Category: Business

  • Tinubu Welcomes Airbus Plan For Aircraft Maintenance Hub In Nigeria, Pushes For Faster Helicopter Delivery

    President Bola Ahmed Tinubu has welcomed a proposal by global aircraft manufacturer Airbus to establish maintenance and hangar facilities in Nigeria as part of efforts to position the country as a regional aviation hub.

    Tinubu also stressed Nigeria’s urgent need for modern military helicopters and fixed-wing aircraft to support security operations and tackle terrorism across the country.

    Tinubu Meets Airbus Delegation In Rwanda

    The President spoke during a meeting with an Airbus delegation led by Thierry Cloutet, Head of Regional Business Growth for Africa and the Middle East, on the sidelines of the Africa CEO Forum in Kigali, Rwanda.

    According to a statement issued by presidential spokesman Bayo Onanuga, Tinubu said his administration was committed to deepening relations with Airbus, particularly in military aviation and aerospace development.

    President Demands Faster Delivery Of Apache Helicopters

    During the meeting, Tinubu called for the accelerated delivery of three Apache helicopters already ordered by Nigeria for ongoing counterterrorism operations.

    “Nigeria needs attack helicopters urgently that can be used to confront and overwhelm terrorists. That is my priority now,” the President said.

    The discussion also covered Nigeria’s acquisition of the Airbus C-295 aircraft platform and broader defence aviation cooperation between both parties.

    Plans For Aviation Financing, Leasing Company

    Tinubu and the Airbus delegation also discussed aircraft leasing and financing models aimed at improving access to aircraft for domestic airlines and reducing financing challenges within the aviation sector.

    The President raised the possibility of establishing an aviation leasing company to strengthen Nigeria’s aviation value chain and improve financing access for local operators.

    Airbus Proposes ‘360-Degree Engagement’

    Thierry Cloutet commended Tinubu’s economic reforms and efforts to stabilise Nigeria’s aviation sector.

    He also proposed what he described as a “360-degree engagement” model with Nigeria covering commercial aviation, military aircraft cooperation, sustainability initiatives, maintenance infrastructure, operational hubs and human capital development.

    The proposed partnership is also expected to include collaboration in satellite and Earth observation technology.

  • Abdul Samad Rabiu Reveals How South Africa Denied Him Entry Over Expired Visa

    Chairman of BUA Group, Abdul Samad Rabiu, has recounted how he was denied entry into South Africa after discovering that his visa expired a day before arrival, while European travellers were reportedly allowed into the country without visas.

    Rabiu shared the experience on Thursday while speaking at the Africa CEO Forum held in Kigali.

    ‘I Was Turned Back to Lagos’

    According to the billionaire businessman, the incident happened in February 2025 when he travelled from Lagos to Cape Town for the Mining Indaba conference.

    Rabiu explained that he arrived in South Africa early in the morning and only discovered at the immigration desk that his visa had expired a day earlier.

    “I had a personal experience. Last year February, I was travelling to Cape Town for the mining Indaba. And as we landed. I left at night from Lagos to Cape Town. We arrived at 6 in the morning,” he said.

    “As we arrived, we went to the immigration. I tendered my passport, and the immigration officer looked at it and was like, where is your visa, and I said, ‘My visa is there’. Unknown to me, my visa had expired the day before.”

    He blamed the situation partly on his travel crew for failing to confirm the visa validity before departure.

    “Unfortunately, our crew did not check the visa to ensure the visa were valid. We were there for four hours, but at the end of the day, I had to turn back. I was turned back to Lagos,” he added.

    ‘Europeans Entered Freely’

    Rabiu, however, said what troubled him most was watching passengers from Europe enter South Africa freely without visas while he, an African travelling within Africa, was denied access.

    “But the issue is, while we were waiting to see whether we would be able to get access to the countries without the visas, there were like three international flights from Europe. All three flights were mostly Europeans,” he said.

    “I was standing there by the immigration desk, and every passenger on those three flights went into Cape Town without any visa.”

    The businessman stressed that he accepted responsibility for travelling with an expired visa but insisted that the broader issue reflects the difficulties Africans still face moving across the continent.

    “I do not have a problem with the fact that I was there without the visa and I was returned. I took full responsibility of that,” he stated.

    “I had an issue with being an African in Africa, being turned away because I do not have a visa and foreigners from other continents were coming in and were allowed to enter without a visa. This must change.”

    AfCFTA ‘Not Working as It Should’

    Rabiu also criticised the implementation of the African Continental Free Trade Area framework, saying many African countries still create barriers that frustrate regional business expansion.

    According to him, BUA Group encountered several administrative obstacles while trying to expand trade operations across African markets under the AfCFTA arrangement.

    “At BUA Group, as we expanded our regional investment, we actively sought to supply several African markets under the AfCFTA framework,” he said.

    “While some countries embraced the spirit of agreement, others were less supportive in practice, with administrative barriers, legacy import structures limiting our ability to participate fully in regional trade.”

    He added that the uneven implementation of the trade agreement continues to weaken Africa’s economic integration goals.

    “So really, AfCFTA is not working as it should. Because I had a personal experience in one of the countries that we tried to penetrate, we were actually frustrated,” Rabiu said.

    The businessman described AfCFTA as one of the world’s most ambitious economic integration projects, noting that its success depends largely on practical execution rather than policy promises alone.

  • Dangote Reveals Why He Refused to Buy Arsenal Despite Longtime Interest

    Africa’s richest man, Aliko Dangote, has revealed why he abandoned his long-standing ambition of purchasing Arsenal, despite coming close to making a move for the club.

    Dangote disclosed this during an interview with Nicolai Tangen, where he explained that he chose to focus his resources on completing the massive Dangote Refinery project instead.

    ‘I Nearly Bought Arsenal’

    The billionaire businessman said Arsenal was valued at around $2 billion at the time he seriously considered acquiring the club.

    According to him, he had to make a difficult decision between investing heavily in football ownership or concentrating on completing the refinery project, which later became one of Africa’s biggest industrial investments.

    “I’m a big Arsenal fan, yes, I nearly bought the team,” Dangote said.

    “When I was focused on buying Arsenal, I was also focused on the refinery getting to its completion. At the time, Arsenal was worth about 2 billion dollars, so I asked myself: should I put my 2 million dollars in Arsenal and allow the business to suffer, or continue the business and continue to remain a very big supporter of Arsenal?”

    Why He Chose Business Over Football

    Dangote said he eventually decided that remaining a loyal supporter of Arsenal made more sense than taking over ownership of the North London club.

    He added that his passion for the club remains strong, noting that he still follows their matches closely and proudly wears Arsenal jerseys whenever they play.

    “So I decided to continue to support them, watch their games. Any time Arsenal plays, I always wear the jersey. I am a fan, it is better I remain as a fan and continue to fund my business,” he said.

    Arsenal Now Too Expensive

    The billionaire also admitted that Arsenal’s current valuation has made any future takeover attempt less appealing financially.

    According to him, the club’s market value has risen sharply over the years, changing the economics of any potential deal.

    “And today they are worth billions, it is not worth the while,” he added.

    Dangote has repeatedly expressed admiration for Arsenal over the years, with previous comments about his interest in owning the club generating attention among football fans and business observers alike.

     

  • Tinubu Hails $4.7bn France-Nigeria Trade Surge, Says Partnership Enters “Execution Phase” at Nairobi Summit

    President Bola Ahmed Tinubu has welcomed the outcome of the 10th France-Nigeria Business Council meeting, saying the partnership between both countries has now moved from discussion to full implementation.

    The meeting was held at the Africa Forward Summit in Nairobi, Kenya, where top government officials and leading global business figures reviewed ongoing investments and new collaboration frameworks between Nigeria and France.

    Trade Hits $4.7bn As Tinubu Pushes Investment Drive

    President Tinubu noted that trade between Nigeria and France reached $4.7 billion in 2025, describing Nigeria as the leading destination for French investment in sub-Saharan Africa.

    He said the growing economic ties must now translate into jobs, industrial expansion, infrastructure development and wider prosperity for both nations.

    The meeting had in attendance Nigeria’s Minister of Industry, Trade and Investment, Jumoke Oduwole, and France’s Minister Delegate, Nicolas Forissier, alongside top private sector leaders from both countries.

    Dangote, Elumelu, Others Attend High-Level Meeting

    The session also brought together major business leaders including Aliko Dangote, Tony Elumelu, and other prominent investors, alongside international partners such as Patrick Pouyanné of TotalEnergies and representatives of CMA CGM, Danone and Accor.

    President Tinubu commended the Chairman of the France-Nigeria Business Council, Aigboje Aig-Imoukhuede, for convening what he described as a productive session focused on real economic delivery.

    Accor–Shoreline Deal Highlights New Investment Push

    A key highlight of the meeting was the signing of an agreement between Accor and Shoreline Group for Nigeria’s first national hotel platform.

    The President described the development as a strong vote of confidence in Nigeria’s hospitality, tourism and services sector, noting that it reflects rising investor confidence in ongoing reforms.

    ‘Nigeria Is Ready For Serious Economic Execution’ — Tinubu

    Tinubu said Nigeria and France are no longer operating at the level of goodwill exchanges but are now focused on measurable economic outcomes.

    “This is the partnership Nigeria is ready for. We are ready for investment that builds, capital that produces, and enterprise that creates jobs,” he said.

    He added that the next phase of Africa-Europe relations would be defined by tangible projects in energy, agriculture, technology, logistics and industrial production.

    Reform Agenda Drives Confidence

    The President further assured investors that his administration would continue strengthening the business environment, deepening reforms and supporting credible investment inflows into the country.

    According to him, the goal is to position Nigeria as a stable and competitive economy capable of attracting long-term capital.

  • Dangote Targets London Listing as Cement Giant Plans Global Expansion

    Africa’s richest man, Aliko Dangote, has revealed plans to list Dangote Cement on the London Stock Exchange later this year as the company pushes for expansion and fresh international investment.

    The proposed move would see Dangote Cement secure a secondary listing in the United Kingdom, while also selling about 10 per cent of its shares to outside investors.

    Dangote confirms London plans

    Speaking to the Financial Times, Dangote said discussions around a dual listing had been ongoing for years but recent changes in the UK market made the move more attractive.

    “We want to do a dual listing. We’ve been thinking about it for seven to 10 years,” Dangote said.

    He added that London became a preferred option after the UK relaxed some of its listing requirements.

    “We ended up saying London is good as they have brought down the minimum listing requirements,” he stated.

    Dangote Cement currently has a market valuation of nearly $13 billion on the Nigerian Exchange.

    Banks reportedly selected

    According to reports, the cement company has already selected major financial institutions to advise on the planned listing.

    The banks reportedly include Citigroup, JPMorgan Chase and Standard Bank.

    The listing is expected to take place around September, depending on market conditions and investor interest.

    This would revive earlier attempts by Dangote Cement to enter the London market after previous plans failed to materialise.

    Expansion drive gathers pace

    Dangote also disclosed that the company plans to increase its annual cement production capacity from 60 million tonnes to 100 million tonnes by 2030.

    He said new plants are already being developed in Nigeria to support export operations.

    “In Nigeria, work had already started on a plant for 6 million tonnes, with another 6 million tonnes of capacity to follow,” he said.

    Dangote Cement currently operates in 11 African countries and remains Africa’s largest producer of building materials.

    The company’s shares have reportedly gained more than 70 per cent this year.

    Refinery boosts wealth

    Dangote’s growing fortune has also been linked to the performance of his refinery business in Lagos.

    Bloomberg recently estimated his net worth at $35.4 billion, making him the richest person in Africa and the only African on Forbes’ list of the world’s 100 richest people.

    The billionaire also revealed plans to sell up to a 15 per cent stake in the Dangote refinery through an initial public offering in Lagos later this year.

    Arsenal dream postponed

    Dangote also revisited his long-standing interest in buying English football club Arsenal.

    According to him, he had to choose between completing his refinery project and pursuing ownership of the London club.

    “I asked myself, do I want to complete these projects or do I want to go and buy Arsenal?” he said.

    “I realised that, look, I have missed the boat.”

  • Rice Hits ₦112,000 — NBS Reports Sharp Food Price Surge as Market Prices Differ

    Nigeria’s food prices climbed further in March 2026, with the National Bureau of Statistics (NBS) reporting that a 50kg bag of local rice rose to ₦112,000, up from ₦92,946 in February.

    The latest figures were contained in the bureau’s Selected Food Price Watch report.

    Rice prices jump, but markets tell a different story

    According to the NBS, local rice recorded a 20.5 per cent increase within one month, while imported rice rose by 3.06 per cent to ₦133,975.

    However, market checks in some areas suggest lower retail prices, with reports indicating that a 50kg bag of local rice sells for around ₦60,000 in certain locations.

    The gap highlights ongoing disparities in pricing across markets nationwide.

    Other staple foods record steady increases

    The report also showed consistent price increases across key food items.

    A crate of eggs rose by 2.0 per cent, while brown beans increased to ₦1,325.85 per kilogram.

    White garri climbed to ₦801.54, onions reached ₦1,153.14, and fresh ginger edged higher to ₦5,541.25.

    Wide state-by-state price differences

    NBS data revealed significant variations across states.

    Taraba recorded the highest egg price at ₦6,999, while Niger had the lowest at ₦5,610.04.

    For beans, Oyo posted the highest price at ₦1,937.20 per kilogram, while Taraba recorded the lowest at ₦745.

    Garri peaked in Abia at ₦1,075.45, with Plateau recording the lowest at ₦513.78.

    Onions were highest in Abia at ₦2,115.67 and lowest in Kwara at ₦829.9.

    Pressure on households deepens

    The sustained rise in food prices continues to reflect inflationary pressure on household incomes, even as inconsistent market prices create uncertainty for consumers.

  • Adeosun Raises Alarm as Dangote Struggles to Find Skilled Workers in Nigeria

    Former Minister of Finance, Kemi Adeosun, has raised fresh concerns about Nigeria’s labour market, pointing to a widening gap between job seekers and employable skills.

    She made the remark during an appearance on Channels Television’s The Platform, citing a recent discussion with industrialist Aliko Dangote.

    “Too many CVs, not enough skills”

    Adeosun said Dangote expressed frustration over the difficulty of recruiting qualified staff locally, despite receiving large volumes of applications.

    “I had a conversation with Dangote recently… he told me it’s not that he wants to employ foreigners but he can’t get staff in Nigeria,” she said.

    She noted that the situation suggests a deeper structural issue within the country’s workforce.

    Growing mismatch in labour market

    According to Adeosun, the problem goes beyond unemployment figures, pointing instead to a disconnect between education and industry needs.

    She warned that many graduates lack practical, job-ready skills, making it difficult for employers to fill roles even when vacancies exist.

    Echoes of earlier concerns

    Her comments come shortly after Moniepoint CEO Tosin Eniolorunda revealed that the fintech company is struggling to fill over 500 roles due to a shortage of qualified candidates.

    The parallel concerns from both the industrial and tech sectors have intensified discussions around Nigeria’s workforce readiness.

    Online reactions highlight deeper tensions

    The remarks have triggered mixed reactions online, with some Nigerians blaming poor education and lack of training opportunities, while others questioned whether companies are offering competitive salaries.

    The debate continues to reflect broader concerns about wages, employability, and the future of Nigeria’s workforce.

  • Tinubu Meets Global Investors in Paris, Pushes Reforms and Fiscal Discipline Agenda

    President Bola Tinubu has met with global investors in Paris, France, where he outlined his administration’s economic reform agenda and commitment to fiscal discipline.

    The meeting forms part of his ongoing three-nation trip aimed at strengthening investor confidence in Nigeria.

    Tinubu defends reform strategy

    Speaking at the session, Tinubu said his government’s policies are focused on removing economic distortions and stabilising key macroeconomic indicators.

    He stressed that transparency, especially in the oil sector, remains a priority, alongside broader efforts to ensure policy consistency.

    “The focus remains on policy stability and diligent execution to ensure these strategic shifts translate into concrete benefits for all Nigerians,” he said.

    Investors react to policy direction

    Some of the investors at the meeting commended the reforms and expressed optimism about Nigeria’s economic outlook.

    During the engagement, Tinubu also addressed questions about his long-term plans, including his post-2027 agenda, reaffirming his commitment to transparency and sustained policy execution.

    Finance minister highlights growth figures

    Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, pointed to improvements in key economic indicators.

    He disclosed that Nigeria recorded 11.2 per cent GDP growth in dollar terms in 2025, aligning with the government’s target of building a $1 trillion economy by 2030.

    Oyedele added that the administration would begin publishing quarterly financial data to strengthen accountability.

    Debt management and investor confidence

    Director-General of the Debt Management Office, Patience Oniha, assured investors of a responsible approach to borrowing.

    She said the government remains focused on sustainable debt management while supporting economic growth.

    The meeting brought together investors from major global institutions, including Citibank, Amundi, and Prudential Global Investment Management.

  • Jim Ovia Retires as Zenith Bank Chairman After 12 Years, Mustafa Bello Takes Over

    Zenith Bank has announced the retirement of its founder and Group Chairman, Jim Ovia, following the completion of his tenure in line with Central Bank of Nigeria guidelines.

    The development was disclosed on Tuesday during the bank’s 35th Annual General Meeting.

    Ovia exits after 12-year tenure

    The bank said Ovia stepped down after serving the maximum 12 years as a non-executive director and chairman.

    He assumed the role on July 16, 2014, returning after previously serving as the bank’s founder and Group Managing Director/CEO from 1990 to 2010.

    The board commended his contributions, noting that his leadership strengthened governance standards and enhanced the bank’s reputation in the financial sector.

    Board names Mustafa Bello as successor

    Zenith Bank announced Engr. Mustafa Bello as the new chairman of the board.

    Bello joined the board on December 29, 2017, and is currently its longest-serving director.

    New chairman gets CBN approval

    According to the bank, Bello brings extensive leadership experience and a strong understanding of corporate governance.

    The board said his track record of integrity and strategic oversight positions him to lead the bank into its next phase.

    The appointment has received approval from the Central Bank of Nigeria.

    Transition signals new phase

    The leadership change marks a significant transition for Zenith Bank, one of Nigeria’s leading financial institutions.

    Industry observers say the move aligns with regulatory requirements and reflects ongoing efforts to strengthen corporate governance within the banking sector.

  • Moniepoint CEO Raises Alarm Over Talent Gap, Says 500 Roles Remain Unfilled

    The Chief Executive Officer of Moniepoint Inc, Tosin Eniolorunda, has raised concerns over a growing talent gap in Nigeria, revealing that the company is struggling to fill about 500 open positions despite ongoing recruitment efforts.

    He made the disclosure in a video interview while speaking on workforce challenges facing the fintech sector.

    500 vacancies remain unfilled

    Eniolorunda said the company deliberately shifted its hiring focus to Nigeria in 2024 but began encountering difficulties by 2025.

    According to him, the challenge goes beyond numbers, as many applicants do not meet the required standards.

    “We have probably 500 vacancies, and we are struggling to fill those roles. Not only could we not find people in the quantity we needed, but the few people we found were not up to the global standards,” he said.

    Focus on global competitiveness

    The Moniepoint CEO explained that the company competes with international firms, particularly in Asia, making high-quality talent essential.

    He noted that building competitive products requires skilled professionals who can operate at global levels.

    “My biggest competitors are from China. I need to make sure I have world-class people working in the organisation,” he added.

    Concerns over education and values

    Eniolorunda linked the talent gap partly to challenges within Nigeria’s education system.

    He also pointed to broader societal influences, including the growing appeal of quick wealth, internet fraud culture, and excessive social media use.

    According to him, these trends may be affecting discipline and long-term skill development among young people.

    Calls for urgent intervention

    The fintech executive described the situation as a deeper societal issue, warning that declining standards could impact national competitiveness.

    “I am honestly beginning to feel like we need to do something to prevent the general quality of reasoning in this country from declining further,” he said.

    He also highlighted what he described as a role-model gap, noting that many young Nigerians are increasingly influenced by visible wealth rather than sustainable success built on skills.

    Wider implications

    The development adds to ongoing conversations about skills development, education reform and workforce readiness in Nigeria’s growing tech ecosystem.

    Industry observers say addressing the gap will be critical to sustaining innovation and competitiveness in the sector.

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