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…Warns on repercussions of such act
• Oyo commits to provision of clean water
Former President Olusegun Obasanjo has decried the neglect of Oyan Dam by successive Ogun State governments to mitigate the challenge of water scarcity in Abeokuta, the state capital.
Obasanjo said that due to the negligence of the dam, residents of Abeokuta had embraced digging boreholes to source water, stressing that repercussions of such could be devastating.
The former President gave the lamentation when the management and staff of the Ogun-Osun River Basin Development Authority (O-ORDA), led by its Managing Director, Dr. Adedeji Ashiru, visited him on the occasion of the World Water Day, yesterday.
He, however, called for elimination of wastages of water resources, stressing that it would be impossible to achieve food sufficiency and security without effective water management.
“We cannot de-emphasise the importance or usefulness of water to human life and this is why we do say water has no enemy.
“If we have to only depend on rain for agriculture, we shall not get it right. Rain may come too early or too late, there may be droughts or floods all of which have a telling effect on food production and security,” he said.
He said that the dam was meant to generate nine megawatts of electricity, saying that if the dam could be made to generate such, it would have a profound impact in boosting power supply.
Speaking earlier, Ashiru said that they decided to pay the former President a visit and salute him for his foresight which made him create the 11 river basins 48 years ago.
RELATEDLY, Oyo State Government, through the Oyo State Rural Water Supply and Sanitation Agency (RUWASSA), has promised to ensure clean and safe drinking water for residents.
In a statement, yesterday, Chairman of RUWASSA, Babalola Afobaje, gave the assurance that the Oyo State government will continue to collaborate with relevant stakeholders to expand access to potable water, enhance climate-resilient infrastructure, and strengthen policies that guarantee a water-secure future for Oyo State.
[Guardian]
Disobedience, Disregard To Supreme Court – Peter Obi Condemns Release Of Rivers Allocation To Sole Administrator
AFOLABI
The 2023 presidential candidate of the Labour Party (LP), Peter Obi, has condemned reports that the federal government has released Rivers State allocation to the newly appointed Sole Administrator, Ibok-Ete Ibas.
Naija News recalls that the Supreme Court had in a recent ruling ordered the Central Bank of Nigeria (CBN) not to release funds to the Rivers State Government until a budget is presented before the State House of Assembly.
But following the appointment of a Sole Administrator and the suspension of Governor Siminalayi Fubara, the federal government released the allocation to Ibas.
Reacting in a post on his social media on Monday, Peter Obi stated that the release of funds to the Administrator is a clear disobedience to the Supreme Court order.
According to him, the federal government move is a brazen disregard for the rule of law and democratic principles.
Peter Obi wrote: “What is happening in the country today as it relates to River State is an aberration, unknown to our Constitution and must be condemned by every discerning mind.
“What we are witnessing in Rivers State is a brazen disobedience and disregard for the rule of law and our democratic principles. The decision to release statutory allocations to an appointed Sole Administrator, despite a standing order of the Supreme Court, is not just unlawful — it is a direct challenge to the authority of the highest court of our country.
“The Supreme Court had explicitly barred the Central Bank of Nigeria (CBN) and the Accountant-General of the Federation (AGF) from releasing these funds until a properly constituted House of Assembly passes a valid Appropriation Act. Yet, we see a situation where this order is being ignored. This raises serious moral intentions, and questions of what is happening in Rivers State.
“By disregarding the judgment of the Supreme Court, those involved are setting a dangerous precedent. The CBN and AGF, institutions meant to uphold the law, should not be complicit in this disregard for our judiciary. We cannot build a nation where those who swore oaths to uphold our constitution and obey the laws are doing the opposite.
“This is about more than just Rivers State; it is about protecting the very fabric of our democracy, and our existence as a nation.
“A country cannot function where the rule of law is trampled upon, where the separation of powers is disregarded, and where judicial decisions are treated as mere suggestions. If we continue this way, we are undermining the future of our democracy. We must choose to do the right thing — to respect the law and uphold the principles that bind us as a nation.”
It was a near death experience for 13-year-old Hajara and Hauwa, 11, when they were beaten for illegally plucking 10 mangoes belonging to Muhammed Shettima in Pompomari area, Maiduguri, Borno State.
The video of the incident went viral at the weekend prompting the arrest of Shettima and his wife, who recorded the incident and posted it.
Recounting their ordeals to our correspondent, the two biological sisters, Hauwa and Hajara Goni, said they were on their way to school when they went to Shettima’s house to pluck mangoes.
They said they asked for permission from a boy in the house to pluck the mangoes but the owner who came in soon after plucking the mangoes saw them.
“The boy told us to quickly enter and remove two each but we plucked five each. Unfortunately, the owner of the compound returned home and saw us with the mangoes,” said Hajara.
She said the owner of the mango tree attempted to chop their heads with a cutlass but his wife intervened and gave him canes.
“He locked the gate, brought out a cutlass, threatened to hack us to death but his wife stopped him and brought some sticks for him.
“We were terrified when he cut the head of his chicken with the cutlass, saying he will do the same to us. He later picked the stick, chased us around the house and beat us repeatedly.
“He later opened the gate, but when the wife noticed that I urinated in my trousers, she asked him to beat me more, that’s when I fainted.
“It was one keke napep rider who happened to know our brother that pitied our condition and brought us close to our home,” she said.
The brutal beating of the two school children had triggered outrage on social media.
In a trending video of the assault, Shettima was seen beating the two girls while his wife was heard encouraging him to ‘beat them more’.
In an interview with Daily Trust, the mother of the girls, Falmata Abubakar, said her heart skipped when she was called to pick up her two daughters dumped outside her house.
“It was like a dream to me. In fact, I couldn’t believe my eyes. It wasn’t more than 10 minutes they left home for school – hale and hearty – but were brought to me in a tricycle, one of them almost lifeless.
“I asked Hauwa, what happened? She lied that they fell from upstairs on their way to school. I rushed Hajara home. Her father quickly boiled water and started pressing on her body.
“He resuscitated her before we rushed her to a nearby clinic. We didn’t even have the money to settle the bills until some of our relatives supported us,” she said.
Falmata said she was attending to the children at the clinic when her husband came to tell her that social media has been awash with brutal beating of their children.
“I shed tears when I saw the kind of sticks he used on my daughters. I’m sure my daughters were afraid to tell me what happened to avoid my punishment, but what he did was inhumane,” she sobbed.
The father of the girls, Muhammad Goni, said the children had to receive three days’ treatment before they recovered from pains of the merciless beating.
“After spending two days treating the children, the state government and human rights groups had to take them to University of Maiduguri Teaching Hospital for more treatment. They spent 24 hours in the trauma centre,” he said.
He called on the state government to help him ensure that justice is served to his two children.
How video triggered outrage
However, the video of the brutal beating has reignited calls by parents, government officials and advocacy groups for swift justice and measures to prevent such abuses.
Executive Director, Women in the New Nigeria and Youth Empowerment Initiative (WINN), Comrade Lucy Dlama Yunana, said the incident was so traumatic.
She thanked the Nigerian police for arresting and detaining the suspect, adding that criminal charges would be pressed against him.
“The Nigerian constitution does grant children the right to protection on inhumane treatment and degrading punishment and it also protects them from mental or emotional injury, “she said.
In a statement, the Police Public Relations Officer, Borno State Command, said the couple were apprehended with the assistance of concerned citizens and operatives of the Nigeria Security and Civil Defence Corps (NSCDC), Borno State Command.
“On 19th March 2025, an 11-year-old girl, Hauwa Mohammed Goni, a Primary 5 pupil of Bolori Primary School, Federal Low Cost, entered the residence of one Mr. Muhammad Shetima 33yrs, in Pompomari to pluck mangoes. In response, Mr. Shetima and his wife, Mrs. Aishatu Abubakar 23yrs, accosted the child and subjected her to severe flogging.
“During the assault, Mrs Aishatu Abubakar recorded the incident and shared the video on social media.
“Concerned citizens and civil society organisations, including a petition filed by Potential Attorneys, swiftly raised the alarm, leading to the couple’s arrest.
“They were apprehended with the assistance of concerned citizens and operatives of the Nigeria Security and Civil Defence Corps (NSCDC), Borno State Command.
“The victim has since been taken to the University of Maiduguri Teaching Hospital (UMTH) for medical attention and she is responding to treatment.
“The suspects are currently at the Gender Unit, State Criminal Investigation Department (SCID) Maiduguri as investigations are ongoing before prosecution.
“The command assures the public that the case will be thoroughly investigated, and the suspects will be prosecuted under relevant sections of the Child Protection Law and the Borno State Penal Code Law.
“For accountability and transparency, the command will continue to provide updates on the progress of the case,” the statement read.
The Borno State government has also taken legal action against Mamman Sheriff and his wife.
The Attorney-General of the state, Hauwa Abubakar, assured that justice would be served to the victims.
Also, relevant ministries that include, the ministry of women Affairs and Social Development, the Ministry of Education, have provided support to the families in different ways.
Meanwhile, the forum of Senior Special Assistants (SSAs) and Special Assistants (SAs) to Governor Babagana Zulum condemned the brutal act on the victim, calling for a thorough investigation and punishment to the perpetrator(s) if found guilty.
The secretary of the forum, Hon. Yusuf Sawa in an interview described the incident as “barbaric, inhumane, child abuse and contrary to societal norms and values.
“We the entire SSAs and SAs Forum to His Excellency, Governor Babagana Zulum, watched the viral video with utmost shock.
[DailyTrust]
![[Full fixtures] UEFA Nations League: 4 teams qualify for semi-finals](/media/k2/items/cache/87d6fe5f2c39b3e30a72c9354c5105e4_M.jpg)
Germany qualified for the semi-final of the UEFA Nations League on Sunday night, despite drawing 3-3 with Italy.
A Joshua Kimmich masterclass in the first half saw him score a penalty and provide two assists for Jamal Musiala and Tim Kleindienst, as they took a 3-0 lead at the break.
Moise Kean grabbed a double to rattle the hosts, before Giacomo Raspadori converted a stoppage time penalty to give Italy a glimmer of hope.
But Germany survived a spirited second-half fightback to reach the last four with a 5-4 aggregate.
Portugal are also through, thanks to a 5-2 win over Denmark on the night, after losing 1-0 earlier in the week.
France won 2-0 against Croatia in the second leg to draw the tie 2-2 on aggregate, before winning 5-4 on penalties.
Spain were also held to a 3-3 draw by the Netherlands and won the shoot-out 5-4.
Semi-final ties:
Germany vs Portugal
Spain vs France
[DailyPost]
The Central Bank of Nigeria (CBN) has rejected Governor Ademola Adeleke’s nomination of ex-Finance Commissioner, Wale Bolorunduro, as a Director of Osun-owned Living Trust Mortgage Bank.
The Nation reports Adeleke appointed Boluwaduro, who served under the administration of Ex-Governor Rauf Aregbesola as the Director and Chairman of Living Trust Mortgage Bank in 2024.
But the CBN in a letter obtained by The Nation with reference number: OFI/SG2/CON/PLI/018/171 dated March 21st 2025 titled: “Re: Resolutions Reached At The Settlements Helf on August 28, 2024 In Relation to LivingTrust Mortgage Bank PLC” declined the nomination of Boluwaduro.
The letter signed by the Director, Other Financial Institutions Supervision Department, Oluwasola Ajewole of the apex monetary authority approved the nomination of 10 others nominated as Managing, Executive, Non-Executive, Independent Non-Executive Directors.
The letter reads partially; “Dr. Adewale Bolorunduro’s approval is declined due to his involvement in the board crisis as ascertained in the investigation carried out by the CBN Examiners as at May 31, 2024.
“The OSSG will be required to replace him with a neutral person to ensure stability on the board.
“However, you are required to forward the following additional documents in respect of the below appointees within three months from the date of this letter. Failure to do so would nullify the approval of the appointments of Mr. Afolabi Olanrewaju Olatunji and Mr. Ogungbile Adeola Olusola.”
The letter directed that Olatunji should provide letter of undertaking that he would make good the non-performing loan with Prudential Mortgage Bank while Ogungbile should make available a Executed Code of Conduct form for Directors of Other Financial Institutions.
“Also, note that Mrs. Olaitan who had served on the board between 2018 to date, has only four years remaining as an Executive Director, In line with Section 2.5 of the Revised Guidelines for Mortgage Banks.
” Likewise, Mr. Michael Omolaja who had served between 2016 to 2023, has only one year remaining as an Independent Non-Executive Director in line with Section 2.5 of the Revised Guidelines for Primary Mortgage Banks in Nigeria,” the CBN added.
[TheNation]
•IPMAN slams depot owners for stockpiling product, FG, Dangote resume talks today
Following the Dangote Petroleum Refinery’s suspension of the sale of petroleum products in naira, some filling stations have started stockpiling Premium Motor Spirit, otherwise known as petrol, The PUNCH reports.
The retailers are storing the product to ensure they have enough to sell at a higher rate, having projected that the price of petrol would go up soon as a result of the failure of the Federal Government to continue the sale of crude oil to the Dangote refinery in the local currency.
However, the Independent Petroleum Marketers Association of Nigeria warned these retailers to stop panic buying as they may run into heavy losses.
Last week, the Dangote refinery announced that it had temporarily halted the sale of petroleum products in naira as the naira-for-crude talks between it and NNPCL appeared to have failed.
The 650,000 barrels per day capacity refinery lamented that there was a mismatch between its sales proceeds and its crude oil purchase obligations, which it said are currently denominated in US dollars.
“Dear valued customers, we wish to inform you that the Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in naira. This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in US dollars.
“To date, our sales of petroleum products in naira have exceeded the value of naira-denominated crude we have received. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency,” the firm announced.
Immediately after the announcement, the cost of loading petrol at private depots in Lagos jumped to about N900/litre. It was less than N850/litre before the announcement.
In an interview with our correspondent on Sunday, the National Publicity Secretary of IPMAN, Chinedu Ukadike, said depot owners were profiteering even as some owners of filling stations were in a rush to stockpile fuel.
According to him, the demand for PMS has risen since Wednesday, when Dangote made the announcement. As a result, depot owners were said to have raised their prices to make more profit.
It was observed that players in the downstream petroleum sector have been left to continue speculating on the prices of petroleum products as the Federal Government had kept mute since the announcement made by the Dangote refinery.
Five days after the announcement, the refinery has yet to tell marketers how the dealers will buy PMS going forward.
Private depot owners wasted no time in jerking up their prices in anticipation of a possible hike in petrol prices. Although owners of filling stations have yet to increase their prices, they are already buying to sell for more gains when the price goes up later.
But Ukadike condemned depot owners for profiteering from the impasse between the Federal Government and the Dangote refinery, saying that is not good for the economy.
He warned marketers not to panic-buy because the Dangote refinery may crash the price.
“Some depot owners are already increasing the price. But we are also asking our marketers not to panic-buy. Because definitely when the Dangote refinery comes back and reverses the price, it will be a huge loss for these marketers. Depot owners are using this opportunity to profiteer. This is not good for the economy.
“Some marketers are also stockpiling PMS in a bid to increase the price based on the suspension of naira sales by the Dangote refinery. They speculate that the price will go higher and they will make more money from the fuel they are buying now. It may not be so. This issue will be resolved,” Ukadike stated.
He warned all marketers against buying large volumes of petrol to avoid running into debt.
“We, the independent marketers, are asking our members not to buy so much goods because when they buy so much volume of fuel at a higher rate from the depot owners, at the end of the day, it might result in losing a lot of capital.
“Dangote may crash the price and most of them with high volumes of PMS will run into problems. So, all marketers should be careful to avoid losses,” he advised.
The IPMAN spokesman disclosed that the Federal Government and Dangote refinery are resolving their misunderstanding to allow the resumption of the naira crude sales. He stated that stakeholders are waiting to hear the conclusion from either party.
“I have gathered that the Federal Government and Dangote refinery are almost resolving this matter.
“The two of them are reviewing the naira-for-crude deal to continue the sale of crude oil in naira to the refinery again. But the official statement has not come out. We are waiting for the official statement,” Ukadike revealed.
Sources from the Federal Ministry of Finance and the Federal Ministry of Petroleum Resources had earlier confirmed that the Technical Sub-Committee on the Naira-for-Crude Policy would reconvene today (Monday) to deliberate on the matter.
It was gathered that the committee had mandated the Nigerian Upstream Petroleum Regulatory Commission to come up with options that would be reviewed by the panel as it struggles to return the naira-for-crude deal.
The insider familiar with the workings of the naira-for-crude said the transaction would not be halted permanently. The source, who spoke in confidence due to lack of authorisation to speak on the matter, pointed out that NNPCL had issues with crude availability.
Industry experts and oil marketers warned that the halt in naira sales by the Dangote refinery could increase the pressure on the foreign exchange market, as dealers would now have to access the United States dollars in large amounts to buy petroleum products.
This came as multiple industry sources familiar with what prompted the failure in the naira-for-crude talk decried the Nigerian National Petroleum Company Limited’s humongous forward sale of crude.
They stressed that the national oil company had used large volumes of its yet-to-be-produced crude oil to acquire loans from various international financial institutions, making it tough for the oil firm to have enough crude to supply the domestic market.
Earlier, the NNPC spokesman, Olufemi Soneye, announced that it had initiated fresh negotiations with the Dangote refinery over the renewal of the naira-for-crude agreement, as talks were underway in anticipation of the expiration of the first phase which started in October 2024 and ends this month.
Soneye said 48 million barrels of crude had been supplied to the Dangote refinery since October.
The Dangote refinery’s suspension of the sale of petroleum products in naira means marketers would have to source dollars before buying petrol from the facility.
The National Vice President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, said there could be pressure on the naira, and it would lose the stability it had gained lately.
Experts have said that the naira-for-crude deal emboldened the Dangote refinery to lower the prices of PMS repeatedly, forcing the NNPC to do so even when it was affecting its margins.
The PUNCH reports that fuel importers lost billions of naira with the repeated reduction of fuel prices by the $20bn facility.
At a point, the Petroleum Products Retail Outlet Owners Association of Nigeria, which once commended Dangote for the price slashes, kicked against it, asking the regulator to make it mandatory that prices should only be slashed after six months.
Meanwhile, industry sources said stopping the naira-for-crude deal might be a calculated attempt to reduce the influence of the Dangote refinery, which some players in the downstream accused of planning monopolistic tendencies.
Reacting, domestic crude oil refiners argued that the halt in crude supply in naira was the latest ploy to frustrate the Dangote refinery and bring back the full importation of refined petroleum products.
The National Publicity Secretary of the Crude Oil Refinery-owners Association of Nigeria, Eche Idoko, disclosed that suspending the deal defeats the efforts of all stakeholders in the sector to achieve energy security.
The PUNCH reports that seven vessels carrying imported Premium Motor Spirit, popularly called petrol, were expected to berth at seaports along the nation’s borders between March 17 and 23.
According to a document obtained from the Nigerian Port Authority on Thursday, these vessels carrying 115,000 metric tonnes representing 154.22 million litres of PMS will bring in products through three seaports to improve fuel supply nationwide.
An analysis of the document from NPA showed that the commodities landed at the Tincan port in Lagos, the Lekki Deep Seaport in Lagos, and the Calabar port in Cross River State.
The document also revealed that the Dangote refinery imported 654,766 metric tonnes of crude oil within the same period.
Fuel crisis
Recall that the Dangote refinery in Lekki, Lagos State, was greeted by crude challenges when it began operations last year.
The President of the Dangote Group, Alhaji Aliko Dangote, had cried out, saying some international oil companies were planning to sabotage the investment by refusing to supply crude.
The Dangote Group had alleged that the IOCs insisted on selling crude oil to its refinery through their foreign agents.
It said the local price of crude would continue to increase because the trading arms offered cargoes at $2 to $4 per barrel, above the official price.
The group also alleged that the foreign oil producers seem to be prioritising Asian countries in selling the crude they produce in Nigeria.
Despite the intervention of the Nigerian Upstream Petroleum Regulatory Commission in July, the group insisted that the IOCs were still frustrating the refinery.
The Vice President, Oil & Gas, Dangote Industries Limited, Mr Devakumar Edwin, said, “If the Domestic Crude Supply Obligation guidelines are diligently implemented, this will ensure that we deal directly with the companies producing the crude oil in Nigeria as stipulated by the Petroleum Industry Act.”
Edwin insisted that IOCs operating in Nigeria had consistently frustrated the company’s requests for locally-produced crude as feedstock for its refining process.
He highlighted that when cargoes were offered to the oil company by the trading arms, it was sometimes at a $2 to $4 (per barrel) premium above the official price set by the NUPRC.
The issue escalated and drew angry reactions from many Nigerians when the Chief Executive of the NMDPRA, Farouq Ahmed said local refineries were producing fuels less in quality than imported ones.
Concerned by the controversies, President Bola Tinubu, during a Federal Executive Council meeting on July 29 proposed the sale of crude to local refineries in naira.
The Federal Executive Council adopted the proposal by Tinubu to sell crude to the Dangote refinery and other upcoming refineries in the local currency.
FEC approved that the 450,000 barrels meant for domestic consumption be offered in naira to Nigerian refineries, using the Dangote refinery as a pilot.
A media aide to the President, Bayo Onanuga, said in July that “the exchange rate will be fixed for the duration of this transaction.”
[Punch]
The Minister of Information and National Orientation, Mohammed Idris, has defended President Bola Ahmed Tinubu’s decision to declare a state of emergency in Rivers State, stating that it was a necessary step to restore governance and avert further crisis.
Naija News recalls that President Tinubu had on Tuesday declared a state of emergency in Rivers State, suspending the governor, his deputy, and all members of the state House of Assembly due to the ongoing political turmoil in the oil-rich state. He also appointed Ibok-Ete Ibas, a retired naval chief, as the sole administrator for the state.
In an interview with The Nation, Idris emphasized that the president had no intention of taking over the governance of Rivers State or appointing a new governor.
“Rivers State belongs to the people of Rivers State,” he stated. “Just like all other states have their governors and are functioning, the president also wants Rivers State to function effectively.”
Idris described the decision as “very responsible but very painful,” noting that governance in the state had collapsed.
He highlighted the dysfunction of the state House of Assembly and the serious challenges facing the executive branch.
He explained, “The way democracy is designed in this country is that the three arms of government must work together, and one will be checking the other. So, we cannot have just the executive functioning and say we have a functional democracy. We didn’t have that, and therefore, the president had to act.”
The minister further clarified that Tinubu relied on constitutional provisions to take the necessary action, stressing that the situation had become critical, requiring immediate intervention.
“Those who designed our constitution envisaged that this kind of situation could arise, and that was why they made the provision for it. The president relied on the constitution to exercise his powers and take action,” Idris added.
He emphasized that the president’s decision was in the best interest of the people of Rivers State, aiming to prevent further violence and chaos.
“It would have been irresponsible for the president to allow the slide into violence that we were seeing in Rivers State,” he stated. “At what point would he have intervened? The president had to responsibly step in to ensure that law and order, and governance, were restored in the interest of the people of Rivers State.”
Idris assured that the president would not maintain the emergency rule longer than necessary.
“As soon as he assesses that sanity has returned to Rivers State, he will ensure the restoration of all democratic structures in that state,” he concluded.
The volatility in the Nigerian stock market continued last week with market recording a fourth consecutive week downturn following losses recorded by highly capitalised stocks across the sectors.
Analysts have emphasised that the volatility experienced last week were compounded by the global economic uncertainties, coupled with the political upheaval in Rivers State which had continued to put pressure on the stock market.
Meeanwhile, analysis of trading last week showed that BUA Cement’s stock price declined by -10.0% followed by Transcorp -7.8% and GTCO losing -4.6% to drive the Nigerian Exchange Limited , NGX , All-Share Index (ASI) lower by 0.9% Week on Week, W/W to close on Friday at 104,962.96 points from 105,955.13 points the previous week.
As a result, the Month-to-Date and Year-to-Date returns moderated to -2.7% and +2.0%, respectively.
Trading activity mirrored the broader market sentiment, as both volume and value fell by 12.1% W/W and 25.3% W/W respectively.
Similarly, sectoral performance was predominantly negative, with the Industrial Goods Index declining by -3.4%, Insurance Index -2.9% , Banking Index -2.6%, and Oil & Gas -1.1% , while the Consumer Goods Index up by 0.1%
Commenting on market outlook, analysts at Cordros Research stated: “In the coming week, we anticipate continued market volatility as investors analyse a slew of audited earnings reports and associated dividend announcements set to be released during the week”.
Commenting on market performance, analysts at InvestData Consulting Limited, said: “The global economic uncertainty and other local concerns in the events that are unfolding in Rivers State are affecting investor confidence, which had continued to put pressure on the stock market, even with rates in the fixed income market inched higher. In all this, NGX pullbacks or corrections are creating new entry opportunities for discerning investors and smart traders to position in value stocks ahead of influx of corporate earnings and end of the quarter window dressing by fund managers and other market operators”.
On market outlook, the analysts stated: “We expect mixed sentiment on bargain hunting, even as market players digest Treasury bill, TB, auction rates in the midst of profit taking, portfolio reshuffling and digesting of corporate action/ Q1 earnings forecast, as more earnings are expected to hit the market with dividend announcement”.
[Vanguard]
A lawmaker, Dawodu Bashiru, has defended the use of a voice vote by the House of Representatives in approving President Bola Tinubu’s declaration of a state of emergency in Rivers State, amid growing controversy over the decision.
The use of a voice vote in the approval of the president’s move has sparked backlash, with critics questioning the transparency of the process.
Despite this, Dawodu, who represents Oshodi/Isolo in Lagos State, has brushed off criticisms, asserting that the House is constitutionally empowered to determine how it operates, including the method of voting.
Speaking on Channels Television’s Sunday Politics, Dawodu explained that the House is within its rights to choose the format of voting for each matter, noting that this was in line with the constitution.
He said, “The point that I’m making is that it’s also constitutional that the House is going to determine the way it operates on an everyday basis, that is the law.”
While acknowledging that the House has used electronic voting on some occasions, Dawodu emphasized that the lawmakers are not obligated to do so in every situation. He pointed out that different circumstances and rules apply depending on the issue at hand.
Dawodu further explained that voice voting is a regular practice in the House, and this instance was not out of the ordinary.
“Well, it depends on what we’re doing in terms of the rule. I’ll give you an example. When you look at the last time, we also had electronic voting when we were going to elect the speaker [Femi Gbajabiamila]. It’s different from what happened this time when we’re going to elect the speaker [Tajudeen Abbas]. So the rules are different,” he said.
He concluded by asserting that voice voting has always been a part of the House’s daily practices and that there was nothing unusual about its application in this particular vote.
Dawodu added, “I think every day in our practice, we do voice voting. I don’t think this particular situation is different.”
Governors under the Peoples Democratic Party (PDP) have instructed lawyers to file a suit against the president to challenge the declaration of emergency rule in Rivers state, TheCable understands.
The suit, to be filed at the supreme court this week, names the national assembly as the second defendant.
On March 18, President Bola Tinubu declared a state of emergency in the south-south state, citing the prolonged political crisis and vandalisation of oil installations.
The president suspended Siminalayi Fubara, governor of the state; Ngozi Odu, his deputy; and all house of assembly members for six months.
Tinubu also appointed Ibok-Ete Ibas, a retired vice-admiral, as the sole administrator for Rivers.
On Thursday, the senate and the house of representatives controversially approved Tinubu’s request for the emergency rule.
The PDP governors vowed to challenge the emergency rule in court at its virtual meeting on Wednesday.
PDP GOVERNORS GO TO SUPREME COURT
The suit will be initiated by PDP governors from Bauchi, Adamawa, Bayelsa, Enugu, Osun, Plateau, and Zamfara states, TheCable can report.
As already reported by TheCable, based on a previous ruling of the country’s highest court, Fubara is unable to join the suit because he would need authorisation from the current administration in Rivers — a clear impossibility as the administrator reports directly to the president who is being sued by the PDP governors.
They are praying the court to declare that based on the provisions of sections 1(2), 5(2), and 305 of the constitution “the President of the Federal Republic of Nigeria has no powers whatsoever or vires to suspend a democratically elected governor and deputy governor of a state in the federation of Nigeria under the guise of or pursuant to the proclamation of a state of emergency in the state of the federation by the president, including the states of the federation represented by the plaintiffs”.
They are also praying the court to declare that the president has no power to suspend a democratically elected house of assembly of a state pursuant to Sections 192 (4) (6) and 305 of the Constitution of the Federal Republic of Nigeria 1999 (as amended).
The plaintiffs also want the apex court to declare the suspension of Fubara, his deputy and members of the Rivers state assembly “unconstitutional, unlawful, illegal and utterly in gross violation of the provisions of the Constitution of the Federal Republic of Nigeria 1999 (as amended)…”
The governors are challenging the appointment of a sole administrator for the state, asserting that the president lacks the constitutional power to make such an appointment. Consequently, they seek the court’s ruling to nullify Ibok-Ete Ibas’ appointment as Rivers state’s sole administrator.
The plaintiffs argue that the defendant’s declaration of a state of emergency in Rivers State did not comply with the constitutional requirements set by Section 305 of the 1999 Constitution of the Federal Republic of Nigeria (as amended).
They assert that the proclamation failed to meet the stipulated conditions and procedures for such a declaration and was made for reasons beyond those specified in the said constitutional provision.
They further argue that the national assembly’s approval of the state of emergency via a voice vote is invalid, insisting that the constitution mandates a two-thirds majority vote from all members of each legislative chamber.
“An order of this honourable court nullifying the proclamation of a state of emergency in Rivers state made by the 1st defendant and wrongfully approved by the 2nd defendant,” the plaintiffs are further seeking.
“An order of this honourable court restraining the defendant, by himself, servants, agents and privies from implementing the unlawful suspension of the governor and deputy governor of Rivers state.
“An order of this honourable court restraining the defendant, by himself, servants, agents and privies from interfering in any manner whatsoever with the execution by the governor and deputy governor of Rivers state of their constitutional and statutory duties, as well as their electoral mandate.
“An order of this honourable court restraining the Defendant from attempting the suspension of any other governor of any state in Nigeria, particularly the plaintiffs and any governor not belonging to the ruling political party, or in any manner whatsoever attempting to interfere with or undermine their constitutional and statutory duties.”
It is unclear if the governors have the locus standi to institute the suit as none of them is affected by the state of emergency.
But insiders say they are determined to test the law “for the sake of posterity”.
[TheCable]
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The 2025 Africa Magic Viewers’ Choice Awards (AMVCA) nominations have been announced, with Lisabi: The Uprising and Seven Doors leading the pack.
Lisabi: The Uprising, directed by Adedimeji Lateef, earned a remarkable 10 nominations, including ‘Best Movie,’ ‘Best Actor,’ ‘Best Art Direction,’ ‘Best Cinematography,’ and ‘Best Indigenous Language Western Africa.’
Femi Adebayo’s Seven Doors trailed closely with eight nominations, including the newly introduced category of ‘Best Score/Music.’ Other significant contenders include Skeleton Coast, Anikulapo: Rise of the Spectre, and Inside Life.
This year’s ceremony will feature 28 categories, both voting and non-voting, as well as two special recognition awards.
A panel of judges, chaired by acclaimed film director and producer Femi Odugbemi, will determine the winners in 18 categories, while the remaining 10 categories will be decided by fans through voting on the Africa Magic website, with voting closing on May 4.
The 2025 AMVCA will be held over four days, from May 7 to 10, celebrating outstanding achievements in film production, culture, fashion, music, and other facets of African entertainment.
See the full list of nominees below:
Best Supporting Actress
- Meg Otanwa – Inside Life
- Tina Mba – Suspicion
- Ireti Doyle – All’s Fair in Love
- Ini Dinma – Skeleton Coas
- Mercy Aigbe – Farmer’s Bride
- Omoni Oboli – The Uprising: Wives on Strike 3
- Darasimi Nnadi – Aburo
Best Supporting Actor
- Efa Iwara – Princess On A Hill
- Adedayo Adebowale Macaroni (Mr Macaroni) – Lisabi: The Uprising
- Uzor Arukwe – Suspicion
- Mike Afolarin – House of Ga’a
- Richard Mofe-Damijo (RMD) – Christmas in Lagos
- Gabriel Afolayan – Inside Life
- Aliu Gafar – Seven Doors
- Femi Jacobs – Freedom Way
Best Lead Actress
- Chioma Akpotha – Seven Doors
- Gbubemi Ejeye – Farmer’s Bride
- Uzoamaka Onuoha – Agemo
- Uche Montana – Thinline
- Uzoamaka Aniunoh – Phoenix Fury
- Hilda Dokubo – The Uprising: Wives on Strike 3
- Bimbo Ademoye – Anikulapo: Rise of the Spectre
Best Lead Actor
- Gideon Okeke – Tokunbo
- Bucci Franklin – The Weekend
- Femi Branch – House of Ga’a
- Thapelo Makoena – Skeleton Coast
- Bimbo Manuel – Princess on A Hill
- Stan Nze – Suspicion
- Femi Adebayo – Seven Doors
- Lisabi: The Uprising – Adedimeji Lateef
Nominees for Best Indigenous Language (West Africa)
- Seven Doors — Femi Adebayo
- Lisabi: The Uprising — Adedimeji Latest and Adebimpe Oyebade Adedimeji
- Kaka — Prince Daniel
- Anikulapo: Rise of the Spectre — Kunle Afolayan
- Mai Martaba — Prince Daniel
Best Movie
- Lisabi: The Uprising
- Skeleton Coast
- Suspicion
- Inkabi
- House of GA’A
- Freedom Way
- Christmas in Lagos
- Farmer’s Bride
Nominees for Best Scripted (M-Net Original)
- Uriri — Xavier Ighorodje
- All Mine — Hadizat Ibrahim
- My Fairytale Wedding — Chinenye Nworah and Taiwo Adebayo
- Italo — Rogers Ofime
- The Caller — Brain Munene
- Kam U Stay — Damaris Irungu Ochieng
Best Writing Movie
- Phoenix Fury
- A Ghetto Love Story
- Christmas in Lagos
- Freedom Way
- The Weekend
- House of Ga’a
Best Short Film
- Brukaci
- In Bloom: ‘Afefe’
- Sukari
- The Incredible Sensational Fiancée of Sèyí Àjàyí
- What Are You Truly Afraid Of?
Best Director
- House of Ga’a – Bolanle Austen-Peters
- Inkabi – Norman Maake
- Seven Doors – Femi Adebayo, Adebayo Tijani, Tope Adebayo
- Skeleton Coast – Robert O Peters
- The Man Died – Awam Amkpa
- The Weekend – Daniel Emeke Oriahi
Nominees for Best Cinematography
- Yen Ara Asaase Ni (This Is Our Land) — Onasis Gaisie, Michael Sefa, and Apagnawen Annankra
- Inkabi — Chuanne Blofield
- The Legend of the Vagabond Queen of Lagos — Leo Purman
- Skeleton Coast — Wesley Johnston
- Soft Love — Ebrahim Hajee
- Lisabi: The Uprising — Barnabas Emordi and Nora Awolowo
- Agemo — Papama Tangela
Best Costume Design
- Christmas In Lagos — Adedamola Adeyemi
- Lisabi: The Uprising — Oluwatoyin Balogun and Oyebade Adebimpe Adedimeji
- Anikulapo: Rise of the Spectre — Toyin Ogundeji
- House of Ga’a — Bolanle Austen-Peters, Yolanda Okereke, Juliana Dede, and Gloria Ovu
- Phoenix Fury — Opeyemi Sogeke
Best Score
- Freedom Way — Ahuurra Andrew, Kehinde ‘Louddaaa’ Alabi, and Cobhams Asuquo
- Seven Doors — Tolu Obanro
- Inkabi — Seoli Bongani Mashaba
- Skeleton Coast — Chris Letcher
- Soft Love — Kolade Morankinyo (MPSE) and Efa Iwara (Love and Hate)
Best Makeup
- Anikulapo: Rise of the Spectre
- Inside Life
- Farmer’s Bride
- Lisabi: The Uprising
- Seven Doors
- Suspicion
Nominees for Best Editing
- Inkabi — Tongai Furusa
- Christmas in Lagos — Martini Akande
- Skeleton Coast — Jordan Koen
- Soft Love — Holmes Awa and Paballo Modingoane
- Lisabi: The Uprising — Anthill Studios
- Princess on A Hill — Laughter Ephraim and Peter Ugbede
Best Documentary
- Dundun
- I Will Remember You
- O.Y.O (On Your Own)
- Walvis Tale
- Women of Salt: The Resilience of Ebonyi’s Women
Best Art Direction
- The Man Died
- Lisabi: The Uprising
- Christmas in Lagos
- Seven Doors
- Anikulapo: Rise of the Spectre
Best Sound Design
- Beast of Two Worlds
- Freedom Way
- Inkabi
- Lisabi: The Uprising
- Seven Doors
- Suspicion
Best Indigenous Languages in East Africa
- The Empty Grave
- Makosa di Yangu
- Sabotage
- The Caller
- Wa Milele? (Forever)
Best Digital Content Creator
- Jide ‘Pounds’ Ibitoye (Jide Pounds)
- Dorcas Ariyiike Owolagba (Ariyiike Dimples)
- Iyo Prosper
- Elozonam
- Maryam Apaokagi (Taaooma)
Best Series Scripted
- Inside Life
- Cheta M
- Princess on a Hill
- Seven Doors
- Roses & Ivy
Best Series Unscripted
- Ebuka Turns Up For Africa
- Skillers (The Builders Show)
- Style Magnate
- Uzoamaka Tries Palmwine
- Wa Milele? (Forever)
Best Writing TV Series
- Anikulapo: Rise Of The Spectre
- Cheta M
- Princess on a Hill
- Roses & Ivy
- Seven Doors
- Tuki
- Untying Kantai
Beneficiaries of Tony Elumelu Foundation, TEF, have raised over $4.2 billion in revenue and pulled over two million Africans out of poverty.
The Founder and Chairman Board of Trustees of the Foundation, Mr Tony Elumelu, disclosed this at the unveiling of another set of 3,000 benefiting entrepreneurs in Abuja at the weekend.
An excited Elumelu disclosed that in the last 10 years, the organization had invested $100 million in grants to over 21,000 beneficiaries across 54 African countries which, according to him, has resulted in transformation among young entrepreneurs across the continent.
He added that in one decade, beneficiaries of TEF who received $5,000 grant each, created 1.5 million jobs, in addition to 2.5 million Africans granted access to training in Africa.
Elumelu said: “We share a vision of a self-sustaining African continent, a prosperous Africa, powered by the energy, innovation, leadership and resilience of young African men and women.
“But my wife and I also know the challenges that these young Africans face in their resilience, in their ambitions and in their willingness and desire to contribute to the transformation of Africa.
“As an entrepreneur, I understand very well the opportunities that abound in Africa. I understand the entrepreneurship transformative power that our young ones can unleash on the continent.
“But we know that there are challenges. We also know that if empowered and encouraged, these young Africans can face the challenges we have across all that we live with in Africa.
“Give them the resources, to give them the training and the guidance that they need to succeed.
‘’In ten years, we took a journey of entrepreneurship and capitalising of love and economic prosperity on the continent.
“In 2015, as people with private sector mindsets, we decided, we know that what can’t be done can’t be done. So we decided to take one-step forward, to launch the Tony Elumelu Foundation Entrepreneurship Programme, to set metrics, targets, that will help people to continue.
‘’Fast forward, this year is the 15th year of the setting up of Tony Elumelu Foundation. When we look back, we are humbled by the progress that we made, by the achievements that we made, by the impact that we created, not just in one country, not just in one family, but across all 54 African countries.
“Based on statistics, we have been able to empower 21,000 young African men and women, each spending over $100 million. And the good news is, these people have helped to lift at least 2 million people out of poverty.
“To us, we are excited that we have been able, working with our partners, to lift at least 2 million people out of poverty. Because at the Tony Elumelu Foundation, we share common beliefs.
‘’One is that poverty anywhere is a threat to all of us everywhere. And two, is that no one but us will develop Africa. So what we do at the Tony Elumelu Foundation, and the validation from the successes we see and listen to our young entrepreneurs who have just shared their testimony here, is inspired, supported, motivated by these accomplishments.”
Not out of Abundant wealth
He said that the philanthropic gesture of his foundation was not out of abundant wealth but out of a deep conviction that it was an existential interest.
His words: “What we do at the Tony Elumelu Foundation is not out of the abundance of wealth. It is a realisation, deep realisation, that if we don’t do this, this is very essential, if we don’t do this, we’re creating problems for ourselves, the so-called successful people, and our children, our children’s children. It is in our collective existential interest to identify and support others.”
In her remarks, the Chief Executive Officer of TEF, Ms. Somachi Chris-Asoluka, revealed that the organization believed in gender mainstreaming, adding that 45 per cent of the TEF beneficiaries were women.
She said TEF was also reducing inequalities, as 64 per cent of those who received the grants were creating job opportunities for persons with disabilities.
A secret report that militant leaders have regrouped at an undisclosed creek community to plan and coordinate collective attacks on oil facilities triggered fresh tension in the Niger Delta at the weekend.
The gathering came a few days after President Bola Tinubu suspended the Governor of Rivers State, Siminalayi Fubara, by declaring of a state of emergency last Tuesday.
The details were not apparent yesterday, but a dependable source said the militant leaders wanted to ensure full participation of the various militant groups in the Niger Delta and were holding wide consultations with leaders.
Commander Bibi Oduku, the commandant general of the Riverine Security (Coast-Guard of the Federation), who confirmed the “high threats in the Niger Delta and probable impact on Nigeria’s economy,” admonished President Tinubu to reconsider the suspension of Fubara.
His words: “I urge President Bola Tinubu to carefully consider the suspension of the Rivers State governor because of the heightened tensions and threats in the Niger Delta. These threats pose a significant risk to the nation’s economy.
“Militant groups are planning to attack federal government properties across Niger Delta states while miscreants may exploit the situation to engage in criminal activities.
“This could lead to loss of life among innocent citizens and military personnel deployed for peacekeeping.”
Commander Oduku, however, assured that “Riverine security officers are vigilant and ready to prevent unauthorized groups from engaging in illegal activities and will work closely with the Nigerian military and other security agencies to apprehend those involved in attacks on federal government properties.”
Also, Captains Eric Foutoru and ThankGod Oprom, in charge of the Rivers and Delta States’ waterways, respectively, pledged their support to the military in calming the security situation in the states and the Niger Delta in general.
Oduku recalled the statement of a former presidential amnesty boss, Brigadier General Paul T. Boroh, retd., who cautioned youths in the Niger Delta against allowing anger to dictate their actions.
“President Tinubu is not a proponent of violence, so youths should refrain from unlawful acts that could harm lives and properties,’’ he said.
He condemned the destruction of oil pipelines in Rivers and Akwa Ibom states, promising that the riverine security officers would bring perpetrators to justice.
The commandant-general advised citizens of Rivers State and the Niger Delta to embrace peace and allow the law to take its course.
Nigeria’s manufacturers are counting their losses to the drastic macroeconomic changes being executed by the Federal Government, FG.
A key element of the difficulties has shown up in cost of sales with leading manufacturers reporting 90.6 per cent surge in their just released 2024 financial results.
Cost of sales stands for the direct expenses incurred in the production of goods and services sold by a company, and it includes costs of raw materials, logistics, energy and other manufacturing expenses.
Analysts attribute the increase to the mounting inflationary pressure, foreign exchange volatility, and escalating production costs in the sector. But they have projected a better outcome for 2025 if the current stability in some key macroeconomic indicators is sustained.
But Financial Vanguard findings show that the sharp increases in cost of manufacturing has forced many companies to adopt aggressive cost-cutting measures, including layoffs and price adjustments, to stay afloat.
The findings show that despite efforts at backward integration by top 12 consumer goods manufacturing firms to ease the pressure on their cost of production, they are still faced with myriads of financial and economic headwinds.
Consequently, costs they incurred on raw materials importation increased significantly Year-on-Year, YoY, by 88 per cent in the year 2024, indicating that the backward integration may have either failed or still too low to shield them from high importation costs driven by high exchange rates.
But the Financial Vanguard findings also show that the top manufacturers have succeeded in bringing down their exposure to bank loans which had imperiled their profitability a year earlier.
However, the high interest rate regime implemented by the Central Bank of Nigeria, CBN, since 2023 still took a toll on the manufacturers’ financial cost.
The top manufacturers examined by Financial Vanguard includes, Nestle Nigeria, Cadbury Nigeria, Unilever Nigeria, Nigerian Breweries Plc, BUA Foods, Guinness Nigeria, Northern Nigeria Flour, Dangote Sugar, Honeywell Flour Mills, Flour Mills Nigeria, UAC Nigeria, and Golden Guinea.
Cost of sales
The combined cost of sales of these top 12 consumer goods firms rose by 88.5% to N3.91 trillion in 2024 from N2.1trillion in 2023.
Nestle Nigeria’s cost of sales increased by 97.7% to N652.5billion in 2024 from N329.9billion in 2023; Cadbury Nigeria’s cost of sales grew by 77.2% to N111.7 billion from 63.04billion in 2023. Unilever’s cost of sales grew by 30.6% to N94.03billion from N72.01billion in 2023.
Nigerian Breweries’ cost of sales rose by 97.5% to N764.5billion from N387.03billion. BUA Foods’ cost of sales rose 110.0% to N985billion in 2024 from N469billion in 2023.
Guinness Nigeria recorded 37.5% increase to N208.03billion in 2024 from N151.3billion in 2023. Dangote Sugar recorded N634.6billion from N355.1billion, representing a growth of 78.7%. Northern Nigeria Flour Mills posted N25.7billion against N16.4billion in 2023.
Honeywell Flour Mills recorded N248.8billion in 2024 against N100.5billion in 2023. UAC Nigeria’s cost of sales increased by 52.5% to N151.3billion from N99.2billion in 2023, while Flour Mills recorded N151.3billion from N99.2billion, indicating 52.5% increase.
The combined cost of raw materials incurred by the top 12 consumer goods manufacturing firms shot up to N2.2trillion in 2024 from N1.2trillion in 2023.
Finance cost
The firms’ combined finance cost rose by 81.0% to N 1.2trillion in 2024 from N664.6billion in 2023.
However, their bank borrowing declined by 6.4% to N1.7trillion from N1.9trillion in 2023, apparently as the companies begin to de-emphasis reliance on bank loans in the face of prevailing high interest rate regime.
The combined firms’ turnover rose by 67.7% to N7.6trillion in 2024 from N4.5trillion in 2023, while their Loss Before Tax, LBT, increased by 76.6% to N407.4 billion in 2024 from N-230.7 billion in 2023.
Companies’ comment on performance
However, leaders of the various companies were positive on the situation. Highlighting the positive side of the 2024 results, Mr. Wassim Elhusseini, Managing Director of Nestlé Nigeria, stated: “Our 2024 results demonstrate the resilience of our brands and teams and underscore our strong fundamentals in a challenging business environment.
“The impressive 75.2% revenue growth for the year as well as 35.6% improvement of our operating profit to N167.9 billion reflects the robustness of our operating performance.
“Our net profit and equity were impacted by high finance costs associated with the revaluation of the company’s foreign currency obligations, due to an unprecedented devaluation of the Naira.
“I am very pleased to state that our Q4 2024 standalone results mark a return to profitability with a net profit of Naira 19.7 billion, against a loss of N36.4 billion in Q4 2023.”
Speaking on his company’s results, Mr. Hans Essaadi, Managing Director/CEO, Nigerian Breweries Plc, said: “The impressive year-on-year revenue growth was largely driven by strategic pricing initiatives, market expansion, successful innovations, and operational efficiencies.
“Despite macroeconomic headwinds faced by the company, group operating profit surged by 54%, reflecting the success of cost management, process optimization and strong operational performance.”
Commenting on BUA Foods’ performance, Engr. (Dr.) Ayodele Abioye, the Managing Director, said: “The results underscored the company’s ability to navigate challenges with agility and its resilience, as it continues to create value for all stakeholders.
“We are delighted to report an exceptional performance in FY 2024. Despite significant macroeconomic challenges, our business navigated the resulting impact on supply chain costs and foreign exchange losses effectively.
“The cumulative impact of our expansion strategy has enabled our capability to fulfil increased demand from our customers and enhanced internal operational efficiencies”.
Speaking as well on his Company’s result, Tobi Adeniyi, Managing Director, Unilever Nigeria, said, “Our year-on-year sustained growth trajectory is a testament to our commitment of serving consumers with our best brands to meet their daily needs of improved health and hygiene.
“While we are pleased with our performance progress riding on the pillars of operational efficiency, cost optimization, purposeful brands and increasing market share across key categories, we are committed to growing our business to enhance our socioeconomic impact in the country”.
Some analysts who spoke to Financial Vanguard on the operating environment of the manufacturers were largely critical of the implications of Nigeria’s economic policy outcomes. They believe that the environment does not help business growth.
It’s economic reform fallout, but 2025 looking more positive – CPPE
Commenting, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, stated: “The cost of sales was driven largely by exchange rate, by finance cost and by the cost of energy and as well as cost of logistics.
“I think these are the critical issues and these factors were very profound in 2024 because you can describe 2024 as a year of transition, from an economic reform point of view, so this is what must have been responsible for this astronomical increase in the cost of sales.
“And you can see that for many businesses, particularly those in production, profits have been severely impacted, some of them had declared serious losses and it is these particular factors that led to the exit of some of the multinational companies, especially those in production.
“But thankfully, those pressures are beginning to ease, we are beginning to see some stabilisation and marginal appreciation in the naira exchange rate and we are beginning to see a slight reduction in energy prices – it’s likely to also go down a little more, we’re beginning to see some deceleration in the inflation rate.
“So, with that kind of trajectory, the outlook is looking a lot more positive for 2025, in my view, if there are no dramatic changes in some other economic fundamentals.”
NACCIMA lists binding constraints, proffers solutions
The President of the Nigerian Chamber of Commerce, Industry, Mines and Agriculture NACCIMA, Dele Oye, said “the sharp rise, in some instances up to 100%, can be attributed to a multitude of interwoven factors that create a challenging environment for our manufacturers”.
To address these challenges, the NACCIMA president proposed the following strategies:
“The government should establish a consistent, long-term policy framework that provides certainty for manufacturers, allowing them to plan effectively and invest confidently.
“Policies must be developed with significant input from genuine and independent stakeholders to ensure they address the actual challenges faced by manufacturers.
“Prioritizing infrastructure development is essential to reduce operational costs. Investments in reliable power supply and transportation systems are crucial for manufacturers’ efficiency.
“Simplifying the tax system and ensuring predictability will encourage investment.
“Establishing fair regulatory guidelines to foster healthy competition among domestic manufacturers while protecting them from undue competition from state-owned enterprises is key.
“The government must implement monetary policies that control inflation, thereby preserving purchasing power and promoting stable economic growth.
“The Central Bank of Nigeria (CBN) should consider reducing the current MPR rates.
“Through these collective efforts, we can alleviate some of the financial pressures facing manufacturers, bolster their competitiveness, and positively impact our economy as a whole.”
Govt should initiate actionable macroeconomic reform – MAN
In his comment, Director General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, stated: “The purchasing capacity of Nigerians has declined so our warehouses are filled with unsold goods, meanwhile, the cost of production continues to increase everyday with the cost of energy, transportation, manpower and now telecommunication consistently rising.
“The challenges are clear. Therefore, macroeconomic reforms must involve actionable plans that take precedence over rhetoric.
“The President’s ambitious goal of taming inflation down to 15 percent and stabilising the naira at N1,500/$ must be pursued by clearly defined and easily assessable actions, with appropriate timelines,” he said.
Domestic, external cost drove raw materials prices – Analysts
Reacting to the challenges facing the consumer goods manufacturing firms, David Adonri, Analyst / Vice Executive Chairman at High Cap Securities Limited, Olatunde Amolegbe, former President Chartered Institute of Stockbrokers, CIS, and
Tajudeen Olayinka, Investment Banker & Chartered Stockbroker
stated that the big jump in cost of raw materials in 2024 arose from domestic and external sector cost-push factors.
They added that insecurity and high costs of energy and power that ravaged the economy in 2024, transmitted galloping inflation to the cost of inputs specifically and cost of sales generally.
They also said these domestic cost-push factors were exacerbated by the massive volatility and depreciation of the Naira in 2024, adding that the pass through effect of these cost push factors in itself, intensified the rise in inflation that eroded the purchasing power of consumers to the detriment of corporate turnover.
However, they expressed the view that these cost push factors are expected to trend lower in 2025 from signals that are already emerging in the economy.
Also, they noted that there is a need for the companies to source some of the manufacturing inputs hitherto imported locally while engaging in aggressive marketing strategy.
On the way forward, they added that: “Public policy can play an enabling role in facilitating increase in corporate turnover while simultaneously reducing production and distribution costs so as to make enterprises cost effective and profitable.
“All cost push factors must be properly identified and tackled with appropriate public policy instruments. A long term solution will be domestication of input sources, reduction of energy and power costs and reduction of interest rate to single digit”.