Category: Business Day

MTN Nigeria, in collaboration with the Worldwide Fund for Nature (WWF) through its local partner, the Nigerian Conservation Foundation (NCF), the United Nations Development Programme (UNDP) Nigeria, and Deloitte Nigeria, has announced the 2026 Nigeria PachiPanda Challenge to identify and support young innovators developing solutions for Nigeria’s environmental challenges.

The initiative, now in its third edition, comes as Nigeria faces mounting environmental and urban challenges, including pollution, waste management pressures, climate-related risks and the need to build more resilient communities while also creating economic opportunities for its growing youth population.

Under the theme ‘Nature Meets Innovation: Unlocking Africa’s Green Economy,’ the challenge is targeting young innovators, entrepreneurs, and small and medium-sized enterprise founders between 18 and 35 years.

Participants are expected to develop practical and scalable solutions addressing environmental challenges in Nigeria across four priority areas: climate change; climate-smart cities and urban resilience; community conservation; and pollution.

MTN said the programme is designed to bridge these challenges by providing young entrepreneurs with the platform, expertise, and networks required to transform environmental ideas into commercially viable solutions.

The challenge is open to individuals and teams of up to three people. Ten finalists will be selected to participate in a four-day boot camp and pitch event in Lagos from October 19 to 22, 2026.

At the boot camp, finalists will undergo a human-centred design process focused on strengthening their business models, improving presentation and pitching skills, and refining their solutions for greater environmental and commercial impact.

The programme will culminate in a final pitch before a panel of industry experts, with the top three innovators sharing a N10 million prize pool.

The first-place winner will receive N5 million, while the second and third-place winners will receive N3 million and N2 million, respectively.

Beyond the cash prizes, the winners will gain access to industry experts, support platforms, and networks intended to help them scale their innovations. The Nigerian champions will also represent the country at the Africa PachiPanda Finale, where they will compete against national winners from other African countries.

Tobe Okigbo, chief corporate services and sustainability officer, MTN Nigeria, said environmental responsibility must be pursued alongside economic development.

‘As a business deeply connected to the communities we serve, we recognise that environmental responsibility and economic development must go hand in hand,’ Okigbo said.

He said the challenge would allow young innovators to develop solutions that address local environmental challenges, strengthen youth entrepreneurship and contribute to long-term sustainability.

Joseph Onoja, director-general, NCF, said young people should be at the centre of efforts to protect the environment.

‘By backing the PachiPanda challenge, we are handing the next generation the tools to protect nature and the confidence to act,’ he said.

William Tsuma, chief innovation officer, UNDP Nigeria, said the initiative would help young innovators co-create solutions to real-world problems while advancing inclusive growth and sustainable development.

For Deloitte West Africa, the focus will be on helping participants turn ideas into commercially sustainable ventures.

Bernard Orji, chief growth officer, Deloitte West Africa, said ‘Great ideas need sharpening to succeed. Through our collaboration, we will help these young innovators pressure-test their thinking, build commercial confidence, and turn promising concepts into ventures that can scale and last’

The challenge forms part of MTN’s broader Africa PachiPanda programme and its climate entrepreneurship mandate under its Ambition 2030 sustainability strategy.

For Nigeria, the programme could provide a pipeline for locally developed environmental solutions at a time when businesses, governments, and communities are increasingly seeking commercially sustainable responses to climate and environmental pressures.

Applications opened on July 29, 2026, and will close on August 28, 2026. The selected finalists will subsequently proceed to the Lagos boot camp and pitch event in October.

Babajide Sanwo-Olu, Lagos State Governor, on Wednesday commissioned a new Mid-Level Agro-Produce Hub in Agege as part of efforts to overhaul food distribution in Nigeria’s commercial capital and contain rising costs for its 25 million residents.

The facility in Pen Cinema is the third in the state’s hub-and-spoke network, following hubs in Mushin and Abijo, and is designed to shorten supply chains and cut post-harvest losses.

The Agege hub adds to a broader Lagos Food Systems Transformation Agenda that includes the under-construction Central Food Systems and Logistics Hub in Ketu-Ereyun, Epe.

Speaking at the launch, Sanwo-Olu said the hub represents more than a new infrastructure. ‘The commissioning of this Mid-Level Agro-Produce Hub in Agege is not simply the unveiling of another piece of infrastructure. It is the physical expression of a larger vision, one that places food security at the heart of our development agenda,’ he said.

He noted that feeding Lagos ‘demands the transformation of the entire food system,’ not just increased production, because ‘over 70 percent of that food is produced outside our borders’ and travels through ‘fragmented supply chains.’

At the center of the agenda is the Lagos Central Food Systems and Logistics Hub in Ketu-Ereyun, Epe, which the governor said will be ‘the largest food logistics hub in Sub-Saharan Africa, with the capacity to service more than 1,500 food trucks daily and to handle over 1.5 million metric tonnes of food annually.’

‘Work is at an advanced stage, and it will be commissioned before the end of this administration,’ he said.

The central hub will be supported by mid-level hubs designed to ‘shorten supply chains, reduce unnecessary layers of intermediation, improve produce handling, and make food distribution more efficient.’

He pointed to early results from the network. Since opening in December 2023, the Mushin hub ‘has recorded transactions valued at over N4 billion across 228 market days, with more than 850 registered vendors and over 7,000 direct and indirect jobs created,’ Sanwo-Olu said.

‘Well-designed market infrastructure does far more than provide a place to sell food: it improves farmers’ incomes, reduces post-harvest losses, creates jobs, and strengthens local economies.’

On Agege, he added: ‘To the traders, farmers, and aggregators who will work here: this facility was built for you, and its success now rests in your hands.’

Supporting the physical hubs is the Produce for Lagos Programme, launched in July 2025 with a N500 billion Offtake Guarantee Fund.

The program marks ‘a fundamental shift from a supply-driven to a demand-driven agricultural model,’ the governor said.

‘Rather than producing without certainty about where their output will be sold, farmers… now produce against the organised, guaranteed demand of the Lagos market. This addresses the two critical challenges farmers face: financing and market access.’

Sanwo-Olu said the state will expand further, with construction ‘progressing steadily at Opebi and Bombata,’ and additional sites identified in ‘Ikorodu, Apapa, Festac, and the Lekki axis.’

The long-term goal is ‘to establish structured food hubs across every Local Government and Local Council Development Area of Lagos State, so that no community is left behind.’

Speaking also at the commissioning, Abisola Olusanya, Lagos State commissioner for Agriculture and Food Systems described the hub as the newest node in a hub-and-spoke distribution network designed to move food more efficiently across the megacity.

The 7,000-square-metre facility in Pen Cinema includes a 4,000-square-metre trading floor for 350 to 400 vendors, plus 800 metric tonnes of dry storage and 300 metric tonnes of cold storage.

Olusanya said the project addresses long-standing inefficiencies in how food reaches Lagos residents.

‘Every project begins with a problem that needs solving, and for us the challenge was clear: how do we move food more efficiently into and across a city of this size, reduce what we lose along the way,’ she said.

The hub is meant to tackle post-harvest losses, traffic congestion from informal trading, and poor storage by consolidating aggregation, logistics and retail in ‘properly designed spaces’ while keeping commercial decisions with traders.

The Agege hub connects to a larger system anchored by the Central Food Security Systems and Logistics Hub, or ‘mothership,’ with other middle-level hubs already operating in Mushin and Abijo.

She said the network is also a data tool. Alongside the infrastructure, the ministry developed a 351-page operating framework to track ‘what is coming in, where it is coming from, the volumes moving through the facility, what is being stored and where losses are occurring.’

The hub will begin full operations in six weeks after onboarding of operators is completed, she said.

According to her, the facility is projected to facilitate in excess of N5 billion in food transactions annually.

It includes a purpose-built seafood section, parking for 80 to 90 vehicles, and 10 electric vehicle charging points. Olusanya cited Mushin as proof of concept, noting it was used to pilot the Ounje Eko Food Discount Market across 66 locations during the 2024 food inflation period.

‘Our ambition is that this should not feel like a conventional food market,’ Olusanya said.

‘From the quality and variety of produce, to the organisation of the trading areas, seafood section, cold chain, storage, sanitation and the overall shopping experience, we want Agege to demonstrate what a modern food market can look like and, over time, become a benchmark… across Africa.’

The project was developed in partnership with Origin Tech Group.

Osun State is barely days away from a governorship election that has already been shadowed by controversy. Earlier this week, the EFCC placed a ‘Post No Debit’ restriction on one of the state government’s accounts with First Bank, an account reportedly used to pay the salaries of Osun State workers, citing an ongoing investigation into alleged mismanagement of ecology, intervention, and FAAC funds running into billions of naira.

The move sparked immediate backlash from Governor Ademola Adeleke, opposition figures, and civil society groups, who questioned both the timing and the legal basis for freezing a state government’s account so close to a poll. President Bola Tinubu has since directed the EFCC to vacate the court order and lift the freeze, phoning Governor Adeleke personally to confirm the reversal. Still, the episode has left many Nigerians asking hard questions about the independence of federal institutions, the fairness of the electoral process, and what it all means for the credibility of not just this election, but the ones to come.

With emotions still running high and civil servants watching closely to see whether salaries will be paid on time, this month’s BusinessDay 2027 Election Insights poll asks where you stand.

The United Nations Population Fund (UNFPA) has commended the Kwara State Governor Abdulrahman Abdulrazaq for his administration’s investments in human capital development, inclusive growth, reproductive health and maternal and child healthcare.

The commendation came as the UNFPA announced a $4.5 million matching fund for Nigeria, with Kwara State among the beneficiaries, to support the procurement of contraceptives and life-saving maternal health commodities.

Muriel Mafico, the UNFPA Resident Representative to Nigeria, disclosed this in Ilorin when she led a delegation of the agency on a courtesy visit to Governor Abdulrazaq at the Ahmadu Bello House, Ilorin.

In a statement signed by Mashood Abdulrafiu Agboola,

Deputy Chief Press Secretary, Mafico explained that the matching fund was aimed at helping Governments bridge funding gaps in the procurement of reproductive health and life-saving maternal health commodities.

She said Kwara’s commitment to reproductive health and human capital development had positioned the state to benefit from the intervention.

‘This is our offer this evening. Four-point-five million dollars is earmarked for Nigeria. As long as there is evidence of procurement of reproductive health supplies, you are able to get the matching funds.

‘We recognise your efforts, we recognise your leadership, but we too have to show leadership. We have to invest and co-invest in your vision,’ she said.

The UNFPA representative commended Governor Abdulrazaq’s leadership, particularly his administration’s focus on human capital development, inclusive governance and maternal and child health.

‘We have seen a lot of movement under your leadership. When I heard about coming for this visit, some of my colleagues were telling me that the Governor is a champion for investing in human capital development.

‘You have also been a consistent champion in inclusive leadership. I was also told about the progress that has been made in investing in maternal and child health because we know that investing in people is the best investment we can make for any country.

‘You have been named as one of the Governors who really stand for investing in the people,’ Mafico said.

Mafico also commended the State Government for the progress recorded under EU-supported projects, including the engagement of more than 100 community midwives, procurement of N1 billion worth of health commodities and training of 400 health workers across the state.

She further praised the administration’s efforts in addressing gender-based violence and ensuring that survivors have access to healthcare through the National Health Insurance Scheme.

‘When it comes to gender-based violence, a scourge that permeates across the globe, we have seen Kwara rising to the occasion and ensuring that survivors of gender-based violence are able to benefit from the National Health Insurance Scheme,’ she added.

Mafico posits the achievements recorded by the state required strong leadership, coordination and adequate resources, adding that UNFPA was encouraged by the government’s prioritisation of such investments.

‘All these initiatives require leadership, coordination and resources. And under your leadership, we have the prioritisation of these investments.

‘So, we are here to thank you for leading the initiatives in Kwara and making our lives very simple and easy. When you have leaders who already know the direction they want to take, it is easy to support,’ she said.

Responding, Governor Abdulrazaq thanked Mafico and her delegation for the visit and the continued support of UNFPA to the state.

He described the visit as an opportunity to strengthen the longstanding partnership between the state government and the agency and to acknowledge its contributions to Kwara’s development.

‘This visit is an opportunity to strengthen our longstanding partnership and acknowledge UNFPA’s significant contributions to our development efforts.

‘We deeply appreciate UNFPA’s support in adolescent and youth development, reproductive health, women’s empowerment, human capital development and demographic dividend planning,’ the Governor said.

Abdulrazaq said UNFPA had supported Kwara in several areas, including technical assistance, capacity building, policy support, data development and strategic planning.

According to him, the interventions have strengthened the capacity of government institutions and personnel to deliver better services to the people.

Mary Arinde, the Commissioner for Planning and Economic Development, also commended UNFPA for its continued support to the state, assuring that the government would remain committed to efficiency, accountability and transparency in implementing its programmes.

The National Association of Nigerian Students (NANS) has launched applications for the 2026 edition of NANSInnovate, its entrepreneurship initiative targeting student-run businesses across the country’s tertiary institutions.

Akinteye Babatunde, the national president NANS, announced the opening of applications in a statement issued recently, inviting students with existing ventures or business concepts to take part in the scheme.

The association said the programme is aimed at identifying and backing student entrepreneurs in universities, polytechnics and colleges of education nationwide, giving them a platform to pitch to investors, business leaders and industry experts.

Why it matters

NANS said the initiative addresses a funding gap that has stalled many promising student business ideas. A NANS official noted that numerous viable concepts from students never progress beyond the classroom due to limited access to capital and opportunity, adding that the programme was designed to reward innovation and support student entrepreneurs at a national level.

Twenty finalists will emerge from the process to compete in a national pitch event for cash prizes running into millions of naira.

Eligibility

To qualify, applicants must be Nigerian citizens currently enrolled in a recognised university, polytechnic or college of education in any of Nigeria’s 36 states or the FCT, and must have either an active business or a developed business idea.

Documentation required

Applicants must submit: A valid student ID card (JPG, PNG or PDF), a business proposal in Microsoft Word (.docx) format, no more than 10 pages. Besides, applicants are expected to bring along the proposal formatted in Times New Roman, size 12, single-line spacing, and not exceeding 5MB in size CAC or SMEDAN registration certificates may be attached but are not mandatory.

Application process

Interested students can apply via the NANSInnovate portal at grants.nanshq.org. The process requires applicants to input personal and institutional details, select a business category, production/manufacturing, trading/merchandise, services, or agriculture, and indicate whether their venture is a new idea or an existing business.

Applicants must upload their student ID and proposal, along with a 100-word pitch outlining the business, its significance, and intended use of funding.

On completion, each applicant receives a unique entry code for tracking application status, which NANS has advised participants to save.

NANS confirmed the application process is free and cautioned students against making any payments in connection with the scheme, describing any such solicitation as fraudulent and urging that it be reported.

Beyond the funding competition, the week-long programme will include mentorship sessions, networking opportunities, and engagement with investors and industry leaders, alongside the culminating pitch event for the top 20 finalists. Applications are open now at grants.nanshq.org.

Governor Douye Diri of Bayelsa State has identified the absence of justice, equity and fairness as the three pillars responsible for Nigeria’s tottering democracy.

Diri also stated that without the practice of fiscal federalism and the preponderance of the rule of law, democracy would continue to struggle in the country.

He made the comments on Tuesday, while delivering a goodwill message at the 2026 Goodluck Jonathan Foundation Democracy Dialogue at the International Conference Centre, Bauchi.

A statement by Daniel Alabrah, his Chief Press Secretary, said that Diri contended that, having long taken the wrong turn in its democratic journey, Nigeria needed to correct some of its structural imbalances to make the country beneficial to its citizens.

He cited Bayelsa as a case study, saying the injustice in resource exploitation, particularly crude oil, and the attendant lopsidedness in national revenue distribution had continued for decades.

Governor Diri stated that oil-bearing areas in the State and the Niger Delta still lacked commensurate development more than 60 years after oil exploration began, despite generating so much revenue for the country.

He equally faulted a situation where the state, with only eight local government areas, had revenue from its resources shared in Abuja to states without oil, but with more local governments.

According to him, there was also a relationship between resource exploitation and insecurity in the country, noting that the mining of gold in some states in the north had been followed by heightened insecurity in those states.

He commended former President Goodluck Jonathan and his foundation for organising and sustaining the annual dialogue, saying the country required such platforms to jaw-jaw in order to develop a truly democratic culture.

He said, ‘We are gathered here again today because of this annual discourse, which I recall had also been held in Bayelsa State when our leader started moving it to the states.

‘The topic is about democracy, and I like to bring it home to Bayelsa State. Democracy has been well-defined by former President Olusegun Obasanjo, and it is about the rule of law.

‘To my mind, democracy is built on three pillars – justice, equity, and fairness. And I believe that we missed the road of democracy in Nigeria long ago because there is no justice. There is injustice where Oloibiri, the oil community in Bayelsa that made Nigeria a commercial oil-producing country, remains a shadow of itself.

‘It is ironic that at the end of every month, all our states go to Abuja to share oil money. I do not think that is what democracy is all about. For instance, Southern Ijaw, an oil-rich local government area in my state that brings so much money to Nigeria, had no road access for more than 60 years until I invited former President Obasanjo, who graciously came to inaugurate a project there.

‘This local government also had no access to its headquarters until recently, when my administration constructed a 630-meter bridge across a river to the place.

‘Also, to my mind, there is total injustice where my state has just eight local government areas. Some other states have 40 or more. But the resources from my state are shared among those local government areas from my eight. No matter who becomes president, this injustice and unfairness continues. Resources are being expropriated.

‘Today, there is gold in Zamfara and other northern states. And what do we experience? Insecurity. Most of the insecurity has been traced to the discovery of gold in that far north.

‘So, my dear leaders, my conclusion is that for democracy to thrive in Nigeria, there must be true federalism. Until we begin to practice federalism, we will have some pseudo-democratic, pseudo-autocratic, and sometimes even a tyrannical government in this country.

‘However, I congratulate my elder brother and our former president, who has made this dialogue possible, and we must continue to jaw-jaw, so that at the end of the day the country will be better for us all.’

The event, with the theme: ‘Beyond Elections: Can Political Parties and the Judiciary Save African Democracy?’ was held in collaboration with the Bauchi State government and chaired by former President Olusegun Obasanjo.

Jonathan, his wife, Patience Jonathan, former Vice President Namadi Sambo, Bala Mohammed, Governor of Bauchi, Anyim Pius Anyim, former Senate President and Secretary to the Government of the Federation, Peter Obi, presidential candidate of the Nigeria Democratic Congress and former Governor of Anambra State, were among the dignitaries at the event.

Russia’s Novorossiysk port hit in major Ukrainian attack

A large Ukrainian drone and missile strike on Russia’s Black Sea port of Novorossiysk has damaged two major grain export terminals and reportedly hit Russian naval vessels.

Three people, including an eight-year-old child, were killed and 24 others injured, according to local officials. Ukrainian President Volodymyr Zelensky said the operation involved missiles, aircraft and naval drones and targeted Russia’s Black Sea Fleet.

Ukraine’s military said four Russian warships were hit, while Russian authorities have not confirmed the claim. The attack also damaged pipelines and disrupted water supplies in the city.

Novorossiysk has become a key base for Russia’s Black Sea Fleet after Ukrainian attacks forced much of the fleet away from Sevastopol. The port is also an important hub for Russian grain exports, prompting Moscow to consider redirecting cargo through Baltic and Caspian ports and land routes.

16 inmates injured after lightning strikes Ohio prison

Sixteen inmates were injured when lightning struck a prison in Ohio during severe storms, with one requiring an airlift to hospital.

Nine inmates have returned to the facility, while seven remain hospitalised, including one in serious condition. The prisoners were outside moving between buildings after dinner when the lightning strike occurred.

The incident came amid severe weather across the US Midwest, where tornadoes, flash floods and strong winds have caused deaths, injuries and widespread damage.

Trump sued over $100,000 Truth Social service

Donald Trump, US President, is facing a lawsuit over a Truth Social subscription service that charges companies up to $100,000 a month for early access to his posts.

The Intercept and Freedom of the Press Foundation filed the case in a New York federal court, arguing that the service gives wealthy subscribers access to potentially market-moving presidential information seconds before the public.

Trump Media and Technology Group rejected the allegations, describing the lawsuit as an attempt by political opponents to censor the president.

Lakers set for record $12.5bn sale

The Los Angeles Lakers are reportedly set to be sold for $12.5 billion in what would be a record transaction for a sports franchise.

Josh Kushner and former Disney chief executive Bob Iger are among the investors buying the controlling interest. The reported deal comes less than a year after Mark Walter acquired a majority stake in the NBA team.

The sale would surpass the previous record valuation for a sports franchise and further highlight the soaring value of major US sports properties.

Spotify to label AI-generated artists

Spotify will begin identifying some AI-generated artists with an ‘AI Persona’ label as part of efforts to give listeners greater transparency.

The label, expected to appear on selected artist profiles from September, will indicate when an artist’s identity may have been generated by AI rather than representing a real person.

The move follows growing concerns from musicians and listeners about AI-generated music and its impact on human artists.

White House expansion costs approach $1bn

The Trump administration is planning to spend nearly $1 billion on construction and expansion work at the White House, including a large ballroom that would replace much of the East Wing, according to documents cited by The Washington Post.

The administration has defended the project as necessary for security and modernisation and has previously said private donors would fund the work.

Iraq Sets September 30 as Final Deadline for US-led Coalition Withdrawal

Iraq has set September 30 as the ‘fixed and final’ deadline for ending the US-led international coalition’s military mission and completing the withdrawal of its forces from the country.

Prime Minister Ali al-Zaidi announced the deadline after meeting US Central Command Commander General Brad Cooper on Wednesday, according to the Iraqi prime minister’s office.

The withdrawal would mark the end of a foreign military presence that dates back to the 2003 US-led invasion of Iraq. Baghdad and Washington agreed in 2024 to gradually wind down the coalition’s military operations against ISIL (ISIS).

The Iraqi government said October 1 would mark a ‘new day’ for the country, with Iraq free of foreign military forces.

It also stressed that placing all weapons under the exclusive control of the Iraqi state was essential to moving the country towards greater stability, development and prosperity.

The deadline follows discussions during al-Zaidi’s visit to Washington in July, with both sides reaffirming September 30 as the date for completing the coalition’s military mission and withdrawal.

Colombia declares mourning after deadly earthquake

Colombia has declared three days of national mourning following a powerful 7.4-magnitude earthquake that killed more than 200 people.

The disaster destroyed or damaged buildings and roads across western Colombia, with more than 2,500 people injured and hundreds still reported missing. Rescue teams continue to search for survivors as authorities assess the scale of the destruction.

The earthquake is an early major crisis for President Abelardo de la Espriella, who took office only days before the disaster.

Lake Kariba ferry disaster kills at least 44

At least 44 people have died after a ferry capsized on Zimbabwe’s Lake Kariba, prompting President Emmerson Mnangagwa to declare a state of disaster.

The vessel was carrying passengers and crew when it overturned after being hit by a strong wave. Police said 77 people had been rescued as search and rescue operations continued.

The exact number of people aboard remains unclear, with officials giving different estimates.

DRC Ebola cases rise to 4,449

Confirmed Ebola cases in the Democratic Republic of Congo have risen to 4,449, including 2,061 deaths, according to government data.

A separate study published in Nature Medicine found that the current outbreak involves a previously unseen variant of the Bundibugyo species, suggesting it originated through a fresh animal-to-human transmission before spreading between people.

Researchers said genetic sequencing could improve the early detection and containment of future Ebola outbreaks. There is currently no approved vaccine or treatment specifically for Bundibugyo Ebola.

Family is everything in Nigeria, but it also comes with a bill. According to the PiggyVest Savings Report 2024, over 70% of Nigerian income earners regularly provide financial support to extended family members or friends, with 46% doing so monthly.

A more recent Cowrywise analysis puts real numbers to it: some Nigerians send as much as 28-40% of their monthly income to family, money that disappears before rent, feeding, or personal savings are even considered. Beyond black tax, family money matters get even messier when it comes to sibling business partnerships and inheritance, where love, loyalty, and legacy often collide with cash.

This August, BusinessDay Gen Z Pick 2026 wants to hear from you: Is ‘black tax’ community care or quiet burden? Would you ever go into business with your brother or sister? And who really gets the inheritance when papa’s will isn’t clear?

In what is targeted at strengthening food security and improving the efficiency of food distribution across Lagos, Nigeria’s arguably most populous state, the government on Wednesday commissioned a Mid-Level Agro-Produce Hub at Pen Cinema, Agege.

The latest fresh food hub sits on approximately 7,000 square metres, with a 4,000-square-metre trading floor capable of accommodating between 350 and 400 vendors. It has approximately 1,200 square metres of dry storage with a capacity of about 800 metric tonnes, alongside 300 metric tonnes of cold storage, giving it considerable capacity for preservation and management of fresh produce. The facility also includes an expanded, purpose-built seafood section, with parking for about 90 vehicles to support circulation and logistics, and could handle foods worth over N5 billion annually.

At the commissioning yesterday, the state governor, Babajide Sanwo-Olu, said it was designed to shorten food supply chains, reduce post-harvest losses, improve produce handling and make food distribution more efficient in Lagos.

According to the governor, Lagos’ population of over 25 million people and its dependence on food produced outside the state made it necessary to transform the entire food system, from production and aggregation to logistics, processing and marketing.

According to him, more than 70 percent of food consumed in Lagos was produced outside the state, exposing consumers to high transportation costs, supply disruptions, post-harvest losses and price volatility.

He noted that the Agege hub was part of a network of mid-level agro-produce facilities being developed across Lagos. He cited the Fresh Food Hub in Mushin, commissioned in December 2023, which has recorded transactions worth more than N4 billion across 228 market days, with over 850 registered vendors and more than 7,000 direct and indirect jobs created.

Sanwo-Olu also disclosed that the Lagos Central Food Systems and Logistics Hub at Ketu-Ereyun, Epe, was at an advanced stage and would be commissioned before the end of his administration. He said the flagship facility would have modern storage, processing, quality-control and logistics infrastructure, with capacity to handle over 1.5 million metric tonnes of food annually.

The governor added that construction was ongoing at Opebi and Bombata, while locations had been identified in Ikorodu, Apapa, Festac and the Lekki axis.

He said the state had trained over 125,800 farmers and fishermen, while more than 4,000 youths had benefited from the Lagos Agripreneurship Programme. Sanwo-Olu urged traders, farmers and aggregators to take ownership of the Agege hub and ensure it delivers its intended benefits to Lagos residents.

Abisola Olusanya, the state Commissioner for Agriculture and Food Systems, said produce would move into the hub through farmers, aggregators, processors, suppliers and bulk dealers, and from there through commissioned agents, retailers and institutional buyers to the consumer, with cold and dry storage providing the ability to preserve produce where immediate sale is neither necessary nor desirable.

Brazilian football legend Ronaldinho is making an ambitious move into basketball, reportedly submitting an official offer to acquire AS Monaco Basketball as the French club battles serious financial difficulties.

The 2005 Ballon d’Or winner has teamed up with Andorran investment fund Clayton Sport in a proposed takeover that could see about pound 10 million invested in Monaco each season over a three-to-five-year period.

According to French newspaper L’Équipe, Ronaldinho and Clayton Sport submitted a letter of intent to Monaco’s management on Monday, putting the football icon at the centre of a potential rescue of one of European basketball’s most prominent clubs.

Ronaldinho moves beyond football

At 46, Ronaldinho could take on a substantially more active role than that of a celebrity ambassador if the takeover succeeds.

Reports indicate that the former Barcelona and AC Milan star could personally invest in the project and participate in the club’s future operations.

The proposed investment comes as Monaco faces mounting financial challenges and searches for new ownership capable of stabilising its finances and preserving its position in elite European basketball.

The immediate priority for Ronaldinho’s group would be to address the club’s outstanding financial obligations.

The proposal reportedly includes repayment of around pound 2.5 million owed to the EuroLeague, alongside a pound 5 million bank guarantee required by France’s financial regulator, the DNCCG.

Beyond resolving those immediate liabilities, the group is considering a longer-term commitment that could provide Monaco with approximately pound 10 million per season for between three and five years.

If completed, the deal would mark a significant transition for Ronaldinho from global football icon to sports investor, giving him a stake in one of Europe’s leading basketball properties.

Ronaldinho faces NBA-backed rival

Ronaldinho’s group is not the only consortium seeking control of Monaco Basketball.

Helen Holdings, a consortium backed by former NBA star Jamal Mashburn, is also in negotiations with the club.

Those discussions are reportedly at an advanced stage, creating a competitive race for ownership at a time when Monaco urgently needs fresh capital.

The club had initially targeted August 14 for an agreement, although the financial and sporting implications of the ownership process could extend beyond that date.

Financial crisis threatens Monaco’s basketball future

The ownership battle comes against the backdrop of a serious financial crisis that has already affected Monaco’s sporting status.

The club has been excluded from France’s top division for the 2026/27 season because of its financial situation and intends to challenge the decision through the French National Olympic and Sports Committee (CNOSF).

Monaco has until August 18 to submit its appeal

Securing a financially credible investor is therefore critical to the club’s immediate future. A takeover would not simply change Monaco’s ownership structure but could determine whether the team remains competitive at the highest level.

From EuroCup success to European powerhouse

The urgency contrasts sharply with Monaco’s rapid rise in European basketball.

Founded in 1928, AS Monaco Basketball experienced its biggest transformation during the past decade, culminating in the club establishing itself as a major force in European competition.

Monaco won the EuroCup in 2021 before progressing into the EuroLeague and challenging Europe’s elite clubs.

The club’s rise has made its current financial difficulties particularly significant for European basketball, with potential investors being asked to protect both its sporting ambitions and commercial value.

For Ronaldinho, the proposed takeover would represent a dramatic expansion of his involvement in the sports business.