Category: Business Day

The Economic and Financial Crimes Commission (EFCC) has recovered more than N115 billion in outstanding statutory levies owed the Niger Delta Development Commission (NDDC) by oil companies, following investigations into queries contained in the Nigeria Extractive Industries Transparency Initiative (NEITI) 2021-2023 Oil and Gas Sector Audit Report.

The recovery, covering the period between 2021 and 2023, comprises N76.883 billion and $81.076 million in outstanding 3 percent statutory levies due to the NDDC, the EFCC told the Senate Committee on Public Accounts on Wednesday.

The disclosure was made by the EFCC representative, Francis Oka-Phillips Usani, when he appeared before the Senator Ibrahim Hassan Dankwambo-led committee as part of the Senate’s ongoing investigation into the findings contained in the NEITI audit report.

Usani said the commission investigated 43 oil companies, with 24 companies operating within the Niger Delta found to have outstanding liabilities to the NDDC, while the remaining 19 companies were cleared of the queries.

‘At the commencement of investigation, EFCC invited 43 oil companies out of which 24 operating within the Niger Delta, were found to have outstanding liabilities in the sums of N76,883,705,907.17 billion and $81,076,655.00 million while the remaining 19 other oil companies were given clean bill of health,’ he said.

According to him, the commission’s investigation and pressure on the affected companies resulted in some of them paying their outstanding liabilities directly to the NDDC.

He said the payments made directly to the commission by the affected companies amounted to N6.709 billion and $16.994 million.

Usani further disclosed that the EFCC had released N73.373 billion and $67.070 million to the NDDC from the sums recovered on its behalf.

He said the balance currently domiciled in the EFCC’s recovery account stood at N3.510 billion and $14.005 million.

The figures provided by the EFCC gave the Senate committee a clearer picture of the financial implications of the NEITI audit findings and the extent to which unpaid statutory obligations had accumulated within the oil and gas sector.

Explaining the scope of the commission’s intervention, Usani said the EFCC focused primarily on one of the key issues identified in the NEITI report, the failure of oil companies to remit the mandatory three percent statutory levy due to the NDDC.

He, however, said the commission did not lose sight of the possibility that other statutory obligations and taxes might also be outstanding to the Federal Government.

‘EFCC focused on one primary pillar identified in the NEITI report i.e, unpaid 3% statutory levies due to NDDC but that EFCC did not lose sight of the fact that there could be other unpaid statutory obligations and taxes due to the Federal Government,’ he said.

The recovery comes as the Senate continues to scrutinise the NEITI 2021-2023 Oil and Gas Sector Audit Report, with the Public Accounts Committee examining the financial obligations of oil companies and the response of relevant government agencies to outstanding liabilities.

However, the committee’s proceedings also exposed continuing concerns over the appearance of oil companies before the lawmakers.

Shortly after the EFCC’s presentation, the committee rejected an attempt by TotalEnergies EP Nigeria Limited to defend queries raised against the company in the audit report through a representative.

The committee cited the company’s under-representation and consequently directed the Managing Director of TotalEnergies to appear personally before it.

The appearance is expected to take place next week on a date to be communicated by the committee.

The committee also gave the managing directors of South Atlantic Petroleum Limited, Oando Oil Limited, Famfa Oil and Green Energy International Limited a final opportunity to appear physically before the panel and respond to queries against their companies.

The development underscores the increasingly tough approach being adopted by the committee as it intensifies its examination of the NEITI audit findings and seeks direct explanations from companies implicated in outstanding financial obligations.

For the committee, the objective is not only to establish the extent of liabilities but also to determine whether the relevant companies have fulfilled their statutory obligations and whether government agencies have adequately enforced the collection of revenues due to the public.

The EFCC intervention has already demonstrated the potential financial impact of acting on audit findings, with more than N115 billion in liabilities identified and substantial sums subsequently recovered or released to the NDDC.

But the Senate’s continuing hearings suggest that lawmakers are seeking to go beyond recoveries already made to establish the circumstances surrounding the accumulation of the debts and ensure that outstanding obligations are properly accounted for.

At the end of Wednesday’s session, Dankwambo said the investigative hearing would continue on Thursday as the committee intensifies its scrutiny of the NEITI report.

The committee’s investigation is expected to bring more oil companies and government agencies before the lawmakers as the Senate seeks explanations on the financial queries contained in the three-year audit of Nigeria’s oil and gas industry.

Nigeria’s Super Falcons will face arch-rivals South Africa’s Banyana Banyana in Casablanca on Thursday, with a place in the playoff spot for the 2027 FIFA Women’s World Cup at stake.

The encounter offers the Super Falcons a second opportunity to keep their hopes of playing at next year’s FIFA Women’s World Cup in Brazil alive after their 1-0 quarter-final defeat to Cameroon ended their defence of the Women’s Africa Cup of Nations (WAFCON) title.

With both teams eliminated before the semi-finals, Thursday’s clash has taken on added significance as Nigeria and South Africa battle for a place in the Inter-Confederation Playoff Tournament.

Falcons seek response after Cameroon setback

Nigeria dominated much of their quarter-final against Cameroon but failed to convert their opportunities, eventually suffering a narrow defeat.

Coach Justin Madugu will now be expected to make tactical adjustments against a South African side that has developed into one of Nigeria’s biggest rivals in African women’s football.

The Falcons created several chances against Cameroon but were repeatedly frustrated by goalkeeper Michaely Bihina and a disciplined defensive unit.

Madugu is likely to turn to his most clinical attacking options as Nigeria seek to avoid another costly failure in front of goal.

Rematch of dramatic 2025 semi-final

Thursday’s meeting comes just over a year after Nigeria and South Africa played a dramatic WAFCON semi-final in Casablanca.

The Falcons prevailed 2-1, with defender Michelle Alozie scoring a spectacular stoppage-time winner after both teams had converted penalties.

The defeat was particularly painful for Banyana Banyana, who entered the match as defending champions.

South Africa, however, have enjoyed success against Nigeria at the WAFCON, defeating the Falcons in the 2012, 2018 and 2022 editions.

Overall, though, Nigeria maintain a dominant record in the rivalry, having won 17 of their other competitive meetings against South Africa.

Ajibade and Kgatlana lead rival attacks

Nigeria will again be led by captain Rasheedat Ajibade, while South Africa will rely on the pace and attacking threat of Thembi Kgatlana.

The two sides have already endured several high-stakes encounters in recent years, including their battle for qualification for the 2024 Olympic women’s football tournament.

Nigeria edged that contest 1-0 on aggregate, with Ajibade’s penalty in Abuja proving decisive across the two legs.

South Africa also defeated Nigeria 2-1 in their opening match of the 2022 WAFCON in Morocco.

World Cup hopes on the line

Victory will give either Nigeria or South Africa a route into the Inter-Confederation Playoff Tournament and keep their hopes of securing a place at the 2027 FIFA Women’s World Cup alive.

For the Super Falcons, Thursday represents an opportunity to recover from the disappointment against Cameroon and preserve their record of appearing at every edition of the Women’s World Cup.

Madugu’s side must now combine the attacking quality that created numerous opportunities against Cameroon with greater efficiency in front of goal.

With qualification at stake and two of Africa’s leading women’s teams meeting again, the latest chapter in the Nigeria-South Africa rivalry promises another high-pressure battle in Casablanca.

The former Vice President, Namadi Sambo, has said that democracy depended greatly on the strength and effectiveness of political parties which provide a platform through which citizens participate in politics, select leaders, and contribute to the formulation of public policies.

Sambo also said that for the political parties to effectively perform their role, they must embrace internal democracy, transparency, accountability, and respect for the rule of law.

He spoke at the opening ceremony of the 2026 Goodluck Jonathan Foundation Democracy Dialogue in Bauchi State Tuesday.

The Democracy Dialogue was held at the Sir Ahmadu Bello International Conference Centre, Bauchi.

According to Sambo, the selection of candidates should also be credible and inclusive, while party members should have meaningful opportunities to participate in decision-making.

‘Our political parties must also move beyond political cleavages largely driven by personalities and focus more on ideas and policies,’ Sambo said, adding that by doing that, it will help to provide the necessary checks and balances within a democratic system.

The former vice president also said that courts have the responsibility of interpreting the Constitution, protecting citizens’ rights, and resolving disputes, including electoral disputes and in accordance with the law.

‘Judicial independence must be protected, judges must be able to perform their duties without political interference, intimidation or undue pressure. Judiciary must continue to uphold the highest standards of integrity, professionalism and accountability,’ he said.

Sambo noted that public confidence in the judiciary was essential to the credibility and sustainability of democracy, saying that people must also pay attention to the timely resolution of cases, particularly electoral matters.

Sambo further said that delayed justice can undermine public confidence in democratic institutions.

On his part, the governor of Bayelsa State, Douye Diri expressed his appreciation to the organisers of the programme for giving him the opportunity to speak. He said that there was total injustice in the way resources were distributed across the country.

‘I come from a state with only eight local government areas, while some states have 40 local government areas and even more. Yet, resources from the federation are shared among all the local government areas, which is injustice,’ Diri said.

According to him, ‘Our resources are being exploited without the benefits being equitably distributed to the people. Now, there is gold in Zamfara State and in other parts of the country. Yet, what we experience in those areas is insecurity. Much of the insecurity has also been linked to the discovery and exploitation of gold in that part of the country.’

Diri further said that for democracy to truly thrive in Nigeria, there must be true federalism.

Also speaking during the occasion, the Presidential Candidate of the Nigeria Democratic Congress (NDC), Peter Obi, called on Nigerians to reflect on the state of the nation’s democracy, warning that the erosion of judicial independence and electoral credibility poses a grave threat to the country’s future.

Drawing from his personal experience, Obi recalled spending three years in court challenging the 2003 Anambra governorship election and eventually secured justice.

‘I never met the judges. Five judges I had never met delivered judgments in my favour. That cannot happen in Nigeria today,’ he said.

‘I was a beneficiary of a process I had no influence over, and it was that judgment that made me governor,’ he further said.

The former Anambra State governor expressed concern over current trends in the electoral and judicial processes.

‘Our lawmakers are manipulating the electoral process. Senior professors are defending it. Our young people are now being lured into criminal political activities. We have a crisis,’ Obi said.

‘It is time for every Nigerian to sit down and ask, where is our nation going? We need to reverse this trend. Because there are things we are allowing today that will come back to hurt our children.’

Those present at the event included former president, Olusegun Obasanjo; Bayelsa State Governor, Douyi Diri; former governor of Anambra State and the Presidential Candidate of the Nigeria Democratic Congress (NDC), Peter Obi.

West Africa could unlock a cumulative $3 trillion energy market by 2035, but only if its 16 nations abandon fragmented national strategies in favour of an integrated regional framework, according to Suleiman Yahyah, Chairman of Rosehill Group Limited Advisory Limited.

Speaking at the West Africa Refined Fuel Market Conference in Abuja on Wednesday, Yahyah warned that relying solely on standalone infrastructure projects would delay the region’s energy transition by decades. Instead, he advocated for a system-wide overhaul driven by harmonised product specifications, shared data protocols, unified energy contracts, and a central dispute resolution framework.

The conference, themed ‘Funding West Africa Infrastructure and Distribution to Create a Transparent Market for Regional Price Benchmarks,’ was co-hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), S and P Global Commodity Insights, and the West Africa Regulators Forum.

Yahyah argued that the region could no longer be described merely as an emerging market with huge potential because developments in refining and energy infrastructure were beginning to change the structure of the market.

‘Once upon a time, a few months ago, this market was full of potential. But a couple of months have changed the dynamics, and we are now managing six steps for emerging markets in the energy platforms. With the presentation done yesterday and the big investments in refining and changing dynamics in global markets, we are no longer a potential; we are now at the crossroads for an infant or emerging market composition,’ he said.

Yahyah noted that the region must now build an efficient cross-border energy framework that facilitates the seamless flow of resources, capital, and data. He cautioned that relying on isolated projects would take decades, whereas an integrated market structure would far more quickly resolve current supply and demand disparities.

The national honouree said, ‘How do you get there? If we think in projects, it will take us many, many years to get there. But if we think in systems, perhaps we can accelerate the correction of today’s imbalances. So, what’s the next step? West Africa will stop competing nationally and transact regionally.

‘That means we harmonise activities so that an operator with a license in Ghana can operate in Nigeria and can trade in Nigeria. And that will mean that we have common product specifications, we have shared data standards, we have a modern energy contract, we have infrastructure to drive it, and we have the regional dispute resolution mechanism. If we do that, it is possible that by 2035, we can have a market that is $3 trillion cumulative.’

‘And this would mean, therefore, that the market has debt, it has integration, it is connected to global platforms, and the fiscal system where we see the fiscal system where we see the fiscal transaction, like if you look at the electricity market, a lot of cables connecting the region, the gas market, but trade is between 8 to 12 percent. So, essentially, the market now can converge where transactions are not only stagnant, but they are following the flow of opportunities.’

Yahyah said Africa’s enormous population and energy resources had not translated into adequate access to affordable and clean energy.

He argued that the opportunity for the region was not simply to produce more oil and gas but to capture more of the financial value created by energy trading, market information, risk management and price discovery.

He cited global benchmark and market institutions, exchanges and data providers as examples of entities that derive enormous commercial value from the infrastructure surrounding commodity markets.

‘These institutions, they don’t own molecules; they don’t own the resources. What they own is knowledge; they own methodologies, they own technology, and they have very talented people who drive these markets,’ he said.

Yahyah stressed the need for West Africa to develop its market infrastructure while establishing strategic partnerships with global institutions rather than attempting to recreate everything from scratch.

Also speaking to Journalists at the event, Rabiu Umar, Authority Chief Executive, NMDPRA said that the major focus of the conference is to move the region towards an integrated market, and ensure that each country leaverage its capacity. This approach he said, will prevent duplicate systems and ensure proper integration, setting the stage for concrete progress within a couple of months.

Umar also said that there is need to unify the quality of petroleum products available in the region, noting that the price for each quality varies.

‘So if you have 50 PPM product or you have a 200 PPM product, they don’t price the same way. So the 1st thing we are trying to do through the West Africa regulators forum is to make sure that there is a uniformity in terms of the product quality specification.

‘And the next step is to look at the liquidity, because if you do not have the molecules, it’s difficult to have a price benchmark. And then the third one is then to look at the infrastructure, which basically is to say, who has competitive advantage where, and how do we address all the trade barriers in terms of custom, in terms of crossing from one country to another, such that there will be free flow of petroleum products across the borders.

‘So that way there will not be duplication of every single infrastructure. That way you have proper integration, and I believe that within the next couple of months, we should begin to see concrete results.’

Tolulope Olorundero, communications entrepreneur and founder of PRWF Global and Mosron Communications, has launched an annual cash prize to support young female founders of public relations agencies and consultancies in Nigeria.

The Tolucomms Prize for Tenacity will be open to female PR agency or consultancy founders and owners aged 35 or younger who have built their businesses through innovation, resilience and the use of digital platforms.

Olorundero said the initiative was inspired by her experience building a communications business and the challenges that come with entrepreneurship.

‘Building a communications business is often a lonely journey, particularly in the early years,’ she said.

‘There were times when I had to navigate uncertainty, limited resources and the pressure that comes with trying to build something sustainable. Like many entrepreneurs, there were moments when the road ahead was not always clear.’

According to Olorundero, her experience has also exposed her to women in public relations facing similar challenges, including difficulties securing clients and growing their businesses.

‘Some are trying to secure clients, some are struggling with growth, and some are simply trying to stay the course long enough to see their efforts pay off,’ she said.

She said the prize was created to encourage women who may be struggling to sustain their businesses.

‘My aim is to reach a young woman who may be quietly struggling to keep her business going, and who may be considering giving up, and to give her a reason to continue,’ Olorundero said.

The annual prize will recognise a female founder who has demonstrated determination in growing her agency or consultancy while using digital platforms to build visibility, credibility and business opportunities.

The winner will be selected by an independent panel comprising the president and vice president of Nigerian Women in PR, a representative of The Comms Avenue and representatives of Brand Communicator.

The prize will be presented annually at the Women in Marketing and Communications Conference and Awards (WIMCA).

Olorundero said the initiative was intended to provide practical support to emerging founders beyond recognition.

‘The public relations industry has several excellent recognition platforms, but there is still room for initiatives that directly support emerging founders,’ she said.

According to her, Tolucomms Prize for Tenacity is not only a recognition award. It is an intervention. It is a statement that resilience matters, that entrepreneurship deserves encouragement, and that women building communications businesses should know that their efforts are seen and valued.

The prize is expected to become the first dedicated cash award in Nigeria’s public relations industry focused specifically on female agency and consultancy founders.

The initiative is one of three legacy projects Olorundero is launching to mark her 40th birthday.

Aceroyal Estates has strengthened its commitment to human capital development and international exposure with the sponsorship of two high-performing realtors, Opeyemi Shakiru and Aisha Buhari, for professional training in the United Kingdom.

The initiative forms part of the company’s broader commitment to professional development, international exposure and the continuous advancement of the people within its real estate ecosystem.

For Aceroyal Estates, building a globally minded real estate company goes beyond expanding its brand presence across borders. The company believes that sustainable growth is also driven by developing people who possess the knowledge, confidence and international exposure to operate effectively in an increasingly competitive global marketplace.

Through the UK training opportunity, Shakiru and Buhari will be exposed to new professional perspectives, international business practices and learning opportunities that can contribute to their continued growth as real estate professionals.

The sponsorship is part of a wider pattern of investment by Aceroyal Estates in human capital development and international exposure.

In recent years, the company has undertaken a number of initiatives designed to create opportunities for its people and partners to access new knowledge, develop professionally and gain exposure to international business environments.

This approach reflects a deliberate philosophy within Aceroyal Estates: investment in people is an investment in the long-term strength of the business.

Rather than treating professional sponsorship solely as a recognition of individual performance, the company views opportunities such as the UK training programme as a means of creating lasting value for both the individuals involved and the organisation as a whole.

By giving high-performing realtors access to international learning opportunities, Aceroyal Estates is helping to expand their professional capabilities while strengthening the quality of talent within its wider network.

The real estate industry is becoming increasingly interconnected, with professionals expected to understand changing markets, evolving client expectations, new business models and international standards of service.

Aceroyal Estates’ investment in international training is therefore aligned with its ambition to develop professionals who are not only successful within the Nigerian property market but are also globally exposed, commercially aware and equipped to compete beyond their immediate market.

According to the company, initiatives such as the UK sponsorship form part of a broader strategy to strengthen its people while progressively positioning Aceroyal Estates within the wider global real estate conversation.

The company’s approach is centred on a simple principle: when people grow, organisations grow.

The sponsorship of Opeyemi Shakiru and Aisha Buhari represents more than an international training opportunity. It is a reflection of Aceroyal Estates’ broader commitment to creating opportunities for professional advancement and exposing Nigerian real estate talent to global experiences.

As the company continues to deepen its presence in the Nigerian real estate market, its investment in people signals an ambition that extends beyond property transactions.

Aceroyal Estates is building an ecosystem in which professional development, international exposure and performance are connected to the company’s long-term growth strategy.

The UK sponsorship therefore marks another step in Aceroyal Estates’ continuing journey to invest in people, create global opportunities and build an African real estate brand with an increasingly international outlook.

For Aceroyal Estates, the ambition is clear: to develop globally exposed real estate professionals while building a Nigerian real estate brand capable of earning recognition beyond its home market.

The Nigerian Communications Commission (NCC) is seeking deeper collaboration with the Office of the Tax Ombudsman to address multiple taxation and tax disputes affecting telecommunications operators.

This is as the regulator pushes for a more predictable and business-friendly operating environment.

Aminu Maida, NCC’s executive vice chairman, disclosed this on X after a meeting with the Tax Ombudsman and John Nwabueze, chief executive of the office of the Tax Ombudsman,

According to Maida, the discussions focused on strengthening collaboration between both institutions to improve the ease of doing business in the telecommunications sector.

He said the two institutions agreed to work together to address multiple taxation and other tax disputes in the sector, with the objective of ensuring that disputes are resolved more quickly and harmoniously.

‘At the @NgComCommission, we see the Tax Ombudsman as a key partner to build a sector that works better for everyone,’ Maida said in a post on X.

The engagement comes against the backdrop of a longstanding fiscal challenge for Nigeria’s telecom industry, where operators have repeatedly raised concerns about overlapping taxes, levies, regulatory charges and fees imposed by different levels of government.

Over 40 taxes and levies

Research by the NCC found that mobile network operators in Nigeria face more than 40 different taxes and levies imposed by state governments.

The sector was facing more than 54 different taxes, including environmental and ecological levies, capital gains tax and withholding tax.

The discrepancy in the numbers highlights that there is no single, universally accepted number of taxes confronting a telecom operator because the burden varies according to location, the type of infrastructure deployed and the government authority imposing the charge.

The problem is not the statutory tax rate but the accumulation of taxes, levies, permits, fees and charges across federal, state and local government levels, alongside overlapping enforcement responsibilities.

Historically, telecom operators have faced general corporate taxes alongside sector-specific obligations and charges relating to infrastructure, business premises, signage, environmental compliance, right of way and other activities.

The multiplicity of charges can create conflicts between operators and different tax authorities, while inconsistent Right of Way charges across states have also complicated infrastructure deployment.

Why multiple taxation matters for telecoms

Network operators must continually invest billions of naira in fibre, base stations, spectrum, transmission infrastructure, data centres and other equipment to maintain and expand coverage.

Every additional tax or levy therefore competes, directly or indirectly, with capital that could otherwise be deployed into network expansion.

The NCC has previously described multiple taxation as a major obstacle to sustainable development in the industry.

KPMG has identified high and multiple taxes, including Right of Way charges, as impediments to the growth of Nigeria’s telecommunications industry.

Where taxes and charges increase operating costs, operators have fewer resources available for network investment.

Some costs may be reflected in consumer prices, particularly when operators are already dealing with inflation, energy costs, foreign-exchange pressures and expensive network equipment.

Where the Tax Ombudsman comes in

The meeting between the NCC and the Tax Ombudsman is significant because the office was created partly to provide an independent channel for resolving taxpayer complaints.

The Federal Government said the Tax Ombudsman is responsible for receiving, reviewing and resolving complaints relating to taxes, levies, regulatory fees, customs duties, excise matters and related issues.

It is also mandated to ensure that disputes are handled efficiently, impartially and without unnecessary confrontation.

The office, headed by Nwabueze, began full operations in January 2026 following his appointment under the Joint Revenue Board of Nigeria (Establishment) Act 2025.

The Tax Ombudsman can identify recurring problems in the tax administration system and recommend systemic changes.

Since this series started, we have examined how cultural and taste differences can quietly destroy a product that has every other advantage working in its favour. Organisations must close the gap between what a product delivers and what a consumer’s palate wants. We saw, through the story of Snaps and McDonald’s in India, how a formulation built for one market can become a liability in another, and how organisations often compound the original product error by applying sales pressure to a problem that no amount of selling can solve.

The conversation today has less to do with what the consumer feels about the product and more to do with what the numbers say about the product’s right to exist. This factor is the cost of production. While it may appear at first glance to be a finance conversation rather than a marketing one, I want to challenge that framing from the outset. When the cost of producing a product makes it impossible to price competitively, impossible to sustain margins, and impossible to generate a commercial return, it is a marketing problem as much as it is an operational one. This is because a product that cannot be priced right cannot survive the market.

Nigeria has delivered four major devaluation shocks (1999, 2008, 2016, 2022-24), the last erasing over half the naira’s dollar value in twelve months. Businesses that stress-tested for 20% swings faced 50%+ moves. Products with imported inputs or finished goods had their cost floor pushed past viable price points, not from demand erosion, but from currency mechanics no operator controlled. The same impact occurred when the 2022 Russia-Ukraine conflict drove global wheat prices up over 50%, hitting import-dependent bread, pasta, and biscuit manufacturers simultaneously with FX pressure. Some products were withdrawn on pure cost issues, not consumer rejection. Cadbury Nigeria’s cocoa exposure offers the counter-case: decades of investment in local farmer sourcing, hedging, and reformulation capability have functioned as active margin protection across multiple price cycles.

Passing cost increases straight to price is arithmetically sound and commercially dangerous for products still building consumer equity. Established brands have a loyalty reservoir that cushions price increases; new or mid-stage entrants face a fresh purchase decision with every increase. The 2022-23 Nigerian noodle market illustrates this asymmetry: Indomie’s scale, supplier leverage, and portfolio support let it absorb cost pressure longer than smaller challengers gaining share on price competitiveness. Those challengers either raised prices and lost volume or held prices and bled losses. Both paths ended in withdrawal. Price-increase viability is directly proportional to accumulated consumer loyalty; protecting an unproven franchise sometimes requires absorbing pain elsewhere rather than transferring it to a consumer who hasn’t yet committed.

Three destinations exist for cost pressure: margin (limited runway), operational cost reduction (requires cross-functional discipline), or consumer price. The below suggestions can help manage the cost pressure.

· Labour: holding non-critical vacant roles temporarily redistributes cost savings into margin protection.

· Packaging: Unilever’s smaller pack sizes across African markets during contraction cycles reduced per-unit input, packaging, and transport cost, preserving both affordability and margin.

· Vertical integration: Dangote’s control of inputs from raw material through finished product (cement, sugar, flour) is the clearest Nigerian model of structural FX insulation. Reduce import dependence deliberately.

Redon (not a real name) is an imported finished-good product launched during FX stability, competitively priced, correctly positioned, and well received. Naira devaluation converted its entire foreign-denominated cost base directly into rising per-unit naira cost, with no local manufacturing or sourcing buffer to absorb the shock. No cost reduction opportunity existed because the cost structure was the import cost. The product had to be discontinued as continuing it with the hope of currency recovery is not a strategy, and a margin-restoring price increase would have eliminated the product’s original value proposition. The structural FX exposure was not a marketing or sales failure. One safeguard that could have prevented the FX exposure was a phased localisation plan shifting the cost base into domestic currency.

The organisations that manage the cost of production risk most effectively are the ones that have built genuine cross-functional accountability around product commercial health. The brand manager understands the cost structure, the supply chain director understands the consumer price elasticity, the finance director understands the market dynamics, and all three are making decisions in an integrated framework rather than in separate rooms.

Know your cost structure before you launch. Stress-test it against the scenarios that your market makes probable. Build the operational levers that give you options when the environment shifts. And if the numbers ultimately stop working, make the decision to discontinue early rather than late. Delaying discontinuation compounds the losses.

The federal government through the ministry of Agriculture of food security has unveiled the National Agricultural Mechanization Policy and investment strategy aimed to drive sustainable investment; bankable opportunities; and viable private-sector-enabled mechanisation ecosystem.

Speaking during the national policy dialogue on agricultural mechanization, held in Abuja on Wednesday, Abubakar Kyari, minister of Agriculture and food security said that despite having vast agricultural economy, large domestic food market, and expanding agro-processing activities, Nigeria’s emand for agricultural machinery services still remain largely unmet.

He explained that the mechanisation value chain presents an opportunity to build an ecosystem in which capital, technology, skills and entrepreneurship converge around one objective: making mechanization commercially viable and widely accessible.

Emphasizing that mechanisation is not synonymous with tractors, the minister said that modern mechanization is an ecosystem; from land preparation, planting and irrigation to crop protection, harvesting, threshing, processing, storage, logistics and transportation.

‘It includes precision agriculture, digital technologies, appropriate machinery, skilled operators, maintenance networks, spare parts, financing, insurance, data and reliable after-sales services.

‘Our ambition, therefore, must be larger than equipment ownership. We must build a Mechanization-as-a-Service economy in which technology reaches the farmer when and where it is needed, at a cost that is commercially viable and sustainably financed. This is the direction in which government is moving.

‘The Policy provides the framework for national integration, adoption and implementation of a more coherent mechanization ecosystem,’ he said.

Speaking further, the minister said that the new investment strategy also includes plans to establish a mega tractor assembly plant with capacity to produce between 2,000 and 4,000 units annually, aimed at reducing import dependence and building domestic industrial capacity.

This, he said will boost localised production, create jobs, and build a sustainable mechanization economy.

In his remarks, Godson Ohuruogu, chief executive officer, TracTrac MSL said that the policy must be implemented to impact the activities of farmers across the country.

‘This policy is that principle, written at national scale. So this policy must be judged not by the strength of its language, but by what a farmer can feel in the field, the service that arrives on time and the price it can afford.

‘We must also conduct finance and investment that actually reaches the last mile, which is why the conversation on financing, on inclusion, on technology, matters as much as the policy ractification itself,’ he said.

Also speaking at the event, Aliyu Abdullahi, minister of state for Agriculture and food security, stated that that Nigeria’s agricultural transformation will ultimately be measured not by how much margin acquired, but by how much productive hour farmers boast of daily.

He said that farming activities must be enhanced to reflect in reduction of the cost of production, and how effectively convertion of agricultural tools into food, jobs, and prosperity for farmers.

Noting that over 47 percent of Nigerian farmers still rely on crude equipments, Abdullai said, ‘our problem is not a productivity problem, but more of a policy problem. It is a problem of institutional will.

‘Our mechanization investments stand at 0.027 horsepower per hectare, less than 2 perceny as recommended by FAO, and of course below the 2.5 percent which is the African average.

‘We must confront this hard reality, how do we get the farmers to be at the center of our actions so that he or she becomes more productive in his agricultural productivity or in her agricultural productivity?

‘Therefore, the question before this dialogue is not whether we can buy machines, the question is whether we can build the statutory architecture, the service markets, the human capital and the maintenance systems that turn metal into momentum and our momentum into measurable productivity in our agricultural operations, ‘ he added.

The African Democratic Congress (ADC) has raised alarm over an alleged plan to arrest Rauf Aregbesola, its National Secretary, ahead of Saturday’s Osun State governorship election.

The party said it had received credible reports that security agencies were planning to arrest Aregbesola in the days leading to the election, describing the alleged move as a potential attempt to weaken its operations ahead of the poll.

The allegation came as political activities have intensified ahead of Saturday’s governorship election, with the incumbent governor, Ademola Adeleke of Accord, and the All Progressives Congress (APC) candidate, Bola Oyebamiji, widely regarded as the leading contenders.

Bolaji Abdullahi, ADC National Publicity Secretary, disclosed this in a statement on Wednesday, warning the federal government and security agencies against any action that could heighten tension in the state.

Abdullahi said the party was particularly concerned about the alleged arrest plan because of what he described as a growing pattern of intimidation, harassment and misuse of state institutions against opposition parties.

‘Given the pattern of intimidation, harassment and misuse of state institutions that has increasingly characterised the conduct of this government towards the opposition, we cannot afford to dismiss these reports,’ he said.

The party argued that if any security agency had a lawful reason to question or invite Aregbesola, there were established procedures for doing so.

It, however, warned that arresting him on the eve of an election in which his party is participating could be interpreted as an attempt to stop him from coordinating the party’s activities.

‘Ogbeni Aregbesola is a former governor of Osun State, a former Minister of the Federal Republic and the National Secretary of the opposition political party.

‘If any security agency has a lawful reason to invite him, there are established procedures for doing so. An arrest on the eve of an election in which his party is participating would invite only one reasonable conclusion: that the purpose is to prevent him from leading and coordinating the party’s election activities.

‘The APC federal government must be wary of doing anything that could plunge Osun State into needless crisis. Nigeria is still a democracy, and the government would do well to remember that before Saturday,’ the ADC added.