Economy
Ogun State Now Investors’ Destination of Choice—Buhari
By Modupe Gbadeyanka
Governor Dapo Abiodun of Ogun State has been described as the “performing Governor of Nigeria’s Gateway State” who is a worthy example of “promises made, promises kept.”
Mr Abiodun got these accolades on Thursday when President Muhammadu Buhari visited the state to commission some projects completed by the Governor.
“You (Prince Abiodun) have justified the mandate of the people of Ogun State. You have represented our party very well,” the President said to his host, who was full of joy.
According to Mr Buhari, the projects put in place by the Governor have made “Ogun State one of the safest and most peaceful states in the country and investors’ destination of choice.”
He said the lofty projects: the Gateway City Gate; the 42-kilometre Sagamu Interchange-Abeokuta Road; the 14km Ijebu-Ode-Epe Expressway and two Housing Estates for low, medium and high-income earners at Kobape and Oke-Mosan in Abeokuta, respectively, could not have materialised without the state government’s huge investment and commitment to the security of lives and property.
The President used the occasion to assure Nigerians that two major federal roads under construction, the Sagamu-Benin Expressway and the Lagos-Ibadan Expressway, would be commissioned before the end of 2022.
He expressed delight that the 14km Ijebu Ode-Mojoda-Epe Road commissioned by him has been reconstructed into a modern expressway by the state government, noting that the impressive road would complement the Sagamu-Benin Expressway that the federal government is currently reconstructing; also due for commissioning this year.
“Just across the road is the 42-kilometre Sagamu-Interchange-Abeokuta Road which the state government has reconstructed and equipped with street lights.
“That road enjoys a direct linkage with the Lagos-Ibadan Expressway that the federal government is rebuilding and due for completion later this year.
“I am particularly impressed by the quality and standard of your road projects, and the creative way you have deployed resources to reconstruct and rehabilitate them.
“It is significant to note that the two road projects being commissioned today are federal roads. This is an example of constructive engagement, cooperation and collaboration between the states and federal government.
“These roads also fit well into our rail transportation masterplan that connects Lagos, Nigeria’s economic capital to Kano, with Ogun State having more rail stations, along the Lagos-Ibadan rail corridor,” he said.
On the housing programme of the Ogun Governor, the President commended its inclusiveness, saying it is equally heart-warming that it cuts across different social strata, capturing the low, medium and high-income earners.
Admiring the Gateway City Gate Project, the Nigerian leader said “it is not just a park beautification project. It depicts that something new is happening in Ogun State, a welcoming entrance into the state capital at the centre point of the state.”
He added that the project is also an ICON depicting the joining of hands for building the future of Ogun State in togetherness.
“Your Excellency, well done! I am proud of what you have done for your State and your people.
“You have made our great Party, the APC, proud too. You are a worthy example of promises made, promises kept.
“These lofty projects could not have materialised without your huge investment and commitment to the security of lives and property,” he further stated.
Responding to requests by the state governor to give priority to the Lagos-Ota-Abeokuta and the Sango Otta-Idiroko Roads respectively, the President assured the people of Ogun State that these roads will receive federal government attention.
The President announced that the federal government would consider extending tax credit as a funding option for the reconstruction of these roads, as done for the 100km Sagamu Interchange-Papalanto-Ilaro Road.
Similarly, the President promised to consider the approval of the reconstruction of Sagamu-Ogijo Road by the Nigerian National Petroleum Company (NNPC) Limited under the tax credit scheme.
The President thanked the residents of the State for the warm reception accorded him and his entourage in the Gateway State, which is his first visit to any state in the New Year.
“This welcome by the large crowd brings back the nostalgia of my first arrival on this soil as a young infantry officer in the Nigerian Army at the then Lafenwa Barracks in Abeokuta, not long after independence.
“The traditional hospitality of the people of this State has not waned a bit. Today, I am Omowale and very happy at this homecoming to meet my brothers and sisters whose goodwill I have always enjoyed. Thank you,” he said.
The President also congratulated the people of Ogun State for having such a focused, deliberate and inclusive administration under the watch of Mr Abiodun, urging them to continue to support the governor for the successful implementation of the Building our Future Together agenda of his administration.
“The reward for success is more hard work to meet the increasing expectations of the people.
“When state governments deliver impactful projects, in consultations with stakeholders, as we have witnessed in Ogun State, the trajectory of our national development will be enhanced,” Mr Buhari said.
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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