Economy
Elumelu Seeks Stronger Business Ties Between Africa, France
By Dipo Olowookere
Chairman of UBA Plc and Heirs Holdings, Mr Tony Elumelu, has stressed the opportunities Africa offers and urged stronger business relationships between France and Africa, calling for a deepening of commercial relationships based on mutual respect and interest.
Mr Elumelu made this known at the recent MEDEF Summer University Forum in Paris, which is an annual meeting of French business and political leaders.
The forum is one of France’s leading gatherings, bringing together over 7,500 business and opinion leaders, including Heads of State, government officials, political and business leaders, academics and over 450 French and international journalists.
Mr Elumelu was one of the select representatives from Africa, where he contributed to the opening panel debate, ‘The World is Watching Us’.
Moderated by Frédéric Ferrer, journalist, consultant and professor at ESCP Europe, other participants were the President of MEDEF, Pierre Gattaz; Gary Coombe, President of Proctor & Gamble Europe; and Oudet Souvannavong, Executive Vice-President of the Lao National Chamber of Commerce and Industry, and President of Lao Hotel & Restaurant Association.
As a leading advocate for the African private sector and champion of African entrepreneurship, Mr Elumelu began his speech by thanking France for the cordial business relationship between France and Africa.
“When we as Africans look at France, we see a long standing friend of Africa. Looking forward, France and Africa must continue to partner in a manner that brings about positive change,” he said.
Mr Elumelu is known as the proponent of Africapitalism, the philosophy that Africa’s private sector can and should drive economic change on the continent. Fundamental to this is the role of entrepreneurship, which creates wealth and jobs on the scale needed in Africa.
He pursued this theme, stating that the solutions to issues of social exclusion are enterprise and entrepreneurship.
Mr Elumelu urged France to look beyond its traditional relationships with Francophone countries, important as they are, and to embrace Anglophone and Lusophone Africa.
He also called on small and large businesses in France and in Africa to seek ways of collaborating in order to deepen economic ties.
“France has very strong links with Francophone Africa, and we would like to see you engage more commercially with the Anglophone countries; creating a new form of economic and commercial partnership between France and the whole of Africa,” he said.
Mr Elumelu has long been an advocate of Africa on the rise and seized the opportunity to encourage businesses to invest on the continent, which has so much to offer in returns.
He highlighted the role of Africans themselves investing on the continent, while making a call to the French public and private sector to do the same, stating that there is nowhere else that can give as much return on investment as in Africa.
“There is a reason MEDEF has a new economic interest in Africa. Africa is home to the largest and fastest growing consumer population globally.
“It is a huge opportunity for both international and domestic businesses – and African businesses are increasingly competing successfully. What we all want to see is Africa growing its own value adding industries; the days of commodity extraction are over.”
Mr Elumelu advised governments to support the private sector, in order to create more value in the society.
“What is good for the private sector is also good for society. The private sector is best placed to assist government achieve its mandate. If the private sector succeeds, it creates more jobs, enhances security, and improves living standards”.
Pierre Gattaz added to this statement saying: “Full employment should be on the agenda of any political programme that is worth any value or worth its name. This should take up 70% of any political agenda moving forward. We must encourage and trust those who bring enterprise and create jobs”.
Mr Elumelu himself has an extraordinary track record of job creation, including creating the UBA Group, which now employs over 20,000 people in 19 African countries.
And he is giving back, through the Tony Elumelu Foundation’s $100m commitment to support 10,000 entrepreneurs over a period of 10 years.
Mr Elumelu concluded the session by encouraging the entrepreneurs present to reach for their dreams. “Entrepreneurs are able to bring their ideas to fruition through the support we give them. This is helping them not just to dream, but to turn their ideas into successful ventures – and create the foundation for broad based and meaningful change in Africa”.
The event was closed by the moderator, Frederic Ferrer, who applied the tag line of the Tony Elumelu Foundation’s entrepreneurship programme to France, “Your ideas can transform France too and not just Africa!”.
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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