Business
How Sterling Bank, Eatrich Farms Sting People Through CBN Scheme
Several people who bought into the attractive presentation of Sterling Bank Plc and Eatrich Farms and Food Limited, on the Agricultural Credit Guarantee Scheme Fund (ACGSF) are counting their losses.
The Central Bank of Nigeria (CBN) has it on its website that the ACGSF “was established by the Federal Military Government under the Agricultural Credit Guarantee Scheme Fund Decree 1977 (Decree No. 20) and as amended on 13th June 1988, and 26th June 2019.”
The apex bank further avers that “The Fund is under the management of the Agricultural Credit Guarantee Scheme Fund Board and the Central Bank of Nigeria is the Managing Agent for the administration of the Scheme.
“The work relating to the Scheme is handled by the Development Finance Department of the Bank headed by the Director.”
Unsuspecting members of the people would have been swayed by such copious institutional and legal backing for the ACGSF, which it now appears that Sterling Bank and Eatrich Farms rode on to develop a bait to hook some.
Biztellers gathered that as much as N20 billion would have been involved with up to 20 members of the public, in one WhatsApp Group, having fallen prey to the theatricals of the duo of Sterling Bank and Eatrich Farms, who spiced their presentations with Nollywood actors and social media influencers.
In addition, the CBN explained that “The purpose of the Fund is to provide guarantee in respect of loans granted by lending banks for agricultural purposes under the scheme with the aim of increasing the level of bank credit to the agricultural sector.”
The drive to increase food production, prevailing unemployment and under-employment as well as harsh economic environment would have added to weaponising the ACGSF in the hands of some corporate actors.
Many of those who signed-up with Sterling Bank and Eatrich Farms, mostly young Nigerians, are now aggrieved that facility packaged for fish farming has turned out to resemble loan racketeering.
One of the victims, an entrepreneur, Sogbesan Oluwayemisi told Biztellers that the bank and farm packaged and marketed the loan as an high yielding agro-entrepreneurship deal with zero risk since it was guaranteed by the CBN.
The promoters, she added, made it clear that any portion of the loan the CBN’s guarantee did not cover had been taken care of by the secured collaterals provided by the Eatrich Farms, already verified and well documented by Sterling Bank.
The whole scheme was also 100 percent insured for which insurance premium was debited against each applicant at disbursement.
These, among other factors, she explained, made the offer easy for people like her to accept.
According to her, they were told that the bank and the farm had to take professional control, for which each applicant signed-off for a new account with the bank, over which the account holder had no control.
The average loan disbursement to the participant stood at N2.5m.
The loan was packaged to be a short-term one, running for 120 days. It was supposed to be used for cart fish farming, an area Eatrich Farms went to great lengths to showcase competence to convince the prospects that nothing would go wrong.
However, those who accepted this offer were first jolted with the discover that Eatrich Farms folded up abruptly, after using the scheme to rake-in huge sums of money suspected to be well over N20bn.
Oluwayemisi further averred that when they contacted Sterling Bank, they were told not to panic because the bank had the loan fully secured and covered with collaterals provided by Eatrich Farms in addition to the fully paid insurance policy.
But much to their embarrassment the bank had gone ahead to debit their individual accounts for the loans.
She laments thus, “when the bank first debited my individual account with the sum of almost N80,000.00 in February 2022, I quickly reached out to Sterling Bank and it was promptly reversed.
“However, another head of the hydra, this time a more sinister one, has reared up in April 2023 with a debit of a similar amount, which efforts to get the bank to reverse are proving abortive.
“When I first noticed the second debit, I reached out to my account officer, Mrs Bunmi at Sterling Bank, but she was not as cooperative as she was over the first debit.”
Still on reactions from Sterling Bank, Oluwayemisi stated, “My accounts officer counselled me to make a physical appearance to lay my complaint at the bank, which I did. The customer service officer, I met, asked for the number of my account officer and I rang her up for them to speak. Their conversation didn’t go well, from what I overheard.
“Thereafter, they referred me to the supervisor, Michael Ifaluyi, who informed me that he was on vacation but would look into the matter. My gut-feeling is that once he looked-in and discovered that there was a racket, he opted to steer-clear because he has been making excuses since that day.”
Efforts to get Eatrich Farms’ side of the story proved abortive as calls to Tobi Dada did not connect, as her telephone line could not be reached as at the time of filing this report.
However, Ifaluyi told Biztellers that he just assumed responsibility at the branch where the transaction took place and would need time to study it properly before offering a proper update.
He, expressed empathy with those who took the loan, whom he described as ‘young Nigerians.’ He assured that he would resume in a matter of weeks and would try to resolve the matter.
Business
Renaissance Capital Sees Significant Upside in Dangote Refinery, Lifts Valuation by 33.4%
Leading investment research firm Renaissance Capital Africa (RCA) has upgraded its valuation of Dangote Petroleum Refinery and Petrochemicals (DPRP) to N700.41 per share, implying a 33.4 percent upside from the refinery’s IPO offer price of N525 per share.
According to RCA, the valuation increase reflects the refinery’s exceptional earnings performance in the first nine months of 2026, driven by stronger refining margins and better-than-anticipated operational results. Revenue, EBITDA and net profit all exceeded the firm’s expectations during the period.
READ ALSO: Dangote Refinery IPO Elicits Participation in 90 Countries Globally
In its October 16, 2026, update, titled “Stronger Refining Margins Drive Earnings Outperformance,” the investment firm cited robust refining margins and stronger operating results as key drivers of the enhanced valuation.
The remarkable investor interest comes against the backdrop of the refinery’s strong operational and financial performance. For the nine months ended September 30, 2026, the DPRP reported revenue of US22.5 billion and net profit of US4.7 billion, representing one of the strongest financial performances recorded by an African industrial enterprise in recent years.
The results marked a significant turnaround from the corresponding period in 2025, when the company recorded a loss of US117.2 million. Revenue grew by 144 percent from US9.2 billion, while EBITDA increased nearly nine-fold to US5.5billionfromUS627.6 million. Operating cash flow rose more than ten-fold to US$3.68 billion, underscoring the refinery’s growing ability to generate substantial earnings and cash flow from its operations.
The company also strengthened its balance sheet considerably, moving from a net debt position of US1.73 billion as of September 2025 to a net cash position of US651 million by September 2026, reflecting improved liquidity and financial resilience.
Business
Dangote Refinery IPO Elicits Participation in 90 Countries Globally
The Dangote Petroleum Refinery & Petrochemicals (DPDP) has revealed that its ongoing Initial Public Offering (IPO) has attracted exceptional participation from investors across Africa and around the world, with subscriptions received from more than 90 countries, including investors from 51 of Africa’s 54 nations.
The unprecedented level of participation positions the transaction as Africa’s first truly pan-African public offering, reflecting strong investor confidence in African-led industrialization and a growing desire among Africans to own strategic assets built on the continent.
The company noted that the IPO has already set new benchmarks in the capital markets, breaking the Nigerian market record on its opening day and surpassing the previous African record within its first ten days, driven by robust demand from retail investors, pension funds, institutional investors, asset managers, and members of the investing public.
On the milestone, Chief Financial Officer of Dangote Group, Murat Erden, said: “This offering represents far more than a capital-raising exercise. It is a landmark opportunity for Africans and global investors alike to participate in the ownership of one of the continent’s most transformative industrial assets. The extraordinary participation from individuals and institutions across Africa demonstrates a shared conviction that Africans should not only benefit from industrial development but also own and create wealth from it.”
The remarkable investor interest comes against the backdrop of the refinery’s strong operational and financial performance. For the nine months ended September 30, 2026, the DPRP reported revenue of US22.5billion and net profit of US4.7 billion, representing one of the strongest financial performances recorded by an African industrial enterprise in recent years.
READ ALSO: Makinde Fires Back at Presidency, Insists on ₦9tn NLNG Dividend Shortfall
The results marked a significant turnaround from the corresponding period in 2025, when the company recorded a loss of US117.2 million. Revenue grew by 144 percent from US9.2 billion, while EBITDA increased nearly nine-fold to US5.5 billion from US627.6 million. Operating cash flow rose more than ten-fold to US$3.68 billion, underscoring the refinery’s growing ability to generate substantial earnings and cash flow from its operations.
The company also strengthened its balance sheet considerably, moving from a net debt position of US1.73 billion as of September 2025 to a net cash position of US651 million by September 2026, reflecting improved liquidity and financial resilience.
According to Erden, the refinery’s current performance significantly exceeds the assumptions underpinning the IPO valuation. “Our financial performance has already advanced well beyond the baseline assumptions used in determining the IPO valuation. The refinery’s operational momentum, scale and efficiency continue to create substantial shareholder value and reinforce our confidence in its long-term growth prospects.”
In a major boost to African capital-market integration, the transaction has also benefited from pioneering cross-border market collaborations involving Botswana, Egypt, Ethiopia and Kenya, helping to broaden access and reduce barriers to participation for investors across the continent.
The DPDP described the IPO as a powerful demonstration of the increasing sophistication, depth and interconnectedness of African financial markets, providing a blueprint for future continent-wide investment offerings.
The company reiterated that the IPO provides a unique opportunity for investors to become shareholders in one of Africa’s largest and fastest-growing industrial enterprises, with the potential for USD-linked dividends, subject to the company’s dividend policy and applicable regulatory approvals.
With the offer scheduled to close on 27 October 2026, the company has intensified investor education and engagement activities across key markets to ensure broader inclusion and participation. The refinery emphasized that no further extension of the offer period is currently planned.
On the significance of the transaction, Erden added: “We are witnessing the emergence of a new chapter in African industrial ownership and capital-market development. The overwhelming response from investors across 51 African countries and more than 90 countries globally is a resounding vote of confidence in Africa’s future and in the ability of world-class African enterprises to deliver sustainable value for shareholders.”
The company expressed appreciation to regulators, stockbrokers, issuing houses, financial institutions, fintech partners, community leaders, investor associations and the investing public for their support and participation throughout the offer period.
Business
Tesla Aims for 2028 Commercial Production of Flying Car
Tesla has set a 2028 commercial production date for its new Roadster sports car that can briefly rise into the air using rocket technology.
According to CNN, the date was revealed when the manufacturers demonstrated its functionality on Thursday at a SpaceX testing facility in Texas, United States, where the two-seater vehicle performed a series of manoeuvres, including driving upside down before making a short airborne movement.
The prototype was operated without a driver during the test, with Musk saying the decision was taken “to make sure we don’t kill anyone.”
“Success is not guaranteed. I mean that. It’ll probably work, but if it doesn’t work, we’re at a safe distance,” he said.
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CNN reported that the vehicle uses 10 nozzles and high-pressure air tanks to generate thrust, with Musk claiming it could accelerate from zero to 60 miles per hour in less than a second.
The Tesla boss attributed the development to cooperation between the electric vehicle manufacturer and SpaceX, the rocket company he also leads.
He described the project as “the results of what happens when you have a collaboration with the world’s best car company and the world’s best rocket company.”
Musk also sought to assure spectators that the demonstration was genuine, saying, “We need an audience to prove that it’s not AI or SI. So you guys can tell people you saw it with your eyes, because what you see with your eyes, you will not believe.”
Despite the display, questions remain about whether the vehicle can achieve sustained flight and how practical it would be for everyday transportation.
Roger Conner, curator for vertical flight at the Smithsonian’s National Air and Space Museum, told CNN that combining the requirements of road vehicles and aircraft presented significant engineering challenges.
“Aircraft are extremely sensitive to weight, whereas with ground vehicles you want them to have bumpers and crumple zones and all that,” he said.
“Inevitably, something that is a hybrid between the two is going to be a poor performing aircraft and a poor performing vehicle, and also quite expensive,” he added.
Conner questioned whether the demonstration amounted to flying in the conventional sense.
“We’re not talking about sustained flight. We are literally talking about hopping,” he said.
However, Jim Dukhovny, chief executive of flying car startup Alef, said the technology was achievable, while pointing to the difficulties involved in making such vehicles transition safely from vertical take-off to forward flight.
“It absolutely is 100% feasible,” he told CNN.
“That being said, the hardest part on all eVTOLs, and for us, it’s a transition from (rising) vertical to (moving) forward. It needs to be extremely careful, making sure you do not lose lift, and making sure it’s very stable,” he added.
CNN also reported that Alef’s prototype weighs about 254 pounds, uses eight propellers and is designed to carry one person.
Musk said Tesla intended to begin production of the new Roadster in 2028.
CNN reported that the latest display adds to Musk’s ambitions to push Tesla’s vehicle technology beyond conventional electric cars, although the prototype’s ability to operate as a practical flying vehicle has yet to be established.





