Economy
Elumelu Backs Entrepreneurship As Career Choice
By Modupe Gbadeyanka
Foremost Nigerian business mogul, Mr Tony Elumelu, has charged African youths to think towards leadership, stressing the time for it “is now.”
While addressing students of the Lagos State University (LASU), faculty members and officials of the Lagos State government, Mr Elumelu noted that leadership is demonstrated at all levels of an institution.
The UBA Chairman, while delivering the institution’s 1st Distinguished Lecture Series in Ojo, Lagos on Wednesday, gave short thrift to the idea that not only Presidents, Governors and CEOs are leaders.
“A leader is simply someone who gets results” he said, challenging the students to embrace leadership, even at this early stage in their lives, “whether you are leading a team of people, or just yourself, your responsibility is to generate, secure or deliver results. I believe you can be a leader at any stage in your life and career, and in any career path you choose,” the philanthropist said while addressing the audience on the topics of leadership and entrepreneurship.
Mr Elumelu stated that leadership can be learned and that it was important to keep learning and honing one’s leadership skills.
“Just as I seek to democratise luck, with the work of the Tony Elumelu Foundation, so equally I believe every soldier carries a general’s baton in his pack. The key is self-belief – and an environment that enables,” he said.
Unveiling what it means to him to assist budding entrepreneurs across Africa, Mr Elumelu expressed his profound thoughts saying: “What value is wealth or money in an individual’s bank account if we cannot use it to positively impact society?”
“The seeds we plant today will help us move the needle as it relates to the development of Nigeria and Africa. Embrace entrepreneurship, develop yourselves as leaders. For your dreams to come true you need to be courageous, optimistic and bold. There are no shortcuts,” Elumelu advised the over 1500 students in the auditorium.
Mr Tony Elumelu is the proponent of Africapitalism, and he had the opportunity to share this economic philosophy that encourages the private sector to invest for the long term, in sectors that advance the economic and social development of our societies.
Africapitalism underpins Mr Elumelu’s investments and his belief that entrepreneurship is capable of helping to grow and develop the African continent. It drives his decision to commit $100 million dollars to identify and grow 10,000 entrepreneurs on the continent over a 10-year period.
“Through the Tony Elumelu Foundation’s Entrepreneurship Programme which is in its second year, we will identify, train, mentor and seed 10,000 African businesses over the next 10 years, creating 1 million jobs and $10 billion in additional revenues across the continent.
“Your idea CAN transform Africa” he stated.
He called on the students to embrace entrepreneurship as a career.
According to him, “If you pursue entrepreneurship, your options for advancement will not be limited to just finding a job, you can create your own employment opportunities and create jobs for others. You can help to transform your communities, and the country.”
Lagos State Governor, Mr Akinwunmi Ambode, who was represented at the event by Ms Toyin Ademuiya, the Director of Creativity of the Lagos State government, noted that the choice of the guest speaker in Mr Tony Elumelu and the topic he discussed, underscores the thinking of his own administration in strengthening the capacity of the University and supporting its mission to mould leaders out of students.
As he thanked Mr Elumelu for sharing his knowledge on entrepreneurship to the students, the Governor promised to continue supporting the university.
“Education is the bedrock of Nigeria’s future,” the Governor asserted.
Chairman of the occasion and the Chancellor of the University, Justice Adesola Oguntade (rtd), in his remarks, buttressed this saying: as he said, “Entrepreneurship is an essential topic of great essence given the current wave of youth unemployment. The choice of the guest speaker demonstrates the university’s passion and commitment to excellence. Tony Elumelu is indeed an icon of success”.
Vice Chancellor of LASU, Professor Lanre Fagbohun, urged the students to follow the advice of the Guest Speaker, Mr Tony Elumelu, who he described as a ‘serial investor and quintessential philanthropist who has continuously impacted on the continent through the creation of jobs and building young Africans in entrepreneurship’.
By Adedapo Adesanya
Central Securities Clearing System (CSCS) Plc bested four price decliners on the NASD Over-the-Counter (OTC) Securities Exchange on Monday, April 27. The alternative stock market opened the week bullish during the session with a 0.03 per cent uptick.
According to data, the security depository company added N2.61 to its share price to close at N76.26 per unit compared with the preceding session’s N78.87 per unit.
As a result, the market capitalisation of the platform increased by N820 million to N2.425 trillion from N2.424 trillion, and the NASD Unlisted Security Index (NSI) gained 1.38 points to finish at 4,053.97 points compared with the 4,052.58 points it ended last Friday.
The four price losers were led by NASD Plc, which slumped by N3.80 to sell at N34.70 per share versus N38.50 per share. FrieslandCampina Wamco Nigeria Plc fell by N1.45 to N98.10 per unit from N99.55 per unit, Food Concepts Plc slid by 27 Kobo to N2.43 per share from N2.70 per share, and Geo-Fluids Plc dipped by 9 Kobo to N2.91 per unit from N3.00 per unit.
The value of securities transacted by market participants went down by 82.0 per cent to N7.4 million from N41.3 million units, the volume of securities declined by 28.5 per cent to 319,831 units from 447,403 units, and the number of deals dropped by 34.1 per cent to 29 deals from 44 deals.
Great Nigeria Insurance (GNI) Plc was the most active stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 59.6 million units sold for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Also, GNI Plc was the most traded stock by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by Resourcery Plc with 1.1 billion units traded for N415.7 million, and Infrastructure Guarantee Credit Plc with a turnover of 400 million units worth N1.2 billion.
By Adedapo Adesanya
The first trading day of the week in the currency market was bearish for the Naira in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, April 27.
Yesterday, it lost N5.80 or 0.43 per cent against the United States Dollar to trade at N1,364.24/$1, in contrast to the N1,358.44/$1 it was traded last Friday.
In the same vein, the Nigerian currency depreciated against the Pound Sterling in the official market by N13.70 to close at N1,847.72/£1 versus the preceding session’s N1,834.02/£1, and slumped against the Euro by N11.56 to sell at N1,602.29/€1 versus N1,590.73/€1.
Also, the Nigerian Naira tumbled against the greenback during the trading day by N5 to quote at N1,385/$1 compared with the previous rate of N1,380/$1, and at the GTBank FX desk, it traded flat at N1,370/$1.
The poor performance of the domestic currency could be attributed to liquidity shortage at the official currency market on Monday, which came amid surging demand for international payments. At $76.50 million, interbank liquidity printed higher across 79 deals, up from the $43.572 million reported on Friday.
Nigeria’s gross external reserves declined to $48.45 billion amid a month-long decline in inflows, amid uncertainties in the global commodity market. The depletion of foreign reserves could be partly attributed to the Central Bank of Nigeria’s intervention in the FX market.
The market remains perturbed by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market, while boosters, including oil prices, continue to look rocky due to stalled discussions and unclear ceasefire negotiations between the US and Iran.
A look at the cryptocurrency market, Bitcoin (BTC) has been rejected near $79,000 three times in eight sessions, leaving the level as the de facto ceiling of its current trading range even as major cryptocurrencies trade lower over the past day. It lost 0.9 per cent to sell at $77,003.61.
Analysts say that upcoming US Federal Reserve policy decisions and top tech firms’ earnings this week could provide the catalyst to push bitcoin decisively above $80,000.
The market also continued to weigh Iran’s interim deal proposal to reopen the Strait of Hormuz, which failed to advance over the weekend. The White House said US officials were discussing the latest Iranian proposal but maintained “red lines” on any deal to end the eight-week war.
Solana (SOL) dropped 1.8 per cent to $84.25, Ripple (XRP) went down by 1.6 per cent to $1.39, Ethereum (ETH) depreciated by 1.3 per cent to $2,290.00, Binance Coin (BNB) declined by 0.5 per cent to $625.18, and Cardano (ADA) fell by 0.2 per cent to $0.2480.
However, Dogecoin (DOGE) rose by 2.0 per cent to $0.1002, and TRON (TRX) appreciated by 0.2 per cent to $0.3242, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
By Aduragbemi Omiyale
One of the leading salt makers in Nigeria, NASCON Allied Industries Plc, has set its eyes on some strategies aimed to deliver more value to shareholders.
The chief executive of the company, Mrs Aderemi Saka, said efforts are being made to surpass the performance of last year.
In the 2025 financial year, the organisation recorded a 27 per cent growth in revenue, while post-tax profit grew by over 100 per cent to N33.5 billion, with the earnings per share (EPS) expanding by 115 per cent to N12.41 from N5.77 Kobo in the previous year.
The impressive performance, attributed to a clear strategic vision, disciplined execution and sustained focus on cost-saving initiatives across production, logistics and fleet management, resulted in a 200 per cent increase in dividend payout to shareholders to N6 per share.
Mrs Saka, at the firm’s Annual General Meeting (AGM) in Lagos, said the strategic priorities for the coming year include deeper cost optimisation, expanded market penetration, strengthened energy diversification and sustainability initiatives, as well as accelerated digital transformation and process automation.
Earlier, the chairman of NASCON, Mr Olakunle Alake, informed shareholders that the achievements for last year were due to improved operational efficiency, strict cost management and the dedication of the company’s workforce.
“The operating environment in 2025 was characterised by economic volatility, persistent inflation and structural changes across key sectors. Yet, NASCON remained resilient and strategically focused, delivering outstanding value to shareholders,” Mr Alake said.
He noted that operational sustainability remains a core pillar of the organisation’s strategy, stressing that during the year, NASCON introduced Compressed Natural Gas (CNG) trucks into its logistics fleet to reduce fuel costs and minimise exposure to diesel price volatility.
In addition, the company’s state-of-the-art salt refinery, its largest production facility, now runs entirely on natural gas, significantly boosting efficiency while reinforcing NASCON’s commitment to environmental sustainability.
A director in the organisation, Mrs Tonya Lawani, emphasised that the firm remains firmly committed to the principles that have driven its excellent performance, noting that NASCON approaches the new financial year from a position of strength, with further opportunities for growth and improvement.
Speaking on behalf of shareholders, Mr Faruk Umar expressed strong confidence in the company’s trajectory, citing NASCON’s rising share price, which recently crossed the N100 mark, and projecting further appreciation.
He commended the quality of the Board and management team, noting that strong leadership and recent executive appointments have positioned the entity to deliver even greater value to all stakeholders.
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