Adeayworld Energy Limited says it is partnering the National Agency for Science and Engineering Infrastructure on compressed natural gas kits manufacturing and distribution in Nigeria.

In a statement on Sunday, Prince Adeleke, Adeayworld CEO, said the partnership was in line with the Presidential Initiative on CNG.

He said the collaboration would improve fuel efficiency, promote environmentally friendly energy solutions, and advance local capacity in CNG distribution and utilisation.

According to Mr Adeleke, the partnership is expected to directly support Nigeria’s long-term goals regarding economic diversification, energy security, environmental sustainability, job creation and overall reduction in the cost of goods and services.

“Adeayworld Energy Limited has since signed a partnership with Zhejiang Sinray Electronics Co. Ltd, one of the leading manufacturers of CNG kits in China.

“The aim is to ensure that kits of international standard are manufactured and distributed across Nigeria.

“The Chinese company and kits have also been approved by the Standard Organisation of Nigeria in line with International Standard Organisation after rigorous assessment,” he said.

Khalil Halilu, the NASENI executive vice-chairman, said that the partnership represented a promising business opportunity that aligned with Nigeria’s national goals of economic diversification and environmental sustainability.

“The partnership with NASENI will significantly scale the adoption of CNG technology in Nigeria.

“It will not only enhance the profitability of participating businesses but contribute to the success of the presidential initiative on CNG,” Mr Halilu said.

He expressed confidence that the venture would lead to a lasting positive impact on Nigeria’s energy landscape.

The Tony Elumelu Foundation has announced a $15 million grant to support 3,000 budding entrepreneurs from 52 African countries.

The TEF Founder, Tony Elumelu, made this known on Sunday in Abuja during the unveiling of the 2025 cohort of the foundation’s Entrepreneurship Programme.

He stated that each beneficiary would receive a $5,000 seed grant to kick-start their businesses.

Mr Elumelu, who is also the Chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), reaffirmed his commitment to empowering African entrepreneurs and transforming the continent’s economic landscape.

According to Mr Elumelu, the foundation aims to democratise opportunity across the continent, fostering economic growth and providing young Africans with access to funding and mentorship.

He said, “We had a vision that started in 2010; one that envisions a self-sustaining Africa, driven by the energy, vision, and resilience of young entrepreneurs. We understand the challenges they face in contributing to Africa’s economic transformation. If empowered and encouraged, these young Africans can drive meaningful change.’’

He noted that capital alone was not enough, highlighting the importance of business education, mentorship, and training in building successful entrepreneurs.

The entrepreneurship programme, which began in 2015, originally set out to economically empower 10,000 young Africans over 10 years, each receiving $5,000 in seed capital.

“This year marks the 15th anniversary of the foundation, and we have made a considerable impact across all 54 African countries. In the 21st century, Africa does not need aid; what it needs is investment in its youths,” Mr Elumelu said.

The TEF Chief Executive Officer, Somachi Chris-Asoluka, noted that since the programme’s launch in 2015, the foundation had disbursed over $100 million to more than 21,000 young entrepreneurs across Africa.

According to Ms Chris-Asoluka, the businesses have collectively created 1.5 million enterprises, and generated $4.5 billion in revenue.

“Our entrepreneurs have demonstrated that ideas are the lifeblood of the African continent.

“For the 2025 cohort, we received over 200,000 applications, and from this pool, 3,000 entrepreneurs from 52 African countries will receive $15 million in funding.

“Each entrepreneur will receive a $5,000 non-refundable seed grant; this is neither a loan nor equity,” she stated.

She further assured that the foundation had a monitoring and evaluation platform in place to track progress after disbursement, ensuring that beneficiaries adhered to their approved business plans.

Asian markets rose on Monday as investors welcomed Chinese plans to kickstart consumption in the world’s number two economy, though worries about Donald Trump’s tariffs war continue to cast a shadow over trading floors.

The gains follow a much-needed rally on Wall Street that was stoked by optimism US lawmakers would pass a spending bill to avert a painful government shutdown.

Eyes were on Beijing as officials were set to outline their plans to kickstart spending by the country’s army of consumers after years of post-Covid weakness that has been a major drag on economic growth.

The State Council unveiled a set of initiatives on Sunday that aim to “promote reasonable wage growth by strengthening employment support in response to economic conditions”, according to state news agency Xinhua.

The plan looks to boost income with property reforms, stabilise the stock market and encourage lenders to provide more consumption loans with reasonable limits, terms and interest rates.

Officials were also looking at raising pension benefits, establishing a childcare subsidy system, and ensuring workers’ rights to rest and holidays are legally protected.

The move comes after data showed consumer prices dropped into deflation in February for the first time in a year, while producer prices continued to fall.

However, observers warned that leaders had a tough job ahead of them amid Trump’s trade war.

“While fiscal spending targeting domestic demand has expanded, government support is limited,” said economists at Moody’s Analytics, adding that “mercurial US economic policies are set to drag on global trade and hit China”.

“With China firmly in US President Donald Trump’s sights, deflation concerns in China will worsen. The chaos of tariffs and rising unemployment will keep consumer spending weak, denting inflation’s demand drivers.

“Manufacturers will have to look closer to home to sell tariff-targeted products. That combination — weaker demand and more domestic supply — will be a handbrake on price growth.”

Data on Monday provided a little support, with retail sales up slightly more than expected in the first two months of the year, while industrial production also topped estimates.

Hong Kong gained to build on a blockbuster start to the year fuelled by a chase into Chinese tech giants, while Shanghai, Tokyo, Sydney, Singapore, Seoul, Taipei, Mumbai and Manila also enjoyed healthy buying.

Gold was sitting around $2,900 per ounce, having broken to a record high near $3,005 on Friday owing to a rush into safe havens as traders fret over Trump’s tariffs.

All three main indexes on Wall Street ended on the front foot on Friday on optimism a government shutdown would be averted. Later in the day lawmakers passed the spending bill that will keep business going through to September.

Traders are also looking ahead to the Federal Reserve’s next policy decision as policymakers try to navigate Trump’s tariffs campaign, which some economists warn could reignite inflation and tip the economy into recession.

While the bank is expected to stand pat on interest rates, it will release its summary of economic projections and its outlook for borrowing costs this year.

The gathering comes after a consumer survey released by the University of Michigan last week said expectations for the future “deteriorated” with “many consumers”. It cited a “high level of uncertainty around policy and other economic factors”.

– Key figures around 0700 GMT –

Tokyo – Nikkei 225: UP 0.9 per cent at 37,396.52 (close)

Hong Kong – Hang Seng Index: UP 1.0 per cent at 24,192.95

Shanghai – Composite: UP 0.2 percent at 3,426.13 (close)

Euro/dollar: DOWN at $1.0876 from $1.0884 on Friday

Pound/dollar: DOWN at $1.2931 from $1.2936

Dollar/yen: UP at 148.92 yen from 148.62 yen

Euro/pound: DOWN at 84.10 pence from 84.14 pence

West Texas Intermediate: UP 0.6 per cent at $67.58 per barrel

Brent North Sea Crude: UP 0.6 per cent at $70.98 per barrel

New York – Dow: Up 1.7 per cent at 41,488.19 (close)

London – FTSE 100: UP 1.1 per cent at 8,632.33 (close)

Nigerian billionaire Tony Elumelu has seen his net worth increase sharply following the recent surge of the entrepreneur’s heirs holding firms, according to a financial report published by Moneycentral.

A report published by Moneycentral pegged Mr Elumelu’s net worth at $2.15 billion as of March 10, 2025 following calculation of stakes in companies primarily-owned by the billionaire and his family.

The stakes include investment vehicle, Heirs Holdings, and the family’s direct and indirect holdings in publicly traded entities such as Transnational Corporation of Nigeria (Transcorp) and United Bank for Africa (UBA).

According to Moneycentral, the Elumelu’s family controls a major stake in Transcorp via HH Capital Limited, Heirs Holdings Limited and personal/family holdings, which surged by 35.93 per cent or 3.652 billion shares as per financial report for 2024.

The report showed that Transcorp’s shares price rose from N5.16 per share in March 2023 to N51 per share as at March 10, increasing the company’s total market capitalisation to N523.8 billion during the same timeframe.

The Elumelu family’s 35 per cent stake in Transcorp was equivalent to N187.9 billion or $125 million (at N1500/$).

Mr Elumelu also saw significant growth with the shares he owns in United Bank of Africa (UBA), which 2023 financial report estimated to be 7.43 per cent — the largest in the company.

UBA’s share price hit N37.60 in March 10, 2025 trading, up from N23 per share a year ago in March in 2023, raising the company’s market capitalisation to N1.286 trillion and subsequently increasing Mr Elumelu’s stakes’ valuation to $63.69 million.

He also recorded surges in his stakes in other companies with his shares in Heirs Energies (formerly Heirs Oil and Gas) now valued at $1.74 billion — the billionaire’s biggest asset by far.

Mr Elumelu’s stakes valuation in Heirs Insurance is currently $28 million, United Capital valued at $61.5 million, Real Estate valued at $75 million and his cash-in-hand estimated to be £50 million, totalling $2.15 billion.

The stock market on Tuesday witnessed a downturn as performance indices declined by 0.43 per cent.

Specifically, the Nigerian Exchange Ltd market capitalisation fell by N285 billion or 0.43 per cent to N66.484 trillion from N66.769 trillion recorded on Monday.

Also, the All-Share Index dropped by 0.43 per cent or 454 points to close at 106,167.75 against 106,621.91 posted the previous day.

The market breadth closed negative, with 31 losers and 23 gainers.

On the losers’ chart, Mecure Industries declined by 10 per cent to close at N11.25, while ABC Transport lost by 7.98 per cent to close at N1.50 per share.

Daar Communications fell by 7.46 per cent to close at 62k, and Guinea Insurance declined by 7.35 per cent to close at 63k per share.

Also, the Royal Exchange lost by 7.32 per cent, closing at 75k per share.

Meanwhile, on the gainers’ chart, Livestock Feeds soared by 9.93 per cent to close at N9.85, while Cornerstone Insurance gained by 9.25 per cent to close at N3.19 per share.

International Energy Insurance increased by 8.99 per cent to close at N1.94 per share, while Smart Products Nigeria gained by 8.33 per cent to close at 39k.

Also, Lasaco Assurance soared by 7.55 per cent to close at N2.85 per share.

A total of 324.59 million shares worth N7.918 billion were exchanged across 12,652 transactions, compared to 364.97 million shares worth N17.628 billion exchanged across 14,565 transactions recorded earlier.

Transactions in the shares of Fidelity Bank topped the activity chart with 29.387 million shares valued at N502 million.

Access Corporation followed with 28.345 million shares worth N680 million, while Guaranty Trust Holding Company transacted 28 million shares valued at N1.688 billion.

Zenith Bank traded 22.359 shares worth N1.067 billion, while Universal Insurance transacted 16.194 million shares valued at N9.724 million.

Nigeria-United Kingdom current trade is valued at £7.8 billion, UK Deputy High Commissioner, Mrs Gill Lever, has said.

The Deputy High Commissioner made the disclosure at the unveiling of a British Franchise Body Shop in Nigeria. The Abuja business is the first of the beauty brand outlet in West Africa.

The envoy said Nigeria has been identified as a high-growth market.

She therefore, said the UK remains Nigeria’s partner in progress.

She said: “And our bilateral trade at the moment with Nigeria is worth about £7.5 billion. It’s growing. And Nigeria is the UK’s second largest trading partner in Africa, after South Africa.

“And the UK is one of the largest foreign investors in Nigeria. And we have investments in energy, finance, and retail. And our Department for Business and Trade has identified Nigeria as a high-growth market, with a young, dynamic population of over 200 million people, and a rapidly expanding business class.

“To the Nigerian people, I say: The UK is committed to being your partner in progress. We believe in your potential, and we are here to support your aspirations.”

The envoy, therefore, stressed that the Body Shop’s arrival in Nigeria is a testament to the strength of UK-Nigeria trade relations and the immense potential of the Nigerian market.

Lever said: “The Body Shop’s arrival in Nigeria is a testament to the strength of UK-Nigeria trade relations and the immense potential of the Nigerian market. As a brand rooted in ethical values, sustainability, and community empowerment, The Body Shop aligns perfectly with the aspirations of Nigerian consumers who increasingly value quality, authenticity, and responsible business practices.”

She expressed her pleasure to be part of the launch of the Body Shop in Nigeria, saying “This is a momentous occasion, not only for The Body Shop as a pioneering UK brand but also for the growing economic partnership between the United Kingdom and Nigeria.

“This launch is more than just the opening of a store—it is a statement of intent. It represents the power of ethical business, the strength of UK-Nigeria collaboration, and the unwavering commitment to female empowerment.

On why she chose to invest in Nigeria at this time, Lloyd said “Why now did I choose to invest in Nigeria when they say country no good? Well, why not now? Why do you have to wait until everything is perfect? There’s a saying I believe in. Start by doing what is necessary and then do what is possible. Before you know it, you’ve conquered the impossible.”

The Body Shop sources many of its ingredients through its Community Trade program, which supports over 25,000 people globally, including farmers and artisans in developing countries.

The brand is also committed to fighting climate change, with initiatives to reduce carbon emissions and promote renewable energy.

United States President, Donald Trump, on Thursday delayed some tariffs targeting Canada and Mexico, leading Ottawa to halt an upcoming wave of countermeasures — offering a reprieve to companies and consumers after blowback on financial markets.

Stock markets tumbled after Trump’s duties of up to 25 percent took effect Tuesday, as economists warned that blanket levies could weigh on US growth and raise inflation.

Trump signed orders Thursday to hit pause on the fresh tariffs for Canadian and Mexican imports covered by a North American trade agreement, though he dismissed suggestions that his decisions were linked to market turmoil.

The halt — which will last until April 2 — offers relief to automakers.

In the auto sector, parts cross North American borders multiple times during production.

Following talks with the “Big Three” US automakers — Stellantis, Ford and General Motors — Washington initially announced a one-month exemption on autos coming through the United States-Mexico-Canada Agreement (USMCA).

A White House official told reporters that about 62 percent of Canadian imports will still face the new tariffs, although much of these are energy products hit by a lower rate of 10 percent.

About half of Mexican imports come through the USMCA.

The latest moves make conditions “much more favorable for our American car manufacturers,” Trump said Thursday.

Shortly after Trump’s decision, Canadian Finance Minister Dominic LeBlanc wrote on X that his country “will not proceed with the second wave of tariffs on $125B of US products until April 2nd, while we continue to work for the removal of all tariffs.”

Trump said more tariffs would come on April 2, adding they will be “reciprocal in nature.” He had earlier vowed reciprocal levies to remedy practices Washington deems unfair.

At that point, Canadian and Mexican goods could still face levies.

The US president also said he would not modify broad tariffs for steel and aluminum imports, which are due to take effect next week.

US stock markets slumped again Thursday despite the new measures.

Trump told reporters Thursday in the Oval Office that he had a “very good conversation” with Mexican President Claudia Sheinbaum.

He claimed “tremendous progress” on both illegal immigration and drugs coming into the United States — both reasons that Washington cited in imposing levies on Mexico, Canada and China.

His remarks stood in sharp contrast to simmering tensions with Canadian Prime Minister Justin Trudeau.

Trudeau said Thursday that Ottawa will remain in a trade war with Washington for “the foreseeable future” even if there are “breaks for certain sectors.”

“Our goal remains to get these tariffs, all tariffs removed,” Trudeau added.

Canada contributes less than one percent of fentanyl to the illicit US supply, according to Canadian and US government data.

China, meanwhile, has pushed back on US allegations of its role in the fentanyl supply chain, and instead touted its cooperation with Washington on the issue.

“The United States should not repay kindness with resentment, let alone impose tariffs without reason,” Chinese Foreign Minister Wang Yi said in Beijing.

“China-US economic and trade ties are mutual. If you choose to cooperate, you can achieve mutually beneficial and win-win results. If you use only pressure, China will firmly counter.”

The naira depreciated in the official market on Monday, trading N1,498.98 to a dollar.

Data from the Central Bank of Nigeria showed the naira lost N6.49.

This represents a 0.43 per cent decline compared to Friday, when it closed at N1,492.49 to a dollar.

The loss followed a three-day appreciation recorded the previous week.

Despite this, the naira has remained relatively stable against the U.S. dollar due to CBN’s reforms promoting transparency in the foreign exchange market.

Analysts continue to commend the CBN for the local currency’s steady progress since December 2024.

The Nigerian stock market rebounded on Wednesday, recovering from previous losses with a 0.02 per cent gain.

Specifically, the Nigeria Exchange Ltd. (NGX) market capitalisation rose by N11 billion, or 0.02 per cent, to N67.179 trillion from N67.168 trillion.

The All-Share Index increased by 0.02 per cent, or 17 points, to close at 107,798.99, up from Tuesday’s 107,781.79.

As a result, the Year-To-Date (YTD) return stood at 4.73 per cent.

On the gainers chart, UH Real Estate Investment Trust led with a 9.94 per cent increase, closing at N44.25 per share.

Africa Prudential followed, rising by 9.90 per cent to N33.30 per share.

Caverton Offshore Support Group and Lasaco Assurance also saw gains of 9.87 per cent and 6.92 per cent, closing at N2.45 and N3.09 per share, respectively.

Investors traded 245,516,922 shares valued at N8.414 billion in 10,098 deals, compared to 363,516,922 shares worth N10.118 billion in 13,753 deals previously.

In terms of volume, Access Holdings led with 36.55 million shares, followed by Zenith Bank with 26.79 million shares and Sterling Financial Holdings with 11.25 million shares.

Jaiz Bank and AIICO also followed in trading volume.

Hong Kong stocks resumed their impressive start to the year on Wednesday as they rocketed more than three per cent on the back of a surge in tech firms fuelled by fresh optimism over the sector in China.

The rally led gains across most of Asia’s markets, with investors shifting back to buy mode following a poor start to the week sparked by fresh US tariff concerns.

Traders brushed off another disappointing day on Wall Street following more data showing consumers in the world’s top economy were losing confidence.

The Hong Kong market climbed more than three per cent and has enjoyed a blockbuster start to the year, rocketing by almost a fifth to hit its highest level since March 2022.

The rally has come as investors snap up long-neglected tech names after Chinese startup DeepSeek unveiled a chatbot last month that upended the AI universe.

It has also been helped by Beijing’s moves to bring the firms in from the cold after years of government crackdowns on the industry.

E-commerce heavyweight Alibaba was again one of the major advancers, rallying nearly six per cent, with JD.com nine per cent higher, Meituan up nearly 10 per cent and Tencent up four per cent.

Sentiment took a knock at the start of the week from news that US President Donald Trump had signed a memo over the weekend calling for curbs on Chinese investments in industries including technology, critical infrastructure, healthcare and energy.

The move is aimed at promoting foreign investment in the United States while protecting national security interests “particularly from threats posed by foreign adversaries” like China, the White House said.

There were also gains in Shanghai, Seoul, Wellington, Taipei, Manila and Bangkok.

Sydney, Singapore and Jakarta fell.

Tokyo was down but pared earlier losses. It had been hit by a strengthening yen amid expectations that the Bank of Japan would continue hiking interest rates this year, while the currency also benefitted from a pickup in US rate cut bets.

Expectations for Federal Reserve reductions were boosted by a Conference Board survey showing US consumer confidence in February saw its largest monthly decline since August 2021.

The reading came on the heels of other lacklustre US reports including on service sector activity, jobs and inflation.

Rate-cut talk has grown as optimism over the US economy wanes and investors worry that Trump’s tariffs drive and plans to slash taxes, regulations and immigration will reignite consumer prices.

Focus is now on the release of the core personal consumption expenditures price index, the Fed’s preferred inflation metric, which could give a fresh idea about the outlook for US rates.

On Wall Street, the Dow rose but the S&P 500 and Nasdaq retreated as tech giants struggled amid concerns over their high valuations and their huge spending on AI development.

New York’s main indexes have struggled this year as the long-running US tech surge has hit the buffers after Chinese startup DeepSeek unveiled its bombshell chatbot last month, upending the AI scramble.

Earnings from market heavyweight Nvidia on Thursday will be closely watched for an insight into its AI chip sales.

“The main focus though is probably what CEO Jensen Huang says about the state of the chip sector, where AI is going, what the DeepSeek competition means and any impact from tariffs,” said Neil Wilson, an analyst at TipRanks trading group.

Trading on the Nigerian Exchange Ltd. (NGX) closed negatively, with investors losing N72.51 billion on Monday.

The market capitalisation, which opened at N67.418 trillion, fell by 0.10 per cent to close at N67.345 trillion.

Similarly, the NGX All-Share Index (ASI) dropped by 0.10 per cent, settling at 107,937.74 points.

The total value of shares traded was N12.806 billion across 17,095 deals on Monday.

By the close of trading, 20 companies recorded gains, while 42 equities declined in value.

Nigerian Breweries led the gainers, rising by 10 per cent, gaining N3.30 to close at N36.30. Cadbury followed, increasing by 9.97 per cent to N32.00.

Ikeja Hotel topped the losers, shedding 10 per cent, dropping N1.40 to close at N12.60. Learn Africa also fell by 10 per cent, losing 43k to settle at N3.87.

Dangote Petroleum Refinery & Petrochemicals has reduced the cost of its diesel product to N1,020 per litre, down from N1,075 per litre at the gantry price.

Since it began diesel production in January 2024, the refinery has reduced the price of diesel more than three times, from an initial N1,700 per litre to the current rate, thus providing much-needed relief to manufacturers and consumers alike.

A statement explained that it is part of its efforts to better serve its customers and Nigerians in general.

The latest reduction of N55 per litre for diesel follows the revelation by Development Economist and Public Policy Analyst, Prof. Ken Ife, that the Dangote Petroleum Refinery sacrificed over N10 billion to ensure the availability of petrol at a uniform price across the country during the yuletide period. He also praised the refinery for setting a new benchmark in Nigeria’s energy sector by unlocking vast opportunities for export revenue.

Speaking on the transformative impact of the refinery on Arise TV, Prof. Ife explained that for years, the equalisation fund had been responsible for managing the price differentials and transportation costs involved in distributing petroleum across the country. However, it has been reported that the fund owes marketers over N80 billion, according to the development analyst.

“What has actually happened is that the President has shifted the subsidy burden away from the public purse and onto the private sector. The equalisation fund, which was meant to cover the price differential and transportation costs, plays a crucial role. If petroleum is to be sold across the country at a set price, then transportation costs must be accounted for to ensure this is possible. That’s the purpose of equalisation. However, the equalisation fund is reported to owe around N80 billion to the marketers, and this issue is still under discussion.

“During the Christmas season, which is traditionally the most challenging period, we often face shortages of petroleum, petrol hoarding, and arbitrary price hikes, all of which impact the cost of food. In response, during this last yuletide, the Dangote Group made the decision to absorb the costs. They equalised the price themselves, at a cost of over N10 billion. In doing so, they effectively absorbed the subsidy,” he said.

Prof Ife also said the facility is steering Nigeria away from its traditional focus on Premium Motor Spirit (PMS) towards a diversified range of petroleum-based exports.

He added that with major international players such as BP and Saudi Aramco purchasing refined products from Nigeria, the country is swiftly becoming a key player in the global petroleum market. The analyst expressed confidence that Nigeria is on the path to self-sufficiency in petroleum products, while simultaneously positioning itself as an energy export powerhouse.

The federal government has taken over Keystone Bank following a ruling by the Lagos State Special Offences Court.

The troubled bank announced the takeover in a statement on Tuesday.

The trial judge, Justice Rahman Oshodi, ordered the ownership transfer and the forfeiture of 6.3 billion units of ordinary shares to the federal government at a nominal rate of one naira per share.

“At the sitting of the court today, February 11, 2025, the court ordered the forfeiture of the shares of the bank previously held by the shareholders in favour of the Federal Government of Nigeria,” said the financial institution. “The implication of this judgment is that Keystone Bank Limited is now fully owned by the Federal Government of Nigeria.”

On January 10, 2024, the Central Bank of Nigeria announced the dissolution of the bank’s “previous board and management” for corporate governance breaches.

The apex bank followed this action by appointing a new board and management for the bank.”

“Subsequently, the Federal Government through the EFCC filed a court action at the Lagos State High Court, Ikeja, against the former owners challenging the acquisition of the bank,” the statement said.

Despite the crisis, Keystone said, “We assure our customers that the bank remains safe, healthy, strong, and resilient.”

The Kano government says it has earmarked N16.6 billion for the agricultural sector in this year’s budget to achieve food security and increase citizens’ income.

The Commissioner for Budget and Economic Planning, Musa Shanono, disclosed this while giving the 2025 budget breakdown on Thursday.

Mr Shanono said about N3 billion was earmarked for constructing the 3.1 billion litres Dansoshiya Dam and providing flowing channels.

He said the Kano State Agricultural and Rural Development Authority and Kano State Agro-Pastoral Development Project Intervention Programme would receive N5.6 billion to enhance agricultural productivity and competitiveness.

“Improved inputs for farmers will get N815 million for purchasing demonstration seeds, fertilizers, and agrochemicals,” he said.

The commissioner also said N571 million would go into constructing onion beds in the three senatorial districts. He said N391 million was budgeted for programmes targeting women in agriculture under the value chain development.

He said the government would spend N167 million to procure veterinary clinics and essential materials. Mr Shanono also said N162 million was budgeted to establish a pasture museum at Kadawa to support KSADP.

“These investments demonstrate the state government’s commitment to developing its agricultural sector, creating opportunities for farmers and herders, and ensuring food security for its citizens,” he explained.

The Naira further appreciated at the official market on Wednesday, trading at N1,510.72 to a Dollar.

Data from the FMDQ Security Exchange official forex trading platform revealed that the local currency gained N11.96.

This represented a 0.78 per cent gain, compared to the trading figure on Tuesday, when the Naira closed trading at N1,522.68 to the Dollar.

Trading on the Investors and Exporters (I&E) Forex window on Wednesday, recorded a high of N1,514.00 and a low of N1,504.00.

The Naira has enjoyed relative stability against the US dollar since Dec. 2024, when the Central Bank of Nigeria’s (CBN) introduced sustained sweeping reforms.

The apex bank on Tuesday in Abuja, introduced more measures, leading to additional health for the local currency.

The News Agency of Nigeria (NAN) reports that the apex bank approved waivers on the 2025 annual license renewal fee for all existing Bureau De Change (BDC) operators.

CBN also unveiled the Nigeria Foreign Exchange (FX) Code, aimed at sanitising the banking industry to promote ethical conduct.

The code, which is part of CBN’s ongoing reforms, is to sanitise the market to drive transparency and good governance, in line with global best practices.

Dr Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), in an interview with NAN on Wednesday, praised CBN for the waiver for his members.

Gwadabe called for support and compliance to CBN’s ongoing reforms, resulting in sustained stability of the local currency.

He also appreciated the CBN’s unveiling of the Nigeria Foreign Exchange (FX) Code, designed to promote ethical conduct among dealers in the market.

“It will address issues such as opaqueness in transactions, rate wars among participants, and lateness in submitting returns on spot transactions,” Gwadabe said.

The Dangote Petroleum Refinery is awaiting up to 12 million barrels of crude oil from the United States.

The refinery resorted to crude importation as local supply challenges hindered the new $20 billion refinery’s push to reach full refining capacity.

Recall that the refinery plans to reach its 650,000 barrels per day capacity in June this year.

However, low local crude supply from the Nigerian National Petroleum Company Limited is currently a challenge to this plan to ramp up daily production.

The 12 million barrels of crude has already left the United States and will land in Nigeria next month, according to the news from African Report.

“About 12 million barrels of crude have departed the U.S. and should arrive in Nigeria by February,” an insider source told The Africa Report.

Dangote Petroleum Refinery is said to be importing more crude oil as supply from the NNPC becomes insufficient for fuel production at the $20bn Lekki-based facility.

Officials at the plant said the facility has ramped up production to about 500,000 barrels per day, with the target of hitting the 650,000bpd mark by June this year.

The NNPC is reportedly struggling to supply 350,000bpd to the Dangote refinery from the 450,000bpd crude meant for Nigeria’s local consumption.

With its current production capacity of 500,000bpd, officials said there is a need to look beyond the shores of Nigeria for the feedstock.

It was said that the feedstock needed by the refinery daily cannot be solely supplied by the state-owned oil company, NNPC.

Recall that in July, President Tinubu ordered the NNPC to sell crude oil to local refineries in naira.

According to the crude oil production forecast of producing oil companies and the refining requirement of functional refineries in Nigeria signed by the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, the Dangote refinery would require 550,000 barrels of a blend of Nigerian crude oil daily, 17.05 million barrels monthly, and 99.55 million barrels between January and June 2025.

The Dangote refinery is already building eight more tanks to store imported crude. The facility is planning to stockpile imported crude oil as local supplies become unreliable.

Officials of the refinery were quoted as saying that low crude supply from the NNPC “is driving import dependence.”

The building of eight additional tanks will see crude storage capacity at the refinery jump by 41.67 per cent to 3.4 billion litres.

“Importing crude from other countries instead of buying locally means that our crude stockpiles will have to be higher,” the Vice President in charge of the oil and gas business at Dangote Industries, Devakumar Edwin, was quoted as having said recently.

In May 2024, the refinery reportedly issued a term tender for the purchase of two million barrels of West Texas Intermediate Midland crude monthly for 12 months starting in July last year, amounting to 24 million barrels of crude in one year.

Scores of Nigerians have been robbed of N1.1 billion as hacker Sunday Ozimede allegedly broke into the Moniepoint payment system through a dark web operation.

Justine Enang, the prosecutor of the Lagos Police Special Fraud Unit (PSFU), said this while announcing Mr Sunday’s arraignment on Friday.

Mr Enang said Mr Ozimede was arraigned in the Lagos Division of the Federal High Court on charges bordering on conspiracy and obtaining N945,728,076 million by false pretence.

Mr Ozimede was accused of planting a bug in Moniepoint’s data system, causing financial loss to the microfinance bank to the tune of N145 million.

According to the prosecutor, Mr Ozimede acted contrary to section 27 (i)(b); 14 of the Cyber Crimes (Prohibition, Prevention, etc) Act, 2015, as Amended in 2024, along with section 14 (1) of the same Act.

“His act contravened section 18(2) (b) and (d) and punishable under section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022,” Mr Enang told the court.

However, the defendant denied the allegations and pleaded not guilty to the charges against him.

After hearing from both parties, Justice Ambrose Lewis-Allagoa admitted N50 million bail to the defendant, with one landed property owner as a surety.

The prices of grains and other staple food items are steadily decreasing in markets across Kaduna State against the skyrocketed prices in 2024.

Checks by correspondents in Kaduna showed that the prices of food items like rice, beans, yams, garri and noodles had been reduced even though not much.

At the Sheikh Abubakar GumiMarket, Kaduna’s central market, a 50kg bag of foreign rice sold for about N125,000-130,000 before was now sold between N120,000 and N123,000.

Also, yams, which were in some weeks in 2024, sold for N7,000 per tuber and N28,000 for a set of five, now sell from N5000 to N6,000 and N2,500 for medium ones by those who sell on bonanza.

A local measure of eight cups of beans, which was initially sold for N3,000 to N3,500, now costs N2,500, while a measure of garri, previously sold for between N1,400 and N1,500, now costs N1,200.

A carton of Indomie noodles previously sold at N7,700 now sells at N7,500.

Some consumers, who spoke to journalists in separate interviews, said they hoped that the prices of food items would continue to crash.

Hafsat Muhammad said she now buys a local measure of rice at N2,100 against its initial price of N2,400, adding that a local measure of corn, which cost N1200 before, now goes for N900.

Similarly, Ummi Shuaibu, a businesswoman, said she bought bags of maize immediately after the harvest to resell after some months, but her plans changed after the prices of food items began to come down.

” A bag of corn that used to be N60,000 is now around N50,000 to N55,000; that is why I must sell it off as soon as possible,“ she said.

Some shareholders of First Bank of Nigeria Holdings Plc., on Wednesday called for the removal of chairman, Femi Otedola.

The group of shareholders, who own 10 per cent shares in the company, called for an Extra-Ordinary General Meeting to be held within 21 days, as provided by Section 215 (1) of the CAMA law, to achieve their demand, amongst others.

According to them, Mr Otedola emerged the FBN Holdings chairman by acquiring significant amount of shares with the influence of immediate past Central Bank of Nigeria (CBN) governor, Godwin Emefiele, adding that the bank’s former Chief Executive Officer, Adesola Adeduntan, assisted Mr Otedola, to take over the bank, as ordered by Mr Emefiele.

They claimed that Mr Otedola became a non-executive of the bank but without security clearance by the State Security Service and the Economic and Financial Crimes Commission.

After the takeover however, Mr Otedola ousted Mr Adeduntan; the then bank chairman, Tunde Hassan-Odukale; Executive Director Tosin Adewuyi; Group Head, Folake Ani-Mumuney; including a journalist and non-executive director of the bank subsidiary, Ijeoma Nwogwugwu, for authoring a critical article.

Stakeholders claimed that with Mr Otedola as chairman, his personal employee at Holdco, and another at the bank, he had seized control of the bank and did what he wanted. They also feared that with the private placement of N360 billion shares, he would have absolute control and turn First Bank to his piggy bank without checks, balances and corporate governance.

They believe that if not for Mr Emefiele, Mr Otedola could not have passed the fit and proper test, after he ruined several banks with non-performing loans sold to AMCON.

ThisDay reports that the African Export-Import Bank (Afreximbank), has granted Mr Otedola a $45 to 50 million loan, which is about N90 billion. According to a source, the loan will “enable him (Otedola) to take full control during the proposed N360 billion private placement. But some of the shareholders are saying instead of a private placement for shares of the bank, it should be by right issue or public offer.”

A source also alleged that Mr Otedola’s preference for private placement is targeted at gaining control of the financial institution as his private estate.

This development comes after the recent organisational shakeup, which witnessed about 100 senior staff members being laid-off, including top executives, for its corporate restructuring and repositioning plan for 2025, after the confirmation of Olusegun Alebiosu as the bank’s managing director and chief executive officer (CEO) in June 2024.