Economy
Bad Roads: Residents Threaten to Shut Down Ogun Economy
By Adedapo Adesanya
Protests erupted in Ogun State on Wednesday morning as members of the Nigeria Labour Congress (NLC) and residents lamented the poor state of roads in the state.
They complained bitterly about the deplorable condition of roads, giving the state Governor, Mr Dapo Abiodun, a 21-day ultimatum to address the issue or they will bring down the economy of the state.
This morning, the demonstrators blocked the Sango Ota section of the Lagos—Abeokuta Expressway in the Ado-Odo/Ota Local Government Area of the state from Joju Bus-Stop to the Garage area.
According to images circulating on social media, many of the frustrated residents of the states lamented the price hike in bus fares and the loss of lives happening due to the roads.
A Punch newspaper report said that the protesters carried placards with various inscriptions such as Repair our road with immediate effect or face the wrath of the masses; 400% hike in transport fare due to bad road; Our roads are death traps fix our roads; No good roads, No payment of tax; Our taxes are meant for fixing road so what happened; Industries in Ota are relocating and closing down due to bad roads, amongst others.
Speaking at the protest, the state’s NLC chairman, Mr Emmanuel Bankole, said the union decided to protest to show its displeasure over the continued attitude of the government despite cries from residents and stakeholders.
He explained that nothing had been done even after the visit of the Minister of Works and Housing, Mr Babatunde Fashola to the location, a visit which has not brought any result.
The threat to shut down the state comes at a time when Governor Abiodun faced backlash for his trip to the United Kingdom, where he paid a courtesy visit to the national leader of the ruling All Progressive Congress, Mr Bola Tinubu.
The criticism followed the handing over the affairs of the government to the Secretary to the State Government, Mr Tokunbo Talabi, instead of the deputy governor, Mrs Noimot Salako-Oyedele who over the rift reportedly left the state at the same when the Speaker of the Ogun State House of Assembly, Mr Olakunle Oluomo, was also said to have left the state to attend a conference in the United States of America.
Sources confirmed to Business Post that the governor returned to the state on September 30 to mark the Independence Day celebrations.
According to an Ogun resident, Mr Yemi Ajala, who spoke to this newspaper, lamented that many of the road projects of the previous administration of Mr Ibikunle Amosun are still abandoned and only a few ones have been done by the Abiodun-led administration.
He said, “Areas that needed serious attention six years ago are still begging for it, especially in the borders towns of Ifo and Sango Otta local governments, and the wider Yewa axis.
“Thousands of man-hours are lost daily to these terrible roads while the economic costs of frequent car repairs are frankly life-threatening.
“In the specific case of Sango Otta, I know of only two good roads in the entire local government.”
“Yes, the state will say many of the bad roads are federal roads that FG warned them off, but I will like to ask Governor Dapo Abiodun, are their federal people? Do adequate palliatives on this road and chuck the cost up to doing social good or something. The suffering is too much!” he quipped.
By Aduragbemi Omiyale
Barring any last-minute changes, the 50th Annual General Meeting (AGM) of Champion Breweries Plc will take place on Thursday, May 21, 2026, at the Oriental Hotel, Victoria Island, Lagos, at 11:00 am.
At the yearly shareholders’ gathering, some of the key statutory and governance matters to be considered will include the Audited Financial Statements for the year ended December 31, 2025, alongside the Reports of the Directors, Auditors, and the Audit Committee.
Other agenda items are the declaration of dividends, election and re-election of Directors, authorisation for Directors to determine the remuneration of the Auditors, and election/re-election of shareholders’ representatives to the Audit Committee.
In line with its commitment to transparency, accountability, and shareholder engagement, the AGM will be held physically while also being accessible to stakeholders via the company’s official website: www.championbreweries.com.
This year’s AGM comes at a defining moment in the organisation’s corporate journey, following a transformative year marked by strategic expansion initiatives, including the acquisition of Bullet Energy Drink and its successful engagement with the capital market to raise growth capital.
These developments reinforce Champion Breweries Plc’s commitment to strengthening its competitive positioning, expanding its portfolio, and delivering long-term shareholder value.
The brewer has strengthened its transition into a group structure with the acquisition of an 80 per cent stake in enJOYbev B.V., a strategic move already delivering early earnings contribution and validating its international expansion drive.
The subsidiary’s results are now being consolidated into the Group accounts for the first time, with enJOYbev B.V. already contributing positively to earnings through operating profitability within the reporting period, an early validation of the group’s expansion strategy.
“This AGM reflects a defining chapter in our journey as a Company. The acquisition of Bullet, our successful capital market engagement, and the integration of enJOYbev B.V. into our group structure all signal a deliberate strategy for sustainable growth and diversification.
“These milestones position Champion Breweries Plc for stronger performance, broader market reach, and enhanced shareholder value. We remain committed to disciplined execution, operational excellence, and the highest standards of corporate governance,” the chairman of Champion Breweries, Mr Imo Abasi Jacob, said.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.
The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.
According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.
The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.
“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.
The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.
According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.
“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.
The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
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