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 Politics › Rabiu’s Rise: BUA Chairman Fortune Hits $12.3bn As Foods, Cement Surge On NGX by MCentral(op): 9:42am On Feb 19 |
BUA Group Founder and Chairman, Abdul Samad Rabiu’s net worth reached a record $12.3 billion, marking a staggering $2.3 billion gain in the first six weeks of the year alone. While Aliko Dangote remains Africa’s richest individual, the “Rabiu Rally” is being driven by a unique phenomenon on the Nigerian Exchange (NGX): the rise of BUA Foods Plc as a multi-trillion Naira heavyweight. Rabiu, who turned 65 this year, now sits as the 4th richest person in Africa and 273rd globally, according to the Bloomberg Billionaires Index. In Africa, he is behind Nicky Oppenheimer of South Africa in 3rd place (216th globally) at $14 billion and Johann Rupert & family of South Africa in 2nd place (145th globally) with net worth of $18.9 billion, and Aliko Dangote remains Africa’s richest individual in 1st place at $32.7 billion (75th globally). The Engines of Wealth: Foods and Cement Rabiu’s fortune is almost entirely anchored in two listed entities where he maintains “super-majority” control, allowing him to capture nearly every Naira of value created: He holds a 98% stake in BUA Cement, Nigeria’s second-largest producer, and 93% in BUA Foods, which saw a 91% profit leap last year amid expansions like a new Sokoto plant. See MoneyCentral video on BUA Group’s strides below: [url]https://www.youtube.com/embed/kYN94VJASlE%22[/url] https://www.youtube.com/shorts/kYN94VJASlE?feature=share ₦507 Billion “Profit Leap” The explosive growth in Rabiu’s net worth is backed by the strongest fundamental performance in BUA’s 38-year history: 91% Profit Surge: BUA Foods reported a ₦507.7 billion after-tax profit for FY 2025, nearly doubling its 2024 results. Rice Revolution: While sugar and flour remain the core, revenue from the Rice segment grew by an incredible 1,612% to ₦98.1 billion as the company’s massive integrated rice mill hit full capacity. FX Mastery: Unlike competitors who struggled with currency volatility, BUA Foods slashed its FX losses by 90% (from ₦172bn to ₦16bn) through proactive hedging and a shift to local raw material sourcing. Strategic Expansion: The 20 Million Tonne Target [ Rabiu is not “cashing out” at the peak; he is doubling down on infrastructure: Cement Capacity: Following a January meeting with SINOMA China, BUA is breaking ground on a new manufacturing line in Northern Nigeria to push group cement output toward 20 million tonnes annually. Sugar Backward Integration: The first phase of BUA’s Lafiagi Sugar Project is set to come online in mid-2026, enabling the refining of 220,000 metric tonnes of sugar from locally grown cane. Regional Hub: Rabiu has signaled that BUA Group is moving beyond Nigeria to become a dominant food and infrastructure supplier for the entire Sahel and West African region. Stock Gains Steady Rally on NGX: BUA Cement is up 13.73% YTD, while BUA Foods is up 5.77% so far in 2026. BUA Foods has a market capitalisation of N15.2 trillion ($11.25 billion), while BUA Cement’s market cap is N6.87 trillion ($5.08 billion). https://moneycentral.com.ng/exclusive/article/rabius-rise-bua-chairman-fortune-hits-12-3bn-as-foods-cement-units-surge-on-ngx/ |
| Politics › IMF Projects Dangote Refinery To Add 1.5% To Nigeria’s Non-Oil GDP In 2026 by MCentral(op): 9:03am On Feb 07 |
The International Monetary Fund (IMF) has identified the Dangote Petroleum Refinery as a primary driver of Nigeria’s economic diversification, projecting that the facility will boost the country’s non-oil GDP by approximately 1.5% in 2026.https://moneycentral.com.ng/energy/article/imf-projects-dangote-refinery-to-add-1-5-to-nigerias-non-oil-gdp-in-2026/ 8 Likes
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| Politics › How Policy Flip-Flops Are Making Nigerians Poorer by MCentral(op): 8:40am On Jan 21 |
By Blaise Udunze Nigeria’s deepening poverty crisis is no longer speculative; it is now statistically inevitable. Although the latest Consumer Price Index figures released by the National Bureau of Statistics (NBS) suggest that headline inflation is cooling and growth indicators show tentative improvement, regrettably, more Nigerians are slipping below the poverty line. Reviewing the recent projections from PwC’s Nigeria Economic Outlook 2026, it is alarming, which reveals that no fewer than two million additional Nigerians are expected to fall into poverty next year. This is expected to push the total number of poor people to about 141 million, roughly 62 percent of the population and the highest level ever recorded in the country’s history. This grim outlook persists despite eight consecutive months of easing inflation and modest economic recovery, and as one can perceive, the contradiction is telling. The fact remains that macroeconomic signals are improving on paper, yet lived reality continues to deteriorate. It is glaring that the widening gap between policy metrics and human outcomes exposes a deeper truth in the sense that Nigeria’s poverty crisis is not simply the product of external shocks or temporary adjustment pains. It is the cumulative result of fragile policymaking, inconsistent reforms, weak institutional coordination, and a failure to sequence economic changes with adequate social protection. With these, it becomes clearer that poverty in Nigeria is no longer an unintended side effect of reform; it is increasingly its most visible outcome as identified today. It would be recalled that the current administration in 2023, when it assumed office, promised a bold economic reset. At this point, the nation witnessed the fuel subsidy removal, exchange-rate liberalisation, and tighter fiscal discipline being introduced swiftly and applauded internationally for their courage and long-term logic. Notably, these reforms unleashed an economic storm whose aftershocks continue to batter households and currently resulting to the cost of a bag of rice that sold for about N35,000 two years ago now costs between N65,000 and N80,000, while a crate of eggs has risen from N1,200 to over N6,000 and basic staples like garri, tomatoes, and pepper have drifted beyond the reach of ordinary Nigerians. For millions, the economy did not reset; it snapped. Inflation, often described by economists as a “silent tax,” has punished productivity, mocked thrift, and rewarded speculation. Reports from the NBS’s December 2025 disclosed that headline inflation eased to 15.15 percent and according to it, this is due to a rebasing of the Consumer Price Index, down sharply from 34.8 percent a year earlier, this statistical moderation has brought little relief to households. Food inflation, at 10.84 percent year-on-year, and a marginal month-on-month decline may look reassuring on spreadsheets, but for families spending 70 to 80 percent of their income on food, such figures feel detached from reality. These figures are not only implausible but also insulting to those whose lives have been torn apart by the skyrocketing prices. With the realities facing the larger populace, Nigeria must be using another mathematics. Nigeria may have changed its base year, but it has not changed the harsh arithmetic of survival. PwC’s data underscores this disconnect, as nominal household spending rose by nearly 20 percent in 2025, real household spending contracted by 2.5 percent, reflecting the erosive impact of rising food, transport, and energy costs. The painful part of it, is that Nigerians are spending more money to consume less, and this is to say that growth, hovering around 4 percent, is not strong enough to absorb shocks or lift households meaningfully. As analysts note, Nigeria would require sustained growth of 7 to 9 percent to make a significant dent in poverty. That is to say that anything less merely slows the descent. The structural weakness of the economy is compounded by policy inconsistency. Nigeria’s economic landscape is littered with abrupt shifts, subsidy removals without buffers, currency reforms without stabilisation mechanisms and trade policies that oscillate between restriction and openness. For households and small businesses, which employ most Nigerians, this unpredictability makes planning impossible. The economy has constantly being faced with price volatility, income shocks, and lost jobs because these are the ripple effects of every policy reversal. Uncertainty itself has become a poverty multiplier. Nowhere is this fragility more evident than in food systems and rural livelihoods, and this has been where insecurity has merged with policy failure to create a new poverty spiral. Across farmlands in the North and Middle Belt, crops rot unharvested as banditry and insurgency force farmers off their land. Nigeria’s largely agrarian economy has been crippled by violence that disrupts planting cycles, destroys infrastructure, and displaces communities. The result is both income poverty for farmers denied access to their livelihoods and food inflation that erodes purchasing power nationwide. For record purposes, earlier last year, the NBS Multidimensional Poverty Index showed that 63 percent of Nigerians, about 133 million people, are multidimensionally poor, with poverty heavily concentrated in insecure regions. Findings showed that about 86 million of the poor live in the North, and this is where insecurity is most severe. This record showed that rural poverty stands at 72 percent,c compared to 42 percent in urban areas, and while the states most affected by banditry and insurgency record poverty rates as high as 91 percent. Insecurity is no longer just a security problem; it is one of Nigeria’s most powerful poverty drivers. The economic cost of insecurity in Nigeria today is staggering. This is because the conservative estimates suggest Nigeria loses about $15 billion annually, which is roughly equivalent to N20 trillion, due to insecurity-induced disruptions across agriculture, trade, manufacturing, and transportation. At the same time, security spending now consumes up to a quarter of the federal budget. In just three years, over N4 trillion has been spent on security, which crowded out investment in health, education, power, and infrastructure. Every naira spent managing perpetual violence is a naira not invested in preventing poverty, even as poverty deepens, the state’s fiscal response reveals a troubling misalignment of priorities. The 2026 federal budget, estimated at N58.47 trillion, ironically allocates just N206.5 billion to projects directly tagged as poverty alleviation and this only amounts to about 0.35 percent of total spending and less than one percent of the capital budget. In a country where over 60 percent of citizens live below the poverty line, this allocation borders on policy negligence. Worse still, over 96 percent of this already meagre poverty envelope sits under the Service Wide Vote through the National Poverty Reduction with Growth Strategy, largely as recurrent provisions. All ministries, departments, and agencies combined account for barely N6.5 billion in poverty-related projects. This fragmentation reflects a deeper institutional failure, that is to say, poverty reduction exists more as a line item than as a coherent national mission. Where MDA-level interventions exist, they are largely palliative and scattered, grain distribution in select communities, tricycles and motorcycles for empowerment, and small scale skills acquisition for women and youths. The largest such project, a N2.87 billion tricycle and motorcycle scheme under a federal cooperative college, accounts for nearly half of all MDA-based poverty spending. The fact remains that the various interventions may offer temporary relief, and they do little to address structural drivers of poverty such as job creation, productivity, market access and human capital development. Even the Ministry of Humanitarian Affairs and Poverty Alleviation illustrates the problem just as its budget jumped sharply in 2026, much of the increase went into administrative and capital items, office furniture, equipment, international travel, retreats, and systems automation rather than direct poverty-fighting programmes. This reflects a familiar Nigerian paradox: institutions grow, but impact shrinks. International partners have been blunt in their assessments. The World Bank estimates that Nigeria spends just 0.14 percent of GDP on social protection, which is far below the global and regional averages. Only 44 percent of safety-net benefits actually reach the poor, rendering the system inefficient and largely ineffective. PwC similarly warns that without targeted job creation, productivity-focused reforms, and effective social protection, poverty will continue to rise, undermining domestic consumption and straining public finances further. Fiscal fragility compounds the crisis. The N58.18 trillion 2026 budget carries a deficit of N23.85 trillion, with debt servicing projected at N15.52 trillion, nearly half of expected revenue. The public debt has ballooned to over N152 trillion. The contradiction here is that Nigeria is borrowing not to expand productive capacity but to keep the machinery of government running. The truth is not far-fetched because, as debt crowds out development spending, households are forced to pay privately for public goods, education, healthcare, water, deepening inequality and entrenching poverty across generations. To be clear, not all signals are negative. This is because opportunities exist if reforms are sustained and properly sequenced. Regional trade under the African Continental Free Trade Area could diversify exports and create jobs. But reform momentum without inclusion and institutional capacity risks becoming another missed opportunity. This is the central tragedy of Nigeria’s moment. The country is attempting necessary reforms in an environment of weak buffers, fragile institutions, and low trust. Poverty is therefore not accidental. It is the predictable outcome of inconsistency, reforms without protection, stabilisation without security, and budgets without people. Nigeria faces an undeniable choice. It can continue down a path where fragile policies deepen deprivation and erode trust, or it can build a disciplined, coordinated framework that aligns reforms with social protection, security, and inclusive growth. Poverty is not destiny. But escaping it requires more than courage in reform announcements; it demands consistency, compassion, and the political will to place human welfare at the centre of economic strategy. Blaise, a journalist and PR professional, writes from Lagos and can be reached via: blaise.udunze@gmail.com https://moneycentral.com.ng/markets/article/how-policy-flip-flops-are-making-nigerians-poorer/ |
| Politics › Arthur Eze’s Atlas Oranto Faces Setback As Senegal Revokes Offshore Licenses by MCentral(op): 11:26pm On Jan 20 |
The Senegalese government has officially revoked an offshore oil exploration license held by Atlas Oranto Petroleum, the firm owned by Nigerian billionaire and philanthropist Prince Arthur Eze. The decision, announced by the Senegalese Ministry of Energy and Mines in January 2026, marks a hardening of the country’s stance toward “dormant” exploration assets as it seeks to accelerate its emergence as a regional gas powerhouse. The Senegalese government revoked the Cayar Offshore Shallow exploration licence after determining that Atlas Oranto Petroleum, the holder, had failed to provide the required bank guarantees and carried out only minimal exploration work since the block was awarded in 2008, despite multiple extensions. The block, covering approximately 3,600 square kilometres north of the Dakar peninsula, is considered oil-prone but underexplored, with several leads identified through seismic surveys but no wells drilled to date. Under the supervision of Minister Birame Souleye Diop, the Ministry of Energy and Petroleum formally withdrew the licence in September 2025, citing the company’s repeated failure to meet financial and contractual obligations. Senegal’s government has reclaimed control of the acreage, framing the decision as part of a broader effort to enforce compliance and implement stricter screening of petroleum rights holders under President Bassirou Diomaye Faye’s administration. Governments across the continent are under increasing pressure to ensure that petroleum rights translate into investment, drilling and production rather than being held for speculative or financial optionality. The Senegal decision has drawn renewed attention to Atlas Oranto’s wider regional footprint, where its execution record has faced scrutiny in several jurisdictions including neighboring Liberia. https://moneycentral.com.ng/exclusive/article/arthur-ezes-atlas-oranto-faces-setback-as-senegal-revokes-offshore-licenses/ |
| Politics › Re: Nigeria Dollar Reserves Hit 8-year High Of $45.9 Billion by MCentral(op): 5:20am On Jan 20 |
VeeVeeMyLuv:You dont really need to patronize the black market any more. Most transactions can be done through your bank. Just fund your naira account and make your purchase in naira and the bank will convert near the official or NAFEM rate. Basically the Naira has become a convertible currency once again after the dark days of Emefiele when all the banks stopped the use of Naira cards for foreign or dollar purchases. Now you can do as much as the naira equivalent of $10,000 a month or more, depending on your bank 37 Likes 1 Share |
| Politics › Nigeria Dollar Reserves Hit 8-year High Of $45.9 Billion by MCentral(op): 1:17am On Jan 20 |
Nigeria’s gross foreign exchange (FX) reserves have surged to $45.9 billion, marking their highest level since August 2018.https://moneycentral.com.ng/markets/article/nigeria-dollar-reserves-hit-8-year-high-of-45-9bn-signals-new-era-of-exchange-rate-stability/ 13 Likes
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| Politics › Dangote Gasoline Surge To 200,000 BPD Ends Nigeria’s European Fuel Reliance by MCentral(op): 1:49pm On Jan 16 |
Nigeria’s Dangote refinery supplied 32 million liters/day to the Nigerian market equivalent to 200,000 barrels per day (b/d), 36% less than its projected output for December, the country’s downstream regulator (NMDPRA) said Jan. 15.https://moneycentral.com.ng/markets/article/dangote-gasoline-surge-to-200000-b-d-ends-nigerias-european-fuel-reliance/ 5 Likes 2 Shares
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| Business › Re: Only Sterling Bank, FCMB Yet To Meet CBN N500bn Recapitalisation Requirement by MCentral(op): 1:37pm On Jan 16 |
seunmsg:Maybe they are not as liquid as thought. Glo as been shrinking in market share |
| Business › Only Sterling Bank, FCMB Yet To Meet CBN N500bn Recapitalisation Requirement by MCentral(op): 10:49am On Jan 13 |
As the March 31, 2026 deadline for the banking sector recapitalisation programme approaches; requiring commercial, merchant, and non-interest banks to increase their minimum paid-in capital, Sterling Bank and FCMB Group are the only NGX listed banks yet to achieve full compliance. Recent developments however, highlight steady progress across the sector as most other banks meet their respective requirements. Last week, key players including First HoldCo Plc, UBA, and Fidelity Bank announced capital raises that enable them to meet the Central Bank of Nigeria’s (CBN) N500bn minimum requirement. First HoldCo Plc met the requirement through a combination of a Rights Issue, a Private Placement, and proceeds from the divestment of its merchant banking subsidiary. In the same vein, Fidelity Bank announced the successful completion of a N259bn Private Placement on December 31, 2025, which increased its eligible capital from N305.5bn to N564.5bn, subject to regulatory approval. This follows an earlier N175.9bn capital raise in 2024, indicating the bank’s proactive approach to meeting the new capital regime. Also, UBA crossed the N500bn threshold after completing a N178.30bn Rights Issue in September 2025, alongside a N239.00bn capital injection, which collectively lifted its capital base comfortably above the regulatory minimum. Overall, 9 of the 11 NGX listed banks including Zenith bank, Wema Bank, UBA, Stanbic IBTC, Jaiz Bank, Guaranty Trust Holding Company (GTCO), First HoldCo, Fidelity bank and Access Holdings, have now met the recapitalisation requirement, while the remaining institutions continue efforts toward compliance. This broad progress indicates the underlying strength of the Nigerian banking system, particularly in terms of fundamental soundness, liquidity, and balance-sheet resilience. “Looking ahead, we expect the recapitalisation exercise—through stronger capital buffers to enhance banks’ risk-absorption capacity and better position them to support credit expansion, especially to large corporates and infrastructure projects critical to economic growth,” analysts at Meristem Securities said. “For institutions yet to meet this requirements (Sterling Bank, FCMB), they are likely to face heightened regulatory pressure and may experience short-term constraints on asset growth and dividend payouts.” https://moneycentral.com.ng/exclusive/article/only-sterling-bank-fcmb-yet-to-meet-cbn-n500bn-recapitalisation-requirement-as-deadline-nears/ 1 Like |
| Politics › Jim Ovia Touts N20m Zenith Bank Startup While Ignoring Steep Barrier To Entry by MCentral(op): 2:02am On Jan 10 |
Jim Ovia, the Chairman of Zenith Bank Plc’s retelling of its 1990 founding—a ₦20 million startup that became a pan-African heavyweight—is a staple of Nigerian corporate lore. Yet, adjusted for the era’s exchange rates, the ₦20 million figure reveals a more exclusive point of entry: a $5 million capital requirement that effectively limited bank ownership to the “one percent of the one percent.” The bank’s early years coincided with a “Wild West” era for Nigeria’s financial services. As Ovia navigated the bank toward its current market-leader status, the broader industry was reeling from systemic rot. By 1994, widespread allegations of foreign-exchange infractions and “round-tripping” forced the hand of the military regime under Sani Abacha. The resulting Failed Banks Tribunal became a reckoning for an industry where bankers were accused of exploiting the spread between official and parallel currency markets. Ovia Ignores Steep Barrier to Banking Entry Ovia made the disclosure in an interview shared on X (formerly Twitter) on Thursday, where he reflected on the bank’s modest beginnings and its rise to become one of Africa’s leading banks. (See video below). According to him, the ₦20 million start-up capital was equivalent to about $5 million at the exchange rate of ₦4 to a dollar at the time, highlighting how different the economic realities were in the early 1990s. He noted that about 20 years later, Zenith Bank’s shareholders’ funds had grown to approximately $4 billion, describing the transformation as an exceptional return on investment. “From about $4 million to $4 billion. You can do the math; that’s thousands of percentage points in returns,” Ovia said, adding that such growth is rare in developed economies. The Capital Paradox: ₦20m vs. $5m In 1990, when Jim Ovia led a group of investors to establish Zenith Bank, the Nigerian Naira was in a state of rapid transition following the Structural Adjustment Program (SAP) of the late 1980s. The Math: In July 1990, the official exchange rate was approximately ₦7.90 to $1. At this rate, ₦20 million was equivalent to roughly $2.53 million. The Claim: Some historical accounts and recent discussions suggest the startup value was closer to $4 million or $5 million. This discrepancy often arises from using the rates just before 1990, where the Naira was significantly stronger at (N4.02 per dollar in 1987) or by accounting for additional shareholders’ funds raised before the initial license was granted. The “Infractions” Era: The 1990s are often described by financial historians as the “Wild West” of Nigerian banking. The liberalization of the sector led to a proliferation of new banks (over 120 by 1991) that focused heavily on foreign exchange (FX) round-tripping. Banks would buy FX at the official rate and sell it at a premium on the parallel market, leading to the “distress era” where dozens of banks eventually failed. Zenith Bank’s Path from $5m to $4bn Jim Ovia has frequently pointed out that Zenith Bank succeeded because it chose a different path during this “era of infractions,” focusing on technology and corporate banking rather than just FX arbitrage. This narrative provides a fascinating contrast between the “bootstrapping” lore of Nigerian banking and the harsh macroeconomic realities of the 1990s. Ovia stressed that Nigeria, despite its challenges, still offers unique opportunities for high returns. “These kinds of numbers, these kinds of returns, you don’t get them in Europe or America. You can get them in Nigeria,” he said. Ovia, however, acknowledged that the journey was not without difficulties, noting that entrepreneurs often face adversity regardless of where they operate. He explained that Zenith Bank frequently had to provide its own infrastructure, including access roads, independent power supply and water facilities, to function effectively. FX Breaches and AML Lapses: Inside Zenith Bank’s Compliance Struggles Zenith Bank’s ascent from a ₦20 million startup to a Tier-1 powerhouse has been accompanied by a persistent trail of regulatory friction. Far from escaping oversight, the bank has frequently found itself in the crosshairs of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), particularly as regulators pivoted from the “failed bank” era of the 1990s to the high-tech, anti-money laundering (AML) focus of the 21st century. While Jim Ovia’s early years were spent navigating the “Wild West” of 1990s banking—characterized by military-era Failed Bank Tribunals—Zenith’s modern challenges are defined by massive monetary penalties for procedural and systemic lapses. The 2024 Regulatory Hammer Zenith Bank recently faced one of its most expensive years on record. In 2024, the CBN imposed a staggering ₦15.42 billion (approx. $9.6 million) in fines. The lion’s share of this—₦14.64 billion—stemmed from infractions uncovered during a foreign exchange (FX) examination. This massive penalty highlights the bank’s vulnerability to the CBN’s “zero tolerance” policy for market practice breaches. Anti-Money Laundering (AML) and “Know Your Customer” (KYC) The bank has struggled to align its massive scale with stringent AML protocols. Significant penalties have been incurred for: Weak Customer Onboarding: Failure to properly vet documentation for new accounts. (N322 million fine paid in 2024) Lax Monitoring: Lapses in the spot checks required for Anti Money Laundering (N103.2 million paid as fine in 2024). https://moneycentral.com.ng/exclusive/article/jim-ovia-touts-n20m-zenith-bank-startup-while-ignoring-steep-barrier-to-entry/ |
| Business › Tony Elumelu’s Wealth Hits $3.2 Billion On Heirs Energies ‘crown Jewel’ by MCentral(op): 1:07am On Jan 06 |
Tony Elumelu, CFR, the Nigerian Billionaire investor, financier and philanthropist, who has spent decades preaching “Africapitalism,” is finding it increasingly difficult to downplay his personal balance sheet. His net worth has climbed to $3.2 billion, after surging last year, according to an analysis by MoneyCentral, fueled by a breakout performance at Heirs Energies. The integrated energy company has emerged as the “crown jewel” of Elumelu’s sprawling portfolio, following a series of strategic acquisitions that have repositioned him at the center of Africa’s power and oil sectors. While Elumelu, 62, easy going body language, suggests that his billionaire status is merely incidental to his mission of infrastructure building and job creation, the raw data tells a more aggressive story of net wealth growth. His Tony Elumelu Foundation remains his primary vehicle for soft power, but it is his high-stakes deal-making and execution in the energy space that is currently driving the soaring valuation of his holding company, Heirs Holdings. For the Nigerian markets, the surge in Elumelu’s net worth serves as a barometer for the country’s industrial recovery. Despite his focus on the next generation of entrepreneurs (by empowering 10,000 Africa entrepreneurs over 10 years with up to $5,000 seed funding each), the recent billion-dollar scale of his operations has made the “modest” chairman impossible for the African private equity and institutional investment community to ignore. Source of Wealth Heirs Energies: Gross Asset Value $3.52 billion. Less Net Corporate Debt (~$770m.). Estimated Equity Value: $2.75 billion. (A breakdown of the Heirs Energies equity valuation is given below) United Bank for Africa (UBA): Equity Value of Elumelu’s 16.3% Stake in NGX listed UBA: $192 million. Transcorp Group: Equity Value of Elumelu’s 35.93% Stake in NGX listed Transnational Corporation Plc (Transcorp Group): $114 million. Real Estate: Mr. Elumelu owns “extensive” Nigerian property (Forbes, 2024). There are no specifics, so we assign a $75 million conservative estimate for a billionaire’s portfolio. Cash & Investments: Mr. Elumelu has got liquid assets especially with major dividends coming from all his investments. For Instance if UBA maintains its N5 per share total dividend paid for the 2024 FY, Mr. Elumelu would earn approximately N33.4 billion ($23 million) in dividends from UBA alone for Full Year (FY) 2025. Dividends from Heirs Seplat stake (Seplat paid 16.5 cents a share in 2024) could bring in an additional $20 million in FY 2025. We estimate cash holdings at a conservative $50 million. Heirs Insurance Group (Heirs Insurance, Heirs Life Assurance): The fast growing Heirs Insurance Group combined earned Insurance Revenue rose to ₦31.4 billion in 2024, from ₦20.5 billion in the previous year, indicating a 53% increase. The firm could garner a valuation of 1.94 times sales comparable to AXA Mansard Insurance. This would value it at N61 billion or $42 million. Elumelu’s Total Estimated Net Worth: $3.22 billion. The Rise of Heirs Energies The most recent driver of Mr. Elumelu’s $3.2 billion net worth valuation is the $500 million acquisition of a 20% stake in Seplat Energy Plc, announced on December 31, 2025. Seplat Energy stock trading in London rose by 10.72% on the news. This deal makes Heirs Energies the largest shareholder in one of Nigeria’s most prominent independent oil and gas producers. With this singular deal, Heirs Energies has completed its transition from an ambitious upstart to a dominant “indigenous major.” Based on the company’s recent Seplat Energy acquisition and the doubling of production at its flagship OML 17 asset, a Sum-of-the-Parts (SOTP) valuation places the company’s enterprise value at approximately $3.4 billion. This represents a significant leap from its 2021 entry valuation of about $1.1 billion, driven by operational excellence and aggressive M&A in the final quarter of 2025. Heirs Energies Growth Drivers in 2025 MoneyCentral estimates that Heirs Energies has seen its value grow by an estimated 35% in 2025 alone. This growth was realized through three primary channels: The Seplat Acquisition ($500M): This “end-of-year” surprise transformed the company’s balance sheet. By becoming the largest shareholder in Seplat, Heirs Energies now has a claim on Seplat’s massive ANOH Gas processing revenue and its stable dividend stream. Operational Turnaround (OML 17): Production at OML 17 averaged 50,000 barrels per day in late 2025, up from 25,000 bopd at the time of acquisition. Daily gas production has also increased to 150 million standard cubic feet (scf). This “brownfield excellence” has significantly improved the Net Present Value (NPV) of the asset. Capital Optimization: The $750 million Afreximbank facility secured in December 2025 provided the liquidity needed to fund the Seplat deal and refinance older, more expensive debt, lowering the company’s weighted average cost of capital (WACC). As of December 31, 2025, MoneyCentral’s valuation of OML 17’s 2P (Proven + Probable) reserves has undergone a significant re-rating. While the asset was acquired in 2021 with an estimated 1.2 billion barrels of oil equivalent (boe), Heirs Energies’ “Brownfield Excellence” strategy has successfully matured contingent resources into the 2P category. The current 2025 reserve base now exceeds 1.5 billion barrels of oil and 2.5 trillion cubic feet (Tcf) of gas, making it one of the largest and most valuable onshore blocks in Sub-Saharan Africa. OML 17: 2P Reserve Valuation Breakdown (2025) The valuation is calculated based on a Sum-of-the-Parts (SOTP) approach, applying an Enterprise Value per 2P barrel (EV/2P) multiple that reflects the low-cost nature of the asset (Unit Operating Cost at less than $15/bbl). Fig 1: Heirs Energies 2025 Asset Valuation Breakdown lumelu’s Net Worth Source: MoneyCentral Research Note on Valuation Logic: The 45% net interest reflects Heirs Energies’ stake alongside the NNPC (55%). The $4.20/bbl multiple for oil is considered “premium” for Nigerian onshore assets due to Heirs Energies’ success in securing flowlines and achieving an industry-leading Unit Operating Cost (UOC) of $14.80/bbl. Why the Heirs Energies Valuation Grew in 2025 The growth in OML 17’s valuation this year is not just about the volume of oil in the ground, but the velocity at which it is being extracted and the security of the infrastructure. Reserve Maturation: Through “rigless through-tubing” interventions on over 40 dormant wells in 2025, Heirs Energies moved approximately 200 million boe from “contingent resources” (2C) into “probable reserves” (2P). The Gas-to-Power Premium: The doubling of gas output to 135 MMscf/d in late 2025 has turned the 2.5 Tcf gas reserve into a high-yield annuity. Heirs now supplies feedstock to five power plants, supporting over 400MW of electricity in Nigeria. The “Brownfield” Discount Narrowing: In 2021, the market discounted OML 17 due to underinvestment by previous owners (Shell/Total/Eni). In 2025, with production hitting 55,000 bopd, the “execution risk” has been removed, raising the asset’s valuation multiple. The “Africapitalism” Premium By integrating energy (Heirs Energies), power and Hospitality (Transcorp), and finance (UBA), Elumelu has created a self-sustaining ecosystem built on Africapitalism. Investors now view his portfolio not as a collection of stocks or assets, but as a critical infrastructure play on Nigeria’s economy, leading to a “conglomerate premium” that has led to easier access to finance and pushed his net worth past the $3 billion mark. It is often said that a Goldfish has nowhere to hide, while in the holy book (Bible) it says: “people do not light a lamp and put it under a bowl. Instead they put it on its stand, and it gives light to everyone in the house.” That bright shining light that cannot be hidden in Africa today, is Nigeria’s Billionaire tycoon, Tony Elumelu, CFR. https://moneycentral.com.ng/energy/article/tony-elumelus-net-worth-hits-3-2-billion-as-heirs-energies-crown-jewel-propels-diversified-portfolio/ 1 Like |
| Politics › Dangote Accuses NMDPRA CEO, Farouk Of Spending $5M On Kids' Fees, Seeks Probe by MCentral(op): 1:47am On Dec 15, 2025 |
Africa’s richest man and President of the Dangote Group, Aliko Dangote, has made a bombshell allegation against the Chief Executive Officer (CEO) of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engr. Farouk Ahmed, stating that he spent $5 million on school fees for his children in Switzerland and is also engaged in economic sabotage against Nigeria, by approving massive petrol imports.https://moneycentral.com.ng/markets/article/dangote-accuses-nmdpra-ceo-farouk-of-spending-5m-on-kids-school-fees-and-economic-sabotage-seeks-probe/ 22 Likes 1 Share
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| Politics › Re: Breakdown Of Abia 2026 Proposed Budget. by MCentral: 1:40am On Dec 01, 2025 |
DomPerignon:Abia sends more he the centre in form of oil and gas earnings than it receives back |
| Christianity Etc › Re: When People Die. Where Do They Go. I Want To Know. by MCentral: 12:31am On Nov 22, 2025 |
KingAzubuike:Sounds like a neat theory, But can/will you remember your past life when u enter the new dimension? |
| Phones › Re: MTN And Airtel Capture 85% Of Nigeria Telecomms Market, Squeezing Out Globacom by MCentral(op): 12:45am On Nov 16, 2025 |
CodeTemplarr:Yes sad ending. However if they reform or one of his sons or daughters takes over they could rescue it. |
| Phones › Re: MTN And Airtel Capture 85% Of Nigeria Telecomms Market, Squeezing Out Globacom by MCentral(op): 9:20am On Nov 14, 2025 |
muyico:They have not invested to upgrade their networks. MTN and Airtel will invest over N1 trillion in Capex this year alone. |
| Phones › Re: MTN And Airtel Capture 85% Of Nigeria Telecomms Market, Squeezing Out Globacom by MCentral(op): 7:26am On Nov 14, 2025 |
Jamie248:This is the real culprit "Globacom has been unable to upgrade its network as fast as peers MTN and Airtel especially after the recent dollar scarcity and resulting naira devaluation, leading to a bleeding of customers. MTN Nigeria and Airtel Africa also have stock market listing which enables them to raise capital, while Globacom is still closely held by Nigerian billionaire businessman Mike Adenuga." |
| Phones › MTN And Airtel Capture 85% Of Nigeria Telecomms Market, Squeezing Out Globacom by MCentral(op): 2:46am On Nov 14, 2025 |
MTN Nigeria (MTNN) and Airtel Africa both multinational majority owned firms, have solidified their hold on Nigeria’s telecommunications market with a combined 85.86% market share, squeezing out local player Globacom. MTN Nigeria, a subsidiary of MTN Group South Africa had the largest share of subscribers at 90.33 million or 52.12% market share as at September 2025, according to data from industry regulator NCC. This is up from 39% market share in 2023. Airtel Africa had 58.47 million subscribers equivalent to a 33.74% market share/ Airtel Africa plc is majority-owned by the Indian telecommunications company Bharti Airtel. Globacom share fell to 21.39 million subscribers or 12.34% market share. The fourth major player T2 mobile had 1.8% market share or 3.11 million subscribers. Globacom has been unable to upgrade its network as fast as peers MTN and Airtel especially after the recent dollar scarcity and resulting naira devaluation, leading to a bleeding of customers. MTN Nigeria and Airtel Africa also have stock market listing which enables them to raise capital, while Globacom is still closely held by Nigerian billionaire businessman Mike Adenuga. “MTNN (and Airtel Nigeria) gained scale with an 86% combined market share (vs. 66.3% in FY23), which was driven by USD scarcity (before Naira devaluation) as this lowered sector wide USD investment capacity,” said Silha Rasugu, Equity Analyst at Emerging and Frontier Capital, in Nov. 13 note to clients. The demand for data in Nigeria is being propelled by an entrenched digital lifestyle among a young, mobile-first population and the proliferation of platforms like TikTok, YouTube, and Instagram, which is drawing customers to MTN and Airtel who have made investments to gain superior data networks. MTN Nigeria’s capital expenditure (CAPEX) surged by 248.05 percent to N757.41 billion as at September 2025, as investments were directed toward capacity expansion to ease congestion, deployment of additional sites to extend coverage, rollout of fibre-to-the-home network and development of a new data centre. Further, soaring adoption of remote-work tools, fintech apps, and ecommerce platforms has made data indispensable, diminishing sensitivity to price hikes. MTN Nigeria recorded a 20.8% year-on-year (YoY) surge in average data usage in 9M, 2025 despite the 40% increase in data prices. “This underscores MTNN’s firm grip on the data market and its ability to sustain growth despite challenging conditions,” said investment firm, Cardinal Stone Partners. https://moneycentral.com.ng/exclusive/article/mtn-and-airtel-africa-capture-85-of-nigeria-telecomms-market-squeezing-out-local-player-globacom/ |
| Politics › Re: Lagos Revenue Hits ₦2.3 Trillion, But Massive FX Losses Hamper Infrastructure by MCentral(op): 2:46pm On Nov 11, 2025 |
Madmohamed1:The point is that despite making over N2.3 trillion in revenue, the state spent only N323 billion or 14% of that on Capital Expenditure. 'That's why we don't have much on ground to show. Capex should really be around 40% of revenues to have impact. 1 Like |
| Politics › Re: These Are The Major Sources Of Revenue For Lagos State by MCentral(op): 2:43pm On Nov 11, 2025 |
MCentral:Taxes are the major source, but Lagos still depends heavily on FAAC allocations. |
| Politics › These Are The Major Sources Of Revenue For Lagos State by MCentral(op): 12:20pm On Nov 11, 2025 |
The major sources of revenue for Lagos in 2024 were taxation at N1.037 trillion, Statutory FAAC allocations N769 billion, Capital receipts N253 billion and levies fees and fines of N123 billion. Other revenue sources include: Income from other services of N64.5 billion, revenue from non-exchange transactions of N49 billion, investment income of N10 billion, interest income of N8.15 billion and Grants of N3.95 billion. Lagos State recorded an 89% jump in operating revenue in 2024 to N2.3 trillion at the end of 2024, according to Lagos State financials seen by MoneyCentral. However there was little impact on capital expenditure in the State year-on-year. https://moneycentral.com.ng/markets/article/these-are-the-major-sources-of-revenue-for-lagos-state/ |
| Politics › Lagos Revenue Hits ₦2.3 Trillion, But Massive FX Losses Hamper Infrastructure by MCentral(op): 12:07pm On Nov 11, 2025 |
Lagos State recorded an 89% jump in operating revenue in 2024, however that had little impact on capital expenditure due to massive foreign exchange (FX) losses. Total operating revenue for the period hit N2.3 trillion, up 89% from N1.22 trillion at the end of 2024, according to Lagos State financials seen by MoneyCentral. However capital expenditure of N323.9 billion rose barely 3% year-on-year, compared to N314 billion in 2023, due to massive loss on foreign exchange (FX) transactions of N716.8 billion in 2024. Wages and salaries of N264 billion, as well as General and Administrative Expenses of N302.5 billion also ate into money available for capital spending. Sources of Revenue for Lagos The major sources of revenue for Lagos in 2024 were taxation at N1.037 trillion, Statutory FAAC allocations of N769 billion, Capital receipts of N253 billion and levies fees and fines of N123 billion. https://moneycentral.com.ng/exclusive/article/lagos-state-revenue-hits-%e2%82%a62-3-trillion-but-massive-fx-losses-hamper-infrastructure-spending/ |
| Business › Re: Nigerian Banks Face Value Destruction As ROE Sinks Below Cost Of Equity by MCentral(op): 7:16pm On Nov 04, 2025 |
lawani:Every company, especially banks have a cost of equity also known as cost of capital. |
| Business › Nigerian Banks Face Value Destruction As ROE Sinks Below Cost Of Equity by MCentral(op): 6:43pm On Nov 04, 2025 |
…With GTCO Lone Exception Nigerian banks are mostly destroying value for their shareholders as they are generating returns lower than the cost of equity capital. The cost of equity reflects compensation investors demand for the risk of holding bank equity, factoring in country risk, market volatility, regulatory environment, and bank-specific fundamentals. Analysis by MoneyCentral shows the return on average equity (ROE) of the five Tier 1 lenders except Guaranty Trust Holdings or GTCO are lower than their cost of equity (COE), which means they are not generating sufficient returns to cover the expected compensation demanded by equity investors for the risks they bear. Zenith Bank’s ROE of 23.30 percent as at September 2025 is lower than its COE of 26.71 percent, according to MoneyCentral calculations. Access Bank, United Bank for Africa, and FirstHoldCo recorded ROEs of 15.40 percent, 18.60 percent and 20.20 percent as at 9M, 2025, which are below their cost of equity of 28.45 percent, 27.47 percent, and 24.72 percent respectively. However, GTCO is the only Tier 1 lender that created shareholder value as its ROE of 30.70 percent is higher than the COE of 25.93 percent, which is why it has the highest valuation of 0.94x book value compared to others that are trading at huge discounts to their book value. The disappearance of foreign exchange (FX) revaluation gains, cut in the interest rates by the central bank as well as stiff competition from financial technology (Fintech) firms have dealt a blow to banks’ profit. For instance, the average ROE for Access Holdings, Zenith Bank, Guaranty Trust Holdings, United Bank for Africa (UBA), and FirstHoldCo Plc reduced to 21.64 percent in September 2025 from 36.55 percent as at September 2024, according to data from Chapel Hill Denham Limited. The combined profit after tax (PAT) of the five banks fell by 15.54 percent to N2.89 trillion in September 2025 from N3.42 trillion as at September 2024, according to data gathered by MoneyCentral. Perhaps more worrisome is that these lenders are reeling from high cost to income ratio or efficiency ratio as operating expenses are growing faster than operating income in the face of inflationary pressures that forced many of them to hike workers’ salaries. Regulatory induced costs such as the Asset Management Corporation of Nigeria (AMCON) and Deposit Insurance or NDIC charges have been bloating expenses. Lower yields from a Central Bank easing cycle, combined with slow growth in fees and commission income could erode banks net interest margin. “We expect the lower policy rate to drive a decline in yields on loans and government securities that will outpace the related decrease in the cost of deposits,” said analysts at Moody’s Global ratings, noting that deposit costs adjust more slowly than lending rates. [b]Bottom-line: [/b]The cost of equity is the return that a company must offer investors to compensate them for the risk of owning its shares. It represents the compensation the financial markets require for the risk of ownership in the company. Return on equity (ROE) is a financial metric that measures how efficiently a company generates net profit from the equity invested by its shareholders. It is calculated by dividing the company’s net income by the average shareholders’ equity during a specific period. When a company’s ROE exceeds its COE, it indicates the firm is generating returns higher than the investors’ required rate, thereby creating shareholder value. Conversely, if ROE is less than COE, the firm is not meeting the investors’ expectations, implying it is destroying shareholder value or not using equity capital efficiently. When ROE equals COE, the company is just meeting investors’ requirements, often signaling no growth opportunities and distribution of all earnings as dividends. In summary, COE is a forward-looking measure of investor expectations and risk compensation, while ROE is a backward-looking measure of actual financial performance. The comparison of these two metrics is crucial in investment decision-making and evaluating whether the company is effectively generating value for shareholders. https://moneycentral.com.ng/exclusive/article/nigerian-banks-face-value-destruction-as-roe-sinks-below-cost-of-equity-with-gtco-lone-exception/ |
| Business › Re: Access Bank Forced To Sell 25% Stake At A Loss To Black South Africans by MCentral(op): 12:06am On Oct 26, 2025 |
Ruke1991:BEE laws have been a source of corruption and poor economic performance for South Africa. It is nt something to be emulated by Nigeria |
| Business › Access Bank Forced To Sell 25% Stake At A Loss To Black South Africans by MCentral(op): 1:21am On Oct 25, 2025 |
In a curious state of play regarding South Africa’s ease of doing business, Nigerian owned Access Bank has been forced to sell a 25.45% stake of its South Africa subsidiary to black individuals to comply with Black Empowerment (BEE) laws. The Bank recognized the difference between the Sales proceed (N8.3 billion) and the carrying amount of the portion of investment disposed (N9.7 billion) as a loss (N1.5 billion) in statement of comprehensive income for the period. On 30 May 2025, Access Bank Plc said it completed the sale of 25% (1,083,261,865) shares and an additional share of 1 of its ordinary shares in Access Bank South Africa to a consortium of Broad-Based Black Economic Empowerment (“B-BBEE”) purchasers, who are unrelated third parties. The transaction was undertaken to comply with the South African Broad-Based Black Economic Empowerment (B-BBEE) legislation, which promotes the inclusion of B-BBEE eligible citizens within the South African economy. No gain or loss was recognized in consolidated statement of comprehensive income arising from this transaction. In the separate financial statements, the Bank continues to carry the remaining investment in subsidiary at cost. The transaction was agreed at a total consideration of ₦10.3 billion (equivalent to ZAR 116.1 million), which is receivable after three years from the transaction date. In line with IFRS 9 Financial Instruments, the sales proceeds (consideration receivable) have been initially recognized at fair value, amounting to ₦8.3 billion (equivalent to ZAR 93.1 million). The fair value was determined by discounting the expected future receivable using a 7.25% discount rate, corresponding to the South African Reserve Bank’s monetary policy rate at the disposal date. The difference between the nominal consideration and the fair value represents the impact of the time value of money and will be unwound to profit or loss over the three-year period using the effective interest method. As of June 2024 Access Bank had already injected capital of Zar1.4bln (N115 billion), since its acquisition of Access Bank South Africa in 2021, while persistent losses have continued for the subsidiary. Access Bank South Africa made a loss of N9.3 billion in the Half Year 2025 period. Meanwhile, Access Holdings is investing USD24.7 million in Access Bank South Africa as deposits for shares for the recapitalization of the bank. following the approval of the Central Bank of Nigeria. Access Holdings had on its books a subscription for investment relating to the transaction of N34.62 billion. Basically Access Bank is taking risks and investing money taken from Nigeria while handing over shares on a platter to black South Africans, despite the owners of Access Bank being blacks themselves. https://moneycentral.com.ng/exclusive/article/access-bank-forced-to-sell-25-stake-to-black-south-africans-will-recapitalise-unit-with-24-7m/ |
| Politics › Ruling APC ‘own Goals’ Undercut Confidence Amid Regional Coup Scrutiny by MCentral(op): 11:09am On Oct 19, 2025 |
After a military coup ousted the elected government of Sierra Leone in 1997, civil society and regional organizations like ECOWAS mobilized popular uprisings and coordinated forces. The elected government was restored about nine months later, demonstrating effective citizen and regional intervention against a coup. In Africa, the Sahel region has witnessed a wave of coups d’état in seven countries that extend from Guinea on the Atlantic Ocean to Sudan on the Red Sea. Five military coups succeeded in five countries, in Mali, Burkina Faso, Guinea, Niger, and Gabon, while three other nations—Tunisia, Chad, and Sudan—had constitutional coups. During approximately the same period, coup attempts were thwarted in Gambia, the Central African Republic, Sierra Leone, and the island nation of São Tomé and Príncipe. In Nigeria, Africa’s most populous nation, largest oil producer and economic giant citizens woke up this past week to rumors of a coup plot by disgruntled army officers. If such a plot denied by the military hierarchy were actually true and succeeded, one wonders if ordinary Nigerians would have come out on the streets to protest against the coup leaders like was done in Sierra Leone or would have been indifferent. To be sure this paper condemns any attempt to truncate Democracy in Nigeria and take the country back to the dark days of military bloodletting in the form of coup plots, citizens without rights, an emasculated and hounded media as well as a non-growing static economy led by corrupt generals. However, there is a sense that the ruling APC party in Nigeria has committed many ‘Own Goals’ at the Federal and State levels that has undercut confidence and alienated many citizens amid the surge in regional coups. This sense of injustice is often used by misguided army officers to justify their illegal coup plots in other parts of Africa. The ruling APC party in Nigeria must guard against this by improving governance and reversing its numerous own goals some of which are listed below: The Rivers State of Emergency Fiasco Nigerian President Bola Tinubu declared a state of emergency in Rivers State in March 2025 following a protracted political crisis in the state. Tinubu suspended Governor Siminalayi Fubara; his deputy Ngozi Odu; and all the members of the House of Assembly for six months. The president nominated Vice Admiral Ibokette Ibas (rtd) as a military administrator to take charge of the affairs of the state for the first six months. It was always curious to us at MoneyCentral why the Tinubu administration would seek to give a military man (even if retired) a taste of governance through the back door, couched in the garb of ‘State of Emergency.’ The Retired Admiral was neither elected by the people of Rivers nor campaigned for the post. He also went about business awarding contracts and making appointments which are now being scrutinized by the real Governor Fubara after his return to office. Beyond the bad optics of bringing military men back to governance of an oil rich state like Rivers or any state for that matter, any coup plotter could use this as one of his excuses to strike. It is hoped that civilian Governors are never suspended again in the future because of politics, and rulers must be representatives elected by the people. Stop Demolishing People’s Homes and Businesses In the past two years a trend has emerged in Lagos and other parts of the country where homes and businesses of Nigerians are demolished with military like fiat, without a sense of empathy with Nigerians. To make matters worse there are often rumors of particular ethnic groups or tribes being targeted by these demolitions. The latest to happen was at the trade fair complex in Lagos, a Federal zone where property worth billions of naira were pulled down. One would have expected better coordination between the APC at the Federal level and APC government in Lagos to ensure that they are not working at cross purposes, since the trade fair complex was being administered by the Federal Government. More importantly however is the need to have a buy-in of the people and not seem like a government that is callous and out of touch. These are the same masses that would be needed to fight off any military incursion into politics. It is also the case that many Nigerians are struggling with a major cost of living crises hat began with this administration in 2023, as rents, building materials, cars, foodstuff and school fees have all skyrocketed. The government can help build up the masses instead of tearing them down. Properties without adequate building plans can be sealed off and owners invited to regularise their titles instead of demolitions. Dangerous Slide Into One-Party Rule In the Hollywood blockbuster movie, the matrix the machines held all the cards and could destroy the few humans fighting them if they wished but decided to give them an illusion of hope, through the creation of ‘The One.’ The Nigerian ruling party would do well to continue to encourage some form of robust opposition to give a sense of hope to young people and others who have lost faith in how the country has been mismanaged over the years. The current trend where entire Governors, Senators and representatives elected under opposition parties defect en-masse to the ruling party should be discouraged. We have seen this happen most recently in Delta State, Enugu State and Bayelsa State. The people should not be conditioned to believe that a military dictatorship would be better than what they perceive as civilian dictatorship or one party rule. Skewed Tribal Appointments One of the major fault lines in Nigeria is the ever present religious and tribal divide. Nigeria is one of the most ethnically and linguistically diverse countries in the world. It is home to about 371 distinct ethnic groups, spread across its 36 states and the Federal Capital Territory. Correspondingly, over 500 languages are spoken in Nigeria, reflecting this rich cultural variety. The three largest ethnic groups are the Hausa, Yoruba, and Igbo. Other prominent ethnic communities include the Fulani, Urhobo, Tiv, Kanuri, Ijaw, Edo, and Ibibio, among many others. These groups often have their own languages or dialects, many of which have long histories going back thousands of years. This rich diversity can be a source of strength or division depending on how politicians decide to govern. The current administration of President Bola Tinubu has been accused of running a Yoruba supremacy agenda in choosing key members of his cabinet by those for whom such things matter. For us at MoneyCentral we believe in having the best man for the job do it regardless of where he or she comes from. However, there should also be an understanding that for the common man or woman on the street, such things as ethnic balance in appointments, brings a sense of attachment to the government at the centre. Numerous groups and politicians have also sounded the warning. The Pan-Yoruba socio-cultural group, Afenifere, cautioned President Bola Tinubu over what it described as his bias and preference for the Yoruba in federal appointments. It warned that the development could threaten inter-ethnic relationships and peaceful co-existence in Nigeria. Babachir Lawal, former Secretary to the Government of the Federation (SGF) under late president Muhammadu Buhari, openly criticised the administration of President Bola Tinubu, declaring that he could not have served under the current government. Lawal said he was at ease with Tinubu’s style of governance but accused the President’s administration of nepotism, pointing to the appointments made under his leadership. “I cannot go to a meeting in which 99 per cent of the participants are Yoruba. The tendency is that they finish the meeting in their language, and I am just sitting there. “When we were doing the campaign, after he went to Ogun and said ’emi lokan,’ there was a Bola Tinubu platform in which I was participating. “They started insulting us, saying that northerners are illiterate. So I wrote on that platform that these are the people whose votes we would need.” Former Vice President Atiku Abubakar, along with the People’s Democratic Party, Coalition of United Political Parties, and the New Nigeria People’s Party, have also berated President Bola Tinubu’s administration for failing to promote inclusive governance, amid ongoing backlash over uneven political appointments since the beginning of his tenure. Atiku warned that promoting state-sponsored bigotry and nepotism in a multi-ethnic country like Nigeria could have serious consequences. He stated, “It is getting worse under Tinubu. Bigotry must not be a policy of states, bigotry should not be tolerated; bigotry and nepotism must never be adopted as a state policy, as is being done by Tinubu’s administration.” The Human Rights Writers Association of Nigeria (HURIWA) accused President Bola Ahmed Tinubu of fostering nepotism by extending the tenures of key public officials predominantly from the Yoruba ethnic group. HURIWA’s criticism follows the recent extension of Mrs. Kemi Nanna Nandap’s tenure as Comptroller-General of the Nigeria Immigration Service (NIS), which President Tinubu has approved until December 31, 2026. The group labeled the move an “abuse of power”, questioning whether no other qualified officers within the service could assume the role. Wike and Allegations of Corruption Nyesom Wike, the Minister of the Federal Capital Territory (FCT) a close confidant of the President has been enmeshed in corruption allegations against him regarding plots of lands allocated to his family members and houses allegedly acquired in Florida, United States. Wike as a former Governor obviously has the means to make the purchases if true, however the optics of the situation is what could be problematic. This is especially true since the Tinubu administration and EFCC have not made any clear announcement on the matter. Another African President, South Africa’s Cyril Ramaphosa – who was under pressure due to corruption allegations against a major ally of his, Police Minister Senzo Mchunua, chose to act swiftly. Ramaphosa faced a tough choice after his police minister was accused of helping drug dealers and blocking murder investigations. The South African President responded by suspending the police minister Senzo Mchunu, and announced a six-month judicial commission of inquiry to look into the matter. The Nigerian President should be disposed to act more forcefully against those accused of corruption in his cabinet. Umahi’s N15 trillion Coastal Road of Confusion Nigeria recently secured a $747 million syndicated loan for the Lagos-Calabar Coastal Highway that will link the nation’s commercial capital, Lagos to a key coastal city, Calabar. The funding, led by Deutsche Bank AG, will finance construction of the first phase of the Lagos-Calabar highway, a 700-kilometer (435-mile) project initiated by President Bola Tinubu, the finance ministry said. The $10 billion (N15 trillion) project was criticized by opposition leaders when it was first awarded in 2023 to Hitech, a company that belongs to a Gilbert Chagoury, a close confidante of the president. Last year, the Federal Government announced the commencement of construction work on the 700km Lagos-Calabar Coastal Highway, which spans nine states and includes two spurs leading to the northern states. Works Minister, David Umahi said the first phase of the project, made up of 47.47 kilometers of dual carriageway, is to be constructed in concrete pavement. The project has however been dogged by needless controversy since its launch with the Minister unable or unwilling until recently to reveal the cost per kilometer of road for the project. Recently Oyo State Governor, Seyi Makinde, weighed in on the cost of the controversial Lagos-Calabar Coastal Highway project that was approved by President Bola Tinubu. Makinde, who spoke at an event in a viral video, said there was no need for the Minister of Works, David Umahi, to be “dancing around the cost” of the project. The governor was reacting to a heated exchange that unfolded live on television between Umahi and Arise TV presenter Rufai Oseni. Justifying the journalist’s question to the minister, Makinde said, “They asked a minister how much the coastal road is, and then you (Umahi) are dancing around and going to say that no, the next kilometre is different from the next kilometre. Then what is the average cost? “When we did the Oyo to Iseyin road then, it was about N9.99 billion, almost N10 billion. About 34 or 35 kilometres, average cost is about N238 million per kilometre. “But when we did Iseyin to Ogbomoso, that was 76 kilometres, it was about N43 billion, average cost is about N500 million per kilometre. And we had two bridges, one over the Ogun river and then one at Ogbomoso end.” Beyond the humongous N15 trillion cost of the road there are genuine questions around whether the money would not be better spent on fixing existing roads within cities and already existing highways that are mostly dilapidated. These are legitimate questions that should not be dismissed by a wave of the hands as mischievous but given the serious answers it deserves. There have also been allegations of corruption in the sudden change of alignment of the road that violates the 2006 gazette as well as inappropriate demolitions. Better and More Targeted Poverty Alleviation The Nigerian government should better target its poverty alleviation programmes to ensure maximum impact and be strategic in its approach to spending money. Instead of the coastal road to nowhere being built for N15 trillion, perhaps the APC government of President Tinubu should look at how India has lifted over 250 million people out of poverty under Indian Prime Minister Narendra Modi in just 10 years. Modi’s government has made significant efforts to fight poverty in India, particularly through infrastructure development such as road construction, alongside social welfare initiatives. A key program in this effort is the Pradhan Mantri Gram Sadak Yojana (PMGSY), aimed at connecting rural habitations with all-weather roads. Over the past 10-years, approximately 400,000 kilometers of rural roads have been constructed in India, improving rural connectivity and access to markets, schools, and healthcare, which directly helps reduce poverty by boosting economic opportunities for rural populations. Meanwhile, Nigeria’s national poverty rate has significantly increased, with estimates ranging from 46% to over 60% depending on the source and year. According to the World Bank, the poverty headcount ratio was 56.2% in 2023, affecting around 104 million people. The National Bureau of Statistics reports that 63% of Nigerians were multidimensionality poor in 2022, with rural areas showing a much higher rate than urban ones. Poverty has risen steeply in Nigeria even as it undertakes reforms designed to deliver economic growth, according to a new report from the World Bank. The number of Nigerians living in poverty is projected to reach 139 million in 2025 from 81 million in 2019, with most of the rise occurring prior to 2023, the bank said in its bi-annual development update on the country. These are not numbers the Nigerian APC ruling party for the last decade (2015 – 2025),should be proud of. Real INEC Reforms The National Council of State recently unanimously approved the appointment of Professor Joash Ojo Amupitan (SAN) as the new Chairman of the Independent National Electoral Commission (INEC). However what followed the announcement was controversy over whether Mr. Amupitan was Yoruba or from the North, or both. These are besides the point in our opinion. INEC has lost credibility with a majority of Nigerians and needs major reforms if it is to be a vanguard of the legitimacy of any government in power. Without that legitimacy a coup against such a leader installed by rigged or irregular elections, is easier to get away with and there would be very little push back by the people. In democracies with weak institutions, non-adherence to the rule of law and zero-sum politics are exploited as moments of institutional capture by political elites, especially incumbents, in their quest to consolidate control over the political process. Yiaga Africa highlighted in its 2025 State of Electoral Integrity Report, that the 2027 elections could be the most compromised and expensive elections in recent history. This projection stems from the trend of highly politicised appointments to INEC. Since 2015, all appointments to INEC have been marred by controversies due to the appointment of partisan individuals to the commission. INEC has identified 142 post-election reform recommendations, eight of which require amendments to the 1999 Constitution or the Electoral Act 2022. The masses await concrete movement on these reforms to once again help engender confidence in the electoral process. https://moneycentral.com.ng/exclusive/article/ruling-apc-own-goals-undercut-confidence-amid-regional-coup-scrutiny/ https://moneycentral.com.ng//wp-content/uploads/2025/10/Coup-Nigeria.png |
| Politics › Re: FMDQ Faces 67% Trading Volume Loss As CBN Shifts To Internal Platform by MCentral(op): 3:31am On Oct 13, 2025 |
ideylaff:The CBN seems to want to keep everything inhouse. They should probably divest from the FMDQ also |
| Politics › FMDQ Faces 67% Trading Volume Loss As CBN Shifts To Internal Platform by MCentral(op): 12:35pm On Oct 03, 2025 |
FMDQ Group, a securities exchange and self-regulatory organization (SRO), faces a precipitous drop in trading volumes and revenue as the Central Bank of Nigeria (CBN) moves to shift trading of its Fixed Income and Foreign Exchange (FX) products to its own internal trading platform.https://moneycentral.com.ng/exclusive/article/fmdq-faces-67-trading-volume-loss-as-cbn-shifts-to-internal-platform/ 4 Likes
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| Career › Re: Why Dangote Sacked Refinery Staff - FIJ by MCentral: 1:43am On Oct 03, 2025 |
BarrElChapo:If Capitalism is dangerous try socialism and NNPC refinery see where that takes u |
| Business › Re: Access Bank Struggles While CEO Buys $20mn Mansion On London’s Billionaire's Row by MCentral(op): 5:18pm On Oct 01, 2025 |
Esthered:In civilized climes Executive compensation is tied to performance. Such as Elon Musk recent pay award. Access Bank has underperformed for the past 3 years. The bank is the only one among the big 5 that cannot even release its second quarter (Q2) financial results meanwhile we just entered Fourth quarter. It may be his money but the optics is bad. N30 billion for a house meanwhile shareholders are suffering 1 Like |
