Cyprus Department of Meteorology – Forecast for the Sea Area of Cyprus (A)

Atmospheric pressure at the time of issue: 1012hPa (hectopascal)

Seasonal low pressure is affecting the area. The weather will be mainly fine. Overnight and early morning locally increased low cloud coverage is expected at times. Risk of local mist and/or fog patches.

Visibility: Good, but moderate to poor in mist

Sea surface temperature: 29°C

Warnings: NIL

AREA

PERIOD

WIND

STATE OF SEA

West Coast

Morning

West to Northwest 3 to 4, soon locally 4

Slight

Afternoon

West to Northwest 4, locally 5 to 6

Slight

Night

West to Northwest 3 to 4, gradually near the coast Northwest to North 3

Slight

South Coast

Morning

Southeast to Southwest 3, gradually Southwest to West 4

Smooth to Slight

Afternoon

Southwest 4 to 5, locally 5 to 6

Slight

Night

Southwest to Northwest 3 to 4, soon 3

Slight, soon Smooth to Slight

East Coast

Morning

Variable 3, gradually Southeast to Southwest 3 to 4

Smooth to Slight

Afternoon

South to Southwest 4, at times 4 to 5

Smooth to Slight

Night

Southwest to Northwest 3

Smooth to Slight

North Coast

Morning

Southwest to West 3 to 4, gradually 4

Smooth to Slight, gradually Slight

Afternoon

Southwest to Northwest 4, at times locally 4 to 5

Slight

Night

Southwest to West 3 to 4, locally near the coast South to Southwest 3

Slight, locally near the coast Smooth to Slight

NIFST, stakeholders seek evidence-based regulation of low-calorie sweeteners

Food scientists, regulators, health professionals, manufacturers and consumer representatives have called for stronger, evidence-based regulation and public communication on the use and safety of low- and no-calorie sweeteners (LNCS) in Nigeria.

The stakeholders made the call at a two-day NIFST Academy and International Sweeteners Association (ISA) workshop on ‘Low- and No-Calorie Sweeteners in Nigeria: The Science and Safety,’ held in Lagos from August 31 to September 1.

The meeting focused on the scientific evidence on LNCS, their regulation, consumer safety, and the challenges of using these ingredients in food and beverage reformulation in Nigeria.

LNCS are food ingredients that provide sweetness with little or no calories. They are commonly used in beverages, tabletop sweeteners, supplements, and some medicinal products, particularly to reduce sugar and calorie content.

The stakeholders said Nigeria needed to strengthen the link between scientific evidence, public health policy, regulation and consumer education as concerns over diet-related non-communicable diseases continue to grow.

President of the Nigerian Institute of Food Science and Technology (NIFST), Dr Bola Osinowo, said the NIFST Academy was established to build professional competence and promote the use of science and data to address food and nutrition challenges.

Osinowo said discussions on sweeteners had become increasingly important against the backdrop of the country’s growing burden of diet-related non-communicable diseases.

Presenting the scientific basis for assessing the safety of LNCS, ISA Director-General Laurent Oger said safety assessments should be based on the totality of available evidence rather than isolated studies.

According to him, independent expert bodies consider factors including the quality and relevance of studies, consistency of findings and biological plausibility when determining the safety of food additives.

He said risk assessments could include evidence from metabolism, toxicology, genotoxicity, carcinogenicity, reproductive studies, human studies, exposure assessments and epidemiological research.

Oger also explained the role of the Acceptable Daily Intake (ADI), describing it as a protective benchmark for lifetime daily exposure to a substance.

He said the ADI is derived from the No Observed Adverse Effect Level (NOAEL), with an additional safety factor applied to account for differences between experimental animals and humans as well as variations among individuals.

The workshop heard that assessments by international regulatory and scientific bodies, including the Joint FAO/WHO Expert Committee on Food Additives (JECFA), the European Food Safety Authority (EFSA) and the United States Food and Drug Administration (FDA), have supported the safety of approved LNCS when used within established conditions.

Stakeholders also cited evidence from randomised controlled trials showing that approved sweeteners, when used to replace sugars and other carbohydrates that raise blood glucose, do not adversely affect blood glucose, HbA1c or insulin secretion.

They emphasised the need to keep consumption within established ADI limits.

In Nigeria, stakeholders identified existing regulations as well as gaps in technical capacity, consumer awareness and risk communication.

The National Agency for Food and Drug Administration and Control (NAFDAC) said Nigeria already had the Food Additives Regulations 2021 and the Non-Nutritive Sweeteners in Food Products Regulations 2021 to guide the use of such ingredients.

The agency also noted that the Federal Government’s sugar-sweetened beverage tax had encouraged manufacturers to consider reformulating products to reduce sugar content.

However, participants said local manufacturers needed more technical support to address challenges in replacing sugar while maintaining taste, bulk, mouthfeel, viscosity and product stability, particularly under Nigeria’s hot, humid storage and distribution conditions.

The workshop also identified what participants described as a gap between awareness and functional knowledge of sweeteners among Nigerians.

Studies cited at the meeting indicated that while many consumers may be aware of sweeteners as alternatives to sugar, some consumers and professionals still have limited understanding of the ingredients’ metabolic effects and safety.

Stakeholders said the information gap, combined with the rapid spread of unverified claims online, could contribute to public confusion and misinformation about LNCS.

In its communique, the meeting recommended that the NIFST Academy and ISA develop evidence-based risk communication tools targeted at nutritionists, dietitians and medical practitioners.

Stakeholders said these tools should help address misconceptions about sweeteners and improve health professionals’ ability to communicate scientific evidence to the public.

They also called for greater alignment between Nigeria’s Food Additives Regulations 2021, the Non-Nutritive Sweeteners Regulations, and Codex Alimentarius standards.

According to the communique, such harmonisation should help simplify the registration and approval process for products reformulated with sweetener systems assessed by JECFA, while maintaining appropriate safety requirements.

Participants included representatives of the Federal Ministry of Health and Social Welfare, NAFDAC, the Standards Organisation of Nigeria (SON), the Federal Competition and Consumer Protection Commission (FCCPC), the Association of Food, Beverage and Tobacco Employers (AFBTE), food and beverage manufacturers, academic institutions, consumer groups, nutrition organisations and the media.

Dangote Refinery opens landmark Initial Public Offering today

Dangote Petroleum Refinery and Petrochemicals FZE today announced the commencement of its Initial Public Offering (IPO), marking a historic milestone in Nigeria’s economic development and the evolution of Africa’s capital markets. The offer will be formally launched at a ceremony on the trading floor of the Nigerian Exchange (NGX) in Lagos, bringing to the public, for the first time, an opportunity to own a stake in Africa’s largest refinery and one of the world’s most significant industrial projects.

The IPO, which opens today, September 14, 2026, consists of 4.1 billion new ordinary shares offered at N525 per share, with a minimum subscription of 10 shares valued at N5,250. The offer is expected to remain open until October 13, 2026, subject to the terms outlined in the Prospectus. The transaction is targeted at retail, institutional, and eligible African investors, reinforcing Dangote Refinery’s commitment to broadening ownership and deepening participation in Nigeria’s capital market.

The public offer is expected to raise approximately N2.15 trillion, making it one of the largest equity offerings ever undertaken in Africa. The proceeds will support the Refinery’s long-term growth plans, operational expansion, strategic investments, and the creation of additional value for shareholders and stakeholders alike.

Speaking on the significance of the IPO, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said:

‘Today marks the beginning of a new chapter in the history of Dangote Refinery and, indeed, in the economic future of our nation. This offering is about more than raising capital; it is about creating an opportunity for ordinary Nigerians, Africans, and investors across the globe to participate directly in one of the most transformative industrial projects ever built on the continent.

We established this refinery to transform Africa’s energy landscape, create jobs, conserve foreign exchange, and unlock shared prosperity. With this IPO, we are extending that vision by democratising ownership and ensuring that millions of people can benefit from the value being created.

We believe that broad-based ownership is one of the most effective ways to build wealth, strengthen the capital market, and accelerate economic inclusion. We invite investors to join us as partners in building a globally competitive enterprise that will continue to shape the future of energy, manufacturing, and economic development in Africa.’

According to Temi Popoola, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group: ‘The launch of the Dangote Petroleum Refinery IPO is an important moment for Nigeria’s capital market, not simply because of the scale of the transaction, but because of what it represents.

Our capital market must increasingly become a place where Nigerians can participate in the value created by our country’s most important businesses. That means broadening ownership, expanding access and creating stronger connections between Nigerian enterprise and Nigerian capital.

At NGX Group, we have been deliberately building the infrastructure to make that possible. Through NGX Invest and connectivity across more than 50 distribution channels, including stockbrokers, banks and fintechs, we are making participation in the public market more accessible.

This is how we build an ownership economy: strong Nigerian businesses accessing long-term capital, and more Nigerians having the opportunity to participate in their growth.’

Dangote Refinery has emerged as a strategic national asset, helping to strengthen energy security, reduce dependence on imported refined products, conserve foreign exchange, and position Nigeria as a major exporter of petroleum products. Since commencing commercial operations, the Refinery has supplied premium-quality petroleum products to domestic and international markets while supporting industrial growth and economic transformation across the region.

The Company emphasised that participation in the offer has been designed to be accessible, transparent, and technology-enabled. Eligible investors can subscribe through approved distribution channels, including NGX Invest, designated commercial banks, and authorised investment platforms, subject to the provisions contained in the Prospectus.

As the commencement ceremony takes place on the floor of the Nigerian Exchange today, Dangote Refinery reaffirmed its commitment to operational excellence, corporate governance, sustainable growth, and long-term value creation for shareholders.

Dangote Refinery IPO: SEC warns Nigerians as fraudsters move in

The Securities and Exchange Commission (SEC) has warned Nigerians against falling victim to fake investment platforms as interest continues to rise around the historic public offer of shares in Dangote Petroleum Refinery and Petrochemicals FZE.

The commission raised the alarm on Monday, urging investors to avoid unauthorised platforms claiming to offer access to the refinery’s Initial Public Offering (IPO).

The warning comes as thousands of Nigerians and investors show interest in owning a stake in Africa’s largest refinery, with the offer expected to raise about N2.15 trillion, making it one of the biggest equity offerings in Africa.

SEC adviced members of the public to subscribe only through approved channels, including authorised investment platforms, designated banks and official capital market operators.

The commission warned that fraudsters could take advantage of the massive public attention surrounding the Dangote Refinery IPO to create fake websites, apps and investment channels designed to steal investors’ funds.

The IPO, which opened on Monday, September 14, 2026, involves 4.1 billion ordinary shares of Dangote Petroleum Refinery and Petrochemicals FZE being offered at N525 per share.

With a minimum subscription requirement of 10 shares valued at N5,250, the offer has been structured to allow retail investors, institutional investors and eligible African investors to participate.

‘Today, we are not merely offering shares. We are offering an opportunity to participate in the transformational chapter of not only Nigeria’s economy, but Africa’s economy,’ Dangote said.

The offer is expected to close on October 13, 2026, subject to the terms contained in the prospectus.

NGX Group surges 13.85 percent as investors bet on earnings power

Nigerian Exchange Group Plc emerged as the biggest gainer on the Nigerian Exchange in the week ended September 11, as renewed buying interest pushed its share price up 13.85 percent and added about N47 billion to its market capitalisation.

The stock closed the week at N148.00, up from N130.00 at the end of the previous week, giving investors an N18 gain per share in just five trading sessions.

The rally accelerated sharply on Friday when NGX Group rose 8.03 percent, or N11, from N137 to N148. The stock opened at N137 and traded as high as N148, with 2.99 million shares exchanged in 1,600 deals, valued at approximately N426.95 million.

The weekly advance followed a 5.45 percent sell-off on September 4, when the stock fell from N137.50 to N130.00. Rather than extending that correction, investors returned aggressively to the counter, lifting the price successively to N130.10, on Monday, N131.90, on Tuesday, N133 on Wednesday, N137, on Thursday and finally N148, on Friday.

The sequence is significant because the buying was not concentrated in a single session. It represented a steady recovery throughout the week before culminating in the sharp Friday rally.

At N148, NGX Group’s market capitalisation stood at approximately N387.59 billion, based on 2.619 billion outstanding shares. At the previous week’s closing price of N130, the implied market value was about N340.45 billion. The weekly rally therefore increased the company’s equity value by approximately N47.14 billion.

More importantly, the price movement is coming against the backdrop of exceptionally strong earnings.

The Group’s latest financial results for the six months ended June 30, 2026 showed that revenue more than doubled to N17.60 billion, representing a 118 per cent increase from N8.08 billion in the corresponding period of 2025.

Total income rose 96 per cent to N19.34 billion, while operating profit jumped 155 per cent to N10.62 billion from N4.16 billion.

The strongest earnings driver was transaction fees, which increased by 169 per cent to N13.34 billion, from N4.96 billion a year earlier. Listing fees also rose 59 per cent to N2.38 billion, while technology income increased 19 per cent to N447.86 million.

That performance provides an important explanation for the renewed appetite for the stock.

NGX Group is structurally positioned to benefit when activity across the Nigerian capital market increases. Higher trading activity generates transaction fees for the Exchange, while new listings, market-data services, technology and other capital-market infrastructure activities provide additional sources of income.

The Group’s earnings also received significant support from its investments in other capital-market businesses.

Its share of profit from equity-accounted investees rose 130 per cent to N4.14 billion, driven principally by the stronger performance of Central Securities Clearing System Plc.

Consequently, profit before tax surged 170 per cent to N14.76 billion, compared with N5.46 billion in H1 2025, while profit after tax increased 146 per cent to N10.36 billion, from N4.22 billion.

The numbers point to a business enjoying substantial operating leverage.

Revenue grew by 118 per cent, but operating profit expanded even faster, at 155 per cent. This means that a significant portion of additional income flowed through to operating profit as the Group benefited from higher market activity without a proportionate increase in operating costs.

That is one of the most compelling aspects of the H1 performance.

However, investors should also recognise the cyclical risk embedded in the earnings model.

With transaction fees contributing N13.34 billion out of the Group’s N17.60 billion revenue in the first half, the business remains substantially exposed to the level of activity in the capital market. A sustained bull market, stronger turnover and increased primary-market activity can therefore produce powerful earnings growth. Conversely, a prolonged market correction or decline in trading activity could put pressure on transaction-related income.

The recent share-price rally therefore appears to be a combination of strong fundamentals and renewed confidence in the outlook for the Nigerian capital market.

The Group’s balance sheet provides another layer of support. Total assets stood at N75.87 billion at June 30, while shareholders’ equity rose to N60.49 billion, from N55.20 billion at the end of 2025.

The Board has also backed the performance with shareholder returns, declaring an interim dividend of N1.30 per share for the first half of 2026. The dividend follows the N2.00 final dividend approved for 2025 and comes after shareholders approved a one-for-three bonus share issue at the Group’s 65th Annual General Meeting.

At N148, however, investors are no longer buying NGX Group solely on the expectation of a turnaround. The market is increasingly pricing in continued earnings growth.

The Group’s H1 profit after tax of N10.36 billion translates to earnings per share of about N3.95, based on its 2.619 billion shares outstanding. On a simple annualised basis, that would imply earnings of roughly N7.90 per share and an indicative price-to-annualised-earnings multiple of about 18.7 times at N148.

Nigeria’s equities market remains significantly stronger than it was at the beginning of the year, while the country’s transition to Frontier Market status under FTSE Russell takes effect on September 21. The increased international visibility, potential portfolio flows and broader efforts to deepen market liquidity could provide further support for the ecosystem in which NGX Group operates.

The Group itself has also been positioning beyond traditional exchange operations, with management targeting deeper liquidity, greater investor participation, technology-enabled products and a more diversified financial-market infrastructure business.

This is crucial to the longer-term investment case. If NGX Group succeeds in transforming higher market activity into recurring income streams beyond transaction fees, the current earnings growth could become less dependent on the market cycle.

For now, however, the immediate message from the market is unmistakable.

NGX Group recovered from the sharp 5.45 per cent decline recorded in the previous week and gained 13.85 per cent in the five trading sessions to September 11, with the final-day 8.03 per cent surge accounting for a substantial part of the week’s advance.

The rally lifted the stock to N148 and its market capitalisation to about N387.6 billion, putting the counter firmly back on investors’ radar.

The critical issue going forward is whether the company’s extraordinary H1 earnings growth can be sustained. If transaction activity remains robust and contributions from investee companies continue to strengthen, the current rally could have fundamental backing. But if market turnover weakens, investors may begin to question whether the premium now embedded in the share price can be maintained.

For NGX Group, therefore, the share-price rally is no longer simply a story about the stock market. It is increasingly a bet on the growth, liquidity and institutional deepening of Nigeria’s entire capital-market ecosystem.

King’s College: Parents, workers protest FG’s concession plan

Parents and staff at King’s College, Lagos, on Monday, held a peaceful protest against the Federal Government’s plan to hand over the college to the alumni association.

The protesters carried placards with various inscriptions, including ‘We say no to King’s College concession,’ ‘Alausa must go,’ ‘It’s government’s responsibility to fund education properly,’ ‘King’s College is a national heritage,’ and ‘King’s College is not for sale.’

The demonstrators warned the college’s Alumni Association, which is central to the dispute, to steer clear of taking over the school and to leave its ownership entirely to the Federal Government.

The Monday action disrupted academic activities at the college and threatened the resumption of the remaining 114 unity schools across the country.

The schools were originally scheduled to reopen on Monday (yesterday) for the 2026/2027 academic session.

The workers, operating under the aegis of the Association of Senior Civil Servants of Nigeria (ASCSN) and the Joint Congress of Unions of the Federal Ministry of Education, alongside parents, vowed to sustain the protest until the Federal Government cancels the concession plan and commits to funding all unity colleges properly.

They also called on President Bola Tinubu to intervene immediately and outrightly cancel the government’s plan to concession the college.

Speaking with journalists, Mr. Olatunji Ojulari expressed total disappointment in the Federal Government, particularly targeting the Minister of Education, Dr. Tunji Alausa, for moving to concession the institution, which he described as a national heritage.

He argued that handing the college over to the private sector would make it inaccessible to average Nigerians, who would be unable to afford the school fees that would inevitably follow.

Similarly, the ASCSN Unit Chairman for King’s College, Mr. Samuel Enang, stated that to resolve the impasse and reopen the school gates, the government must immediately meet two non-negotiable conditions.

These include halting the college’s concession process and inviting the unions to a transparent, round-table dialogue.

While warning that the industrial action is a defensive step to protect public education, the unions urged their members to stand firm against administrative intimidation, official roll calls, or threats of sanctions from the ministry’s management.

The unions revealed that the Ministry of Education bypassed a joint committee previously set up to address school infrastructure decay, opting instead to concession the premium institution.

Labour leaders argue that this decision sets a dangerous precedent that threatens the survival of affordable, quality public education in Nigeria.

‘Our strike is not merely an industrial dispute over welfare; it is a patriotic battle to save public education,’ Mr. Enang stated. ‘If they succeed with King’s College today, every other Federal Government College in Nigeria will be sold to private interests tomorrow.’

EXPLAINER: How to buy Dangote Refinery shares as IPO opens today

The offer, which is expected to become Nigeria’s largest-ever public share sale, will remain open until October 13, 2026.

The development gives Nigerians and other eligible investors an opportunity to acquire shares in the refinery as the Dangote Group moves to broaden ownership of the business.

At the signing of the IPO documents in Lagos on September 7, President of Dangote Group, Aliko Dangote, said the offer was designed to enable ordinary Nigerians to become shareholders in the refinery.

‘What we are trying to achieve is to make sure our drivers, cooks, servants, and everybody have the opportunity of having stakes in the refinery,’ Dangote said.

How to subscribe

According to the Managing Director, Investment Banking, Chapel Hill Denham, Mr Lanre Buluro, prospective investors can subscribe digitally using a bank account, Bank Verification Number (BVN) and a mobile phone or laptop.

He said an investor can complete the process within two to three minutes, with the minimum subscription set at 10 shares.

At ?525 per share, the minimum subscription of 10 shares will cost ?5,250.

Buluro said investors could access the offer through platforms including Moniepoint, MTN MoMo, Airtel, Payaza, Piggyvest, Paga, Bamboo and Chapel Hill Denham’s Invest Naija platform.

Do I need a CSCS account?

Buluro said prospective investors do not necessarily need an existing Central Securities Clearing System (CSCS) identity number before subscribing.

According to him, a CSCS account can be created for a new investor during the subscription process after the investor’s BVN and bank account details have been verified.

He explained that stockbrokers are behind the participating platforms and would contact subscribers after the transaction to provide their CSCS and Clearing House Number (CHN).

The allotted shares will subsequently be domiciled in the investor’s CSCS account.

What happens after subscription?

Investors can subscribe throughout the offer period, which runs from September 14 to October 13.

At the close of the offer, the advisers and the Securities and Exchange Commission (SEC) will assess the total subscriptions and determine the final allotment.

This means investors may not necessarily receive all the shares they apply for if the offer is oversubscribed.

Buluro disclosed that the offer has a provision to accommodate additional subscriptions in the event of oversubscription.

He said up to about 30 per cent additional shares could be issued under the oversubscription provision, potentially increasing the number of shares available from 4.1 billion to about 5.3 billion.

Before you invest

Buluro advised prospective investors, particularly first-time investors, to read the IPO prospectus carefully and seek guidance from a qualified financial adviser before committing their funds.

Investors should also understand that subscribing to an IPO does not guarantee a profit. The value of shares can rise or fall after allotment, depending on the company’s performance and market conditions.

The Dangote Refinery IPO is expected to significantly deepen public participation in the Nigerian capital market by allowing more individuals to take direct equity positions in one of the country’s largest industrial projects.

Nwifuru to kinsmen: stop selling ancestral lands, graves

Ebonyi State Governor Francis Nwifuru has warned the people of Izhi Nnodo clan against the indiscriminate sale of ancestral lands, family compounds and burial grounds.

He said such practices could make them strangers in their own homeland.

Nwifuru issued the warning at the weekend in Amagu, the ancestral home of Izhi Nnodo, during the grand finale of the Ojiji Izhi New Yam Festival.

He also cautioned against the erosion of indigenous values in the name of religion, modernity or political expediency.

The governor said ancestral land was not merely a commodity but represented the history, identity and collective memory of the people, urging families to preserve inherited properties for generations yet unborn.

‘I have seen situations where people sell not only family lands but even the burial grounds and ancestral compounds of their fathers, grandfathers and great-grandfathers.

‘Such actions are regrettable because they disregard the sacrifices and struggles through which our ancestors secured these lands,’ Nwifuru said in his Izhi dialect.

He appealed to elders, traditional rulers, youths and religious leaders to protect the cultural heritage of the clan, stressing that the people must distinguish between legitimate cultural traditions and practices that violate religious or moral principles.

Nwifuru said religion and culture should not be unnecessarily conflated, noting that legitimate traditions promoting unity, respect for elders, communal responsibility and peaceful coexistence should not be discarded merely because of religious convictions.

‘Many have confused religion for tradition and have failed to locate the difference between the two. There is sharp demarcation between the two and they do not conflict and clash in their operations,’ he said.

The governor identified respect for elders, dignity of labour, hard work, peace, unity and communalism as some of the core values that historically defined the Izhi people.

He also warned against allowing political disagreements to tear the clan apart ahead of the 2027 elections, saying political contests should not destroy ancestral bonds or communal relationships.

Nwifuru said those seeking elective positions under opposition platforms were free to exercise their democratic rights but urged them to pursue their ambitions peacefully and in the interest of the people.

He equally cautioned against what he described as the use of social media to provoke political crises, insisting that legitimate grievances should be addressed through appropriate channels.

‘People should not leverage social media to castigate our leaders and deny our sincere performances all in the name of politics,’ he said.

Defending his administration’s record, Nwifuru said Ebonyi had witnessed significant infrastructure development under his administration, particularly in the road sector.

‘We have completed more than 500 kilometres of roads across the 13 LGAs. We have done roads connecting other states with span bridges,’ he said.

He urged the people to support the All Progressives Congress in the 2027 elections, expressing confidence that the party would secure victory across the state.

The governor said the administration’s political objective was to consolidate its development agenda and deliver electoral victories for APC candidates from the presidency to the governorship, Senate, House of Representatives and State House of Assembly.

Chairman of the Ojiji Izhi cultural event, Edward Nkwegu, said the festival remained a platform for transmitting the values of good morals, sincerity, industry, justice, equity and fairness handed down by the ancestors.

Nkwegu lamented the increasing erosion of traditional values among youths, attributing part of the development to modernity and Western influences.

CMFC’s President and Co-CEO, Dr Israel Ovirih named in Nigeria’s top 25 CEOs

President and Co-CEO, Critical Minerals Financing Corporation (CMFC) Plc, Dr Israel Ovirih, was at the weekend honoured as one of Nigeria’s 25 topmost chief executives, an award that highlighted Dr Israel Ovirih’s transformational leadership and impact in Nigerian economy.

Dr Israel Ovirih was awarded as one of ‘BusinessDay Top 25 CEOs’, in a selection process coordinated by Nigeria’s leading business and economy daily, BusinessDay in collaboration with the Nigerian Exchange (NGX). The data were primarily collated by the NGX based on corporate performances and records of listed companies.

Dr Israel Ovirih, a versatile investment banker and development economist, was honoured for successfully birthing CMFC as Africa’s premier investment bank for minerals and metals, with the award celebrating strategic ambition, institutional transformation and disciplined execution that made the milestone possible.

Dr Israel Ovirih’s Banklink Africa Private Equity had purchased majority equity stake in Deap Capital Management and Trust Plc and rebuilt the company through rigourous process of corporate reassessment, redirection, repositioning, recapitalisation and growth and stability.

The BusinessDay Top 25 CEOs Awards celebrates Nigeria’s most outstanding business leaders and it is widely recognised as one of the country’s most respected platforms for recognising excellence in corporate leadership and performance. The awards honour chief executives whose leadership delivered exceptional shareholders’ value, strengthened institutions, transformed industries and contribute meaningfully to the development of Nigerian economy.

Chief Executive Officer, Nigerian Exchange (NGX), Mr. Jude Chiemeka, said Dr Israel Ovirih and others top chief executives were selected based on scientific parameters for measuring corporate governance excellence and performance.

‘Your achievement represents what’s possible when enterprise and leadership come together,’ Chiemeka said.

He pointed out that quoted companies like CMFC contribute more meaningfully to the economy as publicly quoted companies have been found to be more compliant in most key parameters, including tax compliant, governance and disclosures.

He noted the strategic importance of CMFC in helping to opening up the capital market to vast minerals sector of the economy and unlocking much-needed resources for the greater development of the country.

Chief Executive Officer, BusinessDay Media, Mr. Frank Aigbogun said Dr Israel Ovirih was honoured for demonstrating exemplary attributes during a defining period for corporate Nigeria marked by macroeconomic adjustments, a period when success required more than resilience but also strategic agility, disciplined execution, innovation and capability to deliver sustainable value.

‘Your leadership reflects the core attributes celebrated by the Awards: strategic vision, resilience, innovation, disciplined execution, and the ability to build a sustainable institution in a dynamic operating environment,’ Aigbogun said.

He pointed out that the Award was a recognition of both CMFC’s organizational achievement and Dr Israel Ovirih’s leadership excellence, noting that Dr Ovirih set a record with the birth of CMFC as a specialised financing group for a high-growth segment of Africa’s economy.

He explained that the 2026 awards recognised performance during the 2025 financial year, ‘describing the past year as a year of transition for Nigeria’s economy and a period when producing results was difficult.

He said the awardees were selected on the basis of evidential research based on assessable data, pointing out that the selection process was designed to recognise substance over visibility and performance over popularity.

‘We look beyond the personality of the chief executive to the quality of the enterprise the leader is building. The Top 25 CEOs represent established businesses that have demonstrated exceptional leadership and performance,’ Aigbogun said.

He underlined the importance of the leadership factor in corporate growth and general economic development, noting that top decision makers are the engines that drive much-acknowledged private sector’s roles in building productive capacity, shared prosperity and long-term sustainable development.

He said: ‘Our economy is not built only by policy. It is built every day by companies making decisions about capital, people, technology, markets and risks’.

In a brief remarks, Dr Ovirih reassured that CMFC is committed to its vision of providing much-needed structured financing and expertise to unlock values in Nigeria and Africa’s critical minerals and metals.

He dedicated the award to shareholders, directors, staff and all other stakeholders whose efforts have continued to drive CMFC’s success story.

Other awardees included Group Managing Director, Zenith Bank Plc, Dame Adaora Umeoji; Managing Director, Jaiz Bank Plc, Dr Haruna Musa; Group Managing Director, HBM Nigeria Plc, formerly Lafarge Africa, Mr Lolu Alade-Akinyemi; Chief Executive Officer, Stanbic IBTC Holdings Plc, Mr Chuma Nwokocha; Chief Executive Officer, UPDC Plc, Mr Odunayo Ojo; Group Managing Director, VFD Group Plc, Mr Nonso Okpala; Founder and Group Managing Director, Custodian Investment Plc, Mr Wole Oshin; Managing Director, May and Baker Nigeria Plc, Pharm Patrick Ajah; Chief Executive Officer, Seplat Energy Plc, Engr Effiong Okon; President and Group Chief Executive Officer, Transnational Corporation of Nigeria, Mrs Owen Omogiafo and Managing Director, Transcorp Power Plc, Engr Peter Ikenga.

Tinubu: Era of white elephant projects is over

President Bola Ahmed Tinubu on Monday declared that the era of white elephant projects was over, warning the Regional Development Commissions against becoming conduits for wasting public funds through projects that do not directly improve Nigerians’ lives.

The President also warned the boards and managements of the commissions against corruption, marginalisation, politicisation and ethnicisation of their operations, saying his administration would not hesitate to sanction anyone found culpable.

Tinubu spoke in Abuja while declaring open the first North Central Stakeholders Development Summit organised by the North Central Development Commission (NCDC).

Represented by the Secretary to the Government of the Federation (SGF), Senator George Akume, the President charged the commissions to develop clear, concise, attainable and fundable programmes capable of unlocking the economic potential of their respective regions.

‘The era of white elephant projects is over and there is no excuse for the Commissions to become another conduit for wasting public funds.

‘Such actions will not be tolerated and government will not hesitate to sanction anyone found culpable’, Tinubu said.

Tinubu, however, assured the commissions of the Federal Government’s political and financial backing, directing the SGF to ensure that all funds accruing to them were released as and when due.

‘Government will continue to give the NCDC and other Regional Development Commissions the political and financial backing to embark on key projects that will unlock the economic and industrial potentials of the nation.

‘I therefore direct the Secretary to the Government of the Federation to ensure that all funds accruable to the Commissions are released as and when due,’ he said.

The President also urged the commissions not to rely exclusively on government funding, advising them to explore alternative sources of financing, including public-private partnerships, donor funding and development financing, subject to their establishing laws and government guidelines.

Tinubu said establishing the Regional Development Commissions was part of his administration’s Renewed Hope Agenda to accelerate development and address longstanding development gaps across the country.

He clarified that the commissions were not established to replace, duplicate or usurp the functions of any tier of government.

‘Rather, it is our way of looking at why development gaps still exist and trying to close them up for the benefit of our people,’ he said.

According to him, the commissions must focus on development priorities that unlock the potential of their respective regions while strengthening interconnectivity across the country.

He identified roads, rail and air transportation, industrialisation, security, investment, human capital development, education and health as critical sectors requiring attention.

Tinubu also charged the Ministry of Regional Development to ensure that the commissions operated within the Regional Development Policy Document, while urging the legislature to provide the necessary oversight.

Speaking specifically on the North Central, the President said the region possessed enormous potential in agriculture, food production and agro-processing, solid minerals development and processing, industrial development, peace and security.

He, however, said the region had operated below its potential for too long, challenging stakeholders to use the summit to chart a new development trajectory capable of transforming its economic fortunes.

The President acknowledged the security challenges confronting parts of the region, saying the Federal Government had intensified surveillance and intelligence gathering, established more security formations, deployed additional personnel and increased the prosecution of criminals.

He said the government had also supported dialogue and reconciliation as part of efforts to restore peace and stability.

Tinubu urged the NCDC to complement the Federal Government’s efforts to stabilise the region, stressing that meaningful development could only take place in an atmosphere of peace and security.

He described the summit’s theme, ‘The Great Leap Forward: A 20-Year Economic, Infrastructural and Social Development Plan for the North Central Region,’ as appropriate, saying it provided stakeholders an opportunity to develop a consensus-driven roadmap for the region.

The President urged participants to scrutinise the proposed development plan and ensure that it reflected the aspirations of the people while aligning with the Renewed Hope Agenda.

He warned the NCDC against letting the summit’s outcome suffer the fate of previous development initiatives whose recommendations were never implemented.

‘This Summit should not end up as one of those platforms where ideas are ventilated and reports generated only to be left dusting on the shelves. The NCDC should show a better example by following through to implementation,’ Tinubu said.

He urged the commission to translate the summit’s outcome into concrete, measurable projects that would stimulate economic activity, improve livelihoods, and unlock the North Central region’s vast potential.