NEWS AGENCY OF NIGERIA
Economy/Business

SEC warns social media influencers, bloggers against promoting unregistered schemes

81 total views today
By Ginika Okoye
The Securities and Exchange Commission (SEC) has warned social media influencers and bloggers against promoting unregistered investment schemes.
SEC’s Director-General, Dr Emomotimi Agama, gave the warning in a notice issued on Sunday in Abuja.He said the commission was working closely with the Economic and Financial Crimes Commission (EFCC), the Nigeria Police Force, and other relevant government agencies to investigate and prosecute violators.

According to Agama, the recently enacted Investments and Securities Act (ISA) 2025 specifically targets promoters of unregistered investment schemes.

He urged celebrities, influencers, and bloggers to avoid endorsing such ventures or face legal consequences.

“The law also covers influencers and bloggers who promote fraudulent schemes, with clear penalties, including imprisonment,” Agama stated.

“We are using this opportunity to warn such individuals to immediately desist from promoting unregistered entities.”

He reiterated that SEC had the capacity, expertise, and legal backing to combat ponzi schemes and protect the investing public.

“We have dealt with similar schemes in the past and will continue to do so, leveraging the powers of the ISA 2025 to safeguard investors and develop the capital market,” he added.

Agama cited the recent collapse of CBEX, a digital investment platform accused of defrauding Nigerians of over N1.3 trillion, as a wake-up call.

He described CBEX’s promises of doubling investments within a month and its false claims of global partnerships as clear indicators of fraud.

“The collapse of CBEX underscores the urgency of our crackdown. We are shutting down their operations, and the promoters will face the full weight of the law,” he said.

He urged Nigerians to always verify the authenticity of any investment opportunity with SEC before committing funds, cautioning that “if it sounds too good to be true, it probably is.”

Agama reaffirmed the commission’s commitment to investor protection and market development, encouraging citizens to consult licensed professionals and avoid get-rich-quick schemes.

“The SEC has also established dedicated departments to monitor market activities and conduct inspections aimed at detecting irregularities early.

“These proactive measures are designed to prevent large-scale frauds like CBEX from recurring,” he said.

He concluded by highlighting the significance of the ISA 2025, describing it as a major step forward in securing the Nigerian investment landscape and building a resilient financial market. (NAN)(www.nannews.ng)

Edited by Kevin Okunzuwa
Economy/Business

Easter: FG reaffirms commitment to lasting democracy

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By Diana Omueza

The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, has reiterated the Federal Government’s commitment to delivering lasting dividends of democracy to Nigerians.

Oyetola restated this in his Easter message to Nigerians.

The News Agency of Nigeria (NAN) reports that Easter is a Christian celebration that commemorates the resurrection of Jesus Christ, following the 40-day period of fasting and prayer known as Lent.

In his message, Oyetola stated that Easter should remind Nigerians that after darkness comes light, and after sacrifices, victory follows.

“Easter is a season of deep spiritual significance, a time for sacrifice, renewal, and reaffirmation of hope in the face of trials.

“It is a time to reflect on the values of love, selflessness, and unshakable faith; values that should guide our individual lives, our communities, and our state as a whole,” Oyetola said.

He commended Nigerians for their resilience and unyielding spirit in the face of challenges.

According to him, the administration of President Bola Tinubu remains committed to delivering lasting dividends of democracy through bold economic reforms and inclusive governance.

Oyetola reassured citizens of the government’s commitment to development and welfare, urging them to remain steadfast in faith, hopeful for a better tomorrow, and united in the pursuit of collective progress.

He prayed for peace, progress, and divine grace upon Nigerians, as well as healing for those hurting, strength for the weary, and renewed hope for every home. (NAN)(www.nannews.ng)

Edited by Abiemwense Moru

Economy/Business

Customs export rose to N7.1bn in first quarter – Lilypond Command

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By Aisha Cole

The Nigeria Customs Service (NCS), Lilypond Export Command, says its Nigeria Export Supervision Scheme (NESS) revenue stood at N7.1 billion in the first quarter of 2025.

The Comptroller of Customs (CAC), Lilypond Export Command, Mr Ajibola Odusanya, made this known during a news conference in Lagos.

Odusanya clarified that NESS payments showed a significant rise in first quarter of 2025 when compared to the same period in 2024.

He said that the command recorded N7.1 billion in NESS payment in the first quarter of 2025, compared to N7 billion recorded in the same period of 2024.

He noted that the command recorded a significant export of diverse commodities, including agricultural produce, manufactured goods, solid and extractive minerals, among others.

Odusanya reported that a total of 11,459 containers (both 20ft and 40ft) were handled by the command in first quarter of 2025, which is 5,568 containers higher than the 5,891 containers handled in corresponding period of 2024.

“From the 11,459 containers handled by the command in first qurter of 2025, which were stuffed with agricultural produce, earnings amounted to $596.8 million; $329.9 million was generated from manufactured goods; $50.1 million from solid minerals; and other goods accounted for $87.4 million of trade value handled in first quarter 2025.

“In comparison, agricultural produce handled in the first quarter of 2024 stood at $542.9 million, manufactured goods at $134.6 million, solid minerals at $87.4 million, and other goods handled in the first quarter of 2024 stood at $18.1 million.

“The cumulative export value in the first quarter amounted to $986.4 million, which is 318 per cent higher than the $236.0 million value of export through the command in the first quarter of 2024.

“Comparatively, this shows an increase of $750.3 million, representing over 318 percent improvement in value,” Odusanya said.

He stated that under his leadership, the command had continually improved, with the prospect of attracting more exporters, thereby contributing to the Federal Government’s drive for economic diversification through export.

Odusanya highlighted some Nigerian exporters who were celebrated by the service on Feb. 14, during the formal launch of the Authorised Economic Operator (AEO) scheme.

The Lilypond boss noted that celebrating exporters was a testament to the growth of export in the country, especially those using Lagos ports to ship out their goods.

He reiterated that under the guidance and leadership of the Comptroller General of Customs (CGC) Bashir Adeniyi, the handling of export cargoes had been more efficient, especially with the consolidation of all exports through the Lilypond command.

According to him, the consolidation of the export command had contributed immensely to the rising progress attributed to LEXC activities following the implementation of the CGC’s directives.

Odusanya appreciated all the stakeholders and sister agencies for contributing to the increase in export, adding that they remain committed to ensuring seamless trade facilitation. (NAN)(www.nannews.ng)

Edited by Olawunmi Ashafa

Economy/Business

Fair: Ecobank reaffirms support for SME growth at ‘Oja Oge’ 

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By Taiye Olayemi

Ecobank Nigeria has reaffirmed its commitment to supporting the growth of Small and Medium-scaled Enterprises across various sectors of the economy.

 

 

 

 

Ms Omoboye Odu, Head of SME, Partnerships and Collaboration, Ecobank, made this known on Friday during the second edition of the “Oja Oge” marketplace.

 

 

 

 

The three-day event focuses on supporting SMEs in the fashion, beauty, and lifestyle sectors by providing a platform for business exposure.

 

 

 

 

Odu highlighted the bank’s dedication to SME growth, noting their vital role in driving Nigeria’s economic development.

 

 

 

 

She stated that SMEs contribute over 50 per cent to Nigeria’s GDP and account for about 90 per cent of employment opportunities.

 

 

 

 

“As a financial institution deeply invested in Nigeria’s progress and financial inclusion, we recognise that empowering SMEs is crucial to achieving these goals.

 

 

 

 

“When we say we are the SME solution, we mean it, and Oja Oge is a testament to that commitment,” she noted.

 

 

 

 

Odu said ‘Oja Oge’ allows creative entrepreneurs to reach wider markets, with expected attendance ranging from 5,000 to 10,000 visitors.

 

 

 

 

She added that the bank supports SMEs through webinars and helps them access international markets via platforms like the “Ecobank Trade Hall.”

 

 

 

 

According to her, the fair, which runs until April 20, reflects the bank’s goal of empowering SMEs and enhancing economic progress.

 

 

 

 

Odu highlighted the evolution of Ecobank’s pan-African vision, tracing its roots back to a discussion among African founders who aimed to create a financial institution that truly understood the African context.

 

She drew parallels to the opportunities seen by international investors in Nigeria’s emerging market, emphasising the need for local enterprises to capitalise on the vast potential within the continent and beyond.

 

 

 

 

“Our goal is to be the partner bank that takes the local Asoke seller, the Ankara designer, and propels their businesses from Nigeria to Rwanda, Egypt, Europe and North America,” Odu explained.

 

 

 

 

The event showcases both new and established brands and provides free exhibition spaces for participating vendors. (NAN) (www.nannews.ng)

 

 

Edited by Kamal Tayo Oropo

Economy/Business

LCCI urges govt. on incentivised investments to revive agric, manufacturing sectors

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By Rukayat Moisemhe

The Lagos Chamber of Commerce and Industry (LCCI) has urged government to incentivise investments in the agriculture, agro-processing and manufacturing sectors to reverse the continued weak growths in the sectors.

Mr Gabriel Idahosa, President, LCCI, gave the advice at the Chamber’s Quarterly State of the Economy news conference on Thursday in Lagos.

Idahosa emphasised the need to address factors contributing to the high cost of production, including high inflation, interest rate, volatile exchange rate, and huge infrastructural gaps.

He stated that the real economy and other productive sectors must be well supported to create jobs for the country’s teeming youth population.

He noted that while Nigeria’s inflation rate rose to 24.23 per cent in March 2025 after a consecutive decline in the first two months of the year, food inflation further eased to 21.79 per cent.

Idahosa said that in spite of the decline recorded in food inflation, government must remain focused on boosting food production through ongoing policy reforms.

“We expect government to pay more attention to agricultural production infrastructure, boost food processing potentials, and sustain the fight against insecurity in affected areas.

“With the headline inflation rising again, the hope of seeing a reduction in the interest rate may go dim if the rising inflationary pressures are not controlled.

“With estimated disruptions to global trade becoming a concern to many and a depreciating currency, we may begin to see another phase of unabated rising inflation driven mainly by food, energy, and logistics costs,” he projected.

To improve the country’s ccompetitiveness, the LCCI president urged the Federal Government to develop a model to attract private investment in strategic infrastructural assets.

He also emphasised the need for government’s borrowings to be project-tied.

“Finally, we urge the government to hasten its tax reforms to ensure a more efficient tax system without pain to the citizens and sustainably improve the country’s revenue,” he said.

Addressing the country’s power sector issues, Idahosa noted that businesses and households had continued to suffer under a double whammy of generating their own electricity and paying higher tariffs on electricity.

He called on government to sustain its reforms in the sector through the aggressive metering programme and attract more investment into the renewable energy space.

The LCCI president also stressed the need to create an enabling environment for the states to drive electricity generation in their respective domains.

“Without fixing the power sector to perform at optimal levels, our aspiration to achieve a one trillion dollar economy may remain a dream with no reality.

“We urge government to remain committed to commercial partnerships signed with various renewable energy investors.

“This can be achieved by granting them required licenses, providing a robust and competitive regulatory environment, and driving local content provisions in those energy projects,” he said. (NAN)

Edited by Christiana Fadare

Economy/Business

Momoh, ICSAN seek sustainable devt. in media, creative industry

121 total views today

By Rukayat Moisemhe

The Chairman, Channels Media Group, Dr John Momoh, and the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) have called for sustainable development in the country’s media and creative industry.

They made the call at the ICSAN Creative and Media Industries Workshop on Thursday in Lagos.

Momoh stressed the importance of securing the future of one of Nigeria’s most diverse sector, noting that the creative and media industries were powerful engines of economic growth and national identity.

He said both industries must move from potential and inspiration to institutions, by building a strengthened ecosystem that supported it.

Momoh stated that to spur the business angle of the industries, investment from government and private capital both local and global were critical.

“There must also be policies that protect the sector and young creators with supporting digital, legal and educational infrastructure.

“Sustainable growth begins with people and we must empower the next generations of creatives, equip the youths with not just story telling but design, ethical and governance grounding,” he said.

He stressed that Nigeria must be at the fore front of these emerging technologies by making creativity a national assets against being just a passion.

He also advocated the need to sustainably strengthen media independence and integrity.

“This is a call to action as we declare industries that thrive on public trust as your brand is only as strong as your values,” he said.

President, ICSAN, Mrs Funmi Ekundayo, said the event was to generate ideas on how the country’s creative and media industry could consolidate its gains and maintain its fledgling success on sustainable basis.

Ekundayo noted that Nigeria had witnessed phenomenal growth in the industry.

According to her, a sizeable number of youths used their talents for personal success and to contribute to the Gross Domestic Product of the country.

She stated that opportunities abound in the industry with its wide range of economic activities focused on generating and exploiting knowledge and information for innovation and economic growth.

“According to the PwC Global Entertainment and Media Outlook 2024-28, Nigerian media industry, encompassing film, music, art, entertainment, and content creation sectors, is the fastest-growing creative industry globally.

“Together, the motion picture and music recording industries contributed approximately 154 billion naira (roughly 96 million euros) to Nigeria’s GDP in 2023.

“The industry’s growth has yet to reach its peak, with PwC projecting it will generate $14.8 billion in revenue by the end of 2025,” she said.

Ekundayo said the institute was committed to driving the expansion of the frontiers of knowledge in the creative and media sector to maximise the potential of the country’s talented youths.

She said ICSAN would continually support young people and help channel their creative energy into national productivity pool.

Dr Nosike Agokei, a governance expert, stressed the importance of good corporate governance and ethical practices in promoting and managing successful ventures in the creative and media industries.

Agokei said effective corporate governance system in both industries had many advantages such as stakeholders’ protection, risk mitigation, accountability, compliance and others.

He stated that sensationalism, privacy, and conflicts of interest were all important ethical considerations for the media.

“By avoiding sensationalism, respecting privacy, and being transparent about potential conflicts of interest, the media can uphold high ethical standards and contribute to a well-informed and democratic society,” he said.

Mrs Cheta Nwabuike, Certified Governance Practitioner, said the journey for transforming the country’s creatives and media industry into Environmental, Governance and Sustainability (ESG) compliant ventures must begin.

According to her, businesses and stakeholders within the global creative and media industries were integrating ESG principles into their strategies, operations, and storytelling. (NAN)

Edited by Chinyere Joel-Nwokeoma

Economy/Business

NEPC harps on cluster formation for export development

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By Victor Nwachukwu
The Nigerian Export Promotion Council (NEPC) has underscored the importance of forming product and area-based clusters to boost the development of the export sector.
NEPC’s Executive Director, Mrs Nonye Ayeni, said this at a seminar on non-oil export development held in Owerri.Ayeni spoke on the theme, “Cluster Development for Non-Oil Export Growth in Imo State”.

She was represented by the NEPC Coordinator in Imo, Mr Anthony Ajuruchi.

The executive director highlighted the need for exporters to organise themselves into clusters.

She said that operating in clusters would enhance the export business by enabling better negotiation with potential buyers, not as individuals but as a collective.

According to Ayeni, clusters help diversify market offerings while allowing exporters to specialise in specific products, thereby strengthening the commodity value chain.

“This programme has brought together key players in the export sector of Imo,” she said.

“With dedicated clusters under the state’s One State One Product initiative, products such as oil palm, pineapple, cashew, and cassava can thrive more competitively in the export market.”

The News Agency of Nigeria (NAN) reports that the seminar had over 40 participants, including representatives from the Imo Ministries of Commerce, Trade, and Industry.

Also in attendance were representatives from the Imo Chapter of the National Palm Produce Association and the National Cashew Association of Nigeria (NCAN).  (NAN)(www.manners.ng)

Edited by Kevin Okunzuwa
Economy/Business

Political will key to 24-hour Port operations – Nweke

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By Aisha Cole
Only political will can achieve 24-hour port operations, says a former President of the Nigeria Association of Government Approved Freight Forwarders (NAGAFF), Dr Eugene Nweke.

Nweke stated this in Lagos during the Fifth Town Hall Meeting, organised by JournalNG.

According to him, 24-hour port operations is achievable if the government issues a clear directive to this effect.

He added that a regulatory agency should be assigned to monitor and evaluate port operations for effective supervision.

“When responsibilities are clear, operators are guided. It’s not enough for government to issue orders without monitoring or enforcement,” he said.

Nweke stressed that political will is crucial for Nigeria to realise round-the-clock port activities.

He urged government agencies to treat port transformation as a priority and for stakeholders to see it as essential.

According to him, collaboration among stakeholders is key to achieving full-day port operations.

He said bottlenecks delaying the process must be addressed promptly, with sanctions where necessary.

Nweke added that ports are meant for commercial activity, and proper infrastructure must replace unnecessary human involvement.

He called on the government to upgrade port infrastructure to improve efficiency and user experience.

Also speaking, the Chairman of the Nigeria Ports Consultative Council (NPCC), Mr Bolaji Sumola, said 24-hour port operations are now a necessity.

Sumola said that a strategic approach based on technology, sustainability, and alignment would make Nigerian ports more efficient and secure.

As NPCC Chairman, he reaffirmed his commitment and called on all stakeholders to support the transformation.

However, Assistant Comptroller of Nigeria Customs Service (NCS), Abass Oladepo, said customs already operates a 24-hour system.

Oladepo said the PTML Command had introduced two-hour cargo clearance, with average port clearance under six hours annually.

The town hall meeting, B’Odogwu, was aimed at educating stakeholders about the Customs transformation programme.

Importers were advised to make honest declarations to ensure quicker cargo clearance, possibly within minutes.

Managing Director of ENL Consortium, Mr Mark Walsh, urged Nigerian banks to speed up port-related payments.

He praised the Federal Government and NPA for port modernisation but stressed the need for constant lighting at terminals.

Walsh said proper lighting was crucial for night-time security and to reduce reliance on generators.

Mr Ahmed Ogunsola, General Manager of the Trade Modernisation Project (TMP), urged joint efforts to resolve issues delaying 24-hour operations.

He said TMP works with NCS to build capacity and provide technology for efficient cargo clearance.

Ogunsola affirmed that collaboration among port users makes round-the-clock operations attainable.

He added that TMP had an agreement with the Federal Government to provide 67 scanners, five of which had arrived.

In his opening speech, JournalNG Publisher, Mr Ismail Aniemu, said the forum helped generate policy guidance through stakeholder engagement.

Aniemu said Nigeria must convert its ports into smart ports, with experts ready to support the initiative.

He said that some port users already operate 24 hours, and such efforts must be sustained collectively. (NAN)(www.nannews.ng)

Edited by Kamal Tayo Oropo
From L-R, Managing Director ENL Consortium, Mr Mark Walsh, representative of the Nigeria Ports Authority, the General Manager, Trade Modernization Project, Mr Ahmed Ogunsola and the Assistant Comptroller of Customs, Mr Abass Oladepo during the 5th edition of the Town-Hall meeting on bridging the gaps to actualise 24-hour port operations held in Lagos on Thursday.
Economy/Business

Rector harps on building insurance resilience amid uncertainty

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By Taiye Olayemi

 

Dr Chizoba Ehiogu, Rector of the College of Insurance and Financial Management, has unveiled adaptive strategies to enhance insurance companies’ resilience in times of uncertainty.

 

 

 

Speaking at the 2025 Business Day Insurance Conference on Wednesday in Lagos, Ehiogu stressed the importance of resilience amid weak consumer confidence, persistent inflation, and currency instability.

 

 

 

Addressing the theme, ‘The Business of Insurance: Building Resilience in the Face of Economic Uncertainty’, she urged insurers to explore strategic alliances.

 

 

 

She recommended partnerships with banks, fintech firms, and reinsurers to extend reach, share risks, boost resources, grow market share, and improve credit ratings.

 

 

 

Ehiogu also advised insurance firms to reassess existing portfolios frequently and adjust offerings in line with current economic realities.

 

 

 

“Regularly evaluate products to meet shifting needs. During hardship, offer affordable options to attract cost-conscious customers and boost policy renewals.

 

 

 

“Enhance customer journeys by improving digital interactions and providing personalised services tailored to individual preferences and behaviours,” she said.

 

 

 

She further encouraged the use of data analytics to refine products, improve engagement, foster loyalty, and enhance customer retention.

 

 

 

Ehiogu highlighted the role of human capital and leadership in navigating industry challenges and driving sustainable growth.

 

 

 

She emphasised retaining skilled employees, noting that a motivated workforce is vital for successful adaptation and long-term stability.

 

 

 

“Focus on employee well-being and offer incentives to reduce turnover and maintain essential skills,” she added.

 

 

 

She also stressed the need for resilient leadership capable of managing disruptions and swiftly addressing emerging risks.

 

 

 

“Strong leaders ensure agility, adaptability, and guide strategic responses to enhance market competitiveness,” Ehiogu said.

 

 

 

She recommended attracting top talent in technology and digital innovation through competitive packages and career development opportunities.

 

 

 

On financial performance, Ehiogu noted the importance of sustaining solvency and profitability amid inflation and forex volatility.

 

 

 

“This can be done through strict cost control, especially in claims and administrative processes.

 

 

 

“Streamline operations and use technology to reduce inflationary pressures while supporting profitability and efficiency,” she said.

 

 

 

She added that improving working capital and accelerating cash conversion would also help maintain solvency.

 

 

 

Mr Aminu Tukur, Vice Chairman of Noor Takaful Insurance Ltd., also addressed the event and called for deeper insurance penetration.

 

 

 

He noted that conventional insurance still struggles to reach the grassroots due to trust issues, religious concerns, and affordability challenges. (NAN) (www.nannews.ng)

 

Edited by Kamal Tayo Oropo

Economy/Business

LCCI tasks FG on intensified diplomatic efforts on U.S. tariff impositions

127 total views today

By Rukayat Moisemhe

The Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government to intensify diplomatic efforts through its relevant ministries to address the United States (U.S.) tariff impositions on the country.

Mr Gabriel Idahosa, President, LCCI, gave the advice at a news conference on the chamber’s quarterly state of the economy on Thursday in Lagos.

Idahosa stated the importance of seeking clarity on the rationale for the tariffs and explore pathways for reversal or renegotiation with respect to Nigeria ban on 25 import items from the U.S..

He noted that with escalating tariff wars between the U.S. and the rest of the world, there may soon be higher inflation rates across many economies that were directly affected by the tariffs.

The LCCI president observed that with oil and gas purchases by the U.S. being exempted from the 14 per cent tariff on Nigeria, the economy might record limited impact from the tariffs.

He, however, stated that the tariffs had driven oil prices down, indicating a challenge to Nigeria’s foreign exchange earnings from crude.

“With Trump’s tariffs threatening Nigeria’s N323.96 billion in 2024 non-oil, non-energy exports to the U.S., we believe a strategic, measured, and proactive response from the Nigerian government is imperative.

“Nigeria must reduce overdependence on a few trade partners by expanding bilateral trade agreements with emerging economies in Asia, Latin America, and Africa.

“Intra-African trade under the African Continental Free Trade Area (AfCFTA) should be aggressively promoted,” he said.

Idahosa also urged the Federal Government to incentivise local production and value addition in agriculture, mining, and manufacturing.

He stated that exporting commodities in their primary state must give way to processed finished Nigerian goods that commanded higher global value.

He also recommended an urgent review of Nigeria’s national trade policy to reflect emerging global realities.

According to him, the country’s trade, tax, and customs regimes must be modernised to align with World Trade Organisation (WTO) rules and safeguard Nigerian interests.

Addressing inflation, Idahosa noted that in spite of the rebasing of the Consumer Price Index (CPI), inflation remained significantly high.

He urged government and monetary authorities to intensify efforts at controlling inflation through a mix of fiscal, monetary and trade policies.

He said that with the global oil market facing multiple uncertainties and prices trending downwards, government must develop a fiscal response to address potential revenue gaps in the budget.

Idahosa added that government must address the trajectory of the country’s debt and fiscal indiscipline, particularly on the expenditure side.

Mr Ladi Smith, Vice president, LCCI, urged government on greater attempts to protect the various agricultural zones in the country.

He stressed that government should be encouraged to make greater security in areas that surround the nation’s food baskets to further drive down inflation and impact the populace.(NAN)

Edited by Olawunmi Ashafa

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