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Federal Executive Council Approves Construction of New Bank of Industry Headquarters in Eko Atlantic City

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Federal Executive Council Approves Construction of New Bank of Industry Headquarters in Eko Atlantic City

The Federal Executive Council has approved the design and construction of a new headquarters for the Bank of Industry, to be located in Eko Atlantic City, Lagos. The decision forms part of the Federal Government’s broader plan to strengthen the nation’s industrial and financial infrastructure.

The approval was disclosed by the Minister of State for Industry, Trade and Investment, Senator John Enoh, during a briefing with State House correspondents after the council meeting presided over by President Bola Tinubu in Abuja.

Senator Enoh explained that the project is expected to enhance the operational capacity of the Bank of Industry and support its role in financing large-scale industrial ventures across the country. He added that the new headquarters aligns with the ministry’s agenda to modernise key institutions and position them for future economic expansion.

According to the minister, the council considered and approved five memoranda presented by the ministry. Three of the submissions focused on industrial development initiatives, while the remaining two addressed ongoing efforts in trade and investment.

The development marks a significant boost for Eko Atlantic City, which continues to attract major financial and corporate interests. Government officials say the new BoI headquarters will serve as a landmark project within the emerging commercial district and further reinforce Lagos as a central hub for industry and investment.

Details on the project timeline and construction partners are expected to be released after subsequent technical reviews and final procurement steps.

Gaise Baba’s No Turning Back II Tops Nigeria’s YouTube Chart as the Most-Watched Video of 2025

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Gaise Baba’s No Turning Back II Tops Nigeria’s YouTube Chart as the Most-Watched Video of 2025

Gaise Baba has set a major milestone for Nigeria’s digital entertainment sector as No Turning Back II, his collaborative project with Lawrence Oyor, emerged as the most-watched YouTube music video in Nigeria for 2025. The video accumulated more than 41 million views in just six months, placing it ahead of a highly competitive field dominated by Afrobeats heavyweights.

The rankings, released in YouTube’s annual A Year on YouTube report, show that No Turning Back II outperformed mainstream releases from Shallipopi, Davido, Asake, Rema, and Wizkid. The song’s themes of faith, resilience, and youthful expression helped it build a wide following, turning it into one of the year’s biggest viral successes.

The full top ten list includes:

  1. No Turning Back II – Gaise Baba & Lawrence Oyor

  2. Laho – Shallipopi

  3. With You – Davido ft. Omah Lay

  4. 99 – Olamide, Seyi Vibez, Asake, Young Jonn ft. Daecolm

  5. Why Love – Asake

  6. Baby (Is It a Crime) – Rema

  7. My Darling – Chella

  8. Kese (Dance) – Wizkid

  9. Laho II – Shallipopi & Burna Boy

  10. With You (Visualizer) – Davido ft. Omah Lay

The report also confirms that Omoni Oboli finished the year as Nigeria’s number-one creator on YouTube, reflecting the continued rise of Nollywood and lifestyle-driven channels. Her mix of films, behind-the-scenes features, and documentary-style content helped her sustain a growing subscriber base and dominate overall watch time.

YouTube noted that over 70 percent of watch time for Nigerian content now comes from outside the country, a sign of how Nigerian music, film, and digital storytelling continue to expand across global markets. Analysts say this international audience growth is likely to intensify as creators sharpen production quality and explore new formats.

With Gaise Baba setting a new performance benchmark and Omoni Oboli maintaining strong influence, 2025 marks another turning point in Nigeria’s presence on the world’s largest video platform.

Federal Executive Council Approves Upgrade of VHF Radio Systems Across Key Airports

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Federal Executive Council Approves Upgrade of VHF Radio Systems Across Key Airports

The Federal Executive Council has approved a nationwide upgrade of remote-controlled Very High Frequency radio systems across major airports, a move aimed at improving communication reliability and strengthening air safety.

The Minister of Aviation and Aerospace Development, Festus Keyamo, announced the decision after the council meeting chaired by President Bola Tinubu in Abuja. He said the approval aligns with the government’s plan to modernise aviation infrastructure and ensure safer and more efficient flight operations.

According to Keyamo, the upgrade will cover nine airports and installations. Lagos, Abuja, Port Harcourt, Ilorin, Kano, Maiduguri, Sokoto and Wukari are included, along with an additional VHF site within the Abuja area.

The minister explained that the VHF systems remain essential for clear communication between pilots and air traffic controllers during takeoff, landing and en-route operations. He noted that some of the existing equipment had become unreliable and required full replacement or technical enhancement.

Aviation authorities expect the modernised systems to reduce communication gaps, improve situational awareness for flight crews and strengthen the overall safety architecture of Nigeria’s airspace.

MeCure Industries Launches N10 Billion Commercial Paper to Strengthen Short-Term Liquidity

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MeCure Industries Launches N10 Billion Commercial Paper to Strengthen Short-Term Liquidity

MeCure Industries Plc has opened a new funding window through the issuance of a N10 billion, 269-day Series 6 Commercial Paper, the latest tranche under its N40 billion Commercial Paper Programme.

The company announced that the offer carries a discount rate of 18.19 percent and an effective annual yield of 21 percent, positioning it as a competitive short-term instrument for institutional and high-net-worth investors seeking strong returns within a defined period.

According to the issuance timetable, the offer opened on December 9, 2025, and will close on December 12, 2025. Investors are required to subscribe with a minimum commitment of N5 million, while additional investments can be made in multiples of N1,000.

The settlement date is set for December 14, 2025, after which the commercial paper will run its full tenor until September 26, 2026. At maturity, investors will be paid the full redemption value.

Industry analysts note that the issuance reflects MeCure’s broader strategy to manage working capital efficiently and deepen its presence in Nigeria’s fixed-income market. The strong yield profile is also expected to attract significant participation amid sustained demand for short-term securities within the corporate debt space.

The company is one of Nigeria’s leading pharmaceutical and diagnostics providers, and its recurring participation in the debt market continues to signal active expansion and operational strengthening across its business segments.

Tinubu Orders Multi-Ministerial Committee to Tackle ₦1.5 Trillion Outstanding Contractor Deb

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Tinubu Orders Multi-Ministerial Committee to Tackle ₦1.5 Trillion Outstanding Contractor Deb

President Bola Tinubu has directed a multi-ministerial committee to draw up a clear strategy for resolving the ₦1.5 trillion debt owed to federal contractors, describing the prolonged backlog as unacceptable.

The directive followed a briefing that revealed more than 2,000 contractors have remained unpaid for extended periods, stalling key infrastructure projects and weakening confidence in government procurement processes.

According to senior officials familiar with the meeting, the President expressed firm displeasure over the size of the outstanding liability and instructed the committee to identify funding options, verify the claims, and submit a comprehensive repayment framework.

The committee is expected to work with the Ministry of Finance, the Budget Office, and relevant MDAs to determine the authenticity of pending invoices, prioritise critical projects, and draw up a phased settlement plan that aligns with current fiscal conditions.

The administration has been under increasing pressure from contractors and industry groups, who warn that the unresolved debt has disrupted operations, triggered job losses, and pushed several firms toward insolvency.

Government insiders say the President wants the repayment blueprint concluded quickly to restore confidence, accelerate stalled projects, and prevent further economic strain within the construction and service-delivery sectors.

Cocoa Prices Rebound Over 12% in Early December Amid Lower Global Supply Estimates

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Cocoa Prices Rebound Over 12% in Early December Amid Lower Global Supply Estimates

Global cocoa prices have staged a strong recovery, rising more than 12% month-to-date in early December, climbing from $5,510 per ton to above $6,200. The rebound comes after six consecutive months of declines, signaling a potential end to the downward trend that lasted from June through November 2025.

The rally was largely influenced by revised global supply estimates from the International Cocoa Organization (ICCO). On November 28, the ICCO lowered its forecast for the 2024/25 global cocoa surplus to 49,000 metric tons (MT), down sharply from a previous estimate of 142,000 MT. The organization also trimmed its projection for global cocoa production in 2024/25 to 4.69 million metric tons (MMT) from 4.84 MMT.

Earlier in the year, improving weather conditions in major African producing countries, particularly Ghana and Côte d’Ivoire, had fueled oversupply concerns and contributed to falling prices through the third quarter of 2025. However, more recent data from Côte d’Ivoire shows that cocoa shipments to ports totaled 804,288 MT between October 1 and December 7, a 1.8% decline from 819,425 MT recorded during the same period last year, reinforcing a tighter supply outlook.

Market analysts note that exports are expected to strengthen again by January 2026, as beans from the favorable 2025 growing season arrive at ports in larger volumes. In the meantime, the current price recovery reflects a combination of lower-than-expected global supply, investor optimism, and ongoing adjustments in the cocoa market after several months of bearish pressure.

The price rally is being closely monitored by traders, producers, and policymakers, given cocoa’s importance to West African economies and the broader global chocolate supply chain.

PZ Cussons Reverses Planned Exit, Confirms Expansion Across Africa

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PZ Cussons Reverses Planned Exit, Confirms Expansion Across Africa

Lagos, Nigeria – Consumer goods giant PZ Cussons has announced that it will retain and expand its operations in Africa, reversing previous plans to exit the continent. The decision underscores the company’s renewed confidence in the growth potential of key African markets.

In a statement, PZ Cussons highlighted improving economic conditions in Nigeria, sustained long-term population growth, and rising consumer demand as central factors influencing the strategic shift. The company emphasized that these developments create a favorable environment for continued investment and business expansion.

The reversal marks a significant turnaround from earlier plans, reflecting the resilience of Africa’s consumer economy and the company’s commitment to maintaining a strong market presence. According to PZ Cussons, retaining operations across the continent will allow it to leverage emerging opportunities, strengthen distribution networks, and introduce new product lines tailored to local consumer needs.

Industry analysts note that the decision could signal a broader trend among multinational firms reassessing Africa’s long-term market potential. By choosing to remain and grow, PZ Cussons is positioning itself to benefit from the continent’s youthful demographics, increasing urbanization, and rising middle-class consumption, particularly in the personal care, home care, and wellness sectors.

The company has confirmed that it will implement targeted investments in production, marketing, and logistics, aiming to expand market share while reinforcing brand loyalty across Africa. This strategic pivot highlights the importance of market confidence, local consumer insight, and economic stability in shaping corporate investment decisions on the continent.

Lagos State Explores Plans for Second Private Refinery Amid Rising Industrial Interest

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Lagos State Explores Plans for Second Private Refinery Amid Rising Industrial Interest

The Lagos State Government has disclosed that plans are underway for a second private oil refinery in the state, signaling growing interest from investors in expanding the region’s industrial and petrochemical capacity.

The announcement was made by Dr. Oluyinka Abiodun Olumide, Commissioner for Physical Planning and Urban Development, during the Economic Roundtable Discussion organised by the Economic Intelligence Department of the Ministry of Economic Planning and Budget at Protea Hotel, Alausa, Ikeja.

Dr. Olumide highlighted Lagos’ increasing appeal to large-scale industrial investments, particularly in the petrochemical sector. He noted that private operators are now looking beyond the existing Dangote Refinery to identify new opportunities for production and value addition within the state.

“The state is witnessing a surge of interest from private investors keen on developing capital-intensive projects,” Dr. Olumide said. “Discussions around a second private refinery have already begun, reflecting Lagos’ readiness to support major industrial ventures.”

The commissioner emphasised the role of the private sector in driving growth, noting that collaboration between government and investors is essential to delivering large-scale projects that can bolster the state’s economy, create jobs, and strengthen domestic energy production.

The Lagos State Government has been positioning itself as a hub for industrial development, leveraging its strategic location, infrastructure, and business-friendly policies to attract both local and international investors. The potential second refinery is expected to complement existing facilities and further cement Lagos’ status as a key player in Nigeria’s energy sector.

Officials indicate that more details on timelines, investment structures, and strategic partners will be released as discussions progress.

Federal Government and Aliko Dangote Foundation Launch N100 Billion Annual Scholarship Fund for Nigerian Students

Funmilayo
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Federal Government and Aliko Dangote Foundation Launch N100 Billion Annual Scholarship Fund for Nigerian Students

The Federal Government has partnered with the Aliko Dangote Foundation to establish a N100 billion annual education scholarship fund**, designed to expand access to quality education for Nigerian students across all levels. The initiative was officially unveiled in Lagos during a ceremony attended by **Vice President Kashim Shettima** and other senior government officials.

The scholarship fund represents a significant public-private collaboration aimed at tackling long-standing challenges in human capital development, particularly the persistent gaps in educational access and affordability. According to government officials, the program will provide financial support to students from diverse socioeconomic backgrounds, enabling them to pursue tertiary, technical, and vocational education without financial constraints.

Vice President Shettima described the partnership as a milestone in the country’s commitment to nurturing a skilled workforce capable of meeting the demands of a rapidly evolving global economy. “Investing in education is investing in the future of Nigeria,” he said. “This fund will provide opportunities for talented young Nigerians who might otherwise be denied access to quality learning.”

The Dangote Foundation, led by philanthropist **Aliko Dangote**, emphasized that the initiative aligns with its ongoing focus on human capital development, youth empowerment, and social infrastructure. Representatives noted that the fund will prioritize merit, need, and inclusivity, ensuring that students from all regions of the country can benefit.

Education stakeholders have welcomed the announcement, highlighting its potential to reduce dropout rates, improve academic outcomes, and foster innovation. Analysts note that the fund could serve as a model for sustainable public-private partnerships in the Nigerian education sector, complementing government efforts to meet Sustainable Development Goal 4, which aims to ensure inclusive and equitable quality education for all.

The government and Dangote Foundation confirmed that the fund will begin disbursements in the coming academic year, with a transparent application process to be outlined in the coming weeks.

5 Hidden Tricks Your iPhone’s Charging Port Can Do Beyond Charging

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5 Hidden Tricks Your iPhone’s Charging Port Can Do Beyond Charging

Most iPhone users rely on the charging port simply to recharge their device, but it actually offers several lesser-known functions that can make life easier. Here are five surprisingly useful ways to use your iPhone’s charging port beyond its standard purpose.

1. Charge Other Devices: Turn Your iPhone into a Power Bank

Did you know your iPhone can supply power to other devices? With a simple USB-to-USB cable, your phone can charge earbuds, a friend’s iPhone, or even an Android device in a pinch. It’s especially handy in emergencies or when someone’s device is critically low on battery. Your iPhone essentially doubles as a portable power source.

2. Share Your Internet via Cable: Faster, More Stable Connectivity

Wi-Fi networks can be unreliable, dropping signals at inconvenient times. Your iPhone can solve this by acting as a wired hotspot. Connect it to another device using a USB cable, and you can share your mobile data connection directly. This method is faster, more stable, and avoids the random disconnects often experienced with wireless hotspots.

3. Connect External Storage or Accessories

With the right adapter, your iPhone can interface with external storage drives, cameras, and other accessories. This allows you to transfer photos, videos, or files directly without needing to rely on cloud services. It’s perfect for photographers or anyone managing large files on the go.

4. Use as an Audio Input for Instruments or Microphones

The charging port can double as an audio interface. Musicians and podcasters can plug instruments or microphones into their iPhone with compatible adapters, enabling high-quality recording without additional equipment. This opens up a compact, mobile setup for creative projects.

5. Diagnose or Restore Devices via Computer

Your iPhone’s port also serves as a direct link to computers for troubleshooting, software updates, or complete system restores. Using a cable connection ensures stable data transfer, making it the preferred method for critical maintenance tasks.

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These hidden capabilities demonstrate that your iPhone’s charging port is far more versatile than just powering your device. With the right cables and adapters, it can transform your phone into a power bank, internet hub, media manager, recording studio, or diagnostic tool—all from a single port.

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