Economy
Afe Babalola Donates N13.2m to Revamp Agriculture in Ekiti
By Adedapo Adesanya
Legal luminary and educator, Mr Afe Babalola, has donated N13.2 million to outstanding farmers in Ekiti State as part of efforts to encourage farming and lift farmers financially.
Mr Babalola, who is also the founder of Afe Babalola University, Ado-Ekiti (ABUAD), is reputed to be the largest farmer and highest taxpayer in Ekiti State.
The gifting of money to farmers took place on Sunday at the grand finale of this year’s edition of the Annual Afe Babalola Agricultural Expo and The United Nations Educational, Scientific and Cultural Organization (UNESCO) Youth Empowerment, held at the university’s sports pavilion.
According to a statement, Mr Aribasoye Emmanuel, from Ado Local Government Area, got the star prize of N2 million as the overall best farmer in the state for the year.
The five best farmers in each of the 16 Local Government Areas in the state got N250,000, N150,000, N100,000, N75,000 and N50,000 respectively.
Mr Babalola said distributing money to hardworking farmers on annual basis was a fulfilment of his dream.
“This is in the realisation of my dream. It all started like a dream which translated into reality in 2015.
“The dream was my burning desire to make people realise that farming is a divine vocation.
“It is also part of my individual contributions to ongoing efforts at revitalising farming as well as reducing unemployment in the country.
“Another reason why I started this Expo was that I found it utmost painful that many Nigerians have abandoned farming for white-collar or menial jobs and also for no jobs.
“There was a time in this country when whatever one’s profession was, such a person would still have a small garden at the back of his house, if only for vegetables, tomatoes, pepper and garden eggs, among others,” he said.
He also used the opportunity to appeal to the federal government to establish a special Agriculture Bank, which will be completely different from those before it
He said the establishment of the structure would help farmers obtain loans at low-interest rates with their cooperative societies serving as guarantors.
He, however, expressed regret that farming in Nigeria has suddenly become abandoned and unattractive.
“Farming has been abandoned in Nigeria today and Nigeria is the worse for it.
“For instance, there was a time when Ekiti State alone was producing 52 per cent of the Internally-Generated Revenue (IGR) of the defunct Western Region.
“Today, Ekiti State is the poorest state in Nigeria. In fact, there was no beggar in Ekiti State at that time as everyone was gainfully employed, but today beggars are found everywhere.
“Regretfully, Ekiti State has become the poverty capital of Nigeria,” Mr Babalola bemoaned.
“Also, no thanks to the spate of insecurity ranging from kidnapping, robbery and invasion by herdsmen ravaging the country, life is no longer safe at home, on the farm, on the road or even in classrooms.
“The combination of these ills has led many farms to be destroyed with many farmers having to abandon their farms.
“Despite all these, Ekiti State farmers have been able to forge ahead. I believe in farming because I grew up on the farm and I am still a farmer as many of you know,” he said.
He added that he included the study of agriculture in the curriculum of his university, with a 50 per cent slash in tuition fee for the course.
“In my university, we provide seed money for graduates of agriculture to start their own businesses.
“That was why in addition to all of these, in 2015, I thought of how to improve the lot of our farmers.
“That is why I started this programme. I started with a prize of N5 million, but it has risen over the years, thus this year, we are giving out N13.2 million,” he said.
The Local Organising Committee Chairman and UNESCO Chair in Entrepreneurship Education for Sustainable Development, Mr Abiodun Ojo, also made a donation of 48 spraying machines to select farmers.
He said that partnering with ABUAD was to commend the good work which Aare Afe Babalola was doing to return agriculture to its old days of glory.
Mr Olugbenga Odesanmi, Permanent Secretary, Ministry of Agriculture, Ekiti State commended Babalola’s efforts and promised the government’s enabling environment at all times.
On her part, the Acting Vice-Chancellor of ABUAD, Professor Smaranda Olarinde, appreciated the founder’s gesture to farmers.
She said that the best way the beneficiaries could show gratitude to him was to invest wisely, the monies received so they would be able to fend for themselves and also provide employment for others.
By Adedapo Adesanya
The Chairman of the Nigerian Exchange (NGX) Group Plc, Mr Umaru Kwairanga, has expressed optimism about the listing of the $20 billion Dangote Refinery and the Nigerian National Petroleum Company (NNPC) Limited on the bourse before the end of 2025.
He gave this assurance during the 64th Annual General Meeting (AGM) of the exchange in Lagos a few days ago.
Mr Kwairanga, projected a confident vision of strategic repositioning and market expansion of the exchange with plans to list heavyweights like Dangote Refinery and NNPC before the end of this year.
He revealed the NGX Group’s active pursuit of large-ticket listings to transform the bourse’s stature, citing strategic engagements with both the Dangote Group and the state oil company.
Business Post reports that Mr Kwairanga has always been an advocate of listing these two companies on the bourse and has always spoken highly and confidently in close and public circles.
Recently, the NNPC announced that it had begun plans for its Initial Public Offering (IPO) after years of delay.
“Even if it’s 20 per cent or 30 per cent, let a part of NNPC be listed. This is the platform of transparency and innovation. It is time to democratise wealth and allow the Nigerian public to benefit from our national assets,” the NGX chairman said.
He underscored the Group’s commitment to deepening market offering and credibility, boosting investor confidence, and aligning with President Bola Tinubu’s $1 trillion economy target.
“We will not shy away from taking the right decisions,” Mr Kwairanga stated resolutely, adding that, “Where organisations no longer deliver value, we will act decisively—even if that means delisting. We must protect our integrity as Africa’s premier stock exchange.”
Mr Kwairanga emphasized the Exchange’s alignment with the current administration’s economic reforms.
“No other institution has keyed into Tinubu’s economic agenda like NGX has. Our ambition is to double the gains from the ongoing banking recapitalisation and deliver on major listings that will redefine the capital market.”
“We have the capacity. We have the people. We have your support. By year-end, you will witness a transformation led by landmark listings and strategic reforms. NGX is not just keeping pace—we are setting the pace,” he added.
NGX Group had announced a record 157.3 per cent year-on-year growth in profit before tax (PBT), reaching N13.6 billion for the financial year ended December 31, 2024.
According to its audited financial statement, gross earnings soared by 103.2per cent to N24.0 billion, powered by a diversified surge in revenue channels: transaction fees climbed 64 per cent, listing fees skyrocketed by 397.1 per cent, and market data revenue doubled by 100.5 per cent.
Other standout contributors include a 105 per cent rise in technology-related income and a 174.8 per cent increase in other fees, affirming NGX Group’s strategic pivot toward innovation, digitalisation, and sustainable value creation.
By Dipo Olowookere
The International Monetary Fund (IMF) has said despite the economic reforms of the administration of President Bola Tinubu, poverty and food insecurity remain high in Nigeria.
The global lender said this after the conclusion of its 2025 Article IV Consultations with Nigeria from April 2 to 15 in Lagos and Abuja.
Officials of the IMF led by the mission chief for Nigeria, Mr Axel Schimmelpfennig, held talks with senior government officials, including the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun; the Minister of Agriculture and Food Security, Mr Abubakar Kyari; and the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso.
Others were senior government and central bank officials, the Ministry of the Environment, the private sector, academia, labour unions, and civil society.
In a statement made available to Business Post by the IMF, the federal government was praised for its reforms as well as the central bank for stopping the funding of budget deficits through ways and means.
“The Nigerian authorities have taken important steps to stabilize the economy, enhance resilience, and support growth.
“The financing of the fiscal deficit by the central bank has ceased, costly fuel subsidies were removed, and the functioning of the foreign exchange market has improved. Gains have yet to benefit all Nigerians as poverty and food insecurity remain high.
”The outlook is marked by significant uncertainty. Elevated global risk sentiment and lower oil prices impact the Nigerian economy.
“The reforms since 2023 have put the Nigerian economy in a better position to navigate this external environment.
“Looking ahead, macroeconomic policies need to further strengthen buffers and resilience, while creating enabling conditions for private sector-led growth,” the statement said.
By Adedapo Adesanya
The Securities and Exchange Commission (SEC) is moving to apply a more forceful and coordinated enforcement regime against unregistered and illegal “phony” investment schemes, otherwise known as Ponzi schemes.
This is coming after Crypto Bridge Exchange (CBEX) reportedly crashed, leading to many investors unable to withdraw their funds.
The issue has drawn wide conversations around the unchecked activities of Ponzi scheme operators until it is too late to cry when the head is cut off.
The Director-General of the SEC, Mr Emomotimi Agama, said this in a statement that the commission never granted registration to CBEX operate as a digital assets exchange in Nigeria.
He urged members of the public to cease all dealings with the platform.
CBEX, operating under various names, including ST Technologies International Ltd. and Smart Treasure/Super Technology, asked the public to invest in its schemes for higher returns.
“The commission hereby clarifies that neither CBEX nor its affiliates were granted registration by the commission at any time to operate as a Digital Assets Exchange, solicit investments from the public, or perform any other function within the Nigerian capital market,” he reiterated.
He said that preliminary investigations carried out by the agency had revealed that CBEX engaged in promotional activities to create a false perception of legitimacy, noting that this was to entice unsuspecting members of the public into investing monies, with the promise of implausibly high guaranteed returns within a short timeframe.
The SEC chief emphasised that pursuant to the provisions of Section 196 of the Investments and Securities Act 2025, the commission would collaborate with relevant law enforcement agencies to take appropriate enforcement action against CBEX, its affiliates, and promoters.
“The commission uses this medium to remind the public to refrain from investing in or dealing with any entity offering unrealistic returns or employing similar recruitment-based investment models.
“Prospective investors are advised to verify the registration status of investment platforms through the commission’s dedicated portal: www.sec.gov.ng/cmos before transacting with them,” he said.
Mr Agama said that with the newly enacted Investments and Securities Act, 2025 (ISA 2025), the commission now had enhanced powers to prosecute Ponzi schemes and their promoters.
He explained that investigations were ongoing on CBEX, adding that promoters of the failed scheme would not go scot-free.
The SEC DG also said the new law had given the commission more powers and blocked loopholes in emerging areas of virtual and digital assets.
“The ISA 2025 has given the commission the legal backing to provide clarity, ensure investor protection, and enhance market confidence, especially in new and previously unregulated segments such as digital asset exchanges and online foreign exchange platforms,” he said.
He added that while the apex capital market regulator would continue to support innovations in finance and investments, the commission would maintain strict oversight in line with its enhanced investor’s protection mandate.
“We welcome innovation, but it must occur within a regulated environment that protects investors and maintains the integrity of our market.”
He recalled that even with the limited scope of the repealed Act, the SEC had maintained extensive surveillance and was able to shut down a number of Ponzi schemes, with some of the promoters, like Fahmzi Interbiz, jailed for defrauding Nigerians.
According to him, with the ISA 2025 giving the commission more powers to deal with issues, the commission will ensure that promoters of such schemes are not allowed to operate.
This comes after the Economic and Financial Crimes Commission (EFCC) also announced that it is investigating the development.
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