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VFD Group Buys 5% Stake in Nigerian Exchange Group

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VFD Group

By Aduragbemi Omiyale

The Nigerian Exchange (NGX) Group Plc now has VFD Group as one of its majority shareholders with the recent acquisition of a 5 per cent stake in the company.

The Group Managing Director of VFD Group, Mr Nonso Okpala, described the investment in NGX Group as “a strategic play in our ecosystem build that ensures we are driving global prosperity by investing in businesses that have potential, helping them maximise their potential and supporting the platform that can help portray them to the world.”

“Our investment in the NGX Group as the exchange company of choice is due to the wide range of services offered and how they are positioned for growth,” he added.

He said further that, “Our interest in the NGX is borne out of our desire to be a key player within the exchange business in Nigeria, contribute to the deepening of the Nigerian capital market and be a catalyst for capital formation within the Nigerian economy.”

“With over a decade of operations, VFD Group has carved a niche for itself with over N50bn in equities invested in over 40 businesses without bias for sector or geography and we believe that our stake in the NGX will improve investor confidence in our country, drive capital appreciation and diversify our asset class,” Mr Okpala said further.

Founded in 2009, VFD Group’s business model allows it to operate in major sectors of the economy through its portfolio businesses, providing financial advisory, asset management, real estate, technology, debt and private funds management services, hospitality, insurance brokerage, and media, identifying solution-driven, consumer-centric businesses with growth and economic potential.

It also goes a step further by providing investee companies with the required resources and guidance needed to maximise potential.

The NGX Group Plc is a leading integrated market infrastructure in Africa, that services the largest economy in Africa and is strengthening the competitiveness of African economies to achieve global prosperity.

As a key player in the continent’s financial markets, NGX plays an active role in shaping the future of the markets through its investment in business innovation and technology.

NGX Group provides a wide range of services including listing and trading securities, licensing, market data solutions, ancillary technology, regulation, real estate, and more through its wholly-owned subsidiaries – NGX Exchange, NGX REGCO, and NGX RELCO.

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Unlocking the Dividends of Democracy in Yobe

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Mai Mala Buni

By Abba Dukawa

Despite political scepticism from opposition politicians, Governor Mai Mala Buni has proven his commitment to serving Yobe State’s people, prioritizing their needs over personal interests since taking office. His political vision aligns with the masses’, focusing on their welfare and well-being.

Notwithstanding the challenges, Governor Mai Mala Buni remains committed to Yobe State’s, focusing on state and citizens’ needs despite obstacles

Since taking office, Governor Mai Mala Buni’s administration has made significant strides in various sectors, including infrastructure development, healthcare, education, road construction, agriculture, and women and youth empowerment. Notably, the administration has offered local and foreign scholarships, boosting citizens’ confidence in the state.”

Despite insurgency and insecurity challenges in the state, Governor Mai Mala Buni has made concerted efforts to combat insecurity. Notably, he has engaged with Service Chiefs and Heads of Security Agencies to find lasting solutions, ensuring peace and security across the state. Over the past six years, the Yobe State government has provided over 400 vehicles to support the Nigerian Army, Air Force, Police, and other security agencies, enhancing their operational capabilities.

Under Governor Mai Mala Buni’s leadership, Yobe State has made significant strides in transforming education. To address the pressing issue of out-of-school children, he convened the state’s inaugural education summit, seeking solutions. With approximately 4.4 million out-of-school children residing in Yobe (about a third of Nigeria’s 13.2 million), the summit marked a crucial milestone in the administration’s efforts to revamp the education sector.

To expand access to education, the administration established model primary and junior secondary schools in each of the state’s three senatorial districts, with plans for further expansion to all 17 local government areas. This initiative has yielded significant results, including increased school enrollment and the rehabilitation of structures damaged by Boko Haram insurgents.

Furthermore, Governor Buni’s administration has established six new Model Schools, seven Mega Schools, nine Government Girls’ Day Senior Secondary Schools, eight co-educational Government Day Senior Secondary Schools, one additional boys’ school, and an IDP School in Buni-Yadi.” These initiatives were complemented by the construction of new classrooms, laboratories, ICT centers, hostels, and other essential facilities, as well as the provision of teaching and learning materials to primary, secondary, and tertiary institutions, fostering a conducive learning environment for students and pupils. These new schools are strategically located in affected areas, aligning with the administration’s State of Emergency Declaration on Education initiative.” The administration has also awarded scholarships to hundreds of high-achieving students, both male and female, to pursue various fields, including Petro-Engineering, Medicine, Anesthesia, and Pharmacy, locally and internationally.

Yobe State’s health sector has seen significant achievements, the state government has constructed, refurbished, and equipped over 138 Primary Health Care centers, increasing access to essential services. Free Dialysis Program*: hundreds patients receive free dialysis treatment every month at the Yobe State University Teaching Hospital.

Yobe State was recognized as a leader in primary healthcare, winning $500,000 in the North-East sub-region leadership challenge.The state allocated 15% of its 2025 budget to the health sector, to promote healthcare delivery services.  The state has upgraded four general hospitals to specialist facilities and eight Primary Health Care centers to general hospitals, enhancing healthcare infrastructure.

The Buni Expanded Free Healthcare Scheme provides free basic healthcare to vulnerable populations, including pregnant women, children under five, and people living with disabilities. More than hundred thousands residents have been enrolled in the scheme, with 222 primary healthcare providers and 24 secondary healthcare facilities supported through capitation and fee-for-service arrangements. Yobe State University Teaching Hospital has secured full accreditation to train 25 resident doctors, a monumental achievement for the state’s healthcare sector.

Since 2019, the state has witnessed unprecedented infrastructural development under the current administration.  Yobe State’s infrastructure development under Governor Mai Mala Buni’s administration has seen significant progress in various sectors. Construction and rehabilitation of over 500 kilometers of roads, connecting communities and fostering economic growth  complete  road projects. Township roads and drainages in five local government areas. Damaturu flyover construction.

Commissioning of new electricity infrastructure for the Nguru Mass Housing Estate, Expansion of the National Grid to more communities.  Installation of solar streetlights in 11 local government areas. Mass Housing Policy delivering 2,350 housing units with basic amenities at a 50% discount on an owner-occupier basis. Improved water supply with new solar-powered boreholes and reticulations in Damaturu, Buni-Yadi, Nguru, Geidam, and Potiskum. Construction of modern markets in Potiskum, Geidam, Yunusari, and Ngalda,  Damaturu Mega Shopping Mall construction and Potiskum Truck Transit Park development. These infrastructure developments aim to drive economic growth, enhance the quality of life for residents, and support the state’s overall progress

Despite financial constraints, Governor Buni’s administration has successfully implemented developmental projects that enhance human capital development. To achieve its socioeconomic objectives, the administration is proactively seeking local and international investments to leverage the state’s natural mineral resources. Notably, Governor Buni has engaged with Qatari investors to explore opportunities for establishing a cement company and meat processing factory in Yobe State.

The administration has revitalized and upgraded government-owned industries, including the Gujba Fertiliser Blending Plant, Polythene, Woven Sacks Factory, Yobe Flour and Feed Mills, and Sahel Aluminium Companies, to enhance production capacity. This initiative seeks to boost internal revenue generation and create jobs.

To realize its vision for Yobe State, the administration has introduced transformative policies and programs designed to unlock the state’s vast potential and propel it towards greatness. Building on the substantial progress achieved over the past six years, Governor Mai Mala Buni has consistently prioritized the welfare of the people, eschewing political expediency and personal interests for the greater good.

As Chairman of the APC’s Caretaker/Extraordinary Convention Planning Committee, Governor Mai Mala Buni spearheaded the party’s transformation, bridging internal rifts and rebranding it to appeal to a wider demographic. Under his leadership, the APC has attracted notable defections, including governors from Zamfara, Ebonyi, and Cross River states, as well as prominent figures such as Gbenga Daniel, Lt. Gen. Ihejirika, Yakubu Dogara, Dimeji Bankole, and Barnabas Gemade. Governor Buni’s people-centric approach has earned him recognition as a diligent and empathetic leader. His administration’s commitment to enhancing citizens’ lives reflects his sense of duty and selflessness.

Dukawa writes in from Kano and can be reached at abbahydukawa@gmail.com

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Nigeria’s Bold Strides Towards a Sustainable Future

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Alex Oware YP4T

By Alex Oware

President Bola Tinubu has firmly established Nigeria as a proactive and visionary leader in the global pursuit of climate action and sustainable development. Recognising that environmental stewardship is intrinsically linked to economic prosperity, his administration has moved beyond viewing climate change as a mere ecological concern, positioning it instead as a pivotal economic opportunity ripe for exploration and investment.

President Tinubu’s emphatic pronouncements at the 2025 Abu Dhabi Sustainability Week and during a high-level virtual dialogue underscored Nigeria’s unwavering commitment to international collaboration, emphasising the critical need for a unified global response to the escalating climate crisis. He astutely highlighted that the realisation of a truly sustainable future necessitates robust global interconnectedness and a shared sense of responsibility amongst all nations.

Nigeria’s comprehensive strategy for tackling the multifaceted challenges of climate change rests upon three fundamental pillars: a decisive shift towards clean energy transition, the building of robust climate resilience, and an overarching commitment to sustainable development. To translate these core principles into tangible realities, the current administration is actively implementing a range of key initiatives designed to wean the nation off its reliance on traditional fossil fuels.

A significant aspect of this endeavor involves the substantial expansion of infrastructure to support the widespread adoption of Compressed Natural Gas (CNG) and electric vehicles. Simultaneously, the government is strategically focusing on harnessing Nigeria’s abundant solid mineral resources to provide crucial materials for the burgeoning green energy sector.

Complementing these efforts are the implementation of climate-smart agricultural practices, aimed at simultaneously enhancing national food security and minimising detrimental environmental impacts.

Furthermore, the newly introduced National Clean Cooking Policy seeks to promote clean energy solutions at the household level, promising significant environmental, health, and socio-economic benefits for Nigerian citizens.

These ambitious endeavors are meticulously designed to deliver palpable value and positive impact directly to the lives of Nigerians. The diversification of energy sources holds the promise of cleaner air and a significantly healthier environment for communities across the nation.

The active promotion of CNG as a viable alternative fuel is strategically aimed at mitigating the economic and social hardships that have arisen from the removal of fuel subsidies, offering a more affordable and sustainable energy option for transportation and domestic use. The widespread adoption of climate-smart agriculture is paramount for bolstering food security, ensuring a stable and reliable food supply, and safeguarding vulnerable local communities from the increasingly severe adverse effects of climate change, such as droughts and floods.

Moreover, the deliberate expansion of the green energy sector is projected to generate a wealth of new employment opportunities and empower local entrepreneurs, particularly in rural communities that are gaining access to reliable and sustainable electricity for the first time.

In a demonstrably bold move that underscores the administration’s commitment to these overarching goals, President Tinubu’s government has put forward a significant N10 billion solar power project specifically for the Aso Rock Presidential Villa. This ambitious initiative is presented as a crucial step towards establishing a more sustainable and dependable energy future for the entire nation, starting from the highest levels of governance.

Proponents of the project persuasively argue that it aligns seamlessly with global best practices, drawing parallels with the increasing adoption of solar energy in key government institutions worldwide. The Energy Commission of Nigeria (ECN) has vigorously defended the project, asserting that it is fully in line with President Tinubu’s broader reforms aimed at fundamentally transforming Nigeria’s energy landscape and decisively tackling the persistent and crippling energy debt crisis.

The ECN further emphasises that solar energy offers inherent efficiency, provides a crucial shield for Nigerians against the volatility of rising tariffs on conventional energy sources, and has the potential to significantly ease the immense pressure currently burdening the national electricity grid.

While the project has understandably sparked public debate and scrutiny regarding its substantial cost and prioritisation in the face of other pressing national needs, the government strategically positions it as an innovative approach that demonstrates leadership by example and a profound commitment to integrating clean energy solutions at the very apex of Nigerian governance.

Beyond these crucial domestic initiatives, President Tinubu has actively and strategically sought robust international collaboration and support for Africa’s complex transition towards a green economy, fully acknowledging that the necessary investments are inherently capital-intensive.

Nigeria has already demonstrated commendable leadership on the continental stage by being the first African nation to successfully launch Sovereign Green Bonds, specifically designed to finance environmentally sustainable projects across various sectors.

Furthermore, the country is actively in the process of developing a comprehensive Global Climate Change Investment Fund, with the primary aim of attracting substantial further investment in critical green infrastructure and innovative clean energy initiatives.

Nigeria remains steadfast in its commitment to achieving net-zero greenhouse gas emissions by the ambitious target year of 2060 and is actively engaged in the crucial process of updating its Nationally Determined Contributions (NDCs) under the esteemed UN Framework Convention on Climate Change.

The recent finalisation of the Nigeria Carbon Market Activation Policy in March 2025 is projected to unlock a substantial potential of up to $2.5 billion in valuable carbon credit investments by the pivotal year of 2030. This influx of capital is expected to further bolster climate-aligned economic growth and create new avenues for sustainable development.

Moreover, Nigeria is actively collaborating with various United Nations agencies to develop a comprehensive guideline for a just transition towards a fully decarbonised economy. This crucial collaboration ensures that the inevitable shift towards clean energy and climate-resilient solutions is implemented in a manner that leaves no community or economic sector behind, prioritising the creation of green jobs, the development of essential skills, and comprehensive capacity-building initiatives across the nation.

President Tinubu’s overarching strategy underscores a holistic and integrated approach that seamlessly weaves climate action into Nigeria’s broader development agenda, recognising it not as a separate concern but as a fundamental strategic imperative for sustained economic growth and comprehensive national transformation.

By diligently pursuing these comprehensive and interconnected strategies, Nigeria aims not only to effectively address the urgent and pressing challenges posed by climate change but also to unlock significant and lasting economic and social benefits for all its citizens, paving a clear and sustainable pathway towards a resilient, equitable, and prosperous future for generations to come.

Alex Oware is the Regional Director for YP4T

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Navigating the Maze: Solutions for Nigeria’s Flourishing Foodtech Industry

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Diana Tenebe food security challenges in Nigeria

By Diana Tenebe

Nigeria’s foodtech sector holds immense promise to transform our nation’s food production, distribution, and consumption systems. However, this burgeoning industry currently navigates a complex maze of challenges that could significantly hinder its progress.

While innovation and entrepreneurial drive are abundant, a confluence of infrastructural deficits, economic headwinds, technological disparities, and logistical complexities casts a shadow on the sector’s long-term viability.

Understanding and addressing these multifaceted hurdles is paramount for foodtech companies aspiring to thrive and contribute meaningfully to Nigeria’s food security.

One of the most significant impediments to the foodtech sector’s advancement is Nigeria’s persistent infrastructural weaknesses. The unreliable power supply, a well-known constraint for businesses nationwide, directly threatens food preservation, increasing spoilage risks and driving up operational costs for companies reliant on refrigeration and consistent processing.

Similarly, the often-deteriorated state of our road networks complicates logistics and transportation, hindering the efficient movement of goods from farms to consumers and across the supply chain.

Furthermore, limited access to clean water exacerbates operational challenges, particularly for maintaining food processing and hygiene standards. Collectively, these infrastructural shortcomings inflate operational expenses and introduce vulnerabilities throughout the food supply chain.

Economic constraints add another layer of intricacy. Fluctuations in currency exchange rates create instability in pricing and procurement, especially for businesses dealing with imported technologies or ingredients. Persistent inflation erodes consumer purchasing power and increases the cost of essential inputs, squeezing profit margins for startups.

Moreover, limited access to credit and investment capital makes it difficult for emerging foodtech companies to secure the necessary funding to invest in crucial technology, infrastructure, and expansion efforts. This financial constraint can stifle innovation and prevent promising ventures from reaching their full potential.

The digital divide also poses a unique challenge for foodtech companies aiming to leverage online platforms and digital solutions. While mobile phone usage is widespread in Nigeria, disparities in digital literacy and access to reliable internet connectivity can restrict the widespread adoption of online food ordering and delivery services, particularly in rural and underserved communities. This necessitates creative and inclusive strategies to bridge the digital gap and reach a broader consumer base.

Inefficiencies within the supply chain represent a critical bottleneck in the Nigerian food system. Fragmented agricultural supply chains, characterised by numerous intermediaries and a lack of transparency, contribute to alarmingly high post-harvest losses.

Inadequate storage facilities and inefficient transportation infrastructure further compound these issues, leading to significant waste and price volatility. Addressing these systemic weaknesses is crucial for ensuring a stable and affordable food supply for all Nigerians.

Navigating Nigeria’s regulatory landscape can also be a daunting task for foodtech businesses. The presence of multiple regulatory agencies, coupled with often bureaucratic and time-consuming processes for obtaining licenses and permits, can create significant hurdles for startups. Clear, consistent, and streamlined processes within the regulatory framework are essential to foster a more enabling environment for innovation and growth.

Building consumer trust and acceptance for new food technologies requires overcoming inherent skepticism and unfamiliarity. Concerns regarding food safety, quality, and the security of online transactions can hinder the adoption of novel food products and digital platforms. Transparent communication, robust quality control measures, and consistent consumer engagement are vital for building confidence and fostering widespread acceptance.

Finally, a notable talent gap exists within the Nigerian foodtech ecosystem. A shortage of professionals possessing specialised skills in food science, technology, business management, and logistics can limit the growth and innovation capacity of companies in this sector. Addressing this skills deficit through targeted training and development initiatives is crucial for long-term success.

Despite these significant challenges, promising pathways forward can be forged through innovative and context-specific approaches. Investing in localised infrastructure solutions, such as independent power generation and efficient localised logistics networks, can mitigate the impact of broader infrastructural deficiencies.

Exploring diverse funding avenues beyond traditional banking, including angel investors, government grants, crowdfunding, and revenue-based financing, can alleviate financial constraints.

Adapting to the digital divide by leveraging basic mobile technology and employing offline strategies like local agent networks can expand reach and inclusivity. Building resilient supply chains through direct farmer relationships, investing in aggregation centres, and utilising technology for farm management offer tangible solutions to logistical inefficiencies.

Proactive engagement with regulatory bodies and advocating for clearer, more supportive policies are crucial for navigating the regulatory landscape effectively. Building consumer trust necessitates transparent sourcing practices, clear communication about product benefits and safety, and active engagement with consumer feedback.

Finally, investing in talent development through collaborations with educational institutions and in-house training programs can bridge the critical skills gap.

Foodstuff Store is emerging as a business with a clear vision to directly confront several of these challenges. We are actively developing a decentralised network of businesses supported by strategically located distribution hubs across target states. This approach will directly address the limitations imposed by poor road networks, ensuring more localised access to our food products.

Furthermore, the establishment of regional storage facilities, including a state-of-the-art solar-powered cold storage, directly tackles infrastructural deficiencies related to food preservation and ensuring a consistent supply.

Foodstuff Store’s ambition for end-to-end management of the food supply chain, encompassing in-house production, direct sourcing, advanced storage solutions, and efficient distribution, offers a powerful solution to existing supply chain inefficiencies.

This integrated approach promises enhanced quality control, significant reductions in post-harvest losses, and a more reliable supply of both perishable and non-perishable goods for our customers.

Our aspiration to become the “Amazon for Food Products” is a clear and ambitious goal underpinned by a technology-driven approach to all aspects of our operational management. Foodstuff Store’s vision underscores a business model strategically designed to overcome significant hurdles within the Nigerian foodtech sector, offering a beacon of potential and a pathway to a more secure and efficient food system in a challenging yet remarkably promising landscape.

By Diana Tenebe is the Chief Operating Officer of Foodstuff Store

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