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Former Minister of Innovation, Science and Technology, Geoffrey Uche Nnaji, said he stepped down from President Bola Ahmed Tinubu’s cabinet to safeguard his integrity and prevent distractions to the Federal Government’s Renewed Hope Agenda.

Tribune Online reports that Nnaji resigned on Tuesday following controversies over his academic records and allegations of certificate forgery.

In a statement confirming his resignation, Nnaji said the decision came after ‘deep reflection and consultations with family, associates, and well-meaning Nigerians.’

He described his exit as a response to ‘an orchestrated, sustained campaign of falsehood, politically motivated, and malicious attacks’ directed at him and his office.

‘These unfounded allegations and media distortions have not only caused personal distress but have also begun to distract from the vital work of the ministry and the Renewed Hope Agenda of Mr President,’ he said.

Nnaji clarified that his resignation was not an admission of guilt but a step to uphold due process and respect judicial proceedings.

‘My decision to step aside is therefore a personal choice – not an admission of guilt, but rather a principled decision to respect the sanctity of due process and to preserve the integrity of the judicial proceedings currently before the court. In the end, justice will prevail, and history will vindicate the just,’ he stated.

He said he could not in good conscience allow ‘distractions to cast a shadow over the noble objectives’ of the Tinubu administration, noting that his reputation was built over ‘five decades anchored on hard work, honour, and service to humanity.’

Nnaji, who was appointed in August 2023, thanked President Tinubu for the opportunity to serve and pledged his continued loyalty to the president’s vision for a ‘renewed, innovative, and technologically driven Nigeria.’

The enactment of the Investment and Securities Act (ISA) 2025 is not just an avenue to sanitise the financial sector but it may also be the beginning of sanity in the ever growing ponzi scheme circle in Nigeria. ADEOLA OJO reports that this may actually be the end of the road for ponzi schemes if law is well implemented.

The Investment and Securities Act (ISA) 2025, was signed into law on March 31 by President Bola Ahmed Tinubu, to expand the Securities and Exchange Commission (SEC) regulatory powers to meet the standards of global bodies such as the International Organization of Securities Commissions (IOSCO), marking a major milestone in Nigeria’s capital market reform.

The legislation, which not only repealed the former Investments and Securities Act No. 29 of 2007, aims at strengthening the legal and regulatory framework for investments and capital market activities within the country and has been said to bring it up to par with global best practice as well as the developments that have taken place in the Nigerian Capital Market over the past 18 years.

SEC described the presidential assent as a ‘transformative step’ toward enhancing investor protection, improving market transparency, and fostering sustainable growth, adding that the enactment of the ISA 2025, according to the Commission, reaffirms its authority as the apex regulator of Nigeria’s capital markets and introduces significant reforms designed to align local operations with international best practices.

And while it has been described as the most important investment law Nigeria has passed in nearly 20 years, it isn’t good news in some quarters especially for ponzi scheme operators who will be at the receiving end of the provisions of the new law which has created a regulatory framework for digital assets, positioning Africa’s most populous nation to leverage on a fast-growing segment of global capital markets to ‘revolutionise’ its economy, create wealth and lead the pack in block chain technology.

While the ISA 2025 empowers the Securities and Exchange Commission (SEC) to oversee digital assets, virtual asset service providers (VASPs) and tokenised securities, it also brings clarity to a space that has operated in a legal grey area for years.

And amid the celebration that followed the enactment of the law in finance industry, many schemes may be about to go down. And this will affect many in Nigeria where ponzi schemes seem the order of the day. Ponzi schemes are investment frauds that involve payment of purported returns to existing investors from funds contributed by new investors; operators often solicit new investors by promising to invest funds in opportunities claimed to generate high returns with little or no risk.

Often, these schemes are known to yield uncharacteristically high returns on investment based majorly on massive hunt for admission of new members with focus on attracting new money to make promised payments to early- stage investors to create the false appearance that investors are profiting from a legitimate business.

Operators simply invite the public to deposit or pay money to them with the promise of multiplying or paying it back within a specified period of time with certain percentage interest and the scheme with little or no legitimate earnings, requires a constant flow of fund by new investors, in order to sustain the investment. In the absence no new investors, a vacuum occurs in the flow of fund, leading to the collapse of the investment.

And while the legality of ponzi scheme has been a source of discourse, the schemes continue to thrive in this era where many people are interested in making quick money or have the get-rich-quick syndrome and would do anything to have money and also sustain themselves.

With the collapse of such schemes, the schemers may not be sued as their schemes are often done underground and there are no legal frameworks to support those who had lost their investments but in spite of this, people remain unruffled whenever there is a new scheme

Caution

Early in the year 2020, the Security and Exchange Commission (SEC) warned stakeholders and the public on the activities of promoters of fraudulent schemes in the country and even listed some of the unlawful/unlicensed market operators/fraudulent investments: Loom Nigeria Money, Box Value Trading Company Ltd, Now-Now Alert, Flip Cash Investment, Result Investment Nigeria Limited, Helping Hand and Investment, No Failure Development and Empowerment Nigeria Ltd, MBA Forex and Investment Ltd, Federate Investors and Trading Company, Jamalife Helpers Global Ltd, Flexus Global Solutions and Investment Ltd and United Capital Investment Company Limited.

Also on July 31, 2024, it was reported that ponzi schemes have defrauded Nigerians of over US$1 billion (?500 billion) in the past decade. The most infamous scheme across Africa, MMM, attracted over three million Nigerian subscribers, who collectively lost about US$50 million (?18 billion) when it crashed in December 2016. MBA Forex, a homegrown scheme that promised 15% returns, defrauded Nigerians of about US$500 million (?213 billion) when it folded in 2021. This accounts for nearly 50 percent of the total funds lost to Ponzi schemes in Nigeria in 10 years.

SEC asserted that over 70 percent of the cases it handles are related to Ponzi schemes which thrived due to myriad of reasons; quest for easy cash and financial illiteracy, economic hardship and weak regulatory laws and poor enforcement mechanisms. And while it is not the first of its kind, MMM unveiled the general vulnerabilities of Nigeria’s investment market and ushered in myriad similar peer-to-peer donation schemes like Loom Money and Twinkas. Loom Money was reported globally with names such as ‘Loom Circle’ and ‘Blessing Loom’. In Nigeria, Loom Money operated via Facebook and WhatsApp in 2019, promising 800 percent returns on investments in 48 hours and it crashed the same year.

Later, some local schemes such as Racksterli, Wales Kingdom Capital Limited, Quintessential Investment Company and No Burn Global Limited emerged. But the most prevalent which affected the most Nigerians between 2019 and 2021, were the packaged agricultural crowdfunding investments which involved raising funds from the public without the obligation of repayment, to obscure their intentions. In January 2021, some agricultural schemes began defaulting on payments and SEC issued a guideline insisting that crowdfunding schemes be registered within 90 days or cease operations by June 30, 2021. Most of them failed to register, defaulted on payments and eventually folded.

And now, new schemes disguised as investments in crypto trading are emerging and operating like Ponzi schemes. And before the ISA 2025, there was a major regulatory gap; the Investment and Securities Act 2007 does not explicitly prohibit Ponzi schemes. Rather, Ponzi schemes are illegal because they are not registered with the SEC.

On March 11, 2025, the Economic and Financial Crimes Commission (EFCC), through its Head of Media and Publicity, Dele Oyewale, in line with its commitment to sanitising the financial space of the nation and offer the investing public adequate and reliable information on the activities of illegal ponzi scheme operators across the country, alerted Nigerians to the operations of 58 companies posturing as investing entities and defrauding innocent Nigerians of their hard-earned money.

It said the companies are neither registered with the Central Bank of Nigeria (CBN) nor the SEC, which are the two regulators, emphasising that the Commission has charged many of the companies to court, with five of them convicted while another five pleaded guilty but they are awaiting review of facts while the rest are pending arraignment.

EFCC listed illegally operating companies to include: Wales Kingdom Capital, Bethseida Group of Companies, AQM Capital Limited, Titan Multibusiness Investment Limited, Brickwall Global Investment Limited, Farmforte Limited and Agro Partnership Tech, Green Eagles Agricbusiness Solution Limited, Richfield Multiconcepts Limited, Forte Asset Management Limited, (Biss Networks Nigeria Limited, S Mobile Netzone Limited, Pristine Mobile Network), Letsfarm Integrated Services, Bara Finance and Investment Limited, Vicampro Farms Limited, Brooks Network Limited, Gas Station Supply Services Limited, Brass and Books Limited, (Annexation Biz Concept and Maitanbuwal Global Ventures crowdyvest Limited,) and Crowdyvest Limited.

Others are : Jadek Agro Connect Limited, Adeeva Capital Limited, Oxford International Group and Oxford Gold Integrated, Skapomah Global Limited, MBA Trading and Capital Investment Limited, TRJ Company Limited, Farm4Me Agriculture Limited, Quintessential Investment Company, Adeprinz Global Enterprises, Rockstar Establishment Limited, SU.Global Investment, Citi Trust Funding PLC, Farm Buddy, Eatrich 369 Farms and Food, Globertrot Farmsponsors Nigeria Limited, Farm Sponsors Limited, Cititrust Credit Limited, Farmfunded Agroservices Limited, Adamakin Investment and Works Limited.

The rest include: Cititrust Holding PLC, Green Eagles Agribusiness Solutions Limited, Chinmark Homes and Shelters Limited, Emerald Farms and Consultant Limited, Ovaioza Farm Produce Storage Limited, Farm 360 and Agriculture Company, Requid Technologies Limited, West Agro Agriculture and Food Processing Limited, NISL Ventures Limited and Estate of Laolu Martins, XY Connect Investment Limited, River Branch Unique Investment Limited, Hallmark Capital Limited, CJC Markets Limited, Crowd One Investment, Farmkart Foods Limited, KD Likemind Stakeholders Limited, Holibiz Finance Limited, Ifeanyi Okpe Oil and Gas Services, Servapps Nigeria Limited, Barrick Gold Mining Company and 360 Agric Partners Limited.

Despite the warnings, Nigerians are still falling into the hands of the schemers, leading to efforts to sanitise the sector and protect Nigerians. And this is what led to the enactment of ISA 2025.

ISA 2025 provisions

Under the new law, crypto and digital assets is officially recognised in Nigeria for the first time as part of Nigeria’s investment system-as a ‘digital asset’ classified under securities. This means that crypto is no longer in legal limbo as the government has a defined role for it via regulation by SEC. all crypto businesses must register with the SEC and follow clear rules. One of the most significant updates in the Investments and Securities Act 2025 is the expansion of the regulatory powers of the Securities and Exchange Commission (SEC) over capital market operators, including digital asset service providers and imposing stringent sanctions on operators engaging in unethical practices.

Now, the investor has more protection against scams and shady platforms though it doesn’t readily mean the CBN has embraced crypto with open arms, but regulators are no longer ignoring it and the government is ready to play referee in the world of digital assets. But not every crypto platform is safe except they are not licensed or registered.

Also, the law now criminalises ponzi schemes and unlawful investment practices in response to the rising number of schemes defrauding investors in the country. The Investments and Securities Act explicitly criminalises such operations, prescribing severe penalties, including imprisonment and hefty fines, for individuals and entities involved in these fraudulent investment schemes. ISA 2025 directly addresses ponzi and pyramid schemes with heavy consequences: up to 10 years in prison, up to N20 million in fines and possible confiscation of assets and permanent bans from the capital market.

Fintechs, investment apps and Robo-Advisors are not left out. With the ISA 2025, gone are the days of apps promising you ‘safe and easy investing’ without rules. Fintechs have been brought under regulatory watch; investment platforms, savings apps, robo-advisors, and digital asset managers must register with the SEC. also, they must clearly disclose risks, explain where your money is going, and protect your data and funds and are expected to behave like real financial institutions, not ‘tech bros with vibes’

As an investor, you can now be safe if you stick with platforms that are registered or working toward registration and not just follow influencer hype and if you register, comply and educate your users as a fintech firm.

Section 273 of ISA also introduces a broad categorisation of security exchanges for ease of registration and operation. Securities exchanges are now categorised into Composite and Non-composite Exchanges. A Composite Exchange allows the listing and trading of all categories of securities and products, while Non-composite Exchanges are limited to specific asset classes for better market segmentation, encouraging specialisation and improved regulatory oversight, making it easier for investors and companies to navigate the market.

The Act also incorporates provisions for managing systemic risks within the capital market, in terms of safeguarding against crises that could undermine investor confidence and mandates the SEC to establish mechanisms for monitoring and mitigating systemic risks such as requiring capital market participants to submit relevant documents or information for monitoring and mitigating systemic risks.

ISA 2025 marks a significant advancement in Nigeria’s capital market regulatory framework and may be the end of the road for operatives of ponzi schemes as it sets a new benchmark for market integrity in Nigeria.

THE housing sector is crucial to the socioeconomic development of any nation. The unique role of housing in lives, and in shaping the national economic narrative of a nation cannot be overstated. Housing serves as a gauge of the general level of living, accounting for a significant percentage of each country’s total economic activity, as well as being the biggest fixed asset of households. In addition to being a basic human necessity, the construction and use of decent housing also affect the physical and mental health of the people, as well as the environment. Through its impact on major macroeconomic indicators such as: employment, savings, investment and labour productivity, housing promotes economic growth and development. Thus, the construction of qualitative housing by both government and individuals is a necessary condition for sustainable development and increasing the productivity of an economy. The transformative role of the housing sector and the various housing programmes in shaping a country’s economic landscape, and as catalyst of sustainable economic development has made governments the world over to give ample attention to real estate and housing.

In the United States economy for instance, the housing market plays a very important role, where roughly 65 per cent of occupied housing units are owner occupied, where homes are often a substantial source of household wealth, and where housing construction provides widespread employment. As of 2021, spending within the housing market accounted for about 17 per cent of GDP, as a matter of fact, it was the housing bubble that precipitated the recession of 2007-2009. In Europe and China, it is the same narrative. In their economies, housing accounts for a significant portion of all economic activity, and changes in the housing sector can have broader effects on their economies. Housing development has not only been an important driver of growth and development in China, but the most populated Asian country have positioned it as a mechanism that drives growth, creates employment, acts as an economic stabilizer and redistributes wealth. This is because it sees housing as a domestic commodity that is not influenced by external demand and control.

Though not yet fully developed, housing (real estate) is an important sector which has contributed remarkably to Nigeria’s economy. The real estate sector’s contribution to GDP has steadily increased over the years. Real estate contributed N41.2 trillion to GDP in 2024, as against N30.7 trillion in 2023, making the sector the third largest economic sector, after trade and crop production, according to the National Bureau of Statistics The housing sector can play a more impacting role in the country’s broader economy. The sector and its associated services have a significant potential to be a catalyst for economic growth and development. The potential benefits of a well-developed housing sector ranges from increasing employments and spin-off industry to simulating the informal economy and building formal micro-enterprises,

The economy has not been doing well. The present administration has introduced a number of economic policies aimed at re-engineering and stabilising the economy, improving business conditions, and addressing financial challenges. The policies which focused on fiscal discipline, currency stabilization, job creation and infrastructure development are highly commendable policy initiatives. There is however what governments in other climes, particularly in the more developed world, do when their economies run into challenges. They invest massively in real estate and infrastructure. Real estate development stimulates economic activities, such as job creation, which ensures that people have means of livelihood. When they have means of livelihood, they will be able to pay tax, which is also used to refinance the economy and you have multiplier effects, and individual businesses thrives on the back of that.

I foresee in the nearest future a situation where real estate makes the most impact on the economy. The prospects are there for the housing sector to thrive, there are still a lot of opportunities for development within the real estate sector. The housing deficit of about 28 million offers incentives for investment. Government should take enough interest in housing like they are focusing on health, education and transport. It is only food that is more important than housing. The sector can be used as a growth mechanism in the nation’s economy. Government should also create a robust mortgage system where people can have access to taking a loan to buy or build house. That will improve the housing situation in the country. By taking a leading role in addressing the challenges in the housing sector, the organized private sector can now seize the initiative more efficiently than government. Unlike government entities, which face bureaucratic delays and budget constraints, businesses can more quickly mobilize capital, adopt cutting-edge construction sustainable technologies, and respond to market demands with greater flexibility.

By leveraging public-private partnerships, the private sector can complement government efforts, bringing in expertise and efficiency that would drive housing development. However, for businesses to effectively drive housing development, government must relax and reform regulatory encumbrances, particularly the ones around land titling and documentation. By reforming the regulatory frameworks, government can create a more conducive environment for private developers to operate, enabling them to build more homes faster, and at affordable costs. The housing sector, and its potentials offers many useful linkages to economic growth and development. Therefore, adequate attention should be given to housing and its associated services, as they can contribute substantially to economic development.

The Presiding Bishop of Dominion Chapel International Church, Archbishop John Praise Daniel, has declared that Nigeria’s unity is non-negotiable, stressing that the nation must remain one irrespective of its challenges.

Speaking with journalists in Abuja on the sidelines of a thanksgiving service held to celebrate his election as President of the West Africa Association of Evangelicals of Africa, Archbishop Daniel commended President Bola Tinubu for what he described as inclusive governance.

He said the President’s appointments had made every part of the country feel represented.

‘I want to thank God for President Bola Tinubu for his inclusivity in appointments and for making everyone, every part of this country, feel a sense of belonging,’ he said.

The cleric added that no section of the country had been neglected in the current administration, urging the President to sustain his inclusive approach.

‘I want him to do more and let everyone feel they belong to this country. Nigeria does not belong exclusively to any section of the nation,’ he stated.

Reflecting on Nigeria’s 65th Independence Anniversary, Archbishop Daniel said Nigerians should celebrate the country’s progress and remain hopeful for a brighter future.

‘Nigeria is on the verge of rising from the ashes of destruction, killings and bloodletting. We are beginning to see light coming to our freedom. Kidnapping, banditry and all forms of killing will come to an end,’ he declared.

He expressed optimism that corruption in Nigeria would drastically reduce if the government and citizens played their roles effectively.

‘We must have zero tolerance for corruption. ICPC and EFCC must sit up and bring every corrupt person to book. Only then will Nigeria become the great nation we have been praying for,’ he said.

Archbishop Daniel urged Nigerians to take personal responsibility for national development rather than leaving everything to the government.

‘As citizens, we owe a duty to play our part. The government must do its bit, but we too must work hard, pray, and contribute to the greatness of this country,’ he added.

Also speaking at the event, the Chairman of the Christian Association of Nigeria (CAN) in the 19 Northern states and the Federal Capital Territory, Reverend John Joseph Hayab, congratulated Archbishop Daniel on his new position and described him as a true servant-leader who rose from humble beginnings.

‘Archbishop John Praise is one of those leaders who started from scratch without a structure and became what we see today,’ Hayab said.

He urged young Nigerians to be patient and prepare for leadership rather than prematurely seeking power.

‘Leadership in Nigeria is often given to people who have not tasted the pains of building. Archbishop John Praise’s journey should inspire young people to wait for God’s time,’ he added.

In compliance with the Lagos State Government’s regulatory directives, Eko Electricity Distribution Company Plc (Eko DisCo) has registered Excel Electricity Distribution Company Limited as a 100 per cent subsidiary to manage its electricity distribution business in Lagos State.

The company said the restructuring aligns with the provisions of the Electricity Act 2023, which devolved regulatory authority in the power sector to state governments.

According to a statement issued by the management of Eko DisCo on Tuesday, the move became necessary following the directive of the Lagos State Electricity Regulatory Commission (LASERC), which required distribution companies operating across multiple states to register distinct entities for each state.

‘Eko DisCo, which operates in Lagos and Ogun States, therefore established Excel Electricity Distribution Limited to operate under the joint regulatory oversight of LASERC and the Nigerian Electricity Regulatory Commission (NERC),’ the company explained.

The management clarified that Eko Electricity Distribution Company Plc has not been sold, taken over, or dissolved, stressing that there has been no transfer of ownership or change in control.

It stated that Eko DisCo remains a duly incorporated and fully operational entity, with West Power and Gas Limited (WPG) retaining its 60 per cent shareholding and the Bureau of Public Enterprises (BPE) holding the remaining 40 per cent on behalf of the Federal Government of Nigeria.

Eko DisCo added that Excel Electricity Distribution Limited is a wholly owned subsidiary that will continue all distribution activities previously managed by Eko DisCo. Customers, it assured, will retain the same service channels, personnel, and payment systems.

‘As we transition, customers may notice the name change from Eko DisCo to Excel DisCo, but all service operations remain uninterrupted,’ the statement read.

The company further revealed that Eko DisCo has now transmuted into a holding company, in compliance with regulatory requirements.

It reiterated its commitment to delivering reliable, efficient, and sustainable electricity to all customers in Lagos, describing the development as a regulatory and structural transition, not a takeover or divestment.

‘Eko Electricity Distribution Company Plc remains a key player and investor in the Lagos electricity ecosystem, fully committed to improving service delivery through Excel DisCo,’ the statement added.

Nigeria’s 2025 wet farming season was marked by a mix of resilience and strain as farmers battled erratic rainfall, widespread pest infestations, and rising input costs that undermined production gains, according to findings from the 2025 Agricultural Performance Survey (APS) presented on Tuesday in Abuja.

The report, jointly conducted by the National Agricultural Extension and Research Liaison Services (NAERLS) of Ahmadu Bello University, Zaria, and the Federal Ministry of Agriculture and Food Security (FMAFS), paints a detailed picture of the country’s agricultural realities, highlighting both progress and persistent vulnerabilities.

Presenting the report, Prof. Yusuf Sani Ahmad, Executive Director of NAERLS, disclosed that more than 19,358 hectares of farmland were affected by pests and diseases during the 2025 wet season, resulting in estimated yield losses of 22.5 percent in the affected areas.

He listed key culprits as fall armyworm, rice blast, bacterial blight, streak virus, cassava mosaic, yam nematodes, cocoa black pod, and cotton smut, noting that virtually all agro-ecological zones were impacted.

‘Maize, rice, millet, cowpea, cassava, and tree crops were the most affected,’ Prof. Ahmad said, as he warned that the wide epidemiological spread of these infestations underscores the urgent need for stronger pest surveillance and early response systems.

Despite improved fertilizer availability through government interventions, input inflation remained a major challenge.

The survey recorded a 19.5 percent surge in NPK fertilizer prices, from N43,500 to N52,000 per 50kg bag, while urea rose by 10.1 percent, reaching N43,500.

These sharp increases, concentrated in the North-West, North-Central, and North-East, have placed smallholder farmers under intense cost pressure. ‘Affordability, not availability, has become the core problem,’ Prof. Ahmad observed.

Fuel prices, logistics costs, and rising production expenses compounded the burden, with maize and soybean production costs soaring by 29.2 percent and 36.8 percent, respectively.

The survey also revealed mixed results in farm mechanization. While the North-West and North-Central zones recorded the highest numbers of functional tractors (808 and 793 units, respectively), reliability issues persisted in the South-West and South-South, where a significant number of units were non-functional.

‘Mechanization access remains uneven and heavily skewed toward certain regions,’ Prof. Ahmad noted, as he stated that postharvest losses, especially in the South-West and North-Central, continue to erode farmer incomes despite gains in crop output.

Irregular rainfall, localized flooding, and climate-related shocks also featured prominently among 2025’s challenges.

The APS found that cultured fish production declined by up to 35 percent in the North-Central and North-East, regions also grappling with insecurity and environmental degradation.

While the South-South zone maintained relative stability in fish production due to its natural fisheries base, the South-West showed inconsistencies linked to volatile aquaculture conditions and weak data tracking systems.

Reacting to the report, Senator Abubakar Kyari, Minister of Agriculture and Food Security, acknowledged that the season’s performance reflects both progress and warning signs.

‘The 2025 APS findings show encouraging growth in major staples and a welcome decline in food prices, but the persistent challenges, from high input costs to pest outbreaks and postharvest losses, demand renewed action,’ he said.

Kyari commended farmers’ resilience and the collaborative efforts behind the survey but emphasized that the Ministry would institutionalize a Dry Season Agricultural Performance Survey to complement the wet season report.

‘This will make agricultural planning a year-round, data-driven exercise,’ he said, as he noted that the Ministry plans to boost local fertilizer production, expand climate-smart agriculture, and modernize mechanization services to improve productivity and resilience.

The Minister also underscored plans to recruit more extension agents, deploy digital advisory tools, and strengthen public-private partnerships to close information and input gaps.

‘We are determined to ensure that Nigerian agriculture becomes more productive, inclusive, and resilient,’ Kyari stated.

Despite modest growth, with rice production up 2.66 percent and maize by 2.0 percent, the 2025 wet season reaffirmed the sector’s exposure to climate stress, price volatility, and infrastructure gaps.

Yet, as the APS shows, it also demonstrated the capacity of Nigerian farmers to adapt, if backed by consistent data, coordinated policy, and sustained investment.

Despite record-breaking global cocoa prices, millions of smallholder farmers in West Africa, including Nigeria, remain locked in poverty, according to the newly released Cocoa Barometer 2025.

The report paints a complex picture of a sector simultaneously booming and broken, where profits surge for traders and chocolate manufacturers but the growers who sustain the industry continue to struggle.

The Cocoa Barometer, a flagship publication by a consortium of civil society organizations, reveals that while cocoa prices have soared to historic highs amid global supply shortages, the financial benefits have largely bypassed producers in Côte d’Ivoire, Ghana, and Nigeria, who collectively supply more than two-thirds of the world’s cocoa.

Nigeria, emerging as a key producer with an estimated 350,000 tonnes expected in the 2024/25 season, has yet to see farmers reap meaningful rewards from the price rally.

The report attributes this gap to forward-selling mechanisms, contracts that fix prices months before market shifts, along with declining yields from aging trees, climate change, and crop diseases.

While international buyers and processors profit from price fluctuations, many farmers remain trapped in what the report calls a poverty cycle that underpins nearly every other challenge in the sector.

These include deforestation, child labor, and gender inequality, which continue to persist despite years of sustainability pledges from multinational chocolate companies.

The report warns that the current cocoa boom could lead to another bust if left unmanaged. High prices have triggered rapid expansion into new forest areas, increasing the risk of deforestation and environmental degradation.

The Barometer cautions that, without supply management or price stabilization measures, the market could face oversupply and price crashes similar to the 2016 downturn.

‘Market volatility and weak governance are creating a fragile system that benefits a few while exposing millions to risk.

‘The absence of transparent farmgate pricing and the exclusion of women and farm workers from profit-sharing mechanisms further distort value distribution’, the report stated.

The Barometer identifies weak governance, lack of transparency, and poor coordination among governments and private companies as central to the sector’s instability.

In particular, it highlights how European political resistance to stronger human rights and environmental regulations could undermine recent progress in ensuring fairer trade and sustainable production.

Despite these setbacks, the report points to examples of progress, including new sustainability standards and collaborative frameworks among farmers, governments, and chocolate manufacturers. These, it argues, demonstrate that systemic change is not only necessary but possible.

The Barometer calls for a global commitment to fair pay for farmers, a moratorium on deforestation, and the inclusion of farmers, both men and women, as equal decision-makers in the cocoa value chain.

It also urges the implementation of transparency and accountability mechanisms to rebuild trust and ensure equitable distribution of profits.

‘Paying farmers fairly is both a moral and a legal obligation,’ the report notes, emphasizing that income justice is essential for sustainable cocoa production.

For Nigeria, the findings are particularly relevant as the country seeks to revive its cocoa industry and position it as a non-oil export growth driver.

Analysts say that addressing structural challenges in pricing, access to finance, and climate resilience could help Nigerian farmers benefit from the global cocoa boom and attract investment into value-added processing.

Many Nigerians are not aware that there are regulations in handling of banknotes; these regulations are not only in existence, they are also backed by law. And because ignorance is not an excuse in law, it is important that people know about banknote handling practices.

Why is the naira so important that there are rules on its handling? The naira, which is Nigeria’s bank notes and legal tender, is the symbol of our national pride and their condition in circulation reflects who we are.

Indeed, the Central Bank of Nigeria encourages the public to adopt responsible banknote handling practices to preserve the quality of the naira and also enhance the lifespan of the Naira.

What constitute good Banknote Handling Practices? They are simple guidelines stated below:

Do not store the Naira indecently: Keep banknotes clean, flat and avoid folding, crumpling or stapling.

Do not write on the Naira: Avoid writing on banknotes.

Do not squeeze the Naira: Store in a wallet, Purse or Pouch.

Do not deface the Naira: Avoid exposing banknotes to liquids like water, oil etc.

Do not spray the Naira: Give cash gifts in envelopes or via electronic channels.

Flouting any of the guidelines listed is a punishable offence under the law. Under the provisions of Section 21 of the CBN Act, 2007, all acts that constitute Naira abuse are punishable by imprisonment for a term of not less than six months or a fine not less than N50,000 or both.

The offences captured by the Act include:

Spraying of, dancing on or matching or stepping on the naira: This is explicitly prohibited and constitutes an offense.

Selling or trading naira notes and coins: This refers to the act of selling banknotes or coins for a higher value than their face value, which is illegal.

Mutilation, defacement or soiling the naira: This covers any act of intentionally damaging, writing on, or defacing naira notes or coins, including stapling, tearing or excessive crumpling.

To make it easy to keep the rules; e-payment channels offer a convenient and secure alternative to cash for transactions; use mobile money, mobile banking, internet banking, POS or card payments to keep our currency in good condition.

It was about development. It was about good governance. It was about progressive politics. But more deeply, it was about recognition, respect, and renewal – a heartfelt connection between President Bola Ahmed Tinubu and a region with a proud history and boundless potential.

In Owerri, the capital of Imo State – right in the cultural and political heart of the South-East – President Tinubu did more than commission infrastructure. He touched hearts, affirmed bonds, and renewed trust.

Just like in every other state he has visited in the past few weeks, the atmosphere in Imo was electric. Excitement filled the streets, hope filled the air, and expectations were met with substance. This was not a visit of empty gestures – it was a visit grounded in action and guided by intent.

This was President Tinubu’s second official visit to Imo State since taking office. His first was in January 2024, for the inauguration of Governor Hope Uzodimma’s second term. This return was not just a ceremonial trip – it was a deliberate step in building a deeper partnership with the people of the South-East.

‘Today, I can confidently tell you – the worst is over,’ the President declared.

These words, from a leader speaking directly to a region that has known both triumph and trials, were not just a statement of policy. They were a promise. A reassurance. A turning point.

The President, accompanied by 22 APC Governors and the National Chairman of the APC, Professor Nantawe, came bearing visible evidence of federal partnership and regional development. Governor Hope Uzodimma, the Chairman of the Progressive Governors’ Forum, literally brought Nigeria to Owerri, the Igbo heartland – a feat that speaks to his political clout and foresightedness. Nigeria converged on Imo State to bear witness to the progressive development in the state.

The Imo Concorde Hilton Hotel was revived as a symbol of Imo’s re-emergence as a destination for tourism and business. The Emmanuel Iwuanyanwu International Conference Centre became a new home for regional and continental dialogue. The Asumpta Flyover eased congestion and improved connectivity across the capital. The Imo Digital Learning Centre invested in the youth through technology and education.

The Owerri-Mbaise-Obowo-Umuahia Road became a lifeline for communities, farmers, and businesses across Imo and Abia States. This road is especially symbolic. It connects people – literally and figuratively. It shortens distances, reduces travel costs, and expands opportunity. For agrarian communities like Mbaise and Obowo, it brings markets closer and futures within reach. For traders and commuters, it brings safety, efficiency, and dignity back to mobility.

Before the formal unveiling of the book ‘A Decade of Impactful Progressive Governance in Nigeria’, authored by Governor Uzodinma, President Tinubu rose to address the gathering. He began with warm greetings to leaders, dignitaries, and the people of Imo and the South-East – but his message quickly turned to the heart of Nigeria’s national condition.

‘Thank you for your resilience. Thank you for your endurance,’ the President began, speaking directly to Nigerians across the country. ‘Nigeria is getting on the path of progress. The worst is over.’

It was more than political rhetoric – it was an expression of empathy and a moment of emotional connection, acknowledging the sacrifices made by ordinary citizens through periods of hardship and reform.

President Tinubu praised the people for their patience, assuring them that the difficult economic reforms were already beginning to bear fruit. ‘The economy will pay you back,’ he said, drawing rousing applause from the crowd.

He then turned to Governor Hope Uzodinma, applauding him for his leadership, vision, and delivery of real, tangible development in Imo State. ‘You have shown what progressive governance looks like,’ the President noted.

At the same event, President Tinubu addressed recent claims and allegations of religious persecution – particularly the narrative of genocide against Christians circulated by commentators outside Nigeria. With firmness and gravity, he dismissed these assertions as ‘a lie from the pit of hell.’

‘They lie all over the place that we have religious persecution. Our Muslim brothers and sisters, our Christian brothers and sisters are united. No religious persecution in Nigeria – it is a lie from the pit of hell.’

His message underscored the theme that reverberated throughout the visit: the unity of Nigerians regardless of faith, and the refusal to allow misinformation to divide or weaken the bonds of the national family.

The event brought together Nigeria’s most senior political leaders – a strong signal of unity and national direction. Among them were Senate President Godswill Akpabio, Speaker of the House of Representatives Rt. Hon. Abbas Tajudeen, and Deputy Senate President Senator Barau I. Jibrin.

The traditional institution was represented by Emirs, Kabiyesis, Obongs, Obis, and Oonis, alongside other eminent personalities. This included former governors, as well as former and serving senators and members of the House of Representatives. Nearly eight of the current serving ministers were in Owerri to give full support to Nigeria’s President and the undisputed leader of the APC, Bola Ahmed Tinubu, GCFR.

This display of leadership was more than protocol – it was a gesture of respect to the South-East and a collective reaffirmation of the region’s central place in Nigeria’s political and developmental journey.

In Imo, President Tinubu extended more than a hand – he touched hearts. The projects he commissioned were significant, but the messages he delivered were even more profound: that the South-East is not on the margins, and that Nigerians of all faiths are united in this journey.

For decades, the South-East has longed for inclusion, dignity, infrastructure, and national acknowledgment. This visit – full of depth, symbolism, and substance – marked a turning of the page. It was a renewal of trust, a reaffirmation of identity, and a recommitment to shared prosperity.

President Tinubu did not come as a stranger. He came as a leader, a partner, and a believer in the enormous potential of the South-East. The pact is clear: a South-East that is heard, seen, included – and empowered. And the promise is firm: no part of Nigeria will ever be forgotten or divided.

As the President departed Owerri, he left behind roads, buildings, and digital learning centres. But more importantly, he left behind a growing sense of belonging – and the hope that the bridge between the South-East and the centre is being rebuilt, brick by brick, with trust, truth, unity, and tangible action.

In the belly of the Emmanuel Iwuanyanwu International Conference Centre, President Tinubu seized the ‘Bully Pulpit’ in Owerri to deliver inspiring, powerful, and fiery messages.

‘As I stand before you today, I can tell you with confidence that Nigeria has turned the corner. You will see prosperity. You will have it. Those who are speaking ill of this country should stop. Sixty-five years of independence is not a joke.’

‘I stand before you confident, yet humble, to say that Nigeria is no longer where it was ten years ago. We have crossed that line. We promised change, and today I can confidently tell you that promise is alive. The worst is over,’ he reiterated.

President Tinubu was not done yet. He had words for detractors. ‘There’s no religious persecution in Nigeria. It’s a lie from the pit of hell. I have always believed in good governance.’

The President in Owerri put a bold foot forward: Nigeria is out of surgery, and it is time to rebuild together. That message resonates non-stop.

The Federal Government has called for foreign technical support to fast-track the implementation of the Mission 300 Targets – a continental initiative aimed at providing electricity to 300 million Africans by 2030.

The Minister of Power, Chief Adebayo Adelabu, made the appeal while receiving a delegation from the Global Energy Alliance for People and Planet (GEAPP) led by its African Director, Labna Bhyani, in Abuja.

Adelabu said Nigeria, as a signatory to the Mission 300 framework signed in Dar es Salaam, Tanzania, earlier this year, is taking concrete steps to expand energy access through solar-powered, off-grid solutions that will boost rural electrification and agriculture.

‘We so much need technical support to monitor and track progress across different parts of the country so that we can measure achievements and collect accurate data,’ he said. ‘Although we have made significant progress in implementing this policy, there are still gaps to be filled. We must fully implement it.’

The minister explained that the policy aligns with efforts to transform the agricultural sector through the deployment of solar-powered irrigation systems, pumps, and storage facilities for rural farmers.

‘We want to deploy thousands of solar-powered pumps to help rural farmers boost productivity,’ Adelabu said. ‘We will also introduce solar-powered storage facilities so that when they produce more than can be consumed, they don’t suffer losses.’

He added that small-scale rural enterprises, such as patent medicine stores and agro-processors, would also benefit from solar energy access to improve their operations and productivity.

Adelabu noted that the Federal Government, working with the Ministry of Finance, is implementing several programmes to strengthen the power sector, including the Presidential Power Initiative (PPI) and the Siemens project.

‘Through the PPI, we have already generated an additional 700 megawatts. The first phase of the Siemens project will add another 7,000 megawatts and help stabilise the grid. We are also enhancing our metering initiative to ensure consumers get accurate bills instead of estimated charges,’ he said.

He reaffirmed Nigeria’s commitment to achieving the Mission 300 goals by 2030 but emphasised that technical collaboration with international partners would help accelerate progress.

In her remarks, GEAPP’s African Director, Labna Bhyani, commended Nigeria’s policy reforms and progress in grid and off-grid programmes.

‘Our mission here is to get first-hand information on how you are progressing,’ Bhyani said. ‘We are impressed with what Nigeria has achieved so far, and even though GEAPP does not provide loans like the World Bank, we are ready to offer technical assistance and collaborate in areas where our support can make an impact.’

She praised the minister for his leadership and reaffirmed GEAPP’s commitment to supporting Nigeria’s efforts to expand clean energy access and meet the Mission 300 targets.