Business
HOW REAL ESTATE COMPANIES BENEFITED FROM FUEL SUBSIDY BY DENNIS ISONG
HOW REAL ESTATE COMPANIES BENEFITED FROM FUEL SUBSIDY BY DENNIS ISONG
Nigeria, being one of the largest oil-producing countries in Africa, has historically implemented fuel subsidies to alleviate the financial burden on its citizens and ensure affordable energy costs. However, the effects of fuel subsidies extend beyond the energy sector, with potential repercussions on various industries, including real estate. This article explores the impact of fuel subsidy on the real estate market in Nigeria, analyzing both positive and negative implications.
1) INCREASE IN CONSTRUCTION COSTS
Fuel subsidies significantly affect the cost of construction materials, transportation, and machinery used in the real estate sector. With subsidized fuel prices, the demand for fuel surges, leading to shortages and subsequent price increases. Consequently, transportation costs for construction materials rise, resulting in higher overall construction expenses. The increased cost of construction negatively impacts real estate developers, who may either pass the additional costs to buyers or experience reduced profit margins.
2) DECREASED INVESTOR CONFIDENCE
Fuel subsidies often strain Nigeria’s economy by diverting funds that could have been used for infrastructure development, education, and healthcare. This diversion of funds can lead to economic instability, inflation, and currency devaluation. Such economic uncertainties create a climate of investor caution, affecting the real estate market. Investors may hesitate to inject capital into the market, reducing overall investment and limiting the growth potential of the sector.
3) REDUCED AFFORDABILITY FOR HOMEBUYERS
Although fuel subsidies intend to ease the financial burden on citizens, they can have unintended consequences. When subsidies are removed or reduced, fuel prices increase, resulting in higher transportation costs and inflationary pressures. These factors affect the cost of living, including housing expenses. As the cost of construction materials rises, real estate developers may pass on the additional costs to homebuyers, making properties less affordable. Consequently, demand for real estate may decrease, affecting both the residential and commercial segments of the market.
4) SHIFTING DEMAND PATTERNS
Fuel subsidy reforms may cause shifts in demand patterns within the real estate market. As transportation costs rise due to increased fuel prices, there may be a growing preference for properties located closer to urban centers, reducing demand for properties in suburban or rural areas. Developers and investors must adapt to these changing trends, potentially leading to a restructuring of the real estate market and a concentration of development in specific regions.
5) POTENTIAL FOR INFRASTRUCTURE DEVELOPMENT
One potential positive impact of fuel subsidy reforms on the real estate sector is the redirection of funds towards infrastructure development. If the government allocates the savings from subsidy removal to improving transportation networks, power supply, and other essential infrastructure, it can boost economic growth and enhance the overall appeal of the real estate market. Improved infrastructure attracts investors and stimulates demand for both residential and commercial properties.
6) IMPACT ON RENTAL COSTS
Fuel subsidy reforms can indirectly impact rental costs in Nigeria. As transportation expenses increase due to higher fuel prices, landlords and property owners may pass on these costs to tenants through higher rent charges. This can further burden individuals and businesses seeking affordable rental options, potentially affecting occupancy rates and overall demand for rental properties.
7) DEVELOPMENT OF ALTERNATIVE ENERGY SOLUTIONS
The removal or reduction of fuel subsidies can incentivize the exploration and development of alternative energy solutions in the real estate sector. With higher fuel prices, there is a greater impetus for adopting renewable energy sources such as solar power or energy-efficient technologies. This shift towards sustainable energy practices can lead to long-term cost savings, reduced dependence on fossil fuels, and a more environmentally friendly real estate industry.
8) IMPACT ON COMMERCIAL REAL ESTATE
Fuel subsidy reforms can have varying impacts on different segments of the real estate market. In the case of commercial real estate, increased fuel prices can affect operational costs for businesses. This may result in reduced profitability and potential downsizing or relocation decisions. Consequently, there could be a decline in demand for office spaces and commercial properties in certain areas, influencing rental prices and investment opportunities.
9) REGIONAL DISPARITIES
The effects of fuel subsidy on real estate can vary across different regions of Nigeria. As fuel prices fluctuate, regions that rely heavily on fuel-based transportation for construction materials and commuting may experience more significant challenges in the real estate sector. Conversely, regions with well-developed infrastructure and alternative transportation options may be less affected, maintaining relatively stable real estate markets.
10) POTENTIAL FOR GOVERNMENT REVENUE GENERATION
While fuel subsidy reforms may initially introduce challenges for the real estate market, they can also provide opportunities for the government to generate additional revenue. By redirecting funds from subsidy savings, the government can invest in real estate development projects or introduce policies that encourage private sector investment. This can stimulate economic growth, create job opportunities, and contribute to the expansion of the real estate sector in Nigeria.
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Business
WFA APPOINTS GLOBAL BRAND EXECUTIVES TO EXPANDED LEADERSHIP COMMITTEE
WFA APPOINTS GLOBAL BRAND EXECUTIVES TO EXPANDED LEADERSHIP COMMITTEE
STOCKHOLM — The World Federation of Advertisers (WFA) has announced the appointment of senior executives from leading global brands to its Executive Committee, in a move aimed at strengthening its global influence and industry coordination.
The appointments were unveiled during the WFA Global Marketer Week held in Stockholm.
The new members, drawn from top multinational corporations, include executives from Driscoll’s, Haleon, IKEA and Nissan. They join an already influential body comprising marketing and corporate affairs leaders from major companies such as Best Buy, Danone, Diageo, Grab, Kenvue and Tata Group.
Also joining the Executive Committee are representatives of key advertiser bodies, including Josh Faulks, Chief Executive Officer of the Australian Association of National Advertisers; Simon Michaelides, Director General of the Incorporated Society of British Advertisers; and O’tega Ogra, Vice President of the Advertisers Association of Nigeria and Senior Special Assistant to the President of Nigeria on Digital Communications, Engagement and New Media Strategy.
WFA President David Wheldon and Deputy President Philip Myers of Ferrero will continue in their roles, alongside all regional vice presidents.
The newly appointed members are:
Jiunn Shih, Global Chief Marketing Officer, Driscoll’s
Silas-Lewis Meilus, Global Head of Media Operations, Haleon
Joel Renkema, Global Head of Insights, IKEA
José Román, Corporate Executive, Global Sales and Marketing, Nissan
Josh Faulks, CEO, AANA
Simon Michaelides, Director General, ISBA
O’tega Ogra, Vice President, ADVAN
Industry observers say the expanded committee reflects WFA’s commitment to deeper global collaboration and stronger representation across regions and sectors within the marketing and advertising ecosystem.
Business
FORENSIC INVESTIGATION REVEALS FABRICATED X ACCOUNT TARGETING INEC CHAIRMAN – CPS
FORENSIC INVESTIGATION REVEALS FABRICATED X ACCOUNT TARGETING INEC CHAIRMAN – CPS
The Chief Press Secretary (CPS) to the Chairman of the Independent National Electoral Commission (INEC), Mr. Adedayo Oketola, has said that a purported X (formerly Twitter) account attributed to the Commission’s Chairman, Prof. Joash Ojo Amupitan, SAN, is fake and part of a coordinated disinformation campaign.
In a public statement issued on Monday in Abuja, Mr. Oketola disclosed that a comprehensive, multi-layered forensic investigation conducted by independent cybersecurity experts has conclusively established that the INEC Chairman does not operate any personal X account.
He said, “The Independent National Electoral Commission (INEC) , committed to a full forensic investigation, commissioned an independent forensic cybersecurity expert, who conducted a multi-layered forensic and digital investigation using X platform data, internet archive records, OSINT tools, identity forensics and cross-platform analysis.”
Oketola stressed that all posts, replies, and screenshots linking him to the handle @joashamupitan are fraudulent, forensically unverifiable, and technically impossible.
The controversy began on April 10, 2026, when viral social media posts alleged that the Chairman made a partisan comment — “Victory is sure” — in response to another user, supported by screenshots and purported digital records.
However, the CPS said the forensic investigation uncovered clear evidence of fabrication and impersonation, highlighting the following key findings:
· No Digital Linkage: There is no connection between the disputed X account and Prof. Amupitan’s verified email addresses or phone numbers, as multiple recovery and verification attempts failed to establish any link.
· False BVN/OPay Claims: Data used to suggest ownership of the account only confirms identity and does not establish control of any social media handle, making such claims a logical fallacy.
· Timestamp Manipulation: The alleged reply “Victory is sure” was posted 13 minutes before the original tweet it responded to—an occurrence that is technically impossible and definitive proof of fabrication.
· No Historical Record: Searches on the Internet Archive’s Wayback Machine showed zero evidence of the account or its alleged activity prior to April 2026.
· Non-Existence on X Platform: Live checks confirmed that the alleged reply does not exist and has never existed on the platform.
· Account Renaming Pattern: On the same day the screenshots went viral, the account was renamed @sundayvibe00, set to private, and labelled a “parody account,” indicating deliberate impersonation and damage control.
· Coordinated Multi-Platform Impersonation: At least seven fake accounts across Facebook and Instagram using the Chairman’s identity were identified, pointing to a sustained disinformation effort.
“The forensic evidence is comprehensive, multi-sourced, and unambiguous. The posts attributed to Prof. Joash Ojo Amupitan on X are fabricated. The account is a clear case of impersonation,” Mr. Oketola said.
Quoting one of the independent investigators, he described the development as “a coordinated digital impersonation and disinformation campaign,” warning that advances in artificial intelligence had made it easier to fabricate misleading content.
He urged the public to avoid sharing unverified information, noting that “the fact that content goes viral does not make it authentic,” and called on media organisations to prioritise accuracy over speed.
Mr. Oketola said the independent forensic report had been referred to the law enforcement agencies for necessary action. He also appealed to law enforcement agencies to investigate the origin of the fake account and prosecute those responsible under the Cybercrimes (Prohibition, Prevention, etc.) Act.
He said, “Media organisations, in particular, have a duty to apply strict forensic verification standards to social media posts and screenshots before publishing them, especially when such content implicates public officials or carries serious consequences for public trust and institutional credibility. Accuracy, not speed, must guide reporting in matters of this nature.”
He reiterated that all official communications from INEC are disseminated exclusively through its verified platforms, including its website (www.inecnigeria.org), verified X account (@inecnigeria), official Facebook page, online news portal (www.inecnews.com), formal press statements from its headquarters in Abuja, and official media briefings. Any account purporting to represent the INEC Chairman in a personal capacity, he said, should be treated as fraudulent unless formally verified by the Commission.
Business
How FirstBank is investing in Its People and Building Future Leaders
How FirstBank is investing in Its People and Building Future Leaders
For an average 9-5er, having a job isn’t enough. You want a career that grows with you, gives you stability, and opens doors to bigger opportunities. People everywhere are looking for workplaces that don’t just pay salaries but actually invest in their staff, helping them learn, lead, and succeed.
That’s exactly what FirstBank is doing. The Bank is building a future where every employee has the opportunity to grow, lead, and thrive. Through its human capital management and development agenda, FirstBank is creating numerous pathways for staff to transform their careers and become tomorrow’s leaders.
Conversion Programme: Turning Opportunities Into Careers
Needless to say that there is no desire for the 9-5er to remain in a temporary role when they can secure a full-time career. With FirstBank’s Conversion Programme, eligible non-core employees who have served for at least one year can transition into permanent positions. This initiative ensures that hardworking staff are rewarded with stability, growth, and the chance to contribute more meaningfully to the Bank’s success.
Leadership Programmes: Grooming the Next Generation
FirstBank has designed three flagship programmes to identify and nurture high-potential talents:
- FirstBank Management Associate Programme (FMAP): A 24-month fast-track initiative that grooms future middle managers. Upon completion, participants are promoted to Assistant Manager grade, regardless of their previous grade.
- Leadership Acceleration Programme (LAP): Focused on preparing internal middle-management talents for leadership responsibilities, ensuring the Bank’s succession pipeline remains strong.
- Senior Management Development Programme (SMDP): A programme for senior managers who are proven leaders in their functions and critical to the Bank’s succession plan.
These programmes are not just training—they are career accelerators, designed to put staff on the fast lane to leadership.
FirstAcademy: Learning With Global Standards
Backing these initiatives is FirstAcademy, FirstBank’s corporate university, accredited by the Chartered Institute of Bankers of Nigeria (CIBN).
Staff also benefit from partnerships with institutions like Rome Business School and Association of Chartered Certified Accountants (ACCA), gaining access to world-class training—often at discounted rates
A Workplace That Values People
FirstBank’s parent company, First HoldCo PLC, was named second in the Best Workplaces in Financial Services in Nigeria. The Bank remains firmly committed to responsible employment practices, ensuring that all colleagues are treated with dignity, fairness, and respect.
The Future Is Human
With these initiatives, FirstBank is showing that its greatest investment is its people. By empowering staff through various growth opportunities, the Bank is not just building a workforce, it is cultivating leaders who will shape the future of banking in Nigeria and beyond.
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