Business
Sujimoto Pens An Open Letter To President Tinubu
“Government Has No Obligation To Support Businesses” – Sujimoto’s Open Letter To Mr President
Dear Mr. President,
In 1978, Steve Jobs raised over a million dollars from the garage of his house through the use of his intellectual collateral, not a property, to develop the largest technology company and the biggest firm in the world today by market capitalization.
The multi-trillion-dollar vision with a backbone of public research funding from the U.S. government was achieved based on the national importance of driving innovation and as a sign that government’s investment and its initial leg into great companies do not only present tax benefits but also profit the entire ecosystem.
Government creates greatness. In fact, renowned industrialists like John D. Rockefeller, Cornelius Vanderbilt, and Sakichi Toyoda, among a host of other business magnates who received firm governmental support, have today created empires that provide jobs for millions of people globally.
Your excellency, there’s no greater and more fascinating story than a flourishing economy that thrives on innovative businesses. Thus, intentional support for subsidising businesses and dreams is a strategic and intelligent thing to do as a nation.
In Nigeria today, no start-up or entrepreneur can raise one naira in pre-seed funding without having to provide an arm and a leg. A demand for physical collateral that cripples revolutionary ideas and quenches the visionary flames of entrepreneurship.
With over 200 million citizens and a pregnant economy that must be delivered through the surgical needle of proper restructuring, the Nigerian business landscape must recover from its 77 percent year-on-year funding decline, a sharp fall from the $2 billion that the startup ecosystem attracted between July 2021 and June 2022 to $470 million in the last year (July 2022 to June 2023).
Asiwaju, as the economy continues to find its feet, the hikes in food prices and transportation are slowly eating deep into the moral fabric of society. Uncommon entrepreneurs are forced to explore new terrains with the Jakpa syndrome, where countless of Nigeria’s brightest minds seek opportunities elsewhere, away from their homeland.
Even companies with over 100 employees are being forced out of business or in debt due to a series of negative funding. An employee who earns N200,000 as a monthly salary today still struggles with the skyrocketing cost of living, which takes up more than 70 percent of the income. This influences the decision of such staff to seek alternative ways of surviving while living in debt, even before salaries are paid (if paid on time or even ever paid after 3 months).
Father, Nigeria’s current economic situation is like a mosquito sitting on one’s scrotum; the slightest amount of anger or irritation will lead to excruciating social and economic unrest.
Although all hopes are not dashed, in fact, new ones are being created as businesses gradually move from brick-and-mortar into the digital space. In today’s fast-paced society, the criteria for support should shift from tangible to intellectual assets, where vision can be invested in with funding and monitoring timelines and milestones, creating an enabling environment where competence and integrity prevail over connections and deceit.
As it stands today, no Nigerian bank is able to give any entrepreneur, visionary businessman, or woman one naira without a property asset or fixed asset to be held as collateral.
Amidst innovative thinking, financial engineering has crippled the growth of radical entrepreneurs, who have no problem with the presence of vision but lack everything in the acquisition of tangible collateral.
For Nigeria to reclaim its position as the Jewel of Africa and maintain her stance as the economic heart of Africa, it is crucial to urgently take into consideration this:
7 Pillars to tackle economic deprivation in Nigeria:
Funding Opportunities: One of the biggest challenges facing entrepreneurs is access to capital. Funding remains the engine that propels innovation, generates new businesses, and brings fresh products and services to the market. As such, government has to encourage financial institutions to create an intellectual and creative collateral system for businesses with no alternative for physical collateral such as lands or properties.
Reducing the regulatory burden on entrepreneurs: To further promote the entrepreneurship culture, especially among youths, the current political dispensation has to reduce the bureaucratic red tape by simplifying and streamlining the process of starting and running a business. For example, the World Bank’s Ease of Doing Business Index ranks countries like Singapore and the United Arab Emirates at the top of the list due to their business-friendly policies, while Nigeria is not even among the first one hundred.
Agricultural Exploits for Food Security: If you travel through the Lagos to Ibadan expressway, or the Kano-Zaria road, spans of land remain uncultivated, creating backlogs of agricultural deficits that won’t only tackle food scarcity if properly utilised but also create jobs for potential farm entrepreneurs while drastically reducing crime rates.
Nigeria is blessed with over 34 million hectares of arable land, a farming sector that has the potential to contribute above 23% to the nation’s GDP.
As a symbol of hope, Suji Farm Estate, a subsidiary of the esteemed Sujimoto Group, is taking on the mantle with a firm plan to allocate over 20,000–1,000,000 hectares before 2030, spreading across all geopolitical zones and all 36 states, for localised food production and mass employment opportunities designed to provide job security for over 10,000–200,000 citizens nationwide. With a clear plan for setting up a team of young, independent, and outstanding youth to supervise work, live, and play on the farm.
Suji Farm Estate will be built on an advanced farm estate system that incorporates housing, farm hospitals, hotels, and markets within an ecosystem, creating opportunities for agro-tourism and affordable housing.
In tackling food security, aside from creating thousands of farm entrepreneurs, the government must seek out innovative people—not only Sujimoto Farms but also numerous young agro-entrepreneurs across all 37 states—who have exceptional reputations, passion and technical know-how, encourage them, and fund them. It is in the government’s interest to intentionally fund businesses and projects with strong potential to impact our dare economy, which will eventually drive taxes and many other benefits for the nation.
An idle hand is the devil’s workshop: Nigeria currently sits on a keg of gun powder as the unemployment rate remains on the rise. The youth of the nation is our biggest asset, and it is alarming that over 42% of her population is out of work, a silent time bomb and a destructive tool vulnerable to use by terrorists, banditry, and other related vices. It is urgent that the youth start putting their expertise into farming and other lucrative ventures.
Government supports innovative enterprise: Yes, not all governments have the obligation to support businesses, but governments have a moral duty and obligation to partner with businesses because a thriving business is a thriving nation.
Great nations like Egypt and Singapore are intentionally encouraging localised production and promoting local enterprises. It is high time for the Nigerian government to create stimulus packages for businesses and local entrepreneurs to help them achieve their goals, promote job opportunities, and drastically improve foreign exchange. This should not come in the form of grants but in affordable and accessible loan packages for specified durations.
Sectoral Research and Development: If Elon Musk was in Lagos, he probably would have ended up in computer villages selling mobile devices, with his innovative ideas frustrated due to lack of funding. Steve Jobs also may have been a genius entrepreneur—he certainly had an eye for design—but his most successful product would not exist if it weren’t for the billions of dollars that the US government spends every year on research and development.
Just like SpaceX, although it is not yet in the full stage of generating revenue, the American government has also maintained a great share in funding the technological corporation because of its economic relevance and research impact on global society.
Nigeria can’t afford to think small. As the giant of Africa and the biggest nation in Africa with the biggest problem, the government needs to go out there and identify 10,000–50,000 outstanding entrepreneurs from all 36 states who have the capacity and reputation to do things differently, empower them beyond physical collateral, invest in their intellectual property,and create an enabling environment where competence and integrity prevail over connections and deceit.
Localised Production, Global Distribution: As of today, a 50-KG bag of rice costs N42,000 from the mills and about N52,000 from supermarkets, whereas the same bag of rice is worth N22,000 at Seme Border, Republic of Benin. The secret to reducing the price is by growing the paddy locally and setting up rice mills in individual states, drastically reducing the cost of rice and food.
This is what Suji Farms Estate aims to achieve in the next 24 months, where we will be able to grow our paddy, mill the paddy, and distribute it directly to supermarkets across the nation, drastically reducing the cost of a bag from N52,000 to N35,000. This will further improve our nation’s human capital development and deliberately improve the nation’s food security, but we are only one company, and we believe the government can partner with other innovative agro-entrepreneurs, providing them with accessible, affordable, and non-stressful capital.
With a clear blueprint to develop affordable housing, improve the agricultural sector, and foster job opportunities within the retail space, Sujimoto Group has over the years built a solid reputation in the luxury real estate sector and is positioning itself to drastically reduce the housing deficit and bridge the unemployment gap in the next 5 years with the 1,000,000-hectare Sujimoto Farm Estate nationwide project.
To achieve this feat in an environment where funding is almost impossible and access to land is difficult, the present-day government must stretch its hand of collaboration, fund astounding projects, and tie performance bonds to them while monitoring project milestones and timelines. On the other hand, the funding isn’t for free, as government will also generate income through payback, business taxes, and employer income taxes.
“My dear President, I know that you have created a solid road map and a fantastic blueprint for the next 8 years, for I believe that the feat of achievement you attained in Lagos State and the successful entrepreneurs you’ve created between 1999 and 2007can be replicated again on a national scale.”
Thank you, your distinguished excellency.
Dr. Sijibomi Ogundele is the Managing Director of Sujimoto Group, the Czar of Luxury Real Estate Development, and the mastermind developer behind the renowned Giuliano. Our other audacious projects, such as the most sophisticated building in Banana Island, LucreziaBySujimoto, the grandiose Sujimoto Twin Tower, the tallest twin towers in Africa; the regal Queen Amina by Sujimoto, a monument to royal affluence; the magnificent high-rise LeonardoBySujimoto; Nigeria’s No. 1 most affordable luxury housing, Ìlú Titun, and Africa’s most exclusive waterfront townhouses, GiovanniBySujimoto, some of which have etched an indelible imprint on Nigeria’s skylines, a testament to their unrivalled mastery of modern day engineering.
FirstBank Makes Home Ownership Possible for Nigerians with Single-Digit Interest Rate Loan
For millions of Nigerians, homeownership has long felt like an ambition deferred. Squeezed by rising property prices, persistent double-digit inflation and high commercial lending rates, the dream of owning a home has remained just that – a dream.
But that narrative is quietly changing. Thanks to FirstBank.
The N1 Trillion Intervention Reshaping Access
In partnership with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), FirstBank has unveiled a mortgage opportunity that could redefine access to housing finance in Nigeria.
Backed by the Federal Government’s N1trillion mortgage fund, the initiative is designed to empower Nigerians with affordable, long-term credit to own their homes.
9.75% Interest Rate in a 30% Lending Environment
MREIF is priced at 9.75% per annum, dramatically lower than prevailing commercial loan rates. Eligible Nigerians can access up to N100 million and repay within 20 years. This translates into significantly more manageable monthly repayments and greater long-term financial stability.
Built for Salary Earners, Entrepreneurs and the Diaspora
The MREIF mortgage facility has been structured to be inclusive. It is available to salary account holders, business owners and diaspora customers. Whether you are a young professional aiming to exit the rent cycle, an entrepreneur building generational stability, or you’re a Nigerian abroad looking to secure assets locally, the product opens a pathway that has historically been out of reach for many.
Taking the First Step
For those who have been waiting for the right time, this is definitely it. The question is no longer whether homeownership is possible. The real question is: will you act before the window narrows?
Visit https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ and in no time you could be the latest homeowner in town.
Alpha Morgan Bank Deepens Presence in Abuja with New Branch in Utako
Marking another milestone in its expansion drive, Alpha Morgan Bank has opened a new branch in Utako, Abuja, reinforcing its strategy of building closer institutional ties within key business communities and bringing its financial expertise closer to individuals, and enterprises driving the city’s growth.
The new branch, located at Plot 1121 Obafemi Awolowo Way, Utako, Abuja is strategically positioned to serve individuals, entrepreneurs, and corporate clients within Utako and surrounding districts.
The expansion follows the Bank’s recently concluded Economic Review Webinar held in February 2026, as the bank continues to position as a thought-leader in the financial services industry.
Speaking on the opening, Ade Buraimo, Managing Director of Alpha Morgan Bank, said the move underscores the Bank’s commitment to accessibility and service excellence.
“Proximity matters in banking. As communities grow and commercial activity expands, financial institutions also evolve to meet customers where they are. The Utako Branch allows us to deliver our services to people in that community efficiently while maintaining the high standards our customers expect,”
The Utako location will provide a full suite of retail and corporate banking services, including account opening, deposits, transfers, business banking solutions, and financial advisory support.
Customers and members of the public are invited to visit the new Utako Branch to experience the Bank’s approach to satisfying banking.
Dangote Refinery Prioritises Domestic Supply Amid Global Energy Turbulence
By George Omagbemi Sylvester | Published by SaharaWeeklyNG
“Nigeria insulated from international fuel shocks as Dangote Petroleum commits to uninterrupted local delivery.”
Dangote Petroleum Refinery and Petrochemicals has reaffirmed its commitment to prioritising the domestic market, pledging to shield Nigerians from the ripple effects of ongoing global energy disruptions. The assurance, delivered in Lagos on 5 March 2026, comes as international refinery operations experience shutdowns or reduced output due to escalating Middle East geopolitical tensions, which have sent crude oil and petroleum product prices soaring worldwide.
“Our mandate remains clear: Nigeria’s local market takes precedence. In times of global supply shocks, we will continue to ensure that domestic availability of petrol, diesel, and kerosene is uninterrupted,” said Mr. Folorunsho Alakija, spokesperson for Dangote Petroleum Refinery.
The refinery’s declaration arrives amid mounting concerns over fuel scarcity, triggered by export restrictions imposed by major international producers, including China, and shipping delays that have further tightened global petroleum supply chains. Industry analysts have hailed the domestic focus as a critical buffer against volatility that could otherwise push Nigeria into deeper energy insecurity.
Domestic Shield Against Global Disruption
Dangote Refinery, Africa’s largest oil processing facility, has leveraged its multi-million-barrel refining capacity to mitigate Nigeria’s historical dependence on imported petroleum products. The company emphasised that prioritising local supply provides a strategic advantage in insulating the nation from international market shocks.
“Our refinery’s scale allows Nigeria to withstand short-term external disruptions. We have the infrastructure and capacity to meet local demand even when global supply chains falter,” explained Mr. Chijioke Okonkwo, Operations Director at Dangote Refinery.
The proactive approach is particularly significant as several international refineries have either reduced throughput or temporarily halted operations, causing a global scarcity of refined products. Experts warn that without domestic cushioning, fuel prices in Nigeria could have surged sharply, exacerbating inflationary pressures in a fragile economy.
Managing Costs While Prioritising Supply
In response to rising procurement costs for crude oil amid the international crisis, Dangote Refinery introduced a modest ₦100 per litre increase in the ex-depot price of Premium Motor Spirit (PMS), absorbing roughly 20 percent of the cost escalation to lessen the impact on consumers.
“We are balancing operational sustainability with affordability. While global prices have risen sharply, we have chosen to absorb a significant portion to protect Nigerian households and businesses,” noted Mr. Emmanuel Adeyemi, Chief Finance Officer.
This pricing strategy underscores the refinery’s dual focus: ensuring uninterrupted supply while cushioning the public from abrupt spikes that could destabilize economic activity. Industry observers have lauded the approach as pragmatic, considering the volatility in international oil markets.
Strategic Distribution Initiatives
Beyond refining, Dangote Petroleum has initiated Compressed Natural Gas (CNG) powered trucks to enhance nationwide distribution efficiency. The initiative seeks to reduce logistics costs and carbon emissions while ensuring a more reliable delivery network to petrol stations across urban and rural areas.
“Logistics is a critical part of the energy supply chain. By deploying CNG-powered trucks, we reduce dependency on expensive diesel, lower delivery costs, and improve supply reliability across the country,” explained Ms. Funke Adedoyin, Head of Logistics Operations.
This strategic move reflects a broader commitment to modernising Nigeria’s petroleum distribution infrastructure, reducing bottlenecks that have historically contributed to scarcity at retail outlets.
Implications for National Energy Security
Nigeria has historically struggled with fuel imports to meet domestic demand, making the country vulnerable to international market fluctuations. Dangote Refinery’s prioritisation of local supply mitigates this vulnerability by leveraging home-grown refining capacity, which allows for timely access to petroleum products and less reliance on foreign shipments.
“With Dangote Refinery leading local prioritisation, Nigeria is less exposed to global fuel shocks. The country is moving towards self-reliance in petroleum product supply,” commented Dr. Halima Suleiman, energy sector analyst.
Experts note that sustained operations at the refinery not only enhance energy security but also preserve foreign exchange, reduce import bills, and stabilise domestic market prices.
Corporate Social Responsibility and Market Stability
The refinery’s commitment is part of a broader corporate responsibility framework. Dangote Petroleum continues to engage with government agencies and regulatory bodies, ensuring that domestic supply is coordinated with Nigeria’s Petroleum Product Pricing and Regulatory Agency (PPPRA) to prevent panic buying and market distortions.
“We are in constant consultation with the government to ensure that our supply strategies align with national economic priorities,” said Mr. Alakija.
Such collaboration helps avert artificial shortages, stabilises pump prices, and maintains confidence in the domestic fuel market. Analysts argue that this approach exemplifies how private sector capabilities can complement governmental policies to enhance national resilience.
Navigating Global Uncertainties
The refinery operates in a complex global environment, where geopolitical crises, shipping constraints, and crude oil volatility can trigger disruptions. Dangote Petroleum’s domestic-first approach positions Nigeria to weather such crises more effectively.
“Global uncertainties are unavoidable, but our infrastructure and strategy ensure that Nigerians remain insulated from immediate shocks,” said Mr. Okonkwo.
This emphasis on resilience aligns with global best practices, where national refining capacity is leveraged to protect local markets from international supply disruptions.
Stakeholder Reactions
The government, civil society, and industry stakeholders have welcomed Dangote Petroleum’s strategy. Officials from the Federal Ministry of Petroleum Resources noted that prioritising local supply aligns with Nigeria’s energy security policies and reduces the burden of foreign exchange expenditures on crude imports.
“Dangote Refinery is demonstrating leadership. Its domestic prioritisation ensures that the Nigerian economy remains insulated during turbulent global markets,” said Dr. Tunji Olumide, Special Adviser on Energy.
Consumers have also expressed cautious optimism. Retail operators and commuters reported steadier fuel availability in Lagos and other cities, though concerns remain about sustained pricing and distribution efficiency.
The Road Ahead
While Dangote Refinery’s strategy provides immediate relief, experts argue that long-term stability requires further investments in alternative energy, diversified refining infrastructure, and strategic reserves. This ensures that Nigeria can withstand global shocks without relying excessively on imports or temporary supply adjustments.
“Short-term measures like prioritising local supply are critical, but long-term energy security demands diversification, renewables adoption, and consistent policy implementation,” said Dr. Suleiman.
The refinery is exploring additional initiatives, including expanding storage capacity, upgrading pipeline networks, and adopting technology-driven monitoring systems to ensure supply continuity across the country.
Final Take
By prioritising domestic fuel supply amid global market turbulence, Dangote Petroleum Refinery and Petrochemicals has demonstrated its role as a stabilising force in Nigeria’s energy sector. Through strategic logistics, modest pricing adjustments, and engagement with government regulators, the refinery is insulating the nation from international shocks while maintaining operational sustainability.
“Our responsibility extends beyond profitability; it’s about ensuring Nigerians have reliable access to essential fuel. We take that mandate seriously,” concluded Mr. Adeyemi.
The refinery’s actions offer a blueprint for how large-scale domestic capacity can protect national economies in times of global energy instability, underscoring the critical intersection of private sector resilience, public policy, and national energy security.
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