Economy
Lagos Lauds Ecobank for Active Role in Artisanal Fisheries
By Adedapo Adesanya
The Lagos State Government has lauded Ecobank Nigeria for its active role to uplift the artisanal fisheries value chain in the state.
This was made known by Ms Abisola Olusanya, the Commissioner for Agriculture in her remark at the presentation of 34 fibreglass boats with outboard engines and other ancillary fishing equipment to cooperative societies of 680 youth fishermen.
She said the partnership with Ecobank has been phenomenal in helping to develop business models suitable for the fishermen, stating that the ministry was partnering with Ecobank and Old Mutual Assurance to provide banking services, track cash flow in the business and aid fleet expansion for the fishermen.
Ms Olusanya disclosed that the empowerment was under the 2021 Agricultural Value Chains Enterprise Activation Programme, inaugurated by Governor Babajide Sanwo-Olu in July as part of the government’s commitment to supporting the fishery value chain.
She said that it was envisaged that the deployment of the fishing assets would create over 2,000 jobs in the upstream and downstream sub-sectors of the artisanal fisheries value chain, as well as produce 4,531 metric tonnes of fish annually, adding that each cooperative group comprising 20 members each would receive a boat.
The Commissioner further explained that the partnership with Ecobank was aimed at monitoring the activities of each cooperative group to ensure that they make judicious use of the equipment.
She said, “Today, we are distributing the fibreglass boat to 34 cooperative groups free of charge, under the 2021 Agricultural Value Chains Enterprise Activation Programme.
“We need to monitor your activities to ensure that you utilise the equipment very well and also expand and increase the number of your fleet with the support of the financial institution. The banks are here to plan your business and increase opportunities for the generations to come.
“We want you all to grow your business and become multinational companies. We don’t want people to come from Japan, the Netherlands and other foreign countries to talk about fish more than our people from the local fishing communities,” she said.
On his part, the Head of Agriculture Desk at Ecobank Nigeria, Mrs Moji Oguntoyinbo, said that the bank was delighted to partner with the state government on the fisheries value chain.
Mrs Oguntoyinbo said that it was an intentional action for the bank to partner with Lagos state due to its coastal region with a lot of opportunities in fisheries.
“We have seen Lagos state as a coastal region with a lot of opportunities in fisheries and we are delighted that the government has picked us as a focus in food sustainability to start development in this sector.
“Today, we are very delighted to be a partner on this laudable project. This is an intentional investment and incentive to fishermen in Lagos, to promote this sector to the extent of making it possible for fish production and exportation, in the very near future, from the state.
“This is very laudable for us and we are delighted that this will be a role model plan and action that we will also try to replicate in other coastal regions of Nigeria.
“Lagos is always taking the lead and we are delighted to partner with you on this project,” she said.
She then urged the beneficiaries to be consistently focused to ensure that the project would continue to revolve and would be extended to many more beneficiaries in the nearest future.
Also, Mr Adekunle Fasasi, President, Lagos State Fishermen Cooperative Society, commended the government for its continuous support and empowerment to the value chain.
He noted that in the whole of Nigeria, Lagos state was first in terms of fish production and promised to increase its number with the new empowerment.
“Lagos is a coastal region; we have oceans and seas and it is important that we take advantage of this for economic benefits.
“I am particularly happy that this initiative is focused on the youths because these are the people that will take over from us aged fishermen.
“I, hereby, implore the farmers to use the property as if they paid for it and prayed that God would continue to give them wisdom and strength needed to be better fishermen. Do not take it with levity because it is a gift,” he advised.
By Adedapo Adesanya
Dangote Petroleum Refinery imported a total of $3.74 billion) worth of crude oil in 2025, to make up for shortfalls that threatened the plant’s 650,000-barrel-a-day operational capacity.
The data disclosed in the Central Bank of Nigeria’s Balance of Payments report noted that “Crude oil imports of $3.74 billion by Dangote Refinery” contributed to movements in the country’s current account position, as Nigeria imported crude oil worth N5.734 trillion between January and December 2025.
Last year, as the Nigerian National Petroleum Company (NNPC), which is the refinery’s main trade partner and minority stakeholder, faced its challenges, the company had to forge alternative supply links. This led to the importation of crude from Brazil, Equatorial Guinea, Angola, Algeria, and the US, among others.
For instance, in March 2025, the company said it now counts Brazil and Equatorial Guinea among its global oil suppliers, receiving up to 1 million barrels of the medium-sweet grade Tupi crude at the refinery on March 26 from Brazil’s Petrobras.
Meanwhile, crude oil exports dropped from $36.85 billion in 2024 to $31.54 billion in 2025, representing a 14.41 per cent decline, further shaping the external balance.
The report added that the refinery’s operations also reduced Nigeria’s reliance on imported fuel, noting that “availability of refined petroleum products from Dangote Refinery also led to a substantial decline in fuel imports.”
Specifically, refined petroleum product imports fell sharply to $10.00 billion in 2025 from $14.06 billion in 2024, representing a 28.9 per cent decline, while total oil-related imports also eased.
However, this was offset by a rise in non-oil imports, which increased from $25.74 billion to $29.24 billion, up 13.6 per cent year-on-year, reflecting sustained demand for foreign goods.
At the same time, the goods account remained in surplus at $14.51 billion in 2025, rising from $13.17 billion in 2024, supported largely by activities linked to the Dangote refinery and improved export performance in other segments.
The CBN stated that the stronger goods balance was driven by “significant export of refined petroleum products worth $5.85bn by Dangote Refinery,” alongside increased gas exports to other economies.
Nigeria posted a current account surplus of $14.04 billion in 2025, lower than the $19.03 billion recorded in 2024 but significantly higher than $6.42 billion in 2023. The decline from 2024 was driven partly by structural changes in oil trade flows, including crude imports for domestic refining, according to the report.
Pressure on the current account came from higher external payments. Net outflows for services rose from $13.36 billion in 2024 to $14.58 billion in 2025, driven by increased spending on transport, travel, insurance, and other services.
Similarly, net outflows in the primary income account surged by 60.88 per cent to $9.09 billion, largely due to higher dividend and interest payments to foreign investors.
In contrast, secondary income inflows declined slightly from $24.88 billion in 2024 to $23.20 billion in 2025, as official development assistance and personal transfers weakened, although remittances remained a key source of inflow, as domestic refineries grappled with persistent feedstock shortages, exposing a deepening supply paradox in the country’s oil sector.
This comes despite the Federal Government’s much-publicised naira-for-crude policy designed to prioritise local supply.
By Aduragbemi Omiyale
An application has been submitted by Sovereign Trust Insurance Plc for its proposed N5.0 billion rights issue.
The application was sent to the Nigerian Exchange (NGX) Limited, and it is for approval to list shares from the exercise when issued to qualifying shareholders.
A notice signed by the Head of Issuer Regulation Department of the exchange, Mr Godstime Iwenekhai, disclosed that the request was filed on behalf of the underwriting firm by its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities.
The company intends to raise about N5.022 billion from the rights issue to boost its capital base, as demanded by the National Insurance Commission (NAICOM) for insurers in the country.
Sovereign Trust Insurance plans to issue 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026.
“Trading license holders are hereby notified that Sovereign Trust Insurance has through its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026,” the notification read.
By Adedapo Adesanya
Food Concepts Plc, the parent company of fast food brands like Chicken Republic and PieXpress, has disclosed plans to pay 10 Kobo in interim dividend to new and existing shareholders for the 2026 financial year.
This was disclosed by the company in a notice to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities.
The notice indicated that the proposed interim dividend, which comes with no bonus, will be paid to those who hold the stocks of the company as of the qualification date for the dividend, which was Tuesday, March 24.
This means only those who hold the company’s shares as of the closing session will be eligible to receive the stipulated dividend payment.
The shareholders of the company will be credited with the 10 Kobo dividend on Tuesday, March 31.
The notice noted that the closure of the company’s register will be on Wednesday, March 25, through Friday, March 27, 2026, both days inclusive.
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