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.
RABIU, ELUMELU ALIGN ON CAPITAL, SCALE, AND INDUSTRIAL EXPANSION AS BUA FOODS POSTS N1.77 TRILLION REVENUE, N28 DIVIDEND
Lagos, Nigeria | March 31, 2026
Nigeria’s industrial and financial heavyweights moved to deepen a partnership that has quietly underpinned decades of enterprise growth, as the Founder and Chairman of BUA Group, Abdul Samad Rabiu, hosted the Chairman of United Bank for Africa, Tony Elumelu and his executive management team at BUA Group’s corporate headquarters in Lagos.
More than a visit, the engagement brought together two institutions whose alignment of capital and industrial capacity has consistently translated into scale, execution, and long-term value creation across Nigeria and Africa’s economy.
At the centre of discussions was a renewed push to expand financing frameworks for large-scale manufacturing, deepen support for domestic production, and unlock the next phase of growth across food, infrastructure, and export-oriented value chains.
Rabiu, reflecting on a relationship that spans nearly three decades, traced its evolution from the early days of Standard Trust Bank to its present form as a mature, trusted partnership with UBA.
“Enduring partnerships are not built on transactions, but on conviction,” Rabiu said. “What we have built with UBA and the Nigerian financial industry over the years is a shared understanding of where Nigeria is going and what it will take to get there. That alignment remains as strong today as it was at the beginning.”
Elumelu underscored the strategic importance of the relationship, positioning it within a broader vision of African-led growth.
“Institutions like BUA Group demonstrate what is possible when long-term capital meets disciplined execution,” Elumelu said. “Our role is to continue enabling that scale, supporting enterprises that are not only growing, but reshaping the Nigerian economy.”
The meeting signals a continued convergence between capital and industry at a time when Nigeria’s growth story is increasingly being driven by indigenous scale, operational depth, positive government action, and sustained investment in real sectors.
In a parallel demonstration of that scale, BUA Foods, a BUA company, has released its audited results for the financial year ended December 31, 2025, delivering revenue of N1.77 trillion, a 16 per cent increase from N1.53 trillion in 2024.
The performance reflects sustained demand across its core segments including sugar, flour, pasta, and rice, alongside continued execution of its expansion strategy.
Gross profit rose to N737.26 billion, up from N540.82 billion, while profit after tax surged by 95 per cent to N518.4 billion, compared to N265.99 billion in the prior year.
Earnings per share increased to N28.80, reinforcing the strength of the Company’s earnings profile.
In line with its commitment to shareholder value, the Board has proposed a dividend of N28 per share, representing a 115 per cent increase from N13 in 2024, with a total proposed payout of N504 billion, subject to shareholder approval.
Cost of sales stood at N1.037 trillion, while total assets grew by 27 per cent to N1.39 trillion, reflecting sustained investment across operations and the broader value chain.
Speaking on the results, the Chairman of BUA Foods, Abdul Samad Rabiu said, “Our 2025 performance reflects a business that is not only growing, but scaling with discipline. We are building capacity, deepening local production, and delivering consistent value to shareholders, all while positioning for the future.”
The Managing Director, Engr. Ayodele Abioye, added; “Our strategy remains to expand capacity, strengthen market presence, and optimise the full supply chain. The demand signals are strong, and we are well positioned to sustain this momentum.”
Taken together, the meeting between BUA Group and UBA, alongside BUA Foods’ record performance, points to a broader shift for Nigeria. Nigeria’s growth is increasingly being shaped by institutions that combine scale, capital discipline, and long-term vision and should be seen as not just an expansion but a consolidation of industrial leadership.
Governor Dauda Lawal Set To Unlock Zamfara’s Economic Potentials with Tinubu’s UK State Visit
By Oladapo Sofowora
As President Bola Ahmed Tinubu commences his landmark state visit to the United Kingdom the first by a Nigerian leader in 37 years, the inclusion of Zamfara State Governor Dauda Lawal in the presidential entourage is not a fluke; rather, it signals a strategic opportunity for the northwest state to transform its economic fortunes. Beyond the ceremonial pageantry, this high-level diplomatic engagement holds concrete prospects for Zamfara, particularly in agriculture and solid minerals development, sectors where the state possesses a comparative advantage but has struggled to attract meaningful investment. With Governor Lawal working assiduously to generate more IGR for the state and also position it as an economically advanced hub within the region with the construction of a Cargo Airport, this ushers in an era where the state is about to witness a great turnaround championed by Governor Lawal.
The timing of the bilateral engagement between the UK and Nigeria is significant, as the trade surplus between the two countries has reached a record £8.1 billion annually, and both nations are intensifying collaboration under the UK–Nigeria Enhanced Trade and Investment Partnership (ETIP) framework.
According to economic pundits, key sectors targeted for cooperation include trade and investment, energy transition, solid minerals development, and security collaboration – all areas with direct implications for subnational governments like Zamfara. For Governor Lawal, being part of this engagement provides direct access to British investors and development partners that could reshape Zamfara’s economic landscape.
Governor Lawal arrives in London with ambitious development plans to corroborate the budget he presented in December 2024, a ₦861.3 billion budget proposal for the 2025 fiscal year submitted to the Zamfara State House of Assembly, a document he described as “a roadmap for transformation and a declaration that Zamfara will rise stronger.” The budget allocates ₦714.05 billion (83 per cent) to capital expenditure, with sectoral allocations including ₦86 billion for agriculture and significant provisions for infrastructure development. However, these ambitious plans require corresponding revenue streams and investment partnerships to allow them to materialise and reach their full potential.
The governor has been implementing domestic reforms to strengthen the state’s fiscal position. In March 2025, he abolished cash revenue collection across Zamfara, directing all Ministries, Departments, and Agencies to adopt digital systems for revenue collection. His administration set an Internally Generated Revenue target of ₦38 billion to ₦42 billion for 2025, building on 2024’s revenue performance of ₦358.9 billion. With all these impeccable performance indicators, domestic resource mobilisation alone cannot fund the scale of transformation he envisions for the state. The only way to scale up is through Foreign Direct Investment, particularly in agriculture and mining, which represents the missing piece of Zamfara’s development puzzle.
Zamfara State is predominantly agrarian, with the majority of its indigenous population engaged in farming. The state’s favourable climate and vast arable land position it as a potential breadbasket for northern Nigeria. However, the sector remains largely subsistence-based, with limited processing capacity and weak linkages to export markets.
The UK state visit offers opportunities to change this dynamic. British companies have demonstrated growing interest in Nigerian agriculture, as evidenced by Twinings Ovaltine’s £24 million manufacturing facility launch in Lagos its first in Africa creating over 100 direct jobs. Similar investments could be directed toward Zamfara’s agricultural sector, which would be a boost and also create more income for farmers in the production of specific crops with value-addition potential. These include:
Zamfara lies within Nigeria’s cotton belt, but the state lacks ginning and textile processing facilities. Partnerships with British textile companies could establish local cotton processing capacity, capturing value currently lost to exports of raw lint. Groundnut is also a major export commodity from northern Nigeria, but production has declined due to neglect of the sector. British confectionery and food processing companies represent potential off-takers for processed groundnuts.
With growing demand for animal feed and industrial starch, Maize and Sorghum crops offer processing opportunities. British agribusiness firms with expertise in agro-processing could establish milling and processing facilities in Zamfara.
With Sesame Seeds already an export crop, sesame production could benefit from improved processing and certification to meet international standards, particularly for the UK market.
For Zamfara, “opportunities for Nigerian businesses” translates directly to potential agricultural partnerships that could modernise farming practices, establish processing infrastructure, and create export linkages.
Perhaps the most significant potential gains for Zamfara lie in the solid minerals sector. The state is renowned for its gold deposits, which have historically attracted both licensed operators and illegal miners. However, the sector has been characterised by informality, environmental degradation, security challenges, and loss of revenue to the state.
Recent developments at the federal level underscore the growing importance of the minerals sector. The Federal Government recently announced the commencement of operations at a high-purity gold refinery in Lagos – a private-sector initiative led by Kian Smith in partnership with UAE-based Suvarna Royal Gold Trading. For Zamfara, this means advocating for gold processing facilities within the state, not merely exporting overseas, but creating a gold refinery which helps create more jobs within the mining value chain. Governor Lawal’s presence in London provides an opportunity to position Zamfara as a preferred location for one of these gold refineries, particularly with British investment partners.
In a bid to redefine the regulatory framework and investment readiness, Zamfara has been taking steps to create an enabling environment for mineral investment. In February 2025, the Federal Ministry of Solid Mineral Development, in collaboration with the Zamfara State Mineral Resources and Environmental Management Committee (MIREMCO), convened a stakeholders’ meeting with quarry operators, mineral processors, and gold dealers to promote safety and regulatory compliance. The Federal Mines Officer in Zamfara State emphasised that both the federal and Zamfara State governments are determined to promote responsible mining practices that enhance security, safeguard the environment, and ensure that solid mineral resources contribute meaningfully to economic development.
This regulatory clarity is essential for attracting foreign investors. British mining companies and equipment manufacturers require assurance that their investments will operate within a predictable legal framework. The UK–Nigeria ETIP discussions in London provide a platform for Governor Lawal to articulate Zamfara’s investment readiness and regulatory improvements directly to potential partners.
No discussion of Zamfara’s economic potential can ignore the security challenges that have plagued the state. Banditry, kidnapping, and community conflicts have disrupted farming, hindered mining operations, and deterred investment. Governor Lawal’s 2025 budget allocates ₦45 billion to public order and safety, recognising that security is foundational to economic development. The UK visit offers opportunities for security collaboration. Improved security cooperation between Nigeria and the UK could translate to enhanced capacity to protect farming communities and mining sites, creating conditions for agricultural and mineral investments to flourish.
As Governor Lawal engages with British investors and policymakers, he would do well to study how other resource-rich regions have successfully attracted investment while ensuring local benefits. For Zamfara under Governor Lawal, the lesson is clear: attracting investment in extraction must be accompanied by deliberate strategies to build local processing capacity. Simply exporting raw gold or agricultural commodities perpetuates the “resource trap” that has left many African regions impoverished despite abundant natural wealth.
If Governor Lawal’s participation in the UK state visit yields tangible results, Zamfara could experience, in agriculture, British investment in agro-processing facilities, creating jobs for local farmers and capturing value from crops like cotton, groundnuts, and sesame. Technical partnerships to improve farming practices and access to UK markets for certified organic or fair-trade products.
In solid minerals, partnerships with British mining companies for responsible gold extraction, potentially including a gold refinery within Zamfara. Technical assistance for artisanal miners to formalise operations and improve safety. Investment in environmental remediation of degraded mining areas.
For Zamfara State, Governor Lawal’s inclusion in the presidential entourage transforms a diplomatic milestone into a concrete opportunity for subnational economic development. The state’s abundant agricultural land, mineral wealth, and a population eager for economic opportunities hold immense potential. The journey from potential to prosperity is long, but it begins with a single step or in this case, a transatlantic flight carrying Zamfara’s hopes to the corridors of British power and finance.
*Oceangate Engineering Oil & Gas LTD to appeal Federal High ruling over forfeiture assets*
Oceangate Engineering Oil & Gas Limited has said it will appeal to the recent ruling of the Federal High Court ordering the forfeiture of certain assets.
Barr. Nnenna Onyeaso, the Company Secretary said in a statement on Thursday insisting that neither the company nor its leadership was found guilty of any wrongdoing.
Onyeaso said that the firm has described the court’s decision as a civil asset forfeiture order based on suspicion rather than proof, stressing that the judgment did not establish any criminal liability against the organisation.
According to her, the company maintain that it has already directed its legal team to file an appeal, expressing confidence in the judicial process and the outcome of a thorough review of the case.
“To be clear, this ruling is a civil asset forfeiture order with no finding of wrongdoing against Oceangate or its leadership.
“The court’s decision rested on a legal standard of suspicion, not proof, and it is one we intend to pursue fully through the appeals process,” she said in a statement.
The firm secretary also said that Oceangate has reiterated its belief in the rule of law, noting that the appellate system exists to address such outcomes.
She added that the company remained confident that the facts of the case will ultimately affirm its integrity and business practices.
Onyeaso said that the firm also emphasised that its operations remained unaffected, stating that it continues to provide employment for many Nigerians while contributing to the country’s energy sector and broader economy.
“We have always believed in the ability of the judicial process, and that belief has not wavered,” she added.
She noted that Oceangate further expressed appreciation to its employees, partners, and clients for their continued support amid the development, assuring stakeholders of its commitment to transparency and accountability.
The Secretary said that the company reaffirmed its confidence in Nigeria as a viable destination for investment, describing the country as a land of equity, growth, and opportunity.
“We remain committed to the continued growth of our business and the communities we serve as we are optimistic that justice will prevail at the end of the legal process.
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