Economy
Dangote to Invest $100m in Nigeria for Malnutrition
By Dipo Olowookere
Africa’s businessman, Mr Aliko Dangote, has pledged to invest the sum of $100 million for the fight against malnutrition in the worst-affected parts of Nigeria.
Mr Dangote made this disclosure at the recently concluded Global Nutrition Summit 2017 held in Milan, Italy.
During the programme, governments, international agencies, foundations, civil society organisations and businesses gathered to accelerate the global response to malnutrition, an underlying cause of nearly half of all global child deaths.
The investment would be done through the Aliko Dangote Foundation, a philanthropic organization of Mr Aliko Dangote, founder and Executive Chairman of the Dangote Group, Africa’s largest homegrown conglomerate.
The Global Nutrition Summit is the global forum of the United Nations Decade of Action on Nutrition.
This year’s edition was held in close partnership with a number of international stakeholders including the UK’s Department for International Development, the World Health Organization, the Food and Agriculture Organization of the United Nations, the Bill & Melinda Gates Foundation and the International Coalition on Advocacy for Nutrition.
The governments of Ethiopia, Ivory Coast, Burkina Faso and Zambia all made commitments to expand their nutrition programmes and the Summit succeeded in galvanizing $3.4 billion according to the organisers.
The Aliko Dangote Foundation’s Managing Director and CEO Zouera Youssoufou said: “Nigeria’s high malnutrition rate is undermining progress towards improving child health and survival and putting the brakes on economic development. By investing in nutrition, we aim to directly improve the lives of Nigerian families and to empower our citizens to reach their full potential.”
The Global Nutrition Report 2017, launched at the Summit, showed that, in spite of progress, 155 million children globally are still stunted and the world is off track on meeting internationally agreed nutrition targets. Financing to tackle malnutrition has been alarmingly low. Donors spend about 0.5 percent of overseas aid on nutrition, and countries allocate between one and two percent of their health budgets to the issue.
“The global malnutrition crisis endangers the physical and mental wellbeing of present and future generations” said Kofi Annan, speaking at the summit in his capacity as Chair of the Kofi Annan Foundation. “Progress in tackling both undernutrition and obesity is possible with targeted commitments, like those made here today. We need further urgent investments so that people, communities and nations can reach their full potential.”
Through his Foundation, since 1993, Aliko Dangote has made significant social investments in health, education, economic empowerment and disaster relief. He is now becoming the strongest voice for nutritional leadership nationally and on the continent of Africa. By making this unprecedented US$100 Million commitment, the Aliko Dangote Foundation is on a mission to reduce the prevalence of undernutrition by 60 percent in the most needy areas of Nigeria, specifically the North East and North West, where malnutrition has affected millions of lives and crippled the local economy.
Malnutrition affects every country in the world in various forms, however Africa is particularly hard hit and Nigeria is home to the highest numbers of malnourished children.
Almost half of the one million children who die before the age of five every year in Nigeria, die of malnutrition as the underlying cause. Without the proper nutrients during the first 1,000 days of life starting from conception up to their second birthday, children are less likely to survive childhood diseases such as malaria and pneumonia, and are less likely to escape poverty as adults. They become physically and cognitively stunted, a fate that has befallen 11 million of Nigeria’s children under five.
By Adedapo Adesanya
The Senate Committee on Banking, Insurance and Other Financial Institutions has called for stronger collaboration among financial sector regulators and other stakeholders to strengthen Nigeria’s financial system and support sustainable economic growth.
The committee made the call during an expanded stakeholders’ engagement in Lagos, attended by the leadership of the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), Asset Management Corporation of Nigeria (AMCON), National Insurance Commission (NAICOM) and Nigeria Export-Import Bank (NEXIM), among other industry stakeholders and financial experts.
Chairman of the committee, Mr Adetokunbo Abiru (Lagos East), who was represented by Mr Osita Izunaso (Imo West), said stronger legislative reforms and regulatory collaboration were necessary to reposition Nigeria’s financial architecture for long-term economic prosperity.
Mr Abiru said the financial sector remained critical to investment, job creation, business expansion and macroeconomic stability, stressing that its ability to mobilise savings, channel credit to productive sectors, facilitate investment and manage risks was fundamental to sustainable economic growth.
He said the current economic realities required closer collaboration between the legislature and financial regulators, noting that challenges confronting the sector were interconnected and could not be effectively addressed through isolated interventions.
The lawmaker identified inflationary pressures, global economic uncertainties, cybersecurity threats, low insurance penetration and the need to diversify Nigeria’s export base as some of the challenges requiring coordinated policy responses.
He said the engagement was aimed at generating practical solutions to strengthen the country’s financial architecture and support sustainable economic growth.
According to him, monetary policy, financial safety nets, banking institutions, the insurance industry and export finance were interdependent components of a stable financial system and must therefore be strengthened collectively.
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin, said the Nigeria Insurance Industry Reform Act (NIIRA) 2025 had contributed significantly to stabilising and repositioning the insurance sector.
Mr Omosehin disclosed that 43 insurance companies had successfully recapitalised, describing the development as a major milestone for the industry.
He commended Abiru and members of the committee for their role in advancing insurance sector reforms and urged the House of Representatives to expedite action on the relevant insurance reform bill to enable it to receive presidential assent and become operational.
Representatives of the CBN Governor and the Managing Directors of AMCON, NEXIM and NDIC also commended the Senate committee for its oversight and legislative support, saying its interventions had strengthened the agencies’ capacity to discharge their statutory mandates.
The engagement, held under the theme, Strengthening Financial System Architecture for Sustainable Economic Growth and Stability in Nigeria, also featured presentations by Professor Uche Uwaleke, President of Capital Market Academics of Nigeria (CMAN); Professor Biodun Adedipe, Chief Consultant, B. Adedipe Associates Limited; and Dr Tilewa Adebajo, Chief Executive Officer of CFG Advisory.
The experts presented policy recommendations on key issues affecting Nigeria’s financial system, with emphasis on financial stability, investment and sustainable economic growth.
Mr Abiru said the Senate would continue to engage financial regulators and other stakeholders to deepen financial inclusion, strengthen public confidence in financial institutions and improve regulatory effectiveness.
He said the broader objective was to position Nigeria’s financial system to compete more effectively in the global economy while remaining resilient and responsive to the country’s economic transformation agenda.
By Aduragbemi Omiyale
The first six months of 2026 were not too good for Caverton Offshore Support Group Plc, as it suffered an N8.7 billion loss compared with the N2.1 billion net profit it recorded in the same period of 2025.
This occurred as the company posted a 10.91 per cent decline in earnings between January and June 2026, according to its financial statements for the period ended June 30, 2026.
Analysis of the results showed that the revenue generated in the period under review stood at N14.7 billion versus the N16.5 billion printed in the corresponding period of last year.
Business Post observed that the revenue was negatively impacted by a decline in earnings from helicopter charter and helicopter/airplane contract.
Further analysis of the financial results indicated that operating profit went down by 22.34 per cent to N7.3 billion from N9.4 billion, with administrative expenses jumping to N7.9 billion from N4.7 billion.
But Caverton believes things will get better, noting that the clearest driver of the recovery is Caverton Marine.
Through its relationship with Stena Bulk, one of the world’s leading tanker operators, the organisation now participates in three Suezmax tankers trading a rare source of foreign-currency revenue for a Nigerian-listed company.
It noted that the relationship is being deepened through Unity Shipping Worldwide, a joint venture with the Nigerian National Petroleum Company (NNPC) Limited and Stena Bulk that pairs the state-owned oil firm’s national position and Stena Bulk’s fleet with Caverton’s indigenous operating platform
Closer to home, the firm’s OMIBUS platform, developed with Shanghai-based electric-propulsion OEM Explomar, is bringing battery-electric passenger ferries to Lagos waterways. A prototype is already in service, and Caverton holds a firm order from Lagos State for ten vessels, an early-mover position in clean inland-water transport that the group believes can be replicated across other states as the fleet enters service and ferry operations mature into steady, recurring revenue.
In aviation, the institution said the recovery is anchored on its partnership with NHV, a Belgium-based international helicopter operator, with the restructuring of charter operations targeted for the second half of 2026.
“The first half of the year tested us, but the direction of travel is now visible in the numbers.
“Quarter on quarter, we are working to build up our revenue to narrow losses. Our marine business units, from international tankers to electric ferries, are scaling.
“Meanwhile, our aviation relaunch is on track for the second half, and our cost base is tighter than it has been in years. There is distance still to travel, but Caverton is moving from stabilisation to recovery, and we intend to finish 2026 with that momentum intact,” the chief executive of Caverton, Mr Olabode Makanjuola, stated.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) and the Joint Revenue Board (JRB) have issued new guidelines clarifying the taxation of virtual assets in Nigeria.
The guidelines provide an administrative framework for the taxation of virtual assets and specify the tax obligations of individuals and businesses operating in the sector.
According to a public notice issued by the two agencies, the framework covers registration, reporting and record-keeping requirements, valuation principles and the tax treatment of virtual asset transactions.
It applies to taxpayers, Virtual Asset Service Providers (VASPs), peer-to-peer (P2P) marketplace operators, tax practitioners and other persons engaged in virtual asset-related activities.
The NRS and JRB said the guidelines were developed in line with the provisions of the Nigeria Tax Act 2025 and the Nigeria Tax Administration Act 2025.
The two bodies said the release was aimed at providing clarity, certainty and consistency in the administration of Nigeria’s tax laws as the country’s virtual asset ecosystem continues to evolve.
The agencies added that the framework would promote voluntary compliance, enhance transparency and support the development of a fair and efficient tax system for digital asset transactions.
They urged all affected taxpayers and stakeholders to familiarise themselves with the guidelines and ensure compliance with the applicable tax obligations.
The guidelines are available on the official websites of the two agencies.
