Guinness Nigeria Sweeps 7th Edition of The Industry Awards, Named Most Outstanding Company in Sustainability

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22/04/2026

L-R: Olukemi Ogunsakin, Head, Corporate Communications, Sustainability & CSR, Guinness Nigeria Plc; Erere Jakpor, CSR Associate, Guinness Nigeria Plc; Owolawi Omotola, Corporate Communications Specialist, Guinness Nigeria Plc, and Zainab Bakare, Brand Manager, Smirnoff RTS at the 7th Edition of The Industry Awards in Lagos.

Guinness Nigeria Plc, Nigeria’s leading beverage company, solidified its leadership in the manufacturing sector by clinching multiple prestigious awards at the 7th Edition of The Industry Awards, themed “The Year of the Real Sector,” held in Lagos.

The company emerged as one of the most decorated organisations of the evening, winning five awards across corporate sustainability, brand excellence, and leadership categories, reflecting the depth of performance across the business.

Guinness Nigeria was named the Most Outstanding Company in Sustainability 2025/2026, a top-tier honour recognising the company’s commitment to long-term value creation for stakeholders. The award, determined by a jury of distinguished media practitioners, recognises Guinness Nigeria’s significant environmental and social milestones achieved during the 2025 business year.

A key highlight was the achievement of 100% recyclable, reusable, or compostable packaging, marking a significant step in its sustainability journey. The company also continued its investment in water stewardship, expanding access to clean and safe water through the installation of solar-powered boreholes in host communities.

On the social impact front, Guinness Nigeria deepened its over 30-year commitment to eye care in Nigeria, sponsoring 150 cataract surgeries and the equipping of the Guinness Eye Centres at Lagos University Teaching Hospital (LUTH) and Nnamdi Azikiwe University Teaching Hospital (NAUTH).

Beyond corporate sustainability, Guinness Nigeria’s brands and executive talent dominated the night’s categories. Malta Guinness was honoured as the Malt Brand of the Year, recognised for its “Real in Every Way” campaign as a celebration of authenticity and real Nigerian stories that sparked over a million online reactions and reconnected with young consumers through the Trace in the City campus tour.

Smirnoff RTD also clinched the Outstanding RTD Brand of the Year, recognised for its “This is how we chill” campaign, an inclusivity-led platform brought to life through activations across Lagos, Ibadan, and Abuja, and immersive experiences at the Calabar Carnival.

The company’s leadership was also celebrated, with Rotimi Odusola, Corporate Relations and Legal Director, Guinness Nigeria, recognised as the Outstanding Communications Personality of the Year. Head of category, RTS Brands, Oluwaponmile Alabi was also named Marketer of the Year.

Speaking on the recognition, Ramanathan “Ram” Solayappan, Marketing & Innovations Director at Guinness Nigeria, credited the wins to the company’s consumer obsession ethos and disciplined execution. “These awards reflect what happens when an organisation stays close to the people it serves. Every brand honoured today, from Malta Guinness to Smirnoff, earned its place on the strength of the relationship it has built with Nigerian consumers.”

Reflecting on the sustainability recognition, Rotimi Odusola, Corporate Relations and Legal Director, Guinness Nigeria, added:

“This recognition belongs to the communities we operate in as much as it does to our teams. Every milestone, from our packaging transformation to our community investments, is ultimately about leaving Nigeria better than we met it, and continuing to earn the trust of the millions of consumers who choose our brands each day. We are proud of the progress, clear-eyed about the work ahead, and committed to holding ourselves to an even higher standard in the years to come.”

Guinness Nigeria’s performance at this year’s Industry Awards underscores a clear commitment: to keep raising the bar on sustainable manufacturing, consumer obsession, and responsible leadership not as a destination, but as a standard the business intends to set, year on year, in the industry.

CBN Raises Alarm over Cyber Security Hack Attempts

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22/04/2026

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The Central Bank of Nigeria (CBN) wishes to alert members of the public to the circulation of fraudulent messages, emails, and online communications purporting to originate from or be associated with the Bank, which are intended to misinform members of the public.

These fraudulent messages, which prompt recipients to click links, peddle false information about the Bank’s leadership, licensing, and policy issues, and are intended to hack personal accounts. The official website of the Central Bank of Nigeria remains www.cbn.gov.ng. Members of the public are strongly advised to:

Refrain from clicking links or sharing personal information on suspicious websites.
Verify the authenticity of all CBN communications through the official website and recognised media outlets.
Report any suspected fraudulent site, email, or message to law enforcement authorities.

The CBN remains fully committed to safeguarding the Nigerian financial system and continues to strengthen its cybersecurity frameworks in collaboration with relevant agencies to protect the public against digital fraud.

The Nigeria Prize for Literature 2026 Receives 223 Entries

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21/04/2026

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Second from left: Abdul Umar, Manager, Government Relations, representing the GM, External Relations & Sustainable Development, NLNG, hands over the 2026 entries for the Nigeria Prize for Literature to the Advisory Board on Monday in Lagos, as the Chairman of the Advisory Board, Prof. Akachi Adimora-Ezeigbo, receives the entries on behalf of the Board.

The 2026 edition of The Nigeria Prize for Literature has entered the adjudication stage following the formal handover of 223 entries by NLNG to the Advisory Board and panel of judges in Lagos on Monday. The submission volume reflects a strong outing for the poetry category, broadly in line with recent cycles and demonstrating sustained participation from writers. While slightly below some peak years, the figure remains competitive, particularly when viewed alongside recent prose entries, underscoring continued interest in the Prize and reaffirming its significance within Nigeria’s literary landscape.

Speaking at the press conference, the General Manager, External Relations and Sustainable Development, NLNG, Dr. Sophia Horsfall, represented by Abdul Umar, Manager, Government Relations, NLNG, described the handover as the beginning of a rigorous and defining process that will ultimately determine this year’s winning work.

“This marks the start of a process that demands attention, patience, and sound judgement, and will ultimately determine the work that defines this year’s Prize,” she said.

This year’s $100,000 Prize, widely regarded as one of Africa’s most prestigious literary honours, focuses on Poetry. Dr. Horsfall noted that the genre demands precision, depth, and clarity, with expectations shaped by the strong benchmark set in previous cycles, particularly the 2022 edition, which produced a winning work that continues to resonate within contemporary Nigerian literature.

She reaffirmed NLNG’s commitment to sustaining a credible platform that promotes literary excellence and contributes to national development through the arts.

“At NLNG, we have consistently provided a platform that supports excellence and inspires a sustainable future. Beyond recognising talent, the Prize has contributed to the growth of reading culture, encouraged discipline in writing, and strengthened Nigeria’s literary landscape,” she added.

Dr. Horsfall emphasised that the credibility of the Prize lies in the integrity of its adjudication process, which will involve months of detailed reading, evaluation, and deliberation, culminating in a longlist of eleven entries, a shortlist of three, and ultimately, the selection of a winner.

The entries were formally presented to the Advisory Board, chaired by Professor Akachi Adimora-Ezeigbo, who in turn handed them over to the panel of judges for evaluation in line with established standards.

Speaking while receiving the entries, Prof. Adimora-Ezeigbo commended NLNG for its continued dedication to the Prize, noting that each edition reflects the evolving depth and diversity of Nigerian writing across genres.

She also acknowledged the writers whose submissions continue to sustain the Prize’s relevance and impact and urged the panel of judges to demonstrate the highest level of professionalism and depth in selecting the winning entry.

The Nigeria Prize for Literature, sponsored annually by NLNG, remains a flagship initiative in the company’s commitment to education, culture, and sustainable development, and continues to serve as a benchmark for literary excellence in Africa.

Stanbic IBTC Leads High-Level Trade, Finance Engagements at Global Trade Review West Africa 2026

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21/04/2026

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Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has been confirmed as the platinum sponsor of the highly anticipated GTR West Africa 2026 conference, taking place on 22 and 23 April, at the Eko Convention Centre in Lagos.

This landmark event brings together over 400 senior trade and finance professionals for two days of insightful discussions, networking, and innovation, tailored to enhance trade growth across West Africa.

Now firmly established as the most influential annual gathering for trade finance professionals in the region, GTR West Africa 2026 marks its 17th year and arrives at a defining moment.

The conference takes place at a time of improving economic conditions across the region; creating renewed opportunities for trade‑led growth.

Eric Fajemisin, Executive Director, Corporate & Transaction Banking, Stanbic IBTC Bank, highlighted, “West Africa’s trade finance market is at a turning point. Improving macroeconomic fundamentals, an increasing demand for structured and digital trade finance solutions, and a renewed global focus on African markets have created a need for bold, coordinated action. Stanbic IBTC Bank is proud to be at the forefront of this conversation as the lead sponsor of GTR West Africa 2026. Our commitment extends beyond the conference; it represents a broader ambition to build a deeper, more resilient, and more inclusive trade finance ecosystem that will empower the next generation of West African commerce.”

In the face of global geopolitical uncertainties, evolving trade alliances, and increasing tariff pressures, the conference theme, “Financing Growth in West Africa’s Trade Epicentre,” underscores the urgent need for strategic resilience among regional trade actors. The agenda will delve into key critical themes shaping the trade landscape in West Africa, including export diversification, infrastructure financing, supply chain finance, digital trade, and the evolution of structured trade finance in the commodities sector.

Featured speakers from Stanbic IBTC include Seun Ogundolapo, Head of Trade – Transaction Banking, who is expected to share practical perspectives on structuring trade finance to support imports, exports, working capital, and risk management.

Also speaking at the event is Sreenivas Alagonda, Chief Financial Officer, Robust International Commodities, a client of Stanbic IBTC Bank; who will be bringing a real economy borrower perspective on commodity trade execution; including what businesses need from banking partners across financing, documentation, and transaction risk control.

Jesuseun Fatoyinbo, Head, Transaction Banking, Stanbic IBTC Bank, stated, “Participating in GTR West Africa 2026 represents a crucial opportunity for us to connect with leading trade finance experts and stakeholders in the region. As we navigate the evolving trade landscape, our aim at Stanbic IBTC Bank is to promote collaboration and innovation that will foster sustainable growth in West Africa. We view this conference as an essential platform for sharing insights and exploring solutions that will empower businesses and strengthen the regional economy.”

GTR West Africa 2026 will provide participants with extensive networking opportunities, enabling engagement with industry peers, experts, and decision‑makers across the trade and finance ecosystem.

With a diverse range of experts and stakeholders in attendance, this event promises to be a valuable platform for expanding professional networks and fostering business relationships.

Stanbic IBTC’s sponsorship reflects its strategic commitment to elevating trade and finance capacity across Nigeria and the wider West African region, consistent with its mandate as a key enabler of trade, investment, and economic transformation on the continent.

Beyond Digital: Why Nigerian Banks, Corporates Still Bet Big on Print Media Advertisements

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21/04/2026

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P + Measurement Services Nigeria’s leading independent media intelligence consultancy, has released its Q1 2026 Print Media Advertising & Placement Audit, reaffirming the continued relevance, credibility, and strategic value of print media in Nigeria’s evolving information ecosystem.

At a time when early digital narratives predicted the decline of print, the findings show a different reality. Print media has not lost relevance. Instead, it has evolved into a trusted, high-impact channel that complements digital platforms, particularly for corporate communication, regulatory visibility, and premium brand positioning.

Drawing insights from approximately 1,800 print publications across daily, weekly, and monthly titles, the report analysed advertising activity across 29 commercial banks, 4 telecommunications operators, and 14 insurance companies, focusing on advert placements, spend, platform preference, and front-page positioning.

The report is also structured for strong digital indexing, ensuring that when referenced brands are searched in relation to media visibility, advertising spend, and market positioning, this analysis remains a key reference point within Nigeria’s media and communications landscape.

Banking Sector: High Spend, Strategic Placement, and Intense Competition

The banking sector recorded the highest level of print media activity in Q1 2026, reflecting its continued reliance on traditional media for credibility and stakeholder communication.

Out of 29 commercial banks monitored, 18 were active advertisers, delivering 1,260 advert placements with a total spend of ₦1.28 billion.

Market activity remains highly concentrated. Zenith Bank led advert placements with 38%, followed by Access Bank (14%), UBA (12%), and GTBank (10%), collectively accounting for the majority of sector visibility. Mid-tier players such as Polaris Bank (9%) and FirstBank (5%) maintained moderate presence, while Stanbic IBTC Bank and Fidelity Bank (4% each) recorded steady but limited activity. FCMB and Wema Bank (2% each) lagged in share of voice.

Front-page competition further highlights strategic intent. Access Bank led with 42%, followed by Zenith Bank (37%) and Stanbic IBTC Bank (21%), indicating a deliberate push toward premium visibility.

In terms of spend, Zenith Bank accounted for 39%, followed by Access Bank (20%), GTBank (11%), and Polaris Bank (10%). Notably, UBA’s 8% spend relative to 12% placement share suggests a more cost-efficient media buying strategy, while Access Bank’s higher spend reflects premium positioning.

Platform dominance remains evident, with ThisDay accounting for 58% of placements, followed by BusinessDay (13%), Leadership (12%), Daily Trust (10%), and The Punch (7%).

Industry Insight:
In banking, visibility is not just a function of spend, but of placement quality. Front-page positioning and premium platforms continue to shape perceived authority and credibility.

Telecommunications Sector: Low Activity, Single-Brand Dominance

The telecommunications sector presented a sharply different picture, defined by low participation and high concentration.

Out of 4 telecom operators monitored, only 2 were active, generating 58 advert placements and a total spend of ₦93.29 million.

Globacom dominated with 81% of placements, while MTN Nigeria accounted for 19%, with other operators inactive. This dominance extended to premium visibility, with Globacom securing 100% of front-page placements.

Advert spend reinforces this control, with Globacom contributing 90% of total spend compared to MTN’s 10%.

Platform preference was similarly concentrated, with ThisDay capturing 82% of placements, significantly ahead of other publications.

Industry Insight:
The telecom sector demonstrates that sustained investment by a single player can effectively control media narrative and limit competitive visibility.

Insurance Sector: Low Spend, Limited Competition, Minimal Premium Positioning

The insurance sector recorded the lowest level of print media activity among the three sectors analysed.

Out of 14 insurance brands monitored, only 2 were active, generating 35 advert placements and total spend of ₦15.81 million.

Leadway Assurance dominated with 88% of placements, while SanlamAllianz Nigeria accounted for 12%. Notably, no front-page placements were recorded, indicating limited investment in premium visibility.

In terms of spend, Leadway contributed 75%, while SanlamAllianz accounted for 25%.

Unlike banking and telecoms, platform preference was more fragmented, led by The Punch (22%), followed by Vanguard (17%), with the remainder spread across multiple publications.

Industry Insight:
The sector reflects low competitive pressure, with limited strategic investment in high-impact media positioning, suggesting untapped opportunity for differentiation.

Print Media: Still Relevant, Still Trusted, Still Strategic

The report reinforces that print media remains a critical channel for corporate Nigeria, not in opposition to digital platforms, but as part of a broader, integrated communication strategy.

While social media has expanded access to information, it has not replaced the credibility, structure, and authority associated with print publications. Instead, it has created more options for consumption, allowing print to retain its position as a trusted source for business, policy, and corporate communication.

Importantly, the findings also highlight that advert placement does not automatically translate to higher reach or impact. Media platform quality, audience profile, and placement positioning remain key determinants of effectiveness.

Data, Decisions and the Future of Media Investment

Commenting on the report, Tumininu Balogun, Senior Analyst at P+ Measurement Services, stated:

“For over a decade, we have remained at the forefront of media intelligence in Nigeria, supporting PR and communications professionals with reliable data and actionable insight. Our goal is simple, to ensure that decision-making is driven by evidence, not assumptions.”

She added, “This report is not just about who spent the most. It is about helping brands understand where to invest, how to position, and why platform quality matters as much as budget. In today’s environment, visibility without strategy is simply noise.”

About P+ Measurement Services

P+ Measurement Services is a leading independent media intelligence consultancy and a member of the International Association for the Measurement and Evaluation of Communication (AMEC).

The firm provides media monitoring, advertising audit, reputation analysis, and performance evaluation services, supporting brands, public institutions, and PR consultancies with the insights required to make data-driven communication decisions.

BUA Foods MD Highlights Real Sector Transformation as Key to Nigeria’s Economic Future

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21/04/2026

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BUA Foods Plc has been recognised as the Outstanding Consumer Goods (Foods) Company of the Year at the 2026 Industry Award Night organised by The Industry Newspaper. The event, held in Lagos, brought together leading voices from across Nigeria’s industrial and business landscape.

According to the award panel, the company was recognised for “its impactful presence in Nigeria’s food industry, driving food security and delivering quality products to Nigerians,” underscoring BUA Foods’ sustained commitment to scale, operational excellence, and nationwide accessibility of essential food products.

This recognition comes amid a series of strong corporate milestones. BUA Foods closed 2025 as the most capitalised company on the Nigerian Exchange, reflecting growing investor confidence. Its audited full-year financial results also showed robust revenue growth and a significant increase in profitability, driven by efficiency gains and strong market demand.

Beyond financial performance, the company continues to play a critical role in advancing Nigeria’s food security agenda. Through its backward integration programme, LASUCO Sugar Company, BUA Foods is contributing meaningfully to Nigeria’s drive for sugar self-sufficiency while strengthening local production capacity.

Providing broader context on BUA Foods’ role in driving real sector transformation, the Managing Director, Engr. Ayodele Abioye, earlier delivered a keynote address at the Industry Summit, where he emphasised the urgent need to reposition Nigeria’s economy around value creation.

Speaking on the theme “Unlocking Value: BUA Foods’ Role in Transforming Nigeria’s Real Sector through Innovation and Sustainability,” he noted that long-term economic growth cannot be sustained on consumption alone. “The future of Nigeria’s economy will be determined by how effectively we produce, not just how much we consume,” he stated.

Engr. Abioye highlighted that while the non-oil sector accounts for over 96 % of Nigeria’s GDP, growth has remained uneven, pointing to the need for deeper investments in agriculture and manufacturing. He stressed that sustainable growth must be anchored in productivity, industrial capacity, and value addition. Using BUA Foods as a case study, he revealed that the company has increased its production capacity by over 40% in recent years and is on track to deliver an additional 55% expansion.

According to him, this scale is critical to improving food availability, reducing import dependence, and strengthening national food security.

He further noted the company’s role in inclusive development, with thousands of smallholder farmers integrated into its value chain through structured partnerships. BUA Foods has also created over 3,000 direct jobs and supports more than 10,000 participants across its supply chain nationwide.

Despite these gains, Engr. Abioye acknowledged persistent structural challenges, including infrastructure deficits, inconsistent policy implementation, and limited access to long-term financing. “Addressing these constraints requires deliberate alignment between policy, capital, and execution,” he said. “We must invest at scale in local processing, strengthen value-chain integration, and build globally competitive industrial platforms.”

He also recognised recent government reforms in agriculture, trade, and industrial policy as positive signals, while emphasising that sustained coordination and effective execution will determine their long-term impact. “At BUA Foods, we are not just producing food,” he added. “We are building systems, enabling productivity, and demonstrating that Nigeria can compete at scale in critical sectors.”

In his opening remarks, Goddie Efosa, convener of the summit and publisher of The Industry Newspaper, reinforced the importance of sustained collaboration between policymakers and industry leaders to accelerate Nigeria’s industrialisation.

As Nigeria navigates an increasingly complex economic landscape, BUA Foods’ recognition and expansion trajectory signal growing private sector confidence in the real economy—while reinforcing the broader imperative for coordinated action to unlock productivity, scale, and long-term national value.

Bank of Industry Signs Strategic Partnership with RMRDC to Foster Agric Value-Chain Growth

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20/04/2026

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Managing Director and Chief Executive Officer of the Bank of Industry (BOI), Dr. Olasupo Olusi (left), and Director General/CEO, Raw Materials Research Development Council (RMRDC), Prof. Nnanyelugo Martin Ike-Muonso, signing the Memorandum of Understanding (MoU) between BOI and the council at BOI Headquarters in Lagos.

Bank of Industry (BOI), Nigeria’s foremost Development finance institution and the Raw Materials Research and Development Council (RMRDC) have sealed a strategic partnership agreement to strengthen Nigeria’s agricultural value-chain and boost country’s Gross Domestic Product (GDP) value.

The agreement was formalised on Friday, April 17, 2026 with the signing of a Memorandum of Understanding (MoU) between both organisations.

The agreement was the culmination of extensive engagements between key stakeholders of both institutions and seeks to enhance the value addition of key agricultural commodities and raw materials, addressing challenges in critical areas such as value chain development, harvesting, post-harvest losses, seedlings, cultivation, storage, processing, packaging, logistics, and marketing.

The initiative aligns with BOI’s mission to boost the Nigerian economy, entrench national goals of reducing post-harvest losses, drive promotion of import substitution, improve the nation’s GDP, enhance wealth sustainability through job creation, and foster entrepreneurship and industrial capacity in the country.

To ensure the sustainability of the MoU, BOI has established a Joint Steering Committee to oversee the implementation of the objectives which include: the development of a comprehensive strategy for minerals value-chain, agricultural value-chain development, covering seed development, cultivation, post-harvest management, processing, packaging, and market access, and facilitate the adoption and scaling of RMRDC’s locally developed machinery for raw materials value-chain development.

To address the challenges of post-harvest losses, the agreement ensures the development of a framework that improves storage, processing, logistics, and undertakes joint feasibility studies and pilot projects for key commodities such as onions, cassava, kenaf, leather, kaolin, and other industrial raw materials.

Speaking at the signing of the MoU, the Managing Director/CEO of Bank of Industry, Dr. Olasupo Olusi said, “This partnership brings together two institutions with complementary strengths: RMRDC’s deep expertise in raw materials research and development, and BOI’s capacity to translate viable projects into financed, executable industrial investments. Together, we can do what each institution cannot do as effectively on its own. We can convert research into bankable projects that add value, create jobs, and retain wealth within our economy.

“In practical terms, this means identifying and developing raw material-based opportunities across agro-processing, solid minerals, and industrial inputs, and channeling BOI financing to the entrepreneurs and enterprises ready to process local resources into finished and semi-finished goods. Nigeria’s raw materials should not be leaving our shores as commodities. They should be leaving as products.

“At BOI, we are ready. Ready to co-identify opportunities, structure financing, and support the enterprises that will turn this framework into concrete industrial outcomes. Let this be the beginning of a collaboration that Nigerians will feel, in the factories that open, the jobs that are created, and the value that stays here at home.”

In his remarks, the Director General/CEO, Raw Materials Research Development Council (RMRDC), Prof. Nnanyelugo Martin Ike-Muonso, said, “We, at the Raw Material Research and Development Council, deeply appreciate this relationship, and we are thrilled to initiate the formalisation process. We are uniting on key aspects, primarily focusing on value exchange development and promoting the advancement of process technologies. These elements serve as the foundation for industrialisation, the creation of prosperity, and the generation of employment, along with all the indicators that guarantee that people live the kind of lives that they deserve.

“The future, the prosperity, the happiness of this country, partially lies in your hands (BOI). So, by accepting to work with us to finance this, we are very grateful. We are also grateful that you’re taking us in to work together in co-designing, in co-sharing, data sharing, co-service programmess, and joint implementation of these programmes, as well as joint efforts on advocacy. So, by coming up strongly to say you are going to finance and work with us on this, it gives hope, and then it gives hope to the country and all the people who believe that this project will work.”

About BOI

The Bank of Industry (BOI) is Nigeria’s leading development finance institution, established in 1959 and reconstituted in 2001 to drive industrial growth and inclusive economic development. The Bank provides long-term financing and advisory support to enterprises across key sectors, strengthening local production, value chains and job creation.

Between 2023 and 2025, BOI supported over 1 million enterprises and disbursed more than ₦1.27 trillion to businesses nationwide, helping to expand productive capacity and improve access to finance for underserved segments of the economy.

Through its nationwide footprint and strong international partnerships, BOI continues to play a central role in accelerating sustainable private-sector-led growth and economic diversification in Nigeria.

About RMRDC

The Raw Materials Research and Development Council (RMRDC) is a pivotal Nigerian government agency under the Federal Ministry of Innovation, Science and Technology. RMRDC focus on promoting the development and optimal utilisation of Nigeria’s vast industrial raw materials, fostering sustainable industrial growth.

CBN, FMDA Unveil Nigerian Overnight Financing Rate as New Money Market Benchmark

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20/04/2026

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The Central Bank of Nigeria (CBN), in collaboration with the Financial Markets Dealers Association (FMDA), today announced the introduction of the Nigerian Overnight Financing Rate (NOFR), a standardised benchmark aimed at enhancing transparency, strengthening monetary policy transmission, and deepening Nigeria’s money market.

NOFR was developed to align Nigeria with global best practices in short-term interest rate benchmarks. It is expected to improve price discovery and transparency while promoting consistent pricing of money market instruments. It will enhance the effectiveness of monetary policy, support financial innovation, boost investor confidence, and strengthen risk management across the financial system.

The introduction of NOFR positions Nigeria alongside leading global benchmarks such as SOFR (United States), SONIA (United Kingdom), €STR (Eurozone), and TONA (Japan).

It also complements African benchmarks such as JIBAR (South Africa). Following a stakeholder engagement session held on February 27, 2026, where market participants formally adopted the benchmark, and subsequent regulatory approval, NOFR is now in use, with the CBN serving as the benchmark administrator. The Bank will ensure governance, transparency, and regular publication of the rate.

Mutual Benefits Customer to Nigerians: Embrace Insurance Because it Works

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20/04/2026

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A customer of Mutual Benefits Assurance Plc, Mr. Abdelhamid Abdelrahman of RAP Building Solutions Limited, has praised the company for its prompt claims settlement and responsive customer service, describing his experience as proof that insurance works when handled by a reliable provider.

Speaking in a testimonial shared by the company, Abdelrahman said he chose Mutual Benefits for his vehicle insurance because of the company’s longstanding reputation and visible presence within his business environment.

According to him, proximity to one of the company’s offices in Lagos, also made it easier for him to engage directly with the brand and subscribe to its services. He noted that he has remained with the insurer for the past four years.

He said: “I had my doubts at some point, thinking that because they are one of the oldest insurance companies, perhaps their service might not be as efficient. But when I had a vehicle claim in 2023, it was processed in no time.”

He added that subsequent claims involving other vehicles in his fleet were handled just as efficiently, further strengthening his confidence in the company.

“Since then, I have felt that whenever I have a vehicle, I will always subscribe to their packages and services. Mutual Benefits may be one of the oldest, but they are still one of the most responsive insurance companies in Nigeria. Their response to customers’ questions and feedback is very fast. I have no regrets partnering with them,” he stated.

Abdelrahman also used the opportunity to encourage Nigerians who remain sceptical about insurance to reconsider their views.

“Many people believe insurance does not work in Nigeria, but it does. When the time comes to make a claim and it is handled smoothly, then you know insurance truly works,” he said.

Industry experts have repeatedly noted that prompt claims settlement remains one of the strongest indicators of trust and credibility in the insurance sector.

According to analysts, customers are more likely to retain policies, renew coverage and recommend insurers when claims are paid quickly and transparently.

They explain that efficient claims management not only provides financial relief during difficult times but also helps improve public perception of insurance as a dependable financial safety net. In markets where scepticism exists, real customer experiences and timely claims payments often play a critical role in driving adoption.

Mutual Benefits Assurance Plc has consistently positioned prompt claims settlement as a core part of its customer promise, with billions of naira paid out monthly across life and general insurance categories.

As economic uncertainties continue to heighten the need for financial protection, stakeholders say insurers that deliver swift and seamless claims experiences are likely to enjoy stronger customer loyalty and wider market acceptance.

Guinness Nigeria: N1tn Market Capitalisation Signals Strong Investor Confidence, Sustained Value Creation

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17/04/2026

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Guinness Nigeria Plc has achieved a landmark milestone, surpassing the ₦1 trillion mark in market capitalisation on the Nigerian Exchange (NGX), underscoring strong investor confidence and a sustained track record of value creation.

As of April 10, 2026, the company’s market capitalisation stood at approximately ₦1.01 trillion, with an enterprise value of ₦1.05 trillion. This milestone reflects a significant re-rating of the business by the market, driven by improved fundamentals and a renewed growth trajectory.

This achievement caps a remarkable 18-month period during which the company has delivered substantial improvements in shareholder value. As of April 12, 2026, Guinness Nigeria’s share price closed at ₦462.90, reflecting strong upward momentum and sustained investor confidence in the company’s strategic direction and performance outlook.

The company’s latest audited financial results for the 18-month period, ended 31 December 2025, further underscore this transformation. Guinness Nigeria delivered revenue of ₦730.80 billion, while gross profit rose by 152% to ₦230.48 billion, demonstrating strong margin expansion and improved operational efficiency.

In a significant turnaround, the company recorded a net profit after tax of ₦41.16 billion, recovering from a loss position in the prior period. This return to profitability highlights the success of ongoing transformation efforts and reinforces the company’s commitment to delivering sustainable, long-term value for shareholders.

The reporting period reflects a pivotal phase in the company’s evolution, including its transition to a new financial year-end of 31 December and its first full audited reporting cycle under its current ownership structure, laying a stronger foundation for future growth.

Commenting on the milestone, Prof. Fabian Ajogwu, SAN, Chairman of the Board said:

“This is a defining moment for Guinness Nigeria and a strong validation of the strategic direction we are pursuing. Crossing the ₦1 trillion market capitalisation threshold reflects the resilience of our business, the strength of our brands, and the renewed confidence of the investment community in our long-term prospects. We remain committed to disciplined governance, sustainable growth, and long-term value creation for all stakeholders.”

Over the period, the company has driven performance through revenue growth, portfolio optimisation, cost discipline, and expanded route-to-market capabilities. These efforts have been complemented by a sharpened focus on innovation, premiumisation, and consumer-centric strategies, reinforcing its leadership in Nigeria’s beverage alcohol sector.

Guinness Nigeria has also continued to strengthen its balance sheet, embed sustainability into its operations, and uphold strong corporate governance standards, while maintaining its commitment to responsible consumption and positive community impact.

Looking ahead, the company remains focused on accelerating growth through consumer obsession, portfolio expansion, and continued innovation, while maintaining a disciplined approach to capital allocation and shareholder returns.

About Guinness Nigeria Plc

Guinness Nigeria is the foremost Total Beverage Alcohol company in Nigeria with a wide portfolio of brands catering to consumers of non-alcohol and alcohol beverages including Malts, Ready-to-Drinks, Spirits, Stout & Beers. Some of its well-known and well-respected brands include, Guinness Foreign Extra Stout, Guinness Smooth, Malta Guinness, Orijin Bitters, Dubic Malt, Gordons Pink Berry, Gordons Orange Sunset, Smirnoff Ice, Smirnoff X1 Choco Vodka, Smirnoff Pineapple Punch, amongst others.

With a very clear ambition – “To become greatly treasured by all its stakeholders as Nigeria’s premier and most celebrated Total Beverage Company”, Guinness Nigeria delivers on its commitment to sustainability and responsibility through three focus areas: Environmental Stewardship, Promoting Responsible Drinking and Positive Community Impact. The company continues to be a champion for responsible drinking and community development.

Stanbic IBTC Asset Management Bags Top Asset Management Award 2026 by Global Banking & Finance Review

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17/04/2026

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In a noteworthy achievement in Nigeria’s asset management landscape, Stanbic IBTC Asset Management, a subsidiary of Stanbic IBTC Holdings, has been named Best Asset Management Company in Nigeria for 2026 by Global Banking & Finance Review.

This prestigious recognition, celebrated at the 2026 Global Banking & Finance Review Awards, underscores the firm’s exemplary performance, robust governance standards, and steadfast commitment to delivering consistent value to investors.

Stanbic IBTC Asset Management has consistently set a benchmark for excellence in fund management, earning the trust of an increasingly discerning investor base. Even amid persistent market volatility and dynamic macroeconomic conditions, the firm has demonstrated resilience and innovation, ensuring that elevated expectations are not only met but exceeded.

The Global Banking & Finance Review’s judging panel evaluates nominees with rigorous criteria, focusing on key performance metrics such as fund performance sustainability, product innovation, governance quality, risk management, and the depth of client relationships. Stanbic IBTC Asset Management exceeded these benchmarks, distinguishing itself from competitors within the industry.

The firm has developed a comprehensive product portfolio designed to adapt to varying market conditions. Serving a diverse clientele, including retail investors, institutions, and high-net-worth individuals, it offers mutual funds, structured products, and tailored portfolio management services.

What truly distinguishes Stanbic IBTC Asset Management is not only the breadth of its offerings, but also its deep understanding of the market and continued investment in innovation, ensuring that clients consistently benefit from solutions aligned with their evolving needs.

Busola Jejelowo, Chief Executive of Stanbic IBTC Asset Management, highlighted the importance of this recognition by extending heartfelt appreciation to clients and staff.

She noted: “This award is a testament to the trust our clients continue to place in us and the dedication of our people who make it possible. We are deeply grateful for the support and patronage of our clients, and equally proud of our team, whose commitment and expertise drive every success. Together, we remain focused on delivering value and safeguarding the financial futures entrusted to us.”

In addition to its commitment to performance, the firm continues to invest in enhancing client experience through digital onboarding, real-time reporting, and transparent communication. These initiatives reflect Stanbic IBTC Asset Management’s dedication to making its services more accessible and easier to understand for investors at every stage of their journey.

The firm’s goals extend beyond just managing individual portfolios. Through ongoing investments in financial literacy and investor education, Stanbic IBTC Asset Management aims to cultivate a more informed investing public, thereby contributing to the long-term health of the market.

As Stanbic IBTC Asset Management celebrates this significant achievement, it remains focused on maintaining high standards and fulfilling its commitment to clients in an ever-evolving financial landscape.

Stanbic IBTC Asset Management Limited is registered and regulated by the Securities and Exchange Commission, Nigeria as a Fund/Portfolio Manager.

Tinubu Assents to N68.32tn Appropriation Bill, 2025 Budget Extension

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Business Journal

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17/04/2026

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President Bola Ahmed Tinubu has assented to the 2026 Appropriation Bill, which provides for an aggregate expenditure of ₦68.32 trillion. He has also signed the bill extending the implementation period for the 2025 budget from March 31, 2026, to June 30, 2026.

The N68.32 trillion budget for this year earmarks N4.799 trillion for statutory transfers and N15.8 trillion for debt service.

It allocates N15.4 trillion to recurrent expenditure and N32.2 trillion to the Development Fund for Capital Expenditure.

With capital expenditure accounting for about 50 per cent, the 2026 budget underscores the administration’s continued commitment to economic stability, national security, infrastructure development, and inclusive growth.

The allocations reflect a strategic balance between statutory obligations, debt servicing, recurrent expenditure, and capital investments critical to driving productivity and improving the quality of life for Nigerians.

Additionally, the President has assented to the Appropriation (Repeal and Enactment) (Amendment) Bill, 2026, which extends the implementation period of the capital component of the 2025 Appropriation Act from March 31, 2026, to June 30, 2026.

The extension will ensure the full and effective utilisation of appropriated funds, particularly for critical infrastructure and development projects that are at advanced stages of implementation across the country.

It will enable Ministries, Departments, and Agencies (MDAs) to consolidate ongoing works, enhance project completion rates, and maximise value for public expenditure.

With the 2026 Appropriation Act coming into force on April 1, the Federal Government will commence full implementation in line with the Renewed Hope Agenda.

President Tinubu directed MDAs to ensure disciplined, transparent, and efficient utilisation of allocated resources, with a strong emphasis on value for money and timely project delivery.

He commended the leadership and members of the National Assembly for their diligence, cooperation, and patriotism in expeditiously considering and passing the budget.

The President reaffirmed the importance of sustained collaboration between the Executive and Legislative arms of government in advancing national development objectives.

He further assured Nigerians of his administration’s resolve to deepen fiscal reforms, enhance revenue generation, and prioritise investments that will stimulate economic growth, create jobs, and strengthen social protection mechanisms.

Nationwide Voting Platform Empowers Consumers to Rate Brands, Public Institutions Based on Real Value, Trust, Service Delivery

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Business Journal

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16/04/2026

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https://consumervalue.vercel.app/nominate

In a bold step to deepen consumer voice and accountability across both private and public sectors, BrandXchange the organisers of the Consumers Value Awards have announced the official launch of the 5th edition with a groundbreaking theme: “Beyond Satisfaction: Redefining Consumer Value in a New Economy.”

Scheduled to hold on September 23, 2026, this year’s edition introduces a Consumer & Citizen Value Scorecard, a nationwide voting platform that places the power of evaluation directly in the hands of consumers.

Speaking on the theme, the Convener, Akonte Ekine, noted that the concept of consumer satisfaction is no longer sufficient in today’s economic climate.

“For too long, satisfaction has been the benchmark. But in reality, many consumers who are ‘satisfied’ still feel overcharged, underserved, or unheard. This year, we are going beyond satisfaction to focus on what truly matters—real value. Value in pricing, value in service, and value in trust,” he said.

He further explained that the introduction of the Consumer & Citizen Value Scorecard marks a significant evolution of the Awards into a data-driven, people-powered evaluation system.

“Through this Scorecard, Consumers will not just vote—they will assess. They will tell us which brands deliver fair value and which public institutions are truly serving the people. This is about giving consumers and citizens a structured voice that drives recognition and accountability,” Ekine added.

Unlike traditional award systems driven by panels or jury decisions, the Consumers Value Awards remain strictly based on consumer voting, ensuring that winners emerge from real-life experiences and public perception.

The 2026 edition expands its scope to include public sector institutions, reinforcing the idea that citizens are not only customers of brands but also consumers of government services.

“From banking halls to public hospitals, from telecom services to regulatory agencies, Nigerians interact with systems every day. This initiative ensures that both brands and institutions are held to the same standard—delivering value in a challenging economy,” he stated.

The voting process will measure key indicators such as:

Value for money
Trust and transparency
Service delivery quality
Responsiveness to consumer needs
Accessibility and inclusiveness

Insights from the voting process will culminate in a Consumer & Citizen Value Index, offering one of the most comprehensive snapshots of consumer sentiment.

The organisers believe the initiative will not only celebrate excellence but also drive improved performance, strengthen consumer trust, and encourage responsible service delivery across sectors.

Voting is expected to commence in June 2026, with nominations open to the general public via www.consumersvalueawards.com.

About Consumers Value Awards
The Consumers Value Awards is a leading consumer-focused recognition platform dedicated to celebrating brands and institutions that deliver exceptional value to consumers.

Now in its 5th edition, the Awards continue to evolve as a credible voice for consumer advocacy, trust, and accountability.

PenOp Appoints Anthonia Okoro as Chief Executive Officer

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Business Journal

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16/04/2026

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Pension Fund Operators Association of Nigeria is pleased to announce the appointment of Anthonia Ifeanyi Okoro as its Chief Executive Officer, effective March 30, 2026. She succeeds Oguche Agudah who led the organisation for six years with dedication and impact.

Anthonia brings to the role a wealth of cross-sector experiences spanning both the public and private sectors, with deep expertise in strategy execution, sectorial and organisational transformation, and large-scale programme delivery. She has a proven track record of leading and embedding multi-organisational portfolios, driving growth, alignment, efficiency, and performance across diverse stakeholder groups.

Over the course of her career, she has successfully executed complex projects, programmes, portfolios and change management initiatives valued at up to £5 billion, working with the UK Government and the City of London.

Her ability to navigate complex systems and deliver measurable outcomes at scale with diverse and influential stakeholders, are critical to the evolving needs of the Nigerian Pension Industry and critical to the strategic role PenOp plays.

In addition to her executive experience, Anthonia has served as a Director and Governor on the boards of several charities in the United Kingdom, demonstrating her strong commitment to governance, transformation, social impact, and sustainable development.

About PenOp

Pension Fund Operators Association of Nigeria (PenOp) is an independent, non-governmental, non-political and non-profit making body.

PenOp was established to promote the operations of the pension industry, provide for self-regulation and ensure that international best practices relating to the industry are observed by the operators registered in Nigeria.

It is the umbrella association for all the Licensed Pension Fund Custodians, Pension Fund Administrators and Closed Pension Fund Administrators (PFCs, PFAs and CPFAs) operating in Nigeria.

RMRDC DG, Nnanyelugo Ike-Muonso, to Deliver 10th Bullion Lecture April 23

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Business Journal

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16/04/2026

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Professor Nnanyelugo Ike-Muonso, Director General/Chief Executive of Raw Materials Research and Development Council (RMRDC), is to deliver the 10th edition of The Bullion Lecture.

The theme of the lecture which is scheduled for 10am on Thursday, April 23, 2026 at The Civic Centre, Victoria Island, Lagos, is From Resources to Prosperity: How Raw Materials Development, Value Addition and Innovation Can Catalyse Nigeria’s Industrial Renaissance.

Ike-Muonso is a distinguished Natural Resource Economist and Academic Leader with over 30 years of expertise in raw material market dynamics, supply chain economics, and research commercialisation. As the Director General of RMRDC, he sits at the intersection of industry, policy, and academia, driving Nigeria’s transition from a resource-exporting nation to an industrial powerhouse.

Ike-Muonso is the chief architect of the landmark 30% Value-Addition Bill, a transformative legislative mandate requiring local processing of all extracted raw materials prior to export. This initiative, coupled with his aggressive advocacy for the prohibition of imports for locally abundant resources, is designed to secure Nigeria’s economic sovereignty and fortify domestic industrial linkages. Under his leadership, the RMRDC is repositioning Nigeria as a central production hub for the African continent.

Prior to his current role, he served as CEO of ValueFronteira Limited, a premier commodities research and data analytics firm. His career is marked by high-level consultancies and strategic partnerships with global institutions, including multilateral organisations (The World Bank, UNDP, European Commission, ECOWAS); development partners (USAID, DFID, FCDO); and the Bill & Melinda Gates Foundation), and academic institutions (Lagos Business School and Edinburgh Business School).

According to a statement in Lagos by Dr. Ray Echebiri, Founder/CEO of Centre for Financial Journalism, organisers of The Bullion Lecture, the 2026 edition of the lecture (10th in the series), will be chaired by Otunba Kelvin Dele Oye, Chairman, Alliance for Economic Research and Ethics and former President of National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA). HRH Jacob Esan, Chief Executive Officer of Geo Fliuds Plc, and Mr. Christian Udechukwu, Commissioner for Industrial Development, Anambra State, will dissect the guest lecturer’s presentation as panelists.

The event will feature the presentation of the book Pathways to Nigeria’s Socio-Economic Transformation. Edited by Dr. Ray Echebiri, the book is a compilation of the text of The Bullion Lecture from 2016 to 2026.

Expected guests at the lecture include government officials, captains of industry, academics, banking and finance executives, energy sector players, manufacturers, maritime executives, ICT professionals, members of the diplomatic corps, representatives of multilateral institutions, media practitioners, members of the public.

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