President Bola Tinubu has said his administration is working assiduously to create a system that will be sustainable and globally competitive for Nigerian banks and other financial institutions to thrive.

Speaking on Wednesday when he performed the groundbreaking ceremony for a new state-of-the-art headquarters of First Bank of Nigeria at Eko Atlantic City in Lagos State, the President said banks can only prosper under a thriving economy.

Represented at the event by his deputy, Vice President Kashim Shettima, the President, however, pointed out that what his “administration does and sets out to accomplish rests on the cooperation and capacity of” the financial institutions.

He noted that government policies under his administration are motivated by the reality that the nation no longer has the luxury of time to postpone its economic transformation.

“Banks are the engines of economic growth, and we owe it to them to champion a system that guarantees sustainability and global competitiveness. Our expectation is for our banks to excel, to expand beyond our shores, and to earn their place among the world’s most viable and profitable enterprises”, he said.

President Tinubu maintained that his administration is working to create an enabling environment for businesses to flourish despite assuming office at a time that required difficult but necessary decisions to stabilise the nation’s economy.

He said, “We assumed office at a time that demanded bold, progressive thinking—a time that called for difficult but necessary decisions to stabilise our fiscal and monetary landscape. Our policies are inspired by the reality that we can no longer afford to postpone our economic transformation.

“This administration is committed to creating an enabling environment for businesses to flourish, and I assure you that you have a partner in this government. We are here to climb the hills of progress with you.”

The President commended First Bank for standing the test of time, saying the secret of the bank’s steadfastness, legacy of innovation and adaptability lies in the art of reinvention.

“From the Bank of British West Africa to Standard Bank of West Africa and, finally, to this 130-year-old success story, First Bank has remained a towering institution, outliving disruptions and redefining banking through the decades.

“In an industry where the fate of many banks is sealed in the dusty pages of history, surviving—let alone thriving—demands more than just calculated risks; it takes ambition and the brilliance of refined minds. I join you here today to celebrate a legacy of innovation and adaptability that has kept First Bank ahead of the curve”, he added.

President Tinubu congratulated the board and management of First Bank for investing in a new head office, noting that it is a reassurance to the bank’s “customers, shareholders, and the government that Nigeria’s oldest financial institution is not resting on its laurels. I understand all too well that history demands the best of us. The ability to manage risk is what distinguishes great banks from transient institutions.

“This groundbreaking ceremony is not just about laying the foundation for a new edifice; it testifies to First Bank’s commitment to reinvention—to adapting to the realities of our time while staying true to its heritage.

“The decision to establish this state-of-the-art headquarters in Eko Atlantic City is symbolic of a vision that extends beyond the present, positioning First Bank as a financial powerhouse in Nigeria and beyond.”

Lagos State Governor, Babajide Sanwo-Olu, in his remark, thanked Vice President Shettima for the work he is doing for the country in support of the President.

The Governor poured encomiums on President Tinubu, recalling that he was in his cabinet when the idea to create Eko Atlantic City was birthed, many of the cabinet members expressing doubt about the possibility to create a dry ground out of the bar beach.

“We want to set Lagos on a trajectory of becoming the centrepiece of finance and commerce not only in Nigeria but Africa and beyond. It will be Africa’s mega city that is safe and secure to take the mantle of leadership in the financial sector.”

Sanwo-Olu thanked the Chairman of First Bank of Nigeria (FBN) Holdings, Femi Otedola, noting that while he is economical with his words, each statement he makes carries significant weight.

Also speaking, Ogun State Governor, Prince Dapo Abiodun, said it was an honour to witness what could be aptly described as an iconic building and a significant milestone for the First Bank.

He noted that the building further redefines First Bank and its resilience in the banking industry, saying, “This is bold, audacious, what tenacity is all about and First Bank has always blazed the trail.”

According to him, First Bank has, since 1894, evolved into a bank with well over seven hundred branches in Nigeria and worldwide.

On his part, the Chairman of First Bank Holdings, Chief Otedola, expressed gratitude and excitement over the groundbreaking ceremony, just as he eulogised President Tinubu “for his unalloyed support for this great project.”

Otedola also praised Vice President Shettima for being at the forefront of encouraging development in the country, even as he thanked the Lagos State Governor for his unwavering support and for creating a conducive atmosphere for doing business in the state.

He expressed gratitude to customers of First Bank and the regulators, especially the Governor of Central Bank of Nigeria for stabilising the activities of the services industry in the country, among others.

Welcoming the dignitaries and other guests to the ground breaking event, Managing Director and CEO of First Bank Plc, Mr Olusegun Alebiosu, said since its establishment in 1894, First Bank had been at the forefront of Nigerian banking evolution, stressing that the journey of the bank has been defined by accountability, transparency and unwavering commitment to customers.

“It is a legacy that stood the test of time – over 13 decades, engulfing the financial landscape of our great nation and continuously shaping the business of banking in Nigeria and beyond”, he stated.

In his goodwill message, the chairman of Dangote Group, Alhaji Aliko Dangote, commended the Chairman of First Bank Group and his Board members “for building the massive structure”, describing it as always being first while others follow.

He said he is being challenged to join First Bank in Eko Atlantic City, noting that after delivering the refinery, he needed to rest but will join Eko Atlantic City in the near future.

Bitcoin entered a corrective phase, dropping below $80,000 and losing almost 37% of its peak of $109K, which was reached during Trump’s inauguration on January 20.

The asset’s recent bad performance sent the entire cryptocurrency market into the red, wiping out 2025 gains.

The Crypto Fear and Greed Index recently reached an “Extreme Fear” score of 10, its lowest level in two years, as market sentiment sharply declined.

Trade war turns Bitcoin into Red Sea
A major factor in the downturn was the escalation of tensions between the US and some of its most important trading partners, such as China, Canada, and Mexico.

President Donald Trump’s announcement of new tariffs on goods coming from the three countries was the cause of the impasse. Furthermore, the President has threatened to levy a 25 percent tax on EU imports, alleging that the bloc was established to “screw” the US.

President Trump also disclosed that he would double the 10 percent universal tariff on Chinese imports and impose tariffs on Canada and Mexico beginning March 4.

The pioneer crypto asset dipped below the 200-day simple moving average, resulting in a 16 percent weekly loss. Prices momentarily fell below the $80,000 threshold for the first time since November 10, as fresh worries about the U.S. demand for the U.S. dollar increased due to trade tariffs.

Glassnode data showed that over the last three days, Bitcoin’s short-term holders realized losses totaling $2.16 billion, the main cause of the recent sell-off. Investors who bought Bitcoin last week experienced the biggest losses.

The $927 million in losses this group of holders incurred accounted for 42.85% of the losses incurred by the younger cohort. Similarly, holders who held the shares for a week to a month experienced $678 million in losses. $257 million was lost by those who purchased within a month to a year, $322 million was lost by those who bought within a day.

Less interest in Bitcoin Spot ETF
Additionally, the massive volume of withdrawals has put US-based spot Bitcoin ETFs in a dire situation.

According to Coinglass, 11 Bitcoin funds experienced a net outflow of $938 million, marking the sixth trading day in a row.

The Fidelity Wise Origin Bitcoin Fund (FBTC) was the day’s biggest loser, and its withdrawals, totaling $344.7 million, set a new ETF outflow record. The ETF exodus followed a crypto market meltdown that saw Bitcoin plunge into a bear market.

BlackRock’s iShares Bitcoin Trust (IBIT) finished in second place with a $164.04 million withdrawal.

The net loss for Grayscale’s two funds was $151.9 million, split between $85.8 million from its Bitcoin Mini Trust ETF and $66.1 million from its Grayscale Bitcoin Trust (GBTC). $88.3 million was lost by the Bitwise Bitcoin ETF (BITB).

Bybit hack weakens buying appetite
The $1.49 billion hack against the cryptocurrency exchange Bybit on Friday exacerbated the market correction for Bitcoin.

Bitcoin dropped from almost $100,000 to $97,370 after the hack was revealed. The pioneer cryptocurrency asset earlier made a slight recovery, returning to the $96,000 range through Monday

Extreme Fear in the Crypto Market
Bitcoin continued to follow the consolidation pattern observed early this week.

However, President Donald Trump’s remarks about trade restrictions on Canada and Mexico sparked a new downward trend. After a month-long pause, the president declared that import duties on both countries would resume the following week.

Extreme investor fear is indicated by the Bitcoin Fear and Greed Index, which has fallen to 10, its lowest level since June 2022. The market sentiment index dropped from 50, which was regarded as neutral, to 10 today, which denotes extreme fear.

Extreme fear is frequently a sign that investors are unduly worried about market events and indicates a buying opportunity.

Market indicators show that the flagship crypto asset may fall as low as $70,000 before stabilizing. BitMEX co-founder Arthur Hayes has warned that extreme fear frequently precedes rebounds.

Nairametrics

The federal government and Nestlé Nigeria have launched a demonstration dairy farm at the Paikon Kore Grazing Reserve in Gwagwalada, Abuja in a major development poised to transform Nigeria’s dairy industry.

The initiative, inaugurated by the minister of Livestock Development, Idi Mukhtar Maiha, underscores a groundbreaking public-private partnership aimed at boosting local milk production, introducing technological advancements, and empowering pastoralists.

This report unveils fresh insights into the multimillion-naira investment, advanced farming technologies, and the transformative impact on local pastoral communities.

During the event, minister Maiha described the project as a pivotal step in repositioning Nigeria’s livestock sector.

“This project demonstrates the power of collaboration between the public and private sectors. It offers a sustainable solution to Nigeria’s dairy challenges and aligns with the government’s commitment to diversify the economy, create jobs, and enhance food security,” he stated.

The minister stressed that the farm’s success provides a model for similar projects across the country and that the government will continue to support initiatives that address key challenges such as infrastructure, access to finance, and veterinary services.

The demonstration dairy farm was developed in collaboration with 2Scale, CBI Innovations Limited, and the Federal Capital Territory Administration (FCTA) as part of Nestlé’s Livestock Development Project.

Since 2019, Nestlé has invested over N1.8 billion in the Paikon Kore Grazing Reserve project. This strategic investment has transformed the region, with daily milk collection rising from 200 liters in June 2021 to an impressive 6,000 liters today.

Nestlé Nigeria Plc’s managing director, Wassim Elhusseini, described the project as a testament to the company’s commitment to fostering agricultural development and creating shared value.

“We are deeply committed to strengthening Nigeria’s dairy sector. This farm is a clear demonstration of our dedication to empowering local farmers, supporting sustainable practices, and contributing to food security,” Elhusseini said.

CBI Innovations Limited’s managing director, Olusoji Apampa, highlighted the technological advancements at the farm, including semi-automated milking systems, sustainable waste management practices, and improved animal feed solutions.

“This project marks a new beginning for Nigeria’s dairy industry. With cutting-edge technology and a commitment to excellence, we are setting a standard that will inspire similar initiatives across the country,” Apampa said.

A facility tour revealed modern infrastructure designed to improve productivity and efficiency. Breed improvement through artificial insemination has also significantly increased the animal population, which grew from 20 to 71 over the past year and eight months.

Beyond technological advancements, the project has had a profound impact on local pastoralists.

Farmers in and around the Paikon Kore Grazing Reserve have received extensive training in modern dairy practices, helping them adopt sustainable and productive methods.

“Before this intervention, we barely made ends meet. With the training and resources from Nestlé, our milk production has tripled, and our income has significantly improved.”

The initiative is helping reduce the challenges pastoralists face, from milk storage to access to modern milking facilities.

The farm’s ambitious target to aggregate 30,000 liters of milk per day by November 2027 demonstrates the transformative potential of public-private partnerships in reshaping Nigeria’s agricultural landscape.

The demonstration dairy farm stands as a model for sustainable agricultural development, offering hope for greater food security and job creation for generations to come.

BUA Foods Plc, one of Nigeria’s leading food manufacturing companies, has announced its unaudited financial results for the fiscal year 2024, posting significant growth across all key performance indicators.

In the financial report released to the Nigerian Exchange Limited, the company said it’s resilience, operational efficiency, and strategic expansion efforts have continued to drive remarkable financial performance, further reinforcing its leadership position in the industry.

Founder and chairman of BUA Foods, Abdul Samad Rabiu, attributed the company’s strong results to its unwavering commitment to innovation, efficiency, and market expansion.

He stated, “BUA Foods’ exceptional growth in 2024 is a testament to our long-term vision of ensuring food security in Africa. We have continued to invest in capacity expansion, optimise our supply chain, and enhance operational efficiencies to meet growing market demand. As we move forward, our focus remains on driving sustainable growth, strengthening our market leadership, and delivering superior value to our customers and stakeholders.”

The company’s revenue surged by 109.3 per cent to a record N1.53 trillion, up from N729.4 billion in 2023, driven by strong sales growth across key product segments, optimised pricing strategies, and enhanced cost management measures.Gross profit grew by 107.9 per cent to N541.71 billion, while profit after tax rose 145.3 per cent to N274.95 billion, further solidifying BUA Foods’ position as a dominant player in Nigeria’s food manufacturing sector. Earnings Per Share (EPS) climbed 145.3 per cent to N15.27, underscoring the company’s ability to drive value creation for shareholders. Across key product categories, sugar sales increased by 74 per cent to N733.8 billion, flour sales surged by 172 per cent to N589.5 billion, and pasta sales grew by 125 per cent to N197.6 billion, reflecting strong market demand and the company’s robust distribution network.

Speaking on the results, Dr. Ayodele Abioye, Managing Director of BUA Foods, said:“We are pleased to report another year of exceptional performance despite prevailing macroeconomic challenges. The effectiveness of our expansion strategy, coupled with our operational excellence, enabled us to achieve strong volume growth and revenue milestones. Looking ahead, we remain committed to deepening our market presence, optimising efficiencies, and ensuring that we continue to deliver superior value to all stakeholders in line with our strategic objectives.

”With a strong foundation for growth and a clear expansion roadmap, BUA Foods remains well-positioned to continue driving sustainable value creation while addressing Africa’s evolving food security needs.”

This is not the best of times for 9mobile, one of Nigeria’s network service providers as its is currently facing crisis, losing 6079 of its subscribers who have ported out of the network in two months, as reported by The Witness Nigeria.

This porting loss for 9mobile occurred in the months of November and December 2024.

The Nigerian Communications Commission (NCC) made this known in its Incoming and Outgoing Porting Activities of Mobile Networks Operators Report on its website.

According to the NCC’s report, out of a total of 2998 subscribers which moved from one network to another in December 2024, 2188 subscribers left 9mobile to other networks in the period.

The report stated that in November 2024, out of 4726 subscribers that switched from one network to another, 9mobile lost 3891 subscribers to other networks.

“This brought the total number of subscribers lost by 9mobile in two months to 6079.

“Other operators recorded insignificant outgoing porting numbers compared to 9mobile.

“In December 2024, MTN lost 236 customers, Airtel recorded 269 outgoing porting, Globacom recorded 305, while 9mobile lost 2188.

“In terms of incoming porting in the same period (December 2024), MTN gained the most customers from other operators, with 1856 subscribers joining its network.

“Airtel recorded 835 incoming porting, while Globacom gained 290 customers.

“In contrast, 9mobile recorded a mere 17 incoming porting in December 2024,” the report stated.

It noted that in November 2024, 4726 subscribers ported from one network to another.

The NCC report also showed that for outgoing porting activities for November 2024, 9mobile was the biggest loser, as 3891 subscribers ported out of the network.

According to it, other operators lost only a few subscribers, MTN parted with 166 customers, Airtel recorded 362 outgoing porting activities while Globacom lost 307 subscribers.

For incoming porting activities in November 2024, the report showed that MTN gained the most, adding 3019 subscribers to its network, Airtel recorded 1266 incoming porting, and Globacom gained 414 customers.

It noted that in contrast to the others, 9mobile gained just 27 subscribers.

The report indicated that there were more incoming and outgoing porting activities in November 2024 than December 2024

A total of 2998 activities were recorded in December, while November had 4726 porting activities, it said.

The report also revealed a decrease of 1728 in mobile number portability activities in December 2024, when compared to November 2024.

“On market share, the Nigerian telecommunications sector witnessed a significant shift in market dynamics, with 9mobile’s market share declining to as low as 1.9 per cent in December 2024, according to recent data released by the NCC.

“This decline is a far cry from 9mobile’s erstwhile dominance, when it boasted 23.4 million subscribers and a 15.7 per cent market share in 2015.

“The company’s stagnant subscriber base, which has remained unchanged at 3.2 million for two consecutive months, further accentuated this decline.

“In contrast, the country’s other major telecommunications operators have experienced notable growth,” the NCC report stated.

It said that MTN Nigeria had solidified its position, increasing its market share to 51 per cent with 84.6 million subscribers in December, up from 81.2 million in November.

It added that Airtel also demonstrated resilience, expanding its subscriber base to 56.6 million in December, up from 55.4 million in the preceding month.

It showed that Globacom, which faced a decline in subscribers earlier in 2024 due to a regulatory audit, had shown signs of recovery, growing its subscriber base from 19.6 million to 20.1 million by the end of year 2024.

Ebun Okubanjo, CEO of Bento Africa, a Nigerian payroll and human resource management platform, has resigned amidst allegations of failing to remit taxes and pensions on behalf of its clients, as reported by TechCabal.

Okubanjo announced his resignation in an email to Bento’s board of directors, signaling a clean break by also relinquishing his equity and debt holdings in the company.

This move opens the door for a potential fresh start for both Okubanjo and Bento Africa.

In his resignation email, Okubanjo hinted at launching a new company, Ada AI, an AI-powered sales assistant.

Okubanjo attributed his decision to the difficulty of scaling HR and payroll systems in Africa. “If Africa adopts the Western style of taxation and remittances—these companies are gold mines. I use Gusto in the U.S. not because I want to, but because I have to. Until that happens—scale will be a challenge,” Okubanjo wrote in the mail.

His resignation comes at a turbulent time for Bento Africa, with allegations of financial mismanagement, particularly regarding the withholding of employee taxes and pension contributions. These claims were brought to light on Friday by Akintunde Sultan, co-founder of edtech company AltSchool. Additionally, Fuelmetrics, a digital inventory management firm for petrol stations, alleged that Bento Africa had failed to remit up to ₦50 million ($108,000) in taxes and pension contributions for 2023 and 2024.

Okubanjo earlier sent a resignation letter to the company’s board of directors on January 11, 2025. His resignation follows a controversial leadership journey, which included a brief outsing and subsequent return as CEO in 2022.

Okubanjo stepped down in March 2022 after allegations of verbal abuse and creating a toxic work environment. Bento’s board appointed cofounder Chidozie Okonkwo as CEO but in a surprising turn, Okubanjo returned as CEO in September 2022 after Okonkwo resigned, citing personal reasons. Okubanjo’s resignation in January 2025 may not have been a complete shock to insiders. In 2024, he had signaled his intent to step down, with one employee claiming that Okubanjo had offered his position to Lede Adeniyi, the company’s CTO. Adeniyi declined the offer and left Bento in October 2024 to pursue his own entrepreneurial ambitions.

In his first email to investors on January 11, Okubanjo asked the board to begin searching for his replacement and stated that he would vacate the position in six weeks. In the same email, he also reflected on his leadership journey: “This was an education; it will probably take a lifetime to parse through all the lessons of this great failure, but as a forever learning type, I am okay with that.”

Yet, three days after Okubanjo’s first resignation announcement, TechCabal learned Bento had not told contacted investors, with a handful unaware of the CEO’s resignation. One investor who asked not to be named claimed the company rarely sent investor updates, while another claimed to know next to nothing about the company. Both investors suggested the company’s operational transparency could have been improved.

Bento was founded in 2019 and raised funding from investors such as Berrywood Capital, Flexcap Ventures, and angel investors. Despite the roster of investors, allegations of a toxic workplace surfaced in 2022, when Okubanjo claims the company was raising funding. One former employee claimed the incident derailed those talks.

Bento is one of a class of relatively new startups offering salary automation, statutory remittances like taxes and pensions, and access to loans. Its client list includes Moniepoint, Lori Systems, Paystack, and Kobo360. Since 2019, Bento claims to have processed over $40 million in payroll.

Despite these claims of success, some investors are skeptical about Bento’s future. While one investor claimed that it didn’t feel like a growing company, Okubanjo has repeatedly claimed the company is profitable, processing about ₦4-5 billion ($2.6 million) in monthly salaries with around ₦24 million ($15,871) in monthly revenue.

Source: TechCabal