Alake stated this at the maiden edition of the Solid Minerals Excellence Awards (SOMEA) in Abuja.

He said Nigeria was undergoing a decisive economic transformation aimed at achieving long-term prosperity, industrial growth and national development through bold reforms and strategic leadership.

He said the administration of President Bola Tinubu remained committed to implementing difficult but necessary reforms to address corruption, weak institutions, economic instability and overdependence on oil revenue.

“Effective leadership must be driven by vision, knowledge and courage,” he said.

According to him, meaningful national progress can only be achieved through policies focused on long-term national interest rather than short-term political considerations.

He said President Bola Tinubu was determined to reposition the economy, adding that reforms previously avoided by past administrations due to political resistance were now being implemented to drive future growth.

The minister, drawing parallels with the transformation of Lagos state, noted that difficult reforms initially met strong opposition before ultimately leading to improved revenue generation, stronger institutions, and economic expansion

He said that the mining sector had been identified as a strategic pillar of the economic diversification agenda under the Renewed Hope programme of President Tinubu.

“The ministry has undertaken comprehensive reforms targeting illegal mining, weak regulatory structures, insecurity, dormant licences and lack of transparency in the sector,” he said.

He added that the digitisation of mining operations and licencing processes had enhanced transparency, simplified access to licences and attracted increased investor participation.

Alake said the government had strengthened enforcement on mining sites by expanding the Mining Marshals initiative, deploying over 2,000 personnel nationwide to combat illegal mining, leading to arrests, prosecutions, and improved compliance among operators.

He stressed the need for local value addition and domestic processing of minerals to drive industrialisation, job creation and technology transfer.

He said the initiative had already resulted in multiple arrests, prosecutions and improved compliance among operators, while also stressing the need for local value addition and domestic processing of minerals to drive industrialisation, job creation and technology transfer.

Earlier, the Permanent Secretary of the Ministry of Solid Minerals Development, Yusuf Yabo, said the awards ceremony reflected the Federal Government’s commitment to positioning the mining sector as a globally competitive driver of economic growth.

Yabo said the celebration was also a recognition of partnerships, investments, innovation and transformation under the administration of the minister of solid minerals.

Also speaking, the President of SOMEA, Oladunmi Owo, described the initiative as a platform to honour contributions to reforms and sustainable development in the sector.

Omar Sahinolu, the Chief Executive Officer of D-Gold emphasised responsible mining practices, transparent governance and technological innovation.

Our correspondents reports that awards were later presented to distinguished individuals and organisations for their contributions to Nigeria’s solid minerals industry.

Our correspondents reports that the SOMEA was conceived to promote innovation, sustainability, responsible mining and to attract investment in Nigeria’s solid minerals sector, supporting economic diversification

The awards, themed ‘Unlocking the Future’, unveiled winners across high-impact categories that reflect the sector’s direction.

Categories honoured include Leading Mining Company of the Year, Excellence in Sustainable and Safe Operations, and Outstanding Contribution to Sector Growth, among others.

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Some traders and consumers who spoke with our correspondent on Thursday in Lagos said inflation and unstable power supply had significantly altered spending patterns and daily routines.

Mrs Kemi Balogun, a frozen foods and household items trader at Agege Market, said many customers who once bought food items in bulk now purchase in much smaller quantities.

“People who used to buy full bags of rice now buy in paint buckets or cups. Everybody is just trying to survive,” she said.

Balogun said rising transportation costs and poor electricity supply had eroded profit margins.

“Every week, prices increase. Customers complain, but we also buy at higher prices.

“Sometimes we spend a lot on fuel because there is no electricity to preserve perishable goods,” she said.

Mrs Ifeoma Nwoye, a mother of five living in Agege, said her family had abandoned structured meal plans and focused only on essential foods.

“Before, we could cook different meals comfortably, but now we buy only what we can afford

“We no longer eat to maintain a balanced diet; we eat simply to fill our stomachs,” she said

Nwoye described the situation as exhausting.

“Sometimes we stay in darkness for hours. Yet, we still buy fuel and pay electricity bills,” she said.

Our correspondent observed that several roadside food vendors and small eateries had reduced portion sizes without changing prices in order to cope with higher operating costs.

Some residents said they now engage in bulk buying with neighbours, community purchasing and strict food rationing to stretch limited incomes.

Mr Anthony Amodu, a resident of Oshodi, said many households were struggling to meet basic needs

“People are frustrated because salaries have remained the same while the prices of food, transportation and utilities keep increasing.

“Some families now skip meals or settle for cheaper food options,” he said.

Mrs Esther Okoye, a banker, said poor power supply had increased household expenses as families spent more on generators and fuel.

Okoye said many people are now trying to survive by all means due to the situation of the country.

At Oshodi Market, traders dealing in frozen foods, beverages and other perishables said unstable electricity had worsened their losses.

Mr Chinedu Okafor, a frozen food dealer at Oshodi, said businesses dependent on refrigeration were under severe pressure.

“If there is no electricity, we rely on generators. Fuel is expensive, and once products spoil, the loss is immediate,” he said.

For traders, the burden extends beyond the cost of purchasing goods.

Data from the National Bureau of Statistics showed that Nigeria’s headline inflation rate rose to 15.38 per cent in March 2026, with food inflation remaining a major driver of the increase.

Economic analysts attribute the rising cost of goods and services to inflationary pressures, exchange rate volatility and high operating costs.

They urged sustained policy measures to stabilise prices, improve electricity supply and support households and small businesses.

In spite of the hardships, many residents expressed hope that ongoing efforts by the government to address inflation and power challenges would ease the pressure on families and businesses.

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The approval was granted at the company’s 56th Annual General Meeting (AGM) held on Thursday in Lagos.

Speaking at the meeting, the Group Chairman of NEM, Mr Tope Smart, said the company recorded strong growth in gross premium income despite a decline in profit after tax caused by foreign exchange losses.

According to him, the group’s gross premium income rose to N166.8 billion in 2025 from N110.7 billion recorded in 2024.

He added that the parent company posted N157.8 billion gross premium income against N108.3 billion in the previous year.

“Our company performed excellently well during the year under review,” Smart said.

He, however, said profit after tax declined to N24 billion from N29 billion in 2024 due to foreign exchange losses.

“Though profit after tax declined from N29 billion in 2024 to N24 billion during the year under review, this was due to foreign exchange losses we experienced during the period,” he said.

Smart described the operating environment as challenging, citing insecurity, high living costs and fuel price fluctuations.

He said insurance revenue grew by 56 per cent from N97.9 billion in 2024 to N152.3 billion in 2025, while investment income rose by 70 per cent to N12.9 billion.

The chairman added that claims expenses increased to N49.8 billion from N31.3 billion, while management expenses rose by 22 per cent to N10.4 billion.

According to him, the group’s profit before tax declined by 17 per cent to N27.9 billion from N33.6 billion in 2024 due to fluctuations in foreign exchange gains.

Smart also disclosed that the group’s financial assets rose by 38 per cent, while total assets and shareholders’ funds increased by 49.8 per cent and 29 per cent respectively.

On expansion plans, he said the company was making progress toward establishing a life assurance subsidiary.

“As part of our expansion strategy, our plan to set up a viable life assurance company is in progress and will be unveiled soon,” he said.

He added that more than 98 per cent of the company’s workforce participated in local and international training programmes during the year to improve productivity and performance.

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Oyedele made the statement during the 28 annual tax conference of the Chartered Institute of Taxation of Nigeria (CITN), in Abuja on Tuesday.

Theme: Tax Reforms and Global Relevance: Positioning Nigeria’s Tax System for a Sustainable Future.

He said that the reform was capable of supporting the country’s long-term development aspirations and economic resilience.

Oyedele said the conference’s theme aligns with government’s commitment to building a tax system that supports investment, promotes fairness, strengthens accountability and enhances sustainable economic growth across sectors nationwide.

The minister said that the global economic transformation had forced countries to modernise fiscal systems, because digital economies, changing supply chains and mobile capital increasingly influence competitiveness and national economic stability.

He said that citizens now demand transparency, accountability, fairness and improved public services.

According to him, countries failing to modernise tax systems risk weakened resilience, inequality and declining investor confidence.

Oyedele said that the country could not afford to ignore opportunities presented by global economic changes, stressing that reforms became necessary due to longstanding weaknesses within the Nigeria’s tax administration structure.

He noted multiple taxation, weak compliance, informal economic activities, poor revenue generation and inconsistent enforcement practices as major challenges discouraging businesses and creating widespread perception of unfairness among taxpayers.

According to him, government revenue remained inadequate relative to Nigeria’s development needs, making the previous tax structure unsustainable and unsuitable for supporting long-term national economic transformation and infrastructure development.

Oyedele said that the reforms were designed to establish stronger fiscal foundations capable of supporting economic growth, encouraging investment, protecting vulnerable citizens and improving trust between government and taxpayers.

He said the new framework seeks to simplify taxation, reduce disruptions, improve revenue collection, encourage voluntary compliance and align tax administration with productivity and broader economic development objectives across the country.

According to him, competitiveness depends largely on the strength of a country’s fiscal architecture, Nigeria’s reforms incorporate global best practices while addressing local economic and social realities effectively.

The minister said that low-income earners, including minimum wage workers, were exempted from personal income tax under the reforms to protect household income and promote fairness within the national tax structure.

Oyedele said that government was creating a competitive tax environment capable of attracting investment capital, supporting enterprise growth, stimulating job creation and strengthening overall fiscal sustainability within the economy.

The minister said that authorities were modernising the tax system through expanded input tax credits and zero-tax provisions for essential goods and services to reduce inflationary pressures and production costs nationwide.

He said that businesses had consistently complained about multiple taxation and poor coordination among revenue agencies, prompting government’s decision to improve harmonisation and modernise tax administration processes nationwide.

According to him, 15 states had already adopted tax modernisation laws, while other states were expected to implement similar measures aimed at creating a more efficient and investor-friendly fiscal environment.

He commended CITN for sustaining professionalism, strengthening tax administration and shaping national fiscal policy discussions through consistent engagement with stakeholders across the country’s economic and financial sectors over the years.

The President of the CITN, Mr Innocent Ohagwa, commended President Bola Tinubu, the National Assembly and stakeholders for supporting comprehensive tax reforms culminating in enactment of four new tax laws.

He said that the reforms demonstrated government’s commitment towards strengthening Nigeria’s tax system for sustainable socio-economic growth and enhanced fiscal administration.

Ohagwa said that the CITN annual conference was Africa’s largest gathering of tax professionals, stressing the institute’s commitment to ethical standards, advocacy and fiscal reforms over four decades.

He said that the conference theme focused on strengthening Nigeria’s tax system for sustainability, competitiveness and global relevance as the nation gradually shifts from oil dependence to taxation-driven revenue generation.

Ohagwa urged tax professionals to uphold transparency, accountability and compliance while supporting implementation of reforms through technical competence, ethical conduct and objective guidance to taxpayers, institutions and government agencies

He appreciated governors, ministers, lawmakers, royal fathers and tax experts for attending the conference, noting their participation reflected growing support for tax reforms and professional collaboration nationwide.

The CITN president also commended Finance Minister, the Nigeria Revenue Service under Zacch Adedeji, state revenue agencies and consulting firms for supporting efficient tax administration and institutional development nationwide.

The Special Adviser to the President on Economic Affairs, Dr Tope Fasua, said that the Nigeria’s tax reforms were critical for economic growth and sustainable revenue generation.

He said that President inaugurated the Fiscal Policy Committee immediately after assuming office in 2023 to strengthen revenue generation and improve confidence in Nigeria’s taxation framework.

According to him, the committee produced Nigeria’s most comprehensive tax review in more than 35 years, aimed at simplifying taxes and modernising fiscal administration across the country.

Fasua said that the reforms reduced numerous taxes into nine major categories, including Company Income Tax, Personal Income Tax, Value Added Tax and Capital Gains Tax nationwide.

He acknowledged persistent complaints over multiple taxation and illegal levies, especially on transporters, but government had started measures to eliminate unauthorised collections across the country.

Fasua urged tax professionals to educate citizens, interpret tax laws and uphold integrity within the fiscal system to improve public trust and voluntary tax compliance nationwide.

He said individuals earning N1 million annually and below, alongside MSMEs with turnover below M100 million yearly, were exempted from taxation under the ongoing reforms.

Fasua said that Nigeria’s tax-to-GDP ratio increased from six per cent to 10 per cent within three years, with government targeting an interim growth level of 18 per cent.

He added that government also planned reducing company income tax from 30 per cent to 25 per cent to encourage investment and improve Nigeria’s business environment.

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The Deputy Chairman of AFAN, Lagos State Chapter, Mr Shakin Agbayewa, said this in an interview with our correspondent on Tuesday in Lagos.

Agbayewa said staple foods such as rice, yam, cassava and Garri would become more affordable if farmers could cultivate safely and access farm inputs at lower costs.

According to him, insecurity, high fertiliser prices, rising fuel costs and expensive farm operations are the major drivers of current food inflation.

“The government must be intentional and deliberate.

“Input costs are high. Fertiliser is expensive, while tractor operations cost more because of rising fuel prices. All these affect production,” he said.

Agbayewa said the high cost of cultivation, transportation and security was ultimately passed on to consumers.

He urged governments at all levels to support farmers with subsidised inputs, improved rural roads, irrigation facilities and affordable credit.

He also called for stronger collaboration with farmers’ associations to identify practical solutions tailored to the needs of each state.

According to him, increased agricultural production in the coming farming season will naturally ease pressure on market prices.

Agbayewa said Nigeria has sufficient land and manpower to feed itself if the right policies are implemented.

He added that supporting farmers remains the most sustainable path to lower food prices and economic stability.

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Mr Harrison Nnaji, the Group Chief Information Security Officer (GCISO) of the bank, gave the assurance on Friday in an interview with our correspondent on the sideline of the ongoing Cyber Security Experts Association of Nigeria (CSEAN) 11th Conference in Abuja.

Nnaji said that cybersecurity has become a strategic component of modern banking operation, requiring institutional commitment, continuous innovation and coordinated protection measures across every operational level within organisations.

According to him, cybersecurity should not be treated as a mere regulatory obligation or limited technical responsibility, but as an integral organisational strategy driven through both top-down and bottom-up approaches.

“Cybersecurity is not just an activity performed within the regulatory environment or specific organisational layers.

“It is a strategic component of the institution’s aspirations and operational sustainability,” he said.
Nnaji said the bank had continued to invest significantly on people, technology and operational processes to strengthen cybersecurity maturity and improve resilience against increasingly sophisticated cyber attacks targeting financial institutions globally.

“At the technology level, we have invested in different combinations of technologies designed to guard against multitudes of cyber attacks confronting the bank and our digital infrastructure,” he said.

He added that the bank has also prioritised targeted recruitment, capacity-building and specialised training programmes to ensure adequate cybersecurity expertise existed across different operational workstreams and service delivery units.

“The institution has established centres of excellence within various operational divisions to strengthen professional competence, improve response mechanisms and ensure effective cybersecurity decision-making across the organisation.

“On processes, we have focused on development of centres of excellence across different workstreams to ensure we have the right people asking critical questions and providing the right professional answers,” he said.

The group chief said that cybersecurity awareness initiatives were extended beyond technical teams to all employees through structured communication, regular training programmes and institutional awareness campaigns across departments and operational units.

“The bank also conducts quarterly cybersecurity awareness sessions for customers, including existing and prospective clients, aimed at improving digital safety knowledge and strengthening fraud prevention consciousness nationwide.

“That awareness was also extended to customers through educational materials to help them understand evolving threats and guide their actions appropriately while using digital banking platforms,” he said.

Nnaji noted that the bank regularly distributes informational flyers and security updates highlighting emerging cyber risks, suspicious activities and preventive measures customers should adopt to protect sensitive financial information.

He assured customers that the institution would continue to deliver secure, reliable and user-friendly banking services while sustaining public trust, operational efficiency and stronger digital protection systems across its banking ecosystem.

“At the end of the day, our priority remains ensuring customers enjoy secure, reliable and easy-to-use services while being served efficiently, effectively and securely across every banking channel,” he said.

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This is according to the China Foreign Exchange Trade System.

In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.

The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

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The Finance and Strategy Director of the company, Mr Mayank Kabra, disclosed this during a media parley on Wednesday in Lagos.

Kabra said the Guinness brand had become deeply rooted in Nigeria after 76 years of operations, with many consumers now identifying it as a local brand.

“The most interesting thing for us is that Nigeria is the third-biggest market for Guinness globally after Ireland and the UK.

“Guinness has been part of this country for 76 years, and today many consumers see it as a Nigerian brand rather than an Irish one,” he said.

He attributed the company’s growth to strong consumer connection and evolving strategies aimed at sustaining relevance in a competitive market.

“We have remained consistent in understanding our consumers and evolving with them. That connection is what continues to drive our growth in Nigeria,” Kabra added.

According to him, Guinness Nigeria continues to leverage football partnerships, including the Premier League and Arsenal FC, to deepen consumer engagement through its “Match Day” activations.

“Football remains a powerful cultural platform for us. Through our partnerships, we are able to connect with consumers in a way that goes beyond just the product,” he said.

Kabra added that the company’s operations are anchored on consumer obsession, operational excellence, winning culture and financial performance.

“We are focused on building a strong portfolio, investing in our people, and driving digital transformation that supports sustainable growth,” he said.

Also speaking, Mr Rotimi Odusola, Corporate Relations and Legal Directory, Guinness Nigeria, said the company remained committed to strong corporate governance and ethical business practices.

“Governance is very important to us. We operate with transparency, accountability and strict adherence to ethical standards,” he said.

Odusola noted that the company was among the first firms certified under the Corporate Governance Rating Scheme of the Nigerian Exchange Ltd. (NGX).

“We take compliance seriously and that is why we continue to be recognised for strong governance practices in the capital market,” he added.

On social responsibility, he said Guinness Nigeria promotes responsible drinking through its Ember Months campaign in partnership with the Federal Road Safety Corps and the Lagos State Drivers’ Institute.

“We are committed to road safety and responsible consumption, especially during high-travel periods like the ember months,” Odusola said.

In her remarks, Mrs Ayodeji Ajibola, Human Resource Director, Guinness Nigeria, said the company was investing heavily in talent development and organisational culture.

“Our people are at the centre of our transformation. We are deliberately investing in skills, leadership and performance culture,” she said.

Ajibola said sales upskilling programmes had improved salesforce productivity by 11 per cent and boosted redistribution growth by 21 per cent.

She added that the company runs a Graduate Management Trainee programme and leadership training in collaboration with Lagos Business School.

“We are building the next generation of leaders through structured development programmes and continuous learning,” she said.

Ajibola also noted that the company recently introduced a “Voice Up” initiative to strengthen inclusion and provide a safe channel for reporting workplace concerns.

“This initiative is about ensuring every voice is heard and respected, while strengthening trust within the organisation,” she said.

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The NBS said this in its Selected Food Prices Watch report for March 2026 released in Abuja on Wednesday.

The report said that the average price of eggs (a crate of 30 pieces) decreased by 20.12 per cent on a year-on-year basis from N7,670.56 recorded in March 2025 to N6,127.63 in March 2026.

“On a month-on-month basis, the price of a crate of egg increased by 2.00 per cent from N6,007.35 in February 2026.”

Similarly, the report said that the average price of 1kg of brown beans decreased by 49.39 per cent on a year-on-year basis from N2,616.26 in March 2025 to N1,325.85 in March 2026.

“On a month-on-month basis, however, the price increased by 1.41 per cent from the N1,307.44 recorded in February 2026”.

It also showed the average price of 1kg of white garri decreased by 41.19 per cent on a year-on-year basis from N1,362.96 in March 2025 to N801.4 in March 2026.

However, on a month-on-month basis, the price increased by 1.38 per cent from the N790.62 recorded in February 2026.

The report said that the average price of 1kg of onion decreased by 19.63 per cent from N1,434.85 recorded in March 2025 to N1,153.14 in March 2026.

“On a month-on-month basis, 1kg of onions increased by 1,59 per cent in March from the N1,135.12 recorded in February 2026.”

The report said the average price of 1kg of fresh ginger increased by 20.46 per cent from the N4,600.23 recorded in March 2025 to N5,541.25 in March 2026.

“On a month-on-month basis, 1kg of ginger increased by 0.61 per cent in March from the N5,507.43 recorded in February 2026.”

However, it said the average price of one litre of palm oil decreased by 4.71 per cent on a year-on-year basis from N2,511.77 recorded in March 2025 to N2,393.38 in March 2026.

“On a month-on-month basis, it increased by 0.27 per cent from N2,386.96 recorded in Feburary 2026.”

On state profile analysis, the report showed that in March 2026, the highest average price of a crate of eggs was recorded in Taraba at N6,999.00 while the lowest was recorded in Niger at N5,610.04.

It said that Oyo recorded the highest average price of 1kg of brown beans at N1,937.20 while the lowest was in Taraba at N745.

According to the report, Abia recorded the highest average price of 1kg of white garri at N1,075.45, while the lowest was reported in Plateau at N513.78.

The report said the highest price on 1kg of onion bulb was recorded in Abia at N2,115.67 while Kwara recorded the lowest price at N684.38.

The NBS said that the highest average price of 1kg Onion bulb was recorded in Abia at N2,300.76 while the lowest price was recorded in Kwara at N829.91.

It said Ekiti recorded the highest average price of one bottle of palm oil at N2,801.95, while Abia recorded the lowest at N2,012.54.

Analysis by zone showed that the average price of a crate of egg was highest in the South-East at N6,521.47, followed by the North-East at N6,375.91.

“The lowest price was recorded in the North-West at N5,908.61.”

The South-West and South-South recorded the highest average price of 1kg of brown beans at N1,770.57 and N1,762.49, respectively, while the lowest price was in the North-West N851.11

It said the South-South recorded the highest average price of 1kg of white garri at N942.68 followed by the South-East at N942.04, while the North-Central recorded the lowest at N670.16.

The NBS said also that the South-East and South-South recorded the highest average price of 1kg of onion bulb at N1,714.81 and N1,266.80, respectively.

The North-Central recorded the lowest average price of 1kg of onion at N907.76

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The bank in a statement on Wednesday said the appointment, which takes immediate effect, had been approved by the Central Bank of Nigeria and ratified by its shareholders at its Annual General Meeting on Tuesday.

The statement said Bello’s appointment was strategic for continuity, stability and sustained effectiveness of the board, while reinforcing the bank’s ethical standards of corporate governance, regulatory compliance and strategic oversight.

Bello joined the board of Zenith Bank Plc on Dec. 29, 2017 and has served on several board committees.

He has extensive leadership experience at board and executive levels, a strong understanding of corporate governance principles and regulatory expectations and a proven track record in strategic oversight and organisational growth.

The bank added that Bello’s consistent demonstration of integrity, independence and sound judgement, qualities led to his appointment to lead the board into its next chapter.

Bello is an award-winning engineer, statesman and corporate leader whose career spans more than four decades across the public and private sectors of the Nigerian economy.

He served as Nigeria’s Minister of Commerce from 1999 to 2002 under former President Olusegun Obasanjo, where he led the development of Nigeria’s WTO-consistent Trade Policy.

He also oversaw the Corporate Affairs Commission (CAC) online project of 2002, which modernised the way businesses register and operate in the country.

From Nov. 2003 to Feb. 2014, he served as Executive Secretary and Chief Executive Officer of the Nigerian Investments Promotion Commission (NIPC).

He graduated from Ahmadu Bello University (ABU), Zaria, in 1978 and won the Shell Prize for the best project and thesis in the Faculty of Engineering.

Bello began his career with the Nigerian Army’s Directorate of Quartering and Engineering Service from 1978 to 1979, before joining the Niger State Housing Corporation as a Senior Civil Engineer from 1980 to 1983.

He is currently the Chairman of Invest-in-Northern Nigeria Ltd, a special purpose vehicle for the economic and social transformation of the Northern Nigerian economy.

He had previously served on the boards of Eskom Holdings Ltd of the Republic of South Africa from 2004 to 2008 and FrieslandCampina WAMCO Nigeria Plc as an Independent Non-Executive Director.

Bello is a Fellow of the Nigerian Society of Engineers and a Registered Member of Council for the Regulation of Engineering in Nigeria (COREN) as well as Fellow of the Academy of Natural Sciences and Engineering in Nigeria (ANSEN)

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