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Fidelity Drives NGX Early Rally as Investors Swoop on Bank Stocks

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Fidelity Bank Grows Q1 Gross Earnings by 38% to N434.95bn

After muted days of buy activities, Nigeria’s stock market has recorded early rally on Friday as invested pounced on the stocks of Fidelity Bank Plc.

As at 11am, the NGX All Share Index (ASI) was up by 0.19 percent to 109,385.94 points. Fidelity Bank was up to N18.60, after adding N1.255 (6.63 percent).

After Thursday’s negative close, Vetiva analysts said in their post trading commentary that, “With market breadth weakening and key sectors under pressure, investors may stay defensive unless renewed buying interest emerges in oversold key names.

Barring a strong rebound in the banks or consumer goods space, the market looks set to close the week on a softer note”.

Fidelity Bank’s recent financial results provide further context. The lender recorded a Profit Before Tax of N105.8 billion in the first quarter of 2025, up 167.8 percent from the same period in 2024. Gross earnings also rose by 64.2 percent year-on-year to N315.4 billion, driven by both interest and non-interest income.

On the balance sheet, the bank’s total deposits climbed to N6.6 trillion, representing an 11.1 percent increase year-to-date, while net loans and advances rose by 5 percent to N4.6 trillion. These figures suggest sustained liquidity and the capacity to manage lending and investment operations effectively.

SHAREHOLDERS COMMEND WEMA BANK AT 2024 ANNUAL GENERAL MEETING

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SHAREHOLDERS COMMEND WEMA BANK AT 2024 ANNUAL GENERAL MEETING

Reinforcing its position as one of Nigeria’s most profitable financial institutions, Wema Bank, Nigeria’s oldest indigenous bank, most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has received a unanimous vote of confidence from its shareholders across Nigeria.

This is as it disclosed a record-breaking financial performance at its 2024 Annual General Meeting (AGM). The Wema Bank 2024 AGM held virtually in Lagos on Thursday, May 22, 2025.

According to the Bank’s 2024 Annual Report, Wema Bank, in 2024, recorded an all-time-high performance, with Gross Earnings growing by 91.51% from N225.75 billion in FY 2023 to N432.34 billion in FY 2024; Profit before Tax (PBT) increasing by 135.16% to N102.51 billion in FY 2024 from N43.59 billion in FY 2023, and Profit After Tax (PAT) increasing by 140.13% to N86.29 billion from N35.93 billion reported in FY 2023; Total Deposits rose by 35.65% to N2,523.82 billion in FY 2024 from N 1,860.57 billion in FY 2023 and Total Assets stood at N3,585.05billion in FY 2024.

This is representing a 60.04% increase over the N2,240.06billion recorded in the corresponding year of 2023 and placing the Bank squarely above the One trillion Naira mark, a milestone the Bank surpassed in Q3 2021.

The Bank also grew its loans to customers by 49.94% to close FY 2024 at N1,201.21 billion from the N801.10 billion recorded in 2023. Impressively, the Wema and ALAT brands continue to win public acceptance and market relevance as the Bank continues to record growth in its retail deposit drive. 2024 has proven beyond doubt to be an exceptional for the Bank with earnings growing by 91.51% year on year with earnings per share at 483.2 kobo.

Additionally, the Bank’s Non-Performing Loan rate closed at 3.86%, a reduction from FY 2023 position. It is no surprise that the Bank received unanimous commendation from shareholders, with both internal and external stakeholders expressing full confidence in the Bank’s stable outlook and successful financial future.

Among the shareholders who expressed a vote of confidence in Wema Bank were Mr. Matthew Akinlade, who commended the Management for a performance he regarded as “very outstanding”, and Ambassador Doctor Olatunde Okelana, who described the 2024 financial performance of Wema Bank as “historical”, commending Wema Bank’s proactive approach to employee well-being.

Mrs. Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association of Nigeria, also added, “I want to start by commending Wema Bank’s outstanding performance despite the challenging macroeconomic performance. On gender inclusion, I would also like to commend Wema Bank for an impressive gender diversity on the board with 5 out of 11 directors being female, representing a remarkable 38% ratio.

Furthermore, I want to seriously commend the succession plan of Wema Bank, and the board for achieving 100% attendance in meetings, which shows a full commitment on their part”.

Anchoring the Wema Bank 2024 AGM, Dr. Oluwayemisi Olorunshola, the Chairman of Wema Bank, expressed the Bank’s gratitude and appreciation to its shareholders, customers, employees, regulators, partners and other stakeholders, for their continued support and contributions to the Bank’s outstanding performance for the year in view, reiterating the Bank’s commitment to sustain the upward surge in its performance in the decades to come.

Alluding to the Bank’s plan for sustaining the gargantuan growth recorded in 2024, Moruf Oseni, the Bank’s MD/CEO, added, “We will continue to deliver best-in-class financial solutions, invest in second-to-none technology, reinforce our internal framework for maximum efficiency and remain fully committed to innovation and service excellence, as we continue to provide optimum returns for every stakeholder of Wema Bank.

The N150 billion Rights Issue window ended yesterday May 21st, 2025. However, we have raised a motion to raise another N50 billion through private placement, and with your permission, we will proceed with that, come June 2025”.

“At the end of it all, what we expect is that Wema Bank will have qualifying capital slightly north of N267 billion, which allows us to sustain the resilient and robust franchise that we have built together, to keep Wema Bank thriving as a force to be reckoned with in the industry. Wema Bank stands strong at 80 and in the decades to come, I can assure you that the growth we are experiencing today, is just a tip of the iceberg”, Oseni concluded.

Wema Bank 2024 AGM saw the Bank’s shareholders authorise a number of decisions including the re-election of board members, remuneration of Audit and Board members, and payment of dividends of N1 per share.

From marking the incredible milestone of its 80th anniversary to making significant strides towards meeting the CBN recapitalisation benchmark for 2026 and achieving a record-breaking 2024 financial performance that has sustained an unparalleled growth streak over the past decade, Wema Bank has proven its capacity to remain at the forefront of the African financial industry without compromising on delivering unmatched value to stakeholders.

NAPS, MOFE Foundation Flags Off CNG Conversion Training For 500 Polytechnic Students in South-West Nigeria

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NAPS, MOFE Foundation Flags Off CNG Conversion Training For 500 Polytechnic Students in South-West Nigeria

As part of efforts to promote green energy and youth empowerment, the National Association of Polytechnic Students, NAPS in partnership with the MOFE Foundation has flagged off the inaugural comprehensive training programme on Compressed Natural Gas (CNG) conversion for 500 polytechnic students in the South-West region of Nigeria.

Blacktalker reports that the programme, flagged off at a formal ceremony attended by industry experts, government officials and student leaders, is part of a broader national drive to reduce reliance on fossil fuels and embrace more sustainable energy sources.

In a welcome address, the NAPS Southwest Zonal Coordinator, Comrade Obasanya Monday Johnson, expressed gratitude and enthusiasm about the project’s impact.

“This is not just an ordinary event, but a great achievement and milestone for all our students in the Southwest,” he said. “We are launching a unique initiative aimed at equipping our students with the knowledge and skills in green energy, contributing to the transformation agenda of the current government.”

Comrade Obasanya lauded the MOFE Foundation for its vital support in making the project a reality, emphasizing the Foundation’s role in ensuring the initiative goes beyond aspiration to become a practical success.

“We sincerely appreciate MOFE Foundation for partnering with us. They have helped us move this project from a dream to reality. God bless you,” he added.

Delivering the keynote address, the Convener of the MOFE Foundation, Engr. Mrs. Funmi Akingbagbohun described the initiative as a provocative step towards a more sustainable and economically vibrant future for Nigeria.

“The future of our transportation sector, industries, and environment depends on how well we harness our natural gas resources,” she said. “CNG conversion is not just an alternative but a catalyst for positive change.”

Akingbagbohun emphasized the environmental and economic benefits of adopting CNG, noting that it offers a cleaner, more efficient and cost-effective solution compared to petrol and diesel.

She lauded the Lagos State Government for its commitment to sustainability, stating that the state is already offering full support for infrastructure and policy implementation.

”The training will equip students with practical skills in CNG system conversion, installation, maintenance and safety protocols, she said. “You are not just learning a trade, you are becoming pioneers in shaping a sustainable tomorrow.”

“This is a business opportunity for students. The conversion kits are available, but we need skilled professionals who can implement this across Nigeria,” Akingbagbohun said.

In a special presentation, the programme Director for MOFE Foundation, Engr. Eyiwumi Kolawole called on Nigerian youths to embrace volunteerism, develop critical skills and actively participate in the country’s green energy transition.

Engr. Kolawole also urged students to see themselves as more than learners, but as leaders in a country urgently in need of innovation and civic responsibility.

Citing examples like the Foundation’s community clean-up initiative in Lagos, She explained how service provides not only social impact but also personal growth.

“It’s not just about cleaning,” she said. “It’s about creating opportunities for young people to connect, to serve and to grow.”

She also gave an overview of the MOFE foundation, saying the organization was founded in honor of the late Dr. Mojisola Olayinka Fatungase Edema, an academic and reformer whose legacy of service and empowerment continues through the foundation’s work.

“The MOFE Foundation is quietly but powerfully changing lives across Nigeria,” Kolawole said. “We’re here to bridge education with industry, promote sustainability, and ignite the power of youth through volunteerism.”

On his part, the guest speaker and the Technical Director of Verde Dynamo CNG, Babafemi Oluwaseun emphasized the critical need for trained CNG technicians in Nigeria, noting that there are over 11 million vehicles in the country and a significant gap in skilled personnel needed for their conversion.

“This initiative gives students the opportunity to learn valuable skills that are both highly sought after and economically rewarding,” he said.

Oluwaseun who is one of the technical partners volunteering for the CNG Conversion Initiative explained that the students will receive training in various aspects of CNG conversion, including safety procedures, mechanical systems, high-pressure line plumbing and even the business and marketing side of CNG services.

Addressing safety concerns, the CNG expert reassured Nigerians that natural gas is “safer, cleaner and cheaper than petrol,” emphasizing that approved conversion centers follow strict regulations and use certified kits.

“The key is to avoid quack service providers and only use government-approved centres,” he said. “There’s a tracking system in place to monitor installations and tank expiration dates. The industry is being standardized.”

Other stakeholders present at the events, including the Rector, Yaba College of Technology, Dr. (Engr.) I.A Abdul, the Dean of Engineering, YabaTech, Engr. Isaac Olugbemi Ajiboshin and the oba of Isheri-Olofin Kingdom, Oba (Dr.) Ibrahim Olasunkanmi opined that the CNG conversion training aligns with Nigeria’s broader goals for energy security, climate action and job creation.

Fidelity Bank Increases Staff Salaries

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blacktalker
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Fidelity Bank Grows Q1 Gross Earnings by 38% to N434.95bn

Tier-one lender, Fidelity Bank Plc, has recently announced salary increments for its staff following a remarkable full year 2024 financial performance.

The salary increase announced in May follows a prior increment from November 2024 and aims to recognize staff contributions in customer service and achieving corporate goals.

It will be recalled that the Dr. Nneka Onyeali-Ikpe-led institution recorded the highest growth in year-on-year profitability in the Nigerian banking industry in 2024 with a 210% growth in Profit Before Tax to N385.2 billion.

Similarly, the bank recently announced that it was on the verge of closing out on the Central Bank of Nigeria-mandated recapitalization directive with a private placement exercise scheduled to conclude in June 2025.

WHEN LEGACY MEETS PREPAREDNESS – OLUSEGUN ALEBIOSU AS CEO, FIRSTBANK GROUP

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blacktalker
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FirstBank Partners NTA, Others for 2026 Children’s Day Activities

By Aniekan Ezekiel

Published by Blacktalker

What happens when legacy meets preparedness? What results from such a combination? Let us not be in a hurry to put forward any answers yet. Instead, let us consider first the opposite situation: When legacy meets unpreparedness.

The world abounds in examples of this distressing situation. A dynasty that has built wealth from generation to generation, with its illustrious heirs providing generational leadership, finds itself in a strange phase where an ill-prepared heir takes over the reins and in that same generation, not the next, wipes out the entire family fortune built over several generations.

We see the same thing with nations. History is replete with examples of great nations built by great leaders, which slid into oblivion when they were hit by arguably the greatest misfortune that ever befalls humanity – bad leadership. It is the reason American author and leadership expert John Maxwell asserts, “Everything rises and falls with leadership.”

As with nations, so with organisations. We see organisations that have thrived for decades and over several generations, get a new leader who is not prepared for such leadership, and the leader pushes the organisation to the brink of collapse.

Contrast this picture with the situation at Nigeria’s most enduring corporate organisation with the most amazing legacies of firsts, First Bank of Nigeria Limited, which witnessed a leadership transition about a year ago. Faced with a number of quality options in and outside the then management team, the decision-makers at the bank and its parent company FBNHoldings, now First HoldCo Plc, had to be clear-minded about who could become the new Chief Executive Officer of FirstBank Group.

Equally important as the need for continuity was the non-negotiable requirement for capacity to manage the ship of the 130-years-plus institution to sustain its enviable legacies and consolidate the gains made in recent years. The search was for someone with a steady head and hands (talk of risk control and mitigation), in addition to an excellent track record of sterling performance and achievements.

Fortunately, fate was on their side. They did not have to look outside. Right there before them was someone who understood all kinds of risks and how to control and mitigate them. He had been with FirstBank since 2016 when he joined as Group Executive / Chief Risk Officer. Then in January 2022 he was elevated to Executive Director / Chief Risk Officer and Executive Compliance Officer.

This man has given nearly three decades of his working life to the banking and financial services industry. He has under his belt a rich tapestry of cross-functional experience in credit risk management, financial planning and control, credit and marketing, and trade. His cross-functional exposure also includes corporate and commercial banking, agriculture financing, oil and gas, transportation, including aviation and shipping, and project financing

Meet Olusegun Alebiosu, the man history had prepared and the one decision-makers chose among the quality options. He was appointed substantive Chief Executive Officer of FirstBank Group in June 2024, having acted in that capacity since April 2024 when the former CEO left.  

Determined to build on the bank’s legacies while navigating the ever-changing landscape of the financial services industry, Alebiosu has shown unwavering commitment to lead the bank through a transformative period that places emphasis on strategic consolidation, technological advancement and market expansion.

Alebiosu’s approach to sustaining the legacies of firsts at FirstBank, which has been at the vanguard of accelerating Nigeria’s digital payments as the first bank to issue over 13 million cards to customers, draws from his vast professional experience which began with Oceanic Bank Plc, now Ecobank Plc, in 1991. Between then and joining FirstBank in 2016, he had worked at Coronation Merchant Bank as Chief Risk Officer, at African Development Bank Group as Chief Credit Risk Officer and at United Bank for Africa as Group Head, Credit Policy and Deputy Chief Credit Risk Officer.

Under one year of his appointment as substantive CEO of FirstBank, Alebiosu’s strategic consolidation efforts have demonstrated that he is a worthy successor, not an ill-prepared or unprepared one, proving the decision-makers right. Understanding the critical role of its human capital in sustaining the bank’s legacies, Alebiosu has invested himself and the bank’s resources in promoting staff welfare.

A comprehensive review of the bank’s compensation structure was undertaken to position it within the 75th percentile of the industry, making the bank more retentive of, and attractive to, the best talents. The highest number of staff promotions across various grades in the last five years has happened under Alebiosu’s watch, with 1,654 employees being elevated in one single promotion cycle.

Under his leadership, over 2,186 new hires have been recruited across key functions and subsidiaries, with a large number of them deployed to the sales function to ensure that retail customers are adequately served. Staff are now more engaged based on the high employee engagement score of 86% achieved in the April 2025 WorkBuzz survey, indicating remarkable progress in the bank’s multi-pronged efforts to promote a positive and inclusive workplace culture.

This drive to reinforce a culture of inclusion and recognition has been accentuated by the launch of a group-wide culture transformation initiative with the goal of embedding the core values of integrity, excellence and innovation. It has also been strengthened by a renewed focus on inclusion, collaboration and high performance. Also contributing was the staging of a FirstBank Employee Appreciation Day 2025 featuring, among others, a personalised appreciation video message from the CEO to all employees across the group throughout Africa and beyond. The inclusion message is further boosted by the launch of the inaugural edition of the bank’s pioneering initiative, Mandarin Language School, to bolster the bank’s expansion in the Asian market.

Expansion is a critical plank in FirstBank’s new strategic planning horizon, under Alebiosu’s leadership. Taking off this 2025, the plan seeks to reinforce the bank’s market dominance across all operational regions and it includes deliberate expansion into new markets within and outside Africa.

Beyond geographical and horizontal expansion, Alebiosu’s plan has also targeted a skyward expansion. Or how else does one describe the groundbreaking ceremony in March 2025 for the bank’s new green-certified, 44-storey iconic head office building in Eko Atlantic City, Lagos State?

Alebiosu is also prioritising the acceleration of process automation in recognition of the importance of digital transformation. It is a massive push for technological advancement that includes adopting robotics technology and artificial intelligence at scale, to give the bank an unassailable competitive advantage among its peers in the industry.

The bank has deployed digital tools to enhance seamless account opening and optimised backend systems and customer service delivery. Two additional Digital Experience Centres (DXCs) have been launched – one at Lekki Admiralty Way, Lagos State and the other at its UNN branch, Nsukka, Enugu State. Also, the bank’s agent network has expanded to over 280,000, a 50,000 increase from the 230,000 agents it had in 2023.

As expected, shareholders, among other stakeholders, have been observing the strides the bank has been making under Alebiosu’s leadership, with a keen eye on the numbers. Fortunately, again, the bank’s results for the financial year ended December 2024 speak volumes, with after-tax profit of its parent company rising to the highest point it has reached in the last 12 years, according to the company’s latest financial statement.

In recognition of his achievements within such a short period and his exemplary leadership, Alebiosu was honoured at the World Business Outlook Awards as “Banking CEO of the Year – Nigeria 2025”. He has also been honoured with the “Special African Banking Leadership Award” by African Leadership Magazine. This was in 2024.

The story of Alebiosu’s leadership at FirstBank has clearly been one of preparedness meeting legacy. Working with the board and management team, he has consistently sustained the bank’s legacies and also consolidated its recent gains in ways that will ensure the gains keep compounding. FirstBank, more than ever before, is poised for greater intra- and intercontinental growth and impact in the years ahead.

LASG Arrests Man in Viral Video Dumping Waste on Alapere Bridge

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blacktalker
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Lagos Government Probes Viral Video of Students Smoking, Drinking in Dormitory

A joint enforcement team, comprising officials of the Lagos Waste Management Authority, LAWMA and the Lagos State Environmental Sanitation Corps, LAGESC/KAI has arrested Mr. Ogunbadejo Olawale, a resident of No. 25 Ajiboye Street, Alapere, Ketu, caught in a viral video dumping waste on Alapere link bridge, Ketu.

He has been remanded at the Kirikiri Prison by the Environmental and Special Offences Court, sitting at Oshodi, with case adjourned till 26th June 2025.

Speaking on the matter, the Honourable Commissioner for the Environment and Water Resources, Mr. Tokunbo Wahab, expressed deep concern over the continued disregard for environmental regulations by some residents, emphasising that the state government would not relent in its efforts to identify and prosecute individuals who violate sanitation laws.

He said, “The Lagos State Government has reaffirmed its unwavering commitment to environmental enforcement with the arrest of Mr. Ogunbadejo Olawale, a resident of No 25, Ajiboye Street, Alapere, Ketu, for illegal waste dumping.

The arrest was effected by a joint enforcement operation carried out by the operatives of the Lagos Waste Management Authority (LAWMA) and the Lagos State Environmental Sanitation Corps (KAI), following credible surveillance and tip-offs from members of the community.”

Wahab stressed that environmental enforcement would be intensified across all local government areas, noting that surveillance activities were being upgraded and that defaulters would be prosecuted without hesitation, warning that the era of impunity was over, as no one is above the law.

“We have launched a multi-agency collaboration involving LAWMA, LAGESC/KAI, and other stakeholders to strengthen monitoring and enforcement. Let this serve as a stern warning to others: Residents must comply with the state’s waste management guidelines or face legal consequences,” he added.

The Commissioner urged community leaders, residents, and environmental volunteers to remain vigilant and continue to work with the state in reporting infractions, assuring that such civic efforts would be matched with swift action from government agencies.

Confirming the development, the Managing Director/CEO of LAWMA, Dr. Muyiwa Gbadegesin, condemned the offender’s action and reiterated the Authority’s unwavering resolve to stamp out illegal waste disposal practices.

“This arrest is a strong message to those who persist in sabotaging the state’s environmental agenda. Lagos is not a dumping ground. We have invested heavily in infrastructure and personnel to maintain cleanliness across the metropolis. Anyone caught polluting public spaces will face the full weight of the law. The days of indiscriminate waste disposal are over,” he said.

Gbadegesin also acknowledged the crucial role played by residents of the Alapere community in bringing the incident to light, calling it a prime example of citizen-driven environmental vigilance.

“The success of our enforcement drive is deeply rooted in community partnership. I want to sincerely thank the residents of Alapere for their vigilance. Their input led to this arrest, and it demonstrates that when citizens and government work together, positive change is inevitable. Let us remain committed to protecting our environment for today and for future generations,” he added.

He assured Lagosians that LAWMA, in collaboration with relevant sister agencies, would continue to scale up enforcement, advocacy, and community engagement initiatives to ensure total compliance with waste management laws.

The LAWMA boss appealed to residents to embrace proper waste disposal practices, use PSP operators, and avoid patronising outlawed cart pushers, warning that all offenders would be tracked, arrested, and prosecuted as part of the state’s holistic environmental management strategy.

Also speaking, the Corps Marshal of the Lagos State Environmental Sanitation Corps (LAGESC/KAI), Major Olaniyi Olatunbosun Cole (Rtd), stated that the law would continue to catch up with individuals engaging in acts that deface and endanger the environment, describing the suspect’s action as reckless and counterproductive to the state’s environmental sustainability efforts.

“We are scaling up patrols and intelligence gathering, especially in areas prone to illegal dumping. No one who violates environmental laws will go unpunished. The long arm of the law will find you. I urge all residents to desist from indiscriminate waste disposal, as this threatens public health, damages infrastructure, and erodes the government’s commitment to a cleaner Lagos,” he said.

He further encouraged Lagosians to be law-abiding and to make use of approved waste disposal services to avoid legal consequences.

For waste management-related issues, complaints, and inquiries, please call LAWMA’s toll-free numbers: 080000LAWMA (08000052962), 07080601020, and 617, or send an email to info@lawma.gov.ng.

Bigi Powers Nigerian Idol Season 10 as the Show Goes Live This Sunday

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blacktalker
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Bigi Powers Nigerian Idol Season 10 as the Show Goes Live This Sunday

It’s that time of year again when Bigi, Nigeria’s favourite carbonated soft drink, takes the centre stage as Nigerian Idol Season 10 goes live this Sunday, 25 May.

For the fifth consecutive year, Bigi carbonated soft drinks – a product of Rite Foods Limited – proudly sponsors the nation’s most beloved music reality show. This year promises to be the most electrifying season yet.

With the top 10 contestants unveiled during Sunday’s episode, the countdown to discovering Nigeria’s next music superstar has officially begun. Finalists Bosslady, Brammy, Ellacentric, JKenova, Khristopher, Lawrence, Mikki, Purp, Raymu, and Sally lit up the stage with powerful performances that gave both judges and viewers a thrilling taste of what’s to come.

From Purp’s stirring rendition of Adele’s “I Can’t Make You Love Me”, to Lawrence’s heartfelt performance of Timi Dakolo’s “Great Nation”, and Mikki’s soulful take on “Let It Be” by The Beatles, the show delivered raw talent and unforgettable moments.

The trio of celebrity judges, Ric Hassani, Omawumi Megbele, and Iyanya Onoyom – alongside host IK Osakioduwa, were visibly impressed.

Brand Manager for Bigi, Biola Aransiola, reaffirmed the brand’s commitment to youth and entertainment. “It has been five incredible years of powering dreams, supporting talent, and giving aspiring stars a platform to rise to victory.

Nigerian Idol is a celebration of the voices and stories that make our country unique, and we’re proud to be part of that journey once again.”

Over the past seasons, Bigi has enhanced the Idol experience with exciting surprises – from cash rewards and shopping sprees to gifts worth millions. This season, fans can expect even more energy, inspiration, and entertainment, as Bigi continues to champion talent, resilience, and the pursuit of dreams.

Let all the contestants rise to victory!

The journey to stardom unfolds every Sunday night on DStv Channel 196 and GOtv Channel 49, with the grand finale set for July 13, 2025.

So, grab your favourite Bigi drink, cheer on your favourite contestant, and get ready to be part of a thrilling musical adventure — live from this Sunday!

Nigeria Targets Mining, Automotive Transformation to Drive Industrial Revolution

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blacktalker
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Nigeria Targets Mining, Automotive Transformation to Drive Industrial Revolution

In a strategic move to accelerate Nigeria’s industrial revolution, the Director-General of the Nigeria-China Strategic Partnership, NCSP, Mr. Joseph Tegbe has met with the Minister of State for Industry, Trade, and Investment, Senator John Owan Enoh, to align on transformative priorities aimed at repositioning the nation’s economy through the mining and automotive sectors.

The meeting, which held in Abuja, explored actionable strategies to unlock the full industrial potential of both sectors within the framework of President Bola Ahmed Tinubu’s Renewed Hope Agenda with an overarching goal to shift Nigeria from an import-dependent economy to a production- and export-led industrial powerhouse.

While receving the DG, Senator Enoh reaffirmed the Federal Government’s renewed commitment to three priority sectors—Sugar, Cotton-Textile-Garment (CTG), and Automobiles—each backed by active industry councils to drive localized production, stimulate domestic demand, and boost Nigeria’s global industrial competitiveness.

At the center of this shift is the Nigeria First Policy, a landmark presidential directive that mandates all Ministries, Departments, and Agencies, MDAs to prioritize Nigerian-made goods and services in public procurement. This policy is already restructuring supply chains, catalyzing job creation, and reducing overreliance on imports across key sectors.

Mr. Tegbe emphasized that the Nigeria-China Strategic Partnership is committed to supporting this transformation, noting the country’s readiness to evolve from a consumption-driven economy into a strategic development partner—particularly with China.

Citing Brazil’s $94.41 billion export performance to China in 2024, he stressed Nigeria’s capacity to achieve similar milestones by focusing on high-impact sectors such as agriculture, solid minerals, and industrial manufacturing.

He highlighted the mining sector’s vast potential, with over 40 commercially viable minerals as critical enablers of industrial growth. Rather than continuing the raw export of mineral resources, he emphasized the need to build out local beneficiation, processing, and refining capacity—an agenda supported by clear regulatory reforms and investment incentives.

The Industrial Revolution Working Groups (IRWG)—a flagship initiative of the Presidential Council on Industrial Revitalization—are already operational, working to resolve regulatory bottlenecks, improve access to infrastructure and financing, and unlock sustainable growth across the mining value chain.

In parallel, the automotive sector is receiving focused government attention, with policies in place to make Nigeria a regional hub for vehicle assembly and full-scale manufacturing. The Nigeria First Policy has already begun to stimulate demand for domestically assembled vehicles, while boosting investor confidence in the sector.

There is a strong commitment to the implementation of a structured national automotive policy, aiming to move from basic vehicle assembly to advanced manufacturing that integrates local supply chains and paves the way for electric and energy-efficient mobility.

Speaking on Nigeria’s comprehensive strategic partnership with China, Mr. Tegbe shared updates on landmark agreements secured with major Chinese firms including Huawei, China Communications Construction Company (CCCC), Chilwee Group, and Choice International Group (CIG).

These companies are bringing advanced technologies, skilled manpower, and capital into Nigeria’s automotive, mining, manufacturing, communication and clean energy sectors, z contributing directly to job creation, technology transfer, and industrial innovation.

“These partnerships are not only vital for job creation, but they will also strengthen our technical capabilities, expand industrial output, and accelerate localization of production,” said Mr. Tegbe. “We are changing the narrative—Nigeria must no longer be seen as a mere consumer market; but an active industrial partner.”

Under the leadership of President Bola Ahmed Tinubu, Nigeria is laying the foundation for a 21st-century industrial economy—one where innovation fuels global competitiveness.

As the Renewed Hope Agenda continues to drive economic transformation, the Nigeria-China Strategic Partnership remains a key institutional vehicle for delivering the cross-border investments, infrastructure, and technology that will define the future of Nigeria’s industrial growth.

UNILAG Affirms Commitment to Timely Reimbursement of NELFUND Loans

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UNILAG Warns Public Against Fraudsters Impersonating Vice-Chancellor in Procurement Scam

The University of Lagos, UNILAG has reaffirmed its commitment to reimbursing students who had earlier paid their obligatory fees prior to receiving disbursements from the Nigeria Education Loan Fund, NELFUND.

In response to recent reports alleging delays in refunding students, the university management clarified that reimbursements are carried out in line with a standard verification and reconciliation process with NELFUND.

According to a statement signed by the Head of the Communication Unit, Mrs. Adejoke R. Alaga-Ibraheem, UNILAG has so far received three tranches of the loan.

The statement noted that reimbursements to beneficiaries in the first and second batches have been successfully completed. For the third batch, which arrived at the end of April, student payment details are currently being reviewed.

“Please be assured that refunds will be processed according to regulations once the exercise is completed,” the statement read, emphasizing the university’s values of transparency, accountability, and student-centered service delivery.

The management of UNILAG also encouraged students to take advantage of the NELFUND loan scheme and to reach out to the NELFUND Help Desk located within the Student Affairs Division for assistance or complaint resolution.

BENSON- AWOYINKA RECEIVES BEST COMMISSIONER AWARD AT 2025 EXCELLENCE RECOGNITION AWARDS

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BENSON- AWOYINKA RECEIVES BEST COMMISSIONER AWARD AT 2025 EXCELLENCE RECOGNITION AWARDS

Lagos State Commissioner for Tourism, Arts and Culture, Mrs. Toke Benson-Awoyinka was honoured with the Best Commissioner of the Year Award at the 21st Edition of the Excellence Recognition Awards held on Sunday at Etal Hotels and Halls, Oregun, Ikeja.

Representing the Commissioner at the event was the Permanent Secretary of the Ministry, Mr. Olanrewaju Bajulaiye, who was accompanied by senior management staff.

While receiving the award on behalf of Mrs. Benson-Awoyinka, Mr. Bajulaiye praised her visionary leadership and transformational impact in the Ministry within a short period. He described her tenure as a period of remarkable dedication and achievement in the advancement of tourism, arts, and culture in Lagos State.

Bajulaiye commended the organisers of the award, led by Mayor Akinpelu, for their unwavering commitment to recognising excellence across various sectors in Lagos State. “This platform continues to be a strong testament to the consistency of excellence and a celebration of industry trailblazers,” he stated.

The Permanent Secretary emphasised that tourism and culture are pivotal in driving inclusive and sustainable development. He highlighted how the sector creates opportunities for youth engagement and has positioned Lagos as a premier destination for cultural tourism on the global map.

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