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The African Democratic Congress (ADC) has accused the federal government of manipulating food prices for political gains, describing its claim of ‘increased local food production’ as dishonest, given that many farmers, especially in the northern part of the country, have been displaced by banditry.

Bolaji Abdullahi, national publicity secretary of the ADC, in a statement on Monday, said even the few farmers who remain active cannot afford the skyrocketing cost of fertilisers and other critical inputs.

The party also accused the government of hoarding imported food while millions go hungry, describing it as a deliberate weaponisation of poverty for political advantage.

While calling for a complete overhaul of the country’s agricultural strategy, the ADC urged the government to adopt policies that protect local production, promote food price stability, safeguard the lives of farmers, and pursue long-term food sovereignty.

The party also expressed deep concern over what it described as the federal government’s misleading narrative around the so-called drop in food prices.

According to the party, ‘Contrary to what is being celebrated in official circles, the reality on the ground, as confirmed by the voices of struggling farmers and families across the country, is that the Tinubu government is manipulating food prices and weaponising hunger for political gains.’

The party also stated that, ‘the reported drop in the prices of some food items is artificial, and a result of import waivers that have flooded the market with cheap foreign food.

‘It is neither evidence of sound policy nor proof of increased local production. And while that may offer momentary relief in food prices, it has, and will, come at the heavy cost of sabotaging local farmers who can no longer compete due to soaring input costs, especially fertilisers, and worsening insecurity.

‘Additionally, we find it particularly strange and dishonest for the government to claim that its policies are encouraging domestic production at a time when many farmers have been displaced by bandits, and those who remain are barely able to afford the cost of planting.

‘How can production be increasing when the rural economy is under siege by bandits, and the costs of planting are now beyond the reach of the average farmer?’ the party said.

‘This is propaganda. What we are witnessing is a deliberate manipulation of food prices for short-term political gain, designed to create the illusion of economic progress while citizens continue to suffer.

‘Any current drop in price is temporary, unsustainable, and driven by panic, not strategy, and deliberate planning.

‘We also take note of the government’s claim that it has not released imported food into the market. If we are to even momentarily entertain this falsehood, it begs an even more damning question: why is the government hoarding food while the people go hungry? What sort of administration stores food in warehouses during a hunger crisis?

‘The ADC condemned in the strongest terms the weaponisation of hunger and calls for a complete overhaul of the current agricultural approach. We must protect local producers, address rural insecurity, and invest in long-term food sovereignty, not temporary political optics.

‘The Nigerian people deserve truth and food, not manipulation and a false narrative of renewed hope.’

The Federal Competition and Consumer Protection Commission (FCCPC) has commended the Nigerian judiciary for recent rulings that reinforce consumer rights and ensure accountability among service providers.

In a statement by Ondaje Ijagwu, director of Corporate Affairs, the Commission hailed the Lagos and Enugu High Courts for their landmark judgments against Multichoice Nigeria Limited and Peace Mass Transit Limited, respectively.

Tunji Bello, executive vice chairman and chief executive officer of the FCCPC, described the rulings as a major boost to consumer confidence and a testament to the effectiveness of the Federal Competition and Consumer Protection Act (FCCPA), 2018.

He said the decisions demonstrate that consumers can lawfully seek redress and obtain justice against unfair business practices.

Bello applauded the judiciary for ensuring fair outcomes that strengthen trust in Nigeria’s marketplace, adding that the rulings highlight the judiciary’s growing role in advancing consumer protection.

He also commended the affected consumers for using legal channels rather than resorting to self-help, noting that the FCCPA provides multiple avenues for lodging complaints and securing redress.

Between March and August 2025, the Commission facilitated recoveries exceeding ?10 billion for consumers across 30 sectors, a milestone Bello said reflects growing enforcement efficiency.

He added that consistent judicial support complements regulatory efforts and sends a clear message that violations of consumer rights will attract consequences.

The commission added that in one of the cases, the Lagos High Court, presided over by Justice R. O. Olukolu, awarded ?5 million in damages to a DStv subscriber, Ben Onuora, over wrongful disconnection despite verified payment.

Similarly, the Enugu High Court, under Justice C. O. Ajah, declared Peace Mass Transit’s ‘no refund after payment’ policy illegal and ordered the company to pay ?500,000 in damages to a passenger, Tochukwu Odo, whose fare was withheld after an uncompleted trip.

‘In one of the two decided cases, the Lagos High Court, presided over by Justice R. O. Olukolu, awarded ?5 million in general damages to a DStv subscriber, Mr. Ben Onuora, for the wrongful disconnection of his active subscription. The Court found that Multichoice acted unlawfully by cutting off service despite verified payment, causing inconvenience to the claimant and his family.

‘It ordered immediate reconnection and an extension to cover the period of disconnection, relying on Sections 130, 136, and 142-145 of the FCCPA 2018, which safeguard consumers’ rights to quality service and make suppliers liable for interrupted or defective delivery.

‘In the second case, the Enugu High Court, under Justice C. O. Ajah ruled that Peace Mass Transit’s ‘no refund after payment’ policy was illegal and void under Sections 120, 104, and 129(1) of the FCCPA 2018. The company was ordered to pay ?500,000 in damages to a passenger, Mr. Tochukwu Odo, whose fare was withheld after an uncompleted trip.

‘The Court held that service providers must refund consumers when a service is not rendered and that policies denying refunds breach statutory consumer rights.’

Bello reaffirmed the Commission’s commitment to promoting fair markets and protecting consumers nationwide, urging Nigerians to continue reporting unfair practices through the FCCPC complaint portal, email, or its offices nationwide.

Every year, Africans lose billions to poor exchange rates, opaque fees, and sluggish transfers. Small and medium enterprises trying to pay suppliers abroad, or individuals sending money to loved ones, face friction that has become normalised. A single transaction can attract up to 10 per cent in charges – and still take days to arrive.

For decades, Africa’s participation in global commerce has been constrained not by ambition or innovation, but by inefficiencies in the financial plumbing that connects the continent to the world.

At Glo Currency, that’s the problem being reimagined.

‘We believe cross-border payments should be instant, transparent, and fairly priced – no matter where you’re sending from,’ says the company’s leadership team.

The New Financial Rail

Glo Currency is a next-generation payments and foreign exchange platform that merges the reliability of traditional finance with the speed and inclusiveness of digital systems. Through its mobile and web platforms, users can:

Instantly exchange between major currencies and digital assets.

Access better-than-bank FX rates in real time.

Complete cross-border payments in minutes, not days.

Connect directly with regulated offshore banks, enhancing liquidity.

Operate under locally compliant licenses across multiple jurisdictions.

At the heart of Glo Currency’s innovation is a blended FX model – fusing digital liquidity with cash settlement to make transactions seamless and predictable.

The Market Shift

Africa’s cross-border payments market exceeds $150 billion annually, yet much of it still moves through outdated rails. The African Continental Free Trade Area (AfCFTA) has accelerated intra-African commerce, while a digital-native generation of entrepreneurs is demanding more efficient financial tools.

Add to this the record-high diaspora remittances, and the opportunity becomes clear:

Glo Currency is positioning itself as the bridge – connecting African businesses to the world, and the world back to Africa.

Building Traction

The company already manages over £2 million in weekly cash FX transactions, with a growing user base across its app and agent network. Its partnerships with regulated payment processors and banking institutions continue to expand its reach, while license applications are underway in new jurisdictions.

To date, Glo Currency has opened more than 1,000 multicurrency accounts for African businesses – a small but symbolic step toward rewriting how global money moves in and out of the continent.

Born of Necessity

The company’s origin story is quintessentially African – born from constraint, shaped by resilience. Faced with the high cost and complexity of cross-border payments, Glo Currency’s founders built what they couldn’t find: a secure, efficient route for African businesses to transact globally without middlemen or opacity.

‘We’re not just building a product,’ says a co-founder. ‘We’re building confidence – the belief that an African business can send or receive money as easily as anyone, anywhere.’

The Future of Inclusion

For Glo Currency, the mission extends beyond speed. The company is pursuing economic inclusion – ensuring that entrepreneurs, freelancers, and traders can operate on equal terms in the global economy.

Future offerings include card issuance, digital asset integration, and expansion into new markets – all built on a regulatory-first philosophy that treats compliance as a catalyst, not a constraint.

‘Our long-term ambition,’ the company says, ‘is to become Africa’s most trusted cross-border financial platform – where geography is no longer a penalty.’

For the first time in its trading history, MTN Nigeria’s share price crossed the N500 mark on October 22, 2025. Two days later, it climbed even higher to N515, reaching a new all-time high on the Nigerian Exchange (NGX).

The milestone reflects renewed investor confidence in the telecom giant. Since its listing on the NGX in May 2019 at N90 per share, MTN Nigeria has gained 472 per cent in value. On a compounded basis, its annual growth rate of 33.7 per cent nearly matches the NGX All-Share Index’s 33.9 per cent growth rate over the same period.

Still, MTN’s journey on the exchange has not been without turbulence. From its N90 debut in 2019, the stock ended that year at N105. It rose another 89 per cent in 2020 to close at N169.90. In November 2021, MTN deepened its local participation through a public offer, raising N111.75 billion from retail and institutional investors.

The company enjoyed strong performance year after year, until 2024. The naira devaluation and record-high inflation severely hit earnings, dragging MTN into a net loss of N400.4 billion. That came after a N137 billion loss in 2023. In total, the company recorded N458 billion in accumulated losses over two years.

Investors reacted sharply. MTN’s share price plunged 24.2 per cent in 2024, closing the year at N200. At one point, the stock nearly fell back to its 2021 public offer price of N169.

However, 2025 has marked a dramatic comeback. In the first half of the year, MTN reported its best-ever half-year financial performance. Revenue hit N2.38 trillion, while net profit stood at N414.9 billion. Analysts expect the company to reach N5 trillion in full-year revenue, the first listed company in Nigeria’s history to achieve that.

Investor enthusiasm has followed. The stock has appreciated 158 per cent year-to-date, making MTN one of the best-performing equities in 2025.

The road ahead for MTN

Despite the rally, analysts believe there’s more to come, but with caution.

Abigael Adesina, Research and Insights Analyst at Norrenberger, said MTN’s share price still trades below their projection. ‘The share price is a bit away from our target,’ she noted. ‘Although it’s closing in fast, we’re projecting that it will surpass our nearly N700 target price.’

Meristem, however, has taken a more conservative stance. The firm maintained a ‘hold’ recommendation after MTN surpassed its N470 target price. CardinalStone Securities also placed its target at N526.94, implying limited short-term upside but strong long-term potential.

At the current price, MTN trades at a price-to-earnings ratio of 13.02x, roughly half of Airtel Africa’s 26.33x multiple. The comparison suggests that MTN remains undervalued relative to peers, leaving room for re-rating if earnings momentum continues.

The next big moment for investors will come with MTN’s third-quarter 2025 results, expected in the coming days. It is anticipated that the report could help the company erase its N42.5 billion accumulated losses. If that happens, MTN may resume dividend payments, a move likely to boost investors’ sentiment further.

Operationally, the company remains highly efficient. MTN posted an EBITDA margin of 50.5 per cent in the first half of 2025. CardinalStone projects that the figure will rise to 51.7 per cent for the full year, and average 53.7 per cent over the next five years.

Such performance underscores MTN’s strength in managing costs and maintaining profitability, even in tough macroeconomic conditions.

Yet, challenges persist. Vandalism is a major problem, with MTN reporting over 5,700 optic fibre cable cuts between January and July. However, MTN’s expanding fintech and data segments, coupled with heavy investments in digital infrastructure, are positioning it for sustained growth.

With the share price at N515, the telecom giant stands at a new crossroads. Whether the rally marks the beginning of a sustained re-rating or just another peak in its eventful NGX journey will depend on how it navigates the quarters ahead.

A new report from the GSMA has projected that the mobile sector in Africa will contribute $270 billion to the continent’s GDP by 2030.

This significant economic milestone, detailed in ‘The Mobile Economy Africa’ executive summary, underscores the growing influence of mobile technology as a driver of economic growth, job creation, and digital inclusion across the region.

According to the report, the mobile industry’s contribution to Africa’s GDP is expected to rise from $220 billion in 2024, equivalent to 7.7 percent of the continent’s economic output, to $270 billion by 2030, maintaining a robust 7.4 percent share.

This growth is fueled by an expanding subscriber base, projected to reach 915 million by 2030 (up from 710 million in 2024), and a surge in mobile internet users, expected to climb from 416 million to 576 million over the same period.

The rollout of 4G and 5G networks, with 4G connections rising to 54 percent and 5G to 21 percent by 2030, will further accelerate this economic momentum.

The implications for the African economy are profound. This $270 billion contribution could serve as a catalyst for diversification, reducing reliance on traditional sectors like agriculture and mining.

The mobile sector’s expansion is already supporting 5 million direct jobs and 3 million indirect jobs in 2024, a figure likely to grow as infrastructure investments totalling $77 billion are made between 2024 and 2030.

These jobs span telecommunications, tech startups, and ancillary services, fostering a skilled workforce and entrepreneurial ecosystem.

Moreover, the increased connectivity is expected to unlock new revenue streams for businesses, particularly small and medium enterprises (SMEs), which form the backbone of Africa’s economy. Mobile internet and advanced networks will enable e-commerce, digital banking, and remote work, bridging the urban-rural divide and empowering underserved populations.

The report highlights that public funding of $30 billion in 2024 (before regulatory and spectrum fees) underscores the government’s commitment to this ecosystem, signalling potential for public-private partnerships to amplify impact.

For policymakers, the findings emphasise the need for strategic spectrum policies to close the digital usage gap, a move that could enhance carbon reduction goals and socioeconomic benefits. As African enterprises leverage this connectivity, their competitiveness in global markets is likely to improve, attracting foreign investment and fostering innovation.

The report suggests that sustained investment and regulatory support will be critical to realising these projections, especially in less-penetrated regions. With the right policies and investments, this sector could redefine Africa’s economic landscape, positioning it as a global tech hub in the coming decade.

President Bola Tinubu has set up a committee tasked with ensuring the payment of outstanding debts owed to the Generation Companies (GenCos), as well as developing a framework to prevent future debt accumulation.

Mahmuda Mamman, permanent secretary, Ministry of Power, disclosed this in Abuja on Monday, as the Association of Power Generation Companies of Nigeria (APGC) marked its 10th anniversary.

According to Mamman, the generation companies have demonstrated a level of commitment to Nigeria that goes far beyond ordinary business practice.

He added that the commitment of the companies to navigating complex challenges while consistently striving to generate power to illuminate homes, energise businesses, and drive economic growth across our great nation even in the most difficult circumstances, is commendable and does not go unnoticed.

He said, ‘Despite being owed substantial debts in billions of Naira that have accumulated over the years-you have not abandoned your posts and the severe liquidity challenges that would have forced closure in any other industry, you have kept the turbines running, the lights on, and the wheels of our economy turning.

‘This is not just business; this is patriotism in action. For this extraordinary sacrifice and dedication to the Nigerian Electricity Supply Industry (NESI), we owe you a profound debt of gratitude-and indeed, we owe you payment of the actual debt!

‘You are aware that your perseverance and voices have been heard at the highest levels of government. President Bola Ahmed Tinubu, in his characteristic responsive leadership style, is fully aware of the liquidity challenges facing the Nigerian Electricity Supply Industry, particularly the debt burden on generation companies. In recognition of the critical importance of resolving this issue for the sustainability of our power sector,

‘Mr. President has constituted a Committee specifically mandated to address the payment of outstanding debts owed to the Gencos. This Committee has been charged with the responsibility of developing a comprehensive framework for clearing these debts and establishing sustainable payment mechanisms that will prevent such accumulations in the future.’

Represented by Evangeline Babalola, a director in the Ministry, Mamman said that access to reliable and affordable electricity remains one of Nigeria’s most pressing developmental challenges.

He said that the gap between the nation’s current generation capacity and national demand continues to constrain economic productivity, limit social development, and affect the quality of life of millions of Nigerians.

In his remarks, Enyinnaya Abaribe, chairman, Senate committee on power noted that issues of infrastructure deficit, tariff structures, gas supply constraints, and financial sustainability remain pressing concerns that demand continued collaborative action.

He explained that it is precisely in confronting these challenges that APGC has demonstrated its greatest value, providing a platform for collective problem-solving and unified advocacy that amplifies the voice of individual Generation Companies.

He said, ‘Looking ahead, the future of Nigeria’s energy transformation rests upon our collective commitment to innovation, investment, and inclusive stakeholder engagement.

‘The power generation sector remains fundamental to our national development aspirations, and the role of APGC in facilitating dialogue, promoting best practices, and advocating for enabling policies cannot be overstated.

‘As our nation pursues ambitious goals of energy access, economic diversification, and industrial growth, the contribution of Generation Companies and their representative association will be absolutely critical.’

Joy Ogaji, managing director, APGC in her remark, stated that the Nigerian power sector is under threat, as the generation companies continously face recurring challenges such as endemic liquidity challenge, gas shortages, inadequate grid infrastructure, and regulatory uncertainty.

According to Ogaji, power generation companies (GenCos) were born into an evolving market, filled with promises, yet fraught with challenges.

‘Today marks a truly special moment, a defining milestone in our collective journey, as we gather to celebrate a decade of APGC’s existence and nine years of steady leadership, partnership, and resilience.

‘Ten years ago, the power sector stood at the crossroads of transition. The privatization of 2013 opened new doors, but also new uncertainties. power generation companies (GenCos) were born into an evolving market, filled with promise, yet fraught with challenges: liquidity shortfalls, gas constraints, infrastructure bottlenecks, and policy inconsistencies,’ she said.

In 2026, when the new Tax Act (2025) of Nigeria became effective, attention was paid to the capital gains tax, digital assets, and compliance reforms. Beneath those headlines is a more radical transformation: intellectual property (IP) is no more a free, intangible, and unrefutable good but an asset to pay taxes on, charge for, and audit.

This action is at least the formal recognition of the fact that in the modern economy, wealth is becoming less and less tangible. In the case of both entertainment and fintech businesses, their assets have become their most valuable properties, which are now under the Federal Inland Revenue Service (FIRS) scanner. Sections 4(b) and 4(j) respectively referred to royalty and transactions on digital and virtual assets, which are comparable with intellectual properties.

Section 4 of the new law broadens the definition of the term ‘chargeable assets’ to include intangible property, incorporeal rights, and digital assets. Capital Gains Tax (CGT) that had before been applied to physical and financial assets is now applied to IP sales, transfers, and assignments.

To businesses, CGT may be up to 30 per cent, which matches the corporate income tax. The broadened framework applies to royalties and licensing fees, as well as software rights, which are all subject to taxation. In other words, innovation is now taxable.

Section 45 of the new law referred to the foundations of valuation, and this is currently the centre of valuation computation. It is rather significant that parties should know the real value of their assets in question, yet performing a transaction, whether to sell, transfer, or license the value attached to that asset, is a determining factor of taxable gain or royalty income.

Having a weak or no valuation may put companies at great risk, including being undervalued, which results in audits, adjustments, and fines, or overvalued, which could result in inflated taxable income and balance sheet misstatements. Lack of consistency in valuation may completely breach the transfer pricing and be subject to scrutiny.

It is based on credible, defensible IP valuation: fair market value of CGT, arm’s-length pricing of transfers in accordance with transfer pricing requirements, fair computation of capital allowance, and defence of audit and documentation integrity.

Chasing of codes, brands, trademarks, industrial design, copyrights, and patents that yield real money are no longer considered as tangible assets like land and factories, plants and equipment, but are included in the chasing of assets by the FIRS.

Most Nigerian companies continue to consider IP merely as an expense they incurred or a consideration they have not received. That can no longer be maintained under the new law. FIRS is now entitled to require valuation of royalty deals, IP disposal, or group restructuring.

There is maximum exposure on multinational companies having internal brand licensing or technology sharing arrangements. In the absence of arm-length valuations, intragroup royalties are subject to repricing, and penalties are to be backdated.

Indirect transfer provisions are now applicable in even offshore share transfers of companies whose main value is the Nigerian IP.

The sectoral effects that will be involved in operation with this new regime will include: Creative and Technology: record labels, film studios, and software firms will need to appreciate their IP portfolios to calculate the royalty income and CGT exposure. Manufacturing and Pharmaceutical: trademarks and formula licensing agreements would need to be re-evaluated on reasonable royalty rates. Financial Institutions: IP-based collateral can now be recognised on the condition of professional valuation. Professional Services: The alignment of methodologies by valuers, accountants, and tax advisers with international IP valuation standards should be undertaken.

The incorporation of IP into Nigeria’s tax regime requires further efforts to develop capacity. The Nigerian Institution of Estate Surveyors and Valuers (NIESV) should intensify its efforts in training and retraining on IVS 210 and IFRS 13, respectively.

The regulator, the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON), should promote total adherence to international practice in the jurisdiction where the institution operates. There should be close cooperation between the regulators, including NOTAP, FIRS, FRC, and other professional bodies, to bring about consistency of standards.

The boards of the companies should not consider IP valuation as an additional task to incorporate into their tax governance strategy. In IP-intensive businesses, valuation is to be done at acquisition, at least once every year, to be audited, and whenever there is any transfer or licensing or restructuring.

The 2025 Tax Act passed in Nigeria has left one thing clear: it is time to put an end to the unmeasured intangibles. The intellectual property has become a taxable, auditable, and fundable asset.

The difference between compliance and exposure, and opportunity and liability, is accurate valuation. Early-adopting companies will win the confidence of investors, capital will be more efficient, and it will not create a conflict with the regulations.

In the modern economy, the measurable cannot be defended and can definitely not be taxed appropriately.

Olayinka Gabriel, a chartered accountant and financial analyst in Taraba state, has faulted the recent claim by Hon. Danjuma Shidi, former member House of Representatives from Taraba state, that the state’s debt has risen to N1.2 trillion, stating that the figure presented by Shidi is misleading.

Hon. Shidi who represents Wukàri/Ibi federal constituency at 8th national assembly in his open letter to the state’s house of assembly, youth leaders, senior citizens, political parties and general public last week accused Agbu Kefas, the Taraba state governor of obtaining debt to the tune of over N350 billion and also receiving over N437 billion from federal allocation in 2 years with no project to show in the state.

Gabriel, who spoke to a journalist in Jalingo, Taraba state capital, on Monday in his office, said the allegations by Shiddi, claiming that Taraba State’s debt has risen to ?1.2 trillion, are misleading, inaccurate, and should be disregarded in their entirety. Revealing that the claims contained in the open letter to the Taraba State House of Assembly lack a factual basis and appear politically motivated.

‘According to the Debt Management Office (DMO), Taraba State’s verified debt profile currently stands at ?84 billion, significantly lower than those of Adamawa, Gombe, and Bauchi States within the Northeast region. ?350 billion bond not yet accessed

‘Contrary to Shidi’s assertion, Taraba State has not accessed the proposed ?350 billion bond from the capital market. The process remains at the advisory and regulatory stages.

Gabriel, in his analysis, said that, unlike commercial loans, bond issuance undergoes rigorous approvals, market consultations, and mandatory public disclosure, including six-week national newspaper adverts, making secrecy impossible.

‘It is incorrect to add the bond amount to the debt profile of the state since it is yet to be assessed; its effect would be to reduce, not increase, the state’s debt burden.

‘The ex-lawmaker falsely referenced ?206.78 billion in loans approved in 2023. Approval does not equal disbursement. The approved funds had clear allocations, its indicates that Education has ?50bn, Agriculture has ?30bn Health has ?30bn Security has ?30bn Infrastructure has ?40bn, Judiciary, House of Assembly, Microfinance has ?5bn each, Women Affairs, Digital Economy, Waste Management has ?2bn each, Gratuities and Pension Enrolment and ?5bn while other sectors has ?5.476bn.

Gabriel therefore emphasises that each facility has a specific repayment source which is Zenith Bank: FAAC deductions, UBA: JAAC deductions, Fidelity Bank: VAT deductions and Keystone Bank: IGR deductions. Many of these loans have already been fully repaid or will end by December 2025. Gabriel stated. He revealed.

George Elombi, the new president and chairman of the African Export-Import Bank (Afreximbank), has revealed that Aliko Dangote is seeking an additional $5 billion to expand his refinery in Lagos.

During his inaugural address at Afreximbank’s investiture ceremony in Cairo, Elombi stated that Dangote had personally disclosed the plan earlier and assured the bank would explore all possible financing options.

‘Alhaji Dangote indicated to me this morning that he will be coming for an additional $5bn to expand the refinery. We have agreed to look for the money wherever it is, including in Afreximbank and your individual accounts. We believe it has to be done.

‘If it is done, it will double his production and cut prices by 50 per cent, maybe for Nigeria and for all the countries along this West African coast. This will be a significant change,’ he told the gathering.

The $20 billion Dangote Refinery, largely financed by Afreximbank, has been described as a transformative project for Nigeria’s energy landscape. Elombi said the planned expansion could reshape fuel supply across West Africa, easing costs and boosting regional trade.

He also paid tribute to his predecessor, Benedict Oramah, whose tenure saw the bank’s assets grow eightfold to $43.5 billion and revenues climb to $3.24 billion.

Elombi pledged to build on these achievements, focusing on value addition in minerals, implementation of the African Continental Free Trade Area, infrastructure investment, and digital integration.

Warning against external interference in Africa’s financial sovereignty, Elombi reaffirmed Afreximbank’s mandate to finance production and industrial transformation.

‘How can Africa trade unless it produces? And how can it produce without transforming the very structure of its trade? This structural transformation is not mission drift; it is mission delivery,’ he said.

He added that shareholders had tasked him with growing the bank’s balance sheet to $250 billion within a decade, with some African leaders urging a $350 billion target, all while ensuring every dollar translates into tangible impact.

In his goodwill message, Dangote congratulated Elombi on his appointment, praising his leadership during Afreximbank’s COVID-19 response and his role in expanding the bank’s assets from $6 billion to $44 billion.

Dangote highlighted the importance of protecting African trade and production for the continent’s economic security, noting, ‘At the WTO, our Vision 2030 Strategic Plan projects that we will be a $100bn organisation in the next five years. However, having you now at the leadership of this great institution, I am sure our targets will be met much sooner based on our existing great partnership.’

He pledged the Dangote Group’s continued support for Afreximbank, saying, ‘You have my personal support and assurances that, as Dangote Group, we shall be by your side as you lead this new success of our future plan.’

In August 2025, Afreximbank announced a $1.35 billion facility for Dangote Industries Limited as part of a $4 billion syndicated financing deal to refinance the construction of the 650,000-barrel-per-day refinery and petrochemical complex, the largest single-train refinery in the world.

The bank contributed the largest share, underscoring its commitment to Africa’s industrialisation, energy security, and trade growth.

Governor Umar Namadi of Jigawa State has approved the construction of three major roads in Miga Local Government Area valued at over N30 billion, as part of efforts to enhance infrastructure and support agricultural productivity in the state.

Speaking on Sunday at the flag-off of the 30-kilometre Tsakuwa-Koya-Kafin Hausa road, Namadi said the project underscores his administration’s commitment to improving rural connectivity and delivering on campaign promises.

He noted that Miga is one of the state’s key agricultural zones, renowned for its Fadama and irrigation facilities that enable year-round farming. The governor stressed that improved road networks are essential for transporting farm produce and goods, which will in turn drive economic growth and development across Jigawa.

According to him, the Tsakuwa-Koya-Kafin Hausa road, awarded at a cost of N7 billion, is expected to be completed within 12 months.

‘This project is one of three road projects our administration is executing in Miga Local Government. It reflects our resolve to deliver tangible development to our people,’ Namadi said.

As part of his ‘Government-Citizens Engagement’ initiative, also known as Gwamnatin Da Jama’a, the governor commissioned a rural electrification project in Koya Village.

Earlier, Abdullahi Kainuwa, the State Commissioner for Health, highlighted key projects executed in Miga in the past two years, including the renovation of the Miga General Hospital, recruitment of new health workers, and the enrolment of over 7,000 vulnerable residents into the State Social Health Insurance Scheme.

Similarly, the government disclosed that more than N5 billion has been expended on renovating and constructing classrooms, providing furniture, and supplying learning materials for schools across the local government.