Asianet Pakistan Private Limited

FCMB Group Plc has launched a N160 billion public share to strengthen its banking subsidiary and meet Central Bank of Nigeria’s N500 billion minimum capital for international banks.

The offering of 16 billion shares at N10 each runs until November 6. Proceeds will be used to recapitalise FCMB Limited and help the lender retain its international licence.

The raise follows a N147.5 billion share sale in 2024, the first in 16 years. This 2024 share sale was oversubscribed by 33 per cent, with 42,800 investors participating, 92 per cent through digital channels. Analysts expect momentum to carry into this second phase of it’s recapitalisation plan.

FCMB has posted robust growth, with group profit before tax rising at 72 per cent compound annual rate between 2022 and 2025. Non-bank subsidiaries delivered 61 per cent PBT CAGR, led by Credit Direct Finance Company Limited, non-bank lender, and FCMB Capital Markets, which topped the FMDQ fixed income league table for bond listing and commercial papers in the first half of 2025.

Groupwide digital initiatives continue to underpin growth, with digital revenue growing at more than 58 per cent annually since 2022, accounting for 13.9 per cent of gross earnings. As of June, digital lending stood at nine per cent of the loan book.

At a 2025 estimated price-to-book ratio below 0.6x, FCMB stock trades at what analysts describe as a rare mix of deep value and high growth.

Following the completion of this share sale, the group plans to conclude the sale of minority stakes in two subsidiaries, with proceeds also injected into the bank. This will lift qualifying core capital beyond N500 billion and close its recapitalisation programme.

The decline in Nigeria’s coffee exports may not necessarily signal a fall in agricultural output but rather, the growing strength of the domestic industrial market

Chief Executive Officer, Nigerian Economic Summit Group (NESG), Dr. Tayo Aduloju, in interview with The Nation, said the shift in export volume may represent a new dynamic in the country’s export landscape, where industrialisation and value-addition initiatives are diverting primary agricultural products from foreign markets to local factories.

He said: ‘I think we need to do some better analysis. When we see these drops, we have to ask what they mean. Do they mean total productivity output in coffee beans drops? Which could be one problem, of course. Most agricultural output in some parts of the country drops for different reasons-insecurity, climate change, access to credit, etc. But that does not by itself reflect a change in the nominal output’.

He noted that as investors are being encouraged to manufacture finished products within Nigeria, they are increasingly competing with traditional export markets for raw materials such as coffee, cocoa, and shea butter.

‘Some of that coffee, cocoa, soya production, even shea butter production that were purely export are now being competed for by those we ask to invest here.’

This is to do new economic value-added to those products, so that reduces your exports.

‘If you are doing 500 metric tonnes-and this is just hypothetically-of a particular export crop, and then your domestic demand, your industrial demand locally is now 5,000, what you will see on the export side is a drop in reduction. But it does not mean there was a drop in outputs. It’s now that there’s a local industrial demand in a local industrial market that is absorbing all the primary production,’ Aduloju said.

He pointed to visible examples of this trend. ‘I know Nestlé now produces a Nigerian version of some of its coffee, where they are using as much local materials as possible. My guess, for example, is they are using some of our coffees. And then I’ve seen in many of our trade fairs now our local coffee, you know, that we are now selling locally, which is cheaper than your Nestlé and your other brands,’ Aduloju said.

This shift, he argued, presents both a challenge and an opportunity. While it may cause a short-term dip in export figures, it highlights the urgent need to scale up production to meet both domestic and export demand. ‘It now becomes a valid point in all to scale up production of coffee beans to a scale that matches domestic, industrial consumption and demand plus export demand. I think that’s where the direction should actually go with most of the export crops. That’s the conversation we need to have next,’ he stressed.

Globally, coffee consumption continues to rise, but Africa is witnessing a troubling decline in production, even as plantations in Asia expand to meet demand. The fall in African output has been linked to land loss to real estate development, as well as the impact of pests and diseases on crops.

Meanwhile, global coffee prices have swung wildly this year, ranging from a high of $4.20 per pound to as low as $2.88 in July, underscoring the volatility of the market.

Currently, Nigeria is not currently among the top 10 coffee producers in Africa-a list that includes Burundi, Cameroon, Côte d’Ivoire, the Democratic Republic of Congo, Ethiopia, Guinea, Kenya, Madagascar, Rwanda, Tanzania, Togo, and Uganda. Yet experts believe Nigeria’s overlooked coffee industry has the potential to generate more than $2 billion annually.

Currently, Nigeria’s coffee exports remain modest, with an annual output of under one million bags. Industry stakeholders argue that strategic investments, modernised farming practices, and value-added processing are critical to unlocking the sector’s potential.

Chairman , Board of Trustees , Federation of Agricultural Commodity Association of Nigeria (FACAN), Dr. Victor Iyama, highlighted coffee’s global significance. He noted that it is the second most traded and valuable commodity worldwide and the first among agricultural commodities. However, he expressed concern that structural deficiencies, limited investment, and poor-quality seeds have left Nigerian coffee farmers unable to match the prices and productivity ofitz African counterparts .

While production in Nigeria remains stagnant, consumption is expected to rise. ReportLinker projected that Nigeria’s coffee consumption will reach 8.8 thousand metric tonnes next year, up slightly from 8,000 metric tonnes in 2021. Analysts warn, however, that without urgent investments in high-quality seedlings, advanced farmer training, and modern processing facilities, Nigeria risks missing out on the significant economic potential of coffee.

According to 6Wresearch, a market intelligence and advisory firm, Nigeria’s coffee market could see growth taper between now and 2029. It projects that after starting strongly at 7.74 per cent in 2025, growth will soften to 1.54 per cent by 2029. The firm noted: ‘The Nigeria coffee market is experiencing steady growth driven by increasing urbanisation and changing consumer preferences. Instant coffee dominates the market due to its convenience and affordability, but there is a rising interest in specialty coffee among a niche segment of consumers. Local coffee shops and international chains are expanding, contributing to the development of a coffee culture in major cities like Lagos and Abuja. The market faces challenges such as limited domestic production, reliance on imports, and inconsistent quality standards. However, initiatives to promote local coffee production and improve quality are gaining traction. Overall, the Nigeria coffee market presents opportunities for both domestic and international coffee companies to capitalise on the growing demand for diverse coffee products.’

In a bold step, the Cross River State government recently partnered with agribusiness firm JR Farms to launch an ambitious project to cultivate 30 million coffee seedlings across the state. Speaking at the launch, Governor Bassey Otu described the initiative as a strategic move to reintroduce and reposition Cross River as the coffee capital of Nigeria and an emerging player in the international market.

‘With 30 million robust and climate-appropriate seedlings being distributed across our 18 local government areas, this project offers much more than cultivation. It is about creating jobs, generating wealth, building sustainable livelihoods, promoting agro-industrial development, and restoring our ecological balance,’ Otu said.

Lagos State Safety Commission at the weekend sealed off chemical factories and shops in Ojota area of the state, for violating safety and environmental regulations.

The exercise followed contraventions of the commission’s Law of 2011. Officials of the agency led by its Director-General, Mr. Lanre Mojola, said the facilities were shut after operators failed to comply with agreed safety measures, despite warnings and a grace period.

He said officials of the commission had inspected the factories and held meetings with executives of the chemical dealers, during which a letter of undertaking was signed on May 9.

At the meeting, the operators agreed to implement safety measures, including: conducting a comprehensive safety audit of the market; organising workshops on hazard identification and risk evaluation; providing serviced and accessible fire extinguishers in all shops; maintaining an up-to-date inventory of chemicals, including expiry dates; ensuring full compliance with personal protective equipment (PPE) use; installing clear safety signage, chemical labels and Safety Data Sheets (SDS); developing a disaster management and business continuity plan.

‘Despite the expiration of the ultimatum, the chemical dealers failed to act on the agreement reached with the commission,’ Mojola said.

He added: ‘This left the commission with no option but to seal off the facilities in order to safeguard lives and property.’

He said the facilities would remain under lock until full compliance was achieved, warning that the commission would not compromise on enforcing safety standards.

Mojola advised manufacturers and business operators across Lagos to adopt proactive safety measures, to avoid similar sanctions.

The Ministry of Foreign Affairs has urged the international community to disregard the allegation of genocide against Christians in Nigeria.

It said the claims were unfounded.

The ministry’s spokesperson Kimiebi Ebienfa said the claims were a gross misrepresentation of the complex security situation and a dangerous oversimplification of the nation’s challenges.

Speaking with The Nation, Ebienfa said: ‘I must state categorically that the allegations are false and baseless. The Federal Government of Nigeria unequivocally refutes these unwarranted allegations in their entirety. They represent a gross misrepresentation of the complex security situation in Nigeria and a dangerous oversimplification of the challenges we face as a nation.

‘Such claims are not only false but are also irresponsible, as they threaten to undermine the unity, interfaith harmony, and national sovereignty of Nigeria.

‘As you are aware, Nigeria is a multi-ethnic, multi-cultural, and multi-religious society where over 230 million people of diverse faiths, chiefly Christianity and Islam, have co-existed and thrived together for generations. The Constitution of the Federal Republic of Nigeria guarantees the right to freedom of thought, conscience, and religion for every citizen. The government remains steadfast in its duty to protect this right for all Nigerians, irrespective of their creed.

‘The ministry, therefore, calls upon the international community to disregard these unfounded allegations and to instead support Nigeria’s efforts in combating terrorism and banditry.’

Erling Haaland continued his prolific form as Manchester City battled to a narrow victory over Brentford and gave boss Pep Guardiola his 250th Premier League win.

Guardiola is the quickest manager to reach the milestone having done so in just 349 games – 55 games quicker than anyone else.

Haaland outmuscled Sepp van den Berg to gather Josko Gvardiol’s looping cross, then wriggled away from the defender before precisely slotting past Caoimhin Kelleher.

It is the Norwegian striker’s third goal this week and his 18th in 11 games for club and country this season.

City had to hold on to their slim lead at the Gtech Community Stadium for more than 80 minutes but limited Brentford to few opportunities, despite the game opening up somewhat in a scrappy second half.

Victory moves City up to fifth before the international break, but there was concern for midfielder Rodri when he hobbled off with injury after just 21 minutes.

The Spaniard missed much of last season with an anterior cruciate ligament injury and is yet to return to the form that won him the Ballon d’Or last year.

EPL RESULTS

Aston Villa 2 -1 Burnley

Everton 2-1 Crystal

Newcastle 2 -0 Nottingham

Wolves 1-1 Brighton

Brentford 0-1 Man City

Funeral service for Beatrice Akinjogunla of Ugbe-Afo, Ondo, holds at St Peter Anglican Church, Ugbe-Afo on October 10. Service of Songs is October 9.

Imisi Eniola Ayanwale was crowned the winner of the popular Big Brother Nigeria (BBNaija) reality television show last night.

She won N150 million as the grand prize in the hot contest that lasted 70 days.

Having walked into the house with her head held high and after some tribulations, Imisi expressed joy and excitement over her triumph.

In an unprecedented move, Big Brother had announced that the winner would be chosen from the last 10 housemates, as against the last two housemates.

However, the show proceeded to the usual routine of the last two housemates leaving Imisi and Dede as the last two before the announcement by Ebuka Obi-Uchendu.

Imisi said she had no immediate plan for the grand prize if she won the contest.

The excited winner stated that she might seek financial guidance before deciding how to use the money.

During her final diary session with Big Brother earlier yesterday, Imisi appeared excited yet reflective as she discussed her journey in the house and what lay ahead after the show.

‘Honestly, right now, I don’t have a set plan for the money.

‘I need to seek financial advice first, because I’ve never had such a large amount before,’ Imisi said

She explained that while she had managed smaller sums in the past, handling such a huge amount required maturity and professional input.

Imisi said she intended to take her time to make thoughtful decisions that would help her avoid financial mistakes.

The former housemate, who has built a strong fan base for her bubbly personality and emotional honesty, also spoke about her fellow finalists, naming Dede, Jason Jae, Kola, Kaybobo, and Isabella as those she would love to see win if the crown did not go her way.

Imisi walked off the stage last night with the prize money and other goodies after an exciting grand finale that wrapped up over two months of drama, laughter, and unforgettable moments.

Beyond the competition, Imisi reflected on her growth in the house, describing the experience as a roller coaster of emotions but one that taught her resilience and self-awareness. The elated winner said she looked forward to reuniting with her family and returning to normal life after the period of isolation.

Throughout her stay, Imisi stood out for her candidness in diary sessions and her ability to navigate conflicts calmly.

Her personality has earned her strong online support, with fans praising her for staying authentic, despite the pressures of the game.

Before the curtains fell last night on BBNaija S10, there was tension among viewers who were eager to see the winner of the grand prize and join the league of past winners like Phyna, Mercy Eke, Laycon, Whitemoney, and Ilebaye.

Nigeria Customs Service (NCS) has once again earned global recognition for excellence in communication as it received the Golden World Award (GWA) for Impactful PR in Customs Management at the 2025 International Public Relations Association (IPRA) Gala held at the weekend, in Accra, Ghana.

Presented by IPRA President Nataša Pavlovic Bujas during the Golden World Awards Gala Night, the international PR body recognised the Nigeria Customs Service for its Impactful Public Relations in Customs Management.

The winning entry, a publication authored by Image Merchants Promotion Limited, documents the Comptroller-General of Customs’ progressive communication strategies and has since evolved into a strategic framework for public relations scholarship in Nigeria.

According to Philip Sheppard, Secretary-General of IPRA, the publication provides practical strategies for organisations. It showcases real-life applications of PR leadership drawn from the reforms of the Comptroller-General of Customs, Bashir Adewale Adeniyi, MFR.

Receiving the award on behalf of the Service, the National Public Relations Officer, Assistant Comptroller of Customs (AC) Abdullahi Maiwada, expressed profound appreciation to IPRA for the recognition, stating that it reinforces the Service’s vision for institutional credibility and proactive communication.

‘This award is a validation of the Nigeria Customs Service’s commitment to professionalism, transparency, and stakeholder engagement,’ Maiwada said. ‘Under the leadership of the Comptroller-General, we have repositioned communication as a strategic tool for reform and trust-building.’

It will be recalled that the Service was earlier honoured in 2024 with the prestigious GWA for Crisis Communication at the IPRA Gala in Belgrade, Serbia. This year’s award builds on that feat, highlighting NCS’s consistent innovation in communication and reputation management.

The award ceremony formed part of the Public Relations Knowledge Sharing Conference held from Wednesday, 1st to Friday, 3rd October 2025, at the Accra International Conference Centre.

The conference, themed ‘Global Realities and Innovative Communication,’ was attended by leading communication experts, including Dr Ike Neliaku, President of the Nigerian Institute of Public Relations (NIPR); Nataša Pavlovic Bujas, President of IPRA; Arik Karani, President of the African Public Relations Association (APRA); and Esther Amba Numaba Cobbah, President of the Institute of Public Relations (IPR), Ghana, among other PR professionals across Africa.

At the closing session of the conference earlier on Friday, the President of Ghana, His Excellency John Dramani Mahama, urged public relations professionals to uphold the highest standards of ethics and competence in their practice.

‘As communicators, you hold the power to shape narratives and influence public trust,’ President Mahama said. ‘Our continent needs professionals who communicate with integrity, clarity, and purpose to support national development.’

Also speaking at the Gala night, Ghana’s Vice President, H.E. Jane Nana, congratulated all the awardees, commending their contributions to advancing strategic communication globally.

To crown the night, Esther Amba Numaba Cobbah, President of the Institute of Public Relations (IPR), Ghana, assumed the mantle as the new President of the International Public Relations Association (IPRA), succeeding Nataša Pavlovic Bujas. Her emergence as the first African to lead the 70-year-old global body marks a historic milestone and a moment of pride for the continent’s communication professionals.

That’s a very interesting question, with the ADC huff-and-puff; and PDP’s seeming very difficult rebirth – and just as well, with the havoc it wreaked during its best-forgotten ruling years! Karma never forgets!

But first, the antics of the opposition leading voices – and the ‘I’m hungry’ burlesque of Rotimi Amaechi, ex-passionate Transport minister, credited with Nigeria’s rail renaissance and former Rivers governor, is a fitting starting point.

A ‘hungry’ Amaechi, with a bulging pouch, and designer clothing, talk less of cars, is one riveting comedy image of the age! He has moved from that to yammering about how outgoing INEC chairman, Prof. Mahmoud Yakubu, is the ‘worst’ INEC chair ever! Even the dullest of political dunces know that’s eternally reserved for Maurice Iwu!

Someone should tell Amaechi, decent Rivers governor and energetic ‘rail’ minister, that his present whining, as living patron saint of the ‘Ebi npawa’ – we’re hungry – orchestra, ill defines his political essence. But then, that’s what desperation brings to the table.

Desperation? Take a dart, the tragic Goodluck Jonathan, the man that snatched redemption from conceding a presidential election defeat – first in Nigeria – to push at gobbling the old vomit of disgrace, by seeking a forlorn electoral ‘rofo-rofo’ encore!

Desperation – and maybe cynicism? – is solidly defined by Jonathan seeking automatic presidential ticket from his old party, PDP, and its new clone, ADC! Which gores most: Jonathan’s taunting of his old phalanx, PDP? Or romancing new mirage, ADC? Quintessential Jonathan!

Peter Obi? The more that one opens his mouth, the more he de-markets himself! With his China stats – and good helpings from Argentina, Egypt and Bangladesh: pray, how did Nepal miss out! – he establishes a pattern, hardly flattering.

He used and dumped APGA, despite eternal commitment vow to Emeka Odumegwu-Ojukwu. He left PDP after a vice-presidential defeat. His latest tryst with LP seems headed to end in tears, as he shops for a new platform to pursue his opportunism!

How can any good, on nation-building, come from eternal opportunism, spiked with cynical deceit of projecting with zeal what you’re not? That’s the Obi conundrum!

Atiku Abubakar? Perhaps the most delusional of the whole lot! From an unfazed candidate of the ‘North’ in 2023, he’s posturing as a born-again nationalist but still running on that same anti-South non-power-sharing anchor, with which he wiped out, almost wholesale, the PDP southern base in 2023! He carries out as if all is normal!

This pitiable ensemble – challenging for power on such slippery grounds? The Tinubu government will answer own ‘hunger’ problems. But is this funny bunch helping in that challenge at all?

Again, is this sound strategy or just blind panic? Year 2027 beckons!

The price of Liquefied Petroleum Gas (LPG), popularly known as cooking gas, has surged sharply across Lagos and other parts of the country, forcing households and small businesses to adjust their budgets and consumption patterns.

Checks by The Nation showed that the retail price of LPG has risen from about N1,000 per kilogram to N1,500 in the last few days following the industrial action embarked upon by members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) against Dangote Refinery.

At several gas plants visited across Lagos, including Ajuwon, Magodo, and Iju-Ishaga, long queues of anxious consumers were seen waiting under the sun to refill their cylinders.

Many lamented that the sudden jump in price had worsened the cost-of-living pressure already weighing heavily on households.

At the Amego gas retail plant along Ajuwon-Akute road, Mrs. Grace Ajayi, who came to refill her 3-kilogram cylinder, expressed frustration.

‘This small cylinder that I used to fill for N3,000 is now N4,500. I am a trader, and I cook twice a day for my children. If this continues, I will go back to charcoal. It is stressful but at least it is cheaper,’ she said, clutching her cylinder.

Beside her, another resident, Anthony Igwe, who uses a 5-kilogram cylinder, said the hike has forced him to ration cooking time.

‘I am now calculating everything I put on the fire. I told my wife we can’t boil water to bathe anymore to save gas.’

At the Second Coming Gas Plant in Magodo, The Nation observed a wave of panic buying.

Residents were seen rushing to fill multiple cylinders at once, with some loading two or more 12.5-kilogram cylinders in their car boots.

The attendant on duty said the rush started two days ago when news spread that depot prices had jumped sharply due to supply disruption.

Operators in the LPG market confirmed that the industrial action has disrupted supply lines from the refinery, forcing marketers to depend on limited stock and imports at higher rates.

A Lagos gas dealer, Mr. Kola Ogunleye, said the sudden shortage and panic buying have further driven up prices.

‘The strike affected loading and distribution for some days, and by the time supply resumed, depot prices had already gone up.

‘Everyone down the chain is adjusting, and that’s what consumers are seeing now,’ he explained.

Consumer protection advocates warn that the situation could worsen unless the federal government intervenes to stabilise supply and enforce fair pricing. Economists note that the hike in cooking gas prices could heighten inflationary pressure, as food vendors and households depend heavily on LPG for daily cooking.