Category: Business Day

George Akume, Secretary to the Government of the Federation (SGF), has charged Nigerian youths to take advantage of the ongoing voter registration exercise to engage in the democratic process.

This is just as he emphasised that their participation is crucial to strengthening democracy and ensuring good governance in the country.

Akume made the call when a delegation of the President’s National Youth Service Corps (NYSC) Honour Award from Benue extraction led by Simeon Aer, it’s leader, paid him a courtesy visit in Abuja.

Segun Imohiosen, the Director, Information and Public Relations, office of the SGF, in a statement , said Akume also underscored the premium the Tinubu-led administration places on the welfare of youths through empowerment and provision of an enabling environment to enable them harness their potential for national development.

He therefore urged them to participate in voter registration and vote for President Bola Ahmed Tinubu for inclusivity and sustainable development.

Akume congratulated the recipients of the President’s NYSC Honour Award for their meritorious service to their fatherland.

He also urged them not to relent in the pursuit of their dreams and aspirations in life, assuring them that they have what it takes to be where he is and even beyond. He further assured them of automatic employment to enable them to contribute their quota to national development.

Speaking earlier, Simeon Aer, leader of the delegation of the President’s NYSC Honour Award, said that the purpose of the visit was to present to the SGF the numerous awards they received in recognition of their selfless service to the nation during their NYSC.

He also presented the Female Overall Best NYSC member, Akase Patience Nguwasen, to the SGF.

Also speaking, Patience Nguwasen, the Female Overall Best NYSC member (2020-23), thanked President Bola Tinubu for the honour and also expressed her gratitude for acknowledging her contribution to the nation during her national service.

She also advised the current and prospective corps members to put the passion for service to the nation above money so that they will leave a mark after the completion of their national service.

‘The awardees were from Benue extraction, who were also among the 200 recipients of the President’s NYSC Honour Award presented by President Bola Ahmed Tinubu in recognition of their outstanding service to the nation from 2020-2023.’

When Nigeria’s House of Representatives announced yet another probe into the moribund state of the nation’s oil refineries and huge funds sunk into rehabilitating them, many Nigerians could hardly muster enthusiasm.

Many Nigerians expressed frustration that the federal government spent $18 billion to repair idle refineries, yet Aliko Dangote, an individual, built one of the largest functioning refineries from start to finish with $20 billion. Citizens are desperate for results and accountability, but the news of a fresh probe was not met with hope but with a sigh, a familiar reminder of years of fruitless investigations and unending promises.

Last Thursday, the House resolved to set up a new joint committee to investigate the $18 billion reportedly spent on the rehabilitation of Nigeria’s four state-owned refineries between 2010 and 2024. The joint committee will be composed of members drawn from the Committees on Petroleum Resources (Upstream and Downstream), Public Accounts, Anti-Corruption, Finance, and Legislative Compliance. It is tasked with investigating the funds appropriated and disbursed for the rehabilitation of the refineries in Port Harcourt (two), Kaduna and Warri.

The committee is also to ascertain the actual status of the refineries, examine how public funds were utilised, and identify agencies responsible for any infractions or mismanagement.

A familiar drama

This is not the first time lawmakers have launched such a probe, in fact, it is one of many. Just few months back, in July 2025, the Committee on Petroleum Resources (Downstream) inaugurated technical sub-committees to investigate investments in the Turnaround Maintenance (TAM) of local refineries and why the exercise has failed to yield any results.

Before that, in 2023, the House examined the N11.3 trillion allegedly spent by the Federal Government to rehabilitate the refineries between 2010 and 2020. Neither investigation produced a conclusive report or any meaningful accountability.

Benjamin Kalu, the Deputy Speaker who presided over the session, gave the committee four weeks to report back for further legislative action. Yet, few Nigerians expect much from that timeline. Similar deadlines have come and gone in previous probes, which ended with no public report or sanction.

For many citizens, the pattern is predictable: the House announces an investigation, committees are formed, and public hearings are held. But in the end, nothing changes. This repeated cycle has eroded public confidence not only in the National Assembly but also in the government’s willingness to enforce accountability.

Chidi Omeje, a Political analyst observer, described the repeated probes as ‘mere theatrics,’ arguing that they often serve political and financial interests rather than genuine reform.

That sense of futility is widely shared among Nigerians reacting to the development on social media. ‘Point out to me any probe successfully carried out by the Senate or the House of Representatives since the return of democracy in 1999. Every probe is always an avenue for them to collect bribes from the institutions they mark out to probe, which is very bad’, Olanusu Akin wrote on X (formerly Twitter). Another user, @Briggsisgreat, posted sarcastically: ‘Oh wow, another investigation in Nigeria? Can’t wait for the thrilling sequel where absolutely nothing happens again.’ Similarly, @Okariauke commented: ‘When you hear ‘House of Representatives or Senate investigation into corruption matters,’ that only means settle us, you can’t eat all alone. I can bet that nothing would come out of the investigation.’

And for @DatKindguy, the numbers themselves are an indictment: ‘Wait I don’t get it. Dangote spent approximately $20bn to build a full scale refinery from scratch. Yet, the Nigerian government couldn’t even repair her own refineries with $18bn. This is totally absurd. It’s a huge public disgrace. The government is a joke.’

@Preston also wrote, ‘If an individual like Dangote could build a new refinery for $20 billion, then why is it so difficult for the Nigerian government to rehabilitate a once-functioning refinery? The mind-blowing thing is that they spent $18 billion and yet it’s still not working.’

The saga of Nigeria’s refineries reads like a tragic loop. Built in the 1970s and 1980s, they once symbolised industrial pride. By the 1990s, mismanagement, corruption, and neglect had reduced them to shells. Every administration since has pledged to fix them. None has succeeded.

In 2007, the Obasanjo government sold the Port Harcourt and Kaduna refineries to a consortium led by Dangote. But the sale was reversed months later by the late President Umaru Musa Yar’Adua, who argued that the assets should remain under state control. The government opted instead for ‘rehabilitation’, a decision that has cost the country billions without producing a drop of refined petrol.

In 2021, the Buhari administration approved a $1.5 billion contract to revamp the Port Harcourt refinery. Four years later, it remains inactive. Meanwhile, Nigeria continues to import fuel often from refineries abroad using its own crude oil.

Bayo Ojulari, Group Chief Executive Officer of NNPC Limited recently admitted that the refineries are still non-functional despite significant investments. He even suggested that the government may eventually sell the plants, raising new questions about transparency, fiscal prudence, and long-term energy security.

Even as billions vanish into maintenance projects that never materialise, the NNPCL continues to request fresh funds for the same purpose. The Cost of Dysfunction

Despite being Africa’s largest crude oil producer, Nigeria paradoxically spends billions importing refined fuel. The removal of petrol subsidies by the Tinubu administration in 2023 has only deepened public frustration, as fuel prices have tripled and inflation surged to record highs.

Experts warn that without functional refineries, Nigeria’s economy will remain exposed to global market shocks. The government’s inability to refine crude domestically also deprives it of thousands of industrial jobs and billions in foreign exchange savings.

‘The refineries are not just assets; they’re symbols of our dysfunction. Each probe without punishment sends a message that corruption pays’, Innocent Okechukwu, a political critic, said.

As lawmakers prepare to summon ministers, contractors, and NNPC executives yet again, the prevailing mood is one of scepticism, not hope. The refineries may someday roar back to life, but until transparency and accountability become more than words, most Nigerians have stopped believing.

Folusho Odegbaike, Chief Executive Officer of HYT Consulting, has received the Outstanding Leadership and Talent Development Award at The Corporate Awards held in the United Kingdom recently.

The award, which recognises excellence in business leadership and workforce development, according to a statement, acknowledges Folusho Odegbaike’s contribution to human capital growth and organisational transformation across Africa.

Folusho Odegbaike, who has spent over two decades in the human resources industry, leads HYT Consulting, a firm that manages more than 6,000 outsourced employees across Nigeria and Ghana. Under Folusho’s leadership, the company has expanded its operations to Lagos, Abuja, Port Harcourt, and Accra, providing integrated HR strategy, learning, and performance management solutions to clients in the telecommunications, energy, FMCG, e-commerce, and financial sectors, the statement further said .

At a related UK engagement themed ‘Building Future-Ready Workforces’, Folusho Odegbaike joined global leaders to discuss leadership, employability, and workforce competitiveness in emerging markets. Folusho highlighted Africa’s growing potential through investments in talent development.

‘Africa’s greatest opportunity lies in its people. At HYT, we have seen first-hand how investing in talent can transform organisations, industries, and nations,’ Folusho said. ‘This recognition affirms our belief that when you build people, you build performance, and ultimately, you build value.’

The organisers of The Corporate Awards said the recognition underscores Folusho Odegbaike’s efforts in promoting workforce transformation, advancing women in leadership, and positioning human capital as a strategic advantage for Africa’s growth.

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), said that the bank will maintain its firm commitment to monetary stability as the foundation for inclusive and sustainable growth, insisting that credible reforms must be sequenced to deliver lasting confidence in the economy.

He made the remarks at London Business School’s Wheeler Institute for Business and Development during the ‘In Conversation with the Governor of the Central Bank of Nigeria’ event held on Friday, October 10, 2025, supported by J.P. Morgan and Goldman Sachs. The dialogue, moderated by Professor Hélène Rey, Lord Bagri Professor of Economics, brought together investors, academics, and policy leaders to explore Nigeria’s reform trajectory amid global financial uncertainty.

‘We stayed with orthodox monetary policy, and the economy is responding,’ Cardoso said. ‘Inflation has moderated, growth has climbed above four percent, and we’re seeing early signs of macroeconomic stability after years of volatility.’

Nkiru Balonwu, an adviser to the Governor, said the London event was part of a new era of transparency at the Central Bank.

‘Events like this reflect something central to the Governor’s leadership. Transparency, open dialogue, and learning between policymakers, academia, and markets. Across the world, central banking is evolving, and Nigeria must be part of that evolution,’ Balonwu said.

‘We stayed with orthodox monetary policy, and the economy is responding,’ Cardoso told participants. ‘Inflation has moderated, growth has climbed above four percent, and we’re seeing early signs of macroeconomic stability after years of volatility.’

Cardoso explained that the guiding philosophy of the Central Bank’s approach is sequencing, ensuring that stabilization precedes expansion. ‘You cannot have inclusive growth without first restoring confidence in the fundamentals,’ he said. ‘Stability is not the absence of change; it is the environment that allows productive change to occur.’

The governor noted that when the current reforms began, Nigeria’s economy was struggling under a combination of exchange-rate distortions, structural bottlenecks, and eroded investor trust. The priority, he said, was to re-establish macro credibility by applying disciplined, data-driven monetary policy tools.

‘The economy we met was one where confidence had eroded, in markets, in prices, and even in data,’ Cardoso told the audience. ‘The decision to return to orthodox policy was not ideological; it was practical. It was the only way to rebuild credibility.’

He said that stabilisation measures had been challenging for households and businesses, but insisted they were yielding measurable results. ‘Reforms of this magnitude are never painless,’ he said, ‘but without a stable base, even well-intentioned fiscal or social policies collapse under volatility.’

The Governor cited early indicators of progress: a narrowing exchange-rate premium, improved liquidity in the FX market, easing inflation momentum, and the return of investor inflows into fixed-income instruments. ‘Investors are watching for consistency,’ he said. ‘Our focus is to sustain stability long enough for market confidence to harden into long-term investment decisions.’

When an impact investor in the audience asked about persistently high lending rates and limited access to credit for small businesses, Cardoso stressed that the monetary tightening cycle was transitional.

‘Interest rates reflect inflation expectations,’ he said. ‘As we bring inflation down and rebuild balance-sheet confidence, rates will follow. What matters most is that credit, when it flows, is built on stability, not speculation.’

Cardoso also provided deeper insight into the bank recapitalization programme, which he framed as an ‘investment in future resilience.’ He said Nigerian banks must be equipped to finance large-scale projects, in energy, manufacturing, infrastructure, and technology – without compromising their balance sheets.

‘We want stronger, better-capitalized banks writing bigger tickets for productive sectors,’ he said. ‘This is about preparing for the scale of investment required in a trillion-dollar economy. It’s not about crisis; it’s about capacity.’

Mayokun Ajibade, Special Adviser on Financial Markets and Economic Policy, echoed the governor’s remarks, describing stability as the quiet engine of confidence

‘Fiscal and monetary coordination has improved markedly,’ Ajibade said. ‘The reforms are not isolated. They’re synchronized, fiscal discipline, FX liberalization, and banking-sector resilience all feed into the same macro story.’

Cardoso said that the next phase of reform is not just about more capital, but about capital that’s sustainable, inclusive, and forward-looking, such that aligns with the global transition economy.

‘Confidence comes from consistency. That’s why our focus has been to stabilise prices, unify the FX market, and create an environment where policy is predictable and transparent, ‘ he said.

Senator Shehu Buba, representing Bauchi South Senatorial District, has expressed optimism that the current economic hardship in Nigeria will soon come to an end.

He made the remark during the distribution of 21,000 bags of semovita to his constituents at the Jummaat Mosque in the Federal Low-Cost area of Bauchi.

The lawmaker expressed confidence that the hardship will soon come to an end, citing the progress made by the federal government under the leadership of President Ahmed Bola Tinubu in revamping the economy.

He further said the current economic hardship is being tackled from different dimension including the distribution of palliatives, an effort he has consistently undertaken, not only for his constituents but also for the people across the state.

According to him, ‘The federal government had to a large extent been able to stabilise the exchange rate of the national currency against others thereby improving imports and exports.’

He revealed that Senator Sama’ila Dahuwa, who represents Bauchi North Senatorial District, will soon join the All Progressives Congress (APC) following his resignation from the Peoples Democratic Party (PDP). He also appealed to Senator Abdul Ahmed Ningi, representing Bauchi Central, to leave the PDP and join the APC so they can collectively work toward the progress of the state and the nation.

Senator Buba also commended members of his constituency for their peaceful conduct, noting that their support has greatly contributed to the APC-led government’s efforts in delivering the dividends of democracy to the people.

He solicited for the continued cooperation of the people with the government at all levels stressing that ‘without peace there cannot be meaningful development.’

In his remarks, Abdulkadir Gyangyan, chairman of the distribution committee, explained that the exercise began with the allocation of 1,000 bags each to seven local government areas; Alkaleri, Bauchi, Bogoro, Dass, Kirfi, and Toro, while the remaining 13 LGAs will receive 500 bags each.

He added that the rest will be shared among party officials at the zonal and state levels, political organisations, as well as selected individuals and associations.

Gyangyan, who also serves as the State Organising Secretary of the All Progressives Congress (APC), commended Senator Buba for his consistent efforts in supporting his constituents, saying, ‘You have helped reduce hunger among our people.’

Insurance experts in the West African sub-region have identified critical role of insurance in closing finance gap towards tacking climate change risks.

According to the experts, traditional budgetary responses are no longer sufficient, hence, the need to strengthen financial instruments that give opportunity to anticipate shocks rather than merely react to them.

The experts made the observation at the ongoing 2025 Education Conference of the West African Insurance Companies Association (WAICA) taking place in Lagos with theme: ‘The West African Insurers in the Face of Climate Change’.

Olusegun Omosehin, commissioner for Insurance/CEO, National Insurance Commission (NAICOM) in his remarks at the event said climate change is rewriting the narrative of our region. ‘It is testing the strength of our economies, the endurance of our communities, and the responsiveness of our institutions.

‘It has become a macroeconomic threat, influencing fiscal policy, national budgets, and the stability of our financial systems.’

According to him, the evidence is sobering. ‘In 2024, flooding affected over 7.5 million people across 16 West African countries. Nigeria alone accounted for 1.3 million displaced persons. In 2025, over 33,000 Nigerians were displaced, 3,800 homes destroyed, and 5,300 hectares of farmland submerged, threatening food security and economic stability.’

Omosehin said these are not just statistics, they are stories of disruption, loss, and delayed development, but however noted that within this crisis lies an opportunity, to redefine the role of insurance as a force for resilience and sustainable development.

On how insurance can respond adequately, he called on insurers, reinsurers and leaders across WAICA member states to swing to action.

‘We must innovate boldly, developing parametric and microinsurance products tailored to our region’s climate realities; invest in data and technology to improve climate modelling, risk assessment, as well as product delivery’.

He also called for collaboration across borders, noting that pooling risks and resources to build regional resilience expand inclusion, ensuring insurance reaches farmers, market women, artisans, and micro-entrepreneurs who are the backbone of our economies are critical.

‘We must prioritize capacity building, investing in the next generation of insurance professionals, while the industry insurance must evolve from a transactional service to a strategic enabler of development.’

Uzoka Anite, minister of State for Finance, Federal Republic of Nigeria in her keynote address said, across West Africa, floods, droughts, and coastal erosion are already destroying livelihoods, straining public finances, and threatening food security. ‘Each disaster brings not only human tragedy but also heavy fiscal burdens.’

Uzoka, who was represented by Ali Mohammed, director, Home Finace, Federal Ministry of Finance said, this reality makes climate risk a macroeconomic concern requiring proactive financial planning, noting insurance therefore becomes indispensable as a mechanism to share and absorb shocks that governments alone cannot shoulder.

She said the Federal Government recognizes insurance as a pillar of our financial architecture, alongside banking, capital markets, and pensions, noting that the Nigerian Insurance Industry Reform Act (NIIRA 2025) represents a bold step toward modernization.

The Act strengthens the capital base of insurers, enhances consumer protection, expands compulsory insurance to critical sectors such as agriculture and infrastructure, and integrates insurance into public-private partnerships for climate resilience. Beyond reform, NIIRA 2025 signals Nigeria’s determination to build a credible, transparent, and inclusive insurance industry aligned with national economic diversification goals.

Backing regional cooperation through WAICA, she said no nation can confront this threat alone. The same storms that affect Nigeria affect Ghana, Sierra Leone, Liberia, and The Gambia, so our solutions, too, must be collective.

‘Through WAICA, we can develop regional risk-pooling and reinsurance platforms; exchange data and expertise on climate modelling and disaster forecasting; and as well as build professional capacity for innovative, sustainable insurance products.’

Such cooperation she noted will transform insurance from a business venture into a development enabler for agriculture, trade, and small enterprises, she said.

‘Insurance will achieve its true impact only when it reaches everyone including farmers, market women, artisans, and micro-entrepreneurs. We must promote micro-insurance, digital channels, and parametric products that pay out instantly based on verified data.’

By doing so, we expand coverage, deepen financial inclusion, and strengthen resilience at the grassroots, which remains a priority of the Federal Ministry of Finance, she said.

Omosehin concluding said, NAICOM as a regulator is committed to enabling policies that foster collaboration between operators, regulators, and development partners.

‘Strengthening climate resilience across West Africa demands a unified approach, one that blends sound regulation, market innovation, and strategic partnerships.

Ezekiel Olusola Ayoola, the immediate past Deputy Vice Chancellor (Administration) and distinguished Mathematics scholar at the University of Ibadan, has urged Government to make long-term investments in mathematics and education if the country hopes to compete with developed nations, globally.

While saying that the fields remain the foundation for emerging technologies, he stated that ‘as technology advances, the role of mathematics will become even more critical in shaping our future,’.

Delivering a lecture entitled: ‘The Closing and the Opening Doors: An Account of My Academic, Administrative and Spiritual Experiences’, at the Trenchard Hall, University of Ibadan,’ Ayoola, alwho advised Government to invest heavily in mathematical sciences, noted ‘no nation can achieve technological development without a solid foundation in mathematics,’ he warned, urging that ‘long-term planning and investment’ are essential to reap the benefits of emerging advanced technologies.

Ayoola, a Professor, who made the call in his retirement valedictory and birthday lecture, lamented the widespread ignorance among some top ruling elites and technocrats about the value of mathematical knowledge in national development. This, he noted, had contributed to the poor recognition and funding of basic mathematical research in Nigeria.

Pointing to the complete omission of mathematical sciences from direct funding in the Tertiary Education Trust Fund (TETFUND) thematic research priorities, Ayoloa contrasted Nigeria’s approach with that of the US National Science Foundation and leading European and Asian agencies, which invest heavily in mathematics.

‘Mathematical principles are foundational to the development and application of countless existing and emerging technologies,’ he said. ‘Mathematics underpins algorithms, data analysis, artificial intelligence, quantum information science, quantum computing, optimization, modeling, and simulation, all essential for innovation and efficiency across various sectors.’

The former Head of the Department of Mathematics emphasised that mathematical tools are not just supplementary but are the very foundation upon which modern technologies are built.

Ayoola also challenged young scholars to explore cutting-edge interdisciplinary fields such as quantum information science and quantum computing, describing these areas as revolutionary and rapidly advancing.

‘These fields are transforming our understanding of computation, information, communication, and even the nature of reality itself,’ he said.

However, he expressed deep concern over Nigeria, and Africa’s, lag in developing robust capacities in these critical fields. Citing corruption, under-investment, and poor treatment of scholars, Ayoola lamented that such setbacks have hindered progress.

He also faulted the lack of visionary leadership passionate about science and mathematical research.

Abel Idowu Olayinka, Professor and a former Vice Chancellor of the University, in his goodwill message, lauded Ayoola as a hardworking and dedicated scholar, congratulating him on his retirement and wishing him a peaceful post-academic life.

Nigeria’s solid minerals sector has posted one of its strongest performances in recent years, contributing 1.8% to the nation’s GDP and recording a remarkable 4.61% growth in the second quarter of 2025, according to figures from the National Bureau of Statistics (NBS).

Dele Alake, minister of Solid Minerals Development, disclosed the figures at a media briefing ahead of the 10th Nigeria Mining Week in Abuja, attributing the surge to the Federal Government’s sustained reforms and tightening of regulatory frameworks in the mining industry.

‘Ten years ago, mining contributed less than 0.5% to GDP. Today, it stands at 1.8%, and the latest NBS data showing 4.61% growth in Q2 2025 clearly demonstrates that our reforms are working,’ Alake said.

He explained that the impressive figures translate into more mines in operation, increased investor participation, and greater economic impact on mining host communities.

The minister emphasised that the reforms – focused on transparency, investment protection, and enforcement of compliance – have repositioned the sector as a viable pillar for economic diversification.

Alake reaffirmed that the government would not reverse course despite resistance from entrenched interests, noting that the revocation of dormant and defaulting mining licenses will continue.

‘We are enforcing the ‘Use It or Lose It’ clause to ensure only serious investors operate in the sector,’ he said.

To consolidate gains, the minister announced plans to establish a Minerals Pre-Shipment Agency to enhance export monitoring and revenue assurance.

He also revealed ongoing efforts to deploy satellite surveillance systems across mining sites and double the number of Mining Marshals to curb illegal mining and strengthen on-ground regulation.

Alake reiterated the administration’s determination to make solid minerals a key growth driver in Nigeria’s economic transformation.

‘No amount of threat or blackmail will derail our mission. Mining will take its rightful place as a leading contributor to GDP,’ he stated.

Industry players, including Dele Ayanleke, president of the Miners Association of Nigeria, commended the Ministry’s progress and called for sustained implementation of reforms to deepen investor confidence.

The 10th Nigeria Mining Week, themed ‘Nigerian Mining: From Progress to Global Relevance,’ will be held from October 13-15, 2025, at the Abuja Continental Hotel, organised by the Ministry of Solid Minerals Development, in collaboration with PwC, Vuka Group, and the Miners Association of Nigeria.

Economists say the 4.61% sectoral growth reflects the solid minerals industry’s potential to become a major contributor to national revenue and job creation – a sign that Nigeria’s diversification agenda is gaining real traction.

Agricon West Africa Limited is rewriting the narrative of agricultural processing in Nigeria by harnessing gas-powered energy to fuel its ambitious rice production. Despite the challenges posed by unstable grid supply, Agricon is demonstrating resilience and innovation in a sector often hindered by energy limitations.

Established in 2022, Agricon entered Nigeria’s agricultural space with a bold mission: to process homegrown rice at scale and reduce the country’s dependence on imports. With a 240-ton-per-day parboiling capacity, the company aligned its operations with government policies promoting self-sufficiency in food production.

However, the journey was not without hurdles. According to Emmanuel Njin, Plant Manager at Agricon, energy was the biggest challenge from the outset. Initially reliant on diesel generators, the company faced high fuel costs and limited operational efficiency-an all-too-common reality for many Nigerian businesses.

Running diesel generators was a huge financial burden, responsible for a larger running cost with less output,’ explained Emmanuel Njin, plant manager at Agricon West Africa Limited.

Faced with mounting fuel bills and stalled production, Agricon’s management sought a more sustainable and cost-effective energy solution-one that would ensure stable power and save between 60% and 65% of energy costs, while aligning with global calls for cleaner energy. Their answer was a 1.5MW Jenbacher plant, powered by compressed natural gas (CNG).

Compared to diesel, the gas-powered generator cut fuel consumption by half, while delivering better and more reliable performance. Beyond the economic benefits, the environmental impact was also significant. ‘The emission of filtered and clean exhaust gases is another advantage,’ Njin noted, highlighting the power plant’s contribution to reducing carbon footprint and promoting greener industrial practices.

Agricon’s energy transition not only improved operational efficiency but also reinforced its commitment to sustainable agriculture and local food production-a model for other Nigerian businesses navigating similar challenges

Agricon selected Clarke Energy, the authorised distributor of Jenbacher gas engines in Nigeria, to deliver its 1.5MW gas power plant, including the front-end engineering design (FEED), commissioning and currently provides maintenance for the equipment.

‘Clarke Energy services have been excellent,’ Njin said, praising the company’s responsiveness in servicing the plant before, during, and after maintenance. The solution has relieved Agricon from the instability of the national grid while providing a sustainable and cost-effective energy lifeline.

Yiannis Tsantilas, Managing Director of Clarke Energy in Sub-Saharan Africa, emphasised the critical role of food in national development, stating:

‘Food is a fundamental human necessity-essential not only for survival and overall well-being, but also a cornerstone of national security. It underpins economic, social, and political stability across the globe.’

He highlighted rice as a staple food for many Nigerians, noting its importance in providing energy and essential nutrients for a healthy living.

‘At Clarke Energy, we believe that resilience in Nigeria’s production processes must include access to reliable, affordable, and cleaner energy alternatives, which is the bedrock to building a sustainable economy.’

Tsantilas commended Agricon West Africa Limited for its commitment to food security, recognising its efforts to deliver nutritious and locally processed food to Nigerian families. He celebrated their investment in energy infrastructure:

‘Their investment in a 1.5MW power plant is a testament to their visionary leadership and commitment to sustainable growth. We are proud to partner with Agricon West Africa Limited to help scale their operations and ensure their lights are always on.’

Agricon’s energy story stands as an example for other industries grappling with Nigeria’s perennial power shortages. By leveraging CNG-powered generation, the company demonstrates how businesses can achieve both operational stability and environmental responsibility.

The switch to gas aligns with Nigeria’s gradual embrace of gas as a transition fuel. With abundant natural gas reserves, the federal government has been promoting the adoption of natural gas as part of its strategy to reduce reliance on imported fuel, lower emissions, and strengthen local industries.

For Agricon, the move has already paid off. Energy is no longer a stumbling block but a foundation for growth. The company is now positioned to focus on scaling production, reaching new markets, and competing on the global stage, all powered by a more reliable, eco-friendly energy source.

Nigeria’s energy crisis remains largely unresolved. National grid outages and reliance on diesel generators continue to limit manufacturing, agriculture, and services. Yet companies like Agricon are proving that alternatives exist. By investing in gas-powered technology, they are not only reducing costs but also helping the nation edge closer to sustainable industrialisation.

As the country strives for food self-sufficiency, Agricon West Africa’s blend of agricultural innovation and energy resilience provides a template for progress. With the proper infrastructure, policy support, and investment, Nigeria could unlock similar success stories across multiple sectors.

For now, the hum of a Jenbacher generator symbolises more than just electricity. It represents hope for farmers, consumers, and a nation eager to power its future sustainably.

Governor Biodun Oyebanji of Ekiti State has disbursed a total sum of N14.6 billion for the State’s pensioners as gratuities, covering three years of gratuity outstanding.

The governor stated this on Monday when he disbursed a sum of N2 billion to 800 pensioners to defray backlog of gratuity arrears, saying ‘wiping out tears from the faces of the citizens brings him great joy as a leader.’

The governor noted that the N2 billion disbursed formed part of N14.6 billion so far expended on gratuity, adding that a staggering amount of N25 billion had been also been paid as pensions to the elder statesmen in three years.

Governor Oyebanji spoke in Ado Ekiti, while presenting cheques to a new set of 800 pensioners who bowed out of the service in 2015 and 2016 respectively.

Addressing the beneficiaries, the governor, who was represented by Monisade Afuye, his deputy, was ecstatic that his government had fulfilled all righteousness, by keeping to his promise during electioneering to make elders happier in line with his vision.

Having a retrospect of the good dealings he had dispensed to the retirees, Oyebanji revealed that his government in 2024 paid out a sum of N1.3 billion gratuity arrears, saying he then promised to upscale the amount, which now reflected in the N2 billion disbursement .

Oyebanji maintained that as at September 2025, there were 10,106 retirees on the State Pensioners’ Payroll, whose pensions are being paid regularly and timely. He said part of efforts to enhance the welfare include the approval of N20 million upward review of monthly pension across board for all categories of pensioners.

Responding, Kolapo Olatunde, Chairmen of the Nigerian Labour Congress and Omotola Farotimi, Chairman, Trade Union of Congress and Oluwafemi Ajoloko, Chairman og the Joint Negotiating Council, saluted Oyebanji for changing the sordid narrative of the past, by palliating the sufferings of the retirees through prompt payment of all entitlements.

Similarly, the Nasarawa State Government has approved the release of N5 billion to clear outstanding gratuities being by owed by the State Government to the pensioners across the State. The initiative aims to address long-standing pension liabilities and improve the welfare of retired civil servants.

Musa Ahmed Mohammed, the State Accountant-General, made the announcement during a news briefing held on Monday in Lafia, disclosing that N1.5 billion had already been disbursed to the State Pensions Bureau for the immediate payment of gratuities to State Government pensioners, dating back to 2012.

Mohammed also revealed that over N3 billion would soon be released to settle the entitlements of Local Government pensioners. He noted that the payment would be made in phases, ensuring that both State and Local Government’s pensioners benefit from the approved funds.

He emphasised the Administration’s commitment to prioritising the welfare and dignity of senior citizens, acknowledging their contributions to the development of the State and the Country. He assured the pensioners that the disbursement would begin without delay.