanctions.

     “These reforms protect retail investors, deepen the fund-management industry, and encourage genuine collective investment vehicles that can mobilise long-term capital. 

    “This is a strong boost to investor confidence and contributes meaningfully to improving Nigeria’s investment climate,” Agama said.

  • Verve exceeds 100 million cards

    Verve exceeds 100 million cards

    Verve, a card scheme powered by the Interswitch Group, has surpassed 100 million Verve cards issued across the continent.

    At a media briefing in Lagos, Chidi Oluaoha, Divisional Head, Growth Marketing (Paytoken and MVNO), Group Marketing and Corporate Communications at Interswitch, delivered a keynote address on behalf of Cherry Eromosele, Executive Vice President, Group Marketing and Corporate Communications, Interswitch Group.

    Eromosele described the milestone as “a powerful symbol of growth, resilience, and the evolving needs of millions of Africans who rely on Verve every day”.

     “What began as a simple idea, one card designed to empower everyday life, has grown into 100 million stories, 100 million touchpoints, and 100 million reasons to deepen our commitment to delivering secure, seamless, and meaningful payment experiences across Africa,” she said.

    She emphasized that this accomplishment underscores Verve’s  deep consumer insight, continuous innovation, and unwavering dedication to customer satisfaction.

     Whether through enhanced security features, improved user experience, or expanded acceptance channels, Verve’s  evolution has consistently been inspired by the needs and aspirations of its users.

    Today, Verve’s acceptance footprint stretches across Africa and reaches global markets through strategic partnerships with leading brands including Google, Netflix, Spotify, AliExpress, Temu, Flywire, YouTube Premium, and others, unlocking broader access to lifestyle, entertainment, commerce, and mobility solutions for millions of cardholders.

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    Eromosele further noted that the milestone is shared with the broader ecosystem; banks, processors, merchants, regulators, and partners, whose collaboration has fuelled Verve’s remarkable growth. Most importantly, she celebrated the millions of individuals who carry Verve cards in their wallets and mobile devices, acknowledging that their trust and loyalty continue to inspire the brand’s progress.

    With the 100-million-card mark now crossed, Verve is poised to accelerate its expansion efforts, elevate customer experiences, and strengthen its global acceptance network. Through impactful initiatives such as Verve GoodLife Activations, the brand remains committed to shaping the future of digital payments and empowering people across Africa to truly enjoy the good life.

  • CBN waives cash withdrawal limit fees on dollar transactions

    CBN waives cash withdrawal limit fees on dollar transactions

    Central Bank of Nigeria (CBN) has directed commercial banks and other financial institutions not to implement its new cash withdrawal limit policy on dollar transactions or other deals relating to foreign currencies.

    Under the revised CBN cash-related policies, individuals are limited to a cumulative weekly cash withdrawal of N500,000 across all channels, including ATMs, POS terminals, and over-the-counter transactions. The policy permits corporate account holders to withdraw up to N5 million per week.

    CBN Director, Financial Policy & Regulation Department, Dr. Rita I. Sike, said the new plan would cut the rising cost of cash management, strengthen security around cash movement, and curb money laundering risks.

    In a “FAQs Revised Cash-Related Policies” report released at the weekend, the apex bank said there is no limit to foreign currency withdrawals but limit applies to naira withdrawals using a foreign card.

    It stated that the policy, which takes effect on January 1, 2026, applies to all deposit taking financial institutions in Nigeria.

    When asked if the limits apply to foreign currency withdrawals, the apex bank said: “No, the limits do not apply to foreign currency withdrawals. However, the limit applies to local currency (Naira) withdrawal using a foreign card.”

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    Educating bank customers on how the excess withdrawal limits are calculated, the apex bank said: “Fees are calculated as a percentage of the excess over the prescribed limit. For instance, if an individual withdraws a total of N700,000 in a week, the person has exceeded the weekly limit of N500,000 by N200,000. With a processing fee of three per cent, the individual will be charged N6,000 only”.

    The CBN directed banks to implement the policies by setting limits in their systems, monitoring compliance, making relevant reports, and collecting fees for withdrawals above the set limits.

    It stated that the policies apply to all banks and other financial institutions that accept deposits from customers – commercial, merchant, non-interest, payment service, primary mortgage, and microfinance banks.

    It however stated that the apex bank may review the policies periodically to reflect changes in the economy.

    Other clarifications by the apex bank include that excess withdrawal fees are non-refundable, customers are not required to submit any documentation or justification when carrying out transactions that exceed the prescribed limits; however, the applicable excess withdrawal charges will apply and that cheque encashment is subject to the same daily and weekly withdrawal limits.

    The CBN disclosed that although cheques can be cashed over the counter,  but amounts above the limits  attract excess withdrawal fees.

    Adding that  third-party cheques are allowed, it said however stated that there is a limit of N100,000 for cash withdrawal at the counter. So, if anyone presents you with a cheque of an amount higher than N100,000, you will need to pay the cheque into your account, as you will not be able to cash it.

    It further clarified that corporate cheques are subject to the same rules as individual cheques issued to third parties but corporates can draw up to N5 million weekly in cash from their bank or other financial institutions.

    On banks’ reporting obligations, it said: “Routinely, banks and OFIs have reporting obligations to the CBN and other relevant agencies of government. Such reporting obligations include, but are not limited to, cash withdrawal transactions exceeding the prescribed limits, cash deposits, and processing fees charged.”

    The apex bank further directed banks and other financial institutions to maintain detailed logs for audit and other compliance purposes.

    It explained that while transactions involving certain government accounts (essentially revenue-generating accounts of federal, state, and local governments) are exempt from these limits, those from religious organisations are not exempt.

    While microfinance banks and primary mortgage banks are exempt solely for the purpose of sourcing their operational cash from correspondent banks. However, their customers are not exempt and are subject to the prescribed cash-withdrawal limits. More so, the policies did not make provision for customers to apply for an exemption.

    It added: “The CBN does not expect banks/OFIs to alter the prescribed cash withdrawal limits at their discretion. However, in the unlikely event that a bank/OFI does not have sufficient cash available, such a bank may temporarily reduce the prescribed limits and submit a report of such decisions to the Director Currency Operations and Branch Management Department, with a copy to its supervisory department in the CBN”.

  • ‘Nigeria leading Africa to shape global Customs standards’

    ‘Nigeria leading Africa to shape global Customs standards’

    Chairperson, World Customs Organisation (WCO) Council and Comptroller General, Nigeria Customs Service (NCS), Adewale Adeniyi has said that his recent election signaled a broader recognition of the growing reform-driven credibility of African Customs administrations.

    He said Nigeria’s recent modernisation efforts have served as strong example of the continent’s readiness to influence global Customs policies.

    Speaking exclusively on WCO Global interview session, Adeniyi said the confidence expressed in him by member nations reflects not only personal honour, but also the significant progress made by Nigeria in aligning its systems, procedures, and priorities with international best practices.

    He said: “It’s a kind of endorsement by the global customs community that we are on track. We have been undertaking reforms and modernisation programmes in the last two years, and this validates the direction we are taking”.

    Adeniyi, who spoke during WCO flagship interactive forum tagged “The Customs Exchange: Conversations with Global Customs Leaders, said Africa’s customs landscape is rapidly changing, with several administrations leveraging WCO guidance to strengthen trade facilitation, improve revenue outcomes, and enhance border security.

    He said Nigeria’s experience demonstrated how structured reforms, supported by international frameworks, can reposition a national customs service.

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    He pointed to the Authorised Economic Operator (AEO) programme as one of the most transformative initiatives Nigeria has implemented with support from the WCO.

    According to him, the scheme has reduced clearance times at ports, improved revenue performance and fostered trusted partnerships with compliant traders—outcomes that reflect the effectiveness of global standards when domesticated with commitment.

    He described the SAFE Framework of Standards, the Time Release Study (TRS), and recent work on advance rulings as additional markers of how global customs programmes can change narratives, especially in developing economies.

    Adeniyi also underscored the importance of the WCO as a stabilising force for customs administrations around the world, saying its ability to unify diverse countries around shared priorities—economic prosperity, national security, and environmental sustainability—makes it a unique institution.

    He affirmed that his appointment as WCO is a honour for him and a recognition for the Nigeria Customs Service. He disclosed that the Nigerian Customs administration has been undertaking some reforms and mordernisation programmes in the last two years.

     “So it will also mean that this appointment is a kind of validation of the reforms that we are doing. It a kind of endorsement by the global Customs community.  that we are on track and we are aligning our priorities with that of World Customs Organisation”, he said.

    On the appointment, he said, “I feel so excited. Of course, I know that it’s a very big responsibility on my part and on the part of Nigeria for us to shoulder this and provide quality leadership for the world Customs community

    As the first Nigerian to hold the position in nearly two decades, Adeniyi said he is aware of the responsibility his chairmanship places on his country and the African region. He pledged to use the platform to elevate the continent’s contributions while fostering an inclusive governance approach within the global customs system.

    He encouraged member administrations to continue embracing diversity, describing it as the core strength that will enable the WCO to advance global trade and security objectives. “Our uniqueness is our strength,” he said. “We must let this diversity continue to create opportunity and progress for us.” Adeniyi said.

  • PenCom trains agents to recover N32.27b from defaulting employers

    PenCom trains agents to recover N32.27b from defaulting employers

    The National Pension Commission (PenCom) has accredited pension recovery agents to serve as the cornerstone of Nigeria’s social contract with workers.

    They are to recover N32.27 billion, comprising N15.87 billion in principal contributions and N16.40 billion in penalties from defaulting employers between June 2012 and September 2025.

    In a statement by the commission’s management, the Director General, Ms. Omolola Oloworaran, announced the development at a workshop in Lagos.

    She said the commission had ushered in a new era of zero tolerance for pension defaulters.

    The PenCom boss reaffirmed the commission’s commitment to enforcing strict compliance across the pension industry.

    Oloworaran, who was represented by the Commissioner in charge of Inspectorate PenCom, Samuel Chigozie Uwandu, spoke during an intensive training workshop for accredited recovery agents in Lagos.

    She noted that the training marked a renewed nationwide compliance push to recover outstanding pension contributions and penalties from employers who persistently violate the Pension Reform Act (PRA) 2014, which mandates remittance of pension contributions within seven working days of salary payment.

    READ ALSO; Getting it right

    She said: “The workshop outlined new strategic initiatives that will strengthen enforcement efforts, deepen inter-agency collaboration, and empower recovery agents to tackle non-remittance of pension contributions with greater precision and authority with PenCom is currently engaging Recovery Agents to audit defaulting employers, calculate outstanding pension liabilities, issue demand notices, and facilitate recovery of unremitted pension contributions.

    “Recovery Agents work has been instrumental in enforcing compliance since the start of the recovery exercise in 2012, in addition PenCom recorded significant compliance gains in the third quarter of 2025 alone, recovering N2.06 billion (N775 million principal and N1.27 billion penalties) from 49 defaulting employers, reflecting a sustained surge in enforcement activities.

    “Despite the successes of the Contributory Pension Scheme (CPS), persistent defaults by employers threaten the fundamental purpose of the system. Every unremitted Naira represents a broken promise to a Nigerian worker as this Commission has moved from promoting voluntary compliance to mandating enforced compliance. The era of impunity is over.”

    Oloworaran explained that the appointment of recovery agents followed a competitive, transparent selection process, reflecting PenCom’s confidence in their capacity, professionalism, and integrity, reminding participants that they are the operational arm of PenCom’s enforcement and are critical to PenCom’s strategy to safeguard workers’ retirement savings.

    The DG outlined several bold initiatives forming PenCom’s expanded enforcement architecture, including forming stronger partnerships with key regulatory bodies such as the Corporate Affairs Commission (CAC), the Federal Inland Revenue Service (FIRS) and other relevant agencies. Under these partnerships, employers’ compliance with the PRA 2014 will influence their standing with these bodies, noting that defaulting employers will face consequences beyond PenCom, as non-compliance may affect business operations, access to government services, and regulatory privileges.

  • Why Nigeria losing in $27b global pineapple market

    Why Nigeria losing in $27b global pineapple market

    Chairman, Board of Trustees, National Pineapple Growers, Processors and Marketers Association of Nigeria, Okekunle Akintunde, has said Nigeria is missing out in the global pineapple market, valued at approximately $27.08 billion by exporting just raw produce. Currently, the country produces 1.54 million tons yearly, but much of this is being devoured by post-harvest waste.

    Analysts said the Middle Eastern processed fruit market, driven by consumer demand for juices, canned varieties, and dried snacks, is projected to grow at a Compound Annual Growth Rate (CAGR) of 5.3 per cent through 2026. Major importers such as the UAE and Saudi Arabia are already spending tens of millions of dollars on fresh fruit and juice.

    Akintunde noted that the economy is losing due to the inability of   growers to process pineapple leaving unimaginable wealth on the farm floor.

     “What Nigeria loses annually to post-harvest waste in the pineapple subsector can significantly boost gross domestic product (GDP)if properly managed,” Akintunde stated, adding that the farmers were losing because they lacked the modern infrastructure to preserve and process the fruit.

    According to him, the highest profits often lie in the processed, value-added products. Internationally, he said growers receive attractive prices for juice-grade fruit, adding that at certain market levels, it is more profitable to sell to processors than to the fresh export market.

    He advocated that it was time to reposition Nigeria to become the world’s leading hub for processed pineapple, with lucrative opportunities opening in Europe and the Middle East.

     “Pineapple is very, very lucrative because it is a tropical crop that is needed by the whole world but cannot be planted in the whole world,” Akintunde explained. Reminiscing on a 2019 trip to the UK, he observed that he discovered that all European pineapples were imported from places such as Costa Rica and Hawaii, driving the price of a single fruit up substantially.

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    Akintunde noted, however, that the financial scale of the investment required, and the corresponding profit potential, is immense. He recalled the equipment required to compete at this level: “The machine to produce raw juice—no concentrate, no additive, was around N180 million when I saw it in the UK in 2019. There is no single person that is producing raw pineapple juice in Nigeria.”

    Akintunde noted that the nation’s path to capitalising on the global pineapple market is clear: reduce post-harvest waste by investing in modern storage and cold-chain infrastructure, and aggressively pursue the processing opportunity that will transform tons of perishable fruit into high-value export commodities. This strategic shift is the only way to ensure that Nigeria’s massive pineapple output finally translates into massive national wealth.

    He described pineapple as a crop with high returns from low investment. “You bury a sucker worth N200 in the ground and get N2000 at harvest. The potential profit margin is striking, especially when considering the species ‘Smooth Cayenne,’ the biggest fish of pineapple. While the initial cost of a sucker is around N150 to N200, the resulting fruit can command a price of N1,000 to N1,500 naira per one,” and sometimes even N2,000 “depending on the location,” Akintunde explained.

    He pointed out that while planting the ‘crown’ (the leafy top of the fruit) can take up to three years to fruit, using a ‘sucker’ (a shoot from the mother plant) significantly cuts down the waiting time. “If you plant suckers within two years… before exactly two years, it must bear fruit,” he stated.

    Akintunde revealed a simple, cost-effective way to secure farms from grazing cattle. “One of the benefits of pineapple is that cows don’t enter such plantations. The reason is the plant’s anatomy. The body of pineapple is surrounded with thorns, and the cow cannot use naked skin to penetrate the farm. This characteristic makes it an ideal natural barrier. “It’s one of the crops that if you plant cassava, you take like two or three rows, you plant pineapple around your farm. The cow will not be able to enter the farm. they will fear the pineapple because immediately they enter, it will choke them,” he advised.

  • Federal Govt bolsters airports’ facility for aircraft utilisation

    Federal Govt bolsters airports’ facility for aircraft utilisation

    The Federal Government is wrapping up efforts to upgrade air navigation equipment and airport infrastructure as part of its broader strategy to increase the utilisation of aircraft by indigenous airlines.

    Nigeria ranks high among countries in the world with low utlisation of aircraft by airlines, ostensibly due to limited operating hours at some airports.

    Regulatory data indicates that aircraft on local flights in Nigeria operate between seven to eight hours compared to the global average of 16 to 18 hours.

    Experts said low utilisation has been causing facility limitations, forcing operators to focus on maximising existing assets through infrastructure upgrades like airfield lighting to enable all-round operations.

    They said low utilisation of aircraft has occasioned a loss averaging not less than hundreds of billions annually for the over 12 scheduled carriers.

    To turn the curve, Federal Airports Authority of Nigeria (FAAN) has begun the  modernisation of  airport infrastructure.

    Confirming this in an interview, its Managing Director, Mrs Olubunmi Kuku , said the authority is already expanding runways, upgrading navigational aids including air field lighting at some aerodromes to extend the operational time as well as  meet global standards.

    She said  six airports and several runways nationwide are currently undergoing government-funded upgrades.

    Kuku said airlines could now optimise the use of their aircraft into such airports on account of the provision of airfield lighting and other support facilities.

    Speaking in an interview, Acting Chief Executive Officer, Ibom Air., Mr George Uriesi said local carriers are increasingly coming  under pressure as a result of  underused aircraft.

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    He said :  “This means our aeroplanes are flying roughly half as much as counterparts in Europe and other regions,” Uriesi said. “By the end of the year, we are conducting 1,080 fewer flights per aircraft than the global average. That’s 720 fewer flights translating into revenue we cannot recover.”

    Using a conservative estimate of 5 million naira per flight, Uriesi calculated that each underused aircraft costs the airline 3.6 billion naira in lost annual revenue. With Ibom Air’s fleet of nine Airbus A220s, cumulative losses exceed 32 billion naira per year.

    “This revenue could be re – invested in operations, infrastructure, and growth, yet remains untapped due to systemic inefficiencies,” he added.

     Uriesi noted that many Nigerian airports still do not support full aircraft utilization. “We operate within a very difficult environment,” he said. “In Abuja, ATC defaults to procedural approach management instead of radar. Flights often enter prolonged holding patterns, consuming more fuel and time.”

    “Abuja is a very, very, very busy airspace in Nigeria,” he continued.

    “They keep the aeroplanes in the air far longer than necessary. There’s constant communication with so many different aircraft during flights.”

    “Our pilots are raising safety concerns every minute,” he added. “There are curiosity waves, which pose a real safety issue. Flights to Abuja take much longer, and departing aircraft often sit for 20 minutes before using the runway.”

    “If you calculate the fuel impact on airlines, it’s huge,” Uriesi emphasized. “I’m appealing to NAMA. I’ve raised this through other channels, but I’m appealing again: please help the airlines. Use the radar now.”

    Fleet size also affects utilization. Uriesi warned that small airlines operating just three to six aircraft cannot achieve sustainable profitability. “Being small is one of the most dangerous positions for an airline. You are always on the verge of falling out. To be profitable, you must grow quickly to 10, 11, 12, 15, 20 aircraft and beyond,” he said. Larger fleets allow better utilization, risk absorption, and negotiating power with financiers and service providers.

    Despite these operational challenges, Ibom Air has maintained an 88 percent compounded average growth rate in revenue since 2019. However, much of this success is dampened by underused aircraft.

    Uriesi emphasized that improving daily flight hours, even by two or three hours per aircraft, could unlock billions of naira in additional annual revenue.

    “Profitability in Nigeria isn’t just revenue minus costs,” he said. “It’s about navigating a complex obstacle course of infrastructure bottlenecks, regulatory fees, and operational inefficiencies. If we could achieve full aircraft utilization, Nigerian airlines would be far more competitive internationally and financially sustainable.”

     Uriesi urged government intervention to reduce overflight charges, regional fees, and other financial burdens limiting aircraft productivity.

    He also called on airlines to adopt strategies that maximize daily aircraft usage and expand fleet sizes. “The industry has enormous potential. With better utilization and operational support, we could transform billions of naira in lost revenue into growth and profitability.”

    Also speaking, Chairman of United Nigeria Airlines , Professor Obiora Okonkwo said operators are grappling with low utilisation of aircraft  with adverse financial toll on the business.

    He said : “  A typical aircraft in Nigeria will do six to eight sectors; if you have airports with facilities, you could do 10 to 12 sectors. A typical aircraft can fly 18 hours in a day.

    “Aircraft we have in Nigeria are under-utilised. We fly only for eight hours and an aircraft is produced to fly 18 hours in a day.

    So, the focus should be how do we work to ensure that we maximize utilization of the aircraft.

    “And for us who are leasing aircraft, you are more attracted to a lessor who knows you can utilize his aircraft for higher hours, but in Nigeria, the much you can sign is 150 to 200 hours a month. The aircraft we use here for 150 to 200 hours in a month is used about 3,000 hours in a month overseas, especially during the summer. And our airspace here is short range; 45 minutes, one hour.

    “So, these are parts of the challenges that we are having.”

    Meanwhile,  the global aviation industry is experiencing a shortage of available aircraft, leading to record-high utilization rates for the active fleet, rather than widespread underutilization. However, a significant portion of the total fleet remains parked due to specific issues, primarily maintenance and supply chain challenges.

    The global commercial fleet comprises approximately 35,550 aircraft, of which about 30,300 are active, and 5,250  are in storage.

  • Experts call for renewed commitment to urban infrastructure development

    Experts call for renewed commitment to urban infrastructure development

    A broad coalition of academics, government officials, and industry leaders has called for urgent reforms in land governance, infrastructure financing, and urban planning as Africa faces unprecedented urban growth. The call was made at the 3rd International Conference and Fair on Land and Development and the 7th Annual Lateef Jakande Lecture, where speakers urged policymakers to confront the continent’s infrastructure and land management challenges with renewed vigour. It held at the University of Lagos.

    At the a high-level conference on Sustainable Land Development and Urban Infrastructure in Africa, the Association of Professional Bodies of Nigeria (APBN) reaffirmed its commitment to advancing sustainable development across the continent. Delivering a goodwill message on behalf of the association, the 2nd Deputy President, APBN, Toyin Ayinde, commended the UNILAG Centre for Housing and Sustainable Development and its director, Prof. Gbenga Nubi, for what he described as “unparalleled passion for the development of the housing sector in Nigeria.”Ayinde stressed the inseparable link between land development and infrastructure, noting that the theme of the conference underscored an issue fundamental to urban survival. According to him, “The theme of this conference is a reminder that you cannot live without breathing. Every living organism needs to breathe in order to exist. In the same vein, we can’t be having conversations about sustainable land development without discussing urban infrastructure. After all, what is a human settlement without the ancillary infrastructure?”

    He explained that interrogating the state of infrastructure in African cities was long overdue, adding that genuine progress in land development could only be achieved when the infrastructure that sustains urban growth is deliberately provided.

    “The only way development can be sustainable is to provide the infrastructure to service it,” he said.

    Ayinde also highlighted the relevance of the conference to global sustainable development efforts, particularly Goal 11 of the Sustainable Development Goals, which focuses on making cities inclusive, safe, resilient and sustainable.

    He affirmed APBN’s readiness to collaborate with the Centre and mobilise professional associations under its umbrella to support the drive for transformation in Nigeria’s built environment.

    “So, we have a theme that is contemporary and relevant to our survival and the fulfillment of Goal 11 of the SDG.The APBN is in this with the Centre, and is willing to seek support of professional associations in the umbrella body to support this Centre so that change can happen,” he noted.

    He expressed optimism that the conference would generate outcomes capable of influencing policy decisions across Nigeria and the continent. “We here and now express our goodwill for a successful Conference, and hope that its outcome contributes to policy decisions that will influence positive change in Nigeria, and the continent of Africa,” he added.

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    Vice-Chancellor, University of Lagos (UNILAG), Professor Folasade Ogunsola, called for urgent, collaborative, and research-driven action to address Africa’s rapidly expanding urbanisation challenges. Speaking at  the event, she emphasised that the continent stands “at a defining crossroads” as it prepares for unprecedented population growth and increasing pressure on land and urban infrastructure.

    Ogunsola described the joint event as “a significant gathering of scholars, policymakers, practitioners, and innovators whose presence underscores the critical importance of the issues we are gathered to deliberate upon.”

    Mrs Ogunsola highlighted the dual significance of the occasion, noting that while the annual Jakande Lecture honours the legacy of a man whose life’s work “remains a timeless blueprint for modern governance,” the International Conference and Fair has become “a vital nexus for sharing cutting-edge research and advancing innovative solutions in land management and sustainable development.” She described the accompanying fair as a crucial link between academic findings and real-world application, “showcasing technologies and services capable of transforming our urban and rural landscapes.”

    Reflecting on the theme, Sustainable Land Development and Urban Infrastructure in Africa, she stressed that the conversations ahead were “not merely academic; they are an urgent call to action.” With Africa projected to host an additional 950 million urban residents by 2050, she cautioned that the continent faces both extraordinary opportunity and profound risk. “Alongside economic potential, we face mounting challenges— infrastructure deficits, weak land governance systems, climate vulnerabilities, and increasing pressure on institutions and resources.”

    Professor Ogunsola underscored UNILAG’s central role in addressing these issues through its ARUA Centre of Excellence for Urbanization and Habitable Cities and its wide network of scholars working on coastal resilience, land-use efficiency, transport systems, smart cities, and other fields critical to Africa’s development. “The University of Lagos remains committed to serving as the intellectual engine driving this much-needed transformation,” she said.

    She stressed the importance of collaboration between academia, government, and the private sector. Describing the complementary roles of regulators and developers, she remarked, “Real estate developers hold the chisel; government holds the regulatory hammer.” The Development Fair, she added, provides a fertile ground where “students encounter real-world innovations; investors meet emerging talent; researchers find implementation partners; and policymakers see firsthand the tools reshaping tomorrow’s cities.”

    Calling for a “paradigm shift,” she urged participants to abandon fragmented approaches to planning. She challenged attendees to “move from identifying problems to co-creating measurable solutions,” prioritize resilience in the face of climate change, and ensure that development models produce inclusive cities “where sustainable infrastructure serves all citizens, not only a privileged few.”

    With Africa needing an estimated $93 billion annually to close its infrastructure gap, she warned of the consequences of inaction: “Failure to manage this growth sustainably risks birthing chaotic, inequitable, and environmentally fragile urban environments.”

    She encouraged the conference to tackle concrete issues such as leveraging technology for infrastructure financing, strengthening land access and tenure security, embedding climate resilience in planning, and drawing on lessons from leaders like Jakande to build truly affordable cities.

    In a keynote address, the Commissioner for Physical Planning and Urban Development, Dr. Oluyinka Abiodun Olumide. warned that Africa must adopt coherent strategies to avert a looming urban crisis. “Africa’s rapid urbanization presents both a challenge and an opportunity. The continent can either be overwhelmed by unmanaged growth, or seize the moment to build cities of the future,” he said, noting that the region faces an annual infrastructure deficit estimated between 130 and $170 billion. He stressed that bridging this gap demands “effective land governance systems, integrated planning approaches, and innovative financing models.”

    Using Lagos as a case study, the Commissioner described the state as “a leader in urban innovation” despite severe pressure on land. He highlighted transformative projects such as the Blue and Red Line rail systems, the Lekki Deep Sea Port, the Fourth Mainland Bridge, and expanded coastal protection, stating that Lagos continues to “pioneer reforms placing it at the forefront of African urban transformation through innovative governance and sustainable development approaches.” He acknowledged, however, that major hurdles remain, including climate threats, rapid slum expansion, limited spatial data capabilities, and weak policy implementation.

    In a paper presented at the conference, titled :Navigating Complexity – Land Policy and Urban Infrastructure Development in Africa: The Nigerian Experience, Partner – Ubosi Eleh + Co., Chudi Ubosi,examined the deep-rooted structural challenges affecting Nigeria’s land administration framework. The document traced persistent bottlenecks to the 1978 Land Use Act, which  he said introduced “administrative bottlenecks, titling delays, reduced private sector participation, and increased land acquisition costs

    He   offered strong recommendations, calling for a comprehensive review of the Land Use Act to reflect modern realities such as tenure security, transparent compensation systems, and streamlined registration processes. It urged the government to “remove bureaucratic bottlenecks to title, increase transparency, reduce costs, and embrace digitalisation through blockchain and GIS technologies.” Strengthening institutions and training personnel were also identified as urgent priorities.

    The speakers agreed that the pressures of urbanisation are reshaping the continent’s development trajectory. With Nigeria’s major cities growing at some of the fastest rates in the world, they warned that poor planning and weak land policy threaten to widen inequality. The report noted that “pressures of urbanisation” continue to manifest in rising demand for housing, overstretched infrastructure, and the proliferation of unplanned settlements.

    Throughout the conference, presenters emphasised the need for governments, the private sector, and communities to collaborate on inclusive and sustainable solutions. The UNILAG gathering, which attracted policymakers, academics, development partners, and real estate professionals, continues to serve as a platform where research-driven insights meet practical policy proposals. Organisers expressed confidence that the deliberations would inspire reforms capable of reshaping Nigeria’s and Africa’s urban future.

  • Seizing the opportunities in hydrocarbon, power sectors

    Seizing the opportunities in hydrocarbon, power sectors

    Nigeria and Africa’s oil & gas and power sectors are on the rebound, encouraged by bold and strategic reforms as well as exploration opportunities that hold promises of bountiful returns to energy companies willing to undertake disciplined execution of key hydrocarbon and energy projects (both thermal and renewable) across Nigeria and other African markets. Assistant Editor CHIKODI OKEREOCHA looks at how some of the project executions resulted in robust financial and operational performance for discerning investors.

    Chief Executive Officer, British independent energy company, Savannah Energy Plc, Andrew Knott, barely conceals his joy and excitement these days. When The Nation met him over the weekend, an evidently elated Knott confirmed that “2025 has been a year of strong progress against the nine focus areas we set out at the beginning of the year, one of which is increasing our rate of cash collections in Nigeria, with performance remaining on track.”

    He said Savannah Energy has continued to showcase its resilience and financial robustness, as evidenced by its recently published financial and operational performance report for the nine months ending September 30, 2025, pointing out that the report clearly showed that the energy firm company’s is on positive growth trajectory in Nigeria and throughout Africa from to the previous year.

    The nine-month financial and operational performance update, which Knott gleefully made available to The Nation, revealed, for instance, that Savannah Energy’s total revenues increased by nine per cent to $185.2 million, up from $169.3 million during the first nine months of 2024. Additionally, the company smiled to the bank with a five per cent rise in cash collections totaling $241.6 million, compared to $229.3 million in the same period of 2024.

    The company’s operational performance is also telling. For instance, in the nine months under review, Savannah Energy’s gross production in Nigeria, based on the report, averaged 20.1 Kboepd (Thousand Barrels of Oil Equivalent per Day), with 85 per cent of this being gas. The company noted a significant production increase at its Stubb Creek facility, reaching 3.3 kboepd, which is 24 per cent higher than the 2024 average.

    This growth, according to Knott, is part of the company’s 18-month expansion programme, following the acquisition of Sinopec International Petroleum Exploration and Production Company Nigeria Limited in March of this year. Furthermore, well-site construction is advancing well for the Uquo North East development well, which is set to begin drilling in January 2026, with initial gas expected by the end of that quarter.

    The Uquo North East development well is targeting volumes of up to 80 MMscfpd (Million Standard Cubic Feet per Day). This will be succeeded by the consecutive drilling of an exploration well on the Uquo Field, known as Uquo South.

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    Recall that earlier this year, the company announced a 21 per cent upgrade in 2P Reserves (i.e. proved plus probable reserves) for its Uquo gas field and a 29 per cent upgrade for its Stubb Creek oil field 2P Reserves. Together, these advancements, the CEO said, illustrate the strong operational momentum within the Group and its unwavering commitment to disciplined execution across all facets of its business.

    That’s not all. Savannah Energy has also announced the successful completion and full commissioning of its new compression system at the Uquo Central Processing Facility. This project, Knott said, was delivered safely and approximately 10 per cent below the original budget of $45 million, and it is anticipated to enable the company to optimise production from both its current and future gas wells.

    The CEO also confirmed that his company has reached an agreement for a gas contract extension with Central Horizon Gas Company Limited, which will run until December 2026, allowing for up to 10 MMscfpd.

    Savannah is also broadening its presence across Africa. For example, in Niger, it is contemplating the initiation of a four-well test programme and a return to exploration activities in the R1234 PSC contract area in 2026/27, contingent upon reaching a satisfactory agreement with the government of the country.

    However, beyond its inroad into the oil & gas sector, Savannah Energy’s footprints on the power sector, drawing strength from strategic reforms in Nigeria and other African markets are noticeable. For instance, the company is advancing its strategy to acquire minority stakes in three hydropower projects in East Africa, which includes the 255 MW Bujagali power plant in Uganda, operational for 13 years and supplying approximately 30 per cent of the nation’s electricity.

    There are also two additional projects that are in advanced development stages and are expected to provide power to over 30 million individuals in the region. This acquisition will extend Savannah’s reach into five new countries, namely Uganda, Burundi, the Democratic Republic of Congo, Malawi, and Rwanda.

    The company is also making progress on its existing priority Power Division projects in Africa, including the up-to-250 MW Parc Eolien de la Tarka wind farm project in Niger, which is expected to fulfill around 20 per cent of the country’s electricity demand by 2029, and the up-to-95 MW Bini-Warak hybrid hydroelectric and solar project in Cameroon, anticipated to enhance the current on-grid electricity generation capacity in northern Cameroon by over 50 pert cent.

    Savannah is also actively exploring opportunities in both the thermal and renewable power sectors, with plans to announce additional transactions, currently under review, within the next 24 months in the African power space.

    However, increasing the rate of its cash collections in Nigeria, as Knott earlier noted is one out of the nine focus areas the company set out at the beginning of the year. Other focus areas, according to the CEO, include advancing the re-financing of its principal Nigerian debt facilities, which it expects to complete by year-end, and successfully completing the acquisition of 100 per cent of Sinopec International Petroleum Exploration and Production Company Nigeria Limited in March.

  • ‘Lagos’ disposed waste can generate $2.5b’

    ‘Lagos’ disposed waste can generate $2.5b’

    Managing Director, Lagos State Waste Management Authority, (LAWMA) Dr. Muyiwa Gbadegesin, has disclosed that 90 per cent of the waste disposed in the state is worth about $2.5 billion. He also reaffirmed his agency’s commitment to maintaining a cleaner environment. He urged residents to desist from dumping refuse on  roads and in canals, warning that anyone caught in the act of dumping refuse in authorised places will face the full wrath of the law. He advised all residents to embrace waste separation, adding that we must all stop throwing everything away and start sorting as it is done in advanced countries.

    “90 percent of what you throw away has value to the tune of $2.5billion. We must start sorting that waste, collecting it and giving it to those who are in need of it. Waste to wealth is the key to the survival of Lagos. When you go to Olusosun and solous 3, you will see it”, he stressed.

    Said he:  “In Lagos we must move to a point where we ban landfill sites and that is what we are moving towards as a state government. We have commenced the process of decommissioning Olusosun and Soluos 3 within the next 18 months. We have already gone two months out of those 18 months. Just give us an allowance for plus or minus. We are committed to decommissioning them”.

    Gbadegesin reaffirmed his agency’s commitment to maintaining a cleaner environment, urging residents to stop dumping refuse roads and in canals, warning that caught disposing refuse in drainage channels and unauthorized places will contend with the provision of the State sanitation laws

    He advised all residents to embrace waste separation, adding that we must all stop throwing everything away and start sorting as it is done in advanced countries.

    He disclosed plans to recruit 377 environmental health officers, aka wole-wole, as part of the new drive of the government to tame the waste challenge in the state. He said they will be empowered by law to arrest and prosecute offenders.

    He said recruitment will begin from January 2026, and the officers will be deployed to each ward in the state.

    “Mr. Governor granted us an approval to engage 377 environmental health officers.

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    “That means we are going to have one in each ward. And if you are familiar with the environmental law, the environmental health officers, alias wole-wole, of the olden days, they have a lot of powers. They can take you to court; they can prosecute and put you to jail if you violate any of the environmental laws.

    “By the time we have one in each ward, we now empower them so that we go back to those old systems. That’s the kind of enforcement system I think you are asking for,” he said.

    The LAWMA Chief said the state requires at least 2,000 tricycle compactors to tackle the waste challenge, especially in the hard-to-reach areas of the state.

    According to him, the state generates between 13,000 and 15,000 tonnes of waste daily, out of which 4,000 to 5,000 tonnes are collected by 450 Private Sector Partnership (PSP) operators.

     “The balance is going into the drains, canals, lagoons, and wetlands, among others.

     “We have about 12 percent of wetlands in Lagos, and people have been dumping waste on the wetlands,” Gbadegesin said.

    Gbadegesin disclosed that about 22 PSP operators had been fired for inefficiency in the collection of waste.

    The LAWMA boss described infrastructure as the biggest challenge in the state’s waste management system.

     “The biggest issue right now in waste management is the infrastructure.

     “When I talk of infrastructure, I am talking about the equipment and facilities that we will use to collect transport, treat, and dispose of the 13,000 tonnes of waste generated daily in the state.

     “The infrastructure includes the whole logistics chain from the bins. Risk management begins from the containerization, the households, business, and the industry.

     “We don’t have enough bins. Right now, we have 80,000 smart bins that we are rolling out, and we need a lot more,” he said.

    Gbadegesin added that the agency has been working closely with the council chairmen across the state to take charge of waste management and street trading in their areas.

    He said at least 25 councils have already created waste management task forces as part of the synergy with LAWMA.

    He pledged that LAWMA would continue to work with relevant stakeholders to ensure a cleaner Lagos

    Also, he stated that as part of measures to ensure a cleaner city, the Lagos State Government is committed to a 10 year development plan under which 100 new CNG compactor trucks would be procured for use next year.

    According to him, to keep Lagos clean we still need compactor trucks. Altogether, we need about 2000 trucks. 1000 for day to day fleet and 1000 for backup”

    “This is a long term investment package that would be supported by a state wide billing system. We will undertake Enumeration of every household and billing by the state government. Through automation, You will now get a bill from the state government. When you pay and once we confirm that the PSP operator has done the job. We pay them”.

    Gbadegesin reiterated that what LAWMA is working towards is to have transparency and accountability in the system. “We believe that Lagos residents are ready to pay for waste collection if they will get good service and that is what we will ensure going forward”.

    He also stated that as part of measures to sanitize the waste collection and disposal system and ensure standards,  the agency has terminated the contract of about 22 PSP waste operators for under performance this year and has gone ahead to give the slot to new ones that are ready to do business.

    He announced plans by the State to acquire 500 mobile compactor tricycles by the middle of next year to address the surging wage burden.

    The MD said this had become imperative because many areas are very difficult to reach because of the narrowness of the roads and the inaccessibility of some.

    In his words: “Currently we are running this system in Ibeju Lekki. The chairman of Ibeju Lekki Sesan Olowa came to us about a year ago that the PSP operators in the area are not going into the communities and that he wants to introduce tricycle compactors”

     “Around the same time, we got information about an entrepreneur who just brought in tricycle compactors. So we adviced that both parties can collaborate and today they have been running that system so well and the people have embraced it in Ibeju-Lekki.

    “We have now decided we can replicate this in other parts of Lagos We had a meeting with all Local Governments recently where they all pledged to support the new system”

    He reiterated that the adoption of the new mobile compactor tricycle can also absorb some of the cart pushers to use this system. “The PSP operators can buy some; engage cart pushers and put them on salary. We can now have a more efficient system for Lagos”