Business

What NNPC must achieve before going public- Edun

Published

8 months ago

April 7, 2025

…As MOFI launches Scorecard for GOEs

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has charged the Nigerian National Petroleum Company Limited (NNPCL) to achieve a high standard of corporate governance before going public.

He spoke at the Ministry of Finance Incorporated (MOFI) Corporate Governance Forum for Government Owned Enterprises (GOEs) in Abuja, this afternoon.

He said, “I think you will all agree that this is a critical issue at a critical time. You have the likes of NNPC, which is a portfolio company. We have good indication that they are looking to IPO (Initial Public Offerings). NNPC is the crown jewel of the Nigerian corporate sector and the economy. It is a limited liability company, and if you want to go public, corporate governance is at the heart of what you must achieve.”

The Minister also launched the GOEs’ Scorecard which seeks to rate the organisations in line with the criteria set out by MOFI, which they must meet.

Crowding in private capital
The minister said that the strategy of the present administration was to crowd in private capital, in recognition of the inadequacy of public funding for the infrastructural sector.

His words, “But more important than that, rather than relying on budgetary funding, the whole aim of Mr. President’s strategy of stabilizing the economy and the investment environment was to crowd in the private sector.

“Government accounts for 10% of GDP. The private sector, 90%. That’s where the money is. And that’s why the focus has been on, for example, rather than the Ministry of Works looking for funds, using the Highway Development and Management Initiative to hand over major roads which the private sector is interested in constructing, reconstructing and concession basis. There are eight other roads that are ready to go.”

Tariffs: We ‘re going back to drawing board
The Minister said that his Economic Management Team would return to the drawing board if the current tariffs situation became a long-drawn battle.

According to him, “For the economic management team of Mr. President and for indeed his whole government, we are going back to the drawing board to look at the scenarios that may play out if the current tariff situation is prolonged.

“For Nigeria, in terms of exports, it’s not too bad because oil minerals are excluded by America from being in any way sanctioned with tariffs. But based on our non-oil exports and based on the formula that the Americans are using, we do have a 14% tariff on our exports. But it’s a lot better than Vietnam, which has 46%.

“So we need to look at these situations and see what the opportunities are. The Nigeria of today, with a relatively stable economy and an attractive investment environment, including attractive exchange rate, is a place where if they can’t produce in Vietnam, they can come and produce in Nigeria. We are here, we are ready, we are waiting, and we have what will be attractive to them in terms of policies, in terms of market, and in terms of export capacity.

In his presentation, the MOFI MD Dr. Armstrong Takang said that globally, GOEs dominated sectors like infrastructure (e.g., power, rail, water), finance, natural resources, and manufacturing, delivering essential services that drive economic growth and poverty reduction.

He added that among OECD countries, utility SOEs 9State Owned Enterprises) accounted for 50% of total SOE value.

The MD described MOFI as custodian of Public Wealth, managing a diverse SOE portfolio spanning energy, infrastructure, financial services, manufacturing, agriculture, and digital services.

“It holds majority stakes in over half of its over 50 portfolio companies, making it a critical driver of Nigeria’s economic landscape and currently actively engaging with SOE boards to enforce policies that maximize value, contrasting with its prior passive stance that led to value erosion.

Its strategic roles, he said, “extends to leading reform within Nigeria’s SOE ecosystem, influencing stakeholders and setting standards and positioning Nigeria’s SOEs as drivers of innovation and global competitiveness within the SOE ecosystem, while acting as a catalyst to attract private sector collaboration and investment into Nigeria’s SOE ecosystem”

The outgoing Country Director of the World Bank in Nigeria Dr. Ndiame Diop, urged greater transparency in the management of GOEs in the country.

He noted that only about 50 percent of them had their Annual Accounts published and posted on the MOFI website and that although an improvement over the previous year, more needed to be done.

Dr. Diop who has just been appointed Vice President, African Region of the World Bank, noted that the deployment of technology to take out federal government revenue from the GOEs, even before the annual accounts were prepared had enhanced government revenue.

Business

2025 Net Worth: Meet Nigerian Billionaire Who Has Made More Money Than Aliko Dangote

Published

5 days ago

November 16, 2025

Uthman Abdulganiyu

Abdulsamad Rabiu, the founder of BUA Group, has emerged as the fastest-growing African billionaire in 2025.

His wealth rise in 2025 is higher than Africa’s richest man, Aliko Dangote and other African billionaires.

According to the latest data from the Bloomberg index, Rabiu’s net worth has increased by $5.25 billion in 2025, bringing his total net worth to $8.4 billion as of Friday, November 14.

In comparison, Dangote who has a total net worth of $29.8 billion, has gained $1.75 billion from January to November 14, 2025.

The increase in Rabiu’s wealth is thanks to the performance of his key assets on the Nigerian Exchange: BUA Cement and BUA Foods, two of the largest companies in the country.

However, Dangote remains Africa’s wealthiest individual for total net worth

A Lagos-based financial analyst, Kelvin Umeni, said: “Rabiu’s companies have been performing strongly. If you check the half-year results of his two companies, you will realize he is doing very well. I am not surprised, and I expect him to hit a $10 billion net worth soon.”

Other African billionaires on the Bloomberg billionaire index have also recorded impressive gains this year but not at the same pace with Rabiu.

Johann Rupert, Africa’s second-richest man, has a total net worth of $18.4 billion as at Friday, an increase of $4.79 billion from the start of the year. His wealth is driven by stakes in Richemont.

Nicky Oppenheimer, another South African billionaire known for his holdings in De Beers, has gained $2.18 billion so far in 2025, bringing his wealth to $13.7 billion. While Egyptian billionaire Naguib Sawiris wealth totals $10.1 billion, which is a YTD increase of $3.23 billion.

His fellow countryman, Nassef Sawiris net worth currently stands at $9.42 billion, a $727 million growth in 2025.

South African entrepreneur Natie Kirsh fortune has increased by $530 million, taking his total net worth to $9.86 billion.

It is important to note that Dangote remains Africa’s richest man by a distance, but for wealth gain in 2025, Abdulsamad Rabiu is the rising star.

Business

CBN Gov Welcomes S&P’s Upgrade Of Nigeria’s Outlook To Positive

Published

6 days ago

November 15, 2025

Uthman Abdulganiyu

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has welcomed the decision of S&P Global Ratings to revise Nigeria’s outlook to “positive” from “stable,” describing it as a signal that reforms in the financial system are gaining traction.

S&P announced the upgrade on Friday citing improving policy coordination, strengthened monetary management and steps taken to restore confidence in the Nigerian economy.

The revision shows that Nigeria is now viewed as having a better chance of achieving stronger credit fundamentals over the medium term. This means S&P now sees Nigeria as more likely to strengthen its economic and financial stability in the coming years, based on recent policy improvements.

In practical terms, the agency believes the country has a stronger chance of earning a future credit rating upgrade if current reforms are sustained.

Speaking at a strategic session in Abuja, Cardoso said the development reflects the steady progress recorded in stabilizing key economic indicators since the beginning of the year.

According to him: “This is encouraging news for the country. It shows that our efforts to restore stability, strengthen governance frameworks and rebuild trust in the financial system are being recognized internationally.”

The Governor noted the CBN’s actions—ranging from tighter monetary policies to enhanced foreign exchange market operations—have contributed to clearer market signals and better investor confidence.

“The Central Bank has brought stability to the economy and become a beacon of hope,” he stated.

Cardoso added that the improved outlook should motivate both public and private sector stakeholders to sustain ongoing reforms that support growth, investment, and long-term macroeconomic resilience.

S&P’s latest position places Nigeria on a stronger footing ahead of future reviews and sends a positive message to global investors assessing opportunities in Africa’s largest economy.

Business

Nigeria Targets ₦160bn From Wheat Production

Published

6 days ago

November 15, 2025

Uthman Abdulganiyu

The Federal Government on Saturday said it has earmarked 40,000 hectares of land for 2025/2026 dry season wheat production and registered 80,000 farmers, with an expected output value of approximately ₦160 billion.

The Minister of Agriculture and Food Security, Abubakar Kyari, disclosed this during the official flag-off of the 2025/2026 dry season wheat production programme under the National Agricultural Growth and Agro Pocket Project (NAGSAP) in Jere Local Government Area of Borno State.

Speaking at the ceremony, the minister said that out of the 40,000 hectares earmarked for wheat production this dry season, 3,000 hectares have been allocated to Borno State, representing 6,000 registered wheat farmers.

He said: “Under the 2023/2024 dry season wheat production programme, a total of 107,429 registered farmers were supported with critical subsidized inputs, resulting in an output valued at ₦474,628,000 billion. During the 2024/2025 dry season, 279,297 registered farmers received support, with an output valued at ₦893,750,004 billion.

“For the current 2025/2026 season, the programme is targeting 80,000 registered farmers with an expected output value of approximately ₦160 billion.”

Kyari emphasized that the NAGSAP programme will deploy Agricultural Extension Agents to guide farmers on modern agronomic practices and provide continuous field-level advisory services.

“In addition, Fertiliser and Seed Quality Control Officers will be mobilised to ensure that all inputs delivered to farmers meet the required standards, thereby guaranteeing higher productivity and improved yields,” Kyari added.

According to him, the wheat component of the NAGSAP programme covers sixteen states of the federation.

“These are Adamawa, Bauchi, Borno, Cross River, Gombe, Kaduna, Kano, Kebbi, Niger, Plateau, Sokoto, Taraba, Yobe, and Zamfara. The inclusion of Cross River last year expanded wheat production into the southern region for the first time and strengthened our national capacity to diversify production across ecological zones,” he said.

Kyari noted that the project is designed to include women and young people, enabling them to access training and agricultural opportunities.

“NAGSAP is deliberately designed to leave no one behind. The program ensures that farmers across communities—including women and young people, who play vital roles in our agricultural workforce—have equitable access to inputs, training, and opportunities.

“The success of any agricultural season depends on the quality of inputs that reach our farmers. Without certified seeds, accurate fertilizer blends, and timely access to crop protection products, no level of effort in the field can deliver the yields we require as a nation. This is why NAGSAP places strong emphasis on input quality, traceability, and transparent delivery systems, ensuring that every farmer receives the right inputs at the right time to achieve higher productivity and better returns,” he said.

Also speaking, the Governor of Borno State, Babagana Zulum, applauded the Federal Government for its continuous support towards irrigation development.

“Mr President’s commitment to food security and national productivity provides the foundation upon which programs like this are built,” he stated.

According to him, Borno State, with its vast arable and irrigable land—especially within the Lake Chad Basin—remains one of Nigeria’s most promising agricultural frontiers.

He said: “Today is more than a ceremony; it is a celebration of hope, resilience, and our unwavering commitment to ensuring that no family in Borno State goes hungry and no farmer is left behind. Despite the challenges of displacement, insecurity, and climate shocks, Borno State remains steadfast in growing its own food and empowering its people.”

The governor reaffirmed his administration’s commitment to sustaining all-season farming through the provision of essential infrastructure, logistics, modern machinery, improved seeds, fertilizers, agrochemicals, and other inputs required to boost productivity and support farmers across the state.

“Here in Borno State, wheat cultivation is not just a program; it is a transformative initiative. Through targeted investments in irrigation, mechanization, quality inputs, and extension services, we are equipping farmers to achieve higher yields, enhance productivity, and contribute meaningfully to national output.”

He further stated: “Borno State has achieved remarkable milestones under our people-centered agricultural vision. Our input support programmed have reached tens of thousands of smallholder farmers, resettled households, women, and youth, providing improved seeds, agrochemicals, and agronomic guidance.”