Category: Business Day

Nyesom Wike, Minister of the Federal Capital Territory ‘s Rainbow Coalition is opening a new front in the 2027 political contest, with some aggrieved governors of the All Progressives Congress (APC) quietly exploring contacts with Atiku Abubakar, former vice president and African Democratic Congress (ADC) presidential candidate.

Top sources confided in our correspondent on Tuesday that the major source of concern among some APC governors is the fear that Wike’s Rainbow Coalition could challenge their political influence at the governorship and legislative elections in 2027.

One of the promoters of the Tinubu Continuity Project in Northern Nigeria told our correspondent on Tuesday that some aggrieved APC governors were already in talks with the opposition candidate.

‘We have witnessed several defections by opposition governors to the APC in recent times. The threats are therefore real. I’m aware some of our aggrieved governors are seeking other alternatives including a possible alliance with Atiku’ he said.

‘The governors are not afraid of Tinubu losing his re-election. Their concern is Wike’s claim that the President has already ceded nine states to the coalition in the governorship election. Tinubu will not be seeking another election after 2027, and it would cost him practically nothing to cede some states, as Wike claimed,’ he added.

: Mambilla: APC, Atiku clash over $500,000 payment

A key member of the Arewa Mandate Alliance in the North also confirmed the development, saying some aggrieved APC governors were quietly exploring alternative political channels outside the APC to protect their interests ahead of 2027.

‘The question is why should Wike be allowed to build alternative structures against them while still claiming to support the President?,’ he asked.

The emerging contacts underscore growing unease among some APC governors over Wike’s strategy of backing President Tinubu for the presidency while mobilising opposition support against APC candidates in governorship and legislative contests

Multiple sources told our Correspondent that the concern was particularly acute in states where politicians who lost APC primaries or became alienated from the ruling party were reportedly gravitating towards Wike’s coalition.

‘Atiku and the ADC are consequently being examined as an alternative political network through which the aggrieved governors could protect their structures and counter the coalition’s influence,’ another source told our Correspondent.

‘The electoral timetable has added weight to the calculations. The presidential and National Assembly elections will hold on January 16, 2027, while governorship and State Assembly elections are scheduled for February 6.

‘Whatever happens at the presidential election, the governorship election comes three weeks later. That creates a completely different political calculation for the governors,’ the source added.

Reacting, Alhaji Bala Ibrahim, APC National Director of Publicity, warned against any alliance with opposition parties ahead of the 2027 elections, saying such arrangements could undermine party loyalty.

Ibrahim told BusinessDay in a telephone interview that loyalty to the APC must be ‘total and unconditional,’ stressing that members could not selectively support the party.

‘If you are loyal to someone or something, you have to be total. You cannot be loyal to a certain degree and be disloyal to another degree. That is in conflict with the meaning of support,’ he said.

He added that any APC governor seeking an alliance with another party or candidate to secure political interests at different levels would raise questions about his loyalty.

‘We want our party to win in a free and fair election, not win in connivance with some people who are not members of our party,’ Ibrahim said.

Phrank Shaibu, Senior Special Assistant on Public Communication to Atiku Abubakar, was yet to respond as of the time of filing this report, after reading a WhatsApp message from our Correspondent.

President Bola Ahmed Tinubu’s reforms in Nigeria’s power sector seem yielding fruits as the country’s power generation has hit a record 5,403.3MW, just as the Electricity Distribution Companies (DisCos) received 4,379.07MW.

Daily Load Allocation Table released by the National Control Centre (NCC) on Tuesday indicated that the Nigeria’s power sector had recorded a total available generation of 5,403.3MW as of Tuesday, September 22, 2026.

This is according to some players in the industry is due to proactiveness of Joseph Tegbe, Minister of Power and his team in the country’s power sector.

According to the report, out of the total generation, 4,379.07MW was successfully delivered to various Electricity Distribution Companies (DisCos) across the country.

The figures reveal that Abuja DisCo received the highest load share at 700 MW (15.20% NERC percentage), followed closely by Ikeja DisCo with 581MW (15.01%), Ibadan DisCo with 550MW (11.93%), and Benin DisCo with 531MW (8.04%).

Other distribution companies also received their respective allocations under NERC guidelines, including Eko at 519MW, Enugu at 512MW, Port Harcourt at 466MW, Kano at 161MW, Kaduna at 155MW, Jos at 134MW, and Yola at 70MW.

Meanwhile, a sub-total of 1,024.18MW was categorized under exempted loads, which accounted for power stations and auxiliary consumption (108.07 MW), transmission losses and sub-station services (367.87 MW) and various bilateral and international supplies such as allocations to Niger and local industrial consumers.

AceRoyal Estates, a subsidiary of the AceRoyal Group, has officially launched Villa Nova, a master-planned community featuring 1,000 villa-style bungalows in Abijo, Lagos.

The development is designed to provide secure, fully titled, and accessible homeownership opportunities aimed at bridging Nigeria’s housing deficit through structured financing and strict delivery guarantees.

The estate offers two-bedroom, three-bedroom, and five-bedroom bungalow configurations within a fully secured, professionally managed environment.

According to the company, Villa Nova was conceived to address longstanding challenges in the local real estate sector, particularly regarding land title disputes, delayed project delivery, and substandard infrastructure.

To ensure transparency and operational execution, the project is built on a strategic tri-party structure involving government support, banking backing, and private development execution.

The Lagos State Government backs the land title and supporting infrastructure for the site. Nova Bank serves as the primary financial partner, providing structured mortgage plans for qualified homebuyers alongside a full refund guarantee should the developer fail to meet scheduled delivery timelines.

Speaking on the launch and the project’s operational philosophy, Endurance Cletus Agonor, Chief Executive Officer of AceRoyal Estates, described the development as a benchmark for discipline and accountability in the Nigerian property sector.

‘Villa Nova is a statement of what AceRoyal Estates is capable of,’ Dr. Agonor said. ‘A thousand homes, built to the same standard, backed by the same discipline, home after home. This is what happens when land title, financing, and execution are aligned from day one. That is the standard we intend to set, not just for this estate, but for what Nigerians should expect from developers going forward.’

The project integrates three primary operational pillars: verified land title assurance, direct financial backing with structured mortgages, and delivery accountability enforced by refund guarantees.

AceRoyal Estates emphasized that aligning government approval, financial institutions, and execution capabilities from the outset aims to restore buyer trust in large-scale residential developments across Lagos State.

Founded in 2016, AceRoyal Group is a Nigerian conglomerate with business interests spanning real estate, construction, financial services, and hospitality, alongside an expanding international footprint.

Through its real estate arm, AceRoyal Estates, the company focuses on expanding credible property ownership opportunities, delivering quality-assured housing, and supporting broader initiatives to reduce Nigeria’s national housing deficit.

The Choose Milk Campaign has launched a national essay competition for pupils as part of efforts to deepen children’s understanding of milk and creamers, while promoting greater awareness of their nutritional value and role in everyday diets.

Announcing the competition, Lars Jensen, senior project manager, Danish Dairy Board, emphasised that the initiative was aimed at helping children and parents develop a better understanding of the difference between milk and creamers and the role of milk in children’s nutrition.

‘Children are not only consumers; they are also important voices within the home and can influence the choices their families make.

‘Through this competition, we want to equip pupils with simple, practical knowledge that helps them understand the difference between milk and creamers and appreciate the nutritional value of milk. When children learn to make informed choices early, they can carry that knowledge into their homes and communities,’ Jensen said.

The essay competition is expected to be held for primary school pupils across Enugu, Kaduna, Lagos, Rivers, Oyo and the Federal Capital Territory (FCT), Abuja, and would aid pupils across the country in learning more about milk, its uses and benefits, through a creative and educational writing challenge.

The Choose Milk Campaign, a national initiative focused on strengthening consumer education and awareness about milk and dairy products, has announced an

This maiden edition is open to pupils in Primary 4 to 6, aged 9 to 11, and will run from September 15 to October 31, 2026. The initiative aims to educate children on the importance of understanding milk and making informed dairy choices, while encouraging them to share their knowledge with peers and family.

To participate, interested pupils are required to write a short letter addressed to their school’s headmaster or headmistress on the topic: ‘How Students in My School Can Differentiate Between Milk and Creamers.’ The letter should include the pupil’s name, gender, age, class, school name and school location.

According to the organisers, the competition will be extended to additional states as the three-year Choose Milk Campaign progresses.

It is part of the broader Choose Milk Campaign, launched by stakeholders from the Danish Dairy Board, the European Union and the federal government to help Nigerian households make informed dairy choices through consumer education and greater awareness of the nutritional benefits of milk and the differences between authentic milk and creamers.

bdulrahman Bashar, chairman of the Rahamaniyya Group of Companies, in Lagos and Abuja, acting on court orders secured by Dubai-based Petrichor Energy FZCO in a $40 million debt dispute that has now crossed four jurisdictions.

The action follows a February 25 order of the Federal High Court’s Lagos Judicial Division granting Petrichor leave to register, for enforcement purposes, a judgment handed down by the High Court of Justice of England and Wales.

The Lagos court later issued writs of attachment and sale dated May 15: one against Bashar personally, and a second against Bashar jointly with Ultimate Oil and Gas FZCO, directing the Sheriff to levy the debt by seizing goods, chattels, and specified financial assets.

Enforcement documents were served and posted at properties connected to the two respondents in both cities on Wednesday.

‘The writs direct the Sheriff to levy the sums due through attachment and sale of goods and chattels belonging to the respondents, as well as seizure of specified monetary and financial assets,’ according to the enforcement filings.

The Nigerian action is the latest front in a recovery effort that began with allegedly unpaid fuel cargoes. Between 2022 and 2023, Petrichor, then trading as CE Energy DMCC, supplied gasoil and Jet-A1 aviation fuel to Ultimate Oil and Gas, the Dubai-registered trading arm of Rahamaniyya.

Ultimate took delivery but did not pay in full, leaving roughly $40 million outstanding and pushing the parties into parallel litigation and arbitration.

Bashar signed a personal settlement agreement in January 2024, backed by a personal guarantee and a set of undated cheques.

When Petrichor later presented those cheques, they were dishonoured. By February 14, 2025, London’s Commercial Court had entered judgment against Bashar and, in related proceedings, against Ultimate Oil and Gas DMCC, covering principal, interest and costs under the guarantee, and declined to stay execution.

A freezing order spanning four countries

The case sharpened on March 30, when the English High Court granted a worldwide freezing order against Bashar and Ultimate, covering assets across Nigeria, the United Arab Emirates, the United Kingdom and France.

From London to Lagos

With the English judgment now registered in Nigeria and the Federal High Court writs in hand, Petrichor’s Nigerian enforcement team began serving notices in Lagos and Abuja Wednesday, the first visible step toward converting a foreign judgment into recovered cash or property inside Nigeria.

Lawyers not involved in the case say registration and enforcement of English commercial judgments through Nigeria’s Federal High Court, while procedurally well-established, typically takes months from filing to the posting of writs, underscoring how long-running the recovery effort has become.

Bashar and representatives of Rahamaniyya Group did not respond to requests for comment. Petrichor Energy’s legal advisers declined to comment beyond the court filings.

The Nigerian enforcement action does not stand alone. Parallel proceedings are underway in the Dubai International Financial Centre courts under case reference CFI 118/2025, and a Dubai criminal court sentenced Bashar on January 30 to one year in prison over dishonoured cheques totalling 126.45 million dirham-separate from, but arising out of, the same pattern of unpaid obligations.

Taken together, the London judgment, the worldwide freezing order, the DIFC proceedings and now the Lagos and Abuja writs mark one of the more geographically dispersed private debt-recovery campaigns against a Nigerian oil trader in recent years.

The judgment debt in the underlying Petrichor proceedings, including accrued interest and costs, stands at approximately $40 million. Ultimate Oil and Gas FZCO remains the UAE-registered offshore trading vehicle of the Rahamaniyya Group.

Less than one week after the first-ever Niger Delta Economic and Investment Summit, the conveners, the Niger Delta Chambers of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA), has sealed a major deal to galvanise investment in the region.

The deal was signed with Maistrade Multipurpose Cooperative Federation Limited on Agribiz, value chain access, and investment in Niger Delta economic zone.

The deal is expected to bring all businesses and agric value chain enterprises under a digital ecosystem for structuring and financing.

The Memorandum of Understanding (MoU) signed is aimed at establishing a strategic collaboration that will jointly identify, mobilise, aggregate, and facilitate access to investment, development finance, and market opportunities for credible Agricbusiness, cooperative, medium, and small scale enterprise, value chain opportunities and projects in the Niger Delta region.

This was signed by Idaere Gogo-Ogan, Chairman of the NDCCITMA, and Benjamin Aduli, president of Maistrade Multipurpose Cooperative Federation Limited (MAISTRADE) known as the chief vision officer.

Maistrade Multipurpose Cooperative Federation Limited is indicated to build digital financial ecosystems and cooperative infrastructure to support farmers, small and medium-sized enterprises (SMEs), and cooperative members across Nigeria.

Maistrade works alongside partners like Mechanised Agricultural Investments and Services (MAIS) Limited, uniting numerous independent cooperative entities and hundreds of thousands of members across Nigerian states, its records indicate.

It is also said to have collaborated with major apex bodies including the Cooperative Financing Agency of Nigeria (CFAN), the National Agricultural Cooperative Organisation (NACO), and the Cooperative Housing Federation of Nigeria (COHFON).

According to a statement signed by both parties and issued to newsmen, NDCCITMA would serve as a strategic regional access and mobilisation partners for eligible businesses, cooperative, value chain operator, mobilise and facilitate access to business and institutional network, support identification and preliminary referral of credible projects and enterprise and also facilitate engagements with relevant private-public sector and institutional stakeholders.

While reiterating its commitment to poverty reduction, job creation, and development of small and medium scale enterprise in the region, the statement added that MAISTRADE would provide the digital registration, project intakes and profiling infrastructure of the program, establish and manage the digital project pipeline and relevant date structure.

The MoU also revealed that MAISTRADE would support project categorisation and aggregation, coordinate engagement with investors development, finance development and strategic partners as well as facilitate the integration of qualified opportunities into appropriate MAISTRADE ecosystem platforms and programmes.

The Joint Delivery Model (JDM) revealed that projects and participants’ information would be considered for investment, financing, and partnership purposes in accordance with applicable laws and parties’ confidentiality.

The statement however did not create a commitment by either party to provide funding for tasks unless separately agreed in writing.

According to the agreement, both partners would operate a common pipeline of identifying, registering, profiling, aggregating, screening, qualifying, matching, financing, monitoring and reporting.

The statement noted that the MoU would remain valid for a period of initial three years and would commence from the day of execution, and subject to renewal or amendment.

Details of how the support would operate were not available at the time of filing this story, it was gathered that the partnership would prepare businesses working with or recognised by the NDCCITMA to gain digital structure and be positioned for financing and other visibility requirements.

This is expected to end the era of businesses in the oil region complaining of lack of funds. Jobs are said to be the major expectation in months to come as businesses would expand their capacities and productivity, thus creating more jobs massively.

The Niger Delta Development Commission (NDDC) has emphasised the need for stronger collaboration and sustainable partnerships among stakeholders to accelerate human capital and infrastructure development across the Niger Delta region.

Samuel Ogbuku, Managing Director of NDDC, made the emphasis on Wednesday while speaking during a pre-conference briefing ahead of the 2026 Partnership for Sustainable Development Conference in Port Harcourt.

He explained that the conference would give the NDDC an opportunity to account to the people of the Niger Delta for its stewardship.

Ogbuku urged stakeholders to actively participate in the discussions, contribute constructive ideas, and critically appraise the agency’s activities to achieve collective progress in the region.

He described the conference as a platform for accountability, transparency and probity, noting that the Commission had made significant progress over the years.

According to him, the absence of a comprehensive governance framework has been one of the challenges that contributed to NDDC’s failures in the past, and the new framework would provide clear guidelines for the management and staff while also regulating stakeholder expectations and demands.

Ogbuku said the governance framework was designed to serve as an institutional safeguard and protect the NDDC development mandate from practices that could undermine the interests of the Niger Delta region.

He said that once adopted, the framework would become a stakeholders’ document against which the managing director, governing board and management could be held accountable.

On digital transformation, Ogbuku said the NDDC was on course to become fully automated, adding that the directors were currently undergoing training as part of the digitisation process.

According to him, the digitisation process would help reduce corruption and human interference, eliminate unnecessary delays and make it easier to track and retrieve official documents and files.

Ogbuku solicited continued support and constructive engagement from stakeholders, stressing that the progress recorded by the NDDC was partly attributable to their support.

‘With your support, the NDDC is respected today. We want to solicit more support. Where we make mistakes, call us; we shall listen to you. That is why we are here today, to submit ourselves to you and hear from you. Without such a stakeholders’ forum,’ he said.

Ogbuku also attributed the current performance of the NDDC to the support of President Bola Tinubu, urging stakeholders to use the summit to identify and deliberate on social challenges confronting the Niger Delta and examine the roles that the NDDC and other stakeholders could play in addressing them.

In his remarks, Theophilus Alagoa, NDDC Director of Community and Rural Development, said the summit would provide a platform for meaningful discussions on Niger Delta development.

Alagoa said the meeting would help develop a policy framework that promotes synergy among stakeholders and fosters adoption of a common development plan for the region.

He noted that the NDDC had moved beyond the mantra of ‘determined to make a difference’ to actually ‘making a difference’ in the Niger Delta.

Also speaking, Godknows Igali, Chairman of the Pan Niger Delta Forum (PANDEF) called on stakeholders to unite and work together towards achieving sustainable development in the region.

Igali urged traditional institutions, host communities, youth groups and other stakeholders to collaborate, stressing the need for government agencies, including the South-South Development Commission and the Niger Delta Basin Development Authority, as well as civil society organisations, to support the NDDC.

Onyebuchim Obiyemi, director and head of investment banking at CardinalStone Partners, discusses the evolving role of Issuing Houses, the complexities of the Dangote Refinery IPO, the impact of technology and market volatility, and what Nigeria must do to deepen liquidity and attract more capital, writes Iheanyi Nwachukwu. Excerpt

How can an Issuing House successfully navigate market related challenges while maintaining the confidence of both Issuers and investors?

The starting point is to recognise that there is no single solution to the challenges confronting the market. An Issuing House must combine deep market knowledge, strong institutional processes, regulatory discipline and the ability to anticipate changing investor behaviour. The quality of execution depends not only on how well a transaction is structured, but also on how effectively risks are identified and managed from the beginning to completion.

In a volatile environment, scenario planning and rigorous due diligence become particularly important. An Issuing House must understand the Issuer’s business, financial position, funding requirements and risk profile, while also assessing prevailing market conditions and investor appetite. This enables the institution to advise the Issuer realistically on pricing, timing, structure and the appropriate route to market.

At the same time, technology is transforming the way transactions are marketed, distributed and executed. Issuing Houses therefore need to invest in technology without losing the professional judgement, relationships and accountability that remain fundamental to investment banking. Technology should make the process more efficient and accessible; it should not replace the human expertise required to navigate complex financial and regulatory decisions.

Ultimately, navigating these challenges requires resilience, adaptability and institutional experience. An Issuing House must be able to anticipate changes, respond quickly when market conditions shift and maintain transparency with all stakeholders. The objective is not simply to complete a transaction, but to execute it in a manner that strengthens confidence in the Issuer, the intermediary and the wider capital-market ecosystem.

What exactly is the role of an Issuing House in a transaction such as the Dangote Refinery IPO?

An Issuing House is much more than an intermediary that brings an offer to investors. It helps structure, coordinate and execute a transaction while ensuring compliance with regulatory requirements and market expectations. In an IPO of this scale, the Issuing House operates at the intersection of the Issuer, regulators, professional advisers, market infrastructure and investors. Our responsibility includes ensuring robust documentation and disclosure, coordinating stakeholders, understanding investor behaviour and communicating the investment proposition effectively. Ultimately, the objective is to mobilise capital efficiently while protecting the integrity and credibility of the market.

What makes the Dangote Refinery IPO particularly demanding?

The scale is significant: 4.1 billion shares at N525 per share could raise approximately N2.15 trillion. But complexity goes beyond the numbers. This is a world-scale industrial asset attracting substantial domestic and international attention. The Issuing House team must coordinate multiple stakeholders while maintaining regulatory compliance, accuracy and operational efficiency. Investors must also understand the refinery’s capacity, product slate, feedstock flexibility, financial performance, expansion plans and associated risks. For a landmark transaction, excellence is often measured by the many things that must work perfectly behind the scenes.

How does CardinalStone’s experience translate into better execution?

Experience creates institutional memory. Over the years, we have worked with leading corporates across various sectors, institutional investors including private equity funds, as well as government institutions and sub-nationals. Collectively, we have executed transactions valued at over N7.8 trillion, giving us exposure to diverse market conditions, financing requirements and transaction structures.

The real value of this experience is not simply the number or value of transactions completed, but how lessons learned are applied to subsequent mandates. This institutional knowledge strengthens our ability to anticipate challenges, navigate regulatory and market dynamics, and deliver effectively across different transaction environments. Investment banking is ultimately a people-and-process business, supported by research, technology, risk management and strong institutional systems.

What are the biggest challenges facing Issuing Houses today?

Macroeconomic volatility, interest rates, foreign-exchange considerations, investor sentiment and evolving regulation all influence transactions. Another challenge is that investors have attractive alternatives in money-market and fixed-income instruments. That makes transparent disclosure, investor education and a compelling investment proposition increasingly important. Technology has also raised expectations for faster and more convenient transactions. However, technology should complement professional judgement, not replace it. The modern Issuing House must combine digital efficiency with financial expertise and accountability.

How should investors interpret CardinalStone’s role in the Dangote Refinery IPO?

Investors should distinguish between the role of an Issuing House and their individual investment decision. Our responsibility is to facilitate the transaction, provide relevant information and support market access; it is not to guarantee investment returns. Investors should independently assess valuation, financial performance, cash flows, crude supply, refining margins, capital expenditure, debt, expansion plans and dividend prospects. Research can help investors understand these issues, but it should inform, not replace independent investment analysis.

What do CardinalStone’s recent industry recognitions mean to the institution?

Awards are valuable when viewed as recognition of institutional performance rather than an end in themselves. Recognition from Euromoney for M and A and Capital Markets Advisory, alongside the African Banker Debt Deal of the Year recognition for the NBET Power Sector Bond, reflects the breadth of our capabilities. But the real test is the next mandate. Clients expect the same discipline, creativity and execution whether or not an award is attached to a transaction.

How can Nigeria build a stronger capital-market ecosystem?

We need deeper participation, stronger investor education, greater institutional investment, innovative products and continued development of market infrastructure and regulation. More companies should also view the capital market as a strategic source of long-term funding. Issuing Houses have a role in connecting companies seeking capital with investors seeking opportunities, while maintaining high standards of disclosure, governance and execution. A stronger market ultimately requires collaboration among Issuers, regulators, exchanges, intermediaries, investors and technology providers.

Has technology diminished the role of Issuing Houses?

No. Technology has transformed how transactions are originated, distributed and executed, but it has not diminished the role of Issuing Houses. Instead, it has raised expectations for how efficiently and effectively they deliver their expertise. Digital platforms can make applications, information access and transaction processing faster and easier. But technology does not replace strategic thinking, valuation, negotiation, regulatory understanding or stakeholder management. The future belongs to institutions that successfully combine technology with human expertise.

How can Issuing Houses contribute to solving Nigeria’s liquidity challenge?

Liquidity is an ecosystem issue. Issuing Houses can contribute by bringing quality companies and well-structured securities to market, improving disclosure and understanding investor requirements. We also need a broader investor base encompassing pension funds, insurers, asset managers, retail investors and international investors. Products must increasingly accommodate different investment horizons and risk appetites. Ultimately, deeper liquidity will come from confidence, quality securities and a stronger culture of long-term capital formation.

What must change to attract more domestic and international capital?

Investors need opportunities they can understand, risks they can evaluate and confidence in the institutions supporting the market. Nigeria therefore needs continued progress in macroeconomic stability, regulatory predictability, corporate governance, transparency and market infrastructure. The quality of listed companies is equally important. Indigenous investment banks can help bridge local opportunities and international capital by combining knowledge of Nigeria with increasingly global standards of execution.

What does the CardinalStone brand represent in Nigeria’s investment-banking landscape?

We see CardinalStone as an institution built around solving complex financial and strategic problems. Our brand is founded on intellectual capital, market knowledge, relationships and execution capability. Our experience across equity, debt, M and A and capital-markets advisory demonstrates the breadth of our platform. But the CardinalStone brand cannot be defined by trophies. It is defined by what happens when a client gives us a mandate: how deeply we understand the challenge, the quality of our advice and the discipline with which we execute.

What should investors, issuers and the wider financial community associate with CardinalStone?

We want CardinalStone to be associated with professionalism, intellectual rigor, integrity, innovation and execution. The Dangote Refinery IPO gives us another opportunity to demonstrate these qualities.

A transaction of this magnitude requires coordination, attention to detail, investor understanding, regulatory discipline and execution under scrutiny. Beyond this transaction, our objective is to build an institution that evolves with Nigeria’s financial system while remaining anchored to the principles that have built our reputation. Ultimately, the strongest investment-banking brand is one that earns confidence through what its professionals consistently deliver.

Families of 37 miners, who died while in the custody of the Nigeria Security and Civil Defence Corps (NSCDC) have rejected the N100,000 condolence payment offered by the Niger State Government, describing it as inadequate and demanding justice.

The families reportedly turned down the money, which they described as ‘blood money,’ insisting that the lives of their loved ones cannot be reduced to a token payment.

The miners died in NSCDC custody under circumstances that have raised questions and triggered demands for accountability. Their relatives are now calling for a transparent investigation to establish what happened, who was responsible, and whether negligence or other wrongdoing contributed to the deaths.

Their rejection of the payment has added pressure on the Niger State Government and security agencies to address the circumstances surrounding the deaths and respond to the families’ demands for justice.

For the bereaved families, the issue is no longer simply about compensation. They want the truth about how 37 miners lost their lives – and accountability for those responsible.

The South East Development Commission (SEDC) has officially flagged off its South East Agro-Development Programme with the commencement of a 200-hectare integrated model farm at Nomeh Unataeze, Nkanu East Local Government Area of Enugu State.

The pilot project, implemented in partnership with the Enugu State Government, is designed to strengthen agricultural productivity, expand food production, create job opportunities, improve livelihoods, develop agricultural skills and demonstrate a replicable model for modern agriculture across the South East.

According to a statement issued Wednesday by Cliff Ogbede, its Executive Director, Natural Resources, Agriculture and Rural Development of the commission, the project, unlike a conventional farm focused on a single agricultural enterprise, is developed as an integrated agricultural facility bringing together fodder production, dairy, poultry, fisheries, greenhouse production, processing, mechanisation, renewable energy and practical agricultural training within one coordinated system.

The objective, the statement noted is to demonstrate how different components of the agricultural value chain can work together to create a more productive and sustainable system.

Speaking at the event, flag-off, Ifeanyi Ossai Deputy Governor of Enugu State described the project as an important example of what strategic collaboration between the state and the Commission can achieve, particularly at a time when food production and economic diversification have become increasingly important.

‘The development of this agricultural facility in Nomeh demonstrates what is possible when government institutions work together around a clear development objective. Enugu State is committed to creating the conditions for productive investment, and we are pleased to partner with SEDC on a project that will not only produce food, but also create jobs, develop skills, support farmers and strengthen the agricultural value chain.

‘ We believe this project can become an important part of the economic development of Nkanu East, Enugu State and the entire South East region within the context of Nigeria,’ he said.

The project is part of SEDC’s broader agro-development and mechanisation strategy, which seeks to use agriculture not merely as a subsistence activity, but as a platform for food security, enterprise development, employment, skills acquisition and regional economic growth.

Mark Okoye, Managing Director/CEO of SEDC, explained that the project was deliberately designed as a development project to redefine how the region approaches agriculture.

‘The South East Agro-Development Programme is about building productive capacity of the region. We want to demonstrate what agriculture can look like when land, technology, mechanisation, production, processing, training and markets are brought together in one

system’, he said.

Okoye added that the project would ultimately be measured by its impact beyond the physical boundaries of the 200-hectare site.

‘The real impact is what happens around the farm and beyond the farm. It is the young person who acquires a practical skill here and starts a farm elsewhere, the farmer who supplies maize or soya to the feed mill, the dairy farmer who gets technical support and access to a reliable market, and the smallholder farmer who is able to increase production because the ecosystem around them has improved, ‘ he explained.