Business
‘Power situation in Nigeria is no longer a laughing matter’ – Pres. Buhari
President Mohammadu Buhari on Monday woke up to the realities of epileptic power supply in Nigeria, saying that the situation was no longer funny. Should the situation persists; the president said it would seriously affect the change agenda of the present administration. The president said his administration must do everything necessary to increase power generation and distribution from its present status of about 1,500 to 3,500 megawatts with additional 2,000 before the end of the year as a way of halting the ripple effects on the economy. But giving high hopes on the power sector, the president stated that before his government winds up in 2019, he would achieve a historic 10,000 megawatts of electricity. The promise was contained in a keynote address which he presented at the opening ceremony of a two day summit of the National Economic Council, NEC, in Abuja. The president who noted the theme of the summit: Nigerian States: Multiple Centers of Prosperity was apt, had identified five key areas such agriculture, power, manufacturing, housing and healthcare as challenges the Council must prioritize. President Buhari also expressed misgivings over the privatization of the power sector in the country, saying that the process was more profit oriented than a thing of public interest. He stated that the sector was yet to show the gains of the privatization Programme as quality of service was still in a sorry state. But being an ongoing process, the president said that it must be completed. He said: “Nigerians’ favourite talking point and butt of jokes is the power situation in our country. But, ladies and gentlemen, it is no longer a laughing matter. We must and by the grace of God we will put things right. In the three years left for this administration we have given ourselves the target of ten thousand megawatts distributable power. In 2016 alone, we intend to add two thousand megawatts to the national grid. “This sector has been privatized but has yet to show any improvement in the quality of service. Common public complaints are: Constant power cuts destroying economic activity and affecting quality of life, High electricity bills despite power cuts, Low supply of gas to power plants due to vandalization by terrorists, Obsolete power distribution equipment such as transformers, Power fluctuations, which damage manufacturing equipment and household appliances, Low voltage which cannot run industrial machinery. “These are some of the problems, which defied successive governments. In our determination to change we must and will, insha Allah, put a stop to power shortages. “Key points to look at here are: Privatization. We are facing the classic dilemma of privatization: Public interest Vs Profit Motive. Having started, we must complete the process. But National Electricity Regulatory Commission (NERC), the regulatory authority, has a vital job to ensure consumers get value for money and over-all public interest is safe-guarded. “Government to fast-track completion of pipelines from Gas points to power stations and provide more security to protect gas and oil pipelines. “Power companies should be encouraged to replace obsolete equipment and improve the quality of service and technicians.” On agriculture, president noted with dismay the high cost of food items, saying that government must play active role in achieving food production and self sufficiency. He also observed that the commercial banks had no meaningful credit facilities for the agriculture sector, asking them to increase their lending to the sector. He said “On Agriculture today, both the peasant and the mechanized farmers agree with the general public that food production and self-sufficiency require urgent government action. For too long government policies on agriculture have been half-hearted, suffering from inconsistencies and discontinuities. “Yet our real wealth is in farming, livestock, hatcheries, fishery, horticulture and forestry. From the information available to me the issues worrying the public today are: Rising food prices, such as maize, corn, rice and gari, Lack of visible impact of government presence on agriculture, Lack of agricultural inputs at affordable prices. Cost of fertilizers, pesticide and labour compound the problems of farming. Extension services are virtually absent in several states. “Imports of subsidized food products such as rice and poultry discourage the growth of domestic agriculture. “Wastage of locally grown foods, notably fruit and vegetables which go bad due to lack of even moderate scale agro-processing factories and lack of feeder roads. “These problems I have enumerated are by no means exhaustive and some of the solutions I am putting forward are not necessarily the final word on our agricultural reform objectives: “First, we need to carry the public with us for new initiatives. Accordingly the Federal Ministry of Agriculture in collaboration with the States should convene early meetings of stakeholders and identify issues with a view to addressing them. “Inform the public in all print and electronic media on government efforts to increase local food production to dampen escalating food prices. “Banks should be leaned upon to substantially increase their lending to the agricultural sector. Central Bank of Nigeria (CBN) should bear part of the risk of such loans as a matter of national policy. “States should increase their financial support through community groups. The appropriate approach should be through leaders of community groups such as farmers cooperatives. “Provision of feeder roads by state governments to enable more effective evacuation of produce to markets and processing factories.” Speaking on manufacturing, president Buhari felt grieved that many industries were having the challenges of accessing foreign exchange to buy their raw materials. Noting that the situation was a phase however, he also identified Inadequate infrastructure such as Power, Roads, Security, high cost of borrowing money, lack of long term funding as factors militating against manufacturing in Nigeria. As a way of surmounting the problems, president Buhari made some recommendations. “The infrastructure Development Fund should be fast-tracked to unlock resources so that infrastructural deficiencies can be addressed. “There should be more fiscal incentives for Small and Medium Enterprises (SMEs), which prove themselves capable of manufacturing quality products good enough for export. “Central Bank of Nigeria (CBN) should create more incentives and ease credit terms for lending to manufacturers. “A fresh campaign to patronize Made-in-Nigeria goods should be launched. Example: all uniforms in government-sponsored institutions should be sourced from local factories”, he said. On housing, president Buhari said that there was housing deficit in Nigeria. According to him, the plan by his party, the All progressives Congress, APC to build 250 housing units might not be realized. He said: “Some estimates put Nigeria’s housing deficit at about sixteen million units. In our successful campaign to win the general elections last year our party, the APC, promised to build a million housing units a year. This will turn out to be a very tall order unless: “The Federal Government builds two hundred and fifty thousand units. The 22 APC States together manage another two hundred and fifty thousand units. “We invite foreign investors together with local domiciled big construction companies to enter into commercial housing building to pick up the rest.” The president also noted that “Severe shortage of housing, High rents, Unaffordable prices for prospective buyers especially middle and low-income earners”, in addition to “red tape, corruption and plain public service inefficiency lead to long delays in obtaining ownership of title documents”, amongst others were the huddles faced in actualizing meaningful housing scheme for all. President Buhari while speaking health as prerequisite for economic development, revealed that a whooping sum of $1 billion was been spent by Nigerians for medical treatment abroad on Healy basis. He said “In my inauguration speech last May, I remarked that the whole field of Medicare in our country needed government attention. Dirty hospitals! (Few sights are more upsetting than a dirty hospital), inadequate equipment, poorly trained nursing staff, overcrowding. The litany of shortcomings is almost endless. “Sound health system is part of the prerequisites for economic development. Nigerians travel abroad, spending an estimated One Billion US Dollars annually to get medical treatment. Despite huge oil revenues the nation’s health sector remains undeveloped”. In attacking the challenges of the sector, the president stated that there should be more funding for health centres to improve service delivery. According to him, the “World Bank and World Health Organization (WHO) could be persuaded to increase their assistance”. He also stated that a public health propaganda should be strengthened on Environmental sanitation, smoking, Better dieting, Exercising”. This was even as he charged the National Agency for Food, Drug, Administration and Control, NAFDAC, to intensify campaign against fake drugs. “NAFDAC should intensify efforts on reducing or stopping circulation of fake drugs in Nigeria. Ministry of Health should work closely with the Nigerian Medical Association to ensure that unqualified people are not allowed to practice”, he said Meanwhile, the Vice President Yemi Osinabjo who chaired the summit and the chairman of Nigerian Governors forum and governor of Zamfara state, Abdulazz Yari who also spoke at the opening ceremony underscored the need for prioritization in the light of dwindling oil prices in the international market. The summit had all the serving ministers as well as the 36 Nigerian State governors as participants.
Business
Group Signs Investment Promotion Agreement in Ivory Coast as UNIPGC Deploys Funding for Capital Projects
Group Signs Investment Promotion Agreement in Ivory Coast as UNIPGC Deploys Funding for Capital Projects
– Ivorycoast, Cot’devouir
Noble & Gold Consulting Ltd has officially signed a partnership agreement with Gicobat Group of Company to facilitate funding for capital projects in Abidjan, Côte d’Ivoire, through the UNIPGC–Global Economic Development Council (GEDC), during a high-level Business and Investment Roundtable held in the country.
The meeting, which took place on May 12, 2026, at the World Trade Centre in Abidjan, brought together senior executives and stakeholders from both organizations, including His Excellency, Amb. Jonathan Ojadah GCOP, Global President of UNIPGC; Mr. Noble Eze, CEO of Noble & Gold Consulting Ltd; and the Chairman of Gicobat Group of Company, Côte d’Ivoire.
The roundtable focused on opportunities for capital project financing, investment promotion, and business development across strategic sectors of the economy. Following extensive deliberations, the parties finalized terms and signed an agreement aimed at advancing the projects discussed during the engagement.
Speaking at the event, the Chairman of the UNIPGC-GEDC, His Excellency Amb. Jonathan Ojadah, delivered a presentation titled *“How Reputable Brands Can Secure Funding for Capital Projects.”* He stated that the agreement represents a major milestone in supporting high-profile business initiatives that require structured financing and professional project management.
According to him, the partnership aligns with UNIPGC-GEDC’s mandate as a leading investment promotion, advisory, and business development institution operating across Africa and internationally.
> “Today, I am delighted to address this important topic on how leaders of established and reputable brands can secure the capital required for major expansion, technological advancement, or infrastructure development. The objective is not merely to find funding, but to attract the right funding at the most competitive cost of capital,” he stated.
He emphasized that brand reputation remains a critical asset in attracting investors and financial institutions.
> “In business, reputation is everything. In the world of capital-intensive projects, reputation is more than public perception; it is an asset class. A reputable brand represents stability, proven performance, and trustworthiness,” he added.
Amb. Ojadah further noted that successful funding processes begin long before formal investment pitches are made. According to him, investors seek organizations that demonstrate value stewardship, operational excellence, and financial discipline.
Drawing from his international experience in capital project engagements across Egypt, Kenya, the Democratic Republic of Congo, Zambia, and other countries, he highlighted several categories of major funding institutions involved in large-scale development financing. These include multilateral development banks, government agencies, private foundations, and impact investors focused on infrastructure, healthcare, real estate, energy, oil and gas, and sustainable development.
Among the institutions he referenced were the International Finance Corporation (IFC), the European Union (EU), the United Nations Capital Development Fund (UNCDF), the OPEC Fund for International Development, the Bill & Melinda Gates Foundation, the Mastercard Foundation, the Ford Foundation, the Rockefeller Foundation, and the UNIPGC Foundation.
He explained that through the UNIPGC Global Economic Development Council (GEDC), the organization facilitates funding opportunities for startups, private sector operators, and government projects through public-private partnerships (PPP), leveraging its network of international funding partners and financial institutions.
Amb. Ojadah identified three critical indicators commonly assessed by investors and lenders before financing projects:
1. **Transparency and Financial Performance** – Organizations must maintain audited financial records, quality assets, and sustainable growth patterns.
2. **Operational Excellence** – Investors prefer businesses with proven operational systems and stable cash flow generation, which reduce investment risks.
3. **A Strong Project Narrative** – Businesses must clearly demonstrate how proposed projects align with long-term strategic goals such as digital transformation, automation, infrastructure expansion, or increased market competitiveness.
He also outlined key strategies reputable brands can adopt in securing project financing, including bank financing, strategic partnerships, vendor financing arrangements, private equity investments, and asset-based lending structures.
> “Securing capital for projects as a reputable brand is ultimately about combining trust with strategic planning. Reputation is your strongest asset, and when paired with sound financial planning and a compelling vision, it becomes a powerful tool for building the future,” he concluded.
For Gicobat Group of Company, the partnership is expected to accelerate the execution of ongoing and proposed projects by leveraging UNIPGC-GEDC’s network of investors and financial partners. Officials of the company expressed confidence that the collaboration would significantly improve project implementation timelines and financing accessibility.
Organizers noted that the choice of the World Trade Centre, Abidjan, as the venue reflected the international scope and significance of the engagement, particularly for negotiations involving capital-intensive projects in infrastructure, trade, and industrial development.
UNIPGC-GEDC describes itself as a leading global investment promotion, advisory, and business development consultancy, working with governments, private enterprises, and institutional investors to structure, finance, and manage large-scale projects from inception to completion.
According to the organization, the Abidjan agreement adds to its expanding portfolio of strategic partnerships aimed at unlocking capital for projects with significant economic and social impact. It also confirmed that due diligence and project structuring processes had been completed prior to the signing to ensure project bankability and investor confidence.
Officials from both organizations further disclosed that implementation teams would be constituted immediately to oversee the next phase of the agreement. Although specific project details were not disclosed, both parties assured stakeholders that updates would be communicated as implementation milestones are achieved.
UNIPGC-GEDC also encouraged businesses, institutions, and investors with high-impact projects requiring financing or management support to engage with its team for collaboration opportunities. Further information on its services is available via UNIPGC-GEDC Official Website www.unipgc.org/gedc
Business
Dennis Ekamah Isn’t Building Houses—He’s Redefining What Home Means for Africans Through PropTech
Dennis Ekamah Isn’t Building Houses—He’s Redefining What Home Means for Africans Through PropTech.
The founder of coHouse.ng is reimagining how millions of Africans access, experience, and share housing through technology.
In Africa’s rapidly evolving innovation landscape, the most transformative companies are no longer defined by the industries they enter, but by the systems they redesign.
For Dennis Ekamah, the opportunity was never about constructing buildings, it was about confronting a deeper question.
why is access to housing still so structurally difficult for millions of Africans in a digital age?
Rather than stepping into real estate as a developer. Dennis chose a different path, positioning coHouse.ng as a PropTech platform rethinking how housing is accessed, experienced, and shared. At the heart of this vision which is connecting potential home owners together via resource pooling for the purpose of either Living or Growth. Simply, *Connect. Live. Grow.*
*A Platform Not a Property Company*
coHouse.ng is not a real estate company. It is a technology-driven ecosystem connecting like-minded individuals into structured communities where they can live intentionally, invest collectively, and grow within a shared system.
From Insight to Recognition
In 2025, coHouse.ng was recognised among the Top 50 Tech Startups in Africa. Even ahead of its official launch, the platform attracted over 1,000 early waitlist users, individuals eager to be part of a new way of living and investing.
Solving for Access, Alignment, and Trust
Dennis Ekamah’s diagnosis goes deeper than supply shortfalls. The real barriers he argues are access, coordination, and trust. coHouse.ng tackles all three through identity verification powered by a third party verification system api. coHouse is not flying solo without the help and collaboration with government bodies across Nigeria and other African countries.
In his words;
“Imagine what you would achieve as an individual or group if you’re living with the right people or like-minded individuals around you.”
I’m not a developer, I’m not a professional realtor, I’m just someone who sees the need for this solution based on the problem we face as youth/young entrepreneurs in today’s housing deficiency across Africa.
— Dennis Ekamah
Join our waitlist by visiting www.cohouse.ng
Landmark Judgment: Federal High Court Dismisses ₦50bn Oil Spill Claim Against ExxonMobil
The Federal High Court sitting in Uyo has dismissed a ₦50 billion lawsuit filed against ExxonMobil, sued as Mobil Producing Nigeria Unlimited, now Seplat Energy Producing, in a ruling analysts say could significantly reshape oil spill litigation and compensation claims in Nigeria’s petroleum sector.
Delivering judgment on April 29, 2026, Justice Onyetenu held that the suit instituted by the Ejige Ore Njenyisi Muma & Fishing Co-operative Society Ltd was incompetent and liable to dismissal for lack of jurisdiction.
The plaintiffs had sought ₦50 billion in damages over an alleged hydrocarbon spill said to have occurred on September 12, 2021.
However, counsel to the defendant, Chinonso Ekuma of KENNA LP, successfully argued that the claimants failed to disclose any legally recognisable violation attributable to the oil firm.
In its findings, the court held that the plaintiffs failed to establish any actionable wrongdoing against the defendant.
A key element in the court’s decision was the Joint Investigation Visit (JIV) Report tendered by the plaintiffs themselves, which showed that the alleged spill incident was confined within ExxonMobil’s operational facility and did not impact the members of the cooperative society or their sources of livelihood.
The court further ruled that claims arising from such incidents must be pursued strictly under the statutory compensation framework provided in Section 11(5) of the Oil Pipelines Act, rather than through common-law claims founded on negligence or nuisance.
Justice Onyetenu held that the plaintiffs’ attempt to circumvent the statutory regime by framing the suit as a tort action rendered the matter incompetent before the court, thereby depriving it of jurisdiction.
Legal analysts say the judgment reinforces the supremacy of the Oil Pipelines Act in determining compensation procedures relating to oil pipeline incidents and environmental claims in Nigeria.
The ruling is also seen as strengthening the evidential weight of Joint Investigation Visit Reports, particularly in cases where such reports indicate no direct impact on claimants or host communities.
Industry observers believe the judgment will have far-reaching implications for future oil spill litigation, especially regarding the procedural requirements for compensation claims against oil operators.
The court’s decision further provides clarity for operators within Nigeria’s energy sector by reaffirming that compliance with Section 11(5) of the Oil Pipelines Act is mandatory and cannot be sidestepped through alternative legal formulations.
While K.O. Uzuokwu appeared for the plaintiffs, the defence was led by Chinonso Ekuma of KENNA LP on behalf of ExxonMobil.
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