Economy

Stakeholders Seek Lagos, Kano Synergy for Leather Industry

Published

5 years ago

30/10/2020

By Adedapo Adesanya

Stakeholders in the leather industry have advocated a strategic partnership between Lagos and Kano States to harness the potentials of the sector and improve its contribution to the nation’s Gross Domestic Product (GDP).

This call was made by stakeholders at a virtual summit themed Towards a Sustainable Leather Processing Industry in Nigeria: Kano Tannery, the Powerhouse on Thursday, October 29.

The summit was organised by the office of the Senior Special Assistant to the Kano State Governor on Lagos Affairs, Mr Anthony Oneya, in partnership with the Lagos Chamber of Commerce and Industry (LCCI) and supported by Tannery Association, Kano.

Mr Oneya said the partnership between both states will forge a way forward to expand local trade by bringing together value addition ideas and investments.

“The partnership between Lagos and Kano is long overdue and this will help grow the sector to the level it ought to be,” he said.

Mr Oneya urged governments to support the improvement in the value of leather goods for both domestic use and exports through the provision of 21st-century technology.

He said an improved tanning industry for leather will improve exports and give the sector the needed boost, noting that 22 out of the 36 tanneries in Nigeria were located in the Centre of Commerce.

Mr Lawan Sule-Garo, Chairman, Tanners Council of Nigeria, in his remarks, appealed for intervention funds from the government to revive the sector and create jobs.

Mr Sule-Garo also appealed to governments to grant incentives to wholesalers to bridge the financial gap and give priority to the local tanning industry.

On the consumption of cowhides, popularly known as ponmo, which could be used for leather production, the Tanner Council Chairman said “We can continue to get leather from other animals apart from cows. We must not deter people from consuming ponmo because we want to sell leather.”

Mrs Toyin Umesiri, Chief Executive Officer, Nazaru LLC, called for the creation of a leather trade information desk to bridge the information gap in the industry.

“A classic example of the gap is that end users are not connecting with what is available in the leather market and so source for materials and finished products from other places.

“If others get it right before us, then people would buy from them instead of us. Therefore, we become irrelevant in that market,” she said.

She urged leather experts to understand the various rules of engagement in local, regional and global markets to benefit maximally from different trade opportunities such as provided in the Africa Continental Free Trade Area (AfCFTA), which is set to kickstart next year.

In his remarks, Mr Segun Awolowo, Chief Executive Officer, Nigeria Export Promotion Council (NEPC), represented by Mr Abimbola Salami, a Deputy Director, said the leather industry could generate up to $1 billion in revenue by 2025.

Mr Awolowo stated that the footwear industry consumed 54 per cent of leather products globally and contributed about 25 per cent of Agriculture’s GDP, noting that the Leather Industry is a major earner which can drive the much-needed diversification from oil.

Also speaking at the event, Mrs Toki Mabogunje, President, LCCI, advocated a holistic approach to developing the leather value chain for a long-term growth strategy.

Economy

NGX RegCo Delists ASO Savings from Stock Exchange

Published

1 hour ago

16/01/2026

Dipo Olowookere

By Dipo Olowookere

ASO Savings and Loans Plc has been delisted from the daily official list of the Nigerian Exchange (NGX) Limited.

This action followed the revocation of the operating licence of the company by the Central Bank of Nigeria (CBN) in December 2025.

In a circular on behalf of the NGX Regulation (NGX RegCo) by Ugochi Eke, it was disclosed that the effective date of the delisting is today, Friday, January 16, 2026.

Already, the company has been notified of this development, according to the notice obtained by Business Post.

Before ASO Savings lost its operating licence, it had failed to meet some post-listing requirements, a part of the disclosure from the NGX RegCo stated.

“The board of NGX Regulation Limited via its decision dated January 1, 2026, approved that the step below should be taken pursuant to the process for regulatory delisting of issuers.

“The board has approved the delisting of ASO Savings and Loans Plc from the Nigerian Exchange Limited’s daily official list effective January 16, 2026.

“ASO Savings is hereby notified of this enforcement action and is advised to direct any communication in respect of the foregoing to [email protected].

“NGX RegCo was engaging the listed entity, concerning its outstanding post-listing obligations. However, due to the revocation of the operating license of ASO Savings by its primary regulator, the Central Bank of Nigeria (CBN) effective December 16, 2025; NGX RegCo will delist the entity from the daily official list effective January 16, 2026.

“In view of the foregoing, NGX RegCo has proceeded with publishing the name of the Company in the national dailies.

“The company has been duly notified of this enforcement action, and this publication serves as notification to the investing public, particularly shareholders of the company and investors in the Nigerian capital market,” the statement read.

Economy

Lokpobiri Warns Oil License Bidders Against Hoarding

Published

3 hours ago

16/01/2026

Adedapo Adesanya

By Adedapo Adesanya

The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has issued a stern warning to oil and gas investors that petroleum licences in Nigeria are strictly for active development, not asset hoarding or speculative holding, declaring that operators must drill or risk losing their rights.

He made this admonition while delivering his message at the 2025 Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Licensing Bid Round Conference in Lagos, where he outlined the government’s hardline stance on asset utilisation and investor accountability.

“The oil assets in portfolio are not mere symbols or souvenirs,” Mr Lokpobiri said, adding that, “Holders of licences are obligated to drill, drill and drill for a shared benefit for the Government, Nigerians and the operators.”

He stressed that the administration is determined to ensure petroleum assets are translated into tangible economic value, noting that licences are time-bound rights granted solely for productive use.

“These assets belong to the Federal Government, and licences are granted strictly for a defined period for productive use, not passive ownership,” the minister said. “Our licensing framework is designed to eliminate speculation and ensure that only serious, capable investors participate.”

Mr Lokpobiri also issued a strong caution to bidders seeking to participate in the 2025 licensing round, urging them to fully understand the process and obligations before submitting bids.

“As prospects take part in this bid round, a clear understanding of the modus operandi guiding the process is essential,” he said, recalling previous bid rounds where some winners attempted to reverse their commitments.

“Past experiences have shown instances where some winning bidders sought refunds based on unmet expectations or perceived asset limitations,” Lokpobiri stated. “Such actions are untenable, as there is no provision in law for the refund of a bid already won.”

According to him, the conference was convened to remove ambiguity and protect the integrity of the licensing system, stressing that the government would strictly enforce all contractual obligations arising from the process.

“This conference serves to provide clarity upfront,” he said. “Participants must be fully informed, deliberate and committed, as the Government will uphold the sanctity of the process and enforce all obligations.”

The minister’s remarks reinforce the Federal Government’s broader push to accelerate upstream development, boost production and attract only technically and financially capable investors into Nigeria’s oil and gas sector, amid renewed licensing activity under the Petroleum Industry Act (PIA).

Economy

NGX Removes Embargo on Trading in Premier Paints Stocks After Four Years

Published

3 hours ago

16/01/2026

Dipo Olowookere

By Dipo Olowookere

The suspension earlier placed on Premier Paints Plc, preventing investors from buying and selling its stocks on the Nigerian Exchange (NGX) Limited, has now been lifted.

The embargo was removed on Wednesday, a notice from the stock exchange, seen by Business Post, disclosed.

Almost four years ago, Premier Paints was suspended from the bourse due to the inability of its board to file the company’s financial results.

The NGX had on July 1, 2022, informed the investing community it had prohibited the trading of the organisation’s securities “in line with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules).

The part of the rules provides that: “If an Issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will; a) send to the issuer a second filing deficiency notification within two business days after the end of the cure period, b) suspend trading in the issuer’s securities, and c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.”

In the latest disclosure dated Wednesday, January 14, 2026, and signed by the Head of Issuer Regulation Department of the NGX, Mr Godstime Iwenekhai, it was revealed that Premier Paints has now done the needful.

“The company has now filed all outstanding financial statements to Nigerian Exchange Limited.

“In view of the company’s submission of its outstanding financial statements, and pursuant to Rule 3.3 of the Default Filing Rules, which states that; The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The exchange is satisfied that the accounts comply with all applicable rules of the exchange. The exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted, trading license holders and the investing public are hereby notified that the suspension placed on trading on the shares of Premier Paints Plc was lifted (on) Wednesday, January 14, 2026,” the circular stated.