Spotlights
FG begins price enforcement in Abuja, targets Lagos, others
The Federal Government on Thursday initiated sporadic enforcement raids at multiple supermarkets and markets within the Federal Capital Territory to ensure adherence to price display and quantity regulations, aiming to reduce the cost of food commodities nationwide.
It also said it would continue unannounced inspections at super and open markets in Lagos, Port Harcourt, Kaduna, and Ibadan in the coming weeks to probe the abnormal price surges and take firm measures against any companies caught engaging in unfair market practices like price manipulation, excessive pricing, or cartel formation.
The Executive Secretary of The Federal Competition and Consumer Protection Commission, Dr. Adamu Abdullahi, said this when he conducted an enforcement exercise to eliminate grocery store price gouging and illegal pricing schemes.
During the exercise that lasted several hours, the FCCPC sealed 4U Supermarket and evacuated 33 bags of fake stallion and caprice rice filled with weevils from one of the branches of the same supermarket located at 58 Adetokunbo Ademola Crescent, Wuse II.
Earlier on Wednesday, the commission had ordered its operatives to intensify monitoring of both formal and informal markets to identify businesses engaged in unnecessary inflation of prices for required enforcement action.
This move is a direct response to concerns raised by consumers about the rising costs of goods, which go against the recent strengthening of the naira.
Food inflation has been a recurring issue influencing the steady increase of Nigeria’s headline inflation of 33.2 per cent, recording an unprecedented food inflation rate of 40 per cent in March 2024.
It was exacerbated by the extensive fall of the naira against the dollar in January and February leading to the soaring prices of essential goods and services, raising the costs of living costs to an all-time high.
Although the presidency had vowed to continue its campaign against racketeers, urging Nigerians to expect a stronger naira, a significant drop in the prices of essential commodities was elusive.
The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, told The PUNCH that the president had directed consumer protection agencies to ensure that the local prices reflect the rising value of the naira.
“But there is still much work to be done and this is not a time for celebration. It is a time for doubling down and working harder to ensure that inflation is sustainably brought down in short order.
“Consumer protecting regulatory agencies must step up enforcement to ensure that our people are not short-changed by enterprises that fail to reflect the prevailing exchange rates on the pricing of goods and services across the board.
“As our private and publicly-owned refineries resume operations between now and the first quarter of 2025, the nation’s cash position will dramatically improve to the extent that Nigerians can rightly expect a stronger Naira and a fair reflection of its strength in the prices of commodities in the market place,” said Ngelale.
The Presidency also assured Nigerians of the better days ahead saying the benefits of the reforms will be “more evident” as the administration progresses.
“Once you join the rising spending power of Africa’s largest population with the historic availability of trillions of naira for consumer credit that will bolster the real sector, you will see why Nigerians will be most pleased that they elected a financial engineer and businessman as president by the end of his first term in office, even as the signs are increasingly more evident today,” the Presidential spokesman stated.
Responding to the charge, the FCCPC boss in an interview with PUNCH Online stated that the commission was deeply concerned and that the practices of the supermarket were injurious to the consumers despite a stronger naira and reduced cost of production.
He said it was specifically uncovered that a supermarket, 4U, was selling rice from Stallion and Caprice, although these companies ceased rice production in August 2022.
It was also discovered that the prices of some products on the shelf were different from the prices at the selling point, while some products had no price tag at all.
Abdullahi further explained that necessary sanctions would be meted out to culpable persons after investigations.
On February 16, FCCPC sealed Sahad Stores, a supermarket located in the Garki area of Abuja for engaging in “misleading pricing and lack of transparency in pricing.”
He said, “This exercise is in continuation of our efforts to ensure that prices in the market reflect what is displayed. Nowadays we have found out that there is a lot of pretence in what’s happening especially for markets around the major cities in the country.
“You have seen what we have done earlier with other supermarkets and sealing them but despite these efforts, some supermarkets still engage in this practice. You go to a shelf, and the product displayed is different from what appears when you come to pay at the counter.
“That is not acceptable because you have frisking consumers, and some of the items don’t have price tags attached to them at all. So, you are at the mercy of whoever is operating the counter. You can input whatever price you want there, and that’s not acceptable.
“In addition, we found out another thing that baffles us. Nobody knows that stallion group which has been comatose for a very long time is still in the market. What’s happening is that some people bag their local rice in the pretence that it is the same stallion or kappa that people are used to that people are buying, which is wrong. You are still frisking consumers, you’re collecting from them what is not due because what you pretend to be selling is not what you’re selling and that is bad.
“Essentially, we are evacuating all the rice and they would come to explain to us how they got that rice and we would get to the root of it, we would take necessary sanctions as appropriate with the Act establishing FCCPC.”
A cursory look at the 2018 Act (section 69) of the Federal Competition and Consumer Protection stated that any person or company found culpable will pay a fine of N50m or 10 per cent of its annual turnover.
Section 69 read, “A person who violates any of the provisions of this part commits an offence and is liable on conviction to a fine not exceeding N50m. A Body corporate that violates any of the provisions of this part commits an offence and is liable on conviction to a fine not exceeding 10 per cent of the turnover of the Body corporate in the business year preceding the date of the commission of the offence.”
Continuing, the FCCPC boss announced plans to introduce a price tracker to put an end to the extortion of Nigerian consumers by major supermarkets in the country.
Excitement has erupted among many Nigerians as President Tinubu’s economic policies begin to deliver promising results.
The Central Bank of Nigeria (CBN) has implemented stricter controls while maintaining a lower exchange rate at official windows.
However, the limited access and stringent allocation restrictions have compelled numerous importers, businesses, and students seeking to study abroad to resort to the parallel market.
Data from the Central Bank of Nigeria (CBN) showed that the naira rose to N1,506.08 to a dollar on Wednesday at the Nigerian Foreign Exchange Market (NFEM). The last time it was that strong was on the 5th of March, 2025, when it closed at N1,500.80/$.
The naira has continued to enjoy rare stability, driven by the various policies of the apex Bank, including maintaining a high interest rate, a move that has lured in foreign capital and made the currency firmer.
Nigeria’s naira has witnessed some turbulence years after the authorities relaxed currency controls, effectively floating the currency to be more determined by market forces. That saw the unit fall by over 70 percent and disrupted business plans of many firms in Africa’s most populous nation.
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But those eras of sharp swings are phasing out as the local currency is expected to continue its rally until the end of the year, with global investment bank JP Morgan forecasting the naira to close 2025 at N1,450 per dollar.
A potential rate cut by the United States Federal Reserve also bodes well for the naira’s long-term stability as global capital finds its way into emerging markets like Nigeria, further bolstering the calmness of the currency.
“A lower US interest rate would diminish the relative attractiveness of US assets, prompting global investors to seek higher returns in emerging markets like Nigeria. Consequently, Nigeria will likely experience increased portfolio inflows, particularly into the fixed-income market,” analysts at FBNQuest Merchant Bank wrote in a note recently.
“Renewed interest by offshore investors could potentially bolster foreign exchange reserves and support the stability of the Naira.”
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The Nigeria’s national grid has again collapsed with the total of 50 Mega Watts drop, according to the report that emerged after the incident.
A breakdown of the affected states indicted that the collapse, which happened around 12:25 pm on Wednesday, September 10, affected 11 states, including the Federal Capital Territory (FCT). ...click link for full list here
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Below is the states and the affected areas according to The Cable:
1. Abuja DisCo: 20 MW
2. Benin DisCo: 10 MW
3. Eko DisCo: 0 MW
4. Enugu DisCo: 0 MW
5. Ibadan DisCo: 20 MW
6. Ikeja DisCo: 0 MW
7. Jos DisCo: 0 MW
8. Kaduna DisCo: 0 MW
9. Kano DisCo: 0 MW
10. PHarcourt DisCo: 0 MW
11. Yola DisCo: 0 MW
Total: 50 MW
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Delta State Governor, Rt. Hon. Sheriff Oborevwori, has commended the South-South states for their immense contributions to Nigeria’s growth and stability, describing the region as a critical pillar of the nation’s economic and social development.
Speaking on Sunday at the 2025 Passover Conference and dedication of the children of Apostle Charles Osazuwa, Founder of Rock of Ages Christian Assembly International, in Benin City, Edo State, the Governor stressed that the South-South remained central to Nigeria’s prosperity, given its oil and gas wealth, agricultural resources, and human capital.
Oborevwori maintained that a stronger collaboration with the Federal Government was essential to closing the development gaps and ensure that the region fully benefits from its natural endowments.
He also underscored the need for unity among South-South states in engaging the Federal Government on key issues of infrastructure, environmental protection, and economic diversification.
“A united South-South voice will not only fast-track development but also strengthen security and promote inclusive growth across our region,” the Governor said.
On the occasion, which he described as both spiritual and instructive, Oborevwori emphasized the value of thanksgiving and faith.
“Whenever God does something, it is only right that we appreciate Him. Today, we have not only witnessed the dedication, but we have also received a powerful message, one that has truly blessed us. I took notes myself because there was so much to take home,” he added.
The Governor highlighted the cultural, spiritual, and historical bond between Delta, Edo, and Bayelsa states, describing them as “one people with the same roots and destiny.”
He noted that the unity of the three states was reflected in their collective achievements, citing their strong outings at recent national sporting events as evidence of shared progress.
“At the National Youth Games, Delta came second and Edo came third. In Ogun State, Delta took first while Bayelsa came second. Whenever one of us shines, we all shine. That is the strength of our brotherhood,” he remarked.
Oborevwori also commended Apostle Osazuwa and his ministry for their integrity and commitment to the gospel, praying that the church would continue to grow in strength and impact.
Edo State Governor, Senator Monday Okpebholo, represented by his deputy, Rt. Hon. Dennis Idahosa, assured that his administration remained committed to promoting Christianity through good governance.
Similarly, Bayelsa State Governor, Senator Douye Diri, represented by his deputy, Senator Lawrence Ewhrudjakpo, congratulated Apostle Osazuwa on the dedication of his triplets, describing him as a genuine man of God who preaches with ease and conviction.
In his remarks, Apostle Osazuwa urged Governors Monday Okpebholo and Sheriff Oborevwori to leverage their offices to press the Federal Government for the urgent rehabilitation of the dilapidated Benin–Sapele Road, lamenting the severe hardships it continues to inflict on motorists.
Earlier, in a sermon titled “Understanding the Power of Effective Prayer,” Apostle Osazuwa stressed the potency of prayer as a vital tool for believers to effect change, overcome afflictions, and engage in spiritual warfare.
He described prayer as a two-way communication between man and God, noting its mystery and transformative power.
The event attracted dignitaries, including immediate past Governor of Delta State, Senator Ifeanyi Okowa; the Speaker of Delta State House of Assembly, Rt. Hon. Emomotimi Guwor, Pastor Osagie Ize-Iyamu; Prof. Idia Ize-Iyamu; alongside worshippers and well-wishers who joined the Osazuwa family in thanksgiving.
The Economic and Financial Crimes Commission (EFCC) has declared Olasijibomi Suji Ogundele, founder of Sujimoto Luxury Construction Limited, wanted for allegedly diverting funds and engaging in money laundering.
The declaration was contained in a notice issued by the EFCC’s Head of Media and Publicity, Dele Oyewale, and circulated to the public via its official X account.
According to the Commission, Ogundele is wanted in connection with an alleged case of diversion of funds and money laundering being investigated by its Lagos Command
“The public is hereby notified that OLASIJIBOMI SUJI OGUNDELE of Sujimoto Luxury Construction Limited, whose photograph appears above, is wanted by the Economic and Financial Crimes Commission (EFCC) in an alleged case of Diversion of Funds and Money Laundering,” the commission stated.
Public appeal for information
The EFCC urged members of the public with useful information on his whereabouts to contact its offices across the country.
The notice described him as a 44-year-old indigene of Ori-Ade Local Government Area of Osun State. His last known address was listed as G29, Banana Island, Ikoyi, Lagos State.
“Anybody with useful information as to his whereabouts should please contact the Commission in its Ibadan, Uyo, Sokoto, Maiduguri, Benin, Makurdi, Kaduna, Ilorin, Enugu, Kano, Lagos, Gombe, Port Harcourt or Abuja offices or through 08093322644; its e-mail address: info@efcc.gov.ng or the nearest Police Station and other security agencies,” the notice read.
The controversies surrounding Olasijibomi Suji Ogundele, the founder of Sujimoto Luxury Construction Limited, did not just begin.
In October 2024, he was under police investigation following allegations of a $325,000 real estate fraud. According to reports, a client had paid the sum for a three-bedroom apartment in the Leonardo project in Banana Island, Lagos, but neither received the property nor a refund.
The Police Force Criminal Investigations Department (FCID) invited Ogundele for questioning, but he initially failed to respond, opting instead to file a fundamental rights suit to restrain the investigation.
He later appeared at the FCID headquarters in Abuja after further pressure from investigators and was interrogated before being released on bail.
Following his release, Ogundele issued a response, denying any fraudulent activity. He explained that the delays in delivering the project were caused by external economic factors, specifically inflation, rising construction material costs, and the volatility of foreign exchange.
He stated that he had arrived at the FCID with a trove of evidence, including title documents of the Leonardo project, approvals from Lagos State, and other paperwork, which he claimed demonstrated transparency and a genuine commitment to fulfilling obligations to clients.
The Federal Government of Nigeria is in the process of obtaining new financing from the World Bank amounting to $1.75 billion, despite recent announcements of a significant increase in national revenues.
President Bola Tinubu stated on Tuesday that Nigeria has already exceeded its revenue targets for 2025.
In a follow-up clarification, the Presidency revealed that Nigeria collected N20.59 trillion between January and August 2025, reflecting a 40.5% increase compared to the N14.6 trillion accrued in the same period the previous year.
According to Bayo Onanuga, the Special Adviser to the President on Information and Strategy, this revenue surge has been largely driven by non-oil sources, which now represent 75% of the government’s total revenue.
Nevertheless, officials indicated that borrowing would persist to address funding gaps in essential sectors.
Documentation from the World Bank suggests that approval for the $1.75 billion in new loans for Nigeria is anticipated before the end of the year. These funds will be allocated to projects in agriculture, health, digital infrastructure, and financing for small businesses.
Key initiatives earmarked for support include a $500 million project aimed at enhancing agricultural value chains to improve farm productivity and promote rural development.
Additionally, there is a $500 million digital infrastructure program intended to expand connectivity and foster technology-led growth, a $250 million health security project, and a $500 million initiative focused on providing inclusive financing for micro, small, and medium enterprises.
The loans are currently undergoing various stages of review and negotiation, indicating that Nigeria continues to rely on external borrowing to meet its financial needs. According to World Bank data, the country has secured a total of $8.4 billion in new credit lines over the past two years.
President Bola Tinubu has asserted that the policies and initiatives of his administration are fundamentally anchored in the solemn oath of office he took, which obligates him to serve the interests of all Nigerians.
In a statement shared on his X handle on Monday, he emphasized that this oath serves as a guiding principle for the various infrastructural projects his government is undertaking, including the construction of bridges, roads, railways, and advancements in the power and healthcare sectors.
His remarks came in response to mounting criticisms regarding perceived imbalances in the distribution of projects and allegations of regional neglect.
Tinubu contended that his administration is committed to implementing policies and delivering projects that are intended to benefit all citizens, irrespective of their region, religion, or ethnic background.
“I took an oath to serve all Nigerians, not a section. That oath guides every bridge, road, rail, power, and health project we deliver,” the post reads.
“From the Lagos–Calabar Highway in the South to the Sokoto–Badagry Superhighway in the North; from Port Harcourt–Maiduguri rail in the East to Abuja–Kaduna–Kano expressway in the Centre, and the Trans-Saharan highway connecting African countries, these are not local trophies. They are our national assets.”
Tinubu said health centres are being rehabilitated nationwide, and light rail projects in Kano, Kaduna, Lagos, and Ogun have been given the green light.
“250,000 jobs are being created, power is returning to Kaduna through the revived 255MW power plant, bridges in Onitsha and Bonny reconnect our people, oil exploration is expanding in Bauchi and Gombe, and the AKK pipeline has crossed the Niger,” he said.
“Every farmer who needs a road, every trader who needs power, every child who needs a school, every patient who needs care… this is who we are building for.”
The president noted that the “equity of renewed hope” ensures no Nigerian is second class and no region is left behind.
“Together we will rise as one nation, one people, and one destiny. Bet on Nigeria,” he added.
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