Economy
Tinubu Eyes German Investments in Targeted Sectors
By Adedapo Adesanya
Nigeria is determined to pursue German investments in targeted sectors of the Nigerian economy, President Bola Tinubu told German Federal Chancellor, Mr Olaf Scholz, on the sidelines of the G20 Compact with Africa Economic Conference on Monday.
President Tinubu drew the attention of the German leader to the need for his business community to focus their attention on value-additive processing in Nigerian solid minerals, agricultural goods, automobile production, and other job-creating sub-sectors of the economy.
He recognized the success of Siemens AG in positively transforming the quantity and quality of electric power supply.
The President noted that under his leadership, the staggered and unsteady implementation of the Siemens-supported Presidential Power Initiative (PPI) would take on new urgency with a more deliberate process of project execution.
He also recognized the need to embrace Siemens technology in all aspects of the project for sustainability.
“For me, I am very much committed to pursuing all aspects of the Siemens Power project and the skill development opportunities that will emerge from that project for our talented youths who can participate in sustaining the industry,” the President affirmed, according to a statement by his spokesman, Mr Ajuri Ngelale.
The President further expressed his keen interest in the role Siemens can play in modernizing and expanding Nigeria’s rail network with the provision of ultra-modern trains and railways which can more than double the speed of existing 100km/hour standard-gauge systems presently operating in Nigeria.
To this, the German Chancellor expressed readiness but with an acknowledgement of the need to resolve administrative and financial hurdles brought about by governance problems emanating from prior administrations in the sector.
“I know that there is a lot of work that has been done. There is already a big production of electricity in Nigeria, but it is not getting to the population. Of course, this has to do with the need for a provision of stations and infrastructure on the grid.
“Siemens has developed the plan and is ready to deepen implementation, but it is now up to your new government to take the follow-up action that you are now committed to taking.
“On the railway plans, Siemens will be very happy to do this when more progress is made on the power project which has been started already,” the German Chancellor said.
Mr Tinubu also said, “Everything the world requires in terms of business environment reforms are underway in Nigeria. Perhaps our foreign investors are still a bit paranoid that those old Nigerian issues are intractable. But my track record speaks for itself. I have transformed an entity before now. I am here to do it again, and I will.”
The German Chancellor nodded in agreement and said, “There is nothing too unique about the growth of China. It came down to a lot of investment from overseas that leveraged cheap and skilled labour with adequate internal infrastructure and shipping infrastructure for imports and exports to flow easily. These things are possible in Nigeria. You even have abundant natural resources. Step by step, it is achievable, Mr President.”
The two leaders of the largest economies in Africa and Europe, respectively, agreed to deepen collaboration on the utilization of advanced biometric systems and border control technology to check irregular migration.
The statement also added that the two leaders agreed that investments in labour-intensive industries will go a long way toward resolving the root causes of the problem.
By Adedapo Adesanya
The Nigerian Insurers Association (NIA) has disclosed that seven additional insurance companies have secured full recapitalisation approval from the National Insurance Commission (NAICOM), bringing the industry-wide recapitalisation exercise to a successful conclusion.
In a statement on Friday, NIA Chairman, Mrs Ebelechukwu Nwachukwu, said the milestone represented significant progress towards building a stronger, more competitive and trusted insurance market in Nigeria.
She said the seven companies, alongside the 41 insurance companies and two reinsurance companies earlier approved, had demonstrated resilience, financial discipline and corporate strength by successfully completing the final verification process.
“Having successfully navigated the rigorous final verification process, these companies, alongside the earlier approved 41 insurance companies and two reinsurance companies, have demonstrated exceptional resilience, corporate fortitude, and financial discipline,” Mrs Nwachukwu said.
She added that the successful recapitalisation had positioned the companies to deliver greater value to policyholders and contribute to deeper insurance penetration nationwide.
Mrs Nwachukwu commended NAICOM for its regulatory oversight during the exercise, describing the commission’s approach as fair, structured and focused on strengthening market integrity.
“NAICOM’s strategic foresight and structured execution have elevated the Nigerian insurance industry, reinforcing its position within the broader financial sector as a substantially stronger, highly resilient, and globally competitive market,” she said.
The NIA chairman reaffirmed the association’s commitment to supporting insurance companies as they adapt to new regulatory requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
She said the association would continue to work with NAICOM to promote a sustainable and future-ready insurance sector.
Mrs Nwachukwu also assured policyholders, investors and other economic stakeholders that the recapitalised industry was better positioned to support economic growth.
“With this recapitalization complete, the Nigerian insurance sector enters a transformative era. The industry is fully equipped to settle genuine claims promptly, absorb higher local and international risks, and serve as a cornerstone of financial stability, directly supporting President Bola Ahmed Tinubu’s vision of achieving a $1 trillion economy by 2030,” she said.
By Aduragbemi Omiyale
Capital market operators have been directed to immediately freeze the assets, funds, and other economic resources belonging to six individuals and three entities designated as terrorist financiers by the Nigeria Sanctions Committee (NSC).
This directive was given by the Securities and Exchange Commission (SEC) via a circular to all Capital Market Regulated Entities (CMREs), warning that failure to comply would constitute a violation of the Investments and Securities Act, 2025, and the SEC Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Rules and Regulations.
It said violations could attract regulatory sanctions, including fines, suspension of operations or revocation of registration, reminding capital market operators that all unusual or suspicious transactions must be promptly reported to the NFIU.
The regulator, which stated that the designations were made in line with the Terrorism Prevention and Prohibition Act (TPPA) 2022, listed the six individuals as Babangida Muhammed Adamu Hammajam, Abdullahi Umar Usman, Ibrahim Abubakar, Adamu Chiroma, Muktar Muhammad Adamu and Yakubu Ogirima Ibrahim. The three designated entities are Nine to Nine BDC Ltd, Generation Currency BDC Ltd and Abbal Bako & Sons Bureau de Change.
According to the SEC, Hammajama was listed on June 18, 2026, for involvement in terrorism financing and support for the Islamic State West Africa Province (ISWAP), while Usman was designated for providing material support to a designated terrorist organisation through repeated financial transactions.
The commission said Abubakar was listed for involvement in terrorism financing and membership of ISWAP, while Chiroma was designated for allegedly using Bureau De Change (BDC) operations and related corporate entities to facilitate the movement of funds linked to terrorist activities.
Muktar Muhammad Adamu was listed on June 15, 2026, for providing financial support and facilitating transactions linked to the financing network of the ISWAP Okene cell, while Ibrahim was designated for providing material and financial support to the ISWAP Kogi cell.
The SEC said the three entities were listed for their alleged involvement in facilitating and channelling funds connected to the ISWAP Okene financing network.
The commission directed CMREs to immediately identify and freeze, without prior notice, all funds, assets and other economic resources in their possession belonging to the designated persons and entities.
They are also required to report frozen assets and other compliance actions, including attempted transactions, to the Secretariat of the Nigeria Sanctions Committee.
In addition, the SEC directed regulated entities to immediately file suspicious transaction reports with the Nigerian Financial Intelligence Unit (NFIU) for further analysis of the financial activities.
It further instructed operators to report as suspicious transactions all cases of name matches in financial transactions, whether occurring before or after receipt of the sanctions list.
The regulated entities are also required to prohibit dealings with the designated persons and entities and continue monitoring for transactions involving them.
The SEC said any findings should be reported to the Nigeria Sanctions Committee through its designated reporting channel.
By Adedapo Adesanya
Dangote Sugar Refinery Plc, Nigeria’s biggest sugar producer, has raised N486 billion ($356 million) through an oversubscribed rights issue as the company moves to reduce its debt burden and strengthen its capital base after three consecutive years of losses.
The company, founded by Mr Aliko Dangote, raised the funds through the issuance of 8.1 billion ordinary shares at N60 per share, according to a filing with the Nigerian Exchange (NGX) Limited on Friday.
The development follows shareholders’ approval of the capital-raising plan at the company’s 20th Annual General Meeting held in April.
In a statement signed by the Company Secretary, Mr Temitope Hassan, the sugar firm said the rights issue is part of efforts to improve its financial position and provide funding to support its long-term growth plans.
The company’s directors are authorised to raise up to N500 billion through a rights issue, on terms and at a time to be determined by the Board.
Dangote Sugar increased its share capital to accommodate the new shares issued under the rights issue. The sugar producer’s board also authorised to allot the shares and the management of any fractional holdings in accordance with regulatory requirements.
The organisation said any shares remaining unallotted after the offer would be cancelled as permitted by law, describing the capital raise as one of the largest rights issues in Nigeria’s corporate history.
The capital raise comes against the backdrop of improved revenue performance but continued losses at the company.
In its 2025 audited results, Dangote Sugar recorded a 24.56 per cent increase in revenue to N829.2 billion, compared with the previous year. The growth was driven largely by strong demand for 50kg sugar, which generated N807 billion in revenue.
Retail sugar sales contributed N17.7 billion, while molasses and freight income generated N4.02 billion and N66.4 million, respectively.
Cost of sales increased by 11.35 per cent to N706.5 billion, largely due to raw material costs of N573.3 billion. This resulted in a gross profit of N122.6 billion.
Despite the improvement in revenue and gross profit, the company recorded a pre-tax loss of N72.2 billion in 2025, although this represented a significant improvement from the N270.8 billion loss reported in 2024.
Lagos remained the company’s largest market, accounting for 55.82 per cent of regional sales, followed by the North with 35.35 per cent, the West with 6.45 per cent and the East with 2.38 per cent.
The fresh capital is expected to provide Dangote Sugar with additional financial capacity as it works to reduce its debt obligations, strengthen its balance sheet and advance its long-term expansion plans.
