Economy
$30b Needed to Execute 30 Capital Projects in Five Years—Ambode
By Dipo Olowookere
Governor Akinwunmi Ambode of Lagos State has disclosed that not less than $30 billion is required to carry out about 30 capital projects in the state in the next five years.
Mr Ambode made this disclosure on Monday when he spoke shortly before inaugurating a 12-member Economic Advisory Committee at the Lagos House, Ikeja.
He said the projected figure represents about $6 billion per annum, whereas the provision for capital projects in the 2017 budget is pegged at N500 billion (about $1.6 billion).
Alluding to the fact that the projection clearly shows that government alone cannot address the infrastructure deficit, the Governor said the inauguration of the Economic Advisory Committee was therefore a step in the right direction.
“If Lagos was a country and we are the fifth largest economy in Africa, then we have to start thinking about the number five. In that regard, you must not think taxes of Lagos state citizens or IGR, you must create some kind of platform that would allow some other people who are outside to tell us how to run a country in a state.
“Let me crave your indulgence to present a picture of what we are confronted with. Our 2017 budget has earmarked about N500 billion (about $1.6 billion) as capital spend. Whereas our recent Infrastructure needs analysis shows that over $30 billion would be required to achieve the 30 most impactful projects for the state over the next five years (an average of $6 billion per annum).
“It is evident that Government cannot address this from current resources. A key task of this Committee is therefore to provide specific advice on the overall finance strategy to bridge the massive infrastructure gap. I am therefore glad and privileged that nine competent and well respected Lagosians have accepted our request to serve in the Committee,” he said.
Highlighting some of the key functions expected of the Economic Advisory Team, Governor Ambode said they would be expected to bring an independent perspective on economic and business issues with a primary role of offering advice to his administration under the four strategic 2012-2025 Lagos State Development Plan (LSDP) pillars of Economic Development; Infrastructural Development; Social Development and Security as well as Sustainable Development.
Mr Ambode said that whilst the Committee is independent and largely constituted by members from the private sector, the need for integration and collaboration to ensure that the views are taken on board necessitated in having three members of the State Executive Council, led by the Commissioner for Finance in the team.
He expressed optimism that the Economic team would further expand his administration’s all inclusive governance mantra and achieve the key objective of getting independent views on economic and business issues in delivering the mandate to the people.
Governor Ambode later inaugurated renowned economist and Founder of Agusto & Co, Mr Olabode Agusto as the Chairman, while Commissioners for Finance, Mr Akinyemi Ashade; Energy and Mineral Resources, Mr Olawale Oluwo and Commerce, Industry and Cooperatives, Mr Rotimi Ogunleye are members of the Committee.
Other members include former Managing Director, Skye Bank, Mr Kehinde Durosinmi-Etti; former Country Senior Partner, PwC, Mr Kenneth Igbokwe; Founder/CEO Bestman Games Ltd, Mrs Nimi Akinkugbe; Managing Partner, Dalmeida, Ogunlana & Co, Mrs Adenike Ogunlana; Managing Director, Vetiva Capital, Dr Laolu Mudashiru; former Minister of Science & Technology, Mrs Omobola Johnson; Deputy Managing Director, Wema Bank Plc, Mr Moruf Oseni and Mrs Yetunde Akinloye who doubles as Secretary of the Committee.
Responding on behalf of other members of the Committee, Mr Agusto assured that they would work diligently and focus on the priorities of the state government aimed at making life more comfortable for Lagosians.
He noted that one of the major reasons why Lagos is making steady progress was the fact that businesses are thriving, adding that the Committee would take into cognizance the important role the private sector plays in that regard.
By Adedapo Adesanya
The chairman of Dangote Group, Mr Aliko Dangote, has said that within the next five months, Nigerians should be able to purchase shares of Dangote Petroleum and Refinery.
Mr Dangote made this revelation on Sunday during a tour of the facility by the chief executive of the Nigerian National Petroleum Company (NNPC) Limited, Mr Bayo Ojulari, alongside members of the company’s executive management.
The $20 billion refinery is the largest single-train refinery in the world with 650,000 barrels per day refining capacity. There are efforts to boost the capacity to 1.4 million barrels per day soon.
Speaking with journalists, Mr Dangote said, “And the other issue is that they (NNPC) are holding 7.25 per cent of the shares that we have here, which is more than the shares Elon Musk has in Tesla. And they are holding that on behalf of Nigerians,” he said.
“So individually, Nigerians too will have an opportunity in the next, maybe a maximum of four to five months. There will actually be an opportunity to buy the shares.”
He added that shareholders will have the option to receive their dividends in either naira or dollars, as the refinery also earns in dollars.
Commenting on Mr Ojulari’s visit, the billionaire businessman said the NNPC, represented by Mr Ojulari and its management team, was not just a guest but a shareholder.
“Today is really our best day ever” at the facility. I know NNPC invested in us when we were not really sure whether the refinery would be successful.
“So that’s the kind of level of confidence. But right now, the relationship with the new set of people that we have at NNPC, I think the sky is the limit, and we will cooperate and also make sure that we work together to make sure that we make Nigerians proud.”
Speaking on prospects of partnership with NNPC in the upstream sector, he said, “We have block 71, 72, but we’re going to look much deeper”.
“Most likely, depending on our own discussions with them, we will partner with them, maybe in some of the upstream. They, too, will partner with us here because here is not just a refinery, it’s an industrial hub.
“And that’s why we’re doing linear alkaline benzene, which is a raw material for detergents, ” he added.
By Aduragbemi Omiyale
The Nigerian Exchange (NGX) Limited has launched an investigation into trading activities on the shares of Zichis Agro-Allied Industries Plc.
A notice from Customs Street on Monday disclosed that this has led to the suspension of the company for now.
This development comes about a month after Zichis was listed on the domestic bourse and placed in the growth board of the NGX.
In the circular, it was disclosed that the suspension may be lifted after the conclusion of the findings, but for now, investors will not be able to trade the organisation’s securities on the NGX platform.
“The suspension of trading in Zichis shares shall be lifted upon the conclusion of an investigation into the trading activities on the company’s shares,” a part of the disclosure stated.
The bourse explained that it wielded the big stick on Zichis in compliance with Rule 7.0, Rules on Suspension of Trading in Listed Securities, Rulebook of The Exchange (Issuers’ Rules).
This part of the law states that, “Notwithstanding any of the foregoing provisions, the exchange may, in accordance with any of its rules, place the trading of any security on suspension.
“It may also do so if it is of the view that such suspension will be in the interest of the investing public and in accordance with the SEC Rules.”
In announcing the action on the firm, the NGX declared that, “The shares of Zichis Agro-Allied Industries Plc have been suspended from trading on the facilities of Nigerian Exchange Limited (NGX), effective today, Monday, February 23, 2026.”
Business Post reports that last week, shares of Zichis appreciated by 60.74 per cent to N17.36. It joined the stock exchange at N1.81, indicating it has gained N15.55 or 859.12 per cent in one month.
By Adedapo Adesanya
The Nigeria Investment Authority (NSIA) and Japan International Cooperation Agency (JICA) have finalised agreements to launch a $50 Sovereignmillion impact innovation fund aimed at strengthening the Nigerian start-up ecosystem.
The fund is expected to provide patient capital to pre-seed, seed, and early-stage startups addressing critical social challenges in sectors such as agriculture, healthcare, education, energy, waste and water management.
JICA will provide $14 million in grant support, while NSIA contributes up to $20 million to match the grant.
Structured as an onshore public fund, the initiative combines financial support with technical assistance to help startups refine products, scale operations, and expand into new markets.
The fund is expected to create jobs, improve livelihoods, and contribute to sustainable economic development across Nigeria.
Speaking at the agreement signing ceremony between NSIA and JICA at the Ministry of Budget and Economic Planning, Mr Aminu Umar-Sadiq, the chief executive of NSIA, said: “The Fund represents a transformative step for Nigeria’s startup ecosystem. By providing early-stage ventures in high-impact sectors with the capital and support they need to grow, we are enabling innovators to tackle some of Nigeria’s most pressing challenges. Our collaboration with JICA underscores our commitment to entrepreneurship, inclusive growth, and sustainable development.”
Preparations are underway to operationalise the Fund and develop a pipeline of high-impact startups ready for investment. NSIA remains committed to advancing socio-economic development through strategic partnerships that scale impact, expand innovative solutions, and unlock access to capital.
On his part, the Japanese Ambassador to Nigeria, Mr Suzuki Hideo, said, “The Government of Japan hopes this new project will take root in Nigeria and bear fruit swiftly.”
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