Business
“Change Should Be More Than Mere Slogan” – Julius Nwokolo
Julius Nwokolo, the CEO of Ultramoda Nigeria limited , a clothing company, in this interview gives an overview of the state of the nation, proffering solutions to thorny issues and explaining how he has managed to attain and maintain the high standard his company is noted for
Can you give us a brief history of your company?
We have been on this work for 16 years. I started it while I was a student. It was a hobby but it later took part of me and became etiquette, so to say. I resigned from lectureship in Europe, came back and embarked on it and since then, I’ve been on it, trying to sustain it. I’ve always dreamt to be a master of myself. From my course of study, I went through developmental studies, so I think that influenced me that I could also be an employer of labour. That’s a brief history of my company.
As an economist, can you take us through the gamut of the economy of this great country?
It’s been good that we have beautiful structures historically and every time we push this to the colonial masters. We have had all the years to restructure the economy but if we turn the pages, everything about us is beautifully written but implementation is always the issue. Implementation is part of the problem we basically have in Nigeria and this has to do with the government.
Proffering a solution to this problem, how can we go about it?
The government should restructure the situation. Nigeria is very rich. They should be employer of labour instead of having full loads of cash in bank accounts. Ordinary toilet roll industry costs less than N50m. They can tap into it. We have about 10 families that will feed under that directly. Ordinary wooden hanger is being imported from China. We have woods all over Nigeria; we can establish a furniture company. We can tap into establishing small scale businesses. We overlook things that could contribute to national economic development.
What is your take on efforts by the current administration?
Unfortunately, you can’t talk about them without mentioning the past administration; which was very weak and corrupt. And that is why Nigerians rushed into the acceptance of the slogan ‘Change’.
Basically, it’s like the ‘Change’ is just a slogan thing. I won’t be surprised if at the end of the regime there was no change, because the structure for change was not made. You cannot embark on a project without the foundation. Change isn’t just from pages of newspapers or on television. You have to have the right people to be there. I seriously doubt if there will be any change.
What is your take on the new ministers?
The ministerial nominees are a serious disappointment after the long wait. You can’t tell me that you can’t find the ‘Change’ in personalities in a country of over 200 million people. I wouldn’t want to take it personal but the truth is the nomination is like compensation. It is not about what they know. We are bringing the same people together. It is like compensation, maybe because they have been part and parcel of you. We have different vibrant Nigerians who are very capable but they were not nominated. We need someone who can give the radical change.
The nomination was based on compensation. They were nominated because they helped the President during election. If we want change, we need new people too. Even if they don’t perform well, history will acknowledge that, at least, you did it.
A lot of people believe Buhari is diverting his strength to fighting corruption, thereby neglecting economic policies. What is your take on that?
It takes me back to what I said earlier – lack of super structure. This is a distraction from focus. He has deviated. Fraud isn’t the function of the President; it is the work of the law enforcement agencies. It’s not an achievement. It’s a complete distraction. Instead of hearing that Niger Bridge has been completed, I’m hearing that Diezani [Alison-Madueke] is being held in London. What is my business with that? Does that contribute to my meal ticket, as an average Nigerian? What’s the accountability on the looted funds?
Basically, are you cautioning or advising Buhari?
Buhari is my president, I cannot caution him. My advice to him is to be focused. He should read the theory of change, he should establish the super structure for what a change is supposed to be and take it over from there and restructure all that has gone wrong. We are waiting on him because we need a real sense of change. The people who will make the change are in this country and they should be invited to do that. Not those that we already know; we want freshers. You don’t have to be a member of a party to bring a change. We are talking about Nigeria, not APC or PDP.
Let’s take a look at Lagos State. A lot of people think Governor Akinwunmi Ambode hasn’t really taken off. Whats your take on that?
Don’t forget he is an accountant by profession. He could be very good in his field. With that background, I’m not expecting much. Take a look at Allen Avenue and Opebi Road, even Ikeja, which is Lagos State headquarters. You can’t just drive around. From Opebi to Allen is just too bad. You can’t tell me government officials don’t pass through there. We are not thinking in Nigeria. They should also stop disturbing the movement of people all in the name of construction. They can do it on Sundays or even midnight. A lot of things had gone slow before Ambode took over, so it is going to take him some time.
Can you tell us what has been the secret of your success?
Consistency. No matter how it comes, I try to correct myself when I need to. That’s the magic so far. Practically, the way I talk about developing people. A lot of people have worked in and established themselves from this place. If I can do that, you can do that, it will be easy; it’s not all about the government. The other part of is humility, I don’t think there is anyone that will say I offended him or her, even as a customer. Financial challenge is the negative part of it but as much as it is, we’ve been trying to manage it.
What would you say makes you unique?
I try to source for uncommon things and then do achievable things. We have what everybody wants.
How have you been able to manage where you source your materials from?
My relationship with my supplier has been very cordial. Most of my current designers now have known me for long. We have known each other for more than 15 years. I’ve never been arrested for refusing to pay up; whenever we have debt, we manage it.
Do you have any plans to bequeath the business to any of your children?
Funny enough, my children have chosen academics. It doesn’t have to be my children. Someone working under me can take over. I know people who I’ve planted in and have seen them grow. People like appreciation. Many of them are far richer than I am but I’m happy that they passed through me. It gives me joy
How have you been able to maintain the brand?
It’s the same consistency. If you answer to a different name every time, something is wrong, it is not about branding.
Riceocracy: When Tinubu and the APC Government Substitutes Governance with Handouts
By George Omagbemi Sylvester
“Tinubu’s administration faces mounting criticism as rice palliatives replace real solutions to Nigeria’s deepening crisis.”
ABUJA, Nigeria — March 17, 2026
A growing wave of public frustration is sweeping across Nigeria as citizens decry what has now been dubbed “Riceocracy” a governance pattern where the government of President Bola Ahmed Tinubu and the ruling All Progressives Congress (APC) respond to systemic failures with the distribution of rice rather than meaningful reforms.
Across the country, from major cities like Lagos and Abuja to underserved rural communities, Nigerians are voicing anger over persistent issues: no stable electricity, deteriorating road networks, unaffordable fuel and cooking gas, and a struggling education system. Yet, in response to these structural problems, the government’s most visible intervention has been the distribution of food palliatives; particularly rice.
The central figures in this unfolding crisis are President Tinubu and the APC-led federal and state governments, who have overseen the rollout of these relief measures. On the other side are millions of Nigerians battling rising inflation, joblessness, and declining living standards.
The trend gained momentum following the removal of fuel subsidies in May 2023, a policy decision by the Tinubu administration that triggered a surge in transportation and commodity prices. By 2024 and into 2025, the government intensified the distribution of rice and other palliatives as a stopgap measure to quell public discontent. Now, in 2026, the approach has become a defining feature of the administration’s response to economic hardship.
The “Riceocracy” phenomenon is nationwide. Reports from states such as Kano, Rivers, and Borno show large crowds gathering for rice distribution exercises, even as basic infrastructure continues to decay. Urban centers are not exempt; in cities like Lagos, residents still grapple with erratic power supply and high living costs despite periodic palliative programs.
Analysts point to political convenience and immediate optics. Distributing rice is quick, visible, and politically advantageous, especially in a climate of widespread hardship. However, critics argue that it reflects a deeper governance failure; an inability or unwillingness to implement long-term solutions.
Nobel laureate Wole Soyinka has long warned against superficial governance, describing such approaches as “a betrayal of democratic responsibility.” In the same vein, global economist Ngozi Okonjo-Iweala has stressed that “palliatives may provide temporary relief, but they cannot replace sound economic management and structural reform.”
Political economist Pat Utomi offers a sharper critique: “A state that reduces its responsibility to food sharing risks institutionalizing poverty rather than eliminating it.” His statement captures the growing concern that Nigeria’s leadership is addressing symptoms rather than causes.
The implications are severe. Nigeria’s power sector remains unreliable, forcing businesses to depend on costly alternatives. Road infrastructure continues to hinder economic activity, while the education sector suffers from underfunding and frequent disruptions. Despite these challenges, rice distribution has become the most consistent government response.
Critics further argue that this strategy fosters dependency and weakens civic engagement. Instead of demanding accountability, citizens may feel compelled to accept handouts as substitutes for rights and services. Allegations of mismanagement and politicization of palliative distribution also persist, raising questions about transparency and fairness.
The term “Riceocracy” may sound satirical, but it reflects a sobering reality. It highlights a governance model where survival replaces development, and where public policy is reduced to emergency relief rather than strategic planning.
As Nigeria marks this moment on March 17, 2026, the message from scholars, civil society, and frustrated citizens is unmistakable: rice cannot fix a broken system. Only deliberate investments in infrastructure, education, energy, and economic productivity can restore confidence and chart a sustainable path forward.
Until then, the image of Nigerians queuing for bags of rice will remain a stark symbol of a nation still searching for leadership that goes beyond palliatives to deliver real progress.
ZENITH BANK OPENS MANCHESTER BRANCH TO SUPPORT CROSS-BORDER TRADE AND INVESTMENT
Zenith Bank Plc has announced the opening of a new branch in Manchester, United Kingdom, marking another significant milestone in the bank’s international growth and its commitment to strengthening financial connections between Africa and global markets.
The official opening ceremony, scheduled to hold on Tuesday, March 17, 2026, is expected to attract government officials from Nigeria and the United Kingdom, regulators, investors, customers, and business leaders from both countries, underscoring the growing economic ties and investment opportunities between the two markets.
The new Manchester branch will complement Zenith Bank’s existing operations in the United Kingdom and serve as a strategic hub for supporting businesses engaged in international trade and investment. Through the branch, the bank will provide corporate banking, trade finance, treasury and related financial services to clients operating across the United Kingdom, Europe and Africa.Speaking ahead of the launch, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dame Dr. Adaora Umeoji, OON, said: “The opening of our Manchester branch represents another important step in Zenith Bank’s growth as a leading African financial institution connecting businesses and markets across continents. Manchester is one of the United Kingdom’s most dynamic commercial centres, and our presence here will further strengthen financial connections between businesses in the UK and opportunities across Africa’s rapidly expanding markets.
”Founded in 1990 by its Founder and Chairman, Jim Ovia, CFR, Zenith Bank has grown into one of Africa’s most respected banking institutions, boasting a robust capital base and a remarkable history of year-on-year profitability. Built on a strong foundation of people, technology and service, the Bank has consistently delivered innovative financial solutions while maintaining a disciplined approach to growth and risk management. The impressive performance of the Bank has consistently earned it excellent ratings, recognition and endorsement from local and international agencies and institutions.Headquartered in Lagos, Nigeria, Zenith Bank operates over 500 branches and business offices across the 36 States of the Federation and the Federal Capital Territory (FCT). The Bank currently operates subsidiaries in several African countries including Ghana, Sierra Leone, Gambia, and Cote d’Ivoire, while maintaining a presence in major international financial centres including the United Kingdom, France, UAE and China.
In recent years, Zenith Bank has continued to expand its international network as part of its strategy to support global trade and investment flows involving Africa.Manchester, widely regarded as one of the United Kingdom’s most vibrant economic centres, hosts a diverse base of businesses across sectors such as manufacturing, engineering, logistics, technology and consumer goods. The city’s strong commercial ecosystem and international outlook align closely with Zenith Bank’s expertise in corporate banking, structured finance and trade finance.The Manchester branch will work closely with the Bank’s London operations and its broader international network to support clients seeking to expand across markets and unlock new opportunities in both the United Kingdom and Africa.
With the opening of the Manchester branch, Zenith Bank continues to advance its vision of building a truly global African banking institution that connects businesses, facilitates trade and investment, and creates stronger economic bridges between Africa and the world.
Business
New Petrol Import Permits May Reverse Nigeria’s Push for Domestic Refining and Increase Pressure on Foreign Reserve” — Energy Policy Group Tells President Tinubu
*“New Petrol Import Permits May Reverse Nigeria’s Push for Domestic Refining and Increase Pressure on Foreign Reserve” — Energy Policy Group Tells President Tinubu*
An energy policy group has advised President Bola Ahmed Tinubu to reconsider the wider economic consequences of newly issued permits allowing marketers to import petrol into the country, warning that the move could undermine Nigeria’s efforts to strengthen domestic refining and stabilise the economy.
In a statement released on Sunday in Abuja, the Energy Transparency and Market Justice Initiative (ETMJI) said the approvals granted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) could produce unintended consequences if not carefully managed.
The group’s president, Dr. Salako Kareem, said Nigeria was at a delicate moment in its energy transition and that policy choices made now would determine whether the country finally escapes its decades-long dependence on imported refined petroleum products.
Kareem said while the regulator’s responsibility to guarantee adequate fuel supply is understood, expanding import permissions at this stage could weaken the policy direction required to encourage local production and long-term sector stability.
“Our respectful appeal to President Bola Ahmed Tinubu is that decisions concerning petrol importation must be carefully weighed against their long-term economic consequences,” Kareem said.
“Nigeria has spent decades trying to overcome the paradox of being a major crude oil producer while relying heavily on imported refined products. Any policy action that appears to reopen the floodgates of importation may slow down the progress that has been made toward strengthening domestic refining capacity.”
He warned that increasing petrol imports could place additional pressure on the country’s foreign exchange reserves, especially at a time when the government is pursuing difficult economic reforms aimed at stabilising the naira and improving fiscal discipline.
“For many years, the country has lost enormous volumes of foreign exchange importing petroleum products that could ideally be refined locally,” Kareem said.
“If import volumes begin to rise again, the demand for foreign currency will inevitably grow. This could place renewed strain on the naira and undermine the broader economic stabilisation programme that the government is currently pursuing.”
The group also warned that excessive reliance on imported petrol could create opportunities for product dumping and the entry of substandard fuel into the Nigerian market, a challenge that has troubled regulators and consumers in the past.
According to Kareem, Nigeria’s downstream sector has historically struggled with quality control issues whenever importation becomes widespread, because imported fuel often travels through multiple intermediaries before reaching domestic depots.
“One of the lessons from the past is that when imports dominate the supply chain, the market sometimes becomes vulnerable to the dumping of inferior petroleum products,” he said.
“This not only creates regulatory complications but also exposes Nigerian consumers to fuels that may damage vehicles, affect industrial machinery and ultimately impose hidden economic costs on the country.”
He added that encouraging domestic refining and strengthening local supply chains would provide better product traceability and improve overall market transparency.
Kareem stressed that the group’s intervention was not intended as criticism of the NMDPRA, noting that regulators must often make complex decisions to prevent supply disruptions in a volatile energy market.
However, he urged the federal government to ensure that short-term supply management does not weaken long-term national objectives in the petroleum sector.
“We recognise that the regulator has the responsibility to ensure that Nigerians do not experience fuel shortages, and that duty is extremely important,” he said.
“But at the same time, policy coherence is essential. The country must avoid sending signals that could discourage investment in local refining or create uncertainty about Nigeria’s commitment to energy self-sufficiency.”
Kareem said Nigeria now has a rare opportunity to restructure its downstream petroleum industry in a way that strengthens domestic production, protects foreign exchange reserves and builds long-term industrial capacity.
He urged the president to ensure that the country’s regulatory framework reflects that strategic vision.
“Our appeal is simply for policy alignment. If Nigeria truly wants to build a resilient energy economy, then every major decision in the downstream sector must reinforce the goal of reducing import dependence, strengthening domestic production and protecting the country’s economic stability,” Kareem noted.
The group added that careful policy coordination between regulators and the presidency would help ensure that Nigeria avoids repeating the costly fuel import cycles that have historically drained public resources and weakened the national economy.
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